Financial Performance - Q4 Fiscal 2025 - Consolidated revenue decreased to $138.5 million, a 12.0% decrease compared to Q4 Fiscal 2024[15] - Adjusted EPS was ($0.56), a 155% decrease compared to the prior year[15] - Adjusted EBITDA was ($4.1) million, a 169% decrease compared to the prior year[15] - REPREVE® Fiber sales accounted for 30% of net sales, a decrease of 400 bps[15] - Gross loss was ($1.1) million, a 110.5% decrease compared to the prior year, with a gross margin of (0.8)%, a decrease of 770 bps[29] Segment Performance - Q4 Fiscal 2025 - Americas net sales decreased by 6.6% to $85.0 million, with a gross loss of ($5.3) million and a gross margin of (6.3)%[33] - Brazil net sales decreased by 10.6% to $28.8 million, with a gross profit of $1.3 million and a gross margin of 4.6%[36] - Asia net sales decreased by 27.7% to $24.7 million, with a gross profit of $2.9 million and a gross margin of 11.7%[40] Capital Structure and Outlook - The company expects Q1 FY26 net sales and Adjusted EBITDA to improve sequentially from Q4 FY25[48] - Recent asset sale reduced debt principal by $43 million and is expected to drive future annual savings of $3 million for interest and $20 million for manufacturing costs[44]

Company Overview - Nordson's revenue in 2024 was $2.7 billion, with an EBITDA margin of 32%[5] - The company has a diversified geographic footprint, with 44% of sales in the Americas, 27% in Europe, and 29% in Asia Pacific[10] - Nordson has a diversified product portfolio with over 2,100 global patents held[7] Sales and Revenue - Systems account for 42% of FY2024 sales, while parts and consumables make up 58%[9] - Industrial Precision Solutions (IPS) generated $1.4 million in fiscal 2024 revenue with 37% EBITDA[24] - Medical Fluid Solutions (MFS) generated $696 million in fiscal 2024 revenue with 37% EBITDA[34] - Advanced Technology Solutions (ATS) generated $596 million in fiscal 2024 revenue with 22% EBITDA[39] Financial Performance and Targets - The company targets average annual revenue growth of 6-8% and adjusted EPS growth of 10-12% from 2025-2029[51] - Nordson anticipates generating approximately $4.1 billion in operating cash flows through 2029[65] - The company reported sales of $742 million for 3Q 2025, a 12% increase, with EBITDA of $239 million, up 15%[73] - 3Q25 free cash flow was $226 million, representing a conversion rate of 180% of net income[79]

Acquisition Overview - McCormick will acquire an additional 25% ownership in McCormick de Mexico for $750 million, increasing its total ownership to 75%[11, 11] - The acquisition is expected to close early in 2026[13, 38] - The company expects the acquisition to be accretive to earnings in year 1, inclusive of eliminating 25% of McCormick de Mexico's Net Income[13] Financial Impact - McCormick de Mexico has approximately $810 million in net sales and $180 million in EBITDA, with $16 million in annual management fees[13, 40] - The transaction value implies a multiple of 12x 2025 EBITDA and annual management fees[38] - The company anticipates adjusted operating margin accretion, primarily in the Consumer segment, in year 1[13, 38] - The company expects mid-single digit sales growth, aligned with long-term objectives[38] - The company anticipates approximately $10 million - $12 million in transaction costs[38] Strategic Rationale - The acquisition advances flavor leadership in Mexico, an attractive and growing market[12, 48] - The acquisition expands the global condiment platform and capitalizes on the growing demand for flavor[12] - The acquisition reinforces mayonnaise as a core component of the condiments and sauces portfolio[12, 48] - The acquisition provides a strategic platform for broader growth across Latin America[12, 23, 48]

