Better Home & Finance (NasdaqGM:BETR) Q4 2025 Earnings call March 13, 2026 08:30 AM ET Speaker4Ladies and gentlemen, thank you for standing by. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome you to the Better Home & Finance Holding Company fourth quarter and full year 2025 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ...

Financial Data and Key Metrics Changes - Fourth quarter net revenues reached RMB 1.14 billion, up 40.3% year-over-year, while total net revenues for the full year grew 44% to RMB 3.96 billion [13] - Gross margin expanded to 31.4% in the fourth quarter, up from 27% a year ago, and for the full year, gross margin increased to 29.9% [13][14] - Non-GAAP operating income doubled to RMB 570 million for the full year, with non-GAAP net income surging to RMB 1.16 billion [14] Business Line Data and Key Metrics Changes - International sales accounted for 76.5% of fourth quarter revenue, indicating a significant shift towards global operations [6] - In the Asia Pacific region, the company captured over 20% of the specialty store channel and increased channel revenue by over 200% [7] Market Data and Key Metrics Changes - Domestic revenue in mainland China grew by over 20% in 2025, driven by stricter customs enforcement reducing the illegal market [9] - The European market is expected to consolidate around established compliant brands, with a positive outlook for 2026 due to new excise taxes favoring compliant operators [26] Company Strategy and Development Direction - The company is focusing on multidimensional global expansion and building a competitive moat in Europe through strategic partnerships and compliance with local regulations [8] - AI integration is a core strategy to enhance operational efficiency and predict consumer preferences, allowing for faster product launches and improved supply chain management [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability and predictability of international business growth for 2026, projecting double-digit growth for the broader industry [19] - The company aims to maintain a strong cash position while selectively deploying capital towards disciplined M&A and strategic investments [21] Other Important Information - The company ended 2025 with total financial assets of RMB 15.73 billion (approximately $2.2 billion), providing financial flexibility for strategic initiatives [15] - Over $500 million has been returned to shareholders through dividends and share repurchases, with plans to continue optimizing capital structure for shareholder returns [20] Q&A Session Summary Question: Expectations for overseas business growth and strategies - Management expects a stable environment for international business in 2026, projecting significant growth faster than the industry average, with a strong pipeline of international markets [19] Question: Update on European operations and outlook for 2026 - European operations have shown resilience despite market contractions, with a positive outlook for 2026 as the industry consolidates around compliant brands [26] Question: Progress of nicotine pouch products and market conditions - Rollouts of modern oral products in Europe have begun, with positive consumer feedback, and the company is focusing on channel expansion for these products [39]

Financial Data and Key Metrics Changes - Revenues for 2025 increased by 3.8% year-over-year to $1.033 billion, up from $995.6 million in 2024 [10][23] - Operating income for 2025 was $45.5 million, a significant improvement from an operating loss of $68.8 million in 2024, positively impacted by an $81.7 million gain from the sale of the property management division [10][24] - Adjusted EBITDA improved to a loss of $14 million in 2025, compared to a loss of $24.1 million in 2024 [10][25] - Net income for 2025 was $15.2 million or $0.17 per diluted share, compared to a net loss of $76.3 million or ($0.91) per diluted share in 2024 [24] Business Line Data and Key Metrics Changes - Revenues from the development marketing division increased by $12.6 million from the prior year, totaling $80.4 million in 2025, up from $67.8 million in 2024 [14][17] - The average price per transaction in 2025 increased to $1.86 million per home sold, compared to $1.67 million in 2024 [15] - The development marketing division has an active project pipeline totaling $25.3 billion in gross transaction value, with $17.5 billion in Florida alone [16][17] Market Data and Key Metrics Changes - The Northeast market led revenue increases, with a rise of $17.5 million or 9.2% from 2024 [18] - In the fourth quarter of 2025, agents sold 282 homes priced over $5 million, representing 5.4% of total transactions, and 1,282 such homes during the year, a 25% increase from 2024 [16] - Cash receipts from existing home sales in January and February 2026 were 11% lower than the same period in 2025 [18] Company Strategy and Development Direction - The company is focused on expanding its footprint in existing markets and entering new high-potential regions, including recent expansions into the French Alps and other luxury destinations [5][6] - Two growth teams have been launched: one focused on expanding within current markets and another on new market expansion [6][7] - The company has reinforced its leadership team to drive growth and innovation, including the appointment of a Chief Strategy Officer and a Chief Technology Officer [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positive momentum and competitive advantage due to a strong balance sheet, which allows for growth in existing and new markets [13][20] - The company anticipates that 2026 will mark the beginning of a new growth phase as investments made in 2025 begin to yield results [11][27] - Management acknowledged ongoing economic pressures, including geopolitical uncertainties and elevated mortgage rates, but remains optimistic about future performance [18] Other Important Information - The company had cash and cash equivalents of approximately $115.5 million at December 31, 2025, with no long-term debt following the redemption of convertible notes [11][20] - The company has made significant investments in market intelligence, technology, and agent resources, including the launch of a new market data report program [9] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session. The call concluded without a detailed Q&A segment [28]

