嘉信立恒主营业务为综合设施管理服务，主要服务于各类工商业客户，核心业务聚焦于驻场综合设施管 理、绿色能源管理、大型活动安保。 新大正表示，此次交易完成后，公司将进一步拓展业务辐射范围，显著提升在华东长三角区域、华北环 渤海湾区域、华南大湾区区域和华西成渝经济带的业务比重。 人民财讯9月28日电，新大正（002968）9月28日披露重大资产重组预案，公司拟通过发行股份及支付现 金的方式，取得嘉信立恒设施管理(上海)有限公司(简称"嘉信立恒")75.15%股权，并拟向不超过35名特 定对象发行股份募集配套资金。此次交易的价格尚未确定。 ...

Financial Data and Key Metrics Changes - The Adjusted Operating Profit (AOP) for FY2025 increased by 7% year on year to $4.5 billion, and excluding two businesses, it rose by 9% to $4.5 billion [9][16] - Profit attributable to shareholders increased by 4% year on year to $2.2 billion [16] - Cash on hand amounted to $20.2 billion, with total available liquidity close to $30 billion [17] - The net gearing ratio was 37%, remaining stable compared to the previous year [17][20] Business Segment Data and Key Metrics Changes - Roads segment AOP decreased by 8% year on year to $1.4 billion, but excluding four roads with expired concession periods, AOP increased by 1% [10][29] - Financial services segment AOP increased by 29% to $1.24 billion, driven by the rebranding and expansion of services [10][30] - Logistics business AOP rose by 3% to $740 million, with occupancy rates in Hong Kong logistics properties targeted to increase from 80% to above 85% [10][36] - Construction segment AOP was $790 million, with a 24% increase in backlog to $38 billion [10][41] Market Data and Key Metrics Changes - The occupancy rate for ATL in Hong Kong decreased from 96% to 80% due to tenant changes, but is expected to recover [36] - The average rental for logistics properties increased by 8% [36] - The proportion of government-related projects in the construction segment increased from 40% to 61% [13][42] Company Strategy and Development Direction - The company aims to enhance its financial services segment by leveraging the Chow Tai Fook brand and expanding its wealth management platform [8][12] - The logistics segment will focus on acquiring undervalued assets in the Greater Bay Area and Yangtze River Delta [12][39] - The construction segment will prioritize government-related projects, especially in light of recent policy initiatives [13][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable results despite macroeconomic headwinds and emphasized the importance of operational excellence across diversified business portfolios [7][8] - The company plans to continue optimizing its portfolio and exploring creative acquisitions to sustain growth [8][71] - Management highlighted the potential for growth in the financial services and logistics segments, driven by strong cash flow generation [20][71] Other Important Information - The company maintained a sustainable and progressive dividend policy, with a total dividend of $0.95 per share for the year [16][21] - The company has issued convertible bonds to enhance liquidity and restore public float [19][23] - The company reported a significant increase in strategic investments, up over 1,000% to $237 million [10] Q&A Session Summary Question: Updates on the roads segment and potential disposals - Management indicated that while there have been inquiries about toll road assets, there are no immediate plans for disposals unless the price is right [58] Question: Impact of not investing further in toll roads on the concession period - Management acknowledged that without further investment, the concession period will decrease, but they are confident in replenishing profit and cash flow through other segments [71] Question: Challenges in increasing logistics occupancy from 85% to 90% - Management noted that while reaching 90% occupancy is challenging, they are optimistic about recovering occupancy rates due to strategic positioning and market conditions [62] Question: Strategic value added by the acquisition of Sunshine Esther - Management explained that the acquisition enhances competitive advantage in project bidding, particularly for design and build contracts, allowing for more accurate cost calculations [66][68]

Financial Data and Key Metrics Changes - Revenue grew 6.2% year over year to $2.2 billion, driven by 5% organic revenue growth and a 1.2% contribution from recent acquisitions [18] - Net income increased to $41.8 million or $0.67 per diluted share, compared to $4.7 million or $0.07 per diluted share last year [19] - Adjusted EBITDA rose 5% to $125.8 million, with an adjusted EBITDA margin flat at 5.9% [20][21] - Free cash flow was $150 million, an improvement of $135 million over Q2 and up $86 million over the prior year [25] Business Line Data and Key Metrics Changes - Business & Industry (BNI) revenue surpassed $1 billion for the quarter, up 3% from last year, driven by escalations and expansion with existing