Question-and-Answer SessionDarko MihelicRBC Capital Markets, Research Division I'm going to dive right into a few questions directly. And I think one of the things here as the relatively -- the newest CEO, I sort of want to dive in a couple of things. And CIBC had a record year. You've just stepped into the CEO role. And it did feel like, I would say, in your last conference call that there were hints at a higher ROE objective and I think you maybe even hinted there was going to be an Investor Day coming in ...

Octopus Titan VCT plc Update Statement on 2025 Annual General Meeting Voting Results At the Annual General Meeting of Octopus Titan VCT plc (the ‘Company’ or ‘Titan’), held on 19 June 2025, more than 20 percent of the votes were cast against the Board recommendation for Resolutions 2, 3 and 4; the resolutions for the approval of the Directors’ Remuneration report and the re-election of Jane O’Riordan and Lord Rockley respectively. Provision 4 of the AIC Code of Corporate Governance 2024 (the ‘Code’), states ...

Core Viewpoint - The upcoming vote for Lifeway Foods' board nominees is critical for restoring accountability and unlocking shareholder value, with a strong emphasis on the need for independent oversight and leadership [2][4]. Group 1: Governance Issues - Lifeway Foods has faced significant governance challenges, with shareholders alleging that the current board has prioritized self-preservation over fiduciary duties, leading to missed opportunities for value realization [3][6]. - The board's response to unsolicited acquisition offers from Danone, including litigation and excessive compensation for the CEO, has been criticized as detrimental to shareholder interests [6][11]. - The newly appointed directors lack relevant experience and independence, raising concerns about the effectiveness of governance reforms [9]. Group 2: Compensation Practices - Lifeway's executive compensation practices are deemed excessive and misaligned with shareholder interests, with recent packages totaling over $8 million for the CEO alone [11]. - The board has been accused of failing to supervise management effectively, particularly during Danone's due diligence process, and of approving unjustified compensation packages [11]. Group 3: Strategic Recommendations - A credible and immediate strategic review and transparent sale process are proposed as the fastest path to unlocking shareholder value, necessitating the formation of an independent Strategic Review & Performance Committee [5][6]. - Shareholders are urged to vote for the dissident nominees and support Proposal 6 to initiate these changes and enforce stricter governance practices [4][12].

Financial Strategy - Delivery Hero is evaluating options to improve its finances and operations [1] - The company is considering changes to its capital structure [1] Shareholder Pressure - Major shareholders are pressuring Delivery Hero to conduct a strategic review [1]

Financial Data and Key Metrics Changes - Consolidated revenues increased by 4.6% year over year, reaching a record of $1.065 billion, with organic growth of 3.4% [8][18] - Non-GAAP earnings per share (EPS) grew by 11% to $1.15, marking the eighth consecutive quarter of beating consensus earnings expectations [5][18] - Free cash flow for Q4 was strong at $150 million, with a total fiscal year repurchase of nearly $300 million, representing about two-thirds of free cash flow [5][19] Business Line Data and Key Metrics Changes - CooperVision reported revenue of $710 million, up 4.9% year over year, with organic growth of 3.2%, driven by improved availability of MyDay lenses [9][10] - CooperSurgical achieved quarterly revenue of $356 million, up 4% or 3.9% organically, with growth in fertility and surgical segments [14][15] Market Data and Key Metrics Changes - The Americas region grew by 5%, while EMEA grew by 3%, slightly below expectations due to market weakness in some countries [10][14] - Asia-Pacific was flat, primarily due to a 28% decline in China, attributed to weakness in low-margin e-commerce channels [10][12] Company Strategy and Development Direction - The company is focused on delivering consistent market share gains for CooperVision, with an emphasis on the MyDay Premium Daily Silicone Hydrogel Lens portfolio [4][6] - A formal strategic review has been initiated to explore opportunities for unlocking long-term shareholder value, including potential separation of business units [8][31][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about fiscal 2026, expecting strong revenue growth driven by MyDay sales and new private label contracts [39][60] - The company anticipates a conservative approach to guidance, particularly in the fertility segment, while remaining optimistic about long-term growth prospects [15][60] Other Important Information - The board authorized an increase in the share repurchase plan to $2 billion, reinforcing the commitment to returning capital to shareholders [6][19] - The company has successfully remediated material weaknesses related to IT controls from fiscal 2024 [24] Q&A Session Summary Question: Clariti product line performance - Clariti was down a couple of percent this quarter, approaching $400 million in annualized revenue, with ongoing efforts to reposition the product line [25][26] Question: Strategic review process - A strategic review is underway, with updates expected in the next earnings call, focusing on driving long-term shareholder value [30][31] Question: Market growth assumptions - The market is expected to grow at 4%-5% in fiscal 2026, with pricing power remaining stable [33][34] Question: Asia-Pacific market dynamics - The company faced challenges in Asia-Pacific, particularly in low-margin e-commerce channels, but expects less detriment in fiscal 2026 [37][38] Question: Free cash flow outlook - The increase in free cash flow is attributed to consistent performance and reduced capital expenditures, with expectations of over $2.2 billion in free cash flow from fiscal 2026 to 2028 [23][42] Question: Paragard product expectations - Guidance for Paragard includes conservatism due to potential competitive launches, with expectations for flat to low single-digit growth [55] Question: Pipeline and product launches - The company is excited about upcoming product launches, including MyDay and MiSight, which are expected to drive growth [58][59]

