Financial Data and Key Metrics Changes - For the first nine months of 2025, the company achieved a net income of EUR 5.26 million compared to a net loss of EUR 3 million for the same period in 2024, an increase of 281% [3] - EBITDA for the same period was EUR 10 million, up from EUR 3 million in 2024, representing an increase of 245% [3] - Voyage revenues decreased by 24% to EUR 24.2 million compared to EUR 32.9 million in 2024, primarily due to the dry docking of the Haframx II tanker [3][14] - Time charter equivalent rates dropped by 40% compared to the same period in 2024 [3][14] - The company reported a cash balance of EUR 6.6 million, down 48% from EUR 12.6 million at the end of 2024 [19] Business Line Data and Key Metrics Changes - Voyage costs for the first nine months of 2025 were EUR 9.4 million, a decrease from EUR 10.4 million in 2024, attributed to fewer voyage days due to dry docking [15] - Operating expenses for the same period were EUR 7 million, with crew expenses accounting for 50% of total operating expenses [17] - General and administrative costs decreased to EUR 2 million from EUR 2.5 million in 2024 [17] Market Data and Key Metrics Changes - The dry bulk trade showed resilience, with strong iron ore volumes to China and a potential rebound in coal trade expected in 2026 [4][5] - The grain trade experienced a boom in Q3, driven by high volumes of Brazilian soybeans purchased by China [5] - The handy-sized fleet now stands at 3,202 vessels, with 17.8% over 20 years of age [7][8] Company Strategy and Development Direction - The company aims for disciplined growth with a focus on acquiring quality non-Chinese-built vessels and maintaining a debt-free balance sheet [20][21] - The strategy includes securing favorable charters with high-quality customers such as commodity traders and oil producers [20][21] - The company has repaid all CapEx obligations totaling EUR 59.2 million without resorting to bank loans [21] Management Comments on Operating Environment and Future Outlook - The CEO noted that the shipping market remains uncertain due to geopolitical factors, but major economies are still growing and trade volumes are rising [23] - The company has built resilient foundations adaptable to changing market dynamics and will continue to explore new growth opportunities [24] Other Important Information - The company completed the dry docking of the Aframax tanker, the Afrapearl II, in August 2025 [22] - None of the vessels were built in Chinese shipyards, mitigating the impact of U.S. tariffs on the fleet [20][13] Q&A Session Summary - No specific questions or answers were documented in the provided content, thus this section is not applicable.

Financial Data and Key Metrics Changes - For fiscal 2025, net sales grew by 2.3% to nearly $3 billion, while adjusted earnings per share increased by 6% to $3.52, supported by organic growth and disciplined cost management [6][7][8] - The company returned $177 million to shareholders through dividends and share repurchases, reducing outstanding shares by approximately 5% [6][7] Business Line Data and Key Metrics Changes - Significant growth was noted in e-commerce, with a 35% increase in Q4 and a 25% growth for the year, with expectations of 15% growth in 2026 [35][36] - The auto care segment also experienced meaningful innovation, contributing to overall sales growth [5] Market Data and Key Metrics Changes - The macro environment has been challenging, with tariffs increasing costs and consumer demand softening late in the year [6][7] - The battery category is projected to decline by 2% for the year, with expectations of stabilization in the latter half of the fiscal year [18][25] Company Strategy and Development Direction - The company has extended Project Momentum into a fourth year, focusing on operational efficiency and the integration of Advanced Power Solutions [5][6] - A robust innovation pipeline is in place to drive category growth and strengthen leadership across batteries and auto care [5][6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a transitional first quarter for fiscal 2026, reflecting challenging sales comparisons and moderating consumer sentiment [7][18] - Despite current challenges, management expects double-digit adjusted earnings per share growth over the final three quarters of the year [7][18] Other Important Information - The company has achieved over $200 million in savings through Project Momentum, enhancing free cash flow and gross margins [6][12] - Management is focused on optimizing U.S. manufacturing to maximize future benefits from production credits, anticipating an incremental benefit of $15 million to $20 million annually starting in fiscal 2026 [40][41] Q&A Session Summary Question: Can you speak to the degree of confidence or visibility on the implied ramp following a challenging first quarter? - Management acknowledged the need for a strong Q4 but emphasized the achievements in fiscal 2025, highlighting the successful execution of Project Momentum and the expected ramp in performance as the year progresses [11][12][14] Question: What has changed in the consumer and cost environment since the last update? - Management noted a softening consumer sentiment and projected a