Market Signal Briefing

TL;DR

OTHERS breaks descending triangle, signaling momentum shift in mid-cap and lower-cap assets. TOTAL3 surpasses key resistance after constructing a series of higher lows. ETH/BTC leads capital rotation away from Bitcoin into Ethereum and correlated altcoins. The cryptocurrency indices OTHERS, TOTAL3, and the ETH/BTC pair have posted consecutive breakouts after weeks of compression and sideways consolidation. OTHERS, which tracks altcoins outside the top 10, escaped a descending triangle pattern. TOTAL3, measuring total capitalization of altcoins excluding Bitcoin and Ethereum, surpassed key resistance levels after constructing a series of higher lows. ETH/BTC similarly demonstrates leadership from the second-largest crypto asset.

Now, as macroeconomic context stabilizes, capital begins rotating again toward alternative assets. The movement does not yet represent full altseason—that phenomenon requires massive wholesale and retail participation with genuine euphoria—but merely the initial phases of potential expansion.

The OTHERS breakout from the descending triangle signals momentum change specifically in mid-cap and lower-cap assets. When OTHERS escapes compression patterns, it typically indicates traders willingly accept greater risk in less-liquid assets.

TOTAL3 meanwhile reached a resistance zone after constructing successive higher lows, a technical formation suggesting buying pressure accumulating. Structure of ascending lows reflects cautious yet sustained institutional entry.

ETH/BTC Leads Portfolio Rebalancing Away from Bitcoin The ETH/BTC pair advances with intent, reflecting Ethereum’s relative strength compared to Bitcoin. When ETH/BTC rises, it indicates investors channel capital from Bitcoin directly into Ethereum and derivatively into altcoins correlated with Ethereum.

That rebalancing proves crucial: if ETH/BTC sustains higher movement, it validates a structural shift toward altcoins. Should it reject and fall again, breakouts in OTHERS and TOTAL3 could prove bearish traps reversing within weeks.

General market recovery context provides fertile ground for capital rotation. After weeks where Bitcoin dominated without competition, investors begin asking when other assets reclaim relative value. OTHERS breaking suggests the question already has an answer: now. TOTAL3 validating resistance reinforces the argument. However, multiple breakouts do not guarantee altseason: they require holding above key levels for weeks or months.

The fundamental question is whether capital flowing into altcoins represents tactical rebalancing or structural shift. Tactical rebalancing occurs when investors take Bitcoin profits and seek diversification. Structural shift happens when alternative assets develop their own narratives attracting new capital. Currently, technical signals point to early phase. Definitive proof arrives if ETH/BTC sustains above resistance without violent rejection, confirming altcoins deserve increased portfolio allocation.

Bank of America said Uber Technologies Inc (NYSE:UBER, XETRA:UT8)’s medium-term autonomous vehicle (AV) supply outlook has significantly improved following the company’s expanded partnership with Nvidia Corp (NASDAQ:NVDA, XETRA:NVD).

Uber and Nvidia announced plans to launch Level 4 robotaxis in 28 global cities by 2028, beginning with LA and San Francisco in the first half of 2027.

The rollout will involve several automakers, including BYD, Geely, Mercedes, Nissan, and Toyota, using Nvidia’s DRIVE Hyperion platform and Alpamayo reasoning-based AI models. Vehicles will initially operate with safety drivers before transitioning to fully autonomous operations.

The bank highlighted that Uber appears poised to have multiple AV partners operating in Los Angeles and San Francisco by 2027, marking a potential shift in the US rideshare market.

“A growing roster of US. Level 4 OEM suppliers, combined with Nvidia’s L4 platform development commitment, can shift the medium-term US AV supply outlook in a more favorable direction for Uber,” they wrote.

The analysts noted that broader AV production could allow Uber to purchase and lease vehicles while encouraging other providers, such as Waymo, Tesla, and Zoox, to make their vehicles available on Uber’s network.

Nvidia also announced updates to its L4 autonomy stack, including the Halos OS safety framework and the Alpamayo 1.5 AI model, as well as collaborations with mobility providers, including Lyft and Amazon, to enhance in-cabin intelligence.

Bank of America reiterated its ‘Buy’ rating on Uber, citing the improved AV supply prospects as a potential driver for stock multiple expansion.

Shares of Uber traded up almost 6% on the news, trading hands at $79, while Nvidia stock was little changed at $183.

Air Canada (AC:CA) JPMorgan Industrials Conference 2026 March 17, 2026 10:50 AM EDT

Company Participants

Michael Rousseau - CEO, President & Director
John Di Bert - Executive VP & CFO

Conference Call Participants

Jamie Baker - JPMorgan Chase & Co, Research Division
Mark Streeter - JPMorgan Chase & Co, Research Division

Presentation

Jamie Baker
JPMorgan Chase & Co, Research Division

All right. Moving right along. Mark Streeter is going to join me on stage here. Mark has actually covered Air Canada on the credit side.

Mark Streeter
JPMorgan Chase & Co, Research Division

Longer than you.

Jamie Baker
JPMorgan Chase & Co, Research Division

Many years more than I have covered Air Canada on the equity side. Very happy to have John Di Bert, CFO; and Mike Rousseau, CEO, taking our stage once again. Gentlemen, welcome. Thank you for making the trip. I hope yesterday's meteorological mayhem did -- well, you got here.

Michael Rousseau
CEO, President & Director

We had a great Air Canada flight down here.

Jamie Baker
JPMorgan Chase & Co, Research Division

You don't say. good. Well, listen, I know you guys did an 8-K this morning, which is fine, but we have started most of these panels this morning with an update speaking for other airlines that have already shared the stage. At least domestically, I think everybody is very pleasantly surprised with the resilience of demand trends at this point, admittedly, not that many days in the first quarter really were exposed to elevated fuel prices.

Question-and-Answer Session

Jamie Baker
JPMorgan Chase & Co, Research Division

But at this point, most of the managements have expressed pretty high levels of confidence as to their first quarter outcomes relative to their guides. What can you tell us about how the quarter is developing for Air Canada?

Michael Rousseau
CEO, President & Director

NEW YORK--(BUSINESS WIRE)---- $GO #ClassAction--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Grocery Outlet Holding Corp. (“Grocery Outlet” or the “Company”) (NASDAQ: GO) and reminds investors of the May 15, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georg.

March 17 (Reuters) - New Fortress Energy (NFE.O), opens new tab said on Tuesday it will separate its Brazilian ​operations into a standalone company as part of a ‌broader restructuring deal with creditors aimed at cutting its debt.

Shares of the company were up 22% in afternoon trading.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

The operational reset is expected to ​reduce the company's corporate debt to about $527.5 million from ​roughly $5.7 billion.

New Fortress Energy said it has signed an ⁠agreement with creditors under a consensual UK restructuring plan, which ​it expects to launch in April.

The company, which focuses on LNG ​infrastructure and power projects, has struggled to secure long-term LNG supply for power plants in Latin America as it lacks investment-grade credit rating, forcing ​it to buy fuel at higher prices.

In 2024, New Fortress ​began exploring options, including bringing in strategic partners, selling assets after deferring shareholder ‌dividends ⁠to preserve cash and working out a deal with bondholders to push back maturities.

Under the latest restructuring plan, it will split into two entities - a privately held Brazil-focused company owned by ​creditors and a ​publicly traded "New NFE" ⁠that will hold the rest of its global assets.

The split is expected to be completed by ​mid-2026.

The Brazil-focused entity, to be based in Rio ​de ⁠Janeiro, will be owned by a group of global institutional investors.

Creditors will receive up to $2.5 billion in preferred equity and about 65% ⁠of ​the new company's common equity, while existing ​shareholders will be diluted to roughly 35%, with potential for further dilution.

Reporting by ​Pranav Mathur in Bengaluru; Editing by Alan Barona and Diti Pujara

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. However, it isn't easy to find a great growth stock.

That's because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.

However, the task of finding cutting-edge growth stocks is made easy with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Our proprietary system currently recommends Penumbra (PEN - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Research shows that stocks carrying the best growth features consistently beat the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

While there are numerous reasons why the stock of this medical device maker is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Penumbra is 74.9%, investors should actually focus on the projected growth. The company's EPS is expected to grow 32.2% this year, crushing the industry average, which calls for EPS growth of 10.8%.

Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.

Right now, year-over-year cash flow growth for Penumbra is 52%, which is higher than many of its peers. In fact, the rate compares to the industry average of -1%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 54.1% over the past 3-5 years versus the industry average of 4.9%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for Penumbra. The Zacks Consensus Estimate for the current year has surged 0.3% over the past month.

