Market Signal Briefing

Syensqo third quarter 2025 results

Underlying EBITDA of €326 million, resilient margin performance; Strong cash generation with FCF of €250 million in Q3; Agreement to divest Oil & Gas, advancing pure play specialty strategy

Brussels, November 6, 2025, 7.00am CET

Q3 2025 Highlights

Net sales of €1.52 billion impacted by unfavourable year-on-year foreign exchange movements (-5%), lower volumes (-1%); Strong year-on-year growth in Technology Solutions; Gross profit of €484 million decreased by 15% year-on-year, primarily driven by lower volumes and unfavorable foreign exchange movements, resulting in gross margin of 31.9%; On a sequential basis, gross margin was unchanged;Underlying EBITDA of €326 million decreased by 10% year-on-year organically, primarily due to lower underlying EBITDA in Specialty Polymers and Novecare partially offset by structural cost savings; On a sequential basis, underlying EBITDA decreased by 3%;Underlying EBITDA margin remains resilient, expanded 40 basis points sequentially to 21.5%, primarily driven by Specialty Polymers;Underlying net profit, Syensqo share of €110 million;Operating cash flow of €331 million; Free cash flow of €250 million; Agreement to divest the Oil & Gas business unit for an enterprise value of €135 million, or c.7x EV/EBITDA Underlying (€ million)Q3 2025Q3 2024Q2 2025YoY changeYoY organicQoQ change 9M 20259M 2024YoY changeYoY organicNet sales1,5171,6331,586-7.1%-2.5%-4.4% 4,7224,965-4.9%-2.5%Gross profit484572506-15.3%--4.3% 1,5041,737-13.4%-Gross profit margin31.9%35.0%31.9%-310 bps-0 bps 31.9%35.0%-310 bps-Underlying EBITDA326374335-12.8%-9.8%-2.7% 9731,114-12.7%-11.1%Underlying EBITDA margin21.5%22.9%21.1%-140 bps-170 bps40 bps 20.6%22.4%-180 bps-200 bpsOperating cash flow3312102057.9%-n.m. 5264966.0%-Free cash flow25027-67n.m.-n.m. 22065n.m.-Cash conversion (LTM)76%69%72%690 bps-370 bps 76%69%690 bps-ROCE (LTM)6.5%8.1%6.9%-160 bps--40 bps 6.5%8.1%-160 bps- Dr. Ilham Kadri, CEO
“The third quarter saw us deliver a resilient margin and strong free cash flow generation in a challenging macroeconomic environment. Our strong value proposition, and continued focus on what we can control drove another quarter of sequential EBITDA margin improvement. In addition, we have continued to execute our pure play specialty strategy with the recently announced divestment of the Oil & Gas business at an attractive valuation.

“For the balance of the year we continue to see a slower recovery in volumes and have adjusted our full year outlook accordingly, broadly aligned with consensus expectations.

“Finally, it has been the privilege of my career to serve Syensqo and its exceptional people for the past seven years. Together, we raised our ambitions, navigated crises, accomplished the historic demerger with Solvay, and launched one of the industry’s most innovative specialty companies. I want to express my deepest gratitude to every team member, whose dedication and belief made this transformation possible. As Syensqo steps boldly into its next chapter, I thank you for your passion, resilience, and the spirit of exploration that continues to shape our shared future. With deep gratitude for the trust and partnership of the investor and analyst community, the best is yet to come.”

2025 Outlook
For the fourth quarter, we expect macroeconomic and demand weakness to continue across most of our end markets given evolving tariff and geopolitical dynamics. Over the course of the year, these external factors have seen customers adapting to broader demand uncertainty. For example, we see a slower recovery in Electronics volumes in the second half of the year, as customers manage their shorter-term inventories. In addition, we now expect the previously flagged destocking at a major civil aerospace customer to continue throughout 2025. Nevertheless, strong underlying demand in both civil aerospace and space & defence applications is expected to support strong growth in Composite Materials in 2026 and beyond.

We continue to benefit from cost saving initiatives and are accelerating initiatives to further strengthen our foundations for longer-term growth, targeting more than €200 million of run rate savings by the end of 2026. As demonstrated in our strong third quarter performance, cash flow generation remains a key area of focus and we will continue to take actions to mitigate volume uncertainty.

Our full year 2025 outlook, which also takes into account a further strengthening of the Euro against our major trading currencies, is now as follows:

Underlying EBITDA of approximately €1.25 billion Capital Expenditures to be below €600 millionFree Cash Flow of approximately €325 million From a cashflow perspective, 2025 includes outflows related to the separation from Solvay and the final year of material investments related to the expansion of the Tavaux site in France, which are not expected to repeat in 2026.

More detailed information on the third quarter 2025 results available on the website.

Safe harbor
This press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

About Syensqo 
Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team of more than 13,000 associates in 30 countries.
Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and health care applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity.
Learn more at www.syensqo.com.

