Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million, primarily due to a decrease in marine fuel prices [10][11] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% from $1.62 million to $0.99 million [12][10] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days, highlighting excellent cash cycle management [12][26] Business Line Data and Key Metrics Changes - Revenue from biofuels saw significant growth, with sales increasing by 154.7% year-on-year and volume growth reaching 189.5% [15][16] - Non-container liner sales accounted for 36.9% of revenue, reflecting successful diversification efforts [42] - Revenue share from top 12 liners increased to 60.1% compared to 45.7% in the first half of 2024 [15] Market Data and Key Metrics Changes - Seaborne trade grew by 2.5% in 2025, with containerized trade growing by 2.9%, indicating a steady recovery in global trade [6][7] - CBL operates in 13 out of the top 15 global container ports, serving 9 out of the top 12 global container liners, representing around 16% market share [7][10] - Geopolitical tensions have caused disruptions, leading to increased demand for bunkering services at alternative ports [8][9] Company Strategy and Development Direction - CBL aims to strengthen its service network, focusing on Asian, Asia-Pacific, and European markets, while exploring sustainable fuels [23][52] - The company plans to further diversify biofuel offerings and strengthen its market position in green marine fuels [16][23] - CBL's strategy includes customer diversification and maintaining strong relationships with current customers while targeting new segments [42][52] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts, tariff wars, and the transition to biofuels, yet emphasized maintaining growth and reducing losses [28][29] - The company is well-positioned to capture demand from rerouted trade flows due to geopolitical tensions, particularly in the Eurasian and Asia-Pacific corridors [36][56] - Future plans include enhancing operational efficiency and exploring advanced technologies for continuous improvement [47][50] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][16] - The company launched a share repurchase program and initiated an at-the-market offering to fund future business expansion [18][17] - CBL has received several awards for its corporate communication and investor relations efforts [20] Q&A Session Summary Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% in the first half of 2025, driven by strategic expansions and partnerships despite geopolitical challenges [28][29] Question: What were the key drivers behind the reduction in net loss? - The improvement was attributed to investments in expanding the port network, customer base, and biofuel operations, alongside a 17% reduction in operating expenses [32][33] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL has targeted increased demand from rerouted vessels and has seen additional requirements for services due to geopolitical tensions affecting shipping routes [36][37] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to improve margins by increasing sales volume, exploring new sustainable fuels, and leveraging a cost-plus pricing model [39][40] Question: What are the primary cost efficiencies achieved leading to a decrease in operating expenses? - The decrease in operating expenses was due to streamlining operations and rationalizing resources, alongside non-recurring expenditures from previous investments [45][46] Question: What are the expansion plans for the second half of 2025? - CBL plans to continue strengthening its service network, grow sales volume, and explore sustainable fuels while maintaining strong relationships with current customers [48][50] Question: What is the impact of U.S. new reciprocal tariffs on CBL? - CBL's direct impact from U.S. tariff changes is minimal, but the company is leveraging changes in trade flows to meet increased demand for bunkering services in alternative corridors [56][57]

Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million [10][11] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% [10][13] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days [10][13][26] Business Line Data and Key Metrics Changes - Revenue from biofuels saw an impressive increase of 154.7% year-on-year, with volume growth reaching 189.5% [16][17] - Non-container sales (bulk and tanker) accounted for 36.9% of total revenue, reflecting successful diversification efforts [16][41] - Revenue share from top 12 liners increased to 60.1% compared to 45.7% in the first half of 2024 [16] Market Data and Key Metrics Changes - Total seaborne trade grew by 2.5% in 2025, while containerized trade grew by 2.9% [6][7] - CBL serves 9 out of the top 12 global container liners, representing around 16% market share in global container liners [7][10] - Demand for bunkering services