Financial Data and Key Metrics Changes - For FY 2025, underlying NPAT A was $279 million, a 33% increase from FY 2024, while statutory NPAT rose 82% to $149 million [5] - Underlying EBITDA increased by 25% to $474 million, with a cash conversion rate of 98% [5][22] - Pro forma revenue declined by 2.5% to $10.6 billion, reflecting a focus on revenue quality and selective tendering [18][22] - The net debt to EBITDA ratio improved to 0.9 times, down from 1.4 times in FY 2024 [5][22] Business Line Data and Key Metrics Changes - Transport segment earnings increased by 11.1% to $278 million, with an EBITDA margin of 5.2% [8] - Energy and Utilities segment earnings rose by 43.9% to $122 million, despite a revenue decrease of 7.7% to $3 billion [11] - Facilities segment revenue remained stable at $2.2 billion, with earnings increasing to $151 million and a 7% EBITDA margin [13] Market Data and Key Metrics Changes - Government funding allocated increased by almost 6% in 2025, supporting infrastructure projects [3] - The energy sector is experiencing growth driven by decarbonization and government policies promoting energy investment [12] - The Australian transport agency spend is expected to remain subdued in the short term, while New Zealand's infrastructure programs are anticipated to support demand [35][36] Company Strategy and Development Direction - The company is focused on a portfolio simplification strategy to enhance revenue quality and reduce volatility [4][7] - Future growth will be driven by organic growth within existing core markets, with selective consideration of bolt-on acquisitions [31][34] - The company aims to modernize work practices and invest in technology to improve productivity and customer experience [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 4.5% average EBITDA margin target for FY 2026, emphasizing the importance of quality revenue [42] - The outlook for FY 2026 includes expectations of flat to slightly lower underlying revenue, with a focus on maintaining margin improvements [37] - Management noted that while short-term revenue may be subdued, medium-term opportunities remain strong [41][50] Other Important Information - The company announced an on-market share buyback of up to $230 million and increased its dividend payout ratio to 60%-70% of underlying NPATA [33][32] - Safety metrics improved, with a 20% reduction in injury frequency rates [16] Q&A Session Summary Question: Can you elaborate on the flat to down revenue guidance for next year? - Management highlighted the focus on quality revenue and selective opportunities, acknowledging subdued volumes in road services and the runoff of certain contracts [39][40] Question: What is the confidence level for achieving greater than 4.5% average margin? - Management expressed confidence in achieving the margin target, citing progress in price, cost, and productivity improvements [42] Question: Will there be a cleaner year in terms of significant items next year? - Management indicated that while some legal matters may continue, the nature of significant items is expected to decrease [45][46] Question: What are the expectations for road activity in Australia? - Management noted that road maintenance needs to increase, and while volumes are currently down, there are early signs of improvement [50][51] Question: How does the $4.5 billion in preferred business status influence revenue guidance? - Management confirmed that these contracts are typically long-term and will be factored into revenue expectations [60][64] Question: What portion of FY 2026 revenue guidance is already secured? - Management indicated that typically, about 75% of revenue would be secured at this stage of the year [72] Question: What earnings benefit is expected from the cost-out program in 2026? - Management expects a significant portion of the cost savings to contribute to FY 2026 results, with ongoing cost pressures to be addressed [75][76] Question: Will there be any net cash impact from divestment activity in 2026? - Management anticipates proceeds from the sale of Keolis Downer to impact cash flow in FY 2026 [77][79] Question: What types of M&A are being considered? - Management is focused on complementary bolt-on acquisitions that enhance existing capabilities, particularly in transport and energy [80][81]

Financial Performance - SGH's revenue increased by 1% to $10744 million[12] - EBIT increased by 8% to $1537 million[12] - NPAT increased by 9% to $924 million[12] - Operating cash flow increased significantly by 49% to $1951 million[12] - The company's final dividend increased by 17% to 62cps[22] Business Unit Performance - WesTrac's revenue increased by 4% to $6100 million[39] - Boral's revenue increased by 1% to $3603 million, with EBIT up by 26% to $468 million[57] - Coates' revenue decreased by 9% to $1041 million[76] - Beach Energy's revenue increased by 13% to $1997 million, with production up by 9% to 197 million barrels of oil equivalent (mmboe)[93] Safety and Sustainability - Lost Time Injury Frequency Rate (LTIFR) and Total Recordable Injury Frequency Rate (TRIFR) improved by 38% and 31% respectively[35] Capital Management - Adjusted Net Debt to EBITDA (Leverage) decreased by 10% year-over-year, falling below 2x[22]

