PresentationNoah GunnMD of Finance & Global Head of Investor Relations in New York Good afternoon, everyone, and welcome. I appreciate everyone who is able to join us in the room. And of course, we'd like to welcome many more who are tuning into the live stream today. I am Noah Gunn, and I have the pleasure of leading the firm's Investor Relations efforts. Today, we're excited to bring you Retirement Services Business Update 2025. And while some of our content does pick up on tactical business discussions t ...

Financial Data and Key Metrics Changes - LATAM Airlines Group reported total revenues of $3.9 billion, an increase of 17.3% year over year, driven by growth in both passenger and cargo segments [15][16] - Adjusted operating margin expanded to 18.1%, with adjusted EBITDA reaching $1.15 billion during the quarter, and net income totaling $379 million, up 26% year over year [8][17] - Passenger revenues rose by 18.5%, with premium traveler revenues increasing by more than 15% compared to the same period last year [16] Business Line Data and Key Metrics Changes - LATAM transported over 22.9 million passengers, with a consolidated load factor of 85.4% [8] - Passenger RASC increased by 8.4% year over year in US dollars, reflecting strong operational performance [11] - Cargo revenues grew by 6.3%, contributing to the overall revenue increase [16] Market Data and Key Metrics Changes - LATAM Airlines Brazil grew capacity by over 12% year over year, launching six new domestic routes [11] - In Spanish-speaking countries, LATAM's affiliates saw passenger RASC increase by 18% year over year [11] - The international segment maintained high load factors, although demand to the U.S. was noted to be softer, particularly in leisure travel [24][36] Company Strategy and Development Direction - LATAM is focused on profitable growth, operational excellence, and maintaining cost control as key pillars of its strategy [16][18] - The company is committed to enhancing customer experience through initiatives like the new Premium Comfort Class and the inauguration of a new lounge in Lima [14][13] - LATAM's fleet modernization strategy includes the acquisition of up to 74 Embraer E2 aircraft, which will improve regional connectivity and fuel efficiency [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue improving and delivering on its purpose of elevating customer journeys [6] - The outlook for 2025 includes a focus on high single-digit consolidated capacity growth, supported by a healthy demand environment [21][22] - Management acknowledged external factors affecting international traffic, particularly leisure travel to the U.S., but remained optimistic about overall demand [24][36] Other Important Information - LATAM executed a share repurchase program totaling $433 million, reflecting a disciplined approach to capital allocation [9][19] - The company ended the quarter with an adjusted net leverage ratio of 1.5 times, aligning with its financial policy [19] - LATAM was recognized as a five-star global airline for 2026 by APEX, marking the fourth consecutive year of receiving this distinction [14][15] Q&A Session Summary Question: International performance compared to Brazil and Spanish-speaking countries - Management noted stable and healthy demand in most international segments, with softer demand to the U.S. linked to leisure travel preferences [24][25] Question: Update on Brazil's legislation regarding free baggage - Management confirmed that a law allowing free baggage and seat selection was passed by Brazil's lower chamber but is pending Senate approval [25][26] Question: Impact of premium experience investments on revenue growth - Management indicated that premium revenue is growing faster than capacity, contributing significantly to overall revenue improvements [31][32] Question: Reasons for growth slowdown in international traffic - Management attributed the slowdown to softer demand for leisure travel to the U.S., rather than a fundamental decline in demand [36] Question: Future capital allocation strategy - Management emphasized that business development and growth opportunities will take precedence in capital allocation decisions [29][30]