surged at alternative ports due to geopolitical tensions and rerouted shipping lanes [8][9] Company Strategy and Development Direction - CBL aims to strengthen its service network, focusing on Asian, Asia-Pacific, and European markets, while exploring sustainable fuels [23][50] - The company plans to further diversify biofuel offerings and strengthen its market position in green marine fuels [17][50] - CBL's growth strategy includes expanding its service network and increasing sales volumes while maintaining strong relationships with current customers [15][48] Management Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts, tariff wars, and the transition to biofuels, yet emphasized maintaining growth [28][30] - The company is well-positioned to capture demand from rerouted trade flows, particularly in the Eurasian and Asia-Pacific corridors [35][36] - Management expressed confidence in the sustainability of recent improvements in net loss and operational efficiency [32][47] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][17] - The company launched a share repurchase program and participated in various investor events to enhance investor relations [19][20] - CBL is committed to sustainability development and has initiated multiple steps with fruitful outcomes in ESG [20][21] Q&A Session All Questions and Answers Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% for the first half of 2025, driven by strategic expansions and partnerships [28][29] Question: What were the key drivers behind the reduction in net loss? - The improvement was due to investments in expanding the port network, customer base, and biofuel operations, along with a 17% reduction in operating expenses [31][32] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL's extensive supply network allows it to meet increased demand for bunkering services along new trade routes due to geopolitical tensions [35][36] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to increase sales volume and explore new sustainable fuels to improve profitability amid market volatility [37][39] Question: How does CBL plan to grow the non-container liner segment? - CBL is actively targeting new customers in the non-container segment while maintaining strong relationships with container liner customers [40][41] Question: What were the primary cost efficiencies achieved in operating expenses? - CBL streamlined operations and rationalized resources, leading to a 17% reduction in operating expenses [43][44] Question: What are the expansion plans for the second half of 2025? - CBL will continue to strengthen its service network and explore sustainable fuels while targeting new customers and segments [46][48] Question: What industry-specific observations and forecasts does CBL see? - CBL is exploring different verticals and horizontal integration opportunities, believing in the future demand for sustainable fuels [51][52] Question: What is the impact of the U.S. new reciprocal tariffs on CBL? - The direct impact is minimal as CBL does not operate in U.S. ports, but the tariffs have redirected cargoes, increasing demand for services in alternative regions [53][55]

Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million [11][12] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% [11][14] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days [14][27] Business Line Data and Key Metrics Changes - Revenue from biofuels saw a significant increase of 154.7% year-on-year, with volume growth reaching 189.5% [17][18] - Non-container liner sales accounted for 36.9% of revenue, reflecting successful diversification efforts [17][43] - Revenue growth in China was 26%, while other regions saw a 131% increase [11] Market Data and Key Metrics Changes - Total seaborne trade grew by 2.5% in 2025, with containerized trade growing by 2.9% [7] - CBL serves 9 out of the top 12 global container liners, representing around 16% market share [8] - Geopolitical tensions have caused disruptions, leading to increased demand for bunkering services at alternative ports [9][10] Company Strategy and Development Direction - CBL aims to expand its service network, focusing on sustainable fuel solutions and enhancing market share [5][25] - The company is positioned as a pioneer in providing stable biofuel supply during the transition to sustainable fuels [5][18] - Future initiatives include strengthening supplier relationships and exploring new sustainable fuel options like LNG and methanol [19][25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts and oil price fluctuations but noted a successful growth trajectory [29][30] - The company plans to continue expanding its network and customer base while maintaining operational efficiency [34][50] - Management expressed confidence in capturing demand from rerouted trade flows due to geopolitical tensions [37][56] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][18] - The