decline in the battery category for the first quarter, with expectations of stabilization later in the year [24][25][27] Question: How are consumers responding in terms of channel dynamics? - Management observed that consumers are seeking value and shifting channels, with e-commerce being a significant area of growth, showing a 35% increase in Q4 [35][36] Question: What is the expectation for consumer behavior regarding pantry inventory? - Management indicated that consumers are likely to drain household inventory and may skip purchase cycles, but they expect a return to historical growth patterns in the battery category [46] Question: What is the plan for debt reduction and cash flow normalization? - Management prioritized paying down debt, aiming to reduce $150 million to $200 million, while also expecting to normalize cash flow in fiscal 2026 [47][48]

Financial Data and Key Metrics Changes - Oracle's database is expected to grow by more than 8X over the next five years due to increased demand and strategic partnerships with major cloud providers [30][34] - The company has seen significant growth in its AI business, indicating a strong competitive position in the market [26][29] Business Line Data and Key Metrics Changes - Oracle is embedding AI features directly into its applications, with hundreds of AI features already live in production across its Fusion applications [35][36] - The AI Data Platform is being actively developed and utilized, enhancing the integration of data and AI capabilities for customers [24][29] Market Data and Key Metrics Changes - Oracle's AI offerings are broad and encompass various areas, including model training, inferencing, and reasoning, which positions the company uniquely in the market [29] - The company is experiencing a rapid acceleration in the adoption of its database services, particularly as they become available on other cloud platforms [33][34] Company Strategy and Development Direction - Oracle is focused on integrating AI into all its applications, making it easy for customers to adopt without additional costs or implementation efforts [36][39] - The company is leveraging its long history of data storage and management to enhance its AI capabilities, positioning itself as a leader in AI reasoning [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the AI inferencing business and its potential impact on Oracle's future [21][22] - The company is optimistic about the demand for its database services and AI applications, driven by ongoing technological advancements and customer needs [33][34] Other Important Information - Oracle's board of directors was successfully elected, and the appointment of Ernst & Young as the independent auditor for fiscal year 2026 was ratified [17][19] - The meeting included a discussion on the importance of forward-looking statements and the associated risks [20] Q&A Session Summary Question: When will AI inferencing become more material to Oracle's business? - Management highlighted that AI reasoning is expected to take off as Oracle integrates private data with powerful AI models, positioning the company well for future growth [22][24] Question: Why is Oracle winning more AI business than competitors? - Management attributed Oracle's success to strategic decisions made years ago, including the development of a non-blocking network and the ability to leverage private enterprise data for AI applications [26][28] Question: What is driving the expected 8X growth in Oracle's database? - Management explained that the growth is due to increased demand for Oracle Database services, especially as they become available on multiple cloud platforms [30][34] Question: How will Oracle succeed in getting customers to adopt AI and grow market share? - Management emphasized that AI features are built into applications, allowing for easy adoption and immediate value for customers without additional costs [35][39]

Financial Data and Key Metrics Changes - The company expects production for 2026 to be similar to 2025, with significant increases anticipated in 2027-2029 as operations are restored [18][36] - EBITDA is projected to approach $12 billion in 2026, with further growth to over $15.5 billion on average for 2027 and 2028, based on copper prices around $5 per pound [38] Business Line Data and Key Metrics Changes - The Grasberg Block Cave incident impacted production, with PB1C representing approximately 2-3% of copper and gold reserves and about 7% of production year-to-date prior to the incident [10][12] - The phased restart plan includes PB2 and PB3, targeting a ramp-up of production in the second quarter of 2026, while PB1 South is expected to restart in mid-2027 and PB1C deferred until the end of 2027 [15][29] Market Data and Key Metrics Changes - The demand trends for copper are positive, driven by increasing requirements for electrification, technology, and energy infrastructure [36] - The company is well-positioned as a leading copper producer with large-scale current production and an attractive pipeline for future growth [36] Company Strategy and Development Direction - The company is focused on enhancing safety protocols and cave management plans following the September 8th incident, with a commitment