Core Insights - Twist Bioscience Corporation reported a mixed performance for the fourth quarter, with a loss of 45 cents per share, slightly worse than the consensus estimate of a 43-cent loss, while sales reached $99.01 million, up 17% year over year, exceeding the consensus of $97.32 million [1][2] Financial Performance - The adjusted EBITDA loss for the fourth quarter was $7.8 million, an improvement from a loss of $17 million a year ago [1] - Gross margin for the fourth quarter increased to 51.3%, compared to 45.1% a year ago [2] Customer and Product Metrics - The company shipped products to approximately 3,800 customers in 2025, up from about 3,550 the previous year [2] - Twist shipped approximately 938,000 genes, an increase from approximately 772,000 genes a year ago [2] Future Outlook - For fiscal 2026, Twist Bioscience expects sales between $425 million and $435 million, significantly higher than the consensus of $374.69 million [3] - The guidance includes revenue expectations of approximately $194 million to $199 million from DNA Synthesis and Protein Solutions, and $231 million to $236 million from NGS Applications [3] - Gross margin is anticipated to be above 52% for fiscal 2026 [3] - For the first quarter of 2026, sales are projected to be between $100 million and $101 million, compared to the consensus of $100.34 million [3] Strategic Goals - The company aims to achieve adjusted EBITDA breakeven by the fourth quarter of fiscal 2026, entering a new growth phase [4] - CEO Emily M. Leproust emphasized the goal of maintaining gross margins above 50% and moving towards sustained profitable growth [4] Analyst Perspective - William Blair noted that shares of Twist trade at 3.9 times its calendar 2026 sales target, below the average of 6.3 times for high-growth life science tools peers [5] - Analyst Matt Larew expressed confidence in the long-term revenue growth trajectory, highlighting the company's aggressive investments in multiple markets, which could lead to over 20% growth [5] - The company’s strategy to moderate investments while aiming for adjusted EBITDA breakeven is seen as a positive move [6]

Core Message - The company is outlining a three-year plan aimed at achieving profitable growth and improving financial margins by approximately 600 basis points over the next three years [2][4]. Financial Strategy - The plan includes a focus on financial excellence, with a commitment to grow above market rates and enhance margins through various initiatives [2]. - The company aims to modernize its manufacturing footprint, which has been described as somewhat outdated, to create efficiencies in manufacturing and supply chain [5]. Business Segments - The surgical segment is expected to be the largest contributor to margin expansion, particularly through the introduction of higher premium intraocular lenses and implants [4]. - The company is also focusing on a diverse product mix across its consumer, pharmaceuticals, and surgical businesses to drive higher-margin products through its pipeline and R&D efforts [3]. Capital Allocation and M&A - The company is adopting a disciplined capital allocation approach, with a focus on small M&A and licensing, primarily for intellectual property to develop new medicines or products [6]. - There is a commitment to achieve a leverage ratio of three to three and a half times by 2028, aiming for an investment-grade credit rating [6]. Impact of Tariffs - Tariffs are impacting the company by approximately 40 basis points of margin this year, equating to about $20 million, primarily due to reciprocal tariffs affecting exports to China and Europe [7][8]. - The company is planning to shift some production from the U.S. to Europe and Asia in response to these tariffs [9][10]. Future Outlook - The company is preparing for a long-term environment of tariffs, indicating that it is planning around a new baseline for revenue impacted by tariffs [12]. - There are ongoing concerns about myopia in children due to screen time, and the company is developing a contact lens specifically designed for kids that incorporates therapeutic correction [20].

Summary of Vista Energy's 2025 Investor Day Company Overview - **Company**: Vista Energy (NYSE: VIST) - **Industry**: Oil and Gas, specifically focused on the Vaca Muerta shale formation in Argentina Key Points and Arguments Growth and Production Targets - Vista has tripled production since 2021, reaching 114,000 barrels of oil equivalent per day in 2025, with a target to increase to 180,000 barrels per day by 2028, representing a 58% increase [11][20] - Adjusted EBITDA is projected to grow from approximately $1,600 million in 2025 to $2,800 million in 2028, a 75% increase [20][43] - The company aims to generate $1,500 million of free cash flow annually by 2030, supported by a self-funded growth model [12][50] Financial Performance - Vista's average return on capital employed (ROCE) is forecasted to remain above 20%, placing it among the top E&P companies globally [11][44] - The company has achieved a compounded annual growth rate (CAGR) of 73% in share price since 2021, reflecting strong operational performance [14] - Total revenues are expected to grow from $2,500 million in 2025 to $4,300 million by 2028, with export revenues projected to double from $1,500 million to $3,200 million during the same period [41] Operational Efficiency - Vista has reduced drilling and completion costs from $14.2 million per well in 2024 to a target of $11 million by 2028, through innovative practices and technology [33][34] - The company has a well inventory of approximately 1,300 wells, with a breakeven price of $45 per barrel, providing a competitive advantage in a volatile market [30][19] - Vista's operational excellence is demonstrated by its ability to maintain a greenhouse gas emissions intensity of only 7.5 kg CO2 equivalent per BOE, significantly below the global average [23] Strategic Initiatives - The company has secured drilling and completion equipment, treatment, transportation, and export capacity, ensuring operational readiness for future growth [16] - Vista's business model is export-driven, with plans to increase the share of export revenues in total revenues from 60% to 75% by 2028 [41] - The company emphasizes a disciplined capital allocation strategy, prioritizing share buybacks and debt reduction to enhance shareholder returns [47] Market Outlook - The demand for oil is expected to grow, particularly in emerging markets, while underinvestment in oil exploration may lead to higher long-term oil prices [18] - Vista positions itself as a low-cost, reliable energy producer, which is anticipated to thrive in the evolving energy landscape [19] Environmental and Community Engagement - Vista has engaged in nature-based solutions projects, planting around 5 million trees since 2022, contributing to carbon credit generation [25] - The company maintains a strong safety record and adheres to high industry standards, aiming to keep its total recordable incident rate below one [22] Additional Important Insights - The company has a unique culture that aligns employee incentives with shareholder interests, with a significant portion of employee compensation tied to company shares [55] - Vista's operational model allows for quick adjustments to drilling plans based on market conditions, ensuring flexibility in capital expenditure [90] - The management team emphasizes innovation and efficiency as core components of their strategy, with ongoing efforts to reduce costs and improve productivity [34][36] This summary encapsulates the key points discussed during Vista Energy's 2025 Investor Day, highlighting the company's growth trajectory, financial performance, operational efficiency, strategic initiatives, market outlook, and commitment to environmental sustainability.

