Dubai and New York, March 27, 2026 — VEON Ltd. (Nasdaq: VEON; “VEON” or the “Company”), a global digital operator, today provided an update underscoring the strong alignment between its management and shareholders, reflected in meaningful share ownership and disciplined capital allocation. As of the date of this release, members of VEON’s management collectively hold 1.84% of the Company’s total share capital in the form of American Depositary Shares (ADSs). This level of ownership reflects a clear and tang ...

Core Viewpoint - Norwegian Cruise Line Holdings Ltd. has appointed five new independent members to its Board of Directors and entered into a cooperation agreement with Elliott Investment Management, emphasizing its commitment to board refreshment and shareholder value creation [2][4]. Board Appointments - Effective March 31, 2026, John W. Chidsey has been appointed as Chairman, and Alex Cruz as Lead Independent Director. Current Board members Stella David, David M. Abrams, Harry C. Curtis, and Mary E. Landry will resign, resulting in a Board of nine members, eight of whom are independent [3][4]. - The upcoming 2026 Annual General Meeting will feature directors Zillah Byng-Thorne, Linda P. Jojo, and Alex Cruz [3]. Cooperation Agreement with Elliott - Elliott Investment Management, as the largest investor, sees potential for significant value creation under the new leadership and believes the new Board will help restore investor confidence and improve financial performance [4]. - The cooperation agreement includes customary standstill and voting commitments, reflecting a shared commitment to enhancing performance and long-term value for shareholders [4]. New Board Member Biographies - Alex Cruz brings extensive experience from his tenure as Chairman and CEO of British Airways, focusing on operational transformation and recovery from COVID-19 [8][9]. - Kevin A. Lansberry has nearly four decades of experience in finance and operations, having served as CFO at Disney Experiences [12][14]. - Steve Pagliuca has over three decades in private equity and investment, previously a Managing Partner at Bain Capital [15][17]. - Brian P. MacDonald has significant experience in the automotive and technology sectors, currently serving as CEO of CDK Global [18][20]. - Jonathan Z. Cohen has over three decades in alternative asset management and has held leadership roles in various investment firms [21][23]. Company Overview - Norwegian Cruise Line Holdings Ltd. operates Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, with a fleet of 35 ships and nearly 75,000 berths, offering itineraries to approximately 700 destinations worldwide [24]. - The company plans to add 16 additional ships by 2037, which will increase its fleet capacity by over 43,000 berths [24].

Core Viewpoint - NorthStrive Fund II LP recommends that Bluejay Diagnostics' Board of Directors evaluate a strategic acquisition opportunity that could significantly enhance long-term shareholder value [1][4][20]. Group 1: Shareholder Engagement - NorthStrive Fund is a significant shareholder of Bluejay, as disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission [2]. - The Fund expresses support for the Board and management's progress on the SYMON™ II program while encouraging pipeline expansion [3][8]. Group 2: Proposed Acquisition - The letter suggests that Bluejay consider acquiring a Phase-1-ready therapeutic asset targeting refractory chronic cough, a condition affecting millions and representing a market opportunity exceeding $10 billion annually [4][14]. - The proposed asset is a small-molecule inhibitor of fatty acid amide hydrolase (FAAH), designed to increase levels of anandamide, potentially desensitizing hyperactive sensory neurons responsible for the cough reflex [14][15]. Group 3: Clinical and Financial Considerations - NorthStrive Fund believes that adding a differentiated clinical-stage program could diversify development risk and introduce multiple clinical catalysts, enhancing long-term market valuation [4][5]. - Financing for the potential acquisition has been arranged through a public-company financing structure, which could strengthen Bluejay's capital position [5][19]. Group 4: Market Context and Differentiation - Recent interest from larger pharmaceutical companies in the refractory chronic cough space has increased, highlighted by GSK's $2 billion acquisition of BELLUS Health in 2023 [17]. - The proposed program's mechanism is distinct from existing chronic cough treatments, potentially reducing the risk of side effects associated with current therapies [18]. Group 5: Strategic Recommendations - The letter emphasizes the importance of evaluating opportunities to add clinical-stage programs with clear competitive advantages and compelling risk-adjusted upside [11]. - It also highlights the need for programs capable of generating meaningful clinical milestones within the next 12–24 months to enhance investor visibility and valuation [12][13].