to using learnings to prevent recurrence [14][17] - Plans to extend operating rights beyond 2041 are in progress, with government support expected for a long-term extension [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reestablishing large-scale production and emphasized a commitment to safety above all else [17] - The investigation into the incident has been collaborative with government authorities, ensuring transparency and alignment of interests [48] Other Important Information - The company has a policy providing coverage for up to $700 million for underground losses, which may assist in recovery efforts [38] - Capital expenditures for 2025 and 2026 are estimated to be approximately $800 million below previous estimates, with deferrals to prioritize recovery [38] Q&A Session Summary Question: Adjustments to mine planning and operations - The primary difference in the long-term plan is the sequencing of PB1 within PB1, PB1C, and PB1 North, while other portions of the mine are progressing as previously forecast [40] Question: Confidence in safety for resuming mining - Cement plugs will be installed in PB1C to protect against surface contact, ensuring no pathways remain before starting operations [43] Question: Government approval for restart plans - The government has been involved in the investigation and has conceptually approved the restart plans for Deep MLZ and Big Gossan, with ongoing collaboration [48] Question: Impact of new gold tax policies - The company has stabilized terms within its license, and most gold is sold domestically, which is beneficial given the new tax policies [52] Question: Production cost profile impact - Grasberg is expected to maintain a low-cost operation despite some fixed costs being charged to expense during the ramp-up [51]

Financial Data and Key Metrics Changes - For fiscal 2025, net sales grew by 2.3% to nearly $3 billion, while adjusted earnings per share increased by 6% to $3.52, supported by organic growth and disciplined cost management [5][6][7] - The company returned $177 million to shareholders through dividends and share repurchases, reducing outstanding shares by approximately 5% [5][6] Business Line Data and Key Metrics Changes - Significant growth was observed in e-commerce, with a 35% increase in Q4 and a 25% growth for the year [35] - The company’s innovation pipeline is robust, particularly in auto care, which is expected to drive category growth [5] Market Data and Key Metrics Changes - The macro environment has been challenging, with tariffs increasing costs and consumer demand softening late in the year [5][6] - The battery category is projected to decline by approximately 2% for the year, with expectations of stabilization in the category as the year progresses [26][28] Company Strategy and Development Direction - The company has extended Project Momentum into a fourth year, focusing on operational efficiency and the integration of Advanced Power Solutions [5] - The strategy includes realigning the manufacturing footprint to minimize tariff exposure and executing pricing actions to protect margins [6][7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a transitional first quarter for fiscal 2026, reflecting challenging sales comparisons and moderating consumer sentiment [6][7] - The company expects double-digit adjusted earnings per share growth over the final three quarters of fiscal 2026, driven by network realignment and Project Momentum savings [7][18] Other Important Information - The company has achieved over $200 million in savings from Project Momentum to date, with a focus on restoring gross margins and enhancing free cash flow [11][12] - Management indicated that consumer behavior is changing, with consumers likely to reduce pantry inventory and skip purchase cycles temporarily [46] Q&A Session Summary Question: Confidence in ramping up after a challenging first quarter - Management acknowledged the need for a ramp and highlighted the successful execution of Project Momentum, which has delivered significant savings and improved margins [11][12] Question: Changes in consumer behavior and cost environment - Management noted a softening consumer sentiment and projected a decline in the battery category for the first quarter, with expectations of stabilization later [25][26] Question: Channel dynamics and consumer shopping patterns - Management reported strong growth in e-commerce, with a focus on winning in this channel as consumers seek value [35] Question: Incremental benefits from optimizing U.S. manufacturing - Management anticipates an additional $15 million-$20 million in benefits from domestic production credits starting in fiscal 2026 [41][42] Question: Expectations for consumer behavior and category decline - Management expects temporary changes in consumer behavior, with a return to historical growth patterns as the market stabilizes [46] Question: Retail partners' inventory management - Management observed tighter inventory management from retail partners, impacting replenishment dynamics [53]

