Sustainable Growth Advisers (SGA), an investment management company, released its fourth-quarter investor letter for its “Emerging Markets Growth Strategy.” A copy of the letter can be downloaded here. The fourth quarter of 2025 marked strong divergence from the market. Market leadership by AI beneficiaries and revival of cyclical sectors dominated the market, while quality growth strategies faced challenges. In Q4 2025, the portfolio returned 0.8% (Gross) and 0.6% (Net) compared to the MSCI EM Net TR Index ...

Vodafone Group (NasdaqGS:VOD) Q3 2026 Earnings call February 05, 2026 05:00 AM ET Speaker3Good morning, everyone, and thank you for joining us today. Alongside me, I'm pleased to be joined by Pilar, our new Group CFO. Welcome, Pilar.Speaker7Thank you, Margherita. It's great to be with everyone today.Speaker3Before going to Q&A, let me provide you, as usual, with a brief summary of our Q3 results. Overall, we continue to perform well and have maintained our good top-line momentum, having grown Group service ...

Business Update Sale of Control Devices February 2, 2026 stoneridge.com © 2026 Non-GAAP Financial Measures This presentation contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company provides Non- GAAP financial measure reconciliations to their closest GAAP financial measure, when all information is reasonably available to the Company at the date of the disclosure and management can ...

Financial Data and Key Metrics Changes - Revenue for Q3 FY 2025-2026 was INR 11,596 million, an increase of 11% compared to the same quarter last year [8] - EBITDA was INR 2,470 million, reflecting a 29% increase year-over-year [8] - Loss before tax was INR 2,570 million, and after tax, the loss was INR 3,290 million [8] - Capital expenditure during the quarter was INR 3,452 million, with a cash balance of INR 3,627 million at the end of the quarter [8] Business Line Data and Key Metrics Changes - Revenue split for the quarter: Network services 37%, Data center colocation services 40%, Digital services 23% [7] - Data center colocation capacity sold was 9.1 megawatts [7] - Sify Network Services operates through 1,214 fiber nodes, a 9% increase from the same quarter last year [7] Market Data and Key Metrics Changes - The company is experiencing a rising demand for secure and high-performance digital infrastructure, driven by increased focus on AI, cloud, and data-driven platforms [5][6] Company Strategy and Development Direction - Sify's strategy is aligned with India's growth in digital infrastructure, focusing on investments in hyperscaler data centers, resilient networks, and AI-driven platforms [6] - The company aims to enable enterprise transformation in India over the next decade [6] Management's Comments on Operating Environment and Future Outlook - Management highlighted India's strong economic fundamentals and accelerating digital adoption as key drivers for growth [5] - The company expects to reach break-even in the digital services segment by the latter part of FY 2026-2027 [18] Other Important Information - The company filed a draft prospectus for the IPO of Infinit Spaces in October 2025, expecting approval soon [13][14] - Total design capacity for data centers is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Q&A Session Summary Question: Update on the timing for the IPO of Infinit Spaces - Management expects approval of the draft prospectus this month, with further guidance from bankers on the timing of the issue [13][14] Question: Total design capacity and sold capacity - Total design capacity is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Question: Roadmap for new data center construction - Two facilities in the Rabale data center campus will go live this calendar year, with additional greenfield projects under construction [16] Question: Digital services operating at a loss - Management anticipates reaching break-even in the digital services segment by the latter part of FY 2026-2027 [18] Question: Network business performance - The network business experienced price corrections and a shift from MPLS to internet services, leading to flat revenue [63] Question: New growth initiatives with Google partnership - Sify is partnering with Google for a cable landing station in Vishakhapatnam, which will strategically enhance their network capabilities [67] Question: Related party transactions - Revenue and expense transfers are related to contracts signed by the parent company before the data center business was carved out [53] Question: Future capital requirements and IPO proceeds - The IPO proceeds will primarily fund data center expansion and partially retire existing loans [36][87]