clients [21] - Aviation revenue grew 9% to $291.8 million, supported by positive travel trends and new wins [22] - Manufacturing & Distribution (M&D) generated $408.9 million in revenue, an 8% increase year over year, fueled by new contract wins and client expansions [23] - Education revenue rose 3% to $235.1 million, with operating profit growing 17% to $21.1 million [24] - Technical Solutions grew 19% to $249.5 million, with 7% from organic growth and 12% from acquisitions [24] Market Data and Key Metrics Changes - The prime office market is showing signs of recovery, with vacancy rates trending down from about 14.5% to closer to 13.6% by year-end [10] - E-commerce growth continues, with U.S. online retail sales rising 5.3% year over year in Q2 2025 to over $300 billion [11] - The aviation market is experiencing strong passenger demand, with TSA data showing daily checkpoint screenings averaging above 2.8 million [13] Company Strategy and Development Direction - The company is focusing on strengthening its presence in core markets and building lasting partnerships through strategic pricing decisions [6] - A company-wide restructuring program is underway, expected to generate at least $35 million in annual run-rate savings [8] - Investments in artificial intelligence are being made to enhance operations and client services, with a focus on integrating AI tools into various business functions [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth trajectory, citing strong cash flow performance and a robust pipeline across segments [8] - The company anticipates fourth-quarter earnings and margins to improve significantly from the third quarter, driven by cost and restructuring actions [17] - Management noted that while some markets are slower to recover, overall trends in prime office, electrification investment, and education remain positive [16] Other Important Information - The company repurchased approximately 1.5 million shares year to date for a total cost of $71.3 million, with an increase in share repurchase authorization by $115 million [8][26] - Total indebtedness stood at $1.6 billion, with available liquidity of $691 million [25] Q&A Session Summary Question: Growth in Manufacturing & Distribution segment - Management indicated that the growth acceleration is due to a combination of lapping previous headwinds and strong end-market focus, particularly in semiconductor and pharma sectors [34] Question: Free cash flow expectations for Q4 - Management confirmed expectations for free cash flow in Q4 to be around $140 million, supported by strong cash collections [36][38] Question: Margin pressures and growth investments - Management clarified that margin pressures are a combination of strategic pricing decisions and growth investments, particularly in BNI and M&D segments [42][43] Question: Competitive environment and new entrants - Management noted that while there are always strong competitors, the current environment is characterized by clients under pressure, leading to renegotiations rather than new bids [62][64] Question: Visibility on contract lengths and retention - Management emphasized the importance of long-term contracts and the ability to restructure them for future margin recovery [80][81]

Financial Data and Key Metrics Changes - Revenue grew 6.2% year over year to $2.2 billion, driven by 5% organic revenue growth and a 1.2% contribution from recent acquisitions [18] - Net income increased to $41.8 million or $0.67 per diluted share, compared to $4.7 million or $0.07 per diluted share last year [19] - Adjusted EBITDA was up 5% to $125.8 million, with an adjusted EBITDA margin flat at 5.9% [19][20] Business Line Data and Key Metrics Changes - Business & Industry (BNI) revenue surpassed $1 billion for the quarter, up 3% from last year, driven by escalations and expansion with existing clients [20] - Aviation revenue grew 9% to $291.8 million, supported by positive travel trends and new wins [21] - Manufacturing & Distribution (M&D) generated $408.9 million in revenue, an 8% increase year over year, fueled by new contract wins and client expansions [22] - Education revenue rose 3% to $235.1 million, with operating profit growing 17% to $21.1 million [23] - Technical Solutions grew 19% to $249.5 million, with 7% from organic growth and 12% from acquisitions [23] Market Data and Key Metrics Changes - The prime office market is showing signs of recovery, with vacancy rates trending down from about 14.5% to closer to 13.6% by year-end [10] - E-commerce growth continues, with U.S. online retail sales rising 5.3% year over year in Q2 of 2025 [12] - The aviation market is experiencing strong