Résultats du troisième trimestre 2025 de Syensqo

L’EBITDA sous-jacent de €326 millions, performance de marge résiliente ; Forte génération de trésorerie avec un FCF de 250 millions d’euros au t3 ; Accord de cession d’Oil & Gas, accélérant la stratégie de pure player spécialisé

Bruxelles, 6 novembre 2025, 7.00 CET

Faits marquants T3 2025

Chiffre d’affaires net de €1,52 milliard, impacté par des effets de change défavorables d’une année sur l’autre (-5%) et des volumes en baisse (-1%), Forte croissance d’une année sur l’autre dans Technology Solutions;Marge brute de €484 millions, en baisse de 15% d’une année sur l’autre, principalement en raison de la baisse des volumes et des effets de change défavorables, ce qui se traduit par une marge brute de 31,9% ; Séquentiellement, la marge brute est inchangée;EBITDA sous-jacent de €326 millions, en baisse organique de 10% d’une année sur l’autre, principalement en raison d’un EBITDA sous-jacent plus faible dans Specialty Polymers et et Novecare, partiellement compensé par des économies de coûts structurelles ; sur une base séquentielle, l’EBITDA sous-jacent a diminué de 3 %;Marge d’EBITDA sous-jacente résiliente, en hausse séquentielle de 40 points de base à 21,5%, principalement portée par Specialty Polymers ;Résultat net sous-jacent (part de Syensqo) de €110 millions;Cash flow opérationnel de €331 millions ; Free cash flow de €250 millions;Accord de cession d’Oil & Gas pour une valeur d’entreprise de 135 M€, soit environ 7x EV/EBITDA Sous-jacents (millions €)T3 2025T3 2024T2 2025Var. annuelleVar. org.Var. séq. 9M 20259M 2024Var. annuelleVar. org.Chiffre d'affaires net1,5171,6331,586-7.1%-2.5%-4.4% 4,7224,965-4.9%-2.5%Marge brute (€)484572506-15.3%--4.3% 1,5041,737-13.4%-Marge brute (%)31.9%35.0%31.9%-310 bps-0 bps 31.9%35.0%-310 bps-EBITDA326374335-12.8%-9.8%-2.7% 9731,114-12.7%-11.1%Marge d'EBITDA21.5%22.9%21.1%-140 bps-170 bps40 bps 20.6%22.4%-180 bps-200 bpsCash flow opérationnel3312102057.9%-n.m. 5264966.0%-Free Cash Flow25027-67n.m.-n.m. 22065n.m.-Conversion en cash (LTM)76%69%72%690 bps-370 bps 76%69%690 bps-ROCE (LTM)6.5%8.1%6.9%-160 bps--40 bps 6.5%8.1%-160 bps- Dr. Ilham Kadri, CEO

« Le troisième trimestre a été marqué par une marge résiliente et une forte génération de flux de trésorerie disponibles dans un environnement macroéconomique difficile. Notre proposition de valeur solide et notre concentration continue sur les leviers sous notre contrôle ont permis une nouvelle amélioration séquentielle de la marge d’EBITDA. En outre, nous avons poursuivi l’exécution de notre stratégie de pure player des spécialités avec l’annonce récente de la cession de l’activité Oil & Gas à une valorisation attractive.

“Pour le reste de l’année, nous continuons d’anticiper une reprise plus lente des volumes et avons ajusté en conséquence nos perspectives annuelles, globalement en ligne avec les attentes du consensus.

“Enfin, c’est le privilège de toute une carrière d’avoir servi Syensqo et ses équipes exceptionnelles au cours des sept dernières années. Ensemble, nous avons élevé nos ambitions, traversé des crises, mené à bien la scission historique de Solvay et lancé l’une des entreprises de spécialités les plus innovantes du secteur. J’exprime ma plus profonde gratitude à chaque membre de l’équipe, dont la détermination et la conviction ont rendu cette transformation possible. Alors que Syensqo aborde avec audace son prochain chapitre, merci pour votre passion, votre résilience et l’esprit d’exploration qui continue de façonner notre avenir commun. Avec une profonde gratitude pour la confiance et le partenariat de la communauté des investisseurs et des analystes, le meilleur reste à venir. »

Perspectives 2025

Pour le quatrième trimestre, nous prévoyons que la faiblesse macroéconomique et de la demande se poursuive dans la plupart de nos marchés finaux au regard de l’évolution des tarifs et de la dynamique géopolitique. Au fil de l’année, ces facteurs externes ont conduit les clients à s’adapter à une incertitude de la demande plus large. Par exemple, nous observons un redressement plus lent des volumes dans l’Électronique au second semestre, les clients gérant leurs stocks à plus court terme. En outre, nous anticipons désormais que le déstockage précédemment signalé chez un grand client de l’aéronautique civile se poursuivra tout au long de 2025. Néanmoins, une demande sous‑jacente solide dans l’aéronautique civile ainsi que dans les applications espace & défense devrait soutenir une forte croissance de Composite Materials en 2026 et au-delà.