Bottom LinePenumbra has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that Penumbra is a potential outperformer and a solid choice for growth investors.

In the race to achieve quantum computing supremacy, a pure-play firm like D-Wave Quantum Inc. NYSE: QBTS must watch out for not only competitors of a similar size and scope but also for much larger legacy tech rivals. Alphabet NASDAQ: GOOG, Microsoft NASDAQ: MSFT, and many other big tech players have ventured into the quantum computing space, using their massive R&D budgets and infrastructure to accelerate development. One advantage a smaller company like D-Wave may have is its exclusive focus on quantum, compared to these other firms, which are targeting a wide variety of technologies at once. Still, D-Wave's many technological successes have so far only led to a disappointing performance in 2026.

IBM Corp. NYSE: IBM may make it even harder for D-Wave to thrive this year. A longtime participant in the quantum race, IBM has not only recently announced what could be a significant technological breakthrough but also has stability and a strong track record of fundamental success that D-Wave has not yet achieved.

Get D-Wave Quantum alerts:

IBM's Hybrid Architecture Could Open Up Many New Possibilities First, it's worth considering why IBM's work toward quantum computing may have just advanced in a significant way. The company released in March 2025 the first-ever quantum-centric supercomputing reference architecture, an outline of practical ways that quantum systems can integrate with classical computing tools to address challenges unattainable by either approach alone.

IBM's model suggests a hybrid approach utilizing both quantum hardware and traditional computing infrastructure like CPUs and GPUs. The goal, it seems, is to be able to accelerate scientific discovery—and research at the Cleveland Clinic, Japan's RIKEN, and elsewhere has already yielded impressive simulations of molecular models and more.

This is significant for the quantum computing space broadly because the applicability of the technology has long been a sticking point for many investors. What use is quantum computing, the thinking goes, if it is not yet clear how exactly it can be applied by businesses and researchers across industries? A hybrid architecture such as this one may provide a pathway for users to incorporate quantum tech into their preexisting systems, with many real-world scientific applications already apparent.

Why IBM May Be the Latest Threat to D-Wave D-Wave has recently aimed to establish itself as a go-to pure-play quantum firm, spanning both quantum annealing and gate-model approaches rather than pairing a quantum system with a classical one. IBM's development could make it the latest among several major threats to D-Wave.

International Business Machines Today

IBM

International Business Machines

$253.78 +4.53 (+1.82%)

As of 01:58 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$214.50▼

$324.90Dividend Yield2.65%

P/E Ratio22.75

Price Target$320.87

As a legacy tech giant, IBM has a compelling base of fundamentals that could allow it to further accelerate its quantum development. The company reported a record $14.7 billion in free cash flow in 2025, alongside Q4 2025 revenue that climbed by 9% to beat analyst predictions by close to half a billion dollars.

Earnings per share (EPS) also came in ahead of expectations, topping Wall Street's estimate by 19 cents. IBM's renewed focus on software has paid off well, particularly given its annual recurring revenue (ARR) of $23.6 billion.

IBM may also be particularly appealing to investors heading into the middle of 2026, given the stock's recent decline. Shares are down more than 15% year-to-date as its AI business faces challenges from prominent AI companies like Anthropic and OpenAI. Nonetheless, analysts are optimistic about IBM's growth prospects throughout the year, expecting close to 8% in earnings gains and 30% in potential share price upside.

Key distinctions for many investors may be IBM's size and track record, as well as its financial stability. The company is on such firm financial footing compared to a newer quantum player like D-Wave that it has a 30-year record of raising dividends and a healthy dividend yield of 2.73%. While D-Wave and its rivals are struggling to achieve profitability, IBM can fall back on its other strengths if its quantum efforts are not fruitful.

IBM vs. D-Wave: Different Quantum Paths, Not a Zero-Sum Choice Investors may ask why there is a need to focus on one or the other of these two companies, and this is a valid question. After all, IBM's hybrid architecture design seems focused on scientific advances, while D-Wave has made headlines for its annealing-focused approach that is suited for optimization problems across disciplines.

Neither company seems focused on attempting a true general-purpose quantum system, and the applications of each of these tools are likely to be different to at least some degree. IBM may have a big leg up in terms of its business history, but there may be room for both companies to contribute meaningfully to the rise of quantum computing in the years to come.

Should You Invest $1,000 in D-Wave Quantum Right Now?Before you consider D-Wave Quantum, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and D-Wave Quantum wasn't on the list.

While D-Wave Quantum currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Wondering what the next stocks will be that hit it big, with solid fundamentals? Click the link to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.

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SUNNY ISLES BEACH, FL / ACCESS Newswire / March 17, 2026 / Elektros, Inc. (OTC Pink:ELEK) today announced an exciting milestone as the company launches strategic outreach to leading global electric vehicle manufacturers and mobility innovators. The initiative centers around its recently issued U.S. patent for a breakthrough multi-port charging architecture designed to significantly enhance EV charging speed and efficiency.

"First and foremost, we thank God for this amazing paradigm shift and for reaching this incredible milestone. This is a true breakthrough for electric vehicles worldwide. Time is the most valuable and important gift we have been given, and if we can help vehicles recharge in minutes instead of nearly an hour, that is something truly transformative for the entire world of electric mobility," said Shlomo Bleier, Chief Executive Officer of Elektros, Inc.

The company's patented system, titled "Multi-Port Charging Assembly for Electric Vehicles" (U.S. Patent No. 12,522,100 B1), introduces a novel architecture that allows multiple charging power sources to be intelligently combined into a single charging interface. Through advanced electronic control systems and dynamic power balancing, the technology is designed to significantly improve charging efficiency compared to conventional single-port systems.

By enabling multiple energy inputs to work simultaneously, Elektros believes its innovation could dramatically reduce charging times in future applications, addressing one of the most critical challenges facing widespread EV adoption.

As part of its commercialization strategy, Elektros has begun engaging in discussions with major automotive manufacturers, EV technology companies, and infrastructure providers regarding potential licensing opportunities. This marks the first phase of a broader global initiative to introduce the company's patented solution to the evolving electric mobility ecosystem.

Elektros plans to continue expanding its outreach efforts as it positions its multi-port charging technology as a potential cornerstone innovation in the next generation of EV infrastructure.

About Elektros, Inc.

Elektros, Inc. is focused on developing innovative technologies designed to accelerate the global transition toward electric mobility. Through patented inventions and strategic industry engagement, the company aims to improve the efficiency, convenience, and accessibility of electric-vehicle charging worldwide.

Cautionary Statement Regarding Forward-Looking Information:

This press release contains forward-looking statements within the meaning of applicable securities laws. These statements include expectations regarding industry outreach, potential licensing opportunities, and possible technological performance. Actual results may differ materially due to risks and uncertainties. Elektros undertakes no obligation to update forward-looking statements except as required by law.

Contact Information

Website: www.elektros.energy
Email: [email protected]
Phone: 786-477-9003

SOURCE: Elektros, Inc.

BENSALEM, Pa, March 17, 2026 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.

Investors suffering losses on their investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in these class actions at (215) 638-4847 or by email to [email protected].

Oracle Corporation (NYSE: ORCL)
Class Period: June 12, 2025 – December 16, 2025
Lead Plaintiff Deadline: April 6, 2026
Shareholders with losses of $50,000 or more are encouraged to contact the firm.