Financial Highlights - Navios Maritime Partners L P reported revenue of $327 6 million for Q2 2025[19], and $631 7 million for H1 2025[19] - The company's EBITDA was $178 2 million in Q2 2025[19], and $325 8 million in H1 2025[19] - Adjusted EBITDA reached $172 6 million in Q2 2025[19], and $326 2 million in H1 2025[19] - Net income was $69 9 million for Q2 2025[19], and $111 7 million for H1 2025[19] - As of June 30, 2025, the company held a cash balance of $389 0 million[19] Fleet and Operations - The company's fleet consists of 173 vessels with an average age of 10 0 years[9] - The fleet includes 68 dry bulk vessels with 8 9 million dwt, 47 containerships with 251,843 TEU, and 58 tankers with 6 8 million dwt[13] - The company has $3 1 billion in contracted revenue[9] - For H2 2025E, 75% of available days are fixed[15], with 27,615 total available days[15] and 6,838 open/index days[15] - The estimated excess contracted revenue over total cash expense for H2 2025E is $56 0 million[19] Strategic Initiatives - The company repurchased 4% of its outstanding units since Q2 2024[20] - The company is executing a fleet renewal and modernization program, including 48 newbuilding vessels since Q1 2021 and 38 vessels sold since Q3 2022[29] - The company has invested $1 4 billion in newbuilding vessels, including $0 4 billion for containerships and $1 0 billion for tankers[40] - The company is addressing risks and uncertainties in the current environment, including tariffs, geopolitical events, and changes in trade patterns[26] Industry Overview - The dry bulk industry is expected to see a 0 9% decrease in trade in 2025[70] - The tanker industry is experiencing trade pattern shifts towards longer-haul routes due to the war in Ukraine[92] - The container industry is facing slowing demand and spending on goods driven by inflation[108]

Financial Performance - FY25 revenue reached $1527 million, exceeding the original guidance of $1450 million[10] - Adjusted EBITDA for FY25 was $126 million, surpassing the original guidance of $105 million[10] - The Senior division achieved a full-year Adjusted EBITDA margin of 27%[10, 35] - Healthcare Services division generated over $25 million in Adjusted EBITDA[10] - FY26 revenue is projected to be between $1650 million and $1750 million, representing an 11% year-over-year increase at the midpoint[30, 50] - FY26 Adjusted EBITDA is projected to be between $120 million and $150 million, a 7% year-over-year increase at the midpoint[50] Senior Division - Agent productivity increased by 24% year-over-year[10] - Senior division's revenue to customer acquisition cost (CAC) multiple improved to 61x[13, 24] - Operating expense per policy in the Senior division decreased to $738[13] - Marketing expense per policy in the Senior division decreased to $394[13] Healthcare Services Division - Healthcare Services revenue grew to $743 million in FY25[17] - Healthcare Services Adjusted EBITDA increased to $25 million in FY25[17] - SelectRx membership reached 108,000[18] Capital Structure - Term debt was reduced from $683 million to $385 million[48]

Operational Performance - Bilibili's DAUs reached 109 million in Q2 2025[4], a 7% year-over-year increase[6] - Average daily time spent per user increased to 105 minutes in Q2 2025[4], a 6% year-over-year increase[6] Financial Highlights - Gross profit margin (GPM) improved to 36.5% in Q2 2025[8] - The company achieved a non-GAAP net profit of RMB 561 million in Q2 2025[8] - Net profit margin (NPM) reached 7.6% in Q2 2025[8] - Gross profit increased by 46% year-over-year to RMB 2676 million in Q2 2025[8] Industry and User Base - The video-based industry is expected to grow significantly, with the market size projected to reach RMB 2940 billion by 2030[11] - Bilibili has a strong presence among Gen Z+ users in China, with 7 out of 10 being users of the platform[14] - 43% of DAUs viewed video and live commerce related content[14] Revenue Streams - Value-added services (VAS) revenue grew by 11% year-over-year[34] - Advertising revenue increased by 20% year-over-year[44] - Mobile game revenue increased by 60% year-over-year[54] - Total net revenues increased by 20% year-over-year to RMB 7338 million[70]

Company Overview - Yiren Digital is an established AI-powered financial service platform serving China and Southeast Asia, listed in 2015 [11] - The company has a robust financial foundation supported by steady cash flow from the core lending business [11] - Yiren Digital possesses a proprietary AI-powered platform, enhanced by proprietary LLM Zhiyu, commercially approved in April 2025 [11] - International expansion is underway, supported by cutting-edge technological expertise and strong local partnerships [11] Financial Performance - Loan facilitation reached RMB20.3 billion, a 57% year-over-year increase [16] - The company holds RMB4.1 billion in cash and equivalents [16] - Revenue in Q2 2025 was RMB1.5 billion, up 75% year-over-year [18] - Gross Written Premium (GWP) of digital insurance products increased by 103% quarter-over-quarter [18] Risk Management and Customer Acquisition - Delinquency rates remain stable at 1.7%/1.1%/1.0% for 1-30 days/31-60 days/61-90 days delinquent cases [16] - 77% of loans in Q2 2025 were from repeat borrowers [17, 21] - AI technologies are used for fraud detection, blocking over 30,000 high-risk identity documents daily [20] - 81% of Tier-1 debt collection is automated [20] AI and Technology - AIGC LLM "Zhiyu" was commercially approved in Q1 2025, driving business growth and reducing costs [16] - AI-generated marketing scaled 30x, from 20,000 to 600,000 daily user targets in Q2 2025 [35]