Nous continuons à bénéficier des initiatives d’économies de coûts et accélérons les initiatives visant à renforcer davantage nos fondamentaux pour une croissance de plus long terme, avec un objectif de plus de 200 M€ d’économies récurrentes d’ici fin 2026. Comme l’a démontré la solidité de nos performances au troisième trimestre, la génération de trésorerie reste un axe clé et nous continuerons d’agir pour atténuer l’incertitude sur les volumes.

Nos perspectives pour l’ensemble de l’exercice 2025, qui tiennent également compte d’un renforcement supplémentaire de l’euro par rapport à nos principales devises de transaction, sont désormais les suivantes:

EBITDA sous-jacent d'environ €1,25 milliardDépenses d'investissement inférieures à €600 millionsFree cash flow d'environ €325 millions D’un point de vue de Free cash flow, 2025 inclut des sorties liées à la séparation de Solvay et à la dernière année d’investissements significatifs liés à l’extension du site de Tavaux en France, qui ne devraient pas se reproduire en 2026.

Plus d'informations sur les résultats du troisième trimestre 2025 sont disponibles sur le site web.

Informations prospectives
Ce communiqué peut contenir des informations prospectives. Les déclarations prospectives décrivent les attentes, plans, stratégies, objectifs, événements futurs ou intentions. La réalisation des déclarations prospectives contenues dans ce communiqué est sujette à des risques et à des incertitudes en raison d'un certain nombre de facteurs, y compris des facteurs économiques d'ordre général, les fluctuations des taux d'intérêt et des taux de change; l'évolution des conditions de marché, la concurrence des produits, la nature du développement d'un produit, l'impact des acquisitions et des désinvestissements, des restructurations, du retrait de certains produits; du processus d'approbation réglementaire, des scénarii globaux des projets de R&I et d'autres éléments inhabituels. Par conséquent, les résultats réels ou événements futurs peuvent différer sensiblement de ceux exprimés ou implicites dans ces déclarations prospectives. Si de tels risques connus ou inconnus ou des incertitudes se concrétisent, ou si nos hypothèses s'avéraient inexactes, les résultats réels pourraient différer considérablement de ceux anticipés. La société ne s'engage nullement à mettre à jour publiquement ses déclarations prospectives.

A propos de Syensqo 
Syensqo est une entreprise fondée sur la science qui développe des solutions novatrices permettant d’améliorer notre façon de vivre, de travailler, de voyager et de nous divertir. Inspirés par les congrès scientifiques initiés par Ernest Solvay en 1911, nous réunissons des talents brillants qui repoussent sans cesse les limites de la science et de l'innovation au profit de nos clients, avec plus de 13 000 employés.
Nous développons des solutions qui contribuent à offrir des produits plus sûrs, plus propres et plus durables, que l’on retrouve dans l’habitat, l'alimentation, et les biens de consommation, les avions, les voitures, les batteries, les appareils électroniques et les soins de santé. Notre force d'innovation nous permet de concrétiser l'ambition d'une économie circulaire et d'explorer des technologies révolutionnaires qui feront progresser l'humanité. Plus d’informations sur www.syensqo.com

Syensqo derde kwartaal 2025 resultaten

Onderliggende EBITDA van €326 miljoen, veerkrachtige marge; Sterke kasgeneratie met vrije kasstroom van €250 miljoen in Kw3; Overeenkomst om Oil & Gas te desinvesteren, versterkt pure‑play specialty‑strategie

Brussel, 6 november 2025, 7u00 CET

Kw3 2025 hoogtepunten

Netto‑omzet van €1,52 miljard beïnvloed door ongunstige wisselkoersen (-5%) en lagere volumes (-1%); sterke jaar‑op‑jaar groei in Technology Solutions;Brutowinst van €484 miljoen daalde met 15% JoJ, primair gedreven door lagere volumes en ongunstige wisselkoersbewegingen, resulterend in een brutomarge van 31,9%; op sequentiële basis bleef de brutomarge onveranderd;Onderliggende EBITDA van €326 miljoen daalde organisch met 10% JoJ, primair door lagere onderliggende EBITDA in Specialty Polymers en Novecare, deels gecompenseerd door structurele kostenbesparingen; op sequentiële basis daalde de onderliggende EBITDA met 3%;Onderliggende EBITDA‑marge blijft veerkrachtig, breidde sequentieel 40 basispunten uit tot 21,5%, primair gedreven door Specialty Polymers;Onderliggende nettowinst (aandeel Syensqo) €110 miljoen;Operationele kasstroom €331 miljoen; vrije kasstroom €250 miljoen;Overeenkomst om de business unit Oil & Gas te desinvesteren voor een ondernemingswaarde van €135 miljoen, of circa 7x EV/EBITDA Onderliggend (in € mln)Kw3 2025Kw3 2024Kw2 2025JoJ veranderingJoJ organischKwoKw verandering 9M 20259M 2024JoJ veranderingJoJ organischNetto-omzet1,5171,6331,586-7.1%-2.5%-4.4% 4,7224,965-4.9%-2.5%Brutowinst484572506-15.3%--4.3% 1,5041,737-13.4%-Brutomarge31.9%35.0%31.9%-310 bps-0 bps 31.9%35.0%-310 bps-EBITDA326374335-12.8%-9.8%-2.7% 9731,114-12.7%-11.1%EBITDA-marge21.5%22.9%21.1%-140 bps-170 bps40 bps 20.6%22.4%-180 bps-200 bpsOperationele kasstroom3312102057.9%-n.m. 5264966.0%-Vrije kasstroom25027-67n.m.-n.m. 22065n.m.-Kasstroomomzetting (LTM)76%69%72%690 bps-370 bps 76%69%690 bps-ROCE (LTM)6.5%8.1%6.9%-160 bps--40 bps 6.5%8.1%-160 bps- Dr. Ilham Kadri, CEO

