Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss of $27.5 million, or $0.88 per share, compared to a net loss of $68.2 million, or $2.21 per share, a year ago, primarily due to significant restructuring charges in the previous year [20] - Consolidated sales for Q4 2025 were $319 million, down from $447 million a year ago, mainly due to the divestiture of the SGK business [20] - Consolidated adjusted EBITDA for Q4 2025 was $51.5 million, compared to $58.1 million a year ago, reflecting the impact of the SGK divestiture [21][22] Business Line Data and Key Metrics Changes - The memorialization segment reported revenues of $209.7 million for Q4 2025, up from $196.8 million a year ago, with acquisitions contributing approximately $11 million [23] - The industrial technology segment's revenues decreased to $93 million from $113.9 million a year ago, primarily due to lower sales in the engineering business [25] - The brand solution segment's sales were $16.2 million for Q4 2025, down from $135.9 million a year ago, due to the divestiture of the SGK business [26] Market Data and Key Metrics Changes - The company noted that tariffs have impacted all businesses, but they have successfully mitigated these costs by passing along higher prices [12] - The market response to Propelus, the new company formed from the SGK divestiture, has been favorable, with an EBITDA run rate significantly higher than the $100 million initially assumed [5] Company Strategy and Development Direction - The company aims to simplify its corporate structure, expand in higher growth and margin businesses, and reduce costs, with significant actions taken throughout the year [4] - The divestiture of the warehouse automation unit is expected to provide $230 million, significantly reducing total debt and enhancing the company's ability to pursue strategic initiatives [6][28] - The company is actively evaluating other strategic portfolio opportunities and plans to complete smaller transactions to further simplify its operating structure [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value creation for shareholders, emphasizing the importance of reducing debt and enhancing the balance sheet [6][17] - The company expects adjusted EBITDA guidance of at least $180 million for fiscal 2026, factoring in the 40% interest in Propelus [17] - Management highlighted the ongoing interest in their proprietary dry battery electrode technology, particularly in the context of solid-state batteries and energy storage solutions [15][40] Other Important Information - The company announced an increase in the quarterly dividend to $0.2505 per share, marking the 32nd consecutive annual dividend increase since becoming publicly traded [29] - The company has appointed Michael Naumann as the new Chairman of the Board, succeeding Alvaro Garcia Tunon [9] Q&A Session Summary Question: Can you talk about the opportunity set regarding solid state and ultra capacitors? - Management confirmed that their dry battery electrode technology applies to various energy storage applications, including ultra capacitors and data center power needs [30] Question: How should we think about M&A and augmenting the technology portfolio? - Management stated that the focus is currently on reducing debt and that strategic initiatives will be evaluated once the debt is in line [31] Question: Are customers less reticent to work with you despite the Tesla lawsuit? - Management indicated that customers are more dependent on market environments rather than being less reticent, with significant opportunities in the European market [33] Question: Can you provide an update on beta testing for the new printhead solution? - Management confirmed that the new printhead solution is in the market, with deliveries starting in December, and highlighted the significant market potential [36] Question: What is the significance of the GS1 certification for the new chip product? - Management explained that GS1 certification standardizes the reading of 2D codes, allowing their technology to operate at speeds that meet retailer demands [41]

Financial Performance & Targets - Siemens Energy delivered FY25 revenue of €39.1 billion, a 15.2% comparable increase from FY24[6] - The company achieved a profit margin before special items of 6.0% in FY25, a 500 bps increase from FY24[6] - Siemens Energy targets a profit margin before special items of 9-11% for FY26 and 14-16% for FY28[24] - Free Cash Flow pre-tax reached €4.7 billion in FY25 and is projected to be €4-5 billion in FY26[24] Market & Growth - Global electricity demand grew approximately 2x as fast as total energy demand in 2025[13] - The company anticipates approximately a 45% increase in global electricity demand by 2035[13] - Siemens Energy's order backlog reached €138 billion[6] Operational Improvements & Investments - The company achieved approximately a 30% reduction in the total injury rate (TRIR) between FY23 and FY25[5] - Siemens Energy plans approximately €6 billion in CAPEX investment for FY26-28 to support organic growth[50] - The company aims to reduce Scope 1 and 2 GHG emissions by 55% since 2019[56] Siemens Gamesa Turnaround - Siemens Gamesa is targeting to break-even in FY26 and achieve a 3-5% profit margin before special items by FY28[184]