The complaint alleges that throughout the Class Period the defendants made false and/or misleading statements and/or failed to disclose that: (1) Oracle's AI infrastructure strategy would result in massive increases in CapEx without equivalent, near-term growth in revenue; (2) the Company's substantially increased spending created serious risks involving Oracle's debt and credit rating, free cash flow, and ability to fund its projects, among other concerns; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Paysafe Limited (NYSE: PSFE)
Class Period: March 4, 2025 – November 12, 2025
Lead Plaintiff Deadline: April 7, 2026

The complaint alleges that throughout the Class Period the defendants made false and/or misleading statements and/or failed to disclose: (1) Paysafe’s ecommerce business had significant exposure to a single high risk client; (2) as a result, the Company’s credit loss reserves and/or write-offs were understated; (3) Paysafe had an undisclosed issue with higher risk Merchant Category Codes, making its client services difficult to bank; (4) the foregoing issues were likely to have a material negative impact on the Company’s revenue growth and overall revenue mix; (5) as a result, Paysafe was unlikely to meet its own previously issued financial guidance for fiscal year 2025; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Inovio Pharmaceuticals, Inc. (NASDAQ: INO)
Class Period: October 10, 2023 – December 26, 2025
Lead Plaintiff Deadline: April 7, 2026

The complaint alleges that throughout the Class Period the defendants made false and/or misleading statements and/or failed to disclose that: (1) manufacturing for Inovio's CELLECTRA device was deficient; (2) accordingly, Inovio was unlikely to submit the INO-3107 BLA to the FDA by the second half of 2024; (3) Inovio had insufficient information to justify the INO-3107 BLA's eligibility for FDA accelerated approval or priority review; (4) accordingly, INO-3107's overall regulatory and commercial prospects were overstated; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Kyndryl Holdings, Inc. (NYSE: KD)
Class Period: August 7, 2024 – February 9, 2026
Lead Plaintiff Deadline: April 13, 2026

The complaint alleges that throughout the Class Period the defendants made false and/or misleading statements and/or failed to disclose that: (1) Kyndryls financial statements issued during the Class Period were materially misstated; (2) Kyndryl lacked adequate internal controls and at times materially understated issues with its internal controls; (3) as a result, Kyndryl would be unable to timely file its Quarterly Report on Form 10-Q for the quarter ended December 31, 2025; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to [email protected], or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com

LOS ANGELES, March 17, 2026 (GLOBE NEWSWIRE) -- Glancy Prongay Wolke & Rotter LLP reminds investors of the upcoming May 5, 2026 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Soleno Therapeutics, Inc. (“Soleno” or the “Company”) (NASDAQ: SLNO) common stock between March 26, 2025 and November 4, 2026, inclusive (the “Class Period”).

IF YOU SUFFERED A LOSS ON YOUR SOLENO INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.

What Happened?
On August 15, 2025, activist investor organization Scorpion Capital LLC published a 415-page report regarding Soleno entitled “Russian Roulette With Prader-Willi Children: How The Latest Rare-Disease Price-Gouging Scheme Fleeced the FDA, Parents, And Its Own Study Investigators With A Worthless, Toxic Drug.” The report alleges a number of problems with the Company’s diazoxide choline tablet (“DCCR”), including clinical trial conduct, safety and efficacy concerns, and patient reports of serious adverse reactions following its commercial launch.

On this news, the price of Soleno stock declined $9.27 per share, or 11.98%, over two trading days to close at $68.09 on August 18, 2025, thereby injuring investors.

Then, on September 10, 2025, Soleno filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that a patient had died after taking DCCR.

On this news, the price of Soleno stock declined $13.49 per share, or 19.21%, over two trading days to close at $56.72 on September 11, 2025, thereby further injuring investors.

Finally, on November 4, 2025, Soleno reported its third quarter 2025 financial results, revealing that the Scorpion Capital report had disrupted DCCR’s launch trajectory and raised concerns within the Prader-Willi syndrome community, in part resulting in a lower number of patient start forms and increased discontinuations beginning after the report’s publication.

On this news, the price of Soleno stock declined $16.98 per share, or 26.59% to close at $46.87 on November 5, 2025, thereby further injuring investors.

What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors disclose that: (1) the Soleno Phase 3 clinical trial program for DCCR had systematically downplayed, misrepresented, and/or concealed significant evidence of safety concerns potentially related to the administration of DCCR, including issues related to excess fluid retention in clinical trial participants; (2) as a result, the administration of DCCR to treat hyperphagia in individuals with PWS posed materially greater safety risks than disclosed by Soleno or its executives; and (3) consequently, DCCR had materially lower commercial viability and undisclosed risks related to the likelihood of significant and widespread adverse events after its commercial launch, including risks related to patient discontinuation rates, lower patient adoption, prescriber reluctance, adverse regulatory action, and potential reputational and legal fallout; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Soleno common stock during the Class Period, you may move the Court no later than May 5, 2026 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email:  [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email:  [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.

Q4: 2026-03-17 Earnings SummaryEPS of $3.56 beats by $0.42

 |

Revenue of

$2.15B

(11.31% Y/Y)

beats by $54.09M

Elbit Systems Ltd. (ESLT) Q4 2025 Earnings Call March 17, 2026 10:00 AM EDT

Company Participants

Daniella Finn - Vice President of Investor Relations
Yaacov Kagan - Executive VP & CFO
Bezhalel Machlis - President & CEO

Conference Call Participants

Kristine Liwag - Morgan Stanley, Research Division
Ellen Page - Jefferies LLC, Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems Fourth Quarter 2025 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to hand over the call to Daniella Finn, Elbit Systems VP, Investor Relations. Daniella, please go ahead.

Daniella Finn
Vice President of Investor Relations

Thank you, operator. Hello, everyone, and welcome to our fourth quarter 2025 earnings call. On the call with me today are Butzi Machlis, President and CEO; Kobi Kagan, CFO; and myself, Daniella Finn, VP, Investor Relations. Earlier today, we held an investor conference at Tel-Aviv Stock Exchange. A full recording of the event is available in the Investor Relations section of our website at www.elbitsystems.com.

Before I begin, I would like to point out that the safe harbor statement in the company's press release issued earlier today also refers to the contents of this conference call. I would like to remind our listeners that the conference call today may contain forward-looking statements regarding the company and its subsidiaries business. Actual future results may differ materially from those forward-looking statements. As usual, we will provide you with both GAAP financial data as well as certain supplemental non-GAAP information. We believe that this non-GAAP information provides additional transparency to better understand the performance of the ongoing business. You can find all the detailed GAAP financial data as well as the non-GAAP information and the reconciliation in today's press release. Kobi will begin by discussing the financial results, followed by Butzi, who

GOOGL faces valuation concerns despite AI-driven growth in Search and Cloud, as rising capex and margin pressure cloud near-term upside.

New York, New York--(Newsfile Corp. - March 17, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of common stock of Alight, Inc. (NYSE: ALIT) between November 12, 2024 and February 18, 2026, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2026.

SO WHAT: If you purchased Alight common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Alight class action, go to https://rosenlegal.com/submit-form/?case_id=54542 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose facts concerning the true state of Alight's growth potential and financial stability; notably, that Alight was not truly equipped to execute on its claimed potential and could not maintain its promised dividend as a result. Rather, Alight would require significantly higher compensation and incentive expenses to achieve the projections put forth by management. Throughout the class period, defendants announced disappointing results, reduced projections, and multiple goodwill impairments all while remaining confident in their ability to execute, drive growth, and continue to provide a dividend to their shareholders. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Alight class action, go to https://rosenlegal.com/submit-form/?case_id=54542 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288818

Source: The Rosen Law Firm PA

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Adecoagro S.A. (AGRO) Q4 2025 Earnings Call March 17, 2026 10:00 AM EDT

Company Participants

Mariano Bosch - Co-Founder, CEO & Director
Emilio Gnecco - Chief Financial Officer
Renato Pereira - Vice President of Sugar, Ethanol & Energy Business

Conference Call Participants

Guilherme Guttilla - Banco BTG Pactual S.A., Research Division
Gabriel Coelho Barra - Citigroup Inc., Research Division
Isabella Simonato - BofA Securities, Research Division
Matheus Enfeldt - UBS Investment Bank, Research Division
Lucas Ferreira - JPMorgan Chase & Co, Research Division
Julia Rizzo - Morgan Stanley, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Adecoagro's 2025 Results Conference Call. Today with us, we have Mr. Mariano Bosch, CEO; Mr. Emilio Gnecco, CFO; Mr. Renato Junqueira Pereira, Sugar, Ethanol and Energy VP; and Ms. Victoria Cabello, Investor Relations Officer. We would like to inform you that this event is being recorded. [Operator Instructions]

Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Adecoagro's management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore, depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Adecoagro and could cause results to differ materially from those expressed in such forward-looking statements.

Now I will turn the conference over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.

