Financial Data and Key Metrics Changes - The company reported total client assets of BRL 1.9 trillion, reflecting a 16% year-over-year growth [4] - Gross revenues reached BRL 4.9 billion, representing a 9% growth year over year [19] - Earnings Before Tax (EBT) increased by 10% year over year to BRL 1.3 billion [23] - The company achieved a Return on Equity (ROE) of 23%, remaining flat year over year [7] - Diluted Earnings Per Share (EPS) grew by 13% year over year, reaching BRL 2.47 [25] Business Line Data and Key Metrics Changes - Retail revenues amounted to BRL 3.7 billion, showing a 6% growth year over year [19] - Corporate and industry services achieved a record revenue of BRL 729 million, with a 32% year-over-year growth [21] - Life insurance retail premiums grew by 25% year over year [14] - Credit revenues posted an 11% growth year over year, reaching BRL 83 million in Net Interest Income (NII) [14] Market Data and Key Metrics Changes - The company reported BRL 20 billion in retail net new money, which was three times higher than the previous quarter but BRL 5 billion lower than last year [8] - The company maintained a 10% market share in capital markets distribution [15] - The wholesale banking segment showed strong performance, with expectations for continued growth in the fourth quarter [31] Company Strategy and Development Direction - The company aims to become the leader in investments in Brazil by enhancing client service and introducing new products [3] - A focus on high-quality wealth planning services for clients with varying asset levels is part of the strategy [10] - The company is transitioning to a fee-based model, which currently accounts for 21% of total retail Assets Under Custody (AUC) [11] - The company is committed to investing in technology and expanding its sales force to enhance client experience [22] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges faced in 2025 but emphasized the commitment to evolving the business for growth and profitability [4] - The management expressed confidence in achieving a target of around BRL 20 billion in retail net new money per quarter [8] - The company anticipates a volatile market in 2026, which may present opportunities for growth [70] Other Important Information - The company repurchased BRL 2 billion in shares in 2025, with a new buyback program of BRL 1 billion announced [24] - A dividend of BRL 500 million is planned for 2025, representing a 50% payout ratio based on net income [24] Q&A Session Summary Question: Expectations for wholesale business performance in Q4 - Management expects continued strong performance in the wholesale banking segment for Q4, with a focus on high-quality assets [31][33] Question: Clarification on corporate revenues and hedging strategy - Corporate revenues are tied to debt issuance and hedging solutions, with expectations for continued strength due to low credit spreads [76] Question: Insights on retail revenue growth and fixed income performance - Fixed income revenues contracted due to a shift in product mix towards lower take rates, while retail revenues grew overall [43][46] Question: Impact of new hires on advisor numbers - The company is hiring more internal advisors while converting some independent financial advisors (IFAs) to employees, focusing on quality over quantity [52] Question: Financial expenses and borrowing reductions - The reduction in financial expenses is attributed to a geographic shift in debt management, resulting in lower overall costs [53] Question: Guidance on EBT margin and revenue expectations - Management remains optimistic about achieving medium-term guidance for EBT margins, despite potential shortfalls in revenue growth [84]

Financial Data and Key Metrics Changes - The company reported total client assets of BRL 1.9 trillion, reflecting a 16% year-over-year growth [4] - Gross revenues reached BRL 4.9 billion, representing a 9% growth year over year [5][18] - EBIT increased by 10% year over year to BRL 1.3 billion [5] - The return on equity (ROE) was 23%, remaining flat year over year [6] - Diluted EPS grew by 13% year over year, reaching BRL 2.47 per share [24] Business Line Data and Key Metrics Changes - Retail revenues amounted to BRL 3.7 billion, showing a 6% growth year over year [18] - Corporate and industry services achieved a record BRL 729 million in revenues, marking a 32% growth year over year [18] - Life insurance retail premiums grew by 25% year over year [13] - Credit revenues increased by 11% year over year, reaching BRL 83 million in net interest income [13] Market Data and Key Metrics Changes - Retail net new money was BRL 20 billion, a decrease of BRL 5 billion compared to the previous year but three times higher than the last quarter [7] - The company maintained a 10% market share in capital markets distribution [15] - The wholesale bank maintained a leadership position with a 17% market share [16] Company Strategy and Development Direction - The company aims to become the leader in investments in Brazil by enhancing client service and introducing new products [3][10] - A focus on high-quality wealth planning services for clients with varying asset levels is being emphasized [10] - The company is transitioning to a fee-based model, which currently accounts for 21% of total retail assets under custody [11] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges faced in 2025 but expressed commitment to evolving the business for growth and profitability [4] - The company anticipates continued growth in retail net new money, targeting around BRL 20 billion per quarter [9] - Management highlighted the importance of maintaining a conservative risk profile despite strong performance in wholesale banking [25] Other Important Information - The company repurchased BRL 2 billion in shares in 2025, with a new buyback program of BRL 1 billion announced [23] - A dividend of BRL 500 million is planned for 2025, representing a 50% payout ratio based on net income [23] Q&A Session Summary Question: Expectations for wholesale business performance in Q4 - Management expects good performance in Q4, with stronger results anticipated compared to the first half of the year [26][27] Question: Details on the strategy to increase the warehousing book - The strategy involves holding high-quality assets and managing credit spread volatility effectively [27] Question: Clarification on corporate revenue increase - Corporate revenues are closely tied to debt issuance and hedging solutions, with strong performance expected to continue [30][44] Question: Insights on retail revenue growth despite fixed income contraction - The contraction in fixed income revenues is attributed to a shift in product mix and shorter durations affecting take rates [31][33] Question: Impact of workdays on revenues - Business days positively impacted floating and trading volumes, offsetting declines in equities and fixed income [49] Question: Use of AI in client advisory services - The company is leveraging AI to enhance advisor productivity and improve client service, particularly for lower-income clients [51]