Summary of Orthofix Medical Conference Call Company Overview - **Company**: Orthofix Medical (NasdaqGS: OFIX) - **Industry**: Medical Technology, specifically focused on spine and orthopedic markets - **Key Focus Areas**: Bone growth therapy, biologics, and limb reconstruction [4][5] Core Insights and Arguments - **Business Strategy**: Orthofix aims for profitable growth and free cash flow creation, leveraging commercial synergies within its portfolio [4][5] - **Financial Performance**: - Transitioned from a loss of over $109 million in free cash flow to being free cash flow positive [7][8] - Achieved seven consecutive quarters of positive EBITDA [8] - **Management Changes**: A new management team was established with expertise in relevant markets to drive execution and innovation [9][10] - **Market Position**: - The spine vertical is still considered subscale but has a strong portfolio and innovation strategy [4] - The company is focusing on specific subcategories in orthopedics, particularly limb reconstruction [5] Recent Performance Highlights - **Q3 Performance**: - Achieved growth above market expectations, attributed to optimized distribution and timing of international orders [11][12] - Top 30 U.S. distributor partners grew sales by 25% year-over-year [17] - International spine fixation sales grew by 86% in Q3, driven by strategic market focus [20] Product Innovations and Launches - **Upcoming Launches**: - Excitement around the launch of the Vorata platform in spine, which is expected to enhance operational efficiency and market competitiveness [15][16] - TRULOC Elevate and FITBONE nails are in the early stages of market adoption, with a focus on education and training for surgeons [27][31] - **Enabling Technologies**: - Investment in the 7D flash navigation system, which has shown significant commercial success and improved operational efficiencies [33][36] Market Dynamics and Competitive Landscape - **Competitive Landscape**: - Recent divestitures by larger competitors (e.g., J&J and Stryker) present opportunities for Orthofix to capture market share [53][54] - The company is positioned to benefit from a shift towards nimble companies that focus on surgeon needs [54][56] Financial Outlook and Growth Targets - **Long-term Targets**: - Projected net sales CAGR of 6.5% to 7.5% and mid-teens adjusted EBITDA by 2027 [51] - Anticipated catalysts include successful product launches and continued market penetration [51][52] - **Risks**: - Potential price pressure of 1% to 2% expected, but manageable through volume increases [26] - Market stability is anticipated, with no significant changes expected in payer policies [43] Capital Allocation Strategy - **Investment Focus**: - Prioritizing R&D, particularly in differentiated platforms like 7D [57][58] - Discontinued over 40 product lines to streamline focus and enhance capital allocation [59] Conclusion - **Investor Perception**: There is a perceived disconnect between investor expectations and the company's current trajectory, with Orthofix still in the early stages of its growth strategy [60][61]