Mariano Bosch
Co-Founder, CEO & Director

Good morning, and thank you for joining Adecoagro 2025 Results Conference. Today, we are presenting a larger, further diversified and more resilient Adecoagro, but with the same DNA, being the lowest cost producer. Upon acquiring Profertil, we became the largest producer

A robust adjusted EBIT margin² of 16.3% at CERS, driven by solid organic revenue growth of 7.9%

Solid 2025 dynamic with annual revenue up +7.9% at CERS; with strong momentum in key categories and countries. Volume/mix effect of ~+5%, completed by price increase of ~+3%Adjusted EBIT (before amortization of assets arising from acquisitions) margin of 16.3% at CERS despite: temporary shutdown of an antigen’s production site and higher inventory write-offs in FY25partially offset by a solid underlying performance on sales prices and product mix and;improving operating expense to revenue ratio.  Consolidated net income increased by +3.2% and amounts to €150.5mStrong cash generation of €93 million funded the Thyronorm acquisition while maintaining a relatively stable net debt at €172.8 million compared to €168.5 million at the end of 2024 2026 guidance: (incl. Thyronorm acquisition impact) : revenue growth expected to be between 5.5% and 7.5% at constant rates and scope. Adjusted recurring operating income1 expected around 17% in  €mFY25FY24Évolution    Revenues1 464.7 1 397.4 4.8 %Change at constant exchange rates1  8.7 %Change at constant exchange rates and scope1  7.9 %EBIT Adjusted (before amortizations2)234.4231.81.1%as a % of revenue16.0%16.6%(0.6)p.pas a % of revenue at constant rates16.5%nanaas a % of revenue at constant exchange rates and scope16.3%nanaAmortization of intangible assets from acquisitions(4.8)(4.3)10.8 %EBIT Adjusted229.7 227.5 0.9 %Non-recurring (expenses) and income(3.5)(10.4)(66.1)%EBIT226.1 217.1 4.2 %Consolidated net income150.5 145.8 3.2 %    Other financial indicators   Shareholders’ equity - Group share1 125.2 1 043.1 7.9 %Net debt3172.8 168.5 2.5 %Operating cash flow before interest and taxes4289.1 280.3 3.1 %     1Change at constant exchange rates and scope corresponds to organic sales growth, excluding exchange rate variations by calculating the indicator for the current and prior periods using identical exchange rates (the exchange rate used is that of the prior period), and excluding material changes in scope by calculating the indicator for the current period based on the prior period's consolidation scope. This change is calculated on the actual scope, including scope impacts from acquisitions (Sasaeah company), for which the relevant indicator is calculated using the prior period's exchange rate.

²EBIT Adjusted (before amortizations) corresponds  to "recurring operating income before amortization of assets arising from acquisitions".

³Net debt corresponds to current (€105.9 million) and non-current (€150.4 million) financial liabilities, as well as the lease liability related to the application of IFRS 16 (€39.0 million), less cash and cash equivalents (€122.5 million) as published in the statement of financial position.

⁴Operating cash flow corresponds to the EBIT adjusted before amortizations of asset arising from acquisitions (€234.4 million) restated for depreciation & provisions (€56.4m - amortizations from acquisitions adjusted), non-cash items (€1.2m), impacts related to disposals (€1.1m) and other non-current income & expenses (-€4.1m).

The financial statements have been audited by the statutory auditors and were reviewed by the Board of Directors on March 17, 2026. The financial statements and the detailed presentation of the annual results are available on the corporate.virbac.com website.

Paul Martingell, Chief Executive Officer statement: 

“Our 2025 performance perfectly illustrates the resilience and agility of the Virbac teams and model. We delivered solid organic growth of 7.9% and maintained a robust adjusted EBIT margin of 16.3% (at constant exchange rates and scope), despite some temporary headwinds. This financial strength, characterized by a strong cash generation power and low debt, has allowed us to accelerate our strategic investments: we reached record levels in R&D to support future innovations as well as in Capex to bolster our industrial transformation. The acquisition of Thyronorm further highlights our ability to seize targeted external growth opportunities to complete our portfolio in high unmet need areas. In the face of a continued unstable external environment, we enter 2026 with confidence. Our diverse portfolio and the exceptional commitment of our teams allow us to look forward with confidence and to continue our mission of advancing animal health.”

Full year 2025 sales by geography

For the full year 2025, revenue reached €1,465 million, compared to €1,397 million in 2024, representing an overall increase of +4.8%. Excluding currency effects, revenue delivered significant growth of +8.7%. At constant exchange rates and scope, growth for FY25 stands at +7.9%. The acquisition of Sasaeah (Japan, April 2024) contributed +0.8 percentage points to growth. The acquisition of Mopsan (Türkiye, Dec 2024) contributed +0.4 points; however, this impact was not excluded from the constant scope calculation as it was deemed non-material.

Europe (+7.5% at CERS): This strong organic growth was driven by positive momentum across all segments and geographies within the region. The Companion Animal business grew by 7.8%, supported primarily by our petfood, dermatology, and reproduction ranges. Meanwhile, the Farm Animal segment also recorded an 8.2% increase; this was largely due to the response to the bluetongue virus (BTV) epidemic and the solid performance of core ruminant products, though these gains were partially tempered by production delays impacting our antibiotic ranges.North America (+14.7% at CERS): The region once again delivered an exceptional performance, spearheaded by the Companion Animal segment (+24.2% at CERS). This growth was propelled by the combined success of new launches (specifically Ursolyx and Zenifel) and strong results from our core business, particularly in the dental, dermatology, and specialty ranges (mobility and behavior). However, this was partially counterbalanced by a decline in our contract manufacturing business (-33.5%), which faced delayed orders. It is worth noting that, excluding the impact of distributor destocking/restocking, organic growth for the region would stand at ~+12%.  Latin America (+7.4% at CERS): The Companion Animal segment posted a 13.0% increase at CERS, with Mexico (+19%) and Colombia (+23%) acting as the primary engines of growth. This performance was built on the success of our petfood, vaccine, dermatology, and nutritional portfolios. The Farm Animal segment also increased, driven by results in Brazil (+14.3%), Colombia (+33.4%), and Mexico (+4.8%). The main contributors to this segment were cattle vaccines, antibiotics, antiparasiticides, and nutritional products, partially offset by a downturn in Chile (-9.6%), where our aquaculture activities faced intensified competitive pressure.  IMEA (+9.5% at CERS): The zone delivered solid progress across all geographies, spearheaded by the Farm Animal segment (+10%). This strong growth was primarily sustained by our ruminant portfolio, with a particularly strong contribution from our nutritional products. Meanwhile, the Companion Animal segment also recorded a robust increase of +6.8%. Far East Asia (+3.3% at CERS): The zone achieved growth across all geographies, except in Vietnam due to the swine fever epidemic. The Companion Animal segment grew +5.2%, supported by our specialty and antiparasiticides ranges. The scope effect from the acquisition of Sasaeah (completed in April 2024) contributed an additional 9.6 pt to the zone's growth for the year.Pacific (+0.1% at CERS): The zone remained stable compared to the previous year. Australia recorded a slight decline (-1.6%), impacted by increasing competition and destocking activities at major distributors; however, a recovery was observed in the second half of the year, driven by improved market conditions, normalized inventory levels, and sustained demand in the Companion Animal segment. Conversely, New Zealand closed the year with solid growth of +5.7%, supported by the extension of our nutritional product range and increasing sales of antibiotics. Full year 2025 results

EBIT Adjusted (before amortizations2) stood at €234.4 million in FY25 compared to €231.8 million in FY24
The actual margin reached 16.0% in FY25 compared to 16.6% in FY24. After adjusting for a currency effect of -0.5 point and a scope effect of +0.2 point, the margin at constant exchange rate and scope amounts to 16.3% in FY25. The performance in 2025 is explained by a decrease in the gross margin (-0.7 point) and by controlled operating and R&D expenses (+0.1 point).

The decline in gross margin, beyond the impact of exchange rate is primarily attributable to two factors: a temporary production interruption for one of the Group's antigens due to facility maintenance, with operations having since resumed and higher level of inventory write-offs compared to last year. However, this was partially offset by a very solid underlying performance fueled by favorable sales prices and product mix.   Operating expenses were managed efficiently in 2025 leading to the reduction of the ratio to revenues of 0.2 point. R&D expenses grew in value as expected but stayed relatively stable in ratio to revenues at ca. 7.9% in FY25 due to the strong revenue growth (0.1 point). Consolidated net income amounts to €150.5 million, an increase of 3.2% compared to 2024

Amortization charges on intangible assets from acquisitions increased from €4.3 million to €4.8 million, a rise mainly due to the integration of Mopsan (acquired in Dec24) and to a lesser extent Sasaeah (acquired in Apr24). Non recurring income and expenses stand at €3.5 million in 2025 and are mainly composed of provisions for depreciation of assets no longer in use (€2.4m) and one-off operational expenses mainly related to M&A activities (€1.8m).Net financial expense increased to €8.6 million, compared to €9.3 million in 2024, and mainly consists of a foreign exchange loss of €4.1 million, supplemented by a cost of financial debt of €4.3 million. The foreign exchange loss is due to the appreciation of the euro against unhedged exposures, particularly to the Chilean peso (-€2.2 million) and, to a lesser extent, the Mexican peso (-€1.9 million). Corporate income tax increased to €67.2 million compared to €62.5 million in 2024 in line with the level of activity. The effective tax rate has slightly increased to ~26.5% vs 25.5% in 2024 essentially linked to a country mix effect.Net income - Group share stands at €150.9 million, an increase of 3.9% compared to the previous year (€145.3 million). Net debt as of Dec25, stands at €172.8 million relatively stable compared to Dec24 (€168.5m)
The operating cash flow before interest and taxes increased to 289m€. The capex spending amounted to 102m€ essentially linked to our industrial transformation including a few new sites being built to support the future growth of the group. Working capital requirements benefited from an improvement in our inventory and contributed positively to the net free cash flow. All of these elements resulted in a solid cash generation of €93 million at constant exchange rates and scope, which enabled the €107.8* million acquisition of Thyronorm in December 2025, leaving a relatively stable net debt level at the end of 2025 compared to 2024.