Core Points - CooperCompanies has appointed Colleen Jay as the new Chair of the Board, effective January 2, 2026, succeeding Robert Weiss, who will remain on the Board for reelection [1][2] - The company is undergoing a formal strategic review to identify opportunities for enhancing long-term shareholder value [1][4] Leadership Changes - Colleen Jay has been on the Board since 2016 and has a strong background in global operational leadership, having retired from Procter & Gamble in 2017 after 32 years [2] - Robert Weiss has been a significant figure in CooperCompanies' success for nearly five decades, serving in various leadership roles including CEO from 2007 to 2018 [3] Strategic Review - The strategic review aims to improve performance in core markets, expand market share, enhance operational efficiency, and generate strong returns through disciplined capital deployment [4] - The company plans to focus on share repurchases under a $2 billion share repurchase program during this review period [4] Company Overview - CooperCompanies operates in the medical device sector with two main business units: CooperVision, a leader in the contact lens industry, and CooperSurgical, focused on fertility and women's healthcare [5] - The company has a workforce of over 15,000 and sells products in more than 130 countries, positively impacting over 50 million lives annually [5]

Core Thesis - Kenvue Inc. is undergoing a strategic review to optimize its brand portfolio and enhance operating performance, aiming to unlock shareholder value [2][3][4] Company Overview - Kenvue Inc. operates as a consumer health company across multiple regions including the United States, Europe, the Middle East, Africa, Asia-Pacific, and Latin America [2] - As of November 28th, Kenvue's share price was $17.35, with a market capitalization of approximately $30 billion and an enterprise value of around $38 billion [3] Financial Metrics - Kenvue's trailing and forward P/E ratios are 23.13 and 15.77 respectively, with an EV/EBITDA multiple of roughly 11× [1][3] - The company offers a dividend yield of about 4%, providing a solid income component for investors [3] Strategic Initiatives - The strategic review may lead to the sale of underperforming Skin Health & Beauty brands, acquisitions in high-growth OTC health categories, and capital reallocation to higher-margin segments [4] - Analysts estimate that these initiatives could raise Kenvue's margins and overall valuation by 15–25% [4] Investment Case - The combination of a disciplined strategic review, potential divestitures, and a focus on higher-margin segments positions Kenvue to enhance profitability and shareholder returns over time [5] - Kenvue's current valuation and dividend yield, along with strategic initiatives, create an attractive investment case for those seeking operational upside and a clear path to value creation [5]

