Financial Performance & Targets - Cushman & Wakefield aims for a 15-20% annual Adjusted EPS growth from 2026 to 2028[193, 202] - The company targets a 6-8% fee revenue growth between 2026 and 2028[193, 194] - Cushman & Wakefield projects a Free Cash Flow (FCF) conversion rate of 60-80%[193, 205] - The company is targeting a net debt leverage ratio of 2x by 2028[193, 200] Growth & Operational Strategies - Cushman & Wakefield achieved eight straight quarters of YoY leasing fee revenue growth[62, 63, 116] - The company is targeting a 200% cross-sell fee revenue growth by 2028[75, 76] - Cushman & Wakefield is aiming for a 96% Services client retention rate by 2028[77, 78] - The company anticipates a 5%-7% organic Services fee revenue growth in 2025[63] Data Center Market - The global data center capex spend is expected to reach approximately $6.7 trillion by 2030[153, 156] - Pre-leasing in the data center market is around 70%[153] Balance Sheet Improvement - Cushman & Wakefield has repaid $500 million in debt principal over the last 24 months[46, 47] - The company anticipates $50 million in annual cash interest expense savings from balance sheet actions[48, 49]

Financial Performance - Total revenue increased by 0.8% to $350.2 million [6] - Total collections increased 4.6% to $181.7 million [6] - Interest income increased $2.4 million, or 3.9% [6] - Gross margin percentage decreased 190 basis points to 37.5% [6] - Net loss per share was $2.71, with an adjusted loss per share of $0.79 [6, 8] Capital Structure and Liquidity - Closed a $300 million term loan and repaid the revolving line of credit balance [6, 16] - Total cash, including restricted cash, increased to $251 million from $124.5 million [6] - Interest expense decreased 13.1% [6] - In August 2025, the company issued $171.9 million in principal of asset-backed notes with a weighted average coupon of 5.46% [16] Operational Metrics - Credit applications were up 14.6% [6, 34] - Sales volumes decreased 1.1% to 13,637 units [6] - Accounts over 30 days past due improved 36 basis points year-over-year to 3.14% [6] - Allowance for credit loss increased to 24.19% [6] Strategic Initiatives and Cost Control - Targeting approximately 16.5% SG&A as a percentage of sales over time [17] - Identified $8.4 million in savings within the fiscal year and $31.4 million annualized through reorganization, IT spend reduction, store closures, and marketing adjustments [19] - LOS V2 has improved bookings in 4-7 rank customers by 12% vs LOS V1 FYTD [33]

Fiscal Year 2025 Performance - The company delivered strong top-line performance in fiscal year 2025, marked by four consecutive quarters of organic net sales growth[6, 13] - Net sales reached $12 billion, with Retail contributing 62%, Foodservice 32%, and International 6%[16] - The company returned $633 million to shareholders through dividends in fiscal year 2025[22] Fiscal Year 2026 Outlook - The company projects net sales between $122 billion and $125 billion for fiscal year 2026[28] - The company anticipates organic net sales growth of 1% to 4% in fiscal year 2026[30] - Adjusted operating income is projected to grow by 4% to 10%, reaching between $106 billion and $112 billion[30] - Adjusted diluted earnings per share are expected to be in the range of $143 to $151[28] Strategic Initiatives - The Transform and Modernize initiative contributed over $120 million in value in 2025[18] - The company is focused on consumer obsession, expanding beyond boundaries, and becoming future-ready to reshape earnings trajectory[25]

Financial Performance - Q3 FY26 sales reached $616 million, a 3% increase compared to Q3 FY25[7] - E-commerce accounted for 23% of total retail sales in Q3 FY26[7] - The gross margin was 46.8%, a decrease of 100 basis points compared to Q3 FY25[7] - Selling, General & Administrative (SG&A) expenses were $276 million, representing 44.7% of sales, a leverage of 140 basis points versus Q3 FY25[7] - GAAP earnings per share (EPS) was $0.51, while non-GAAP EPS was $0.79[7] - GAAP operating income was $8.6 million, and non-GAAP operating income was $12.9 million[7] Segment Performance - Journeys Group experienced a comparable sales increase of 6%[7] - Stores saw a comparable sales increase of 5%[7] - E-commerce sales decreased by 3%[7] Strategic Initiatives and Outlook - The company is shifting its marketing strategy towards brand awareness, exemplified by Journeys' "Life on Loud" campaign, which surpassed 70 million social views[8] - The company is revising its FY26 outlook, lowering guidance for non-GAAP EPS to approximately $0.95 and total sales growth to approximately 2%[61] - Comparable sales are expected to grow by approximately 3%[61] - Capital expenditures are projected to be between $55 million and $65 million, with approximately 80% allocated to stores and 20% to other areas[61]

Financial Performance - BMO's adjusted EPS increased by 26% from $9.68 in F2024 to $12.16 in F2025[9] - The adjusted return on equity improved by 150 bps, rising from 9.8% in F2024 to 11.3% in F2025[9] - Adjusted PPPT increased by 14%, from $13.3 billion in F2024 to $15.2 billion in F2025[9] - Adjusted net income for Q4 2025 increased by 63%, excluding $123 million amortization of acquisition-related intangible assets and $102 million goodwill write-down[33] - Adjusted revenue for Q4 2025 increased by 12%, driven by broad-based growth across all operating segments and strong fee growth in Wealth Management and Capital Markets[33] Business Segment Performance - Canadian Personal & Commercial Banking revenue increased by 7%, from $11.4 billion in F2024 to $12.3 billion in F2025[15] - Wealth and Asset Management revenue increased by 15%, from $4.6 billion in F2024 to $5.3 billion in F2025[12] - Investment and Corporate Banking revenue increased by 14%, from $6.5 billion in F2024 to $7.4 billion in F2025[14] - U S Banking adjusted PPPT increased by 30% year-over-year[18] Risk and Capital Management - The PCL impaired loans ratio decreased by 230 bps[9] - The CET1 ratio stands at 13.3%[9]

Denali's TransportVehicle (TV) Platform - Denali's TransportVehicle (TV) platform enables systemic delivery of biologics to the brain and other hard-to-target tissues[14, 25] - The company's TransportVehicle (TV) is the most clinically validated BBB technology with over 11,000 doses administered[61] - Denali's TransportVehicle (TV) platform has demonstrated best-in-class properties for brain uptake, modularity, safety, and architecture[55] Near-Term Launch Opportunities - Denali plans to launch tividenofusp alfa (DNL310) in 2026 and DNL126 in 2027, which could capture a $1B+ market opportunity[15] - Tividenofusp alfa has a PDUFA target action date of April 5, 2026[168] - Denali is targeting all ~2,000 MPS II patients worldwide in commercially accessible geographies[246] Pipeline and Therapeutic Areas - Denali has a broad clinical-stage pipeline across high-value therapeutic areas, including Alzheimer's disease and Parkinson's disease[16] - The company estimates a total addressable market (TAM) of >$5B for the ETV franchise[63] - Denali estimates a >$5B market potential for BBB-enabled AD therapeutics[68] Financial and Strategic Execution - Denali is well-capitalized and focused on efficient capital allocation and execution timelines for long-term value creation[17] - The company has secured $275M in potential total funding through a royalty financing agreement with Royalty Pharma[443] - Denali projects COGS <20% of revenue due to efficient processes[407]

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