Group 1 - The analyst maintains a hold rating for Clarivate (CLVT), believing that the de-rating is justified due to concerns over the durability of its organic growth [1] - The investment approach focuses on identifying businesses with potential for scaling and unlocking significant terminal value, emphasizing core economics such as competitive moat, unit economics, reinvestment runway, and management quality [1] - The analyst aims to provide insights that help readers focus on long-term equity value drivers, advocating for analysis that is both analytical and accessible [1] Group 2 - The analyst has no current stock or derivative positions in any mentioned companies and does not plan to initiate any within the next 72 hours [2] - The article reflects the analyst's personal opinions and is not influenced by compensation from any company [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not represent the platform as a whole [3]

Core Viewpoint - The analyst previously held a hold rating for Coca-Cola Europacific Partners (CCEP) due to an unattractive risk-reward situation stemming from slower demand outlook and expensive valuation [1]. Investment Approach - The investment strategy is fundamentally driven, focusing on identifying businesses with potential for scaling and unlocking significant terminal value [1]. - Key factors considered include competitive moat, unit economics, reinvestment runway, and management quality, which are essential for long-term free cash flow generation and shareholder value creation [1]. - The analyst emphasizes the importance of fundamental research and targets sectors with strong secular tailwinds [1]. Professional Background - The analyst has 10 years of experience in investment banking and is currently managing personal funds sourced from friends and family [1]. - The motivation for writing on Seeking Alpha is to share investment insights and receive feedback from fellow investors [1]. - The aim is to help readers focus on the drivers of long-term equity value, advocating for analysis that is both analytical and accessible [1].

Core Viewpoint - The analyst maintains a buy rating for BE Semiconductor Industries N.V. (BESIY) due to strong underlying demand momentum, particularly in the memory sector, which is performing better than expected Group 1: Investment Philosophy - The investment approach is fundamentally driven, focusing on identifying businesses with potential for scaling and unlocking significant terminal value - Key factors considered include competitive moat, unit economics, reinvestment runway, and management quality, which are essential for long-term free cash flow generation and shareholder value creation - The analyst emphasizes the importance of fundamental research and targets sectors with strong secular tailwinds [1] Group 2: Professional Background - The analyst has 10 years of experience in investment banking and is currently managing personal funds sourced from friends and family - The motivation for writing is to share investment insights and receive feedback from fellow investors, aiming to help readers focus on long-term equity value drivers - The analyst believes that good analysis should be both analytical and accessible, contributing value to readers seeking high-quality, long-term investment opportunities [1]