Core Viewpoint - Delivery Hero SE is under pressure from major shareholders to conduct a strategic review due to increasing consolidation in the food delivery industry and poor stock performance [1][2]. Group 1: Shareholder Pressure - Investors, including Aspex Management, Delivery Hero's second-largest shareholder with over 5% stake, are urging management to consider selling the company or parts of its business [2][4]. - Other investors, such as Broad Peak Investment Advisers and PSquared Asset Management, have expressed frustration over the company's lack of progress in improving its loss-making operations and shareholder value [4]. Group 2: Stock Performance - Delivery Hero's shares have decreased approximately 50% over the past year and nearly 90% from their peak in 2021 [2]. - In recent trading, shares of Delivery Hero rose as much as 15%, reaching a market value of €5.9 billion ($6.9 billion) [3]. Group 3: Strategic Options - Analysts from Barclays noted that there is a growing sentiment among investors for a strategic review and potential asset sales [5]. - Potential buyers for Delivery Hero's assets could include competitors like Meituan, Grab Holdings, or Uber, with the Korean business Baedal Minjok being particularly attractive [5]. Group 4: Governance Implications - Disgruntled investors owning over 5% of Delivery Hero could call for a shareholder meeting and potentially withdraw support for management under German regulations, which could negatively impact executive confidence [6].

Core Viewpoint - Ramsay Health Care Limited has completed a strategic review regarding its majority shareholding in Ramsay Générale de Santé, with plans to execute one of the options considered and provide an update by February 2026 [1][2][3]. Group 1: Strategic Review - Ramsay Health Care Limited announced the completion of its strategic review with the assistance of Goldman Sachs [2]. - The Board and Management of Ramsay Health Care Limited are committed to executing one of the options from the strategic review [3]. - An update on the strategic options will be provided no later than the first half results publication in February 2026 [3]. Group 2: Company Overview - Ramsay Santé is the European leader in private hospitalization and primary care, employing 40,000 staff and 10,000 practitioners [4]. - The group serves 13 million patients annually across 492 facilities in five countries: France, Sweden, Norway, Denmark, and Italy [4]. - Ramsay Santé's mission encompasses a wide range of healthcare services, including medicine, surgery, obstetrics, rehabilitation, mental health, and primary care, focusing on innovation and equitable access to quality care [5].

Core Insights - Waldencast plc reported a 5.6% year-over-year increase in net revenue for Q2 2025, reaching $66.8 million, with an Adjusted EBITDA Margin of 5.0% [2][10] - The company experienced contrasting performances across its brands, with Obagi Medical showing strong growth while Milk Makeup faced challenges in international markets [2][6] - Waldencast has updated its FY 2025 guidance to reflect current trends and investments aimed at long-term growth [1][8] Obagi Medical - Obagi Medical achieved double-digit net revenue growth in Q3 2025, driven by strong e-commerce and international market performance [3][19] - The brand is preparing for the launch of Obagi Saypha®, which will double its addressable market in the U.S. [3][4] - The sale of the Obagi Japan trademark for $82.5 million and credit facility refinancing has strengthened the company's balance sheet [5][8] Milk Makeup - Milk Makeup's net revenue for Q3 2025 was $25.2 million, a decline of 20.1% compared to Q3 2024, despite an 8% increase in U.S. consumption [20][23] - The brand's growth in the U.S. was supported by retail expansion and successful product launches, but international performance was weaker [6][20] - Transformation initiatives are being implemented to revitalize the brand, including team restructuring and increased investment in international markets [7][8] Financial Performance - For H1 2025, Waldencast's net revenue increased by 0.5% year-over-year to $132.3 million, with a net loss of $185.2 million primarily due to impairment charges [13][14] - Adjusted EBITDA for H1 2025 was $7.7 million, representing a margin of 5.8%, down from 13.4% in H1 2024 [15][16] - Q3 2025 net revenue decreased by 3.4% year-over-year to $67.8 million, with Obagi Medical contributing $42.6 million and Milk Makeup $25.2 million [18][23] Strategic Initiatives - Waldencast is conducting a strategic review to maximize shareholder value, having retained Lazard as a financial advisor [8][9] - The company is focused on building a leading dermatological megabrand at the intersection of skincare and medical aesthetics [4][5] - Continued investments in innovation, digital capabilities, and new distribution channels are expected to drive sustainable growth [25][24]