Core Insights - Schneider Electric is hosting the Innovation Summit North America 2025 to accelerate electrification, automation, and digitalization in energy technology, gathering over 2,500 business leaders and innovators [1][5] - The company emphasizes the integration of electrification, automation, and digital intelligence to enhance efficiency and sustainability across various sectors [2][4] Company Developments - CEO Olivier Blum highlighted the company's transformation to meet evolving industry demands and presented a vision for Schneider Electric as a key energy technology partner [3][5] - The EcoStruxure™ Platform, powered by AI, aims to create intelligent ecosystems that provide real-time insights and improve resilience and efficiency [4][11] Industry Context - North America is entering a growth cycle driven by AI workloads, re-industrialization, and transport electrification, necessitating significant infrastructure upgrades [5][7] - Schneider Electric's Sustainability Research Institute indicates that U.S. businesses face billions in costs due to grid instability, with a need to add 1,000–2,000 terawatt hours (TWh) of electricity per decade to meet rising demand [5][7] Key Announcements - Introduction of EcoStruxure™ Foresight Operation, an AI-powered platform for real-time optimization and predictive control in building energy management [8] - Launch of SE Advisory Services to assist organizations in navigating energy efficiency, sustainability, and technology challenges [16] Partnerships and Collaborations - Schneider Electric has partnered with various organizations, including Marks & Spencer, to enhance renewable electricity and efficiency programs across supply chains [11] - The company joined the Alliance for OpenUSD to advance digital twins and 3D modeling, supporting interoperable assets for various applications [11]

Core Insights - Schneider Electric and Bloomberg New Economy have launched the Energy Technology Coalition to enhance energy efficiency and resilience in response to increasing global electricity demand [1] Group 1: Coalition Overview - The Energy Technology Coalition is a new private sector initiative aimed at uniting global decision makers and experts from various industries [1] - The Coalition's primary goal is to accelerate the adoption of technologies that improve energy consumption [1] Group 2: Industry Context - The initiative addresses the challenges posed by soaring global electricity demand, emphasizing the need for more efficient and responsive energy solutions [1]

Core Insights - Armada has announced a strategic collaboration with NOV to deliver AI-driven solutions at the edge, enhancing operational efficiency in industrial environments [1][5]. Group 1: Collaboration Details - The partnership aims to launch Beacon, a compact edge device integrated with the Armada Edge Platform, designed for deployment in rugged and remote industrial sites [2][3]. - Beacon enables real-time processing of sensor, video, and control data, expanding Armada's reach across various sectors including energy, mining, manufacturing, and utilities [2][4]. Group 2: Technological Advancements - By integrating Armada's AEP and OpsSafety AI software with Beacon, the collaboration facilitates AI-enabled decision-making in harsh environments, improving safety and performance [3][4]. - The joint offering is expected to drive the transformation of industrial operations by providing actionable intelligence directly at the edge [5]. Group 3: Applications and Benefits - Real-world applications powered by this collaboration include predictive maintenance, safety monitoring, and operational optimization, which collectively enhance efficiency and sustainability [7].

Market Overview - The US equity market experienced a rally in the third quarter of 2025, with the S&P 500 Index increasing by 8.12% [1] - Bonds also saw gains, with the Bloomberg U.S. Aggregate Bond Index rising by 2.03% during the same period [1] Performance Analysis - The composite return for the quarter was 7.22% gross of fees and 7.10% net of fees, which underperformed the S&P 500 Index's 8.12% gain [1] - The underperformance of the strategy was attributed to security selection [1] Company Focus: Baker Hughes Company - Baker Hughes Company (NASDAQ:BKR) is highlighted as a key stock in the Core Equity Strategy, providing technologies and services across the energy and industrial value chain [2][3] - The stock had a one-month return of 5.16% and a 52-week gain of 10.64%, closing at $47.51 per share on November 13, 2025, with a market capitalization of $46.882 billion [2] Business Segments of Baker Hughes - Baker Hughes operates through two main segments: Industrial & Energy Technology (IET) and Oilfield Services & Equipment (OFSE) [3] - The IET segment offers a range of technologies and services for clean power, geothermal, hydrogen, and emissions abatement [3] - The OFSE segment focuses on designing and manufacturing products for oilfield operations, while also expanding capabilities for the energy transition [3]