"Het derde kwartaal kenmerkte zich door een veerkrachtige marge en een sterke vrije‑kasstroomgeneratie in een uitdagende macro‑economische omgeving. Onze sterke waardepropositie en de voortdurende focus op wat binnen onze invloedssfeer ligt, zorgden voor opnieuw een sequentiële verbetering van de EBITDA‑marge. Daarnaast hebben we onze pure‑play‑specialtystrategie verder uitgevoerd met de recent aangekondigde desinvestering van de Oil & Gas‑activiteiten tegen een aantrekkelijke waardering.

“Voor de rest van het jaar zien we nog steeds een trager herstel van de volumes en hebben we onze outlook voor het volledige jaar dienovereenkomstig aangepast, in grote lijnen in lijn met de consensusverwachtingen.

“Tot slot was het het voorrecht van een loopbaan om Syensqo en zijn uitzonderlijke mensen de voorbije zeven jaar te mogen dienen. Samen hebben we onze ambities verhoogd, crisissen doorstaan, de historische afsplitsing met Solvay gerealiseerd en een van de meest innovatieve specialtybedrijven in de sector gelanceerd. De diepste dank gaat uit naar elke teamgenoot, wiens toewijding en geloof deze transformatie mogelijk maakten. Terwijl Syensqo moedig aan zijn volgende hoofdstuk begint, dank voor jullie gedrevenheid, veerkracht en de geest van exploratie die onze gedeelde toekomst blijft vormgeven. Met diepe dankbaarheid voor het vertrouwen en de samenwerking van de beleggers‑ en analistengemeenschap: het beste moet nog komen.”

Vooruitzichten voor 2025

Voor het vierde kwartaal wordt verwacht dat de macro‑economische en vraag zwakte zich in de meeste eindmarkten zal voortzetten, gezien de evoluerende tarieven en geopolitieke dynamiek. In de loop van het jaar hebben deze externe factoren ertoe geleid dat klanten zich aanpassen aan bredere vraagonzekerheid. Zo wordt een trager herstel in de Electronics‑volumes in de tweede jaarhelft waargenomen, doordat klanten hun kortetermijnvoorraden beheren. Daarnaast wordt nu verwacht dat de eerder gesignaleerde destocking bij een grote civil‑aerospaceklant het hele jaar 2025 zal aanhouden. Niettemin wordt sterke onderliggende vraag in zowel civil aerospace als space & defence‑toepassingen verwacht de sterke groei in Composite Materials in 2026 en daarna te ondersteunen.

Er wordt blijvend geprofiteerd van kostenbesparende initiatieven en de initiatieven om de fundamenten voor langetermijngroei verder te versterken worden versneld, met als doel meer dan €200 miljoen aan run‑rate besparingen tegen eind 2026. Zoals blijkt uit de sterke prestaties in het derde kwartaal blijft kasstroomgeneratie een kern focus en zullen verdere acties worden ondernomen om volume onzekerheid te af te dekken.

De outlook voor het volledige jaar 2025, waarin ook rekening wordt gehouden met een verdere versterking van de euro ten opzichte van de belangrijkste handelsvaluta, luidt nu als volgt:

Onderliggende EBITDA van circa €1,25 miljard Kapitaaluitgaven onder €600 miljoen Vrije kasstroom van circa €325 miljoen Vanuit kasstroom perspectief bevat 2025 uitstromen gerelateerd aan de afsplitsing van Solvay en het laatste jaar van materiële investeringen in verband met de uitbreiding van de site in Tavaux (Frankrijk), die naar verwachting in 2026 niet zullen terugkeren.

Meer gedetailleerde informatie over de derde kwartaalresultaten beschikbaar op de website.