Core Insights - Zalando's revenues increased by 26.5% in Q3, reaching 3.02 billion euros, while gross merchandise value (GMV) rose by 21.6% to 4.21 billion euros [1][2] - The company reported an 11.4% growth in revenues for the first nine months of 2025, totaling 11.82 billion euros [2] - The significant growth in Q3 is attributed to the acquisition of About You, with pro-forma revenue growth at 7.5% and GMV growth at 6.7% if About You had been included in the previous year's figures [3] Performance Metrics - Zalando's active customer base grew by 21.9% to 61.4 million, and total orders increased by 18.4% to 68.5 million [4] - The average basket size slightly increased from 61 euros to 61.80 euros, although the average orders per customer decreased from 4.9 to 4.8 [4] - Adjusted EBIT improved to 96 million euros in Q3, with an EBIT margin of 1.6% [5] Future Outlook - Zalando confirmed its previous guidance, expecting mid-single-digit growth for the second half of the year due to an uncertain economic climate [6] - Group revenues are projected to rise between 14% and 17% in 2025, but pro-forma revenue and GMV growth for the full year are expected to be between 4% and 7% [7] - Adjusted EBIT is anticipated to be between 550 million and 600 million euros [7]

Core Insights - WINFARM reported a consolidated revenue of €36.0 million for Q3 2025, marking a +2.6% increase compared to Q3 2024, and a total revenue of €110.5 million for the first nine months of 2025, reflecting a +5.1% growth year-over-year [3][10]. Revenue Breakdown - The Farming Supplies segment generated €31.2 million in Q3 2025, up +3.8%, primarily driven by a 9% increase in the nutrition range, which constitutes 37% of the segment's revenue [5]. - The Farming Production segment saw a decline to €3.9 million in Q3 2025, a decrease of -9.9%, although it recorded a +13.9% increase for the first nine months of 2025 [3][4]. - Other revenue sources increased by +27.7% in Q3 2025, reaching €0.9 million, and +17.2% for the first nine months, totaling €2.1 million [3]. Business Performance - The BTN de Haas subsidiary, acquired in 2021, experienced an 18% sales growth in Q3 2025, benefiting from the ramp-up of products under the Vital Concept brand and expanded geographical reach [6]. - The equine market reported an 11% revenue increase in Q3 2025, with nutrition products making up 63% of this segment's revenue [7]. - The Au Pré! subsidiary showed a strong upward trend with a 9% increase in Q3 2025 compared to Q2 2025 and a remarkable 49% increase compared to Q1 2025 [9]. Future Outlook - WINFARM confirmed its expectations for profitable growth in full-year 2025, supported by an improvement in EBITDA compared to 2024 [10]. - The company plans to continue optimizing costs while maintaining strict investment discipline and managing working capital rigorously to reduce debt gradually [11].

Core Viewpoint - Starbucks is selling a controlling stake in its Chinese business to Boyu Capital, forming a $4 billion joint venture, marking a strategic shift in its approach to the Chinese market, which is crucial for its growth outside the U.S. [2][3] Company Strategy - Under the joint venture, Boyu Capital will hold up to 60% and take operational control of nearly 8,000 Starbucks stores in China, while Starbucks retains a 40% stake and continues to own its brand and intellectual property [3][5] - The partnership is expected to enhance Starbucks' growth potential in China, particularly in smaller cities and emerging regions, with a shared vision to expand the store count to as many as 20,000 locations over time [10] Market Context - Starbucks' Chinese retail business is valued to exceed $13 billion, factoring in the sale proceeds, remaining equity stake, and anticipated licensing fees over the next decade [5] - The company faces increasing competition from domestic rival Luckin Coffee, which has surpassed Starbucks in store count with over 20,000 outlets [5][7] Operational Focus - Starbucks is undergoing a transformation plan aimed at reviving growth and profitability, focusing on simplifying operations, improving store efficiency, and enhancing service speed [6][9] - The company is investing in automation, supply chain modernization, and new store designs to drive traffic and increase average spending [8] Leadership Perspective - CEO Brian Niccol emphasized the importance of combining Starbucks' brand strength and coffee expertise with Boyu's local market knowledge to accelerate growth [4][10]

Core Insights - Incyte Corporation is a U.S.-based biopharmaceutical company focusing on oncology and inflammation therapeutics with a market cap of US$16,227 million [1] Group 1: Company Overview - Incyte specializes in the discovery, development, and commercialization of therapeutics globally [1] - Key products include Jakafi (ruxolitinib) for certain blood cancers and Opzelura for dermatological conditions [1] Group 2: Performance Metrics - The company achieved a Profitable Growth rank of 1, improving from the prior period's 10th rank, indicating World Class performance among 350 large Health Care companies worldwide [5] - Profitability rank improved to 2 from 9, reflecting World Class performance compared to peers [5] - Growth rank of 1 also improved from the prior period's 10th rank, showcasing World Class performance compared to peers [5]