Financial Performance - Total revenues for Q4 2025 were $818 million, compared to guidance of $750-$850 million[11] - Adjusted homebuilding gross margin for Q4 2025 was 163%, within the guidance of 150%-165%[11] - Income from unconsolidated joint ventures was $13 million in Q4 2025, exceeding the guidance of $8-$12 million[11] - Adjusted EBITDA for Q4 2025 was $89 million, compared to guidance of $77-$87 million[11] - Adjusted income before income taxes for Q4 2025 was $49 million, compared to $126 million in Q4 2024[15] - Adjusted homebuilding gross margin decreased from 217% in Q4 2024 to 163% in Q4 2025[15] Contracts and Traffic - Contracts, including domestic unconsolidated joint ventures, decreased from 1,571 in Q4 2024 to 1,450 in Q4 2025[19] - The company's total liquidity was $2728 million in cash and cash equivalents, $63 million in restricted cash, and $1250 million available under a senior secured revolving credit facility as of October 31, 2025[8] - Total lots controlled were 38,742 as of October 31, 2025[49] - Option deposits as of October 31, 2025, were $3332 million[84]

Financial Performance - Adjusted revenue decreased by 1% to $422 million, but excluding divestitures and foreign exchange impacts, the decrease was driven by an 11% decline in Learning, offset by 5% growth in Research [38, 41] - Adjusted EPS increased by 12% to $1.10, driven by a 14% increase in Adjusted Operating Income [38, 41] - Adjusted EBITDA increased by 8% to $115 million, with the Adjusted EBITDA margin up 240 basis points to 273% [38, 41] Segment Performance - Research revenue increased by 5%, with Research Publishing up 7% and Research Solutions down 5% [41, 14, 42] - Learning revenue decreased by 11%, with Academic down 8% and Professional down 16% [41, 45] AI Initiatives - Secured a $6 million LLM training licensing agreement in Q2, bringing year-to-date AI revenue to $35 million [14] - Launched the AI Gateway, a content enrichment and distribution platform, and have over 30 publisher partners for the Nexus content licensing service [8, 14, 25] Operational Efficiency and Capital Allocation - Corporate expenses reduced by 18% in Q2 [8, 14, 52] - Share repurchases increased by 69% to $21 million in Q2, with a total of $73 million returned to shareholders YTD through dividends and repurchases [8, 54] Outlook - The company is on track to deliver full year Free Cash Flow outlook of $200M [56]

Financial Performance - SAIC's FY26 3Q revenue was $1.866 billion, a decrease compared to $1.976 billion in FY25 [13, 14] - Adjusted EBITDA for FY26 3Q was $185 million, representing 9.9% of revenue, compared to $197 million, or 10.0% of revenue, in FY25 [14] - Adjusted diluted EPS for FY26 3Q was $2.58, slightly lower than $2.61 in FY25 [15] - Free cash flow for FY26 3Q was $135 million, compared to $143 million in FY25 [18] Guidance and Targets - FY26 revenue guidance is $7.275 billion - $7.325 billion, with an organic growth rate of -2% to -3% [19] - Adjusted EBITDA guidance for FY26 is approximately $695 million, with a margin of approximately 9.5% [19] - Adjusted diluted EPS guidance for FY26 is $9.80 - $10.00 [19] - Free cash flow guidance for FY26 is greater than $550 million [19] Business Development - The TCV (Total Contract Value) of submitted bids for FY27 is projected to be greater than $30 billion [8] - The company has identified over $100 million of annual savings to reallocate to drive growth and improve margins [5] Capital Deployment - The majority of capital deployment is expected to be allocated to the share repurchase program [5] - Approximately $500 million is allocated to share repurchases for FY26 [22]

Q3 2025 Performance - Identical sales (excluding fuel) increased by 2.6%[5] - E-commerce sales grew by 17% year-over-year[5,6] - GAAP operating profit was $(1,541) million, including $2.6 billion in impairment and related charges for the automated fulfillment network[5] - Adjusted FIFO operating profit reached $1,089 million[5] - GAAP EPS was $(2.02), while adjusted EPS showed a 7% growth[5] Financial Position and Guidance - The company reaffirms its full-year 2025 guidance for identical sales without fuel to be between 2.8% and 3.0%[9] - The company expects operating profit to be in the range of $4.8 billion to $4.9 billion[9] - EPS is projected to be between $4.75 and $4.80[9] - Free cash flow is expected to be between $2.8 billion and $3.0 billion[9] - Capital expenditures are anticipated to be between $3.6 billion and $3.8 billion[9]

