Financial Performance - SNDL achieved its first profitable quarter with approximately $6 million in Adjusted Operating Income [17] - Net revenue increased by 73% year-over-year to $245 million [14] - Gross profit increased by 162% year-over-year to $676 million [14] - Adjusted Operating Income increased by 2263% year-over-year to $58 million [14] - Free Cash Flow decreased by 407% year-over-year to negative $79 million, driven by growth investments [14, 15] Segment Performance - Liquor Retail net revenue increased by 10% year-over-year to $1419 million [34] - Cannabis Retail net revenue increased by 11% year-over-year to $844 million [37] - Cannabis Operations net revenue increased by 43% year-over-year to $358 million [43] Strategic Highlights - Cannabis Retail same-store sales grew by 82% [51] - Liquor Retail same-store sales grew by 27% [51] - Cannabis Operations revenue growth was driven by the Indiva acquisition and international sales [52]

Financial Performance - The company's net income was $1571 million, or $430 per diluted share[6] - The company's operating income was $1587 million, or $435 per diluted share[6] - The company's net return on average equity was 201%, and the operating return on average equity was 187%[5,6] - The company's book value per share increased by 60% from March 31, 2025, to $8962[5] Underwriting Results - The company's combined ratio was 925%, with a combined ratio excluding catastrophes of 855%[5] - Catastrophe losses amounted to $1075 million, representing 70 points on the combined ratio[5] - The company's net premiums written increased by 41%[5] - The company's net investment income increased by 167% to $1055 million[5] Segment Performance - Core Commercial net premiums written grew by 44% to $5360 million[11] - Specialty net premiums written grew by 46% to $3682 million[18] - Personal Lines net premiums written grew by 37% to $6796 million[26] Pricing and Retention - Renewal price increases were 123% in Personal Lines, 107% in Core Commercial, and 78% in Specialty[5] - Core Commercial retention improved sequentially to 851%[17]

Financial Performance - Carpenter Technology's adjusted operating income for Q4 FY25 was $151 million, a 21% increase year-over-year[8,9] - The company generated $2013 million in adjusted free cash flow in Q4 FY25[12] and $2875 million for the full fiscal year[28,32] - SAO (Specialty Alloys Operations) adjusted operating margin reached 305% in Q4 FY25[11,32,41] - The company executed $241 million in share repurchases in Q4 FY25[13] and $1019 million for the full fiscal year[15,32,41] as part of a $400 million authorization[15] - Carpenter Technology anticipates Q1 FY26 operating income to be in the range of $162 million to $165 million[23] Sales and Market - Aerospace & Defense accounted for 62% of net sales excluding surcharge in Q4 FY25, totaling $3838 million, a 3% increase sequentially and 2% year-over-year[17] - Medical sales were $768 million, representing 12% of net sales excluding surcharge, a 6% increase sequentially but a 16% decrease year-over-year[17] - Energy sales were $446 million, accounting for 7% of net sales excluding surcharge, a 27% increase sequentially and 22% year-over-year[17] Fiscal Year 2026 Outlook - Carpenter Technology expects to generate $240 million to $280 million of adjusted free cash flow in fiscal year 2026[28] - The company anticipates a 26% to 33% increase in operating income for FY26 compared to FY25[35,36,41] - Capital expenditures for FY26 are estimated to be between $300 million and $315 million, including $175 million to $185 million for the brownfield capacity expansion project[28,48]

Financial Performance - Net sales for Q2 2025 were $2635 million, a decrease of 18.8% compared to Q2 2024[7] - Year-to-date net sales in 2025 reached $4685.5 million, a decrease of 24.1% compared to the same period in 2024[7] - Reported operating income for Q2 2025 was $164 million, a significant increase of 167.9% compared to Q2 2024[7] - Adjusted operating income for Q2 2025 was $217.5 million, a decrease of 34.8% compared to Q2 2024[7] - Free cash flow generated through June YTD 2025 was $63 million[35] Market Overview and Production - North America's industry tractor sales decreased by 13% year-to-date in June 2025 compared to 2024[9] - Brazil's industry tractor sales decreased by 12% year-to-date in June 2025 compared to 2024[9] - Western Europe's industry tractor sales decreased by 8% year-to-date in June 2025 compared to 2024[9] - Q2 2025 production was down approximately 16% compared to 2024[14] - Projected full-year 2025 production is expected to be down 15% - 20% compared to 2024[15]

