Group 1 - Eero Hautaniemi, President and CEO of Lassila & Tikanoja Plc, will step down by June 30, 2027, at his own request [1] - The Board of Directors has begun the recruitment process for a new President and CEO [1] - Hautaniemi has led the company since 2019 and has been instrumental in implementing the strategy following a successful demerger [2][3] Group 2 - Lassila & Tikanoja is now a pure-play circular economy company, well-positioned to take advantage of growing market opportunities [3] - The company focuses on waste management, recycling, hazardous waste services, and water treatment, aiming to promote sustainable material use [4] - Lassila & Tikanoja employs approximately 2,300 people in Finland and Sweden and is listed on Nasdaq Helsinki [4]

Core Insights - Lassila & Tikanoja plc successfully demerged on December 31, 2025, into two independent listed companies, marking a significant milestone in its history and allowing a focused development of its circular economy services [6][41]. Financial Performance - For the year 2025, net sales reached EUR 426.6 million, a slight increase of 0.7% compared to the previous year [7][19]. - Adjusted EBITA for 2025 was EUR 40.6 million, representing 9.5% of net sales, down from 10.5% in the previous year [21][23]. - The operating profit for 2025 was EUR 34.2 million, which is 8.0% of net sales, a decrease from 9.5% in 2024 [22][23]. - Earnings per share for 2025 were EUR 0.67, down from EUR 0.83 in 2024 [23][80]. - Net cash flow from operating activities after investments was EUR 41.4 million, an increase from EUR 34.3 million in the previous year [10][27]. Segment Performance - The Waste Management and Recycling service area saw a decline in net sales by 1.8% to EUR 278.1 million due to a challenging economic environment [7][19]. - The Hazardous Waste and Remediation service area experienced a 12.0% increase in net sales to EUR 73.0 million, driven by a strong project pipeline [8][20]. - Net sales in Industrial Services and Water Treatment remained stable at EUR 81.3 million [20]. Acquisitions and Investments - In 2025, the company completed three acquisitions, including the pallet business of Stena Recycling Oy, which is expected to generate annual net sales of approximately EUR 10 million [11][24]. - An investment in a new plastics recycling plant in Merikarvia will increase the company's recycling capacity by approximately 1.5 times [12][25]. Sustainability Initiatives - The company's carbon footprint (Scope 1–2) decreased by 18% compared to the previous year, achieving a significant reduction five years ahead of schedule [13][35]. - The recycling rate of non-hazardous waste rose to 61.8%, supported by higher volumes of pallets and plastics [36]. Future Outlook - For 2026, net sales are estimated to be between EUR 420 million and EUR 450 million, with adjusted EBITA projected to be between EUR 38 million and EUR 44 million [5].

Financial Data and Key Metrics Changes - The company reported record revenues exceeding $6 billion for the first time in its history, with a 5% increase in adjusted EBITDA for 2025 [7][19] - Q4 revenue increased by 5% to $1.5 billion, with adjusted EBITDA rising 8% to $279 million, marking the highest growth rates seen in fiscal 2025 [19][20] - The adjusted EBITDA margin improved by 60 basis points year-over-year to 18.6% for Q4, and by 40 basis points for the full year [20][21] Business Line Data and Key Metrics Changes - The Environmental Services (ES) segment achieved a 6% growth in adjusted EBITDA, with a margin increase of 60 basis points [7][19] - Technical Services revenue rose by 8%, while Safety-Kleen Environmental Services revenue grew by 7%, driven by pricing and higher volumes [8] - Field Services revenue grew by 13% in Q4, significantly aided by large-scale emergency response projects [8][9] Market Data and Key Metrics Changes - The company handled nearly 22,000 emergency response events in 2025, reflecting a strong demand for its services [9][57] - The PFAS incineration study released in partnership with the EPA is generating increased discussions with customers, indicating a growing market opportunity [10][11] - The company anticipates a 20% growth rate for its PFAS business in 2026, consistent with past performance [11] Company Strategy and Development Direction - The company plans to continue expanding its Environmental Services business organically while enhancing earnings potential through strategic initiatives [28][29] - A $130 million acquisition of environmental businesses from Depot Connect International is expected to generate annual revenue of approximately $40 million [15][16] - The company is also investing $50 million to expand its vacuum truck fleet to capitalize on growth opportunities [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering growth in revenue and adjusted EBITDA for 2026, supported by modest economic assumptions and potential upside [18][29] - The company is entering 2026 with strong momentum in its hazardous waste collection businesses and expects continued strong performance from its incinerator and PFAS projects [18][29] - Management highlighted the importance of maintaining a balanced view on growth expectations, considering potential market fluctuations [76] Other Important Information - The company achieved a record $509 million in annual adjusted free cash flow, representing nearly 44% of its 2025 adjusted EBITDA [23] - The net debt to EBITDA ratio improved to approximately 1.8x, the lowest leverage in nearly 15 years [22] - The company plans to continue share repurchases, having executed $133 million in repurchases in Q4 alone [17][24] Q&A Session Summary Question: Update on captive market and incineration pricing trends - Management indicated active discussions in the captive market with potential closures expected in the future, while incineration pricing is anticipated to improve in the mid to upper single digits [34][36] Question: Confidence in industrial services growth - Management noted positive indicators from customers regarding turnaround needs, but maintained a conservative outlook for 2026 [38][41] Question: Internal growth investments versus acquisitions - Management clarified that the balance sheet allows for both internal growth investments and acquisitions, with a focus on ROI [42][45] Question: M&A pipeline and opportunities - Management confirmed ongoing interest in environmental services acquisitions, with several opportunities being pursued [50] Question: Drivers of Safety-Kleen EBITDA expectations - Management acknowledged challenges in base oil pricing affecting Q1 but expects improvements throughout the year [51][53] Question: Emergency response work quantification - Management reported over 22,000 emergency response events in 2025, with expectations for continued growth in this area [57][60]