Wettelijke bepaling als bescherming tegen onredelijke aansprakelijkheidsstellingen
Dit persbericht kan toekomstgerichte informatie bevatten. Toekomstgerichte verklaringen beschrijven verwachtingen, plannen, strategieën, doelen, toekomstige gebeurtenissen of intenties. De verwezenlijking van toekomstgerichte verklaringen die in dit persbericht staan, is onderworpen aan en is afhankelijk van risico's en onzekerheden verbonden aan verschillende factoren, waaronder algemene economische factoren, schommelingen van interestvoeten en wisselkoersen; veranderende marktcondities, concurrentie op producten, de aard van de productontwikkeling, het effect van verwervingen en verkopen, herstructureringen, terugtrekkingen van producten; goedkeuringen door regelgevers, het all-in scenario van onderzoeks- en innovatieprojecten en andere ongebruikelijke zaken. Om deze reden kunnen de actuele of toekomstige resultaten wezenlijk afwijken van de resultaat die expliciet gemeld worden of impliciet besloten zijn in dergelijke toekomstgerichte verklaringen. Mochten bekende of onbekende risico's of onzekerheden zich voltrekken of mochten onze aannames onjuist blijken te zijn, dan kunnen de daadwerkelijke resultaten sterk afwijken van de verwachte resultaten. Syensqo verplicht zich niet om toekomstgerichte verklaringen publiekelijk te actualiseren of te herzien.

Over Syensqo 
Syensqo is een wetenschapsbedrijf dat baanbrekende oplossingen ontwikkelt die de manier waarop we leven, werken, reizen en ons vermaken verbeteren. Geïnspireerd door de wetenschappelijke raden die Ernest Syensqo in 1911 organiseerde, brengen we het briljante talent samen dat de grenzen van wetenschap en innovatie verlegt ten voordele van onze klanten, met een wereldwijd team van meer dan 13.000.
Onze oplossingen dragen bij aan veiligere, schonere en duurzamere producten in huizen, voeding en consumptiegoederen, vliegtuigen, auto's, batterijen, slimme apparaten en toepassingen in de gezondheidszorg. Onze innovatiekracht stelt ons in staat om de ambitie van een circulaire economie waar te maken en baanbrekende technologieën te ontwikkelen die de mensheid vooruit helpen. Meer informatie op www.syensqo.com

20251106_Syensqo third quarter 2025 results_EN

20251106_Syensqo third quarter 2025 results_FR

20251106_Syensqo third quarter 2025 results_NL

The logo of payments company Worldline is seen at the company headquarters in the financial and business district of La Defense, near Paris, France, October 26, 2023. REUTERS/Gonzalo Fuentes/File Photo Purchase Licensing Rights, opens new tab

Nov 6 (Reuters) - Worldline

(WLN.PA), opens new tab plans to raise 500 million euros ($583 million) as part of a capital injection, it said on Thursday, as the French payments firm seeks to recover from years of setbacks and restore investor confidence.

The two-stage equity raise is expected to begin with a 110 million euro reserved capital increase subscribed by French banks Bpifrance, Credit Agricole

(CAGR.PA), opens new tab and BNP Paribas

(BNPP.PA), opens new tab.

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A subsequent rights issue amounting to 390 million euros will be open to all shareholders, while the three banks have committed to subscribe around 135 million euros.

After the capital increase, which is set to be completed by the end of the first quarter of 2026, Bpifrance will hold a 9.6% stake in Worldline, followed by Credit Agricole at 9.5% and BNP Paribas with a 7.9% holding.

Worldline has burnt through more cash than usual this year, burdened by weaker earnings and high restructuring costs. It expects to end 2025 with free cash flow between break-even and a 30- million-euro loss.

The company has also unveiled its long term targets of 4% organic revenue growth between 2027 and 2030, 1 billion euro of core earnings and positive free cash flow as early as 2027.

($1 = 0.8575 euros)

Reporting by Gianluca Lo Nostro; Editing by Matt Scuffham

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Peakstone Realty Trust (PKST) Q3 2025 Earnings Call November 5, 2025 5:00 PM EST

Company Participants

Michael Escalante - CEO, President & Trustee
Javier Bitar - CFO & Treasurer

Conference Call Participants

Stephen Swett
Keunho Byun - BofA Securities, Research Division
Michael Goldsmith - UBS Investment Bank, Research Division
Anthony Hau - Truist Securities, Inc., Research Division

Presentation

Operator

Good day, and welcome to Peakstone Realty Trust's Third Quarter of 2025 Earnings Call and Webcast. [Operator Instructions] Also, please be aware that today's call is being recorded.

I would now like to turn the call over to Steve Swett, Investor Relations. Please go ahead.

Stephen Swett

Good afternoon, and thank you for joining us for Peakstone Realty Trust's Third Quarter 2025 Earnings Call and Webcast. Earlier today, we posted an earnings release, supplemental and updated investor presentation to the Investors page on our website at www.pkst.com. Please reach out to our Investor Relations team at [email protected] with any questions.

The company will be making forward-looking statements, which include any statements that are not historical facts, on today's webcast. Such forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, please see our annual report on Form 10-K and subsequent filings with the SEC. Additionally, on this call, the company may refer to certain non-GAAP financial measures such as funds from operations or funds from operations, adjusted funds from operations, EBITDAre, adjusted EBITDAre and same-store cash net operating income. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP numbers in the company's earnings release and filings with the SEC.

