Market Signal Briefing

Journalist

Posted: November 25, 2025

Key Takeaways 
What’s BitMine’s ETH holdings goal? 
It eyes 6 million ETH. The current 3.63 million ETH stash indicates that the plan is 60% complete. 

How did the latest bid affect markets? 
BitMine stock BMNR soared 20% while the ETH price surged 5% and defended $2.8k support. 

BitMine Immersion, the world’s largest Ethereum [ETH] treasury firm, has hit 60% of its holdings target.

In its latest report, the firm announced that it acquired an additional 69,822 ETH last week, bringing its overall holdings to 3.63 million ETH or 3% of the overall supply. 

Compared to its 5% ETH supply target (6 million ETH) or the so-called “Alchemy of 5%,” the firm was only left with 2.4M ETH to hit its target. 

The firm scooped the Q4 dip as ETH slipped $2.6k last week. Reacting to the same, Tom Lee, chair of BitMine and CIO of Fundstrat, viewed current ETH’s value as an “asymmetric risk/reward’ opportunity. 

“A few weeks ago, we noted the likely downside for ETH prices would be around $2,500 and current ETH prices are basically there. This implies asymmetric risk/reward as the downside is 5% to 7%, while the upside is the supercycle ahead for Ethereum.”

BitMine’s aggressive ETH bid

Source: Strategic ETH Reserve 

Since October, BitMine has been bidding approximately 122K ETH per week, accumulating 3% of the ETH total supply in under a year.

To reach its target of 6 million ETH at its current pace, it would take about 20 weeks, or around five months. 

BitMine’s stock, BMNR, soared about 20% to $31.1 at press time, after the latest ETH purchase. 

That being said, the firm has been driving the latest treasury inflows almost single-handedly. Notably, the pace of treasury demand cooled in October and remained flat in November at around 70K ETH per week.

Source: DeFiLlama

ETH price action
On the price charts, ETH bounced 5% on the 24th of November, effectively defending the $2,800 support. 

At press time, the asset traded at $2.88k, and recovery progress to $3k and clearance of the overhead hurdle at $3.4k would depend on Bitcoin surging above $90k. 

Source: ETH/USDT, TradingView 

Despite the relief bounce, however, some were slowly offloading their stash, perhaps to cut their losses after the Q4 drawdown.

On the Binance exchange, netflow spiked in the past few days, indicating that more ETH flowed into the platform to be offloaded. 

Source: CryptoQuant

Even so, institutional flows are back, with ETFs recording two consecutive days of inflows. This could help alleviate the pressure and facilitate a recovery if market sentiment improves. 

Altcoin season has stayed distant as only a small group of names, including Kaspa, Ethena and Quant, have advanced on project-specific factors while most tokens have faced pressure from Bitcoin's direction, weak risk appetite, and a Fear and Greed Index that has remained in extreme caution.

TL;DR

Aptos’ APT trades at $2.25 after slipping 0.6% in the last 24 hours, while major cryptocurrencies show growth.
The token stays locked between $2.23 and $2.39 after a failed breakout despite a 47% volume spike.
Market participation remains elevated, with $126 million in daily volume and a $1.65 billion market cap, keeping Aptos among notable Layer 1 competitors.

Aptos’ APT continues to trail the broader crypto market, consolidating near $2.25 while most leading assets move higher. The price range remains narrow as traders evaluate whether the token is building momentum or preparing for a deeper correction. Unlike recent outperformers such as Solana or Avalanche, APT shows near-term stagnation, though liquidity remains firm with $126 million traded in the last 24 hours. Some analysts observe that institutional desks have not significantly increased exposure to APT during the latest market upswing, suggesting that short-term interest favors tokens with higher momentum.  

Aptos’ APT Price Consolidation Intensifies
The latest breakout attempt above $2.39 resistance stalled despite significant volume inflows. CoinDesk’s pricing model detected heavy action on Nov. 24 at 17:00, when trading volume surged to 2.62 million, nearly 47% above the average of 1.78 million. Price action jumped from $2.28 to $2.36, but buyers failed to maintain strength beyond resistance, leading to a pullback.

APT now forms lower highs while consolidating between $2.23 support and $2.36 resistance. Trading activity remains nearly 10% above weekly averages, confirming strong market interest despite the lack of direction. The $2.23 support level remains a critical zone because losing it could trigger wider selling pressure and deeper price movement. Some traders argue that healthy consolidation can prepare stronger breakouts, especially when liquidity remains above average.

Broader Market Outperforms APT Performance
While APT underperforms, the wider market gains ground. The CoinDesk 20 index rises 3.8%, highlighting the divergence between Aptos and leading cryptocurrencies. Even with short-term weakness, Aptos maintains relevance through ongoing developer activity and partnerships focused on scalable smart contract infrastructure. Its Move-based programming language continues attracting projects seeking security-oriented code execution, contributing to ecosystem expansion.

Outlook for Traders
A confirmed move above $2.39 would reopen bullish scenarios, especially with sustained volume. If $2.23 support breaks, traders may expect a move toward lower liquidity regions. Although APT currently lags behind market performance, elevated volume and persistent participation leave room for potential breakout setups in the coming sessions.

Sonic price continues to trade under bearish pressure, with lower lows persisting and bullish volume remaining weak, increasing the probability of a deeper correction toward key high-time-frame support levels.

Summary

Market sentiment around Sonic has deteriorated as confidence weakens across social and on-chain activity
Liquidity conditions remain thin, amplifying volatility during each downside move
Broader altcoin weakness is adding additional pressure on Sonic’s price stability

Sonic’s (S) recent price action reflects a continuation of its broader bearish trend, with the market showing little sign of recovery so far. The asset remains structurally weak, and consecutive lower lows have kept downward momentum intact.

With bullish volume failing to materialize, concerns are rising that Sonic may be setting up for another leg down, even as the Sonic Labs CEO unveils a utility-focused growth strategy to strengthen long-term adoption.

Sonic price key technical points:

Sonic continues printing lower lows and lower highs, confirming bearish structure
Weak bullish volume suggests buying pressure remains limited
Loss of $0.10 support may trigger a move toward a new yearly low

SONIC (4H) Chart, Source: TradingView
Sonic struggles to stabilize
Sonic is experiencing repeated breakdowns at lower time frames. The chart continues to show a sequence of lower lows and lower highs, which reinforces the dominant bearish structure.

Price is now retesting the value area low, a region that has temporarily held, but the lack of meaningful bullish volume indicates that weakness still surrounds the asset.

The key high-time-frame support at $0.10 is one of the most essential levels for Sonic to maintain. Historically, this zone has acted as a foundational support in previous corrective structures.

While Sonic may see short-term rallies from this region, any rebound supported by weak volume carries a high risk of forming another lower high rather than initiating an actual reversal.

If this scenario unfolds, the likelihood increases that Sonic will eventually retest and potentially break below its high-time-frame support. Such a breakdown would likely send the price toward the prior swing low. Taking out this swing low would then establish a new yearly low, firmly extending the broader bearish downtrend, especially amid rising criticism from Polygon and Sonic Labs co-founders who argue the Ethereum Foundation has failed to prioritize layer-2 progress, adding further uncertainty to the ecosystem’s outlook.