Financial Data and Key Metrics Changes - For the first nine months of 2025, the company achieved a net income of EUR 5.26 million, a significant increase of 281% compared to a net loss of EUR 3 million for the same period in 2024 [3] - EBITDA for the same period was reported at $10 million, up 245% from $3 million in 2024 [4] - Voyage revenues decreased by 24% to $24.2 million compared to $32.9 million in 2024, primarily due to the dry docking of the Haframx II tanker [14] Business Line Data and Key Metrics Changes - The time charter equivalent rates for vessels dropped by 40% compared to the same period in 2024, impacting overall voyage revenues [3][14] - Voyage costs decreased to $9.4 million from $10.4 million in 2024, attributed to fewer voyage days due to the dry docking of the Haframx II tanker [14][15] Market Data and Key Metrics Changes - The dry bulk trade showed resilience, with strong iron ore volumes to China and a potential rebound in coal trade expected in 2026 [4][5] - The grain trade experienced a boom in Q3, driven by increased Brazilian soybean purchases by China, resulting in a 35% decline in US exports by the end of Q3 [5] Company Strategy and Development Direction - The company aims for disciplined growth through selective acquisitions of quality non-Chinese-built vessels, focusing on short to medium-term charters and spot voyages [18][19] - The strategy includes maintaining a high-quality fleet to reduce operating costs and improve safety, which provides a competitive advantage [18] Management's Comments on Operating Environment and Future Outlook - The management noted that the shipping market remains uncertain due to geopolitical factors, but major economies continue to grow, and trade volumes are rising [20][21] - The company has built resilient foundations adaptable to changing market dynamics and plans to enhance its core businesses while exploring new growth opportunities [21] Other Important Information - The company reported a cash balance of $6.6 million, down 48% from $12.6 million at the end of 2024, primarily due to the settlement of the EcoSpeedFire purchase [17] - A warrant liability of EUR 3.9 million was recorded, a decrease of 63% from the previous year [18] Q&A Session Summary - No specific questions or answers were documented in the provided content, thus this section is not applicable.

Financial Data and Key Metrics Changes - For Q3 2025, the company reported total net revenues of $56.9 million, a 5.1% increase from $54.1 million in Q3 2024 [22] - Net income for Q3 2025 was $29.7 million, compared to $27.6 million in Q3 2024 [22] - Adjusted EBITDA for Q3 2025 increased to $38.8 million from $36.1 million in Q3 2024 [23] - Basic and diluted earnings per share for Q3 2025 were $4.27 and $4.25, respectively, compared to $3.97 and $3.95 for the same period last year [24] - For the first nine months of 2025, total net revenues were $170.5 million, a 6.8% increase from $159.6 million in the same period of 2024 [25] - Net income for the first nine months of 2025 was $96.5 million, up from $88.4 million in the prior year [25] Business Line Data and Key Metrics Changes - The average charter rate per vessel per day increased by 10.7% in Q3 2025 compared to Q3 2024 [22] - The fleet on the water consists of 21 vessels with a total carrying capacity of 61,000 TEU and an average age of about 12 years [6] - The company has secured 100% of available days for Q3 2025 at an average rate of approximately $30,345 per day [8] Market Data and Key Metrics Changes - The Shanghai Containerized Freight Index declined to its lowest level in nearly two years by late September 2025, but stabilized and increased by 30% in October and early November [9] - The average second-hand price index rose by about 4.4% in Q3 2025 compared to Q2 2025 [9] - The global fleet expanded by 6% year-to-date, with recycling activity remaining subdued [10] Company Strategy and Development Direction - The company remains committed to a $20 million share repurchase plan, having repurchased 466,000 shares for approximately $10.5 million [4] - The company has extended charters for several vessels, indicating a focus on securing long-term contracts [5] - The company is strategically positioned with minimal risk of oversupply due to a limited new building pipeline in smaller vessel segments [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the market remains fragile with downside risks stemming from persistent uncertainty and potential protectionist measures [11] - The company expects a dip in containerized trade growth to 0.7% in 2026 and a further decline of 6% in 2027 [13] - Management expressed cautious optimism regarding future profitability, supported by strong forward coverage [8] Other Important Information - The company declared a quarterly dividend of $0.70 per share for Q3 2025, reflecting an annualized yield of approximately 5% [4] - The company’s total outstanding bank debt stood at about $224 million as of September 30, 2025, with a cost of debt around 5.9% [21] Q&A Session Summary Question: Expectations for scheduled off-hire days for Q4 and 2026 - Management indicated a very light dry docking schedule with likely off-hire for Q4 being almost zero [39][40] Question: Impact of container ship ordering on rates - Management acknowledged that increased ordering could pressure rates from 2027 onward, but emphasized their strong coverage for 2027 [41][42] Question: Differences in the market pre-2020 and future expectations - Management highlighted that the previous oversupply and pandemic-related demand spikes significantly influenced market conditions [43][44] Question: Willingness to order additional tonnage - Management stated there is always a possibility to order more vessels, but they are currently comfortable with their positioning [50] Question: Medium-term leverage target - Management indicated a general strategy to maintain leverage around 50%, adjusting based on market conditions [51]