Financial Data and Key Metrics Changes - Revenue for Q3 FY 2025-26 was INR 11,596 million, an increase of 11% compared to the same quarter last year [8] - EBITDA was INR 2,470 million, reflecting a 29% increase year-over-year [8] - Loss before tax was INR 2,570 million, and after tax, the loss was INR 3,290 million [8] - Capital expenditure during the quarter was INR 3,452 million, with a cash balance of INR 3,627 million at the end of the quarter [8] Business Line Data and Key Metrics Changes - Revenue split for the quarter: Network services 37%, Data center colocation services 40%, Digital services 23% [7] - Data center colocation capacity sold was 9.1 megawatts [7] - Network services provided via 1,214 fiber nodes, a 9% increase year-over-year [7] Market Data and Key Metrics Changes - The company has deployed 9,695 SD-WAN service points across India as of December 31, 2025 [7] Company Strategy and Development Direction - The company is focused on investments in hyperscaler data centers, resilient networks, and AI-driven platforms to support enterprise transformation in India [5][6] - The strategy aligns with India's growth in digital infrastructure and cloud services, driven by increasing demand for secure and high-performance digital infrastructure [5] Management's Comments on Operating Environment and Future Outlook - Management highlighted India's strong economic fundamentals and accelerating digital adoption as key drivers for growth [5] - The company expects to achieve break-even in the digital services segment by the latter part of FY 2026-27, depending on market scaling for new offerings [18] Other Important Information - The company filed a draft prospectus for the IPO of Infinite Spaces in October 2025, expecting approval soon [13][14] - Total design capacity is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Q&A Session Summary Question: Update on the timing for the IPO of Infinite Spaces - The draft prospectus was filed in October 2025, with expected approval this month, followed by market listing [13][14] Question: Total design capacity and sold capacity - Total design capacity is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Question: Roadmap for new data center construction - Two facilities in Rabale will go live this calendar year, with two additional greenfield projects under construction [16] Question: Digital services operating at a loss - Expected to reach break-even in the latter part of FY 2026-27, with profitability anticipated thereafter [18] Question: Revenue-generating capacity from sold capacity - Out of 12.16 megawatts sold, approximately 4 megawatts will generate revenue in the upcoming quarter [22] Question: Average contract tenure and return on capital employed - Hyperscale contracts are typically for seven years, with enterprise contracts for five years [39] - Return on capital employed for fully populated facilities is in the high teens [40] Question: Use of proceeds from the IPO - Proceeds will primarily fund data center expansion, with some allocated for debt reduction [41] Question: Related party disclosures in the DRHP - Revenue and expense transfers relate to contracts signed by the parent company before the data center business was carved out [61] Question: Growth of the network business - The network business experienced price corrections and a shift from MPLS to internet services, impacting revenue [71] Question: AI investment and capacity upgrades - Incremental CapEx for AI workloads is marginal, with some costs borne by customers [79][84]

Financial Data and Key Metrics Changes - Revenue for Q3 FY 2025-26 was INR 11,596 million, an increase of 11% compared to the same quarter last year [9] - EBITDA was INR 2,470 million, reflecting a 29% increase year-over-year [9] - Loss before tax was INR 2,570 million, and after tax, the loss was INR 3,290 million [9] - Capital expenditure during the quarter was INR 3,452 million, with a cash balance of INR 3,627 million at the end of the quarter [9] Business Line Data and Key Metrics Changes - Revenue split for the quarter: Network Services 37%, Data Center Colocation Services 40%, Digital Services 23% [8] - Data center colocation capacity sold was 9.1 megawatts [8] - Sify Network Services operates through 1,214 fiber nodes, a 9% increase from the same quarter last year [8] Market Data and Key Metrics Changes - The company is experiencing increased demand for secure and high-performance digital infrastructure due to the focus on AI, cloud, and data-driven platforms [5] - The network business faced price corrections and a shift from MPLS to internet services, impacting revenue growth [50] Company Strategy and Development Direction - Sify's strategy focuses on investments in hyperscaler data centers, resilient networks, and AI-driven platforms to support enterprise transformation in India [5] - The company aims to drive technology-led growth by enabling enterprises to modernize and capture new opportunities [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in India's growth story, highlighting strong economic fundamentals and accelerating digital adoption [5] - The digital services segment is expected to reach break-even by the latter part of FY 2026-27, with a focus on scaling new offerings [18] Other Important Information - The company filed a draft prospectus for the IPO of Infinite Spaces in October 2025, expecting regulatory approval soon [14] - The total design capacity for data centers is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Q&A Session Summary Question: Update on the timing for the IPO of Infinite Spaces - The draft prospectus was filed in October 2025, with expected approval this month, followed by market listing [14] Question: Total design capacity and sold capacity - Total design capacity is 188 megawatts, with 130 megawatts ready for service and 127 megawatts sold [15] Question: Roadmap for new data center construction - Two facilities in Rabale will go live this calendar year, with two additional greenfield projects under construction [17] Question: Digital services operating at a loss - Expected to reach break-even in the latter part of FY 2026-27, depending on market scaling for new offerings [18] Question: Revenue-generating capacity from sold capacity - Out of 12.16 megawatts sold, approximately 4 megawatts are revenue-generating [20] Question: Network business flat performance - Price corrections and customer shifts from MPLS to internet services impacted revenue growth [50] Question: AI investment and capacity upgrades - Incremental CapEx for AI workloads is marginal, with some costs borne by customers [58] Question: Related party transactions - Revenue and expense transfers relate to contracts signed by the parent company before the data center business was carved out [46]