On the call today are Mike Escalante, CEO and President; and Javier Bitar, CFO.

With that, I'll

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Key Takeaways The # of stocks hitting 52-week lows reaches the highest level since April.The ominous "Hindenburg Omen" has triggered. A key S&P 500 Fib level has been reached.
The 2025 Bull Market Continues, But Subtle Cracks EmergeIn classic form, the 2025 market is climbing the proverbial “Wall of Worry.” Currently, the US government is experiencing its longest government shutdown in history, with no end in sight. Conversely, after a nasty correction in April, stocks appear to have finally priced in President Trump’s unique and bold “Liberation Tariffs.” However, the US Supreme Court is currently hearing arguments on the Trump tariffs, and betting markets are not confident they will remain. In fact, Polymarket only expects a ¼ chance that the Supreme Court rules the tariffs legal.

Image Source: Polymarket

Though the market has been remarkably resilient thus far in 2025, subtle, troubling cracks are beginning to emerge beneath the surface, suggesting that the market may finally be due for a substantial pullback.

Market Breadth Sours to Worst Levels Since AprilFor market watchers, it should be no surprise that mega-cap “Mag 7” stocks such as Microsoft ((MSFT - Free Report) ), Nvidia ((NVDA - Free Report) ), Amazon ((AMZN - Free Report) ), Alphabet ((GOOGL - Free Report) ), and Apple ((AAPL - Free Report) ) have carried the market. After all, the AI hype has put the wind at the back of these tech juggernauts for some time. However, what’s changed in the past few days is the extreme bifurcation between these stocks and the rest. In fact, last Thursday, though the market was within shouting distance of record highs, the S&P 500 Index recorded the highest percentage of stocks at 52-week lows. The deteriorating breadth is a prime example of how the major indices can mask the action in individual stocks “beneath the surface.”

Image Source: Zacks Investment Research

Hindenburg Omen TriggersThe “Hindenburg Omen” is a breadth signal used by market analysts to predict pullbacks or market crashes. Unlike traditional breadth indicators that only look for poor market participation, the Hindenburg Omen is unique in that it measures breadth abnormality- when numerous stocks are hitting both 52-week highs and 52-week lows. In other words, the Hindenburg Omen recognizes extreme market fragmentation. To trigger, the market must meet the following criteria:

1.      New highs must be >2.2% and new lows must be >2.2% of the index.

2.      Breadth must be negative (more stocks falling than rising).

3.      The market must be in an uptrend (higher than it was 50 sessions ago)

4.      New highs cannot be double the number of new lows.

Last week, the S&P 500 Index triggered a Hindenburg Omen. Though each market is unique and history doesn’t always repeat itself, market bears finally have something to get excited about. The past 30 times an S&P 500 Hindenburg Omen triggered, the market was higher two months later just 17% of the time!

Image Source: SubuTrade.com

S&P 500 Index Reaches Key Fib TargetThe Fibonacci Extension is an indicator market technicians use to predict where a market may pause and reverse. Based on a mathematical sequence often seen in nature and art, technical analysts utilize Fibs to see how far a market may extend, particularly from a meaningful correction. Regardless of whether the mathematical sequence itself is meaningful or if Fibs are simply a self-fulfilling prophecy, markets often respect these levels. Recently, the S&P 500 Index reached the 261.8% Fib extension from the 2022 bear market – a level where it may need to take a breather. Investors need to understand that long-term, multi-year Fib extension targets like the one the market is currently experiencing, tend to be more meaningful than short-term Fib targets.

Image Source: TradingView

Bottom Line

While the 2025 bull market continues to push higher, subtle cracks in market breadth are appearing beneath the surface. Namely, the “Hindenburg Omen” suggests that caution may be warranted.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of DUOT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Bitmine reinforces its standing as a leading Ethereum treasury holder.

Photo: Nick Chong

Key Takeaways

BitMine acquired $70 million worth of Ether (ETH) for its corporate treasury.
The purchase is part of BitMine’s strategy to accumulate Ethereum, especially during market dips.

BitMine, an Ethereum-focused digital asset treasury firm, acquired approximately $70 million worth of Ether for its corporate treasury today, according to on-chain data.

The acquisition reflects BitMine’s ongoing accumulation strategy during market fluctuations. The firm has continued to acquire Ethereum during market dips as part of its treasury approach.

BitMine’s purchase aligns with broader institutional interest in Ethereum amid evolving cryptocurrency market conditions. The firm has positioned itself as a prominent holder advancing digital asset treasury strategies.

Ethereum serves as the foundation for decentralized applications and smart contracts, making it a key target for institutional treasury allocations. The acquisition adds to BitMine’s existing cryptocurrency reserves as part of its hedge against traditional financial volatility.

Disclaimer

MetaPlanet raised $100 million using Bitcoin as collateral to expand its holdings and increase its business income.

The crypto market looks beaten down again, but one veteran investor says that may be the exact signal to stay calm. Related Reading: Bitcoin's Grip Holds — But Signs Of Weakness Are Piling Up: Analyst Bitwise Chief Investment Officer Matt Hougan believes Bitcoin's deep sell-off — now dragging prices below $102,000 for the first time since the last five months — is more about panic than fundamentals.