Key events of the period

Paul Martingell is appointed CEO of Virbac Group, Effective September 1, 2025Virbac continues to execute its "programmatic M&A" strategy with the recent acquisition of Thyronorm. Thyronorm (~€27M in-market annual revenue) is a specialty product to treat feline hyperthyroidism, a condition affecting more than 10% of older cats. This addition complements the existing portfolio and is expected to be accretive to sales and EBITDA margin from Year 1. Virbac will distribute directly in the UK, Australia, and NZ (under Thyronorm) and in the US (under Felanorm). In Europe, distribution will transition from partners (Boehringer Ingelheim, Elanco) to Virbac over the coming years. *Note: The €107.8m Thyronorm acquisition amount includes an €11.5m escrow payment. In accordance with our reporting standards, this is classified under other working capital rather than as a direct M&A investment.

Guidance 2026

For the year 2026, we currently anticipate at constant rate and scope :

A revenue growth between 5.5% and 7.5%A ratio of "current operating income before amortization of assets resulting from acquisitions” (Ebit adjusted) to “revenue” around 17% Our cash generation should be around ~+€80m In line with our reporting standards, the Thyronorm acquisition is included within the 2026 organic perimeter (constant scope) due to its materiality level. Consequently, the provided guidance accounts for Thyronorm’s contribution to both total revenue (~+1 pt of growth) and expected operating income (~+0.5 Ebit adjusted). As previously disclosed the direct impact of US tariffs is estimated as of today at approximately US$4 million annually. This impact is fully integrated into our 2026 outlook.

Finally, at the next shareholders' meeting, a net dividend per share of €1.45 will be recommended for distribution for the 2025 fiscal year.

ANALYSTS’ PRESENTATION – VIRBAC

We will hold an analysts meeting on Wednesday, March 18, 2026 at 2:00 p.m. (Paris time - CET)
in the Sainte-Cécile auditorium, 8 rue Sainte-Cécile, 75009 Paris (France)

Participants may arrive 15 minutes before the start of the meeting.

You may also attend the meeting using the webcast (audio + slides) available via the link below.

Information for participants:

Webcast access link: bit.ly/3Pc4jdM

This access link is available on the corporate.virbac.com site, under the heading “Public releases.” This link allows participants to  
access the live and/or archived version of the webcast.

You will be able to ask questions via chat (text) directly during the webcast or after watching the replay via the following email 
address: [email protected].

 About Virbac - Caring for animals together

At Virbac, we are constantly exploring new ways to prevent, diagnose and treat the majority of animal pathologies. We develop care, hygiene and nutrition products to offer complete solutions to veterinarians, farmers and pet owners around the world. Our purpose: advancing the health of animals with those who care for them every day, so we can all live better together.

More information on corporate.virbac.com

ANNEXES

Income statement of the period in €k20252024  Variance    Net sales1 464 677 1 397 380 4.8%    Raw materials and consumables used -487 964 -456 117 External expenses -281 242 -262 223 Personnel expenses -398 936 -383 213 Taxes and duties -18 545 -17 404 Depreciation and provisions -55 074 -51 192 Other operating income and expenses  11 505  4 592     Current operating profit before depreciation of assets arising from acquisitions234 422 231 822 1.1%    Depreciations of intangible assets arising from acquisitions -4 765 -4 325     Operating profit from ordinary activities229 657 227 497 0.9%    Other non-recurring income and expenses -3 525 -10 422     Operating profit226 132 217 075 4.2%    Financial income and expense -8 627 -9 282     Profit before tax217 505 207 793 4.7%    Income tax expense -67 242 -62 478     Share in earnings - Equity method  188  467     Net income of consolidated entities  150 451  145 7823.2%attributable to owners of the parent company  150 887  145 2903.9%attributable to non-controlling interests -436  492-188.7%     Statement of financial position en €k  Dec25  Dec24   Goodwill  356 055  276 633Intangible assets  231 080  251 237Tangible assets  424 129  397 537Right of use  37 623  36 861Other financial assets  45 123  12 993Share in companies accounted for by the equity method  3 374  4 511Deferred tax assets  24 891  24 628Non-current assets  1 122 276  1 004 401   Inventories and work in progress  378 791  404 166Trade receivables  201 154  196 081Other financial assets  3 668  4 312Other receivables  85 777  89 931Cash and cash equivalents  122 500  149 631Current assets  791 891  844 120   Assets classified as held for sale  -  -   Assets  1 914 167  1 848 522   Share capital  10 488  10 488Reserves attributable to the owners of the parent company  1 114 702  1 032 628Equity attributable to the owners of the parent company  1 125 190  1 043 116   Non-controlling interests -208  286   Equity1 124 982 1 043 402    Deferred tax liabilities  50 408  57 233Provisions for employee benefits  21 153  20 358Other provisions  7 901  8 899Lease obligations  27 646  26 552Other financial liabilities  150 410  222 088Other payables  15 358  5 430Non-current liabilities  272 876  340 560   Other provisions  1 371  776Trade payables  170 842  174 574Lease obligations  11 325  11 550Other financial liabilities  105 881  57 977Other payables  226 890  219 683Current liabilities  516 309  464 560   Liabilities  1 914 167  1 848 522 Statement of cash flow en €k20252024   Consolidated result for the period150 451 145 782    Elimination of share from companies' profit accounted for by the equity method -188 -467Elimination of depreciations & provisions  60 590  57 352Elimination of deferred tax change -3 188 -4 584Elimination of gains and losses on disposals  1 107  2 451Other income and expenses with no cash impact -20 735  5 517   Net cash flow188 037 206 052    Net financial interests paid  4 269  4 727Income tax accrued for the period  70 945  67 510   Net cash flow before financial interests & income tax263 252 278 289    Effect of net change in inventories  4 204 -20 890Effect of net change in trade receivables -15 735 -4 892Effect of net change in trade payables  11 925  4 076Income tax paid -77 866 -44 891Effect of net change in other receivables and payables  13 210 -7 472Effect of change in working capital requirements -64 261 -74 069   Net cash flow generated by operating activities198 990 204 220    Acquisitions of intangible assets -9 904 -11 193Acquisitions of tangible assets -92 236 -69 246Disposals of intangible and tangible assets  124  274Change in financial assets -1 266  2 934Change in debts relative to acquisitions -576 -3 485Acquisitions of subsidiaries or activities -95 697 -348 436Disposals of subsidiaries or activities  -  -Dividends received  925  463Net cash flow allocated to investing activities -198 629 -428 689   Dividends paid to the owners of the parent company -12 148 -11 054Dividends paid to the non-controlling interests -4 -4Change in treasury shares  -  -Transactions between the Group and owners of non-controlling interests  - -17 492Increase/decrease of capital  -  -Cash investments  -  -Debt issuance  159 385  273 632Repayments of debt -140 071 -89 291Repayments of lease obligation -12 697 -12 479Net financial interests paid -4 269 -4 727Net cash flow from financing activities -9 803  138 585   Change in cash position -9 442 -85 884 Reconciliation tables for alternative performance indicators Net Debt  in €kDec25Dec24   Loans  248 694  265 344Bank overdrafts  1 165  3 567Accrued interests not yet matured  38  27Lease obligation [IFRS16]  38 971  38 102Employee profit sharing  1 719  945Currency and interest rate derivatives  809  5 835Other  3 866  4 346Other financial liabilities  295 262  318 166   Cash  99 932  104 945Cash equivalents  22 568  44 685Cash & cash equivalents  122 500  149 631   Net financial debt  172 762  168 536 Operating cash flow before interest and taxes in €k20252024   Current operating profit before depreciation
of assets arising from acquisitions234 422 231 822    Elimination of depreciations & provisions56 414 51 166 Elimination of gains and losses on disposals1 107 2 451 Other income & expenses with no cash impact1 230 466    Current operating cash flow293 173 285 905    Other non-current income & expenses-4 113 -5 637    Operating cash flow  289 060  280 268 Virbac - Press release - FY25 results

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Urban Edge Properties (UE - Free Report) is headquartered in New York, and is in the Finance sector. The stock has seen a price change of 8.6% since the start of the year. Currently paying a dividend of $0.40 per share, the company has a dividend yield of 4.03%. In comparison, the REIT and Equity Trust - Retail industry's yield is 4.03%, while the S&P 500's yield is 1.47%.