Financial Data and Key Metrics Changes - The company has targeted an 8%-12% earnings growth framework since 2004, achieving a compounded earnings growth of approximately 14.5% from 2004 to 2019 [2][4] - The company experienced a significant volume increase during the COVID-19 pandemic, but volumes are now normalizing, with expectations of flat to slightly declining volumes in the near term [3][5] Business Line Data and Key Metrics Changes - The core funeral business has a cremation mix of about 57%-58%, with expectations that this will stabilize around 75%-80% in the long term [10][11] - The SCI Direct segment generates about $200 million of the company's $4.2 billion revenue, with a significant portion coming from pre-need production [16][19] Market Data and Key Metrics Changes - The company anticipates a gradual increase in demand due to the aging baby boomer demographic, expecting a shift from flat volumes to a growth rate of 0.5% to 2% over the next decade [7][8] - The company has seen a decline in volumes from 6% to 2.5% over the past few years, with expectations of stability in the near term [5][8] Company Strategy and Development Direction - The company is focusing on capital deployment and managing its footprint, with a strong emphasis on urban areas for growth [2][4] - The company is actively pursuing acquisitions, targeting a spend of $75 million to $125 million, with a goal to increase market share from 17%-18% to around 25%-30% [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, expecting to return to a more normalized earnings growth framework of 8%-12% [4][21] - The company is adapting to changing consumer preferences, particularly the shift towards cremation, and is enhancing its offerings to meet these demands [10][12] Other Important Information - The company has shifted from trust-funded pre-need products to insurance-funded products, which has improved economic terms and revenue generation [48][49] - The company has invested approximately $160 million in capital to enhance cemetery offerings, creating tiered inventory options [14] Q&A Session Summary Question: What impact do you expect from the decision to stop delivering pre-need merchandise at the time of sale? - The company anticipates a near-term headwind from this shift but expects growth in matured pre-need production over the next decade as the backlog fills out [19][21] Question: How do you see the consolidation opportunity in the market? - The company sees a strong pipeline of acquisition opportunities and aims to be a preferred acquirer, targeting a mid-teen IRR on acquisitions [34][36] Question: What are the drivers for the 8%-12% EPS growth goal? - The growth is expected to come from a combination of base business growth, share buybacks, and acquisition spending [43][44]

Financial Data and Key Metrics Changes - Third Quarter 2025 revenues were $1,922 million, a 12% increase from $1,718 million in the Third Quarter of 2024, with 18% growth for the nine months ended September 30 [4][10] - GAAP gross margin improved to 24.9% in the Third Quarter from 24% in the same quarter last year, while non-GAAP gross margin rose to 25.2% from 24.4% [5][8] - GAAP diluted EPS increased to $2.80 from $1.77 year-over-year, and non-GAAP diluted EPS rose to $3.35 from $2.21 [8] Business Line Data and Key Metrics Changes - Aerospace segment revenues decreased by 3% year-over-year, primarily due to lower precision-guided munitions sales in Asia-Pacific, offset by increases in Israel and Europe [8] - SIFRAE and CYBER revenues increased by 14% year-over-year, driven by sales in Europe [9] - Land segment revenues surged by 41% in the third quarter, attributed to ammunition and munitions sales in Israel and Europe [9] Market Data and Key Metrics Changes - Revenue contributions for the Third Quarter 2025 were as follows: Europe 28%, North America 21%, Asia-Pacific 14%, and Israel 33% [4] - The order backlog as of September 30, 2025, was $25.2 billion, an increase of $3.1 billion from the same quarter last year [10] Company Strategy and Development Direction - The company aims to focus on growth outside of Israel, particularly in Europe, as indicated by a backlog increase of $1.2 billion from international orders [22] - Elbit Systems is expanding its operations in Europe with new facilities in Sweden and Germany to enhance local delivery capabilities [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth driven by strong demand for solutions, particularly in Europe and Israel, amidst rising global defense budgets [11] - The company anticipates that the ceasefire will allow for a return to normal business operations and potentially more opportunities for new business [36] Other