Core Insights - The company achieved solid EBITDAaL growth of 4.0% for the full year 2025, slightly exceeding guidance, driven by synergies from the VOO acquisition and operational efficiencies [1][7][8] Financial Highlights - Revenues for H2 2025 decreased by 1.5% year-over-year to €1,000.6 million, with full-year revenues also down by 1.5% to €1,963.4 million [3][4] - Retail service revenues fell by 1.9% in H2 2025 to €791.4 million, with a similar decline for the full year [3] - EBITDAaL for H2 2025 increased by 3.4% to €301.3 million, with a full-year EBITDAaL of €566.1 million, reflecting a 4.0% increase [3][4] Customer Base and Operational Performance - Mobile postpaid customer base grew by 2.5% year-over-year to 3.6 million, while cable customer base increased by 1.8% to 1,039,000 [2][4] - Net adds for mobile postpaid decreased by 49.0% to 38,000, and cable net adds fell by 68.7% to 5,000 [2][4] Capital Expenditure and Cash Flow - eCapex for the full year increased by 2.1% to €375.9 million, driven by RAN sharing and 5G deployment [5][6] - Adjusted operating cash flow rose by 7.9% to €190.2 million, while net cash from operating activities increased by 4.5% to €525.6 million [5] Debt and Profitability - Net financial debt decreased by 4.7% to €1,815.1 million, with total borrowings down by 3.4% to €1,895.8 million [5] - Net profit for the period increased significantly by 139.5% to €41.3 million [5] Strategic Outlook - The company plans to target an EBITDAaL growth of approximately 3.5% for 2026, with expected eCapex around €360 million [9][11] - The Board of Directors will not propose a dividend for 2025 to preserve cash for future investments [10]

End of a strong year for Festi: Strong operational performance in the quarter and the results for the year significantly exceeded the company's initial guidance. Main results in Q4 2025 Sales of goods and services amounted to ISK 44,956 million, an increase of 7.2% between years.Margin from sales of goods and services amounted to ISK 11,415 million, an increase of 11.2% from the previous year.Profit margin was 25.4%, decreases by 0.2 p.p. from Q3 2025 but increases by 0.9 from Q4 2024.EBITDA amounted to ISK ...

Fiscal 2026 Second Quarter Results Peter Konieczny Chief Executive Officer Steve Scherger Chief Financial Officer 3 February 2026 5:30pm US EST 4 February 2026 9:30am Australian EDT 1 Disclaimers and Notes Cautionary Statement Regarding Forward-Looking Statements Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this document refer to Amcor plc and its consolidated subsidiaries. This document contains certain statements that are "forward-looking statements" within th ...

Core Viewpoint - Two Harbors Investment Corp. (TWO) is facing challenges in meeting earnings expectations, with a recent adjusted earnings per share of $0.26, missing the estimated $0.30, and has consistently missed earnings estimates over the last four quarters [1][3]. Financial Performance - TWO reported a GAAP net loss of $1.3 million, or -$0.02 per weighted average basic common share, indicating ongoing financial difficulties [3]. - The company has a price-to-earnings (P/E) ratio of approximately -6.52, reflecting negative earnings over the trailing twelve months [4]. - The price-to-sales ratio stands at about 2.24, suggesting investors are willing to pay $2.24 for every dollar of sales, while the enterprise value to sales ratio is significantly higher at 16.18, indicating a high valuation relative to sales [4]. Debt and Liquidity - TWO has a high debt-to-equity ratio of 4.76, indicating significant reliance on debt financing, which could pose risks if cash flow generation becomes challenging [5]. - The current ratio of 0.94 highlights potential difficulties in covering short-term liabilities with short-term assets [5]. Strategic Developments - A significant development for TWO is the $1.3 billion deal with UWM, which will integrate TWO's $176 billion mortgage servicing rights (MSR) portfolio and the RoundPoint platform [6]. - This merger is anticipated to generate $150 million in synergies, potentially enhancing the company's earnings through reduced funding costs and improved hedging strategies [6].