Group 1: Fund Overview - Baron Discovery Fund focuses on long-term, competitively positioned companies with significant potential in untapped markets [1] - In Q4 2025, the Fund generated a return of 0.19%, underperforming the Russell 2000 Growth Index by 1.03 percentage points [1] - For the entire year, the Fund posted a return of 10.96%, while the Index returned 13.01% [1] - The top 10 holdings comprised 26.7% of the Fund's net assets, with cash making up 3.3% [1] - The Fund maintains optimism for a high-growth, low-inflation environment in 2026 [1] Group 2: Casella Waste Systems, Inc. Overview - Casella Waste Systems, Inc. is a leading waste management and recycling company, recently added to the Fund [2][3] - As of February 2, 2026, Casella Waste Systems, Inc. stock closed at $102.39 per share, with a market capitalization of $6.501 billion [2] - The company delivered a 0.88% return in the past month, but shares are down 4.99% over the past twelve months [2] Group 3: Casella Waste Systems, Inc. Business Insights - Casella Waste Systems, Inc. is the fifth largest waste management and recycling company in North America, founded in 1975 [3] - The company has transformed into one of the fastest growing waste companies in New England and the Mid-Atlantic regions [3] - Casella has strong pricing power, with 70% of its business focused on less competitive rural markets and 15% of revenue tied to high-margin disposal/landfill revenue [3] - The company has achieved mid-to-high single-digit organic top-line growth and mid-teens free cash flow growth [3] - Over the last 7 years, Casella has completed over 80 acquisitions, enhancing organic revenue growth and increasing margins [3] - The pace of mergers and acquisitions is expected to continue for the foreseeable future [3]

Core Viewpoint - JBDI Holdings Limited has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, allowing the company a compliance period until July 6, 2026 to regain compliance [1][2]. Group 1: Nasdaq Notification - The company’s ordinary shares failed to maintain a minimum bid price of $1.00 for 30 consecutive business days, as per Nasdaq Listing Rule 5550(a)(2) [1]. - The company has 180 calendar days, until July 6, 2026, to regain compliance with the minimum bid price requirement [2]. - If the company’s shares reach at least $1 for ten consecutive business days during this period, it will receive written confirmation of compliance [2]. Group 2: Compliance Options - If compliance is not regained by July 6, 2026, the company may be eligible for an additional compliance period, provided it meets other listing requirements [2]. - The company may need to execute a reverse stock split to meet the bid price requirement if necessary [2]. Group 3: Company Commitment - The CEO of JBDI Holdings Limited emphasized the importance of maintaining the Nasdaq listing for shareholder value and pledged efforts towards improved performance to meet listing standards [3]. Group 4: Company Overview - JBDI Holdings Limited specializes in environmentally friendly products and services, focusing on the revitalization, reconditioning, and recycling of drums and related containers in Singapore and Southeast Asia [5]. - The company has nearly four decades of industry experience and aims to help customers achieve a zero environmental impact footprint while optimizing resource allocation and reducing costs [5].

Company Overview - Enviri Corporation is a leading provider of environmental solutions for industrial waste streams, focusing on integrated services and value-added products for metals manufacturers and waste generators [5] - The company operates under a dual-segment model, emphasizing long-term contracts and resource recovery, positioning itself as a key player in sustainable waste management and recycling [5] - Enviri serves various sectors, including iron, steel, and metals manufacturers, as well as clients requiring hazardous and non-hazardous waste processing and recycling both domestically and internationally [5] Financial Performance - Enviri reported trailing twelve months (TTM) revenue of $2.2 billion, with a net income of -$162.8 million [4] - The company's stock price as of the latest market close was $17.40, reflecting a 143% increase over the past year, significantly outperforming the S&P 500, which rose by 11% during the same period [3][4] - The adjusted EBITDA for the latest quarter fell to $74 million from $85 million a year earlier, and full-year guidance was revised down to a range of $268 million to $278 million [8] Recent Developments - Vision One Management Partners disclosed a new stake in Enviri Corporation, acquiring 436,911 shares valued at approximately $5.5 million, which represents 3.5% of the fund's $158.9 million in reportable U.S. equity assets [2] - The fund's investment in Enviri is seen as a high-conviction addition during a pivotal time for the company, which is undergoing operational and strategic transitions [6][9] - Enviri's third-quarter results indicated steady revenue but continued GAAP losses and tightening margins, as management navigates divestitures and a strategic alternatives process [6]

Core Viewpoint - Casella Waste Systems, Inc. announces a leadership transition with John W. Casella moving from CEO to Executive Chairman, and Ned Coletta appointed as the new CEO effective January 1, 2026 [1][2][4] Leadership Transition - John W. Casella has been with the company since its founding in 1976 and has played a crucial role in its growth into a leading waste management company in the eastern United States [2][3] - Ned Coletta, who joined the company in December 2004, has held various leadership roles and is well-prepared to lead the company into its next phase of growth [3][4] Company Background - Casella Waste Systems, Inc. is headquartered in Rutland, Vermont, and provides resource management services including solid waste collection, disposal, recycling, and organics services primarily in the eastern United States [5]