Financial Performance - Recurring net income reached R$ 6.1 billion, showing a 3.5% increase quarter-over-quarter (q/q) and a 28.6% increase year-over-year (y/y)[3] - Total revenue increased by 5.2% (q/q) and 15.1% (y/y)[5] - Total net interest income (NII) reached R$ 34.0 billion, with a 4.7% (q/q) and 15.8% (y/y) increase[6] - Fee and commission income increased by 5.5% (q/q) and 10.6% (y/y)[6] - Insurance, pension plans, and capitalization bonds income increased by 6.5% (q/q) and 21.7% (y/y)[6] - Net interest income (NII) reached R$ 18.0 billion, showing a 4.7% (q/q) and 15.8% (y/y) increase[18] - Fee and commission income reached R$ 10.3 billion, showing a 5.5% (q/q) and 10.6% (y/y) increase[36] - Insurance, pension plans and capitalization bonds net income reached R$ 4.7 billion[44] Loan Portfolio - Total loan portfolio reached R$ 1,018 billion in June 2025, showing a 1.3% (q/q) and 11.7% (y/y) increase[10] Operating Expenses - Total operating expenses increased by 4.4% (q/q) and 4.9% (y/y)[39]

Financial Performance - Adjusted Earnings were $4.3 billion in Q2 2025[9], compared to $5.6 billion in Q1 2025[15] - Cash flow from operations (CFFO) reached $11.9 billion in Q2 2025[9], with 46% of CFFO distributed to shareholders over the last 12 months[9] - Total shareholder distributions in Q2 2025 amounted to $5.7 billion, including $2.1 billion in cash dividends and $3.5 billion in share repurchases[10] - The company maintains a strong balance sheet with a gearing of 19%[9], and net debt of $43.2 billion[11] Strategic Initiatives - The company is implementing a new buyback program of $3.5 billion, expected to be completed by Q3 2025[9] - The company is targeting $5-7 billion in structural cost reductions by the end of 2028, cumulative from 2022 levels[37] - The company has delivered $3.9 billion of structural cost reductions, with >60% from non-portfolio activities[20] - Cash capital expenditure is projected to be $20-22 billion per annum from 2025-2028[9, 37] Portfolio and Growth - First cargo has left LNG Canada, which has a capacity of 14 mtpa (40% Shell share)[26] - The company is targeting LNG sales growth of 4-5% CAGR to 2030[24] - The company aims for >10% nFCF per share growth p a through 2030[37]

Financial Performance and Outlook - The company's adjusted EPS for the first half of 2025 is $1.73[33, 36] - The adjusted EPS guidance for the full year 2025 is $3.54 - $3.60[33, 36], toward the high end of the previously stated range of $3.06 - $3.12[33] - The annual dividend per share (DPS) is $2.17[33], up by 11¢[33] - The long-term adjusted EPS growth is projected at +6% to +8%[13, 29, 33], toward the high end[33] - The utility capital plan is $20 billion[33, 48] for 2025-2029, up $3 billion from the prior plan[33, 48] Growth and Investment - The company anticipates 2% to 3% long-term annual sales growth[16, 27] - The company has an approximately 9 GW pipeline opportunity, including data centers[27] - The company plans to invest over $10 billion in electric reliability roadmap[21, 22], including up to 400 miles/year of undergrounding[21] and 20,000 poles replaced per year[23] - The company plans to invest over $5 billion in renewable energy plan[24, 26], including +8 GW solar and +2.8 GW wind[24] Economic Development - Economic development efforts are driving diversified growth, including data centers, across Michigan[17]

