Leadership Transition - David McCreight was announced as Interim President & CEO, and Thomas Folliard as Interim Executive Chair, effective December 1, 2025[6] - Former Chief Executive Officer, Bill Nash, stepped down from his position and as a member of the Board effective December 1, 2025[9] Q3 2026 Financial Performance - Net earnings per share decreased by 24.7% year-over-year to $0.64[24, 27] - Total gross profit decreased by 12.9% year-over-year to $590.0 million[24] - SG&A expense increased by 1.0% year-over-year to $581.4 million[24] - CarMax Auto Finance (CAF) income increased by 9.3% year-over-year to $174.7 million[27] Sales Performance - Total vehicles bought decreased by 11.7% year-over-year to 238,000 units[24] - Retail used unit sales decreased by 6.2% year-over-year[24] - Wholesale unit sales decreased by 9.0% year-over-year[24] Capital Allocation - The company repurchased $201.6 million in shares of common stock[17]

Transaction Overview - TMTG will merge with TAE in an all-stock transaction, aiming to create a pro forma company capitalized to fund a utility-scale fusion plant and grow media and technology franchises[5] - The transaction is expected to close in mid-2026, pending customary closing conditions and shareholder approval[5] - Post-merger, TMTG/TAE are expected to own approximately 50% each on a fully diluted basis[6] - TMTG has agreed to provide up to $200 million in cash to TAE, with an additional $100 million available upon initial filing of the Form S-4[6] Pro Forma Company Strategy - The pro forma company aims to deliver clean, affordable, and reliable fusion energy, targeting utility-scale power generation with plants scaled to 350-500 MWe[8, 9] - The company plans to advance TAE's proprietary technology, which is considered safe, deployable, and reliable for baseload power to meet AI-driven demand[7, 9] - The company intends to construct its first utility-scale 50 MWe fusion power plant, with site location and construction commencing in 2026, targeting initial power operations in 2031[21] Financials and Leadership - The pro forma company will have $3.1 billion of financial assets on its balance sheet as of Q3 2025[28] - TAE has raised $1.3 billion in private capital to date[7, 25] - The pro forma company will be governed by a nine-member board, with a majority being independent, including Devin Nunes, Michl Binderbauer, Donald J Trump Jr, and Michael B Schwab (Chairman)[6, 7] TAE Technology and Innovation - TAE has a 27-year history of fusion research, having built five fusion reactors to date[6, 7, 19] - TAE has over 400 employees, including 62 Ph Ds, and has been granted over 1,600 patents[7] - TAE is targeting fusion-generated electricity by 2031, with future commercial power plants expected to be sized at 350-500 MWe[11, 20]

Birkenstock (NYSE:BIRK) Q4 2025 Earnings Call December 18, 2025 08:00 AM ET Speaker0Good morning, and thank you for standing by. Welcome to the Birkenstock Quarter and Fiscal 2025 earnings conference call. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star nine to raise your hand and star six to unmute. The compan ...

MICVO Monotherapy Efficacy - MICVO monotherapy demonstrated a validated efficacy signal in 2L+ R/M HNSCC, with a 46% confirmed ORR and a 92% DCR (n=13, 5.4 mg/kg)[4] - In the Phase 1 monotherapy dose expansion study at 5.4 mg/kg, Arm 1 (post-PD1/post-Platinum) showed a 60% confirmed ORR (N=5)[32] - Arm 2 (post-PD1/post-EGFRi) in the monotherapy study showed a 25% confirmed ORR (N=4), exceeding the PI benchmark of 20%+[32] - MICVO monotherapy at 5.4 mg/kg demonstrated clear activity with deep responses and exceptional disease control[35] MICVO + KEYTRUDA® Combination Efficacy - MICVO combined with KEYTRUDA® showed a promising emerging efficacy profile in 1L/2L+ R/M HNSCC, with a 71% confirmed ORR and 100% DCR (n=7, 3.6 mg/kg & 4.4 mg/kg)[4] MICVO Safety and Tolerability - MICVO at 5.4 mg/kg in R/M HNSCC showed no Grade 4 or Grade 5 ADC payload TRAEs of interest[40] - Initial data supports a lack of overlapping toxicities observed between MICVO and KEYTRUDA®[52] Market and Clinical Development - FDA aligned on a 2L+ monotherapy pivotal trial design for MICVO[4] - The US R/M HNSCC market is large, growing, and relatively uncrowded, making it ripe for innovation[17] - Projected 2029 US market data shows a significant number of drug-treatable patients, with ~31K in 1L, ~21K in 2L, and ~8K in 3L[18]