From a market-structure perspective, Sonic — despite new leadership — remains clearly bearish. There has not yet been a confirmed higher low, nor has there been a meaningful shift in trend behavior. Without these structural signals, downward continuation remains the more probable outcome.

Until Sonic demonstrates a clear recovery by reclaiming key structure or bringing in stronger buying volume, the path of least resistance remains to the downside.

Sonic price action
If Sonic fails to reclaim structural levels and continues to print lower highs, a deeper correction toward a new yearly low becomes likely. Holding $0.10 remains critical, but until volume and structure shift, bearish conditions may persist in the near term.

// Price

Reading time: 3 min

Published: Nov 25, 2025 at 17:25

Bitcoin (BTC) has fallen below the projected price level of the 2.0 Fibonacci extension, or the $81,096 low.

However, based on price movement, the BTC price dropped to a low of $80,822 before rebounding.

Bitcoin price long-term prediction: bearish

Analysts state that Bitcoin has reached its bottom price of $80,000. In other words, further declines in the cryptocurrency are unlikely. The largest cryptocurrency is gaining as it approaches the 21-day SMA.

On the upside, if the bulls break through the 21-day SMA and maintain bullish momentum, Bitcoin will begin an upward trend. The cryptocurrency will rise to the 50-day SMA, or a high of $108,000.

However, if the BTC price falls below the 21-day SMA, the bullish scenario would be invalidated. Bitcoin would continue to decline and test the support level at $80,000. Today, Bitcoin is at $88,862.

Technical indicators      

Key supply zones: $120,000, $125,000, $130,000

Key demand zones: $100,000, $95,000, $90,000   

Bitcoin price indicator analysis

The moving average lines are sloping downwards as the 21-day SMA falls below the 50-day SMA, indicating a downtrend. The long candlestick tail is piercing the $80,000 support level, signalling significant buying interest at the lower price point. The price bars on the 4-hour chart are between the moving average lines, indicating that the cryptocurrency will move within a limited range.

What is the next move for BTC?

Bitcoin has regained positive momentum following a drop below the $80,000 support on November 4, as reported by Coinidol.com. The bullish momentum broke above the moving average lines, but the 50-day SMA on the 4-hour chart stopped it. Bitcoin is now trading in a range above the $80,000 support level or inside a limited range.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.

Journalist

Posted: November 25, 2025

Key Takeaways
What special terms did Brevan Howard secure in Berachain’s Series B?
Nova Digital obtained a secret refund right, allowing them to reclaim some or all of their $25 million investment until February 2026.

Why is this causing controversy among other Berachain investors?
Two anonymous Series B investors claim they were never informed about Nova’s refund clause, potentially violating “Most Favored Nation” provisions.

Berachain is facing mounting scrutiny after investigative reporting by Unchained exposed a controversial funding arrangement that gave institutional investor Brevan Howard unprecedented downside protection—while other investors remain fully exposed to market losses.

Leaked documents reveal that Nova Digital, Brevan Howard’s crypto division, secured a secret “refund right” allowing them to reclaim some or all of their $25 million Series B investment. 

The clause, buried in a side letter dated 5 March 2024, remains active until 6 February 2026—exactly one year after Berachain’s token generation event.

The deal that raised eyebrows
Nova invested $25 million at $3 per BERA token during the April 2024 Series B round, which raised $100 million at a valuation of $1.5 billion. Framework Ventures co-led the round alongside Nova.

Here’s the kicker: BERA now trades around $1, down approximately 67% from Nova’s entry price.

Source: TradingView

While co-investors like Framework Ventures face paper losses exceeding $50 million, Nova can request a full refund within five business days.

The arrangement functions like a put option. If BERA rallies, Nova captures the upside. If it crashes—as it has—they walk away whole. 

To activate this safety net, Nova needed to deposit $5 million into a Berachain wallet within 30 days of launch. However, confirmation of this deposit remains unclear.

Anonymous investors cry foul
Two Series B investors told Unchained that they were unaware of Nova’s special terms.

This raises serious questions about “Most Favored Nation” clauses, which typically require disclosure when one investor receives better terms than others.

Four crypto lawyers interviewed by Unchained called such refund provisions “extremely rare” in token deals. 

Standard practice only allows refunds if projects completely fail to launch—not merely because tokens underperform.

Berachain pushes back
Pseudonymous co-founder Smokey The Bera defended the arrangement on X, claiming it addressed compliance requirements for Brevan Howard’s Abu Dhabi-based “liquid-only vehicle.” 

He insisted the clause only applied if token generation failed or exchanges rejected listings—not for price performance.

Smokey emphasized that Nova has increased its BERA holdings since launch, positioning them as “one of the largest investors and liquidity providers.”

What’s at Stake
This controversy exposes the often-opaque world of crypto fundraising, where side letters can create vastly different risk profiles within the same investment round. 

With BERA’s February 2026 refund deadline approaching, all eyes remain on whether Nova will exercise its get-out-of-jail-free card.

With JPMorgan's instrument, investors get a chance at a 1.5x upside, a fixed return if IBIT is flat in a year, and some downside protection.

TL;DR

Taurus joins the Canton Network as a Super Validator and adds custody support for the token standard, entering the core operational layer of the ecosystem.
The network already processes more than $6 trillion in tokenized assets, offering instant settlement and built-in regulatory compliance.
The company will validate transactions and operate the Global Synchronizer, where financial applications execute issuances, transfers and settlements with full traceability.

Taurus is strengthening its institutional tokenization presence after joining the Canton Network as a Super Validator and adding custody support for the Canton Token Standard.

The company connects its regulated infrastructure to a network that already moves more than $6 trillion in tokenized assets and aims to operate financial markets with instant settlement, 24/7 availability and regulatory compliance built into the system architecture.

Taurus Will Access Canton Network’s Functional Core
The company will take a direct role in transaction validation and the operation of the Global Synchronizer, the layer that coordinates applications and ensures the network maintains a coherent state during every issuance, transfer and settlement process. Taurus will gain access to Canton’s functional center, where banks and financial operators experiment with the digitalization of bonds, repos, loan commitments, money-market funds and insurance instruments under confidentiality standards required by financial regulations.

Taurus sees this alliance as a growth vector for its custody and tokenization business, since it enables clients to access transactional privacy, integrated collateral management and a market infrastructure already adopted by international banks. Canton approved the company’s inclusion in the validator set due to its institutional relationships with Deutsche Bank, Santander, State Street and CACEIS, reinforcing the network’s position as a platform designed for clients seeking operational resilience and enterprise-grade security.

Covering the Full Tokenization Value Chain
The company continues building a solid position in the institutional market. Founded in 2018 and regulated by FINMA, Taurus develops technology for digital securities issuance, secure custody and transactions across public and private blockchains. Its roadmap targets the complete tokenization value chain, from asset creation to trading and settlement, under standards that banks can integrate without compromising their compliance frameworks.

