Q3 2025 Performance - Identical sales (excluding fuel) increased by 2.6%[5] - E-commerce sales grew by 17% year-over-year[5,6] - GAAP operating profit was $(1,541) million, including $2.6 billion in impairment and related charges for the automated fulfillment network[5] - Adjusted FIFO operating profit reached $1,089 million[5] - GAAP EPS was $(2.02), while adjusted EPS showed a 7% growth[5] Financial Position and Guidance - The company reaffirms its full-year 2025 guidance for identical sales without fuel to be between 2.8% and 3.0%[9] - The company expects operating profit to be in the range of $4.8 billion to $4.9 billion[9] - EPS is projected to be between $4.75 and $4.80[9] - Free cash flow is expected to be between $2.8 billion and $3.0 billion[9] - Capital expenditures are anticipated to be between $3.6 billion and $3.8 billion[9]

Financial Performance - Reported net income was $3.3 billion, with an EPS of $1.82[9] - Adjusted net income reached $3.9 billion, with an EPS of $2.18, a 27% year-over-year increase[9] - Pre-tax, pre-provision earnings (PTPP) stood at $6.7 billion[9] - Adjusted PTPP was $5.4 billion, up 25% year-over-year, excluding specific items[9] - The bank's CET1 ratio was 14.7%[9] Business Segment Highlights - Canadian Personal & Commercial Banking saw revenue increase by 5% year-over-year[40] - U S Retail net income increased 29% year-over-year[45] - Wealth Management & Insurance net income doubled year-over-year[48] - Wholesale Banking revenue increased by 24% year-over-year[52] Strategic Initiatives - The bank implemented approximately 75 AI use cases in F'25, generating $170 million in value, with expectations of $200 million in F'26[7] - Fraud losses decreased by 26% year-over-year due to investments in fraud modernization[8] - The bank is undergoing a restructuring program expected to yield annual cost savings of approximately $750 million pre-tax, involving a workforce reduction of around 3%[37]

Transaction Overview - Vodacom Group intends to acquire a 15% stake in Safaricom PLC from the Government of Kenya (GOK) and a 5% stake from Vodafone Plc, increasing Vodacom's shareholding to 55%[19] - The price is KES 34 per share for 80 billion shares in Safaricom, totaling ZAR 36 billion, which will be debt-funded[11] - Deloitte has provided an independent fairness opinion on the transaction, which is expected to be completed in the first quarter of calendar year 2026[12] Safaricom Key Metrics - Safaricom has a population footprint of 190 million and 62 million customers[13] - The company boasts over 110 million daily M-Pesa transactions and a revenue CAGR of 10% from FY21-25[13] - Safaricom's EBITDA margin is 49.5%, with 57.3% in Kenya, and it has a net debt to EBITDA ratio of 0.38x[13] - Annualized EBITDA for the six months ended 30 September 2025 is $16 billion[13] Financial Performance & Impact - Safaricom has invested KES 18 billion over five years in education, health, environment, and economic empowerment, impacting over 13 million lives[15] - M-Pesa is the largest revenue component, with service revenue progression showing an 18% CAGR from FY21-25[15] - Vodacom's average cost for the 549% stake is KES 28/share, implying a FY26 EV/EBITDA multiple of 58x[19] Vodacom Group Impact - Vodacom will have 95 million financial services customers, extending its leading fintech position[25] - The combined Vodacom and Safaricom revenue is ZAR 2200 billion, with service revenue at ZAR 1871 billion and financial services revenue at ZAR 405 billion[25] - The illustrative EBITDA split for Vodacom plus Safaricom shows South Africa contributing approximately 45%, Egypt 31%, and International Business (IB) 19%[25]

Financial Performance - Revenues increased by 14% to CA$2,250 million in FY26 Q3 compared to CA$1,974 million in FY25 Q3[13] - Normalized diluted earnings per share increased by 33% to CA$1.59 in FY26 Q3 from CA$1.20 in FY25 Q3[13] - Free cash flow generation increased by 268% to CA$320 million[16] - The company raised full-year Normalized Diluted EPS guidance from "$4.25 to $4.75" to approximately "$5.00"[15] Retail Sales and Market Trends - North American Powersports retail sales declined by 4%[16] - North American network inventory decreased by 17%[16] - Year-Round Products revenues increased by 22%[33] - Seasonal Products revenues decreased by 2%[42] Market Share and Product Performance - Can-Am SSV gained over 4 percentage points of market share in the Utility segment[37] - Can-Am ATV gained over 11 percentage points of market share in current units[37] - Sea-Doo PWC ended the North American 2025 season as the 1 market leader[46]