Lasofoxifene (Metastatic Breast Cancer) - The global metastatic ER+/HER2- breast cancer market is expected to grow from approximately $10.9 billion in 2025 to roughly $15.9 billion by 2029[23] - Lasofoxifene, combined with abemaciclib, demonstrated a potential best-in-class median Progression-Free Survival (PFS) of 13 months in a heavily pre-treated mESR1 population in the Phase 2 ELAINE-2 trial[26, 27, 50] - In the ELAINE-1 Phase 2 study, lasofoxifene delivered a median PFS of 24.2 weeks compared to 16.2 weeks with fulvestrant in ESR1-mutant breast cancer[48] - Approximately 70% of all breast cancers are ER+/HER2- subtype[23, 32] - Lasofoxifene reduced new onset breast cancer by 83% in a large prevention trial[30] - The ELAINE-3 registrational Phase 3 trial is ongoing, with topline results expected in mid-2027 and over 50% enrollment[16, 17, 57, 138, 139] - Assuming approximately 10% market penetration, lasofoxifene has a peak market sale potential of over $1 billion in the US market[81] ATH-1105 (ALS) - Approximately 225,000 people globally are affected by ALS, with roughly 33,000 cases in the US[98] - ATH-1105 is a CNS-penetrant positive modulator of HGF as a potential treatment for ALS[103] - A Phase 2 POC study in ALS is planned to start in the first half of 2026, with topline results expected in 2027[18, 19, 140, 141] Financial - A PIPE financing of up to $236 million, including $90 million upfront, provides cash runway through data readout and into 2028[137]

Financial Performance - Total sales reached $3.1 billion, reflecting a 7.3% increase[10] - Same-restaurant sales grew by 4.3%[10] - Adjusted EBITDA amounted to $466 million[10] - Adjusted diluted net earnings per share from continuing operations were $2.08[10] Margin Analysis - Food and beverage expenses accounted for 31.1% of sales, a decrease of 90 basis points compared to the prior year[13] - Restaurant labor expenses represented 32.2% of sales, a decrease of 10 basis points compared to the prior year[13] - Restaurant expenses accounted for 16.4% of sales, a decrease of 10 basis points compared to the prior year[13] - Marketing expenses accounted for 1.6% of sales, an increase of 10 basis points compared to the prior year[13] Fiscal Year 2026 Outlook - The company projects total sales growth of 8.5% to 9.3%, which includes approximately 2% total sales growth for the extra week[19, 20] - Same-restaurant sales growth is expected to be between 3.5% and 4.3%[19] - Adjusted diluted net earnings per share are projected to be $10.50 to $10.70[19]

1 Investment Highlights Worthington Steel Investor Presentation | December 2025 Safe Harbor Statement Selected statements contained in this release constitute "forward-looking statements," as that term is used in the Private Securities Litigation Reform Act of 1995 (the "Act"). The Company wishes to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect the Company's current expectations, estimates or projections concerning future results or events. These statem ...