passenger demand, with TSA data showing daily checkpoint screenings averaging above 2.8 million [12] Company Strategy and Development Direction - The company is focusing on strengthening its presence in core markets and building lasting partnerships through thoughtful pricing decisions [5] - A company-wide restructuring program is underway, expected to generate at least $35 million in annual run-rate savings [8] - Investments in artificial intelligence are being made to enhance operational efficiency and client service [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth trajectory, citing strong free cash flow and a robust pipeline of new business [8][16] - The company expects fourth-quarter earnings and margins to improve significantly from the third quarter, driven by cost and restructuring actions [17] - Management noted that the current operating environment remains dynamic, with some markets recovering slower than others [5][11] Other Important Information - The company repurchased approximately 1.5 million shares year to date for $71.3 million, with an increase in share repurchase authorization by $115 million [8][25] - Free cash flow was reported at $150 million, an improvement of $135 million over Q2 [24] Q&A Session Summary Question: Growth in Manufacturing & Distribution segment - Management indicated that the growth acceleration is due to a combination of lapping previous headwinds and strong end market focus, particularly in semiconductors and pharmaceuticals [31][32] Question: Free cash flow expectations for Q4 - Management confirmed expectations for free cash flow in Q4 to be around $170 million, aligning with previous guidance [33][34] Question: Margin pressures and growth investments - Management categorized margin pressures as a combination of growth investments and strategic pricing decisions to protect client relationships [40][41] Question: Competitive environment and new entrants - Management noted that while there are always strong competitors, the current environment is not seeing significant new entrants, and the focus remains on collaborative negotiations with clients [59][60] Question: Visibility on contract lengths and retention - Management emphasized the importance of long-term contracts and the ability to restructure them for future margin recovery [78][80]

Financial Data and Key Metrics Changes - Revenue grew 4.6% year over year to $2.1 billion, driven by 3.8% organic growth and contributions from the 2024 acquisition of Quality Uptime Services [19][20] - Adjusted net income was $54.1 million or $0.86 per diluted share, up from $52.3 million or $0.82 per diluted share last year [20] - Adjusted EBITDA was $125.9 million compared to $121 million last year, with an adjusted EBITDA margin flat at 6.2% [20] Business Line Data and Key Metrics Changes - B and I revenue reached $1 billion, up 3% from last year, driven by expansion with existing clients and improved conditions in the US prime commercial office market [21] - M and D generated $398.1 million, a 2% increase year over year, with operating profit at $39.9 million and a margin of 10% [23] - Technical solutions delivered 19% revenue growth to $210.2 million, with continued demand for microgrids and mission-critical power services [24] Market Data and Key Metrics Changes - The prime vacancy rate for commercial office space declined 50 basis points year over year to 14.8%, compared to the broader office market vacancy rate of 19% [7][12] - E-commerce sales grew 6.1% year over year, reaching $300.2 billion, representing 16.2% of total retail [13] - Domestic air travel remains strong, with TSA data showing daily screenings frequently exceeding 2.5 million in May [14] Company Strategy and Development Direction - The company is focusing on high-quality office properties, manufacturing and distribution facilities, and energy resiliency [6][16] - There is a strategic shift in M and D from traditional cleaning to include ancillary support services, enhancing client relationships [9] - The company is investing in technical sales and industry-specific capabilities to capture growth in key sectors like semiconductors and data centers [9][16] Management's Comments on Operating Environment and Future Outlook - Management remains confident in core markets despite ongoing macroeconomic uncertainty, expecting delayed projects from Q2 to resume in Q3 [6][17] - The company is optimistic about sustaining healthy top-line growth and expanding margins over time [17] - Management highlighted the importance of the ERP implementation for operational efficiency and cash flow improvements [11][30] Other Important Information - Total indebtedness