Financial Data and Key Metrics Changes - Revenues for the second quarter reached $4,800,000, representing a 9.9% increase compared to Q2 of the previous year [5] - Gross margin improved to 13.8%, an increase of over 900 basis points from the same period in 2024 [5] - Cash, cash equivalents, and restricted cash increased to $6,200,000, reflecting disciplined cash management [6][22] - Operating expenses decreased to $2,300,000, down 52% from $4,900,000 a year ago [21] - Net loss for the quarter was $1,700,000, a 63% improvement compared to the previous year [21] Business Line Data and Key Metrics Changes - The company shipped a total of 31 units in the second quarter, a sequential increase of 29% compared to the previous quarter [20] - The introduction of the new 22-foot Baycat model is expected to play a significant role in future sales [24] Market Data and Key Metrics Changes - The marine industry continues to face economic pressures, but the company has managed to maintain solid results [5] - The used boat market remains robust, impacting new boat sales [14] Company Strategy and Development Direction - The acquisition of Bahama Boat Works enhances the product portfolio and market presence, adding premium vessels to the lineup [23] - The company is focused on optimizing operations, investing in innovation, and expanding its portfolio through strategic acquisitions [17] - The launch of Whizbanger aims to streamline the boat marketplace, providing transparency and efficiency [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current market challenges and emphasized a focus on cost control, margins, and dealer support [7][17] - The company aims to position itself for sustainable growth and long-term shareholder value through disciplined execution [17] Other Important Information - The company has reduced field inventory from nearly 160 units to approximately 50 [8] - A new five-axis router has been delivered, enhancing manufacturing capabilities and operational efficiency [13] Q&A Session Summary - There were no questions during the Q&A session [25]

Financial Data and Key Metrics Changes - Revenue increased by 2% to $830 million, primarily driven by the Orenco acquisition despite challenging market conditions [19][5] - Adjusted EBITDA margin was 33.5%, one of the highest in the company's history, indicating strong profitability [19][13] - Free cash flow generated was $222 million year-to-date, compared to $126 million in the prior year, driven by better working capital performance [21][22] Business Line Data and Key Metrics Changes - Organic sales were slightly down, but higher-margin categories like Allied Products and Infiltrator saw revenue increases [6][10] - Infiltrator experienced a 21% growth, significantly contributing to overall performance, with double-digit organic growth in on-site wastewater tanks [10][11] - Domestic Allied Products sales increased by 1%, driven by demand in the multifamily residential market [10] Market Data and Key Metrics Changes - Residential market demand was variable, with multifamily construction improving while single-family housing faced challenges due to interest rates [11] - Non-residential market growth was supported by acquisitions and strong execution in commercial construction, particularly in the Midwest and Southeastern U.S. [12] - Infrastructure revenue was down compared to the prior year but was still the third highest in the company's history, with strong long-term demand drivers [12][13] Company Strategy and Development Direction - The company remains focused on driving profitable growth through market share expansion, new product introductions, and strategic acquisitions [5][6] - Investments in innovation and product development at the new engineering and technology center are prioritized to enhance capabilities [22] - The long-term outlook for the business is strong, supported by favorable trends in water management solutions [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the tepid demand environment but noted resilience in core markets [33][19] - The company is committed to maintaining pricing discipline and managing costs effectively despite competitive pressures [66][67] - Future cash flow generation is expected to be bolstered by the OBBBA, providing additional flexibility for investments [22][46] Other Important Information - The company has successfully reduced fixed costs by closing inefficient operations without compromising customer service [14][15] - The new engineering and technology center has enhanced the speed of product testing and commercialization [8][10] Q&A Session Summary Question: Impact of weather on project delays and prior year comparisons - Management noted that weather caused some project delays but did not significantly impact overall performance, with a balanced view of demand [29][31] Question: Expectations for Q2 price-cost dynamics - Price-cost is expected to remain flat for the year, with stable pricing and favorable material costs contributing positively [34] Question: Changes in capital expenditure guidance - The reduction in CapEx guidance is attributed to timing rather than a change in strategic projects [37][38] Question: Organic growth in Infiltrator and outlook - Infiltrator's growth is driven by tanks gaining market share, with expectations for continued strong performance in on-site wastewater [39][40] Question: Competitive landscape and demand environment - Management indicated that competition remains but emphasized the company's ability to maintain pricing and margins despite a tepid demand environment [62][66] Question: Infrastructure demand trends - Infrastructure sales were impacted by tough comparisons from previous strong projects, but underlying demand remains stable [72][73] Question: Non-residential project pipeline - The project pipeline is tracking with a tepid environment, but the company is successfully gaining market share in key states [76][78] Question: Long-term vision for product mix - The company aims to grow higher-margin products faster than the pipe business, maintaining a balanced product mix [92][93]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported revenue of $687 million, a decrease of 1% year on year [19] - Normalized adjusted EBITDA increased by 6% year on year, with a normalized adjusted EBITDA margin improvement of approximately 120 basis points to around 19% [21] - Total debt was reduced by over $1 billion, or nearly 20%, and the company expects to reduce year-end 2025 net leverage by approximately 50% compared to year-end 2023 [7][25] Business Line Data and Key Metrics Changes - Air distribution bookings declined by 1% year on year, with growth strategies contributing eight points of growth offset by a nine-point decline in the base business [8][9] - Hotel distribution bookings grew by 2% in the quarter, with the attachment rate to air bookings improving by 100 basis points to 34% [10] - In IT Solutions, passengers boarded increased by 1% year on year, contributing to normalized adjusted EBITDA growth of 6% [11] Market Data and Key Metrics Changes - The operating environment remains challenging, particularly affecting air distribution bookings, which fell short of expectations [8] - The GDS industry experienced a decline in corporate bookings relative to leisure, impacting overall GDS volumes [9] - The company has a higher exposure to corporate and government travel, which has underperformed compared to leisure travel [41][62] Company Strategy and Development Direction - The company is focused on generating free cash flow and deleveraging the balance sheet while driving sustainable growth through innovative technology solutions [5][18] - The transformation into a modern, open travel marketplace is underway, with significant progress in multi-source content and NDC connections [12][55] - The company anticipates a six-month delay in launching a new multi-source low-cost carrier solution due to execution delays [16][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the incremental industry weakness observed in June and July, leading to a revised outlook for air distribution bookings growth [14][15] - The company expects the GDS industry trends to stabilize over time, despite current challenges [14] - Management remains optimistic about the long-term growth potential, citing strong demand for new business initiatives [18][60] Other Important Information - The company closed the sale of its Hospitality Solutions business on July 3, 2025, with proceeds primarily used to pay down debt [22][25] - Pro forma free cash flow was reported as negative $2 million for the quarter, with cash on the balance sheet exceeding $600 million post-sale [22][25] Q&A Session Summary Question: Why was the prior guidance so optimistic given the consistent headwinds? - Management noted that while growth strategies remained constant, market conditions changed, leading to a more cautious outlook [34][35] Question: Is the middle scenario of guidance considered the base case? - Management indicated that they have not provided a weighting on the scenarios but believe the current trading environment aligns more with the middle scenario [36][37] Question: What factors are causing the decline in GDS bookings? - Management highlighted that corporate travel impacts GDS bookings more significantly than leisure travel, and current market conditions are temporary rather than structural [40][41] Question: What is the strategy for NDC agreements and growth? - The company has 38 live NDC connections and is focused on integrating various content types to enhance its offerings [54][67] Question: How does the company expect to manage operating costs moving forward? - Management emphasized strong cost discipline and anticipated reductions in technology expenses due to ongoing transformation initiatives [47][49]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 7% on a 2% increase in gross transactional value (GTV) [4][16] - Adjusted earnings per share rose by 14% due to higher operating income, lower net interest expense, and a lower adjusted tax rate [17] - The service revenue take rate increased by approximately 20 basis points year over year to 21.1% [15][16] Business Line Data and Key Metrics Changes - Automotive GTV increased by 8%, driven by a 9% increase in unit volumes, partially offset by a decline in the average price per vehicle sold [12][13] - Unit volume in the automotive sector increased by 9% year over year [5] - GTV in the commercial construction and transportation sector decreased by 6%, driven by an 18% decline in lot volumes [14] Market Data and Key Metrics Changes - U.S. Insurance average selling prices increased approximately 1% year