Core Viewpoint - Stocks priced between $10 and $50 present a balance of affordability and stability, but investors should be cautious as some may have weak business models [1] Group 1: Stocks to Sell - **Camping World (CWH)**: - Current share price is $12.12, with a forward P/E of 15.5x [2][4] - The company has faced challenges in attracting new customers to its physical locations, leading to poor same-store sales performance [8] - **Lincoln Financial Group (LNC)**: - Current share price is $40.84, trading at 0.8x forward P/B [5][7] - The company has seen a decline in book value per share, which fell by 14.9% annually over the last five years, indicating unfavorable trends in the insurance sector [9] Group 2: Stock to Buy - **Upwork (UPWK)**: - Current share price is $16.52 [10] - The company has experienced a 9.4% annual growth in average revenue per customer over the last two years, indicating successful monetization efforts [11] - Earnings per share have grown by 123% annually over the last three years, outpacing revenue growth and enhancing profitability [11] - Free cash flow margin has increased by 29.3 percentage points in recent years, providing the company with more financial flexibility [11]

Core Insights - Voya Financial reported Q2 2025 non-GAAP EPS of $2.46, exceeding analyst expectations of $2.05, marking a 12.8% increase from Q2 2024 [1][5] - Non-GAAP net revenue for the twelve months ended June 30, 2025, was $4.16 billion, while GAAP net income available to common shareholders decreased by 19.4% to $162 million due to investment losses and severance costs [1][5] - The company faced challenges in the Employee Benefits segment, with adjusted operating margin dropping to 3.7% from 19.1% year-over-year, and net revenues declining by 13.8% [1][9] Business Overview - Voya Financial operates in three main segments: Retirement, Investment Management, and Employee Benefits, focusing on financial planning, investment, and protection solutions [3] - The company aims to expand assets under management and integrate acquisitions, such as the OneAmerica retirement business, while maintaining operational discipline [4] Quarterly Highlights - The Retirement segment showed strong performance with pre-tax adjusted operating earnings rising from $214 million in Q2 2024 to $235 million in Q2 2025, and total client assets reaching $757 billion, a 30% increase year-over-year [6] - Investment Management reported pre-tax adjusted operating earnings of $51 million, with net inflows of $1.8 billion, surpassing $1 trillion in total assets managed and administered [7][11] - Employee Benefits saw a 15% increase in pre-tax adjusted operating earnings to $69 million, but faced a 13.8% decline in net revenues and a significant drop in adjusted operating margin [8][9] Operational Achievements - Voya surpassed $1 trillion in total assets managed and administered across Retirement and Investment Management, driven by successful asset gathering and favorable market conditions [11] - The company is investing $50 million in developing leave management solutions to adapt to evolving customer needs [12] Shareholder Returns - Voya returned $44 million to shareholders through dividends in Q2 2025, maintaining a capital-light, high free cash flow approach [13] Future Outlook - Management is focused on integrating the OneAmerica business, improving margins in Employee Benefits, and driving organic growth, without providing explicit forward guidance for revenue or profit [14][15]

Financial Performance - Non-GAAP operating earnings per share were $1.30, or $1.35 after adjusting for notable items[8] - Non-GAAP operating earnings were $421 million, or $434 million adjusted for notable items, a decrease of 3% year-over-year on a per share basis[16] - The company returned $335 million to shareholders, representing an 80% payout ratio[8] Business Segment Highlights - Asset Management operating earnings increased by 19% year-over-year[8] - Retirement saw net inflows of $1.6 billion, driven by strong RILA and Institutional sales[8] - Wealth Management advisory net inflows reached $2.0 billion, supported by 8% year-over-year growth in advisor productivity[8] - AB active net inflows were $2.7 billion, with Private Markets AUM up 20% year-over-year to $75 billion[8] - Protection Solutions experienced an operating loss of $17 million due to excess Individual Life mortality[8] Capital Management and Transactions - The company purchased approximately $760 million of AB Holding units through a tender offer, increasing ownership to approximately 69% effective April 1[8] - The Individual Life transaction with RGA is on track to close mid-2025, freeing over $2 billion of capital[8] - Post-close of the Individual Life transaction, the company plans to execute $500 million of additional share repurchases, above the 60-70% payout ratio target[14] Balance Sheet and Liquidity - The company had $1.1 billion in cash at Holdings after AB and Series B preferred equity tender offers, with a combined NAIC RBC ratio of approximately 425% as of year-end 2024[8]

Core Points - BPAS has achieved certification from the Centre for Fiduciary Excellence (CEFEX), indicating alignment with investors' interests and trustworthiness [1][2] - The certification process involves adherence to the American Society of Pension Professionals & Actuaries (ASPPA) Standard of Practice for Retirement Plan Service Providers, which includes best practices in governance, operations, and disclosure [3][4] - BPAS is recognized for both Recordkeeping and Third-Party Administration Services, reinforcing its commitment to excellence and integrity [5][6] Company Overview - BPAS is a national provider of retirement plans, benefit plans, fund administration, and institutional trust services, supporting over 6,100 plans and managing $110 billion in trust assets [7][8] - The company operates through 17 offices across the nation and Puerto Rico, emphasizing a solutions-oriented approach to benefit challenges [4][8] - BPAS is a subsidiary of Community Financial System, Inc. (CFSI, NYSE: CBU) and has been in operation since 1973 [4][7] Industry Context - CEFEX certification is recognized as a mark of excellence in the industry, representing adherence to high professional standards [6][9] - Broadridge Fi360 Solutions, the organization behind CEFEX, provides fiduciary education and tools for financial professionals to enhance their practices [9]