Financial Data and Key Metrics Changes - In fiscal year 2025, the company achieved a revenue growth of 7%, adding $5 billion in revenue, with over $80 billion in bookings [5][23] - Adjusted earnings per share (EPS) for Q4 was $3.03, reflecting a 9% growth compared to the previous year [15][24] - Free cash flow for the quarter was $3.8 billion, and for the full year, it was $10.9 billion, up 26% year over year [22][24] Business Line Data and Key Metrics Changes - Consulting revenues for Q4 were $8.8 billion, up 6% in U.S. dollars and 3% in local currency [19] - Managed services revenues for Q4 were also $8.8 billion, reflecting an 8% increase in U.S. dollars and 6% in local currency [20] - The capital projects business grew 49% year on year, reaching $1.2 billion [10] Market Data and Key Metrics Changes - Revenue growth in the Americas was 5% in local currency, driven by banking and capital markets, while EMEA saw 3% growth led by insurance and life sciences [20] - Asia Pacific revenues grew 6% in local currency, with significant contributions from banking and capital markets [21] Company Strategy and Development Direction - The company aims to be the number one partner for the tech ecosystem, with 60% of revenue coming from partnerships with top technology companies [7] - A significant investment of $3 billion in Gen AI is expected to drive future growth, with revenue from advanced AI reaching $2.7 billion in FY25 [9][10] - The company is focusing on reinvention services to streamline operations and enhance service delivery [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for FY26, citing strong bookings and a solid pipeline for large transformation deals [44] - The company anticipates revenue growth of 2% to 5% in FY26, with an estimated 1% to 1.5% impact from federal business [39][40] - Management highlighted the importance of AI in driving growth and productivity, emphasizing that AI is seen as expansionary rather than deflationary [46][47] Other Important Information - The company initiated a business optimization program with an expected total charge of approximately $865 million, aimed at talent rotation and divestiture of non-strategic acquisitions [18] - The board declared a quarterly cash dividend of $1.63 per share, a 10% increase over the previous year [41] Q&A Session Summary Question: Visibility on revenue growth and discretionary spending - Management noted strong bookings of $80.6 billion in FY25 and a solid pipeline for large transformation deals, with discretionary spending assumptions allowing for potential deterioration [44] Question: Thoughts on AI-driven productivity and potential deflationary effects - Management does not see AI as deflationary but rather as expansionary, with savings being reinvested into new priorities [46][47] Question: Balance between Gen AI and managed services - Both consulting and managed services are expected to grow in the low to mid-single-digit range in FY26, with managed services becoming increasingly strategic [52][54] Question: Details on CapEx investments - The company expects about $1 billion in CapEx for FY26, primarily for expanding real estate and leasehold improvements [57] Question: Client behavior in seeking Gen AI solutions - Many clients initially attempted to implement Gen AI independently but later sought assistance for scaling, highlighting the need for change management and process reinvention [71]

Interest Rate Outlook - Fed Chair Jerome Powell expressed caution regarding lower interest rates, following a rate-cutting stance from two fellow Fed governors earlier in the week [2][3] - The federal funds rate has been relatively high, ranging from 3.13% to 5.38% between September 2022 and September 2024, as the Fed attempts to control inflation [4] Market Reaction - Stock prices fell, with the S&P 500 and Nasdaq Composite both declining by 0.3%, and the Dow Jones Industrial Average retreating by 0.4% [3] - Stock futures for major indices are slightly down ahead of the market open [5] Economic Indicators - Initial jobless claims for the week of September 20 are expected to rise to 235,000 from 231,000 in the prior week [6] - Existing home sales are projected to decrease to 3.96 million in August from 4.01 million in July [6] - Corporate earnings reports are anticipated, with Costco expected to report EPS of $5.81 for the August quarter, up from $5.29 in the prior year [6] and Accenture's consensus EPS estimate at $2.98, up from $2.66 [6] Company Earnings Expectations - CarMax is expected to report EPS of $1.03 for the August quarter, an increase from $0.85 in the same period last year [7]

Stock markets closed with losses for the fifth consecutive day on Thursday, with the Sensex tumbling 555.95 points due to relentless foreign fund outflows and concerns over the US H-1B visa fee, making investors jittery.Photograph: Danish Siddiqui/ReutersThe 30-share BSE Sensex tanked 555.95 points or 0.68 per cent to settle at 81,159.68.During the day, it dropped 622.74 points or 0.76 per cent to 81,092.89. The 50-share NSE Nifty tumbled 166.05 points or 0.66 per cent to 24,890.85.A weak trend in global pe ...

Group 1 - The company, Accenture, exceeded fourth-quarter revenue estimates [1] - Accenture announced a six-month restructuring plan worth $865 million to realign its workforce and operations [1] - The restructuring aims to address the rising demand for digital and AI services [1]