Summary of Devon Energy and Coterra Energy Merger Conference Call Industry and Companies Involved - **Industry**: Energy and Oil & Gas Exploration and Production (E&P) - **Companies**: Devon Energy (NYSE: DVN) and Coterra Energy Core Points and Arguments 1. **Merger Announcement**: The merger between Devon Energy and Coterra Energy is described as transformative, creating a powerful new E&P company characterized by asset quality, scale, and operational excellence [2][3] 2. **Leadership and Culture**: The combined company will leverage complementary cultures and talent, aiming to exceed the performance of either company individually [3][4] 3. **Market Position**: The merger positions the new entity as a leader in the Delaware Basin, enhancing opportunities for capitalizing on core positions [3][4] 4. **Financial Discipline**: Emphasis on financial discipline, smart capital allocation, and a focus on value creation and cost reduction will distinguish the combined company from peers [4][10] 5. **Synergies**: The merger is expected to deliver $1 billion in annual pre-tax synergies by year-end 2027, representing approximately 20% of the combined market cap [10][18] 6. **Production Capacity**: The combined company will produce over 1.6 million barrels of oil equivalent per day, unlocking operational and financial advantages [11][12] 7. **Delaware Basin Focus**: The merger creates a premier portfolio in the Delaware Basin with over 750,000 net acres and significant production capabilities [12][13] 8. **Cash Flow Generation**: Enhanced free cash flow generation is anticipated, allowing for accelerated capital returns to shareholders through higher dividends and share repurchase programs [10][23] 9. **Technology Integration**: Both companies are leaders in technology application, particularly in AI, which will drive operational excellence and efficiency [20][21] 10. **Shareholder Returns**: Plans for a quarterly dividend of $0.315 per share and a new share repurchase authorization exceeding $5 billion were discussed [23][44] Additional Important Content 1. **Operational Efficiency**: The merger will streamline operations and enhance infrastructure capabilities, particularly in the Delaware Basin, leading to significant cost efficiencies [18][19] 2. **Capital Allocation Philosophy**: The new management team will prioritize capital allocation among assets, focusing on optimizing returns and rationalizing the asset portfolio [26][48] 3. **Longer Laterals**: The merger allows for the potential of longer laterals in drilling, particularly in overlapping areas like the Delaware and Anadarko Basins, which could enhance production efficiency [68][70] 4. **Market Conditions**: The companies acknowledge the volatility in oil and natural gas markets, emphasizing the need for flexibility and resilience [4][10] 5. **Integration Team**: A dedicated integration team will be established to ensure the successful realization of synergies and operational improvements [19][55] This summary encapsulates the key points discussed during the conference call regarding the merger between Devon Energy and Coterra Energy, highlighting the strategic advantages, financial expectations, and operational synergies anticipated from this significant industry consolidation.

Note: See appendix for non-GAAP. 1) As of 1/30/2026. 2) Gross operated inventory locations per Enverus, divided by gross operated wells spud in 2025. 3) Subject to board approval. 4) Pro forma, as of 9/30/2025. Liquidity assumes $3.0 bn revolver remains outstanding. 5) Source: Factset consensus. | 2 Devon & Coterra Transformative Merger February 2, 2026 Transformative Merger Creates Premier Shale Operator | Must-own, large-cap independent with $58 billion pro | • | Large-Cap Shale | forma enterprise value1 ...

Financial Data and Key Metrics Changes - In 2025, the company achieved approximately 2% organic growth, supported by 3% volume plus mix growth, despite a slowdown in global weighted average category growth to roughly 60 basis points in Q4 [38][39] - Adjusted Free Cash Flow for the year was $1.9 billion, consistent with previous estimates, indicating strong cash generation capabilities [39] - The company reported industry-leading gross productivity at 6.2% of Adjusted COGS for the year, peaking at 7.2% in Q4, exceeding expectations [15] Business Line Data and Key Metrics Changes - The Personal Care business led the way in productivity improvements, with significant progress in delivering high-performing products at lower costs [16] - Innovations in the Personal Care segment, such as Huggies' new products, contributed to strong volume-led organic growth, particularly in key markets like China and Brazil [22][24] - The company exited a large private label diaper contract in North America, which impacted the overall performance but was part of a strategic realignment [38] Market Data and Key Metrics Changes - In the international Personal Care business, the company gained over 900 basis points of share in diapers over the past five years, while local competitors have struggled [20] - The company saw broad-based share gains in international focus markets, with all focus markets delivering volume-led organic growth in Q4 [22] - In North America, the company achieved a volume plus mix growth of 1.8% in Q4, with Personal Care growing value share by 20 basis points for the year [28] Company Strategy and Development Direction - The company is focused on transforming into a pure-play Personal Care company, pivoting its portfolio towards higher growth and higher margin categories [4] - The acquisition of Kenvue is seen as a strategic move to enhance growth and create a consumer-centric health and wellness leader [5][7] - The company aims to leverage its operating momentum to create significant value for shareholders and improve care standards for consumers globally [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging environment, citing strong execution of the Powering Care strategy as a key driver of success [19] - The outlook for 2026 includes expectations for mid- to high-single-digit constant currency growth in Adjusted Operating Profit, supported by a robust pipeline of initiatives [46][47] - Management acknowledged ongoing consumer pressure and a focus on value, indicating that these factors will persist in the near term [11] Other Important Information - The company has made significant investments in its North American manufacturing footprint, including a $2 billion investment to enhance its capabilities [16] - The integration of Kenvue is being led by a dedicated team, with strong progress reported in the early stages [18] - The company has achieved a strong cash conversion cycle improvement, going from 6 days in 2021 to around negative 10 days at the close of 2025 [43] Q&A Session Summary Question: What are the expectations for the Kenvue acquisition? - Management expects the Kenvue acquisition to create significant value and enhance growth, with a target of generating $2.1 billion in annual synergies net of reinvestment [7][51] Question: How is the company addressing competitive pressures? - The company is focused on out-innovating and out-marketing competitors, maintaining a disciplined approach to brand investments and consumer engagement [19][27] Question: What is the outlook for Adjusted EPS growth? - The company anticipates double-digit growth in Adjusted EPS from continuing operations on a constant currency basis, driven by the Kenvue acquisition and ongoing operational improvements [47][48]