RLX Technology (NYSE:RLX) Q4 2025 Earnings call March 13, 2026 08:00 AM ET Company ParticipantsChao Lu - CFOKate Wang - CEOLydia Ling - Director Equity ResearchSam Tsang - Head of Capital MarketsConference Call ParticipantsLing Zhao - Equity Research AnalystYun Guo - Senior AnalystZoe Zhu - VP and Equity AnalystOperatorHello, ladies and gentlemen. Thank you for standing by for RLX Technology Inc.'s fourth quarter and fiscal year 2025 earnings conference call. At this time, all participants are in a listen-o ...

VEON (NasdaqCM:VEON) Q4 2025 Earnings call March 13, 2026 08:00 AM ET Company ParticipantsAdrian Cundy - DirectorAnand Ramachandran - Chief Corporate Development OfficerBurak Özer - Group CFOKaan Terzioğlu - Group CEOVincent Fernando - Managing DirectorConference Call ParticipantsAhmed Mostafa - Equity Research AnalystAli Zaidi - Senior AnalystChris Hoare - Principal and Lead AnalystMatthew Harrigan - Equity Research AnalystMax Findlay - Equity Research AnalystNicholas Paton - Senior Equity Research Analyst ...

Financial Data and Key Metrics Changes - Revenues for 2025 increased by 3.8% year-over-year to $1.033 billion, up from $995.6 million in 2024 [10][23] - Operating income for 2025 was $45.5 million, a significant improvement from an operating loss of $68.8 million in 2024, positively impacted by an $81.7 million gain from the sale of the property management division [10][24] - Adjusted EBITDA improved to a loss of $14 million in 2025, compared to a loss of $24.1 million in 2024 [10][25] - Net income for 2025 was $15.2 million or $0.17 per diluted share, compared to a net loss of $76.3 million or ($0.91) per diluted share in 2024 [24] Business Line Data and Key Metrics Changes - Revenues from the development marketing division increased by $12.6 million from the prior year, totaling $80.4 million in 2025, up from $67.8 million in 2024 [14][17] - The average price per transaction in 2025 increased to $1.86 million per home sold, compared to $1.67 million in 2024 [15] - The number of homes sold priced over $5 million increased by 25% in 2025, with 1,282 such homes sold [16] Market Data and Key Metrics Changes - The Northeast market led revenue increases, with a rise of $17.5 million or 9.2% from 2024 [17] - Total brokerage cash receipts in January and February 2026 were 12.4% lower than the same period in 2025 [18] Company Strategy and Development Direction - The company is focused on expanding its footprint in existing markets and entering new high-potential regions, including recent expansions into the French Alps and other luxury destinations [5][6] - Two growth teams have been launched to support market expansion and agent recruitment [6][7] - The company has reinforced its leadership team to drive growth and innovation, including new appointments in key strategic roles [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positive momentum and competitive advantage due to a strong balance sheet [13] - The company anticipates that 2026 will mark the beginning of a new growth phase as investments made in 2025 begin to yield results [11][20] - Management acknowledged ongoing economic pressures, including geopolitical uncertainties and elevated mortgage rates, but remains optimistic about future opportunities [18] Other Important Information - The company maintained cash and cash equivalents of approximately $115.5 million at December 31, 2025, with no long-term debt [11][26] - The company has made significant investments in market intelligence, technology, and agent resources to enhance service offerings [9] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session. The call concluded without a detailed Q&A segment [28]