The first week of November brought a wave of contrasting fortunes across the crypto exchange-traded fund (ETF) landscape. Bitcoin and ether ETFs suffered significant outflows totaling more than $320 million, while Solana ETFs continued to attract strong investor interest with $70 million in inflows.

Bitcoin's sharp retreat has intensified debate over whether the drop marks a true bear market or just a correction, as supporters highlight lasting fundamentals and growth potential despite Peter Schiff's renewed warnings of deeper losses ahead.

Ripple has raised $500 million in new funding, valuing the firm at a valuation of $40 billion.

An explosion in transaction activity on Ethereum layer 2 Lighter since launching last month has pushed Ethereum's transaction per second count to a record of 24,192.

The two-month whale sell-off has fully tapered.

The HYPE price has rebounded sharply, recovering from recent volatility that saw a $44 million whale liquidation earlier this week, which rattled traders. After plunging to around $36, the HYPE price surged over 7% in the past 24 hours, now trading around $40 as bullish sentiment returns.

The rally follows its landmark listings on Binance and Coinbase, a move that has sparked renewed confidence in the fast-rising DeFi Layer 1 network. According to on-chain data from Coinglass, funding rates have flipped positive while whale accumulation has increased.

Analysts suggest the next HYPE price target could be the $51.15 resistance level if buying pressure continues, with RSI levels slowly trending toward neutrality after oversold readings. The comeback supports Hyperliquid’s resilience despite high-leverage trading risks exposed by the whale’s massive loss.

Binance and Coinbase Listings Spark Institutional Momentum
The simultaneous listings of HYPE on Binance and Coinbase have been pivotal for the recovery. Both exchanges introduced major trading pairs like HYPE/USDT and HYPE/BTC, dramatically improving global liquidity and accessibility.

This dual-listing marks Hyperliquid’s official transition from a niche derivatives protocol into a mainstream DeFi contender, attracting both institutional and retail traders.

Institutional interest has also accelerated following reports that BlackRock and Fidelity are exploring integrations of Hyperliquid’s oracle feeds into upcoming ETF products.

Although no official confirmation has been issued, analysts view this as strong validation of Hyperliquid’s underlying technology, which is known for its sub-millisecond transaction speeds and hybrid consensus that combines proof-of-stake with zero-knowledge proofs.

Technical Outlook: Signs of a Broader HYPE Price Revival
Technically, the HYPE price structure is showing early signs of recovery after testing key support around the 200-day EMA, near $38. If momentum holds, analysts expect a push toward $51.15, where the next major resistance sits.

HYPE's price records small profits on the daily chart. Source: HYPEUSD on Tradingview
Meanwhile, daily active addresses have doubled in the past week, and Hyperliquid’s total value locked (TVL) has climbed over 150% since late October, evidence of sustained ecosystem growth.

With funding rates turning positive and exchange inflows rising, traders anticipate that HYPE may regain its prior highs sooner than expected. While the whale’s $44 million loss remains a cautionary tale of leverage gone wrong, the market’s swift rebound suggests confidence in a further HYPE price surge.

Cover image from ChatGPT, HYPEUSD chart from Tradingview

TLDR:

Harmonic allows Solana validators to select the most profitable blocks in real time, boosting network efficiency.
Modular block building separates transaction ordering from validation, creating a fairer and faster system for all users.
Solana’s new infrastructure increases transparency, allowing validators and searchers to operate competitively and openly.
Harmonic’s launch supports the growth of Solana’s ecosystem with optimized rewards across over 1,000 validators.

Solana has taken another step toward optimizing network performance with the launch of Harmonic, a block-building platform designed to streamline validator and searcher interactions. The announcement, shared by @harmonic_gg on X, marks a pivotal shift in how Solana’s ecosystem could handle block construction and transaction flow.

In its post, Harmonic described the platform as a “Solana-native block builder,” enabling validators to earn more while maintaining speed and transparency. The system brings the concept of modular block building, common in Ethereum’s MEV landscape, directly into Solana’s high-throughput environment.

A New Model for Validator Efficiency
Harmonic’s design allows searchers to submit optimized bundles to validators through its infrastructure, ensuring the most profitable and efficient blocks are proposed. This setup could reduce block congestion and improve fairness across the network.

According to @MartyParty, a well-known Solana advocate and musician, the introduction of Harmonic reflects a “new paradigm” for validators and builders. He noted that the system creates a competitive yet transparent environment where value distribution becomes more equitable among network participants.

Besides performance benefits, Harmonic’s approach introduces a level of modularity previously absent in Solana’s tightly integrated system, potentially aligning it closer to Ethereum’s evolving block-building markets.

IMO: It was never personal. This is software. The best software wins.