Core Insights - The company reported revenues of INR 11,596 million, marking an 11% increase compared to the same quarter last year [8] - EBITDA reached INR 2,470 million, reflecting a 29% increase year-over-year [8] - The company incurred a loss of INR 329 million for the period [8] Financial Highlights - Revenue breakdown: Network services contributed 37%, Data Center services 40%, and Digital services 23% [9] - The cash balance at the end of the quarter was INR 3,627 million [7] - Capital expenditures (CAPEX) during the quarter amounted to INR 3,452 million [8] Management Commentary - The Chairman emphasized India's transition from promise to performance, highlighting strong economic fundamentals and digital adoption [5] - The Executive Director & Group CFO noted the company's focus on fiscal discipline while investing in digital infrastructure and AI-ready platforms [6] Business Highlights - The company sold an additional 12.16 MW of Data Center capacity since June 30, 2025 [9] - Significant new contracts were secured across various sectors, including network management and cloud implementation [12] Segment Reporting - For the quarter ended December 2025, the segment results showed Network Services at INR 732 million, Data Center Services at INR 2,056 million, and Digital Services at a loss of INR 223 million [14]

Group 1 - The company is focused on getting the fundamentals right to enable innovation in various areas such as menu offerings, rewards programs, and digital experiences [1][3] - A new store design is being implemented to facilitate the opening of more locations globally while reducing building costs and improving operational efficiency [1][2] - The company aims to create a welcoming atmosphere in stores that encourages customers to stay, enhancing the overall experience and connection with the brand [2][3] Group 2 - There is an opportunity to enhance the food offerings by introducing more snackable, protein-forward, and gluten-free products to align with current trends [4]

Core Viewpoint - The recent trading activity of Infosys ADRs has highlighted significant volatility risks for U.S. investors, with a notable trading halt and record volume observed [1]. Company Overview - Infosys, a global provider of consulting, technology, outsourcing, and digital services, has a market capitalization of $80 billion and a current price of $20.22, reflecting a 5.42% increase [2]. - The company has experienced a remarkable growth of 3,362% since its IPO in 1999 and has a gross margin of 30.53% with a dividend yield of 2.69% [2]. Trading Activity - On a recent trading day, Infosys ADRs saw an intraday spike of over 50% before the NYSE halted trading, indicating volatility and structural issues in U.S.-listed foreign shares [3]. - The trading volume reached 115.6 million shares, which is approximately 738% higher than the three-month average of 13.8 million shares [3]. Market Context - The S&P 500 rose by 0.88% and the Nasdaq Composite gained 1.31%, while peers in the information technology services sector, such as Cognizant Technology Solutions and Wipro, also saw gains [4]. - Despite the surge in Infosys ADRs to a 52-week high, there was no clear driver for this price increase, and Indian competitors did not experience similar gains [5]. Investor Considerations - The limited gain of only about 0.7% in Infosys shares in India raises concerns about the structural issues associated with ADRs [6]. - Investors contemplating the addition of Infosys or other ADRs to their portfolios should consider the implications of this added volatility [6].

Core Insights - Prosus N.V. is a Dutch technology investor with a significant stake in Tencent Holdings, focusing on digital services and e-commerce expansion [1] - The company reported earnings with an EPS of $0.43 and revenue of approximately $3.61 billion, exceeding estimates [2][6] - Prosus experienced a 99% increase in adjusted core profit for the half-year, driven by strong e-commerce and digital services performance [3][6] Financial Performance - Revenue growth is attributed to successful e-commerce operations and strategic investments, with a 70% increase in profitability across regions including Latin America, Europe, and India [3] - The company has a P/E ratio of 17.97, a price-to-sales ratio of 23.03, and an enterprise value to sales ratio of 24.53, indicating strong market valuation [4] - Prosus maintains a debt-to-equity ratio of 0.32 and a current ratio of 3.54, reflecting low debt levels and strong liquidity [5][6]