Core Points - VINCI SA conducted share buybacks from July 28 to July 31, 2025, under the authorization from the General Meeting held on April 17, 2025 [2] - A total of 160,959 shares were repurchased during this period, with a daily weighted average price of €123.0532 [2] Group 1 - On July 28, 2025, VINCI purchased 100,000 shares at an average price of approximately €123.48 on XPAR and €123.43 on CEUX [2] - On July 29, 2025, the company bought 10,959 shares, with prices ranging from €123.99 to €124.04 across different markets [2] - On July 31, 2025, VINCI repurchased 50,000 shares at an average price of €122.01 on XPAR [2] Group 2 - The transactions were conducted in compliance with Regulation (EU) No 596/2014 regarding market abuse [3] - Detailed information about these transactions is available on the VINCI website [3]

Summary of Morgan Stanley Global Macro Forum - July 28, 2025 Industry and Company Overview - **Industry**: US Economy and Financial Markets - **Key Participants**: Vishwanath Tirupattur (Chief Fixed Income Strategist), Michael Gapen (Chief US Economist), Michael Wilson (Chief Investment Officer), Todd Castagno (Head of Global Valuation), Brian Nowak (Lead US Internet Analyst), Angel Castillo (US Machinery & Construction Analyst), Jenna Giannelli (Head of Retail & Consumer Credit Research) Core Insights and Arguments - **US Economic Outlook**: - Revised expectations indicate slow growth and firm inflation, with real GDP growth projected at 0.8% for 2025 and 1.1% for 2026 [45][45][45] - Inflation is expected to peak in Q3 2025, with fiscal policy presenting both upside risks and downside probabilities due to recent trade announcements [45][45] - **Impact of the One Big Beautiful Bill Act (OBBBA)**: - The OBBBA is anticipated to provide meaningful benefits to corporate cash flows, with cash tax rates expected to reach historical lows due to accelerated expensing [45][45] - The act includes provisions for 100% bonus depreciation and immediate R&D expensing, which are expected to benefit sectors such as technology, healthcare, and industrials [11][45] - **Sector-Specific Insights**: - **Internet Sector**: Amazon is projected to capture approximately $15 billion annually in tax benefits, which could be reinvested into AWS, leading to significant automation savings [45][45] - **Machinery and Construction Sector**: Companies in this sector are likely to use OBBBA savings for buybacks and M&A rather than growth capex, with rental companies and R&D spenders being the biggest beneficiaries [45][45] - **Retail and Consumer Credit**: - The retail sector is expected to face further downside due to a projected demand slowdown in the second half of the year and additional tariff-induced margin pressures [29][45] - Credit performance has outperformed equities, but overall sector performance remains discerning [25][29] Additional Important Insights - **Employment and Inflation Trends**: - The civilian unemployment rate is projected to be 4.2% in 2025 and 3.8% in 2026, with inflation rates expected to stabilize around 2.6% to 2.8% [7][45] - **Market Resilience**: - The rebound in earnings revisions breadth is seen as a crucial driver for stock performance, overshadowing tariff and economic concerns [45][45] - **Tariff Impact**: - Tariff-induced risks to margins and earnings are skewed to the downside, with significant potential impacts on various companies' EBITDA projections [31][45] Conclusion - The overall sentiment from the forum indicates cautious optimism regarding the US economy, with specific sectors poised to benefit from legislative changes while others face challenges due to external pressures such as tariffs and changing consumer demand dynamics [45][45][45]