at the end of Q2 was $1.6 billion, with available liquidity of $657.8 million [26][27] - The company reaffirmed its full-year adjusted EPS guidance to be in the range of $3.65 to $3.80 [29] Q&A Session Summary Question: What is the expected earn-out on RavenBold? - The total earn-out for this year is expected to be about $30 million, with a total of approximately $280 million including previous amounts [36][38] Question: How is organic growth expected in the B and I business for the second half? - Management is optimistic about maintaining positive organic growth in B and I, despite potential choppiness [44] Question: Can you elaborate on the new service offerings in M and D? - The company is expanding its service offerings to include material handling and test balancing, which are expected to enhance client relationships and margins [49][53] Question: How is the company positioned in prime office markets? - The company has been winning in prime office markets due to strong execution, relationships, and investments in technology [86][88] Question: What is the outlook for ATS margins and project delays? - Project delays are expected to normalize in the second half, with margins anticipated to return to historical levels of 9% to 10% [68] Question: What is the current state of the education segment? - The education segment is stable, with a strong pipeline and good growth in renewals, supported by investments in facilities [70][72]

Financial Data and Key Metrics Changes - Aramark's organic revenue grew to $4.3 billion, representing a 3% increase, despite challenges such as facility exits and weather-related closures [8][20] - Operating income was $174 million, up 9.5% year-over-year, with adjusted operating income increasing to $205 million, reflecting an 11% rise on a constant currency basis [20][21] - Adjusted EPS was $0.34, a 22% increase compared to the prior year on a constant currency basis [23] Business Segment Data and Key Metrics Changes - In the U.S., organic revenue increased to $3.1 billion, approximately 1% growth, impacted by factors like facility exits [9][21] - The International segment reported organic revenue of $1.3 billion, a 10% year-over-year increase, with strong performance across multiple countries [12][13] - The U.S. segment's AOI growth was 5%, with margin improvement driven by supply chain efficiencies [21] Market Data and Key Metrics Changes - Client retention rate exceeded 98%, a level not typically seen at this point in the fiscal calendar [6][26] - New client wins totaled $760 million year-to-date, with expectations for net new business growth of 4% to 5% in fiscal 2025 [7][26] - The company experienced a monthly acceleration of revenue growth, reaching 6% in April [6][26] Company Strategy and Development Direction - Aramark is focused on leveraging its resilient business model to navigate market fluctuations and uncertainties [7][18] - The company aims to capitalize on growth opportunities in various sectors, including education, sports, and healthcare [12][18] - Continued investment in technology and supply chain optimization is a priority to enhance operational efficiency and client service [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial objectives for fiscal 2025, citing strong retention rates and a robust sales pipeline [6][26] - The company is monitoring macroeconomic trends, including tariffs, and believes its business model is well insulated from volatility [16][26] - Expectations for revenue growth to accelerate in the second half of the fiscal year, driven by new business and increased base business volume [26] Other Important Information - The company repurchased nearly 4 million shares, totaling about $140 million, as part of its capital allocation strategy [19][24] - Aramark's leverage is expected to remain around three times by the end of the fiscal year, with enhanced financial flexibility achieved through debt maturity extensions [19][24] Q&A Session Summary Question: Potential for net new business growth above 5% - Management indicated that they expect to exceed the multi-year growth range of 5% to 8% in the fourth quarter, driven by strong retention and new business [30][32] Question: Impact of inflation on Avendra and consumer behavior - Management confirmed that Avendra is effectively managing supply chain disruptions and can pass through inflationary costs, with no significant change in consumer behavior noted [34][36] Question: Expectations for pricing and margin expansion - Management expects pricing to align with inflation, with opportunities for incremental margin expansion driven by supply chain efficiencies and operational improvements [110]