The company will also extend its multichain infrastructure through the integration of Taurus-PROTECT and Taurus-CAPITAL with Solana, enabling institutions and developers to issue tokens, create digital financial instruments and execute smart contracts on high-performance public networks. With this expansion, Taurus aims to drive real and measurable applications in a market that continues advancing toward the digitalization of financial instruments.

U.S. Bank has begun testing custom stablecoin issuance on the Stellar blockchain, marking one of the most progressive moves yet by a major U.S. financial institution toward programmable digital money.

Key Takeaways
Berkshire Hathaway, the conglomerate run by Warren Buffett, took a sizable stake in tech giant Alphabet during the third quarter.Alphabet stock is up 68% since the start of the year, making it an unusual addition to Berkshire's value-oriented stock portfolio.The majority of Wall Street analysts are optimistic about Alphabet's stock, with many raising their price targets after its better-than-expected earnings report last month.

Warren Buffett’s Berkshire Hathaway has placed a big bet on one of the tech’s hottest stocks.

Berkshire (BRK.A)(BRK.B) purchased 17.8 million shares of Alphabet’s Class A stock (GOOGL) in the third quarter, according to a regulatory filing made public earlier this month. A stake of that size in the Google parent would be worth nearly $5.7 billion as of Monday's close.

Alphabet is an unusual purchase for Berkshire, which tends to buy unloved stocks with the intention of holding them long term. 

Alphabet, meanwhile, is far from unloved. The stock soared more than 6% Monday after Salesforce CEO Marc Benioff praised its Gemini 3 AI model, saying he was “never going back” to using rival OpenAI’s ChatGPT. Later Monday, news reports—first published by The Information—indicated that it might sell AI chips to Meta Platforms (META), further strengthening investors' sense of the company's position.

Why This News Is Significant
Berkshire Hathaway is known for investing in companies with slow-and-steady businesses and, in the firm's opinion, undervalued stocks, making its Alphabet purchase a relatively unusual one.

Not only is Alphabet a member of the Magnificent Seven—the high-flying set of tech stocks whose valuations have spooked investors of late—it’s also the best-performing member of the group by a long shot this year. Shares are up about 68%, nearly twice Nvidia's (NVDA) year-to-date return. 

Alphabet isn’t the only Mag 7 stock in Berkshire’s portfolio. Apple (AAPL) is the conglomerate’s largest stock holding, worth about $65.7 billion. But it first bought Apple stock in 2016 and has been trimming that position for the past two years. Berkshire sold about 15% of its stake in the iPhone maker last quarter. 

What Wall Street Thinks of Alphabet
Analysts are generally bullish on Alphabet stock. 

JPMorgan analysts raised their price target by 13% after the company reported better-than-expected third-quarter results late last month. The analysts called the report “strong across the board,” and noted Alphabet was showing “signs that AI search is more opportunity than threat,” contrary to Wall Street’s expectations. Analysts at Wedbush also raised their price target, and argued the quarter "validates Alphabet's position as a leading AI beneficiary.”

Alphabet also raised its full-year capital expenditures guidance last month. It expects to invest more than $90 billion in capital equipment this year, with much of that going toward building data centers and filling them with chips to train and run AI models. Investors have recently grown wary of tech's AI spending, with some wondering when they'll see a return on their investments, if at all.

Regardless, 12 of the 15 analysts with current ratings tracked by Visible Alpha rate shares a “buy,” and the remainder recommend holding the stock. Their average price target of $324 is about 2% above the stock’s closing price on Monday. 

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

Key Takeaways BASF expands in India by offering localized Ultradur specialty products to meet high demand.The localized Ultradur supply enables faster delivery, improved reliability and more flexibility.Ultradur combines dimensional stability, mechanical strength and enhanced flame-retardant durability.
BASF SE (BASFY - Free Report) recently announced the scale-up in India with its Ultradur specialty grades, like flame-retardant and hydrolysis-resistant, now available in the country. This underlined BASFY’s commitment to delivering high-performing engineered plastics globally, tailored needs according to each local market.

The action was in response to higher demands and further enabled faster deliveries, improved supply reliability and greater flexibility for customers across India. The localized supply of Ultradur is aimed at serving Indian customers in a swift manner with a higher focus on innovation and industrial growth. Ultradur’s exceptional performance pairs dimensional stability with mechanical strength, making it suitable for precision components.

The flame retardancy and durability are enhanced with rigidity, resistance to heat, chemicals and weathering. Its low moisture absorption and ease of processing also make Ultradur a preferred material for electric vehicles, connectors, electronics and industrial applications.

BASFY’s shares have gained 19.2% over the past year against the industry’s 25.5% decline.

Image Source: Zacks Investment Research

BASFY’s Zacks Rank & Key PicksBASFY currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Kinross Gold Corporation (KGC - Free Report) , Fortuna Mining Corp. (FSM - Free Report) and Harmony Gold Mining Company Limited (HMY - Free Report) . At present, KGC sports a Zacks Rank #1 (Strong Buy), while FSM and HMY carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.63 per share, indicating a rise of 139.71%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 17.37%. KGC’s shares have risen 162.7% in the past year.

The Zacks Consensus Estimate for FSM’s current fiscal-year earnings stands at 83 cents per share.Its shares have surged 87.4% in the past year.

The Zacks Consensus Estimate for HMY’s 2026 earnings is pegged at $2.66 per share, indicating a rise of 109.45% from year-ago levels. HMY’s shares have gained 93.6% in the past year.

November 19, 2025 11:40 ET
|
Source: Aedifica

Please find below a press release from Aedifica (a public regulated real estate company under Belgian law, listed on Euronext Brussels and Euronext Amsterdam), regarding the development of 4 care...

Read More

November 18, 2025 12:00 ET
|
Source: Aedifica

Please find below a press release from Aedifica (a public regulated real estate company under Belgian law, listed on Euronext Brussels and Euronext Amsterdam), regarding a publication relating to a...

Read More

Key Takeaways Quanta expands its Total Solutions Platform to meet surging integrated power infrastructure needs.PWR adds a broader power generation offering to deliver fully integrated energy solutions.A new joint venture with Zachry for NiSource aims to enhance risk sharing and execution certainty.
Quanta Services, Inc. (PWR - Free Report) is sharpening its strategic positioning with a decisive expansion of the Total Solutions Platform, a move aimed at capturing the growing demand for integrated power infrastructure. By bringing engineering, technology, craft labor and supply-chain capabilities under one coordinated model, the company is aligning itself with the accelerating electricity needs of data centers, industrial facilities, reshoring efforts and broader electrification trends. This shift reflects PWR’s ambition to operate not just as a contractor but as an end-to-end partner for large, complex energy programs.

In the third quarter of 2025, the company reinforced this strategy by expanding the platform to include a more comprehensive power generation offering. Building on its history of constructing more than 80,000 megawatts across renewable, storage and conventional assets, the enhanced model aims to deliver fully integrated generation and infrastructure solutions for high-quality customers. The company stated that this approach supports a new era of convergence between utilities, large-load consumers and industrial operators who increasingly require scalable, coordinated project execution.