company launched a share repurchase program and filed a shelf registration statement for future securities offerings [21][19] - CBL has received multiple awards for its corporate communication and investor relations efforts [22] Q&A Session Summary Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% and expanded its global service network from 36 to 65 ports [30][29] Question: What were the key drivers behind the reduction in net loss? - The reduction was driven by expanding the port network, increasing sales volume, and streamlining operations, resulting in a 17% decrease in operating expenses [34][14] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL has targeted increased demand from rerouted vessels and leveraged its extensive supply network to meet these demands [37][10] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to improve margins by increasing sales volume, exploring new sustainable fuels, and adopting a cost-plus pricing model [40][41] Question: How does CBL plan to grow the non-container liner segment? - CBL will continue to provide reliable supply arrangements for non-container liner customers while maintaining strong relationships with container liner customers [43][44] Question: What were the primary cost efficiencies achieved? - CBL achieved cost efficiencies through streamlining operations and utilizing office automation and IT systems [46][47] Question: What are the expansion plans for the second half of 2025? - CBL plans to strengthen its service network, grow sales volume, and explore sustainable fuels while maintaining strong customer relationships [50][52] Question: What is the impact of U.S. tariff changes on CBL? - CBL's direct impact from U.S. tariffs is minimal, but the changes have redirected cargoes, increasing demand for services in alternative regions [56][58]

Financial Data and Key Metrics Changes - Total sales volume grew by 9.8%, while revenue decreased by 4.4% to $265.2 million, primarily due to a decrease in marine fuel prices [11][12] - Gross profit margin increased by 4 basis points to 1.02%, and net loss narrowed by 38.8% from $1.62 million to $0.99 million [14][26] - Current ratio improved to 1.54, indicating healthy liquidity, while capital debt improved to -4.44 days, highlighting excellent cash cycle management [11][14] Business Line Data and Key Metrics Changes - Revenue from biofuels saw a significant increase of 154.7% year-on-year, with volume growth reaching 189.5% [17][18] - Non-container liner sales accounted for 36.9% of revenue, reflecting successful diversification efforts [41] - Revenue share from the top 12 liners increased to 60.1% compared to 45.7% in the first half of 2024 [17] Market Data and Key Metrics Changes - Seaborne trade grew by 2.5% in 2025, with containerized trade growing by 2.9%, indicating steady growth in global trade [7][8] - CBL serves 9 out of the top 12 global container liners, representing around 16% market share in global container liners [8][11] - Geopolitical tensions have caused disruptions, leading to increased demand for bunkering services at alternative ports [9][10] Company Strategy and Development Direction - CBL aims to expand its service network, increase sales volumes, and integrate sustainable fuel solutions to meet evolving market needs [5][24] - The company is focused on strengthening relationships with suppliers and customers while exploring sustainable fuels like biofuels, LNG, and methanol [19][50] - CBL's strategy includes targeting new customer segments and enhancing operational efficiency through technology and automation [27][46] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical conflicts and oil price fluctuations but emphasized the company's ability to maintain growth and reduce losses [29][30] - The company plans to continue expanding its network and focusing on sustainable fuel segments to align with regulatory changes and market demand [50][51] - Management expressed confidence in navigating economic uncertainties and capturing demand from rerouted trade flows [36][55] Other Important Information - CBL has obtained ISCC EU and ISCC+ certifications to support the industry's decarbonization initiatives [5][18] - The company launched a share repurchase program and participated in various investor events to enhance communication with stakeholders [20][21] - CBL's commitment to ESG practices includes a focus on sustainability, employee well-being, and community engagement [22][23] Q&A Session All Questions and Answers Question: What was the most significant achievement achieved by CBL? - CBL achieved a sales volume growth of almost 10% for the first half of 2025, driven by strategic expansions and partnerships despite geopolitical challenges [28][30] Question: What were the key drivers behind the improvement in net loss? - The improvement was driven by investments in