Important Information - The Board of Directors declared a dividend of $0.75 per share to be paid on January 5, 2026, reflecting the company's strong financial performance [10] - Elbit signed a significant international contract worth approximately $2.3 billion, marking the largest contract in the company's history [12] Q&A Session Summary Question: How enduring is domestic demand with the ceasefire? - Management noted an increase in backlog, with $200 million in Israel and $1.2 billion outside Israel, indicating a focus on growth outside Israel, especially in Europe [22] Question: What is the outlook for the air and aerospace business? - Management expects continued growth in the aerospace segment, driven by international sales and demand for UAVs [25][26] Question: Are there opportunities in directed energy solutions? - Management confirmed significant interest in high-powered laser systems, with potential orders expected based on success in Israel [28][30] Question: What are the drivers behind the strong margin performance? - The margin expansion is attributed to improved backlog profitability and operational excellence initiatives, including AI utilization [34][35] Question: Any updates on profitability targets for 2026? - Management refrained from providing specific targets but emphasized ongoing efforts to improve profitability and cash conversion [40] Question: How does Elbit plan to leverage the US DOD's budget expansion? - Management highlighted the strategic importance of the US market and ongoing exploration of acquisition opportunities [41][42]

Financial Data and Key Metrics Changes - Third quarter revenues were $92.3 million, an 11% increase compared to $83.5 million in Q3 of the previous year [10] - Subscription fees were $67.6 million, up 13% year-over-year, representing 73% of total revenues [10] - Net income for the third quarter was $14.6 million, or diluted earnings per share of $0.74, an increase of 7% compared to $13.7 million, or diluted earnings per share of $0.69 in the same quarter last year [11] - EBITDA was $24.6 million, 26.7% of revenues, up 6% year-over-year [10] Business Line Data and Key Metrics Changes - The subscriber base reached 2,588,000 at quarter end, an increase of 40,000 in the quarter, with a year-over-year growth of 219,000 [10] - Product revenues were $24.7 million, up 4% year-over-year [10] Market Data and Key Metrics Changes - Geographic breakdown of revenues in Q3: Israel 55%, Brazil 23%, rest of the world 22% [10] - Strong demand for location-based products and telematics services in all regions, particularly in Israel due to high car theft rates [4][5] Company Strategy and Development Direction - The company is focused on expanding its subscriber base and introducing new products and services, including the IturanMob smart mobility platform [5][9] - Plans to scale into high-growth motorcycle markets through partnerships with local OEMs, starting with Brazil [5][29] - The company aims to explore M&A opportunities for expansion into other geographies, particularly in Europe [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting subscriber growth guidance of 220,000 to 240,000 for 2025, which would be the highest in the company's history [21] - The company is optimistic about the U.S. market for IturanMob, targeting small to medium rental companies [14][18] - Management noted that the operating expenses increase was primarily due to foreign exchange effects, but margins are expected to improve with subscriber growth [19][21] Other Important Information - The company generated $21.3 million in operating cash flow during the quarter and declared a dividend of $10 million [7][11] - The dividend policy was increased by 25% at the end of the previous year, reflecting strong profitability and cash generation [8] Q&A Session Summary Question: Can you provide more details on the U.S. launch and target market? - Management indicated that the focus is on small to medium rental companies, which represent a significant portion of the market, and highlighted the demand for cost-saving solutions [14][15] Question: What is driving the increase in operating expenses this quarter? - The increase in operating expenses was primarily attributed to foreign exchange effects, with expectations for margin expansion as subscriber numbers grow [19] Question: How is subscriber momentum performing against original guidance? - Management confirmed that they are on track to meet subscriber growth guidance, with contributions from various regions and initiatives [21] Question: Can you discuss the motorcycle market and partnerships? - Management emphasized the importance of the motorcycle market in South America and the partnership with BMW Motorrad, expecting significant subscriber growth starting in 2026 [29][30] Question: Are there concerns about manufacturers developing their own telematics systems? - Management reassured that Ituran's strength lies in its service-oriented model and strong market presence, which mitigates risks from potential disintermediation [51][52] Question: Update on efforts in India? - Management mentioned a joint venture in India with a focus on commercial vehicles, noting the market's slow growth but long-term potential [55]