Furthermore, PWR also formed a joint venture with Zachry to execute a major program for NiSource, covering generation, battery storage, transmission, substation and underground infrastructure under a unified framework. According to the company, this structure allows risk sharing and strengthens execution certainty, an important differentiator as project sizes expand.

Looking ahead, the company expects the Total Solutions Platform to unlock multi-year opportunities as customers push for faster, lower-risk delivery of critical power capacity. With rising demand across nearly every end market it serves, the platform appears well-positioned to support PWR’s long-term expansion.

How Quanta’s Strategy Compares With Key Infrastructure CompetitorsAmong companies positioned in adjacent markets, MasTec, Inc. (MTZ - Free Report) and Fluor Corporation (FLR - Free Report) stand out as relevant competitors to Quanta’s expanding Total Solutions framework. MasTec has been strengthening presence in power delivery, renewable generation and communications infrastructure, giving it exposure to similar demand drivers such as grid modernization and data-center load growth. However, MasTec remains more diversified across oil and gas and communications, which can dilute the focus and integration advantages PWR is building through its unified platform.

Fluor, on the other hand, competes more directly on large-scale EPC projects, including power generation and industrial infrastructure. While Fluor brings deep engineering capabilities, its project mix historically carries higher execution risk and less self-performed craft labor, which may limit the ability to offer the kind of end-to-end certainty that PWR highlights across the Total Solutions Platform. As project scopes continue consolidating, Quanta’s integrated model could present a stronger value proposition than peers operating through more traditional EPC structures.

PWR’s Price Performance, Valuation & EstimatesShares of Quanta have gained 39.8% in the year-to-date period compared with the Zacks Engineering - R and D Services industry’s growth of 9.7%.

Image Source: Zacks Investment Research

From a valuation standpoint, PWR trades at a forward 12-month price-to-earnings ratio of 36.4X, up from the industry’s 23.92X.

Image Source: Zacks Investment Research

Quanta’s earnings estimate for 2025 has declined in the past 30 days. The estimated figures for 2025 and 2026 indicate 17.8% and 16.7% year-over-year growth, respectively.

Image Source: Zacks Investment Research

PWR’s Zacks RankQuanta currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Accsys Technologies PLC (OTCPK:ACSYF) Q2 2026 Earnings Call November 25, 2025 4:00 AM EST

Company Participants

Jelena Arsic Os - CEO & Director
Sameet Vohra - CFO & Director

Conference Call Participants

Martijn den Drijver - ABN AMRO Bank N.V., Research Division
Johan van den Hooven - Edison Investment Research Limited
Alastair Stewart - Progressive Equity Research Limited
Adrian Kearsey - Panmure Liberum Limited, Research Division

Presentation

Operator

Welcome, everyone, to Accsys Technologies plc Interim Results Presentation for the 6 months ended September 30, 2025. Today's speakers are Dr. Jelena Arsic van Os, Chief Executive Officer of Accsys Technologies; and Sameet Vohra, the company's Chief Financial Officer. Jelena and Sam will take you through an overview of the business and financial performance for the year before we open the floor to questions. Please note that we will prioritizing questions from analysts. [Operator Instructions] With this, I would like to pass over to our speakers.

Jelena Arsic Os
CEO & Director

Good morning, everybody, and welcome to Accsys' interim results presentation for the 6 months ended September 30, 2025. I am very pleased to report that we have delivered an excellent first half with a significant improvement in profitability. Our growth across all regions is beating the underlying market trends, showing our FOCUS strategy is effective and that the company is delivering on its promises. Accoya has seen strong growth across its sales regions with a 22% increase in total sales volumes, gaining market share from competitive and alternative materials. Our premium market positioning is proving resilient against continuing macroeconomic challenges. Group revenues increased by 23% on a like-for-like basis compared to the prior year. This comparison adjusts for the transfer of North American sales from the group to Accoya USA, our joint venture with Eastman Chemicals after it commenced operations toward the end of H1 last year.

Recommended For You

Integrated Diagnostics Holdings plc (OTCPK:IDGXF) Q3 2025 Earnings Call November 25, 2025 8:00 AM EST

Company Participants

Tarek Yehia - Director of Investor Relations
Hend El Sherbini - Group CEO & Executive Director
Sherif Mohamed El Zeiny - VP, Group CFO & Executive Director

Conference Call Participants

Ahmed Moataz - EFG Hermes Holding S.A.E., Research Division

Presentation

Ahmed Moataz
EFG Hermes Holding S.A.E., Research Division

Hello, everyone. This is Ahmed Moataz from EFG Hermes and welcome to IDH's Third Quarter of '25 Results Conference Call. I'm pleased to be joined with Dr. Hend El Sherbini, Chief Executive Officer; Sherif El Zeiny, Vice President and Group CFO; and Tarek Yehia, Director of Investor Relations. The company, as usual, will start with a brief presentation and then we'll open the floor for Q&A. IDH management, please go ahead.

Tarek Yehia
Director of Investor Relations

Thank you, Ahmed. Good afternoon, ladies and gentlemen and thank you for joining us for our third quarter analyst call. My name is Tarek Yehia, I'm Head of Investor Relations. Joining me today, Dr. Hend El Sherbini, our CEO; Mr. Sherif El Zeiny, our CFO and VP.

Dr. Hend will begin the call with a summary of latest period main highlights. After that, I will discuss in more details the main macroeconomics and geopolitical trends seen across our markets. Then after my presentation, Mr. Sherif will offer a deeper analysis of our financial performance. Then we will open for Q&A. Dr. Hend will start now. Thank you.

Hend El Sherbini
Group CEO & Executive Director

Thank you, Tarek and good afternoon, everyone. I'm Dr. Hend El Sherbini, CEO of IDH. As we approach the end of what has been another very strong year for the group, I'm pleased to report a robust set of results for the first 9 months of 2025.

Recommended For You

-

KINGSPORT, Tenn.--(BUSINESS WIRE)--Eastman Chemical Company (NYSE:EMN):

Basic Materials Conference

Willie McLain, Executive Vice President and Chief Financial Officer, Eastman Chemical Company (NYSE:EMN), will address the Citi Basic Materials Conference on December 2, 2025, at 10:50 a.m. ET.

Live Webcast

Mr. McLain’s presentation will be webcast live on investors.eastman.com.

Replay

An audio replay of the presentation will be available at investors.eastman.com, events & presentations.

More News From Eastman Chemical Company

Back to Newsroom

Key Takeaways BIIB teams up with Dayra to discover and develop oral macrocyclic peptides for immunological targets.The collaboration leverages Dayra's platform to identify and optimize candidates that BIIB may advance.BIIB will pay $50M upfront and may make milestone payments as it builds its immunology pipeline.
Biogen (BIIB - Free Report) announced the signing of a research collaboration agreement with privately held Dayra Therapeutics to discover and develop oral macrocyclic peptides for priority targets in immunological conditions.