expanding the port network, customer base, and biofuel operations, alongside a 17% reduction in operating expenses [32][33] Question: How is CBL positioned to capture demand from rerouted trade flows? - CBL's extensive supply network allows it to meet increased demand for bunkering services along new trade routes due to geopolitical tensions [36][37] Question: How does CBL plan to maintain or improve gross profit margins? - CBL plans to improve margins by increasing sales volume, exploring new sustainable fuels, and leveraging a cost-plus pricing model [38][40] Question: How does CBL plan to grow the non-container liner segment? - CBL aims to provide reliable supply arrangements for non-container liner customers while maintaining strong relationships with container liner customers [41][42] Question: What were the primary cost efficiencies achieved? - Cost efficiencies were achieved through streamlining operations, utilizing office automation, and focusing on advanced technologies for continuous improvement [44][46] Question: What are the expansion plans for the second half of 2025? - CBL plans to strengthen its service network, grow sales volume, and explore sustainable fuels while maintaining strong relationships with current customers [47][50] Question: What is the impact of U.S. tariff changes on CBL? - CBL's direct impact from U.S. tariff changes is minimal, but the company is leveraging shifts in trade flows to meet increased demand for its services [54][55]

Summary of Paladin Energy Conference Call - September 15, 2025 Company Overview - **Company**: Paladin Energy Limited - **Industry**: Uranium Mining Key Points Equity Raising - Announced a fully underwritten equity raising of AUD 300 million to enhance balance sheet flexibility for the PLF project and Langerhine Wreck mine operations [1] - Breakdown of the equity raise: - AUD 231 million from ASX institutional placement - AUD 30 million from Canadian bought deal financing on TSX - AUD 36 million from the sale of existing shares from the Fish and Uranium transaction in 2024 - AUD 20 million share purchase plan for eligible retail shareholders [1] Allocation of Funds - AUD 170 million allocated for PLS development, including: - Completion of front-end engineering and design (FEED) in 2026 - Detailed design work ahead of final investment decision (FID) - General and administrative costs for permitting approvals and community engagement [2] - AUD 20 million for infill and exploration drilling at PLS and Langerhine mine during FY 2026 [2] - AUD 100 million for general working capital to support Langerhine mine operations ramp-up to full capacity by FY 2027 [2] Operational Updates - Langerhine mine produced 727,000 pounds at a cost of USD 40.7 per pound, meeting expectations for FY 2026 [3] - The mine is on track to achieve FY 2026 guidance [3] Strategic Focus - The equity raise is primarily aimed at accelerating PLS development and providing liquidity for ongoing operations at Langerhine [19][20] - The PLS project is described as a world-class undeveloped uranium asset, with strong economics supporting its development [2] Exploration and Development Plans - Plans for a winter drilling program at PLS as part of the FY 2026 exploration budget [20] - Detailed design work is crucial for ensuring timely CNSC construction approvals, with a focus on derisking the project [23][43] Market Outlook - Strong demand for uranium driven by the build-out of nuclear capacity, positioning Paladin favorably for future growth [56] Community Engagement - Ongoing discussions with the Maty Nation regarding a mutual benefits agreement, with a commitment to addressing community concerns [50] Financial Guidance - The company is committed to delivering first production from the PLS project by early 2031, with a focus on minimizing project risks and ensuring funding flexibility [56] Additional Insights - The company is exploring opportunities for strategic partnerships to enhance funding options for the PLS project [25][26] - There is a focus on optimizing engineering and operational processes to improve efficiency and reduce costs [52][54] This summary encapsulates the key discussions and strategic directions outlined during the Paladin Energy conference call, highlighting the company's commitment to advancing its projects while maintaining financial flexibility and community engagement.

Not for release to US wire services or distribution in the United States Equity raising to unlock value from the Patterson Lake South Project For personal use only 16 September 2025 Important Notice and Disclaimer Summary information This Presentation contains summary information about the Company and its associated entities and their activities current as at the date of this Presentation. This Presentation is for information purposes only. The information in this Presentation is of a general background nat ...