Financial Performance - Reported net income was $3.3 billion, with an EPS of $1.82[9] - Adjusted net income reached $3.9 billion, with an EPS of $2.18, a 27% year-over-year increase[9] - Pre-tax, pre-provision earnings (PTPP) stood at $6.7 billion[9] - Adjusted PTPP was $5.4 billion, up 25% year-over-year, excluding specific items[9] - The bank's CET1 ratio was 14.7%[9] Business Segment Highlights - Canadian Personal & Commercial Banking saw revenue increase by 5% year-over-year[40] - U S Retail net income increased 29% year-over-year[45] - Wealth Management & Insurance net income doubled year-over-year[48] - Wholesale Banking revenue increased by 24% year-over-year[52] Strategic Initiatives - The bank implemented approximately 75 AI use cases in F'25, generating $170 million in value, with expectations of $200 million in F'26[7] - Fraud losses decreased by 26% year-over-year due to investments in fraud modernization[8] - The bank is undergoing a restructuring program expected to yield annual cost savings of approximately $750 million pre-tax, involving a workforce reduction of around 3%[37]

Transaction Overview - Vodacom Group intends to acquire a 15% stake in Safaricom PLC from the Government of Kenya (GOK) and a 5% stake from Vodafone Plc, increasing Vodacom's shareholding to 55%[19] - The price is KES 34 per share for 80 billion shares in Safaricom, totaling ZAR 36 billion, which will be debt-funded[11] - Deloitte has provided an independent fairness opinion on the transaction, which is expected to be completed in the first quarter of calendar year 2026[12] Safaricom Key Metrics - Safaricom has a population footprint of 190 million and 62 million customers[13] - The company boasts over 110 million daily M-Pesa transactions and a revenue CAGR of 10% from FY21-25[13] - Safaricom's EBITDA margin is 49.5%, with 57.3% in Kenya, and it has a net debt to EBITDA ratio of 0.38x[13] - Annualized EBITDA for the six months ended 30 September 2025 is $16 billion[13] Financial Performance & Impact - Safaricom has invested KES 18 billion over five years in education, health, environment, and economic empowerment, impacting over 13 million lives[15] - M-Pesa is the largest revenue component, with service revenue progression showing an 18% CAGR from FY21-25[15] - Vodacom's average cost for the 549% stake is KES 28/share, implying a FY26 EV/EBITDA multiple of 58x[19] Vodacom Group Impact - Vodacom will have 95 million financial services customers, extending its leading fintech position[25] - The combined Vodacom and Safaricom revenue is ZAR 2200 billion, with service revenue at ZAR 1871 billion and financial services revenue at ZAR 405 billion[25] - The illustrative EBITDA split for Vodacom plus Safaricom shows South Africa contributing approximately 45%, Egypt 31%, and International Business (IB) 19%[25]

Financial Performance - Revenues increased by 14% to CA$2,250 million in FY26 Q3 compared to CA$1,974 million in FY25 Q3[13] - Normalized diluted earnings per share increased by 33% to CA$1.59 in FY26 Q3 from CA$1.20 in FY25 Q3[13] - Free cash flow generation increased by 268% to CA$320 million[16] - The company raised full-year Normalized Diluted EPS guidance from "$4.25 to $4.75" to approximately "$5.00"[15] Retail Sales and Market Trends - North American Powersports retail sales declined by 4%[16] - North American network inventory decreased by 17%[16] - Year-Round Products revenues increased by 22%[33] - Seasonal Products revenues decreased by 2%[42] Market Share and Product Performance - Can-Am SSV gained over 4 percentage points of market share in the Utility segment[37] - Can-Am ATV gained over 11 percentage points of market share in current units[37] - Sea-Doo PWC ended the North American 2025 season as the 1 market leader[46]