Financial Data and Key Metrics Changes - The company ended 2025 with cash totaling $7.6 million, an increase from $3.7 million as of December 31, 2024 [14] - The net loss for Q4 2025 was $1.6 million, or $0.73 per diluted share, compared to a net loss of $2.8 million, or $3.29 per diluted share for Q4 2024 [18] - For the full year 2025, the net loss was $8 million, or $5.32 per diluted share, down from a net loss of $14.1 million, or $17.45 per share in 2024 [18] Business Line Data and Key Metrics Changes - Research and development expenses for Q4 2025 were $0.3 million, down from $0.8 million in Q4 2024, primarily due to decreased manufacturing and consulting costs [15] - For the full year 2025, R&D expenses were $1.8 million, a significant decrease from $5.4 million in 2024, attributed to lower manufacturing and consulting costs [16] - General and administrative expenses for Q4 2025 were $1.3 million, down from $2 million in Q4 2024, mainly due to reduced compensation and professional fees [16] Market Data and Key Metrics Changes - The company is focusing on the recurrent CDI market, which affects approximately 500,000 patients annually in the U.S., resulting in about 30,000 deaths and a public health cost burden of approximately $5 billion [21] Company Strategy and Development Direction - The company is launching a new clinical trial program for ibezapolstat in patients with recurrent CDI, aiming to shift treatment from two agents to one [9] - The company plans to request FDA approval for ibezapolstat under the Limited Population Pathway for Antibacterial and Antifungal Drugs guidance [10] - The company is pursuing funding opportunities for its phase 3 clinical trial programs and considering alternative financial pathways [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the challenging macroeconomic environment and industry sector while continuing to develop ibezapolstat's competitive profile [13] - The FDA's potential shift to a one-trial requirement for registration is seen as a positive development that could benefit the company's clinical development programs [11] Other Important Information - The company received a new patent for its Pol IIIC inhibitors, extending to December 2039, which covers composition of matter and method of use [11] - The company has approximately $7 million to $8 million left on its equity line of credit, which may support ongoing clinical trials [40] Q&A Session Summary Question: What is the primary endpoint for the recurrent CDI trial and its cost? - The primary endpoint is prevention of recurrence, with an evaluation period of eight weeks, and the trial cost is estimated to be between $4 million and $5 million [27][36] Question: When will the pilot study for recurrent CDI start and conclude? - Enrollment is expected to start in the second half of 2026, with full enrollment anticipated in 12-15 months [37] Question: How many patients are projected for the phase 3 trial for recurrent CDI? - The current projection is between 360 and 400 patients for a single trial in the recurrent CDI indication [42] Question: Is U.S.-based manufacturing a focus for the company? - Yes, the company is in discussions with government agencies regarding U.S.-based manufacturing, which is important for potential funding [46] Question: How real is the FDA's one-trial requirement? - Management is optimistic about the one-trial requirement being formalized, which could change the clinical trial landscape [73]