Core Viewpoint - The ongoing competition for Warner Brothers Discovery is seen as beneficial for Lionsgate, highlighting the value of premium content and the attractiveness of its library to potential bidders [2][8]. Company Status - Lionsgate is currently positioned as a pure play content company following its separation from Stars, which is believed to be advantageous for its stock performance [5]. - The company has a billion-dollar run rate with margins exceeding $500 million, indicating its strong financial health and the value of its content library [4]. Market Dynamics - There are indications that private equity firms are interested in acquiring assets in the media sector, which could provide more operational flexibility for companies like Lionsgate [9]. - Strategic alliances are expected to yield higher valuations than private equity due to potential synergies, both in cost and revenue [10]. Competitive Landscape - Netflix and Paramount are identified as potential acquirers of Lionsgate, with Paramount seen as particularly in need of additional content to enhance its scale [6][7]. - The interest from major investors like Steve Mnuchin and Steve Cohen suggests that Lionsgate's stock is undervalued in the current market context [6].

Core Viewpoint - The proposed deal involving Paramount is positioned as a superior offer for shareholders, emphasizing the potential for significant synergies and competitive advantages in the streaming market [2][5][6]. Financial Aspects - The combined business is projected to generate approximately $70 billion in top-line revenue, with an EBITDA of $16 billion and $10 billion in cash flow [5][6]. - The offer includes $30 in cash per share, which is higher than the current market valuation of $23 [7]. Competitive Landscape - The merger is framed as a necessary move to create a stronger competitor against major players like Netflix, Amazon, and Disney, while arguing that the current market dynamics are anti-competitive [6][10][14]. - The argument against the merger is that it would reduce competition in Hollywood, with concerns that it would lead to a monopolistic environment [10][14]. Strategic Positioning - The company asserts that it has a viable standalone business plan but believes that the merger represents the highest value for shareholders [7][9]. - The largest shareholder, the Ellison family, is also the largest investor in the deal, indicating strong internal support for the merger [4]. Industry Implications - The deal is described as existential for the business, with a belief that failure to proceed could hinder the company's ability to compete effectively in the evolving media landscape [8][14]. - The narrative emphasizes that the merger would be beneficial not only for the companies involved but also for the broader Hollywood ecosystem and consumers [14].

Acquisition Overview - Infinity Natural Resources (INR) 将以 12 亿美元的总价全现金收购 Antero 在俄亥俄州的 Utica Shale 资产中未分割的 51% 权益[3,4] - 该交易预计将在 2026 年第一季度完成，收购价格约为 NTM 调整后 EBITDAX 的 4.7 倍，2027 年预计调整后 EBITDAX 的 3.6 倍[4,13,14] - 收购的资产包括约 70,900 英亩的净水平面积，超过 110 个未开发的位置，以及约 141 英里的高低压集气管线，系统吞吐能力为 600 mmcf/d[4] Strategic Benefits - 收购后，INR 将控制俄亥俄州 Utica Shale 中约 102,000 英亩的净面积，未开发的净储量约为 1.4 Tcfe，使 INR 在俄亥俄州 Utica Shale 的地位显著提升（约 50% 的面积增长）[5,38] - 收购的 Midstream 资产包括约 141 英里的集气管线，吞吐能力为 600 mmcf/d，以及约 90 英里的水管线，降低了成本和现金盈亏平衡点[7,40] - 预计仅在 2026 年就可实现约 2500 万美元的协同效应，这主要得益于较低的运营成本和互补的土地位置[8,41] Financial Impact - 该收购预计将立即增加利润率、每股现金流、每股自由现金流和每股净资产价值[9,42] - 该公司预计到 2027 年底，净杠杆率将低于 1.0 倍[10,43]