Labor Relations and Corporate Performance - Kroger successfully averted a potential strike as Teamsters ratified a new three-year contract for over 140 Smith's warehouse workers, which includes a significant 20% wage hike [2] Company Performance and Outlook - Siemens Energy AG announced that its FY25 results and FY26 outlook align with expectations, while setting ambitious new mid-term targets for FY28, aiming for a profit margin of 14%–16% before special items and low-teens revenue growth [3] Central Bank Actions and Economic Outlook - The Bank of Canada confirmed it will restart Government of Canada Treasury Bill purchases effective December 16, 2025, aimed at normal balance sheet management and restoring a more balanced mix of assets [4] - Federal Reserve's Neel Kashkari expressed no strong view on a December rate cut, noting a resilient overall economy despite identifying some labor weak spots, with firms reportedly very optimistic about 2026 [5] Economic Data and Media Developments - The U.S. Bureau of Labor Statistics indicated that it will require time to assess and finalize new release dates for economic data, with a new publication schedule to be announced later, following disruptions from a government shutdown [6]

Core Insights - The article emphasizes the critical role of electrification, automation, and digitalization in achieving a just transition towards sustainable industrial practices, particularly highlighting Brazil's strategic advantages in this transformation [1][2][3] Group 1: Industrial Transformation - Schneider Electric's participation in COP30 aims to mobilize various stakeholders around a practical agenda for energy and industrial transformation, enhancing local economic resilience [1] - A report from Schneider Electric and the Brazilian Ministry of Development outlines Brazil's potential to lead global industrial transformation, leveraging its clean energy matrix and green hydrogen potential [3][4] - The study presents scenarios for decarbonization through 2050, focusing on energy demand, emissions, and technology impacts, with further recommendations to be released during COP30 [4] Group 2: Workforce Development - An analysis projects the creation of up to 760,000 new bioenergy jobs in Brazil by 2030, positioning the country as a leader in renewable fuels [5] - The report emphasizes the need to train and reskill 450,000 professionals in automation, electrification, and carbon traceability, proposing a three-phase action plan for workforce development [6] Group 3: Strategic Discussions at COP30 - Schneider Electric will engage in panels and discussions at COP30 focused on clean energy, decarbonization, and talent development, showcasing the importance of public-private collaboration [8][9] - The company aims to demonstrate how the private sector can translate commitments into tangible progress in climate action [7]

Core Insights - Baker Hughes has been awarded a contract by Bechtel Energy to supply primary liquefaction equipment for Train 5 of NextDecade's Rio Grande LNG Facility in Texas, following a previous order for Train 4 [1][2] - The collaboration emphasizes Baker Hughes' technology and expertise in the LNG sector, which is crucial for meeting the increasing global energy demand [3] - The Train 5 order includes two Frame 7 gas turbines and six centrifugal compressors, aimed at enhancing efficiency and reducing emissions, with an additional LNG capacity of approximately 6 MTPA [3][6] Company Overview - Baker Hughes is an energy technology company with a century of experience, operating in over 120 countries, providing innovative solutions to energy and industrial customers [5]

Core Insights - SLB has launched Telaâ™, an agentic AI assistant designed to transform the upstream energy sector [1] - Tela aims to automate processes, transform workflows, and drive better business outcomes [1] - The AI assistant will be integrated into SLB's portfolio of applications and platforms, featuring a simple conversational interface for user interaction [1] Company Overview - SLB is a global energy technology company [1] - The introduction of Telaâ™ signifies SLB's commitment to leveraging advanced technology in the energy sector [1] Industry Impact - The deployment of agentic AI in the upstream energy sector is expected to enhance operational efficiency and productivity [1] - By automating processes, Telaâ™ could lead to significant improvements in business outcomes for companies in the energy industry [1]