Rationale Behind the BIIB/Dayra Collaboration DealThe Biogen/Dayra partnership is driven by the strategic potential of oral macrocyclic peptides. This emerging therapeutic approach aims to deliver biologic-like efficacy and safety in a convenient oral form. Oral administration significantly reduces treatment burden, which boosts patient adherence.

Oral macrocyclic peptides offer higher target specificity and can access protein interaction sites that remain out of reach for conventional small molecules, positioning them as a potential disruptor to established antibody-based therapies.

For Biogen, the collaboration supports its broader objective of building a differentiated immunology pipeline. By leveraging Dayra’s advanced macrocycle discovery platform, the companies plan to identify, validate, and optimize oral macrocyclic candidates against key immunological targets. Biogen will assume responsibility for advancing any resulting molecules through late-stage development, manufacturing, and potential commercialization.

So far this year, BIIB stock has gained 15.6% compared with the industry’s 16.5% growth.

Image Source: Zacks Investment Research

Per the terms of the deal, Biogen is liable to pay Dayra an upfront payment of $50 million, while retaining the option to acquire the latter’s development candidates for additional program-based payments. Biogen is also liable to make preclinical and clinical milestone payments to Dayra for each program.

Biogen will record the upfront payment made to Dayra as an Acquired In-Process R&D expense in the fourth quarter of 2025, consistent with its updated 2025 guidance issued on Oct. 30, 2025.

BIIB’s Existing Immunology Pipeline ProgramsBiogen’s immunology pipeline comprises three late-stage candidates, dapirolizumab pegol, litifilimab and felzartamab, which are being developed across various indications. Dapirolizumab pegol, an anti-CD40L antibody, is currently undergoing phase III development for active systemic lupus erythematosus (SLE). Litifilimab, an anti-BDCA2, is being evaluated for two indications, SLE and cutaneous lupus erythematosus, in separate phase III studies.

The third candidate, felzartamab, an anti-CD38 antibody, is undergoing phase III evaluation for three indications – antibody-mediated rejection, immunoglobulin A nephropathy, and primary membranous nephropathy – all in separate studies. Additionally, Biogen is also evaluating felzartamab in an early-stage study for lupus nephritis.

BIIB’s Zacks Rank & Stocks to ConsiderBiogen currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector include Arcutis Biotherapeutics (ARQT - Free Report) , Editas Medicine (EDIT - Free Report) and ADMA Biologics (ADMA - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the past 60 days, estimates for Arcutis Biotherapeutics’ loss per share have narrowed from 44 cents to 24 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from 9 cents to 41 cents. Year to date, shares of ARQT have rallied 120.8%.

Arcutis Biotherapeutics’ earnings beat estimates in each of the trailing four quarters, the average surprise being 64.80%.

In the past 60 days, estimates for Editas Medicine’s loss per share have narrowed from $2.12 to $2.04 for 2025. During the same time, loss per share estimates for 2026 have widened from $1.02 to $1.05. Year to date, shares of EDIT have rallied 96.9%.

Editas Medicine’searnings beat estimates in two of the trailing four quarters and missed the mark on the other two occasions, delivering an average negative surprise of 13.17%.

In the past 60 days, estimates for ADMA Biologics’ earnings per share have increased from 57 cents to 58 cents for 2025. During the same time, earnings per share estimates for 2026 have improved from 88 cents to 90 cents. Year to date, shares of ADMA have lost 6.8%.

ADMA Biologics’ earnings beat estimates in one of the trailing four quarters, matched once and missed the same on the remaining two occasions, with the average negative surprise being 3.01%.

Key Takeaways RCL plans to grow its exclusive destination portfolio from two to eight by 2028.Perfect Day at CocoCay is delivering ticket price uplift and higher onboard spending.Beach Clubs are set to boost shore-excursion revenues while supporting margin expansion.
Royal Caribbean Cruises Ltd. (RCL - Free Report) is doubling down on a strategy that extends its competitive moat well beyond the ship to exclusive land-based destinations. Management sees these proprietary experiences, from Perfect Day at CocoCay to the new Royal Beach Clubs, as a core driver of pricing power, higher onboard monetization and market share gains.

On the third-quarter 2025 earnings call, CEO Jason Liberty highlighted that the company will expand its exclusive destination portfolio from two to eight by 2028, including new developments like Royal Beach Club Santorini, Paradise Island and Perfect Day Mexico. This aggressive build-out is part of RCL’s “commercial flywheel,” a model designed to deepen loyalty, attract new cruisers and keep guests spending inside its ecosystem.

Early results support the strategy’s potential. Perfect Day at CocoCay has been a powerful engine of ticket price uplift and incremental onboard spend, while Beach Clubs are expected to skew toward shore-excursion-driven revenues, further supporting yield diversification.

Notably, these privately controlled experiences also give RCL better control over margins compared with third-party ports, a meaningful lever as it targets sustained margin expansion and high-teen ROIC in the coming years.

While near-term weather disruptions, such as the temporary closure of Labadee, can create noise, management emphasized that demand for Caribbean itineraries featuring exclusive stops remains robust. 
RCL’s destination strategy is not just about new thrills; it is a capital-efficient revenue model that strengthens pricing, loyalty and competitive differentiation. Exclusive destinations look well-positioned to become the company’s next major revenue engine.

Competitive Landscape: How Rivals Approach Private DestinationsWhile Royal Caribbean is rapidly scaling its portfolio of exclusive destinations, two major cruise competitors are pursuing similar strategies, though with less scope and differentiation today.

Carnival Corporation (CCL - Free Report) has invested in private ports such as Amber Cove in the Dominican Republic and Mahogany Bay in Honduras, which have supported onboard spending and itinerary appeal. However, Carnival’s development pace has been slower and its properties lack the broad, high-end experience ecosystem that RCL is building. Carnival has focused more on improving its core fleet and balance sheet rather than large-scale exclusive destination expansion, potentially giving RCL a strategic advantage in pricing power.

Norwegian Cruise Line Holdings (NCLH - Free Report) operates Great Stirrup Cay and Harvest Caye, both successful private destinations that enhance onboard revenues and guest satisfaction. Yet Norwegian’s geographic footprint is narrower and it has not announced a comparable expansion roadmap. This creates room for RCL to widen the differentiation gap through scale, variety and loyalty monetization.
In the battle for pricing premium and loyalty retention, exclusive destinations may become the decisive competitive edge.

RCL’s Price Performance, Valuation & EstimatesShares of Royal Caribbean have gained 6.5% in the past six months compared with the industry’s growth of 0.9%.

RCL Six-Month Price Performance
Image Source: Zacks Investment Research

From a valuation standpoint, RCL trades at a forward price-to-earnings ratio of 14.45X, below the industry’s average of 15.64X.

P/E (F12M)
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for RCL’s 2025 and 2026 earnings implies a year-over-year uptick of 32.54% and 14.52%, respectively. EPS estimates for 2025 have remained unchanged in the past seven days.