Summary of the July Employment Report Conference Call Industry Overview - The report focuses on the U.S. labor market, specifically the July employment report and its revisions, indicating a weak performance across various metrics. Key Points and Arguments 1. **Weak Employment Metrics**: The July employment report showed below-expectation payroll growth, a decline in household employment, and an increase in the unemployment rate, alongside significant downward revisions to payroll growth in April and May [3][4][44]. 2. **Magnitude of Revisions**: The net downward revision of 258,000 jobs to May and June payroll growth is noted as the largest two-month revision since 1968, outside of NBER-defined recessions [3][5][44]. 3. **Sector Breakdown**: The downward revisions were roughly evenly split between public and private sectors, with public-sector job gains revised down by approximately 130,000 jobs [9][12][44]. 4. **Bureau of Labor Statistics (BLS) Benchmark Revision**: A preliminary estimate of the benchmark revision to March 2025 nonfarm payrolls is expected to show a downward revision of 550,000 to 950,000 jobs, translating to a monthly payroll growth revision of 45,000 to 80,000 jobs from April 2024 to March 2025 [30][32][33]. 5. **Impact of Seasonal Adjustments**: The report discusses the BLS's concurrent seasonal adjustment methodology, which may have contributed to the overstatement of payroll growth, particularly during periods of slowing job growth [18][22][24]. 6. **Comparison to Previous Year**: Last year's revisions were smaller and more concentrated in the public sector, while this year's revisions show a broader impact across private sector jobs [26][27][28]. 7. **Economic Growth Assessment**: The overall data suggests that the U.S. economy is growing below its potential, with payroll growth aligning more closely with other economic indicators that have also shown a marked slowdown [39][44]. Additional Important Insights 1. **Data Quality Concerns**: There are ongoing concerns regarding the quality of data collected for employment statistics, with declining response rates potentially affecting the volatility of revisions in the post-pandemic period [22][23]. 2. **Sector-Specific Revisions**: The state and local government education sector accounted for over 40% of the overall revision, indicating significant adjustments in this area [12][13][44]. 3. **Future Outlook**: The report suggests that if job growth stabilizes or recovers, the BLS's seasonal factors will likely adjust accordingly, impacting future payroll growth estimates [23][24]. This summary encapsulates the critical findings and implications of the July employment report, highlighting the challenges and adjustments within the U.S. labor market.

Industry Focus - The construction industry is seeing automation through self-driving dirt diggers [1] - Waymo veterans are involved in automating construction sites [1] Technological Advancement - Self-driving technology is being applied to automate construction equipment [1]

Q2 2025 Performance - Revenue reached $3.5 billion, exceeding guidance expectations by 4% and showing a 20% increase compared to the previous year[5,6] - Adjusted EBITDA increased by 1% year-over-year, meeting guidance expectations[5] - Adjusted Diluted EPS was $1.49, surpassing the midpoint of guidance by $0.08 due to higher operating earnings and lower depreciation[5] - Cash flow from operations was $6 million[6] Backlog - Total backlog reached $16.5 billion, reflecting a sequential increase of $0.6 billion (4%) and a year-over-year growth of $3.1 billion (23%)[5] - Clean Energy and Infrastructure backlog increased by $506 million sequentially and approximately $1.3 billion year-over-year, reaching $4.9 billion[15] Segment Results (Q2 2025 Revenue) - Communications: $837 million[9] - Clean Energy and Infrastructure: $1.131 billion[9] - Power Delivery: $591 million[9] - Pipeline Infrastructure: $275 million[9] Financial Position - The company anticipates 2025 full year cash flow from operations will approximate $700 to $750 million[32] - The company expects 2025 leverage to remain below 2x[32] - Liquidity is at $2.0 billion[22] 2025 Guidance - Q3 Revenue Guidance: $3.9 billion[24] - Full Year Revenue Guidance: $13.9 billion - $14.0 billion[24] - Full Year Adjusted EBITDA Guidance: $1.13 billion - $1.16 billion[24] - Full Year Adjusted Diluted EPS Guidance: $6.23 - $6.44[24]

Business Overview and Strategy - The Platform Group (TPG) operates as a software-enabled group of e-commerce platforms connecting partners and customers in niche segments[14] - TPG aims to become Europe's leading profitable platform group through organic growth, acquisitions (3-8 companies per year), and software platform improvements[43, 44, 45] - TPG's strategy involves a balanced organic and inorganic growth approach (50/50), expanding to 30 industries by 2025, and extending partnerships and service offerings[45] Recent Developments - TPG acquired We Connect Work, a B2B construction platform, with closing expected in August 2025[16, 20] - Expanded the French luxury platform Joli Closet (B2C), with closing in July 2025, integrating it with Fashionette, Winkelstraat, and Brandfield[22, 25] - Entered the Optics & Hearing segment (B2C) with an online platform and 30 local stores, projecting €55-60 million in revenue for FY 2026e with a 25% EBITDA margin[27, 31] Financial Performance and Outlook - Q1 2025 GMV reached €356.3 million, and net revenue was €160.8 million[55] - Q1 2025 Adjusted EBITDA was €15.9 million (9.9% margin), and net profit was €18.2 million[55, 57] - The company increased its FY2025 revenue guidance to €715-735 million, with adjusted EBITDA of €54-58 million and GMV of €1.3 billion[72] Key Performance Indicators - The number of partners increased to 15,348 as of March 31, 2025[63, 66] - Active customers (LTM) grew to 5.7 million in Q1 2025[63, 66] - Average order value increased to €125 in Q1 2025, up from €115 in 2024[63, 66] Debt and Capital Structure - As of December 31, 2024, TPG had cash and cash equivalents of €22.1 million, long-term debt of €33.1 million, short-term debt of €26.1 million, and a bond of €50.0 million[105] - Net debt was €87.1 million, with a leverage ratio of 2.6x EBITDA[105] - The company targets a leverage ratio of 1.5-2.3x LTM EBITDA for 2025-2026[106]