Looking at dividend growth, the company's current annualized dividend of $0.84 is up 10.5% from last year. Over the last 5 years, Urban Edge Properties has increased its dividend 4 times on a year-over-year basis for an average annual increase of 11.53%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Urban Edge Properties's current payout ratio is 53%, meaning it paid out 53% of its trailing 12-month EPS as dividend.

UE is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $1.49 per share, representing a year-over-year earnings growth rate of 4.20%.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, UE is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Key Takeaways Accenture trades at 1.61X forward P/S, far below the IT Services industry average of 13X. ACN is expanding in GenAI via OpenAI partnerships and Faculty acquisition to boost AI capabilities. Accenture faces headwinds from weak stock performance, rising costs and ERP market saturation. Accenture (ACN - Free Report) currently trades at a forward price-to-sales multiple of 1.61X, a significant discount to the Zacks Computers – IT Services industry’s average of 13X. ACN’s shares look cheap compared with those of fellow Computers IT Services players like Vertiv Holdings (VRT - Free Report) and Serve Robotics (SERV - Free Report) . Accenture currently has a Value Score of B, whereas both Vertiv Holdings and Serve Robotics have a Value Score of F.

ACN’s P/S F12M vs. the Industry, VRT & SERVImage Source: Zacks Investment Research

Now, the question is whether it is worth buying the stock at current prices. Let us dig deeper to find out.

Further Factors Working in Favor of ACNGenAI Expansion Bodes Well: According to a MarketsandMarkets report, the Generative AI market is expected to expand from $71.36 billion in 2025 to $890.59 billion by 2032, indicating a CAGR of 43.4%. Partnerships with OpenAI and Sanctuary AI, amongst others, have solidified ACN’s position in the GenAI market. These collaborators provide access to top-notch AI models and solutions, enabling the company to develop bespoke solutions that cater to specific enterprise needs.

The partnership with OpenAI has enabled ACN to integrate an advanced large language model into its tools, improving the predictive analytics and knowledge management. The partnership aims to help enterprise clients unlock new levels of innovation and growth by bringing agentic AI systems into the core of business. Accenture’s financial capacity to allocate resources to gain a technical advantage over subscale players assists it in dominating the GenAI field.  

Recently, Accenture completed the acquisition of Faculty, a leading UK-based AI company. The acquisition expands Accenture’s capabilities to help clients reinvent core and critical business processes with safe, secure and outcome-driven AI solutions. As a result of the acquisition, more than 400 AI native professionals from Faculty — including highly qualified data scientists and AI engineers — join Accenture to help scale world-class AI capabilities for clients.

Shareholder-Friendly Stance Commendable: Dividend-paying stocks are known for providing steady income and typically experience less volatility than non-dividend payers. As a result, they are often viewed as dependable vehicles for long-term wealth creation, with dividends helping to offset the effects of economic turbulence — conditions that remain prevalent today. Dividend-seeking investors will find this stock appealing. Accenture’s financial strength isreflected by the fact that it generated $10.9 billion in free cash flow in fiscal 2025, marking a 26.2% year over year rise from the previous year.

A double-digit increase in the operating cash flow and a fairly controlled CapEx led to this growth, providing Accenture with the muscle to return value to shareholders while preserving its financial latitude. In fiscal 2025, ACN returned $8.3 billion to its shareholders. Nearly $4.6 billion was in the form of share repurchases and $3.7 billion worth of dividends.

In November, Accenture declared a quarterly cash dividend of $1.63 per share, representing a 10% increase over the quarterly dividend rate of $1.48 per share in fiscal 2025. ACN has a current dividend yield of 3.32%. Over the past five years, Accenture has increased its dividend five times, and the payout ratio presently sits at 49% of earnings.

Impressive Earnings History: Accenture has outpaced the Zacks Consensus Estimate for earnings in three of the past four quarters (missing the mark once). The average beat is 3.1%.

Some Headwinds That Cannot be IgnoredUnimpressive Price Performance: Shares of Accenture have declined in double-digits over the past three months, amid concerns related to the continuity of AI trade, underperforming its industry as well as fellow industry players Vertiv Holdings and Serve Robotics.

3-Month Price ComparisonImage Source: Zacks Investment Research

Escalated Costs: Higher talent costs due to a competitive talent market are hurting consulting services providers like Accenture. The industry is labor-intensive and heavily dependent on foreign talent. Moreover, while advancements in automation and AI offer massive opportunities to the industry, these technologies enable clients to comprehend and integrate new methods to improve performance, thereby creating uncertainty for consulting services firms.

Saturated ERP Market: The Enterprise Resource Planning (“ERP”) market is saturated, it has already been captured, having been captured by customers that provide the best services. This scenario poses a challenge for Accenture by putting downward pressure on discretionary spending, limiting new high-margin implementation projects and forcing a shift toward lower-margin maintenance work. With customers tightening their budgets and freezing new, high-risk, or low-ROI digital transformation projects, consulting opportunities for Accenture are being hurt.

Not an Opportune Time to Buy ACN StockWhile Accenture’s weak stock performance, high talent costs, saturation of the ERP market and geopolitical woes present near-term challenges, the outlook for it remains far from discouraging.

Over the years, ACN has leveraged buyouts to strengthen digital technology and capital project capabilities. Its cash position allows the company to explore different markets. Accenture’s shareholder-friendly stance is also encouraging. ACN’s solid liquidity position is another tailwind.

Despite the recent unfavorable price performance, maintaining a position in this Zacks Rank #3 (Hold) stock appears to be a sensible approach for now, while potential investors may prefer to wait for a more attractive entry point.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

AbbVie ABBV stock slipped below its 50-day simple moving average (SMA) on March 13, after consistently trading above it since mid-Feb. However, the stock has remained comfortably above its 200-day SMA for more than six months.

At the annual general meeting, the management's review was presented, and the annual report for 2025 was approved, including the Supervisory Board's proposal for a dividend payment of DKK 25 per share, corresponding to DKK 1,538m.

The motions proposed by the Supervisory Board, cf. item c (remuneration report) and item d (remuneration to the Shareholders’ Representatives and the Supervisory Board) were both adopted.

The Supervisory Board's motion to the effect that the Bank be authorised to acquire own shares (item e of the agenda) was adopted.

The motions proposed by the Supervisory Board, cf. items f.1-f.2 of the agenda (motions of amendments to the Articles of Association) were both adopted.  As the members in general meeting with a right to vote represented less than 90% of the share capital, an Extraordinary General Meeting is hereby called for the purpose of final adoption of the proposed amendments of the Articles of Association. Notice of the extraordinary general meeting will be given in a separate corporate announcement and will be available at Jyske Bank’s website.

Elected as new Shareholders' Representatives (item g.1 of the agenda):

Electoral Region North:
Bent Larsen, Nørresundby
Henrik Højmark Hansen, Hjørring
Jan Nygaard, Aalborg
Rasmus Norup, Sunds
Stiven Larsen, AalborgElectoral Region South:
Christina Nyhus Hansen, Aarhus C
Lisbeth Holm, Vejle
Marianne Vindum Kolenda,
HellerupElectoral Region East:
Christian Risom, Ringsted
Frank Kruse, Kgs. Lyngby
Glenn Söderholm, Vejbystrand
(Sweden)
Mie Asp Christophersen, Kastrup
Morten Gustafson, Skovlunde The 56 Shareholders' Representatives who sought re-election were all re-elected.

The two Supervisory Board members, Lisbeth Holm and Glenn Söderholm, were both re-elected (item g.2 of the agenda).