Elevra Lithium (NasdaqCM:ELVR) Update Summary Company Overview - **Company Name**: Elevra Lithium Ltd - **Merger**: The merger between Sayona Mining and Piedmont Lithium is complete, resulting in the formation of Elevra, which aims to lead the North American hard rock lithium sector [1][2] Core Points and Arguments Merger Rationale - The merger was focused on creating a competitive business on a global scale rather than merely increasing size [2][3] - Benefits include a unified ownership structure, optimized logistics, and a stronger financial position to fund growth [3] Financial Position - Post-merger, Elevra has 168 million shares issued and a pro forma cash position of approximately $227 million as of June 30 [4][5] - The company is positioned as the number one pure play hard rock lithium producer in North America [3] Resource and Operational Performance - The updated 2025 JORC estimate shows 95 million tons at a grade of 1.15% and 49 million tons of reserves, representing a 124% increase in reserves since 2023 [8][9] - NAL's operational performance includes a 14% increase in ore mined and a 31% increase in concentrate production year-on-year [11] Growth Strategy - The growth strategy includes optimizing NAL, advancing brownfield expansions, and integrating supply chains with partnerships, particularly in Quebec [14][15] - The company plans to increase production to 315,000 tons per year with a capital investment of $270 million, resulting in a post-tax NPV of $950 million and an IRR above 26% [12][13] Market Demand and Offtake Agreements - The demand for lithium is projected to grow at a compound annual growth rate of 10% through 2030, driven by EV adoption and government mandates [15][16] - Elevra has secured offtake agreements with LG Chem for 200,000 tons and Tesla for 125,000 tons, with a focus on North American partnerships [16][50] Additional Important Content Governance and Leadership - The board is chaired by Dawne Hickton, with a diverse team possessing extensive operational and financial expertise [5][6] - The management team has practical experience in building and operating lithium mines, which is crucial for Elevra's growth [6] Synergies and Cost Savings - The merger is expected to yield over $15 million in annual savings through operational efficiencies [8] - The company emphasizes a disciplined approach to growth, ensuring that capital expenditures align with market cycles [12][15] Future Outlook - The company aims to maintain operational stability through market cycles, focusing on cost reduction and maximizing value during upswings [15] - The timeline for the NAL expansion includes permitting and construction phases, with a realistic roadmap set for completion by 2030 [12][26] Exploration and Development Projects - Elevra is considering monetizing other development projects while prioritizing the NAL brownfield expansion [35] - The Ewoyaa project remains a focus, but NAL is viewed as a stronger opportunity for immediate advancement [69] Environmental and Regulatory Considerations - The permitting process for greenfield projects in Quebec is expected to take a minimum of five years, emphasizing the importance of a methodical approach [67] This summary encapsulates the key points from the Elevra Lithium update, highlighting the company's strategic direction, operational performance, and market positioning in the lithium sector.

The Merger of Piedmont and Sayona Elevra Lithium SEPTEMBER 2025 ASX:SYA • NASDAQ:ELVR • OTCQB:SYAXF For personal use only Contents 01 Introduction ELEVRA LITHIUM For personal use only 2 02 Corporate Overview 03 Synergies & Progress 04 Resource Base & Operations 05 Growth Projects 06 Strategy & Market Outlook 07 Financials & Guidance 08 Appendix 01 Introduction For personal use only Recapping the Merger Strategic Rationale Unlocking synergies,strengthening our market position and delivering long term value S ...

Financial Data and Key Metrics Changes - In Q2 2025, comparable store sales decreased by 3% compared to the prior year period, with a noted decline of 2.2% in the first five weeks of the quarter [11][15] - Revenue for the quarter was $557 million, with a net income of $11 million, or $0.32 per diluted share, and adjusted EBITDA of $130 million, resulting in an adjusted EBITDA margin of 23% [15][18] - The company generated $34 million in operating cash flow during the quarter, ending with $12 million in cash and $443 million in total liquidity [15][18] Business Line Data and Key Metrics Changes - The special events business saw a revenue increase of nearly 10% year-over-year, contributing positively to overall performance [26] - The food and beverage segment experienced improvements due to revamped menu offerings and successful promotions [26][29] Market Data and Key Metrics Changes - The company opened three new stores in Q2 2025, bringing the total new store openings year-to-date to eight, with an expectation of 11 new store openings for the fiscal year [18][19] - The international franchising segment is expected to drive growth, with five more international openings planned over the next six months [19] Company Strategy and Development Direction - The company aims to reinforce a guest-first culture, deliver memorable experiences, and drive growth in sales, cash