Company Overview & Strategy - BorgWarner's vision is a clean, energy-efficient world, and its mission is to deliver innovative and sustainable mobility solutions[9, 10] - The company aims to outgrow end markets, build on its product portfolio, and drive enhanced financial performance[21] - BorgWarner's value proposition includes a strong product portfolio, leading market share, financial strength, customer relationships, and a decentralized operating model[19] Financial Performance & Outlook - The company's 2024 foundational sales were approximately $12 billion[26] - BorgWarner estimates an adjusted operating margin between 96% and 102% for 2025[58, 59] - The company anticipates free cash flow between $650 million and $750 million in 2025[59] Market Dynamics & Opportunities - The estimated BorgWarner weighted light vehicle/commercial vehicle market is expected to decrease by 2% to 4% in 2025[62, 63] - The content opportunity per light vehicle increases from $548 for combustion engines to $2,569 for battery electric vehicles (BEVs) in 2027[24] - BorgWarner is exiting the charging business, which is expected to increase adjusted operating income by approximately $15 million in 2025 and $30 million in 2026[43] Capital Allocation - From 2020-2024, BorgWarner allocated capital with 57% towards M&A, 21% towards buybacks, 14% towards dividends and 8% towards Non-Controlling Interest Dividends, totaling $49 billion[53] - Since 2020, BorgWarner has returned approximately $35 billion to shareholders, including $1033 billion in buybacks, $720 million in shareholder dividends, and ~$17 billion market cap of PHINIA at spin-off[53]

Risk in Force Composition - The original risk written in 2025 was $6.9 billion, with 98.1% remaining [6] - The original risk written in 2004 and prior was $181.5 billion, with only 0.2% remaining [6] - For loans originated in 2025, 50.6% had a FICO score of 760 and above [6] - Loans with an original LTV between 90.01% and 95.00% constitute 53.5% of the primary risk in force [6] Delinquency and Losses - The total number of delinquent loans is 24,444 [7] - Risk in force delinquent is 1.9% [7] - Ever-to-date claims paid for the 2005-2008 origination years reached $13.3913 billion [7] PMIERs and Risk Distribution - Total Primary Minimum Required Assets are $5.758 billion [9] - Of the $418 million required for 2025, $192 million is retained, $162 million is covered by Quota-Share Reinsurance (QSR), and $63 million by Excess-of-Loss (XOL), resulting in 54% ceded [9] - The company has a $2.5 billion Reinsurance Benefit [9] Financial Performance - Net losses incurred for Q2 2025 were $(3) million [11] - Direct primary loss reserves totaled $392 million in Q2 2025 [12]

Financial Performance & Strategic Growth - ArcelorMittal reported $3.4 billion EBITDA in 1H'25, with a margin of $125/tonne, exceeding the long-term average of $89/tonne[6] - Strategic growth projects and recent M&A are expected to increase EBITDA potential by $2.1 billion, with $0.2 billion already captured in 1H'25 and an additional $0.5 billion expected in 2H'25[6, 24] - M&A activities, including the full consolidation of Calvert, Tuper, and AMTBA, are projected to contribute $0.5 billion to incremental EBITDA[28] - Strategic projects are expected to further boost Group EBITDA potential by $2.1 billion[24] Calvert Acquisition & Expansion - ArcelorMittal secured 100% ownership of Calvert, recognizing a $1.7 billion gain on consolidation[6, 20] - Calvert's EBITDA was $614 million in 2024, which will now be fully consolidated within the North America segment[20] - Calvert achieved record steel shipments in 2Q'25, with a +5% increase in 1H'25 shipments compared to 1H'24 (2.398 million tonnes vs 2.276 million tonnes)[17] - A new 1.5Mt EAF was commissioned at Calvert, with the first slabs produced in Jun'25[6, 20] AMNS India Expansion - Phase 1 capacity expansion to 15 million tonnes at AMNS India is on track by the end of 2026[35] - AMNS India commissioned CGL3 in Jul'25, enhancing downstream capabilities and automotive steel leadership[38, 41] Capital Allocation & Balance Sheet - The company generated $2.3 billion in investable cash flow over the past 12 months[55] - Shareholder returns amounted to $1.1 billion, including $0.7 billion in share buybacks and $0.4 billion in dividends[55] - Net debt increased due to acquisitions and growth investments, with liquidity at $11.0 billion at the end of the quarter[55] - Consistent buybacks have enhanced book value by $18/share[56, 64]