Summary of 3i Group plc Capital Markets Seminar Company Overview - **Company**: 3i Group plc - **Key Focus**: Private Equity investments, particularly in consumer and retail sectors - **Recent Investments**: WaterWipes and OMS Prüfservice - **Recent Disposals**: NPM and Mate Key Points Industry and Market Performance - **Macro Environment**: Both Private Equity and Infrastructure portfolios are performing resiliently despite a subdued macroeconomic environment [3][4] - **Sales Growth**: Year-to-date sales as of September 21, 2025, reached €10.9 billion, an 18% increase compared to the same period last year. Like-for-like sales growth was 6.5% [3] - **Operating EBITDA**: Expected to be approximately €2.295 billion for the 12 months ending September 2025, up 21% from €1.894 billion in September 2024 [3] Recent Investments - **WaterWipes**: Acquired in January 2025 for €145 million. The product is a premium natural wet wipe brand, consisting of 99.9% pure water and a drop of seed extract. Over 50% of revenue comes from the U.S. [18][19] - **OMS Prüfservice**: A testing business for electrical safety equipment, focusing on both portable and fixed equipment. The company has over 700 employees and serves more than 7,000 customers [63][64] Recent Disposals - **NPM Sale**: Sold to Partners Group for €400 million, achieving a 3.2 times money multiple and a 29% IRR. The sale was driven by consistent outperformance and strong interest from various investors [17][63] - **Mate Sale**: Sold for approximately €143 million, representing a 30% uplift from the March valuation, resulting in a 2.7 times multiple of invested capital and a 27% IRR [5][63] Strategic Insights - **Consumer Sector Focus**: Over 80% of the Private Equity portfolio by value is in the consumer sector. The company has invested around €1.7 billion in this sector over the last two years [8][9] - **Investment Thesis**: The strategy for both NPM and WaterWipes is built around four pillars: core business development, U.S. market expansion, online growth, and brand enhancement [12][26] - **Market Trends**: The global premium cat food market is growing at a CAGR of 6%, while the wet wipes market is valued at approximately €13 billion with mid-single-digit growth [11][20] Financial Performance - **WaterWipes Financials**: Achieved net sales of around €200 million in 2024, with a CAGR of over 20% since 2017 [25][26] - **OMS Prüfservice Growth**: The company has shown consistent growth, with revenues increasing by more than 40% from 2016 to 2024 [65] Challenges and Considerations - **U.S. Tariffs Impact**: The U.S. tariffs have introduced some uncertainty, but the businesses are managing the implications within their pricing and cost structures [32][33] - **Exit Strategy**: The decision to exit NPM was based on its distance from reaching the $100 million EBITDA threshold required for long-term holds [34] Additional Insights - **Sustainability Focus**: WaterWipes emphasizes sustainability, being entirely natural and plastic-free, which resonates with consumer preferences [23][24] - **Market Positioning**: Both NPM and WaterWipes are positioned as challenger brands in their respective markets, appealing to globally applicable consumer needs [43][44] This summary encapsulates the key points discussed during the 3i Group plc Capital Markets seminar, highlighting the company's strategic focus, recent financial performance, and market positioning.

Portfolio Performance - Private Equity and Infrastructure portfolios are performing resiliently despite a subdued macroeconomic environment[6] - Royal Sanders continues to perform well, and the broader PE portfolio shows improving momentum[6] - MAIT's sale was announced earlier this month, with total gross proceeds of approximately £143 million, a roughly 30% increase over its valuation on March 31, 2025, resulting in a 2.7x MM and approximately 27% IRR[6] - Action's year-to-date sales (as of September 21, 2025) reached €10.9 billion, which is 18% higher than the same period last year[6] - Action's year-to-date like-for-like (LFL) sales growth is 6.5% (compared to 6.8% at the end of August 2025), driven by transaction growth in all countries[6] - Action's operating EBITDA for the 12 months leading up to the end of P9 2025 is expected to be approximately €2,295 million, a 21% increase from €1,894 million at the end of P9 2024[6] Action Expansion - Action added 207 net new stores year-to-date and is on track to deliver or exceed 370 net new stores in 2025[6] - Action opened 7 stores in Switzerland year-to-date, and its first store in Romania opened on September 24, 2025[6] Investment and Acquisition - On September 24, 2025, 3i entered into an agreement with GIC to purchase a limited partnership interest representing 2.2% of Action equity in exchange for the issue of 19,916,225 new ordinary shares in 3i Group plc[6] - 3i invested approximately €1.7 billion in consumer businesses over the last 2 years[11] - 3i invested £124 million in MPM[18] - 3i invested approximately €145 million in WaterWipes[49] - 3i invested approximately £53 million in MAIT[95] - 3i invested £99 million in OMS[111] MPM Transaction - The total gross proceeds from the MPM transaction are approximately £400 million, with a money multiple of 3.2x and an IRR of 29%[44]

Core Insights - Infosys Limited is investing ₹300 crore to establish a new campus in Mohali, covering 30 acres of land [1] - The first phase of construction will involve 3 lakh square feet, creating 2,500 new jobs [1] - A subsequent phase will develop an additional 4.80 lakh square feet [1] Company Expansion - Infosys has been operating in Mohali since 2017 and is now expanding its presence in the city [2] - The company has received strong support from the Punjab state government for this project [2] - Sameer Goel, head of the Mohali center, expressed satisfaction with the expansion and the support received [2] Government Initiatives - The Punjab state government has implemented initiatives that have attracted further investments, including a 45-day approval process for industrial projects [3] - The minister noted that there is a growing interest from investors to invest in Punjab [3]

Core Insights - Infosys Limited is investing Rs 300 crore to establish a new campus in Mohali, indicating a strong commitment to the region [1] - The new campus will cover 30 acres and initially construct 3 lakh square feet of space, which is expected to create 2,500 jobs [1] - This expansion is supported by the Punjab state government's investment-friendly initiatives and quick project approvals [1]

Ah, the financial markets. A bastion of calm, predictable logic, right? Not when Donald J. Trump is in the headlines. As the former (and potentially future) President continues his unique brand of policy pronouncements and social media soliloquies, investors are once again treated to a rollercoaster ride that would make even the most seasoned trader clutch their pearls. The latest entries in the Google Alert feed paint a vivid picture of a market attempting to digest a diet of tariffs, visa hikes, and geopo ...

24 September 2025 | 11:45PM HKT Equity Research China Software: IT services new projects towards AI computing and AI models; Integrated solution to accelerate AI deployment Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Ting Song +852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C. Exhibit 1: ~50% of new project-wins were from AI related solution 15% 25% 10% 25% 25% Data analysis ERP and management system OS and platform AI computing AI model and applications Key IT ser ...