Financial Data and Key Metrics Changes - Fourth quarter net revenues reached RMB 1.14 billion, up 40.3% year-over-year, while total net revenues for the full year grew 44% to RMB 3.96 billion [14] - Gross margin expanded to 31.4% in the fourth quarter, up from 27% a year ago, and for the full year, gross margin increased to 29.9% [14][15] - Non-GAAP operating income doubled to RMB 570 million for the full year, with non-GAAP net income surging to RMB 1.16 billion [15] Business Line Data and Key Metrics Changes - International sales constituted 76.5% of fourth quarter revenue, marking a significant milestone in the company's global expansion [6] - Domestic revenue in mainland China grew by over 20% compared to the previous year, driven by stricter customs enforcement [10][28] Market Data and Key Metrics Changes - The Asia Pacific region showed strong market growth, with the company capturing over 20% of the specialty store channel in East Asia [7] - The U.K. market experienced a contraction in total retail value, but the company managed to grow its revenue by acquiring new customers and expanding shelf space [26] Company Strategy and Development Direction - The company is focusing on a consumer-first strategy and effective execution to lead the global smokeless transition [5] - European expansion is a top strategic priority, with investments in local distribution and partnerships with retail giants [9] - The company is integrating AI into its operations to enhance efficiency and predict consumer preferences [11][12] Management's Comments on Operating Environment and Future Outlook - Management expects a stable and predictable environment for international business in 2026, projecting double-digit growth for the broader industry [20] - The company views its strong cash position as a strategic asset, allowing for disciplined M&A and investments while maintaining shareholder returns [22] Other Important Information - The company ended 2025 with total financial assets of RMB 15.73 billion (approximately $2.2 billion), providing financial flexibility for strategic initiatives [16] - The company has returned over $500 million to shareholders through dividends and share repurchases [16] Q&A Session Summary Question: What is the growth outlook for overseas markets and strategies for expansion? - Management expects significant growth in overseas markets, projecting to grow faster than the industry average, with a strong pipeline of international markets for 2026 [20] Question: Can you provide an update on European operations and guidance for 2026? - European operations have shown resilience despite market contractions, with a positive outlook for 2026 as the industry consolidates around compliant brands [26][28] Question: How does management view consumer demand sensitivity across international markets? - Management believes demand remains resilient as products are embedded in daily routines, and the company is insulated from energy and freight volatility [38] Question: What is the current progress of nicotine pouch products? - The company has started rollouts of modern oral products in Europe, with positive feedback from consumers and plans for channel expansion in 2026 [40]

Financial Data and Key Metrics Changes - Revenues for 2025 increased by 3.8% year-over-year to $1.033 billion, up from $995.6 million in 2024 [9][21] - Operating income for 2025 was $45.5 million, a significant improvement from an operating loss of $68.8 million in 2024 [9] - Adjusted EBITDA for 2025 improved to a loss of $14 million, compared to a loss of $24.1 million in 2024 [22] - Net income for 2025 was $15.2 million or $0.17 per diluted share, compared to a net loss of $76.3 million or ($0.91) per diluted share in 2024 [21] Business Line Data and Key Metrics Changes - Revenues from the development marketing division increased to $80.4 million in 2025, up from $67.8 million in 2024, benefiting from investments made in recent years [15] - The average price per transaction in 2025 increased to $1.86 million per home sold, compared to $1.67 million in 2024 [13] - The development marketing division's active project pipeline totals $25.3 billion in gross transaction value, with $17.5 billion in Florida alone [15] Market Data and Key Metrics Changes - The Northeast market led revenue increases, with a rise of $17.5 million or 9.2% from 2024 [15] - In the fourth quarter of 2025, agents sold 282 homes priced at more than $5 million, representing 5.4% of total transactions, and 1,282 such homes during the year, a 25% increase from 2024 [14] Company Strategy and Development Direction - The company aims to deepen its footprint in existing markets while entering new high-potential regions, including recent expansions into the French Alps and other luxury destinations [5][6] - Two growth teams have been launched: one focused on expanding within current markets and another on new market entries [6] - The company has reinforced its leadership team to drive growth and innovation, including the appointment of a Chief Strategy Officer and a Chief Technology Officer [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positive momentum and competitive advantage due to a strong balance sheet, which allows for growth in existing and new markets [12] - The company anticipates that 2026 will mark the beginning of a new growth phase as investments made in 2025 begin to yield results [10] - Management acknowledged ongoing economic pressures, including geopolitical uncertainties and elevated mortgage rates, but remains optimistic about future performance [16] Other Important Information - The company had cash and cash equivalents of approximately $115.5 million at December 31, 2025, with no long-term debt following the redemption of convertible notes [10][23] - The company has made significant investments in market intelligence, technology, and agent resources to enhance service offerings [8] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

VEON (NasdaqCM:VEON) Q4 2025 Earnings call March 13, 2026 08:00 AM ET Speaker10As a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Anand Ramachandran, you may begin.Speaker3Good morning and good afternoon to everyone joining us. Thank you for being with us for VEON's fourth quarter and full year 2025 results for the period ending December 31, 2025. My name is Anand Ramachandran. I'm the Chief Corporate Development Officer for VEON. Joining me t ...