In addition, EY Godkendt Revisionspartnerselskab was re-elected under item h.1 of the agenda as well as re-election of EY Godkendt Revisionspartnerselskab under item h.2 of the agenda.

At the subsequent meeting of Shareholders' Representatives, Kurt Bligaard Pedersen and Rina Asmussen were re-elected to the Supervisory Board. The Supervisory Board elected Kurt Bligaard Pedersen as its chairman and Anker Laden-Andersen as its deputy chairman

Yours faithfully,                         
Jyske Bank

Contact: Birger Krøgh Nielsen, CFO, tel. +45 25 26 92 42.

Annual General Meeting 2026.03.17

The first severe case of the virus has been detected in New York.

Key Takeaways SO's shares rose 13.8% over three months, outperforming its sub-industry and the broader Utilities sector.Southern Company secured 10 GW in large-load contracts, backed by 15-year terms and cost protections.SO plans $81B in capital spending, targeting 8-9% EPS growth and 9% rate base expansion. Southern Company (SO - Free Report) is a leading U.S. electric utility that provides regulated electricity and gas services across the Southeast. The company also operates power generation and transmission assets, focusing on stable, long-term infrastructure investments. SO’s regulated business model supports consistent earnings and dividends, making it a reliable player in the defensive utilities sector.

Over the past three months, Southern Company stock rose approximately 13.8%, significantly outperforming both the Zacks Utility-Electric Power sub-industry (ZSI193M), which gained 6.8%, and the Utilities Sector (ZS14M), which increased 7.2%. This strong performance highlights SO’s resilience and investor preference compared with its peers in the utility Sector.

3-Month Share Price Performance Comparison
Image Source: Zacks Investment Research

Investors, both current and prospective, face a key decision: is now the right time to add more SO’s shares, or should they continue holding their current investments? Let’s examine why the company has outperformed the sector and the sub-industry, highlight strengths and explore potential challenges it may encounter going forward.

Forces Behind SO’s GrowthTransformative Growth in Large Load Demand: SO has secured 10 gigawatts (“GW”) of signed contracts with large load customers, a 2 GW increase from the prior quarter. This demand, driven by data centers and industrial expansion, is not speculative. These projects are under construction and provide a highly visible, multi-year revenue stream that underpins the company's long-term financial outlook.

Superior Contractual Protections for Investors: The company employs a disciplined, bilateral contracting approach for large loads. Contracts feature minimum 15-year terms with "take-or-pay" style provisions designed to cover 100% of incremental costs, including generation investment and cost of capital. Substantial collateral requirements and termination payments provide an additional layer of security for investors.

Significant Increase in Long-Term Earnings Guidance: SO’s management has provided a multi-year earnings outlook, projecting adjusted EPS growth of 8% to 9% from 2026 through 2028. They established initial guidance for 2027 ($4.85-$4.95) and 2028 ($5.25-$5.45). This rare, multi-year visibility demonstrates high confidence in the durability of their growth strategy.

Massive and Expanding Capital Investment Plan: The company unveiled an $81 billion five-year base capital plan (2026-2030), a 30% increase from the prior year's forecast. With 95% allocated to state-regulated utilities, this investment directly supports a projected 9% rate base growth, creating a clear and regulated pathway to earning the returns embedded in their financial predictions.

Obstacles in the Market That May Affect SO’s RiseDependence on a Concentrated, Emerging Industry: A significant portion of the projected 10% annual sales growth is tied to a single customer segment, large loads, particularly data centers. A slowdown in the tech sector, a shift in data center building trends or a technological breakthrough that reduces their power needs could severely impact growth.

Interest Rate Sensitivity and High Financing Costs: Interest expense was a significant headwind in 2025 and is projected to remain elevated. With $34.1 billion in new debt planned through 2028, the company is highly sensitive to interest rate fluctuations. Higher-for-longer rates would increase financing costs, directly pressuring net income and earnings per share.

Valuation May Limit Upside: Southern Company stock likely already reflects its ambitious growth plan and raised guidance. With a price-to-earnings ratio of 21.07x — well above the 16.74x Zacks Utility-Electric Power sub-industry average — the stock appears elevated. This high valuation suggests the market may be overly optimistic, potentially limiting future returns if growth falls short of expectations. Investors should exercise caution, as the stock may be priced ahead of its fundamental earnings potential.

Image Source: Zacks Investment Research

Competition From Alternative Energy and Distributed Resources: The long-term demand for utility-scale power could be challenged by advances in technology. The proliferation of customer-sited generation (like rooftop solar and battery storage) and energy efficiency, mentioned as a risk factor, could eventually erode sales growth if it becomes more economical for large customers.

Final Verdict on SO StockSO shows strong long-term growth potential, driven by 10 GW of signed large-load contracts, disciplined 15-year agreements with take-or-pay provisions and a robust $81 billion five-year capital plan primarily in regulated utilities. Management projects 8-9% adjusted EPS growth from 2026 through 2028, indicating confidence in its durable earnings strategy.

However, the company faces risks from heavy reliance on large-load customers, high interest expenses with $34.1 billion in planned debt, elevated valuation relative to peers and potential competition from alternative energy and distributed generation. Given this mix of strengths and potential challenges, investors should wait for a more opportune entry point instead of adding this stock to their portfolios.

SO’s Zacks Rank and Key PicksCurrently, SO has a Zacks Rank #3 (Hold).

Investors interested in the utility sector might look at some better-ranked stocks like Atmos Energy (ATO - Free Report) , Duke Energy (DUK - Free Report) and FirstEnergy (FE - 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.

Atmos Energy is worth approximately $31.2 billion. The company is one of the largest natural gas-only distributors in the United States, serving over 3 million customers across more than 1,400 communities in eight states. Atmos Energy focuses on safely delivering reliable energy, investing in infrastructure and maintaining strong operational and financial performance.

Duke Energy is worth approximately $103.55 billion. The company is a major American electric power holding company that provides electricity and natural gas services to millions of customers across the United States. Duke Energy focuses on generating, transmitting and distributing energy while investing in renewable resources and modernizing its energy infrastructure.

FirstEnergy isworth approximately $29.57 billion. It is a diversified electric utility company that serves millions of customers in the Midwest and Mid-Atlantic regions of the United States. FirstEnergy focuses on generating and distributing electricity, maintaining reliable grid infrastructure, and investing in modernization and clean energy initiatives.

Key Takeaways Jacobs launched an AI Data Center Digital Twin using NVIDIA Omniverse to model complex infrastructure.J's platform enables virtual commissioning before construction, improving speed-to-market and efficiency.J reported a $26.3B backlog in FY25, up 21% YoY, reflecting rising exposure to AI infrastructure. Jacobs Solutions Inc. (J - Free Report) has officially launched its Data Center Digital Twin solution, a virtual modeling platform engineered to streamline the planning, simulation and optimization of gigawatt-scale artificial intelligence infrastructure. The digital twin solution is developed in partnership with NVIDIA Corporation (NVDA - Free Report) , using the NVIDIA Omniverse DSX blueprint. Following the news, Jacobs' stock gained 0.9% during yesterday’s after-hours trading session.

The platform combines a standardized reference design with a hyper-realistic virtual environment, allowing developers to integrate complex compute, power, cooling and water systems. This real-time virtual twin allows for the secure integration of components both inside and outside the facility, ranging from on-premises power configurations to cutting-edge simulations of indoor airflow and site-specific variables. By offering a comprehensive digital environment to test performance scenarios before real-world deployment, Jacobs is addressing the increasing complexity of AI infrastructure.

By enabling virtual commissioning before physical construction begins, the platform provides end-to-end visibility — from initial design to long-term operations — significantly improving speed-to-market and energy performance.

This technological advancement is a key driver behind Jacobs’ record backlog of $26.3 billion in fiscal 2025, which has increased 21% year over year, determining the company’s growing exposure to the AI ecosystem. Complementary platforms such as Replica and Acuity further enhance Jacobs’ digital capabilities, helping the company address increasingly complex infrastructure projects while maintaining productivity in a resource-constrained labor environment.

As Jacobs continues to leverage its partnership with NVIDIA and its enhanced AI advisory capabilities through PA Consulting, this digital twin solution positions the company as a critical architect of the global AI landscape, driving both operational efficiency and long-term shareholder value.

Jacobs’ Competitive PositionJacobs operates in the global engineering, consulting and construction services market, serving infrastructure, advanced manufacturing, life sciences, energy and data centers. It competes with diversified engineering firms and specialized service providers, including Sterling Infrastructure, Inc. (STRL - Free Report) and KBR, Inc. (KBR - Free Report) .