Core Insights - Aecon Group Inc. reported a significant increase in revenue and backlog, driven by strategic acquisitions and strong demand in the construction sector [2][21][10] Financial Performance - Revenue for Q2 2025 was $1,302 million, a 52% increase from $853.8 million in Q2 2024 [6][4] - Operating profit for Q2 2025 was $2.3 million, compared to an operating loss of $166.3 million in Q2 2024 [8][4] - Adjusted EBITDA for Q2 2025 was $41.1 million, with a margin of 3.2%, compared to a negative adjusted EBITDA of $153.5 million and a margin of -18.0% in Q2 2024 [6][7] - Loss attributable to shareholders decreased to $7.6 million (diluted loss per share of $0.12) from $123.9 million (diluted loss per share of $1.99) in the same period last year [6][4] Backlog and Contracts - Reported backlog at June 30, 2025, was $10,746 million, up from $6,186 million at the same time last year, marking the highest backlog in Aecon's history [10][6] - New contract awards in Q2 2025 totaled $2,351 million, compared to $766 million in Q2 2024 [10][6] Segment Performance - In the Construction segment, revenue for Q2 2025 was $1,298 million, a 52% increase from $851.5 million in Q2 2024, driven by growth in industrial, nuclear, civil, urban transportation, and utilities operations [13][12] - The Concessions segment reported revenue of $2 million for Q2 2025, unchanged from the previous year [18][16] Strategic Developments - Aecon is leading significant nuclear refurbishment projects and has commenced the execution phase of the Darlington New Nuclear Project [2][21] - The Oneida Energy Storage Project, the largest grid-scale battery energy storage facility in Canada, officially began operations [6][5] Outlook - Revenue in 2025 is expected to be stronger than in 2024, supported by a record backlog, solid demand for recurring revenue programs, and a robust bid pipeline [21][22] - The company anticipates continued growth in most construction sectors and is focused on strategic investments to enhance operational effectiveness [26][22]

Core Insights - VINCI has published its 2025 half-year financial report and submitted it to the French financial markets' regulator [2] - The report is accessible in both English and French on VINCI's official website [2] Company Overview - VINCI is a global leader in concessions, energy solutions, and construction, employing 285,000 people across more than 120 countries [3] - The company focuses on designing, financing, building, and operating infrastructure and facilities that enhance daily life and mobility [3] - VINCI is committed to environmentally and socially responsible operations, aiming to create long-term value for customers, shareholders, employees, partners, and society [3]

Quanta Services (PWR) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Speaker0Good morning, and welcome to the Qantas Services second quarter twenty twenty five earnings call. At this time, all participants are in a listen only mode. A question and answer session will follow management's prepared remarks, and we ask that you please hold all questions until that time. I will then provide instructions for the question and answer session. As a reminder, this conference is being recorded.If you have any objecti ...

Core Viewpoint - Stéphane Stoll has been appointed as Senior Vice-President and Chief Financial Officer of the Bouygues group, effective from August 1, 2025, and will join the Group Management Committee on the same date [1][4]. Group 1: Appointment Details - Stéphane Stoll, aged 55, has a long history with Bouygues, starting his career in 1994 as a project leader [2]. - His previous roles include Chief Financial Officer of Bouygues Energies & Services and Executive Vice President of Energies & Industry [3]. Group 2: Company Overview - Bouygues is a diversified services group operating in over 80 countries with 200,000 employees, focusing on construction, energies & services, telecoms, and media [5].