Financial Data and Key Metrics Changes - In Q4 2025, RevPAR improved sequentially by over 200 basis points compared to Q3 2025, resulting in a same-store RevPAR decline of 1.6% [4][5] - For the full year 2025, same-store RevPAR declined 1.8%, primarily due to lower average daily rates [7][21] - Adjusted EBITDA for Q4 was $39.7 million, and adjusted FFO was $22.3 million, or $0.18 per share [21][22] - Full year 2025 adjusted EBITDA was $174.8 million, and adjusted FFO was $0.85 per share [21][22] Business Line Data and Key Metrics Changes - Government and international inbound demand declined approximately 20%, impacting overall performance, while other segments showed stability [5][6] - Non-rooms revenue increased by 9% in Q4 and 5% for the full year 2025, driven by food and beverage sales and other ancillary revenue streams [19][21] - The company sold two non-core hotels in Q4, generating $39 million in gross proceeds, and has sold 13 non-core hotels since 2023, totaling approximately $200 million [8][9] Market Data and Key Metrics Changes - San Francisco saw over 40% year-over-year RevPAR growth in Q4, driven by citywide conventions and improving business travel [16] - Orlando properties experienced a 9% increase in RevPAR in Q4, while South Florida properties grew by 4% [17][18] - Nashville's performance was bolstered by strong sports-related and group demand [19] Company Strategy and Development Direction - The company is focused on optimizing hotel profitability, prudent capital allocation, and strengthening the balance sheet to drive long-term shareholder value [14][24] - The company anticipates modest top-line growth in 2026, supported by improving fundamentals and disciplined expense management [10][11] - The company is positioned to benefit from the FIFA World Cup and favorable convention calendars in key markets [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving demand trends and easing year-over-year comparisons starting in Q2 2026 [9][12] - The company expects RevPAR for 2026 to range from flat to up 3%, primarily driven by gains in average daily rates [11][26] - Management noted that the first quarter of 2026 is expected to be challenging due to difficult comparisons from the previous year [12][27] Other Important Information - The company has made significant progress in extending maturities and reducing borrowing costs, with no debt maturities until 2028 [24][25] - The board declared a quarterly common dividend of $0.08 per share, representing a yield of approximately 7.7% [25] Q&A Session Summary Question: Can you discuss the visibility and length of the booking window? - Management noted positive indications from pacing, with March pacing slightly positive and April showing mid-single-digit increases, driven by solid midweek performance and urban market demand [30][31] Question: What segments are expected to drive RevPAR growth? - Management indicated that the majority of growth is expected from business transient and group segments, with a mix of two-thirds from rate growth [32] Question: How much lift is expected from the World Cup? - Management expects the World Cup to add approximately 50 to 75 basis points to the full year expectations, with significant exposure in key markets [36] Question: What specific market drivers are boosting the forecast? - Management highlighted Fort Lauderdale's strong performance post-renovation, Asheville's recovery, and the expected benefits from World Cup markets [42][43] Question: Any changes in discounting or advanced purchase rates? - Management indicated stability in demand segments and less need for remixing business, with a focus on maintaining higher-rated demand [48]

Core Insights - The analyst previously held a hold rating for Doximity Inc. (DOCS) due to high valuation and poor guidance, but the current assessment of the core business suggests potential for improvement [1] Company Analysis - The investment approach emphasizes understanding core economics, including competitive moat, unit economics, reinvestment runway, and management quality, which are crucial for long-term free cash flow generation and shareholder value creation [1] - The focus is on sectors with strong secular tailwinds, indicating a preference for industries that are expected to grow over time [1] Investment Philosophy - The analyst is a self-educated investor with 10 years of experience, currently managing personal funds sourced from friends and family [1] - The motivation for sharing insights on Seeking Alpha is to provide valuable analysis and receive feedback from other investors, aiming to highlight what drives long-term equity value [1]

Core Insights - The article emphasizes a fundamental, valuation-driven investment approach focused on identifying businesses with potential for long-term growth and significant terminal value [1] Investment Philosophy - The investment strategy is centered around understanding core business economics, including competitive advantages, unit economics, reinvestment opportunities, and management quality [1] - The goal is to translate these factors into long-term free cash flow generation and shareholder value creation [1] Sector Focus - The analysis highlights a preference for sectors that exhibit strong secular tailwinds, indicating a focus on industries likely to experience sustained growth [1] Professional Background - The individual has 10 years of self-educated investment experience and currently manages personal funds sourced from friends and family [1] - The motivation for sharing insights on platforms like Seeking Alpha is to provide valuable investment analysis and receive feedback from other investors [1] Analytical Approach - The article advocates for analysis that is both analytical and accessible, aiming to assist readers in identifying high-quality, long-term investment opportunities [1]

Core Insights - The article emphasizes a fundamental, valuation-driven investment approach focused on identifying businesses with potential for long-term growth and significant terminal value [1] Investment Philosophy - The investment strategy is centered around understanding core business economics, including competitive advantages, unit economics, reinvestment opportunities, and management quality [1] - The goal is to translate these factors into long-term free cash flow generation and shareholder value creation [1] Sector Focus - The analysis highlights a preference for sectors that exhibit strong secular tailwinds, indicating a focus on industries likely to experience sustained growth [1] Professional Background - The individual has 10 years of self-educated investment experience and currently manages personal funds sourced from friends and family [1] - The motivation for sharing insights on platforms like Seeking Alpha is to provide valuable investment analysis and receive feedback from other investors [1] Analytical Approach - The article advocates for analysis that is both analytical and accessible, aiming to assist readers in identifying high-quality, long-term investment opportunities [1]