Sterling Infrastructure has delivered strong performance, driven by momentum in its E-Infrastructure and Transportation segments. Disciplined project selection, strategic acquisitions and solid execution have supported revenue and adjusted operating income growth. STRL’s adjusted EBITDA rose sharply year over year, with fourth-quarter gross margins reaching record levels on a favorable project mix and improved efficiency.

KBR, meanwhile, focuses on engineering and technology-driven solutions across government services, energy transition and sustainable infrastructure. The company has been strengthening its portfolio through strategic acquisitions and increasing exposure to high-growth areas such as defense, space and energy security. KBR’s technology-led offerings and long-term contracts provide stable cash flows and visibility.

J Stock’s Price Performance & Valuation TrendShares of this Texas-based provider of professional, technical and construction services have gained 5.2% over the past year, outperforming the Zacks Building Products - Miscellaneous industry but underperforming the broader Construction sector and the S&P 500 Index.

Image Source: Zacks Investment Research

Jacobs' stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 17.02, as shown in the chart below.

Image Source: Zacks Investment Research

Earnings Estimate Revision of JacobsJacobs’ earnings estimates for fiscal 2026 and fiscal 2027 have trended upward in the past 60 days. The estimated figures for fiscal 2026 and fiscal 2027 imply year-over-year growth of 16.5% and 13.4%, respectively.

Image Source: Zacks Investment Research

Jacobs currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways NVIDIA unveils Vera Rubin, a full-stack AI platform integrating CPUs, GPUs, networking and storage.Vera Rubin boosts efficiency, cuts GPU needs and lowers inference costs versus Blackwell architecture.NVIDIA's Compute revenues rose 58% to $51.33B in Q4, with Vera Rubin set to drive further growth. NVIDIA Corporation (NVDA - Free Report) is strengthening its position in the artificial intelligence (AI) compute market with the launch of its Vera Rubin platform. The new architecture reflects a shift from selling standalone chips to delivering full-stack AI infrastructure, combining central processing units (CPUs), graphics processing units (GPUs), networking and storage into tightly integrated systems.

Vera Rubin is designed to handle every phase of AI workloads, including training, post-training and real-time inference. This matters because AI demand is evolving quickly, with enterprises increasingly focusing on agentic AI and inference-driven applications. These workloads require higher efficiency and faster processing, areas where NVIDIA is aiming to lead.

The platform is believed to provide a superior performance than NVIDIA’s Blackwell platform. The company claims that Vera Rubin can reduce the number of GPUs needed for large models and significantly lower inference costs compared with the Blackwell architecture. This improves performance per watt, a critical factor as data centers face power constraints. Lower costs and higher efficiency make NVIDIA’s solutions more attractive to hyperscalers and enterprises.

Major cloud providers and AI developers are expected to adopt Vera Rubin, reinforcing NVIDIA’s role as the default platform for AI workloads. Its CUDA software ecosystem further strengthens switching costs, making it difficult for competitors to displace its technology. We believe that the Vera Rubin platform will become a key revenue growth driver for NVIDIA’s Compute segment, just like its Blackwell platform.

Revenues from the Compute segment grew 58% year over year to $51.33 billion in the fourth quarter of fiscal 2026. The adoption of Vera Rubin will continue to boost this segment’s top-line performance. The Zacks Consensus Estimate for the Compute segment’s fiscal 2026 revenues is pegged at $260 billion, indicating a year-over-year increase of 60%.

NVIDIA’s Competitors in AI Compute SpaceAdvanced Micro Devices, Inc. (AMD - Free Report) and Intel Corporation (INTC - Free Report) are two major companies that are competing closely with NVIDIA in the AI compute space.

Advanced Micro Devices is gaining traction with its MI300 series accelerators, which are designed to handle training and inference for large AI models. AMD’s chips have attracted interest from major cloud providers seeking diversification beyond NVIDIA’s ecosystem. While Advanced Micro Devices’ software stack is still developing, its performance and pricing advantages make it a credible alternative.

Intel is also reasserting its presence with the Gaudi series of AI accelerators. The company is positioning Gaudi3 as a cost-effective and scalable option for AI data centers, targeting enterprise clients looking for flexibility. Intel’s broad reach in CPUs and server infrastructure helps it integrate AI solutions more easily into existing systems.

NVIDIA’s Price Performance, Valuation and EstimatesShares of NVIDIA have risen around 58.7% over the past year compared with the Zacks Semiconductor – General industry’s gain of 54%.

NVIDIA One-Year Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, NVDA trades at a forward price-to-earnings ratio of 22.69, below the industry’s average of 25.1.

NVIDIA Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NVIDIA’s fiscal 2027 and 2028 earnings implies a year-over-year increase of approximately 63.9% and 25.9%, respectively. Estimates for fiscal 2027 have been revised upward by 6.8% over the past 30 days to $7.82 per share. Earnings estimates for fiscal 2028 have been revised upward by 11.3% to $9.85 per share in the past 30 days.

Image Source: Zacks Investment Research

NVIDIA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

J.B. Hunt Transport Services, Inc. (JBHT) JPMorgan Industrials Conference 2026 March 17, 2026 9:30 AM EDT

Company Participants

Darren Field - Executive VP & President of Intermodal
Brad Delco - EVP of Finance & Chief Financial Officer
Greer Woodruff - Executive VP of Safety, Sustainability & Maintenance

Conference Call Participants

Brian Ossenbeck - JPMorgan Chase & Co, Research Division

Presentation

Brian Ossenbeck
JPMorgan Chase & Co, Research Division

Okay. We're going to go ahead and get started here with our next presentation. We have J.B. Hunt. So with us today, we've got Brad Delco, CFO; Darren Field, President of Intermodal; and Greer Woodruff, who's EVP of Safety, Sustainability and Maintenance. Got it. All right. Thanks, gentlemen, for joining us here today. Really appreciate it. Maybe we'll just start off a little bit with the short term here.

I think, Darren, you made some comments earlier that demand was a little bit better than expected sort of before the winter storms hit. I don't know which storm we're talking about. There's been a few of them. But -- so what -- what was positive about that? And is there potential for that to come back when we get finally into what hopefully is the spring?

Question-and-Answer Session

Darren Field
Executive VP & President of Intermodal

Sure. Well, I mean, when we came into January, I think that in general, our customers were experiencing -- or we experienced slightly stronger volumes than what those same customers had communicated to us to expect in mid-December. And so those were good signs. I don't know that I would call that anything other than they were doing some inventory moves. I don't think that has translated to customers saying, "Oh, man, my sales were so much better than what I expected."

I do think we've had

, /PRNewswire/ -- Vistra Corp. (NYSE: VST) today announced that Fitch Ratings has upgraded the company's long-term issuer default rating to investment grade, further strengthening Vistra's credit profile. The action follows S&P Global Ratings' upgrade of Vistra's issuer credit rating to investment grade on Dec. 2, 2025, marking the second investment grade credit rating from a major credit rating agency.

Fitch upgraded Vistra's long‑term issuer default rating to BBB‑, citing the company's improved business profile, strong credit metrics, supportive capital allocation, and improving market fundamentals.

"Fitch's recent upgrade, together with S&P's action in December, reflects the consistent execution of our strategy and our continued focus on balance sheet strength," said Jim Burke, President and Chief Executive Officer of Vistra. "We believe achieving investment‑grade ratings positions the company well to maintain financial flexibility and support long‑term value creation."

Vistra's credit profile has strengthened meaningfully in recent years, supported by:

Sustained free cash flow generation across market conditions Disciplined capital allocation and reduction in balance sheet leverage An increasingly geographic and fuel-diversified generation portfolio with a significant dispatchable component Increased visibility and stability in earnings profile, supported by the recently announced long-term generation power purchase agreements (PPAs) with Amazon and Meta A strong liquidity position and conservative financial policies The company expects that its investment‑grade ratings from S&P and Fitch will enhance access to the capital markets and, over time, reduce borrowing costs.

About Vistra

Vistra (NYSE: VST) is a leading Fortune 500 integrated retail electricity and power generation company based in Irving, Texas, that provides essential resources to customers, businesses, and communities from California to Maine. Vistra is a leader in transforming the energy landscape, with an unyielding focus on reliability, affordability, and sustainability. The company safely operates a reliable, efficient power generation fleet of natural gas, nuclear, coal, solar, and battery energy storage facilities while taking an innovative, customer-centric approach to its retail business. Learn more at vistracorp.com.

SOURCE Vistra Corp