Image Source: Zacks Investment Research

RCL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways FIX's record backlog, data-center strength and inorganic moves fuel faster growth but at a premium valuation.EME's U.K. exit and $12.6B RPOs boost U.S. focus and stability, though its growth cadence is moderating.EPS trends and ROE strongly favor FIX, while EME offers steadier execution at a relative valuation discount.
The multi-year tailwinds surrounding the public infrastructure market and private non-residential market are boding well for firms operating in this space, like Comfort Systems USA, Inc. (FIX - Free Report) and EMCOR Group, Inc. (EME - Free Report) .

Amid a favorable federal and state funding environment, the two back-to-back Fed rate cuts are acting as a catalyst in boosting prospects further. After a 0.25 percentage point rate cut on Sept. 17, 2025, the Federal Reserve again pulled down the interest rate by another 25 basis points on Oct. 29, moving the targeted benchmark between 3.75% and 4.00%. With another expected rate cut in December 2025 and two more by June 2026 (per Goldman Sachs chief economist Jan Hatzius), the growth optimism surrounding the economy is in favor of the companies, as mentioned above, operating in the commercial and industrial infrastructure markets.

Comfort Systems is currently invested in grabbing onto opportunities for large-scale projects, increasing the revenue visibility and utilizing the additional cash flow for inorganic growth initiatives. On the other hand, EMCOR is currently working on divesting its U.K. Building Services segment and shifting its focus entirely to its highly profitable U.S. markets.

Let’s dive deep and closely compare the fundamentals of the two stocks to determine which one is a better investment now.

The Case for Comfort Systems StockThis Texas-based heating, ventilation, air conditioning and electrical contracting service provider is gaining from a robust public spending scenario in the United States, mainly due to its exposure to large-scale projects. Major trends are witnessed across the Technology sector due to increased demand for data center and chip manufacturing-related activities. So far in 2025, the Technology sector contributed 42% of the total revenues, reflecting growth from 32% a year ago.

As of Sept. 30, 2025, the company had a record backlog of $9.38 billion, with a same-store backlog of $9.2 billion, indicating year-over-year increases of 65.1% and 62%, respectively. Currently, with the Fed interest rate going down, lower financing costs are expected to spur investments in the large-scale projects across markets that are served by Comfort Systems. Besides, the company’s disciplined bidding efforts and continued innovation in automation and AI-driven fabrication are added tailwinds.

Apart from market tailwinds, FIX’s inorganic growth efforts are also notable aspects. On Oct. 1, 2025, FIX acquired two electrical companies based in Western Michigan and Southern Florida, FZ Electrical and Meisner Electric, respectively. These acquisitions are expected to enhance Comfort Systems' market presence across industrial and health care capabilities, and combinedly are expected to deliver more than $200 million of incremental annual revenues and $15-$20 million of incremental annual EBITDA. During the first nine months of 2025, the company’s revenues grew 25.1% year over year, with the acquisitions of Right Way, Century, Summit and J&S contributing about 2.3% to the uptrend.

The Case for EMCOR StockThis Connecticut-based infrastructure service provider is also banking on the robust trends in the United States public infrastructure market. Its two major segments, the US Electrical and Mechanical Construction and Facilities Services segments, are consistently displaying significant strength amid positive market fundamentals. During the first nine months of 2025, the revenues from the U.S. Electrical Construction and the U.S. Mechanical Construction segments grew year over year by 54.1% to $3.71 billion and 7.6% to $5.11 billion, respectively.

As of Sept. 30, 2025, Remaining Performance Obligations (RPOs) were $12.61 billion, indicating 29% year-over-year growth and 25% from Dec. 31, 2024. Increased activity within the network and communications sector, mainly driven by data center construction projects demand trends, with other sectors including healthcare, commercial, manufacturing and industrial, and the high-tech manufacturing sectors are boding well. The diversity in EMCOR’s RPOs is stabilizing its revenue visibility and profitability structure despite ongoing macro uncertainties.

Besides the market’s favorable fundamentals, EME is currently focusing on divesting its U.K. business and streamlining its U.S. operations for better execution across highly profitable markets. In September 2025, EMCOR announced the divestiture of its U.K. Building Services segment, which is expected to be complete by the end of 2025, upon U.K. regulatory approval. The proceeds from this transaction are expected to be about $255 million. By redirecting U.K. sale proceeds into strategic M&A, prefabrication capacity and U.S. project expansion, EMCOR strengthens its competitive edge in sectors offering not just growth but durability.

Stock Performance & ValuationAs witnessed from the chart below, in the past six months, Comfort Systems’ share price performance stands significantly above EMCOR’s and the broader Construction sector.

Image Source: Zacks Investment Research

Considering valuation, over the last five years, Comfort Systems has been trading above EMCOR on a forward 12-month price-to-earnings (P/E) ratio basis.

Image Source: Zacks Investment Research

Overall, from these technical indicators, it can be deduced that FIX stock offers an incremental growth trend but with a premium valuation, while EME stock offers a diminishing growth trend with a discounted valuation.

Comparing EPS Estimate Trends: FIX vs. EMEThe Zacks Consensus Estimate for FIX’s 2025 EPS indicates 80.2% year-over-year growth, with the 2026 estimate indicating an increase of 16.4%. The 2025 and 2026 EPS estimates have moved up in the past 30 days by 13.7% and 20.1%, respectively.

FIX's EPS Trend

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for EME’s 2025 earnings estimates implies year-over-year growth of 17.3%, while the same for 2026 indicates an improvement of 8.6%. Its 2025 and 2026 EPS estimates have trended upward over the past 30 days by 0.2% and 1.2%, respectively.

EME's EPS Trend

Image Source: Zacks Investment Research

Return on Equity (ROE) of FIX & EME StocksComfort Systems’ trailing 12-month ROE of 43.6% significantly exceeds EMCOR’s average, underscoring its efficiency in generating shareholder returns.

Image Source: Zacks Investment Research

Which Stock to Choose: FIX or EME?Comfort Systems’ exposure to fast-growing technology, data-center and chip-fabrication markets is encouraging, given its backlog growth trends discussed above. Besides, its disciplined M&A, including recent electrical-services acquisitions, further strengthens its prospects in an already growing market. On the other hand, EMCOR remains a high-quality operator with strong fundamentals, supported by robust U.S. demand across electrical, mechanical, communications, healthcare and industrial markets. Its diversified RPO base and strategic divestiture of its U.K. segment should sharpen its U.S. focus and enhance long-term profitability.

Thus, it can be deduced that FIX, which currently sports a Zacks Rank #1 (Strong Buy), offers superior growth momentum and operational leverage, while EME, which currently carries a Zacks Rank #2 (Buy), offers a more modest growth trajectory at a discounted valuation.

Summing up, based on the fundamentals discussed and technical indicators, Comfort Systems stock is comparatively a better investment option over EMCOR stock now. You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways KSS beat Q3 revenue and EPS estimates despite year-over-year declines in both metrics.Kohl's raised its fiscal 2025 outlook for net sales, comparable sales and operating margin.Full-year EPS guidance increased to $1.25-$1.45, well above the company's earlier projection.
Kohl's Corporation ((KSS - Free Report) ) reported third-quarter fiscal 2025 results, wherein the top and bottom lines beat the Zacks Consensus Estimate, while both decreased from the year-ago period’s actuals.