Financial Position & Liquidity - DPM Metals ended Q3 2025 with $414 million in cash after spending $399 million for the Adriatic transaction, $136 million to retire Adriatic's debt, and $137 million of capital returned to investors [12] - The company's total liquidity as of September 30, 2025, was $564 million [11] Chelopech Mine Exploration - A new high-grade mineralization zone (Wedge Zone Deep Discovery) was discovered on the north flank of the Chelopech mine concession, with results including 68.3 meters @ 7.42 g/t AuEq and 48.1 meters @ 9.41 g/t AuEq [18] - An ongoing 10,000-meter exploration program aims to infill and delineate the WZD target [20] - Chelopech has a strong Mineral Resource base of 1.1 million ounces of gold, 4.4 million ounces of silver, and 242 million pounds of copper [23] Čoka Rakita Feasibility Study - Mineral Reserves increased to 7.34 million tonnes at 6.44 g/t gold [33, 36] - The Mineral Resource Estimate includes 0.53 million tonnes Indicated at 3.94 g/t gold and 0.09 million tonnes Inferred at 3.60 g/t gold [32] - The project is expected to have a Life of Mine (LOM) average gold grade of 6.44 g/t and a top decile all-in sustaining cost of $644/oz gold sold [47] - The initial capital expenditure is estimated at $448 million [55] - Average annual gold production is projected at 189,000 ounces for the first five years [65] Rakita Camp Potential - An Inferred Mineral Resource Estimate establishes a district-scale platform with 2.6 million ounces of gold and 1.9 billion pounds of copper [86] - Dumitru Potok contains a significant higher-grade core of the mineral resource with 2.4 million ounces of gold and 1.7 billion pounds of copper [86] Vareš Mine Ramp-Up - Vareš is expected to have an average grade processed of 9.2 g/t AuEq and total payable production of 1.8 million ounces AuEq over its 15-year initial operating life [92] - The post-tax NPV5% is estimated at $1,585 million [92]

Financial Performance - First quarter sales increased by 4% year-over-year to $935 million[7] - Adjusted diluted EPS increased by 13% year-over-year to $0.94[7] - Adjusted operating margin increased by 60 bps year-over-year[7] - Adjusted free cash flow conversion was 101%[7] Segment Results - Mobile Solutions segment sales increased by 5% year-over-year to $598 million[12] - Life Sciences segment sales increased by 13% year-over-year to $79 million[20] - Industrial Solutions segment sales remained flat year-over-year at $258 million[16] Fiscal Year 2026 Guidance - Sales outlook projects growth of 1% to 5%[7] - Adjusted operating margin is expected to be between 16.2% and 16.8%[7] - Adjusted EPS guidance is within a range of $3.95 to $4.11[7] Balance Sheet and Cash Flow - The company returned $127 million to shareholders through dividends and share repurchases in the first quarter[7] - Net debt to adjusted EBITDA ratio is 0.7x[25]

Proposed Joint Venture - Sappi and UPM have signed a non-binding letter of intent to form a joint venture in the European graphic paper sector, with both companies owning a 50% share[6] - The proposed JV aims to create a more efficient, adaptable, and sustainable graphic paper business in Europe[5] - The JV is expected to achieve cost synergies greater than €100 million per annum[6] Strategic Rationale - The European graphic paper industry faces structural challenges including digital substitution, excess capacity, and tightening sustainability standards[11] - Since 2007, graphic paper demand in Europe has decreased by over 60%, newsprint by close to 80%, and magazines and catalogues by some 70%[12] - The proposed JV is a necessary step towards securing the long-term viability, competitiveness, and resilience of the European graphic paper industry[13] Financial Implications for Sappi - Sappi's share of the equity accounted income from the JV is anticipated to exceed the EBITDA of the standalone European graphic paper business[10, 16] - Post transaction, Sappi group graphic paper sales volumes will be less than 20%[10, 16] - Sappi will receive cash consideration of €139 million from the transaction, which will be used to reduce debt[16, 22] Transaction Details - Sappi's assets in scope have an enterprise value of €320 million[18, 21] - Pension and other liabilities transferred amount to €53 million[18] - The transaction is classified as category 1 by the JSE and requires approval of shareholders[21]

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]