over year [6][12] - The total loss ratio increased by nearly 70 basis points in the second quarter to approximately 22.2% compared to 21.5% in the same period last year [13] Company Strategy and Development Direction - The company is focused on enhancing operational efficiency and driving sustainable growth through ongoing optimization of its territory manager network [11] - A new joint venture with LKQ Corporation will streamline the distribution of green parts into the repair network [8][9] - The company is investing in key technological initiatives and optimizing its sales force to improve customer experience [19] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the macroeconomic environment, characterized by higher interest rates and evolving trade policy uncertainty [14][19] - The company expects to be at the lower end of its GTV growth guidance range but is raising its adjusted EBITDA guidance [19] - Management expressed confidence in the strength of their strategy and ability to drive sustainable long-term growth [19] Other Important Information - The company closed the acquisition of J.M. Wood, enhancing its footprint in Alabama and the broader Southeast United States [10] - A one-time loss on deconsolidation of $15.5 million was incurred due to the joint venture with LKQ [18] Q&A Session Summary Question: Insights on H2 performance and guidance - Management noted cautious optimism for the second half, with a focus on potential mega projects and a conservative approach to guidance adjustments [22][24] Question: Update on commercial construction and transportation sector - Management indicated ongoing uncertainty but expressed confidence in the progression of business as they prepare for potential market changes [26][29] Question: Broader M&A pipeline and strategy - The company sees many opportunities in M&A that align with its core business and is focused on complementary acquisitions [32][33] Question: Update on Australia operations - The company is excited about the upcoming processing of its first set of cars in Australia, indicating strong progress in market entry [38][39] Question: Impact of uninsured motorists on volume - Management has not seen a significant impact from uninsured motorists on their business, focusing instead on repairable claims [45][46] Question: Tax law implications for construction activity - Management expressed optimism about the potential for increased construction activity due to recent tax law changes, though timing remains uncertain [47][48] Question: GTV guidance and commercial construction performance - Management acknowledged the complexity of forecasting GTV due to external factors but remains cautiously optimistic about continued improvement [51][52]

Financial Highlights - All-time high 2Q revenue of $1.8 billion[6] - Highest 2Q Adjusted EBIT margin of +10.5% over the last 10 years[6] - Backlog reached a new record of $29.7 billion[6] - Adjusted Net Results excludes Eve is -$5 million[49] - Shareholder remuneration: Dividends of R$51.4 million and Interest on Equity of R$142.8 million[53] Operational Performance - 2Q deliveries were 30% higher year-over-year[6] - Book-to-bill ratio is around 2x across all business units[6] - Commercial Aviation revenue increased by 4% year-over-year with an EBIT of $25 million[18] - Executive Aviation revenue increased significantly by 64% year-over-year with an EBIT of $80 million[21] - Defense & Security revenue increased by 18% year-over-year with an EBIT of $20 million[25] - Services & Support revenue increased by 13% year-over-year with an EBIT of $71 million[27] Strategic Developments - SAS ordered 45 E195-E2 aircraft, with 10 optional units[7] - SkyWest purchased 60 E175 aircraft, with 50 additional options[7] - Portugal made its 6th KC-390 purchase, along with 10 new options, and Lithuania selected the KC-390[7] US Market Focus - Embraer forecasts $21 billion in US imports and $13 billion in exports by 2030, resulting in an $8 billion trade surplus for the US[15]

Financial Data and Key Metrics Changes - Beach Energy reported a total production increase of 9% to 19.7 million barrels of oil equivalent, with sales volumes rising 16% to 24.7 million barrels of oil equivalent [18][19] - Sales revenue increased by 13% to AUD 2 billion, driven by higher production and five Waitzier LNG swap cargoes, while underlying EBITDA rose 20% year on year to AUD 1.1 billion [19][30] - Underlying NPAT increased by 32% to AUD 451 million, with a significant improvement in underlying EBITDA margin by 300 basis points to 57% [19][31] - The company declared a record final dividend of AUD 0.06 per share, bringing the total full-year dividend to AUD 0.09 per share, representing a 31% payout ratio [19][20] Business Line Data and Key Metrics Changes - The Otway Basin saw a 64% increase in production to 6.8 million barrels of oil equivalent, while the Bass Basin experienced a 91% increase in production to 1.4 million barrels [18] - The Cooper Basin faced challenges due to severe flooding, impacting production but overall performance in other areas compensated for this [18][19] Market Data and Key Metrics Changes - Beach Energy's operated assets and non-operated interests now supply 19% of the entire East Coast domestic gas market, positioning the company as a significant supplier [4][6] - The East Coast gas production increased by 23% in FY 2025, with Beach supplying 90% of the East Coast gas demand [13][19] Company Strategy and Development Direction - The company aims to become Australia's leading domestic energy company, focusing on core East Coast and West Coast hubs while maintaining a strong balance sheet for growth opportunities [6][20] - Beach Energy has implemented a disciplined gas marketing strategy, rebalancing its customer portfolio and retaining approximately 30% of its East Coast gas supply for the spot market [16][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the declining gas supply available to the domestic market, with firm long-term gas demand, leading to widening structural supply deficits [12] - The company is optimistic about its growth potential, with plans for further exploration and development activities in FY 2026 [21][40] Other Important Information - Beach Energy achieved its best safety performance in 14 years, with no significant hydrocarbon spills and a focus on improving safety culture [25][27] - The completion of the Moomba CCS project is a significant milestone in the company's emissions reduction pathway, abating over 1 million tonnes of CO2 [28] Q&A Session Summary Question: Can you talk us through the dividend and concerns about M&A or net debt rising? - Management explained the decision to set the dividend payout slightly below the targeted range to ensure financial flexibility for potential growth opportunities [49][50] Question: Is there further cost reduction potential in 2026 and 2027? - Management confirmed ongoing efforts to reduce costs, particularly in the Cooper Basin, and expressed confidence in achieving the $11 per barrel target [52][54] Question: Can you provide details on the $11 per BOE cost target? - Management clarified that the target remains at $11 per barrel, set to outperform peers, with current operations achieving a unit operating cost of $10.68 [57][58] Question: What is the balance sheet capacity for growth? - Management indicated a willingness to stretch the balance sheet for value-accretive acquisitions while maintaining a target gearing level below 15% [59][60] Question: Can you outline the framework for assessing new growth opportunities? - Management reiterated a focus on domestic opportunities with a target return rate above 12%, emphasizing a cautious approach to acquisitions [69][72] Question: Are there any constraints in accessing larger domestic growth opportunities? - Management expressed confidence in finding a broader suite of opportunities, focusing on maximizing shareholder value and domestic supply [73][74] Question: Will there be any new acreage releases of interest? - Management mentioned ongoing interest in acreage releases in South Australia and Queensland, particularly in CSG [81] Question: What is the potential pricing delta upside from recontracting at the Cooper Basin? - Management indicated that recent recontracting would likely yield significant pricing improvements, with benefits expected to flow through in upcoming quarterly results [84]

Core Insights - CrowdStrike is projected to reach at least $10 billion in Annual Recurring Revenue (ARR) [1] Company Overview - The company is recognized for its growth-driven investment strategy, focusing on maximizing shareholder equity [1] - CrowdStrike operates in the cybersecurity sector, which is experiencing significant growth due to increasing demand for security solutions [1] Investment Strategy - The investment approach emphasizes sustainable growth and aims to capitalize on market opportunities within the cybersecurity industry [1] - The company has a beneficial long position in shares of CrowdStrike, indicating confidence in its future performance [2]

Financial Performance - Eversource Energy reported Q2 2025 EPS of $0.96, slightly better than the prior year[22] - The company reaffirms its 2025 EPS guidance of $4.67 - $4.82 and a long-term EPS growth rate of 5% - 7% through 2029[23] - The company's FFO to Debt ratio as of March 31, 2025, was 13.7%, exceeding the Moody's downgrade threshold of 9% and S&P's threshold of 12%[50] Capital Investments and Regulatory Updates - Eversource plans a capital investment of $24.2 billion through 2029, with 60% of distribution capital investment in Massachusetts[18] - The company anticipates incremental investments of $1.5 billion - $2 billion during this forecast period[47] - A permanent rate increase of $100 million was received in New Hampshire, effective August 1, 2025, as part of the PSNH rate case[39] - Massachusetts will see an EGMA Rate Base Reset with a November 2024 rate increase of $77 million and a November 2025 rate increase of $62 million[45] Strategic Priorities - Eversource is focused on being a 100% regulated utility, investing in line with state policies while maintaining customer reliability and affordability[18] - The company aims to strengthen its balance sheet and enhance its FFO to Debt ratio[18] - Eversource is leading the energy transition in New England with approximately $2 billion in T&D energy investments through 2029[18] Balance Sheet and Credit Metrics - Eversource has an At-The-Market (ATM) program for $1.2 billion of equity, issuing 3.4 million shares through June 2025 with net proceeds of $218 million[51, 60]