Summary of Conference Call Company and Industry - The conference call pertains to **Nordea**, a financial services group operating in the Nordic region, focusing on macroeconomic trends, interest rates, and financial performance metrics. Core Points and Arguments 1. **Macro Trends**: - Interest rates are expected to decrease by approximately **12 basis points** quarter on quarter in Q4, following rate cuts in Q3. The average decrease in three-month interbank offered rates was **19 basis points** in Sweden and **8 basis points** in Norway, while Denmark and Finland saw increases of **2 to 3 basis points** [2][3] - The USD-denominated MSCI World Index increased by **4.9%** quarter on quarter, and the OMX40 Nordic Index rose by **3.8%** [2] 2. **Net Interest Income (NII)**: - NII for Q3 was reported at **EUR 1.775 billion**, with expectations for Q4 to be lower due to a decrease in average Nordic policy rates [3][4] - The margin-driven NII saw a reduction of nearly **EUR 90 million** in Q3, with a projected contribution of around **EUR 10 million** from deposit hedges in Q4 [4][5] 3. **Net Fee and Commission Income (NCI)**: - NCI for Q3 was **EUR 811 million**, with non-recurring gains of **EUR 10 million** not expected to repeat, leading to a relevant starting point of **EUR 800 million** for Q4 [6] - The average quarterly run rate for brokerage and advisory services was around **EUR 50 million** [7] 4. **Net Insurance Results**: - Q3 net insurance results were **EUR 66 million**, benefiting from movements in medium to long-term interest rates [9] 5. **Loan Losses**: - Historically, loan losses in Q4 tend to be higher, with expectations around **10 basis points** based on long-term averages. Significant portions of management judgment buffers have already been released earlier in the year [10][11] 6. **Capital and Dividends**: - The CET1 ratio was **15.9%** at the end of Q3, with a requirement of **13.6%**. A new buyback program of **EUR 500 million** was launched, expected to reduce the CET1 ratio by **30 basis points** [12][15] - The dividend policy aims for a payout of **60%-70%** of annual profits, with a stable to growing dividend per share ambition [12][13] Other Important Content - The impact of foreign exchange (FX) movements was noted, with SEK and NOK showing minor tailwinds for euro-denominated income in Q4 [3] - The conference call emphasized the importance of tracking FX movements, particularly for the P&L statement [3] - The company plans to book a fee for interest-free deposits under regulatory fees starting Q4, with a limited impact of mid-single-digit million euros [10] - The silent period for further inquiries begins on **7 January**, with the Q4 report scheduled for release on **29 January** [1][16]

Financial Performance - Enerpac Tool Group's Q1 FY26 net sales were $144 million, a decrease of 0.7% compared to $145 million in Q1 FY25[8] - Organic sales decreased by 2.4% overall[8] - Adjusted EBITDA was $32.4 million, a 5.7% decrease compared to $34.3 million in Q1 FY25[13] - Adjusted EPS was $0.36, a 10% decrease compared to $0.40 in Q1 FY25[13] - Gross margin was 50.7%, a decrease of 70 basis points year-over-year[13] - Adjusted SG&A was 29.8% of sales, an increase of 80 basis points year-over-year[13] Segment Performance - IT&S product sales grew organically by 4%[6,8] - IT&S service sales decreased organically by 26.3%[8] - Cortland Biomedical sales grew organically by 27.3%[8] Regional Performance (IT&S) - Americas region experienced 5% organic growth[9] - EMEA region experienced a 10% organic decline[9] - APAC region experienced an 8% organic decline[9] FY26 Guidance - Net sales are projected to be between $635 million and $655 million, with organic growth of approximately 1-4%[22] - Adjusted EBITDA is expected to be between $158 million and $168 million[23] - Adjusted EPS is projected to be between $1.85 and $2.00[23]

HHH to Acquire Vantage Group A Leading Specialty Insurance & Reinsurance Platform December 2025 Forward Looking Statements Statements made in this presentation that are not historical facts, including statements accompanied by words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "may," "plan," "project," "realize," "should," "transform," "would," and other statements of similar expression and other words of similar expression, are forward-looking statements within the ...