flow, and shareholder value [9][10] - A focus on marketing, food and beverage improvements, operational excellence, and game offerings is prioritized to enhance customer experience and brand distinctiveness [27][29] - The management acknowledges execution missteps in the past and is committed to rectifying these issues to unlock business potential [21][22] Management's Comments on Operating Environment and Future Outlook - Management recognizes macroeconomic headwinds but believes that delivering value will help the brand prosper [80][81] - The company is optimistic about improving performance in the near term through focused improvements and a back-to-basics strategy [24][26] Other Important Information - The company has a strong balance sheet with no near-term maturities and significant liquidity to invest in its strategy [32] - The management believes the stock is undervalued and sees significant upside potential based on achievable financial results [22][32] Q&A Session Summary Question: Comparable store sales trends for Q3 - Management did not quantify specific numbers but indicated trends are consistent with Q2 [36] Question: Value perception challenges - Management acknowledged confusion in marketing and is working on simplifying messaging to clarify value [38] Question: Margins and reinvestment needs - Management noted that cost increases were due to new units and one-off items, but expects moderation in the second half of the year [44] Question: Marketing investment needs - Management believes current marketing investments are sufficient and will focus on refining the media mix [69] Question: Strategic game pricing changes - Management explained that changes in game pricing were aimed at improving value perception and increasing guest dwell time [62] Question: Brand-specific missteps and competitive environment - Management emphasized the importance of clear communication of value and brand distinctiveness in a competitive landscape [82]

Financial Data and Key Metrics Changes - In Q2 2025, comparable store sales decreased by 3% compared to the prior year period, with a noted decline of 2.2% in the first five weeks of the quarter [11][12][14] - Revenue for the quarter was $557 million, with a net income of $11 million or $0.32 per diluted share, and adjusted EBITDA of $130 million, resulting in an adjusted EBITDA margin of 23% [14][15] - The company generated $34 million in operating cash flow during the quarter, ending with $12 million in cash and $443 million in total liquidity [14][15] Business Line Data and Key Metrics Changes - The special events business saw a revenue increase of nearly 10% year-over-year, contributing positively to overall performance [25] - The company opened three new Dave & Buster's stores in Q2 and has a total of eight new store openings year to date, with expectations for 11 new store openings in fiscal 2025 [17][18] Market Data and Key Metrics Changes - The company is focusing on international franchising as a growth driver, with agreements for over 35 additional stores in the coming years [18] - The management noted that the brand's value perception has been a challenge, which they are addressing through simplified marketing messages [38][80] Company Strategy and Development Direction - The new CEO emphasized a focus on reinforcing a guest-first culture, delivering memorable experiences, and driving growth in sales and shareholder value [9][10] - The strategic plan includes improving marketing effectiveness, enhancing food and beverage offerings, and introducing new games to attract customers [26][29] - The company aims to modernize and refresh its units to increase traffic and productivity [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds but expressed confidence in the brand's ability to deliver value and grow even in challenging environments [79] - The CEO believes the stock is undervalued and sees significant upside potential based on achievable financial results [21][32] Other Important Information - The company has implemented a more disciplined approach to capital expenditures, focusing on high-return investments and eliminating ineffective spending [15][23] - A sale-leaseback transaction for real estate assets generated approximately $77 million, enhancing liquidity for future growth initiatives [16][17] Q&A Session Summary Question: Comparable store sales trends in Q3 - Management did not quantify specific numbers but indicated trends are consistent with Q2 [36] Question: Value perception challenges - The company is working on simplifying marketing messages to clarify value for customers [38] Question: Margins and reinvestment needs - Management noted that cost increases were influenced by new units and one-off items, but expects margins to improve in the second half of the year [42][44] Question: Marketing investment needs - The CEO believes current marketing investments are sufficient and will focus on refining the media mix [69] Question: Strategic game pricing changes - The company has simplified game pricing to enhance value perception and increase customer dwell time [60][62] Question: Brand-specific missteps and macro environment - The CEO highlighted the importance of clear communication of value and brand distinctiveness in the current competitive landscape [81]