Kohl's posted earnings of 10 cents per share, down from 20 cents in the year-ago quarter. Nevertheless, the bottom line outperformed the Zacks Consensus Estimate of a loss of 19 cents.

Total revenues were $3,575 million, down 3.6% from the prior-year quarter’s $3,710 million. However, the top line beat the Zacks Consensus Estimate of $3,486 million. The company’s net sales fell 2.8% to $3,407 million, while other revenues fell 17.2% to $168 million. We note that comparable sales dipped 1.7% year over year. We expected comparable sales to decrease 4.6%.

Kohl’s Quarterly Margin HighlightsKohl's gross margin expanded 51 basis points (bps) to 39.6% in the reported quarter. We expected a gross margin decrease of 10 bps. SG&A expenses dropped 2.1% to $1,263 million. As a percentage of total revenues, SG&A expenses increased 55 bps to 35.3%. We anticipated SG&A expenses, as a percentage of net sales, to increase 60 bps.

KSS posted an adjusted operating income of $77 million, down from $98 million in the year-ago period. The operating income margin was 2.2%.

KSS’ Financial Health Snapshot & Other UpdatesKohl's ended the quarter with cash and cash equivalents of $144 million and shareholders’ equity of $3,930 million.

For the nine months of fiscal 2025 ending Nov. 1, 2025, net cash provided by operating activities was $630 million. Management expects capital expenditures of $400 million for fiscal 2025.

On Nov. 12, 2025, Kohl’s declared a quarterly cash dividend of 12.50 cents per share, payable Dec. 24, to its shareholders of record as of Dec. 10.

What to Expect From KSS in FY25?For fiscal 2025, Kohl’s now expects net sales to decline 3.5-4%, an improvement from its prior forecast of a 5-6% drop. Comparable sales are projected to fall 2.5-3%, compared with the earlier outlook of a 4-5% decline.

The company now anticipates an adjusted operating margin of 3.1-3.2%, up from the previously projected range of 2.5-2.7%. Full-year EPS is now estimated at $1.25-$1.45, significantly higher than the earlier guidance of 50 cents to 80 cents.

This Zacks Rank #3 (Hold) company’s shares have gained 13.7% in the past three months compared with the industry’s growth of 24.7%.

Image Source: Zacks Investment Research

Stocks to ConsiderUlta Beauty, Inc. ((ULTA - Free Report) ) operates as a specialty beauty retailer in the United States, Mexico and Kuwait. At present, Ulta Beauty carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The consensus estimate for Ulta Beauty’s current fiscal-year sales implies growth of 6.8%, from the year-ago figures. ULTA delivered a trailing four-quarter earnings surprise of 16.3%, on average.

Five Below, Inc. ((FIVE - Free Report) ) operates as a specialty value retailer in the United States. It has a Zacks Rank #2 at present. Five Below delivered a trailing four-quarter earnings surprise of 50.5%, on average.

The Zacks Consensus Estimate for Five Below’s current fiscal-year sales and earnings implies an increase of 16.2% and 1.2%, respectively, from the prior-year levels.

Ross Stores, Inc. ((ROST - Free Report) ), operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brands in the United States. It carries a Zacks Rank #2 at present. Ross Stores delivered a trailing four-quarter earnings surprise of 6.7%, on average.

The Zacks Consensus Estimate for Ross Stores’ current fiscal-year sales implies an increase of 4.9%, from the prior-year levels.

Key Takeaways Burlington Stores' Q3 earnings beat estimates with revenues up 7.1% year over year.Margin gains from merchandising and execution drove raised Q4 and full-year earnings guidance.The company kept its Q4 comp-sales outlook while highlighting strong store openings and margin progress.
Burlington Stores, Inc. (BURL - Free Report) reported third-quarter fiscal 2025 results, wherein both revenues and earnings grew year over year. Top line lagged the Zacks Consensus Estimate and bottom line surpassed the same.

Store traffic softened after the back-to-school period due to unusually warm weather in key markets, but comparable sales trends strengthened once temperatures cooled, with this positive momentum continuing into November.

The company delivered strong margin and earnings performance for the quarter, driven by effective merchandising and operational execution that helped offset tariff-related pressures. This outperformance is being incorporated into the company’s updated full-year earnings outlook.

Improving margin and expense trends have also led the company to raise its earnings expectations for the fourth quarter, resulting in a further increase to its full-year guidance. Despite recent sales momentum, BURL is maintaining its previously issued fiscal fourth-quarter comparable sales outlook due to challenging prior-year comparisons.

The company remains encouraged by the performance of its new store opening program, weather-adjusted comparable sales growth and the rapid progress being made in margin expansion. The long-term objective of reaching approximately $1.6 billion in operating income by fiscal 2028 remains on track.

More on Burlington Stores’ Q3 Financial ResultsBurlington Stores reported adjusted earnings of $1.80 per share, which surpassed the Zacks Consensus Estimate of $1.59. The bottom line rose 16.1% from the year-ago quarter.

Total revenues of $2,710.4 million jumped 7.1% from the prior-year quarter and lagged the Zacks Consensus Estimate of $2,711 million. Net revenues climbed nearly 7.1% to $2,706 million, while other revenues fell 1.9% to $4.4 million. The company’s comparable store sales increased 1% year over year. Our model anticipated a 1.5% rise in comparable store sales for the fiscal third quarter.

Insight Into BURL’s MarginsThe gross margin was 44.2%, up 30 basis points from the third quarter of fiscal 2024. This also surpassed our estimate of gross margin of 43.6%. Merchandise margin rose 10 basis points and freight costs improved 20 basis points.

Adjusted selling, general and administrative (SG&A) expenses rose 7.8% year over year to $733.7 million. Adjusted SG&A, excluding $11 million in costs related to bankruptcy-acquired leases in the third quarter of fiscal 2025, represented 26.7% of net sales compared with 26.9% in the third quarter of fiscal 2024, a 20-basis-point improvement. We estimated adjusted SG&A expenses, as a percentage of net sales, to be 27.4%.

Product sourcing costs were $214 million, up from $209 million in the year-ago quarter. As a percentage of net sales, this represents a 40-basis-point decline. Such costs comprise the processing goods costs via the supply chain and buying expenses.

Adjusted EBITDA increased 11.5% from the third quarter of fiscal 2024 to $255.2 million, excluding $11 million of expenses related to the bankruptcy-acquired leases. Adjusted EBITDA margin increased 80 basis points year over year. Adjusted EBIT was $155.9 million, up 10.3% from the year-ago quarter. Adjusted EBIT margin increased 60 basis points year over year.

BURL’s Financial Snapshot: Cash, Debt and EquityThe company ended the reported quarter with cash and cash equivalents of $584.1 million, long-term debt of $2.02 billion and stockholders’ equity of $1.53 billion. BURL exited the fiscal third quarter with total liquidity of $1.53 billion, consisting of $584 million in unrestricted cash and $948 million of availability under its ABL facility.