Financial Position & Liquidity - DPM Metals ended Q3 2025 with $414 million in cash after spending $399 million for the Adriatic transaction, $136 million to retire Adriatic's debt, and $137 million of capital returned to investors [12] - The company's total liquidity as of September 30, 2025, was $564 million [11] Chelopech Mine Exploration - A new high-grade mineralization zone (Wedge Zone Deep Discovery) was discovered on the north flank of the Chelopech mine concession, with results including 68.3 meters @ 7.42 g/t AuEq and 48.1 meters @ 9.41 g/t AuEq [18] - An ongoing 10,000-meter exploration program aims to infill and delineate the WZD target [20] - Chelopech has a strong Mineral Resource base of 1.1 million ounces of gold, 4.4 million ounces of silver, and 242 million pounds of copper [23] Čoka Rakita Feasibility Study - Mineral Reserves increased to 7.34 million tonnes at 6.44 g/t gold [33, 36] - The Mineral Resource Estimate includes 0.53 million tonnes Indicated at 3.94 g/t gold and 0.09 million tonnes Inferred at 3.60 g/t gold [32] - The project is expected to have a Life of Mine (LOM) average gold grade of 6.44 g/t and a top decile all-in sustaining cost of $644/oz gold sold [47] - The initial capital expenditure is estimated at $448 million [55] - Average annual gold production is projected at 189,000 ounces for the first five years [65] Rakita Camp Potential - An Inferred Mineral Resource Estimate establishes a district-scale platform with 2.6 million ounces of gold and 1.9 billion pounds of copper [86] - Dumitru Potok contains a significant higher-grade core of the mineral resource with 2.4 million ounces of gold and 1.7 billion pounds of copper [86] Vareš Mine Ramp-Up - Vareš is expected to have an average grade processed of 9.2 g/t AuEq and total payable production of 1.8 million ounces AuEq over its 15-year initial operating life [92] - The post-tax NPV5% is estimated at $1,585 million [92]

Financial Performance - First quarter sales increased by 4% year-over-year to $935 million[7] - Adjusted diluted EPS increased by 13% year-over-year to $0.94[7] - Adjusted operating margin increased by 60 bps year-over-year[7] - Adjusted free cash flow conversion was 101%[7] Segment Results - Mobile Solutions segment sales increased by 5% year-over-year to $598 million[12] - Life Sciences segment sales increased by 13% year-over-year to $79 million[20] - Industrial Solutions segment sales remained flat year-over-year at $258 million[16] Fiscal Year 2026 Guidance - Sales outlook projects growth of 1% to 5%[7] - Adjusted operating margin is expected to be between 16.2% and 16.8%[7] - Adjusted EPS guidance is within a range of $3.95 to $4.11[7] Balance Sheet and Cash Flow - The company returned $127 million to shareholders through dividends and share repurchases in the first quarter[7] - Net debt to adjusted EBITDA ratio is 0.7x[25]

Proposed Joint Venture - Sappi and UPM have signed a non-binding letter of intent to form a joint venture in the European graphic paper sector, with both companies owning a 50% share[6] - The proposed JV aims to create a more efficient, adaptable, and sustainable graphic paper business in Europe[5] - The JV is expected to achieve cost synergies greater than €100 million per annum[6] Strategic Rationale - The European graphic paper industry faces structural challenges including digital substitution, excess capacity, and tightening sustainability standards[11] - Since 2007, graphic paper demand in Europe has decreased by over 60%, newsprint by close to 80%, and magazines and catalogues by some 70%[12] - The proposed JV is a necessary step towards securing the long-term viability, competitiveness, and resilience of the European graphic paper industry[13] Financial Implications for Sappi - Sappi's share of the equity accounted income from the JV is anticipated to exceed the EBITDA of the standalone European graphic paper business[10, 16] - Post transaction, Sappi group graphic paper sales volumes will be less than 20%[10, 16] - Sappi will receive cash consideration of €139 million from the transaction, which will be used to reduce debt[16, 22] Transaction Details - Sappi's assets in scope have an enterprise value of €320 million[18, 21] - Pension and other liabilities transferred amount to €53 million[18] - The transaction is classified as category 1 by the JSE and requires approval of shareholders[21]