Financial Performance & Strategic Transformation - Coty's Prestige fragrance leadership has strengthened, with sales reaching approximately $3.5 billion in FY25, reflecting a Compound Annual Growth Rate (CAGR) of 10% from FY21 to FY25[3,6] - Consumer Beauty stabilized and grew, achieving approximately $2.1 billion in sales in FY25, with a CAGR of 2% from FY21 to FY25[7,8] - Adjusted EBITDA reached $1.082 billion in FY25, representing an 18.4% margin, and a CAGR of 9% from FY21 to FY25[10] - The company delivered approximately $850 million in savings over five years[34] Challenges & Outlook - Coty faced challenges in CY25, including U.S execution weakness, retailer inventory build-up, and headwinds from lapping FY24 innovation[14,16] - Underperformance in the U.S significantly impacted FY25 results, with Coty revenues declining by mid-single digits percent in the U.S Prestige Beauty market (market growth of +4%) and by mid-teens percent in the U.S Mass Beauty market (market decline of -1%)[17] - For 1H FY26, the company anticipates a LFL revenue decline of 6% to 8% in 1Q26 and a LFL revenue decline of 3% to 5% in 2Q26[43] - Coty expects approximately inline to below the Q4 level of ~3.5x leverage in CY25[43] Strategic Focus & Initiatives - Coty is refocusing on core strengths, particularly fragrances, which already account for over 60% of revenues[46,48] - The company's e-commerce revenues reached $1 billion in FY25[115] - Coty is implementing AI across various functions, including marketing, supply chain, and finance[86,89]

Financial Performance - Q2 FY26 - Total revenues reached $177.4 billion, including a negative impact of $1.5 billion from currency fluctuations[11] - Total revenues (cc) increased +5.6%[11] to $178.9 billion[8] - Adjusted operating income (cc) was up +0.4%[28] to $8.0 billion[23], relative to +5.6% growth in net sales (cc)[28] - Adjusted EPS was $0.68, an increase of 1.5%[34] Segment Performance - Walmart U.S net sales increased by 4.8% to $120.9 billion, with eCommerce growing 26%[51] - Walmart International net sales (cc) increased by 10.5%[64] to $32.7 billion[62], but currency rate fluctuations negatively affected sales by $1.5 billion[66] - Sam's Club U.S net sales increased 3.4% to $23.6 billion, with eCommerce growing 26%[95] Gross Profit and Operating Expenses - Gross profit rate increased +4 bps to 24.5%[13] - Adjusted operating expenses as a percentage of net sales increased +35 bps to 21.0%[17] Cash Flow and Returns to Shareholders - Free cash flow increased $1.1 billion to $6.9 billion[39] - Share repurchases during the quarter totaled $1.6 billion, representing 17.0 million shares at an average price of $97.03 per share[43]

Financial Performance - Total Net Revenues reached RMB 2,434 million, a 22.1% year-over-year increase and an 8.4% quarter-over-quarter increase[8] - Wholesale IDC Revenue was RMB 854 million, showing a significant increase of 112.5% year-over-year and 26.9% quarter-over-quarter[8] - Adjusted EBITDA reached RMB 732 million, representing a 27.7% year-over-year increase and a 7.3% quarter-over-quarter increase[8] - The company's FY2025 revised guidance projects revenues between RMB 9,150 million and RMB 9,350 million, implying an 11%-13% year-over-year growth[66] - The company's FY2025 revised guidance projects Adjusted EBITDA between RMB 2,760 million and RMB 2,820 million, implying an 18%-20% year-over-year growth[66] IDC Business Growth - Wholesale IDC Business capacity in service increased to 674MW, with a quarter-over-quarter increase of 101MW, representing a 17.5% growth[8] - Wholesale IDC Business capacity utilized increased to 511MW, with a quarter-over-quarter increase of 74MW, representing a 17.0% growth[8] - The utilization rate of the company's wholesale IDC business was 75.9% in 2Q25[8] - The company secured a 20MW order from a leading cloud services provider via its JV project[8] - The company plans to grow data center assets under management to 10GW by 2036[12] Capacity and Infrastructure - Wholesale capacity in service is distributed with 55.0% in the Greater Beijing Area and 45.0% in the Yangtze River Delta[18] - Wholesale capacity under construction is distributed with 77.4% in the Greater Beijing Area and 22.6% in the Yangtze River Delta[19] - Wholesale capacity held for future development is heavily concentrated in the Greater Beijing Area, accounting for 98.1%[20]