Total outstanding debt at quarter-end was $2.04 billion, including $1.72 billion under the Term Loan facility, $297 million in Convertible Notes and no borrowings on the ABL facility.

During the third quarter of fiscal 2025, the company repurchased 213,972 shares of its common stock for $61 million under the share repurchase program. At the end of the fiscal third quarter, $444 million remained authorized under the current repurchase program.

BURL’s Q4 GuidanceFor the fourth quarter of fiscal 2025, the company currently estimates total sales will rise 7% to 9%, reflecting comparable store sales growth of 0% to 2%. The company now expects adjusted EBIT margin to increase 30-50 basis points from last year, compared with its prior outlook for a margin range from a decline of 10 basis points to an increase of 30 basis points. The current outlook excludes approximately $7 million of expenses related to bankruptcy-acquired leases in the fourth quarter of fiscal 2025 and $5 million incurred in the prior period.

Adjusted EPS is currently expected to range from $4.50 to $4.70 compared with $4.13 last year and the previous estimate of $4.30 to $4.60. The current outlook excludes $5 million of anticipated net-of-tax expenses related to bankruptcy-acquired leases in the fourth quarter of fiscal 2025 and $4 million incurred in the prior period.

Fiscal 2025 View for BURLFor fiscal 2025 (the 52 weeks ending Jan. 31, 2026), the company now expects total sales to grow approximately 8%, on top of the 11% increase recorded for the 52 weeks ended Feb. 1, 2025. This compares with its prior outlook for a 7-8% increase.

This outlook assumes comparable store sales growth of 1% to 2%, following a 4% increase in the prior 52-week period. Capital expenditures, net of landlord allowances, are projected to be approximately $950 million, and the company plans to open 104 net new stores.

Adjusted EBIT margin is now expected to improve 60-70 basis points from the prior fiscal year, compared with the earlier outlook calling for an improvement of 20-40 basis points, excluding $34 million of anticipated costs associated with bankruptcy-acquired leases in fiscal 2025 and $16 million incurred in fiscal 2024.

Adjusted EPS is now projected to be between $9.69 and $9.89, up from the previous forecast of $9.19-$9.59 and above the $8.35 earned last year. This excludes $26 million, net of tax, of expected expenses related to bankruptcy-acquired leases in fiscal 2025 and assumes a share count of approximately 64 million.

BURL Stock Past Three-Month Performance

Image Source: Zacks Investment Research

In the past three months, this Zacks Rank #3 (Hold) company has gained 1.9% against the industry’s 0.1% decline.

Key PicksWe have highlighted three better-ranked stocks, namely, Ross Stores Inc. (ROST - Free Report) , Boot Barn Holdings, Inc. (BOOT - Free Report) , and American Eagle Outfitters Inc. (AEO - Free Report) .

Ross Stores operates as an off-price retailer of apparel and home accessories. It currently has a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

The Zacks Consensus Estimate for Ross Stores’ current fiscal-year earnings and revenues implies a decline of 0.8% and growth of 4.9%, respectively, from the year-ago actuals. ROST delivered a trailing four-quarter average earnings surprise of 6.7%.

Boot Barn operates as a lifestyle retail chain devoted to western and work-related footwear, apparel and accessories. It currently carries a Zacks Rank of 2.

The Zacks Consensus Estimate for Boot Barn’s fiscal 2026 earnings and sales implies growth of 20.5% and 16.2%, respectively, from the year-ago actuals. Boot Barn delivered a trailing four-quarter average earnings surprise of 5.4%.

American Eagle is a specialty retailer of casual apparel, accessories and footwear. It carries a Zacks Rank of 2 at present.

The Zacks Consensus Estimate for American Eagle's current fiscal-year earnings and sales indicates declines of 35.6% and 0.1%, respectively, from the year-ago actuals. AEO delivered a trailing four-quarter average earnings surprise of 30.3%.

About Emily Jarvie
Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The Canberra Times, and... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

Intertek Group plc (OTCPK:IKTSY) Q3 2025 Sales Call November 25, 2025 4:30 AM EST

Company Participants

André Lacroix - CEO & Director

Conference Call Participants

Rory Mckenzie - UBS Investment Bank, Research Division
Suhasini Varanasi - Goldman Sachs Group, Inc., Research Division
Allen Wells - Jefferies LLC, Research Division
James Clark - Barclays Bank PLC, Research Division
Virginia Montorsi - BofA Securities, Research Division
Annelies Vermeulen - Morgan Stanley, Research Division
William Kirkness - Sanford C. Bernstein & Co., LLC., Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to Intertek November 2025 Trading Update.

[Operator Instructions] I would like to remind all participants that this call is being recorded, questions will follow after the presentation.

I will now hand over to Andre Lacroix, Chief Executive Officer, to start the presentation. Thank you.

André Lacroix
CEO & Director

Good morning to you all, and thanks for joining us on our call. I have with me Colm Deasy, our CFO; and Denis Moreau, our VP of Investor Relations. There are essentially 5 key takeaways from our call today regarding our July-October trading statement.

First, we have benefited from a robust growth in our 2 highest margin division, Consumer Products and Corporate Assurance in the July-October period, where we've delivered a 5.8% like-for-like revenue growth on a combined basis despite a very demanding base last year. Second, we saw trading momentum improve in Industry & Infrastructure with a strong acceleration in Minerals and a good pickup in Building and Construction. Third, important message on Transportation Technology, the restructuring in the automotive sector in Q3 results in double-digit negative like-for-like revenue growth in Transportation Technology. The group like-for-like performance in July, October ex Transportation Technology was in line with the run rate we had in the first half.

Of course, we continue to invest in growth

Recommended For You

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.93% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Palantir Technologies Inc. (PLTR - Free Report) Denver-based Palantir Technologies was founded in 2003. The company builds and deploys software platforms for the intelligence community to help in counterterrorism investigations and operations across the United States and internationally.

PLTR is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. PLTR has a Growth Style Score of A, forecasting year-over-year earnings growth of 78.1% for the current fiscal year.

Nine analysts revised their earnings estimate higher in the last 60 days for fiscal 2025, while the Zacks Consensus Estimate has increased $0.07 to $0.73 per share. PLTR also boasts an average earnings surprise of +16.3%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, PLTR should be on investors' short list.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.93% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Sanmina (SANM - Free Report) Headquartered in San Jose, CA, Sanmina Corporation is a global provider of electronics contract manufacturing services. It focuses on engineering and fabricating complex components and also on providing complete end-to-end supply chain solutions to Original Equipment Manufacturers across various end markets, including industrial, medical, defense and aerospace, automotive, communications and cloud infrastructure.

SANM is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. SANM has a Growth Style Score of A, forecasting year-over-year earnings growth of 59.6% for the current fiscal year.

Two analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $2.70 to $9.64 per share. SANM also boasts an average earnings surprise of +5.4%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, SANM should be on investors' short list.