Solana the software and ecosystem of like minded engineers, is expanding and accelerating with the Super Cycle. These are not coincidences. The infrastructure to support the Digital Economy. The delivery… https://t.co/bNmg8S7KIM

— MartyParty (@martypartymusic) November 5, 2025

Bridging Transparency and Performance
Unlike traditional validators that handle both block proposal and transaction ordering, Harmonic’s separation of these roles helps prevent centralized decision-making. Validators can focus on performance and uptime, while builders handle transaction ordering through open bidding mechanisms.

This structure mirrors the post-Merge architecture on Ethereum but is tailored to Solana’s speed-focused design. Consequently, the launch could attract both institutional and independent participants seeking fair access to block-building opportunities.

The move could strengthen Solana’s growing dominance in decentralized finance and tokenized assets, as improved validator economics may encourage broader participation. Moreover, integrating modular block-building tools positions Solana to compete more directly with Ethereum on scalability and efficiency.

With projects like Harmonic bringing transparency to transaction flow, Solana continues to evolve beyond its early challenges and toward a more open, developer-driven ecosystem.

Robinhood (NASDAQ:HOOD) CEO Vlad Tenev said on Wednesday that the company is still evaluating whether to include Bitcoin (CRYPTO: BTC) in its corporate treasury, weighing the potential pros and cons.

Need To Align With Shareholders, Says CEODuring the company’s third-quarter earnings call, Tenev said that Robinhood has devoted considerable time to pondering this move. He highlighted that such a step would require alignment from the community.

“If you put it [Bitcoin] on your balance sheet, it has the positives in that you're aligned with the community, but it does take up capital,” Tenev said, adding that such a decision could have both “pros and cons.”

He highlighted that Robinhood’s shareholders can already buy Bitcoin directly on the platform.

“Are we making that decision for them? Is it the best use of our capital?” Tenev said. “I think the short answer is we're still thinking about it.”

See Also: Kevin O’Leary Says AI No Longer ‘Hype,’ But Real Driver Of Productivity As Bitcoin Miners Accelerate Shift Into AI Infrastructure Business

Will Robinhood Follow In Strategy’s Footsteps?Tenev said previously that holding Bitcoin for investment purposes could possibly "complicate" things for public investors. He emphasized that the Robinhood stock is already highly correlated to Bitcoin even without the firm holding the asset on its books.

Strategy Inc. (NASDAQ:MSTR) remains the pioneer and the world’s biggest corporate holder of Bitcoin, with more than $73 billion in BTC in its reserves.

Robinhood Reports Strong Q3 ResultsTenev’s remarks follow the commission-free trading platform’s third-quarter financial results, which showed a double beat and record revenue. The trading platform has seen significant growth, with its stock up 280% year-to-date, and has been referred to as “one of the hottest stocks of 2025.”

Robinhood’s cryptocurrency-based transaction revenue soared 300% year-over-year.

Price Action:  Shares of Robinhood dipped 2.03% in after-hours trading after closing 4.15% higher at $142.48  during Wednesday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has lifted over 280%.

HOOD exhibited very high Momentum and Growth scores as of this writing. Do you want to know how it compares to the highest-weighted stock in your portfolio? Go to Benzinga Edge Stock Rankings and find out.

Read Next: 

Robinhood, Duolingo, Qualcomm, Applovin And Snap: Why These 5 Stocks Are On Investors’ Radars Today
Photo: NRSPro / Shutterstock.

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The USDC policy reversal on firearm purchases suggests that “stablecoins are at the whims of politicians,” an industry expert told Decrypt.

SummaryQualcomm delivered strong quarterly results and raised guidance, yet the stock dropped due to a one-off tax write-off distorting GAAP earnings.QCOM trades at a value-like P/E of 15–17x, with robust cash flows, expanding margins, and leadership in edge AI across handsets, autos, and IoT.The market misunderstands QCOM's AI positioning; it's not competing with Nvidia but enabling edge-to-cloud AI with growing partnerships and sector breadth.I rate QCOM a strong buy, with a $218 target, citing stable margins, diversified growth, and the recent sell-off as a long-term buying opportunity. JHVEPhoto/iStock Editorial via Getty Images

Qualcomm (QCOM) (QCOM:CA) stock fell as much as 4% as soon as its quarterly earnings were released; as of this writing, it's still down in after-hours trading. But honestly, I don't see anything in the fundamentals that justifies this reaction. I see solid

Analyst’s Disclosure:I/we have a beneficial long position in the shares of QCOM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Jackson Square Partners, LLC initiated a new position in Shift4 Payments (FOUR +0.93%), acquiring 74,100 shares valued at approximately $5.74 million as of September 30, 2025, according to a November 5, 2025, SEC filing.

What happenedJackson Square Partners disclosed a new stake in Shift4 Payments in its quarterly filing with the U.S. Securities and Exchange Commission (SEC filing).

The fund reported ownership of 74,100 shares valued at approximately $5.74 million as of September 30, 2025, marking the first time Shift4 Payments appeared in its portfolio during the reporting period.

What else to knowThis new position now accounts for 2.32% of Jackson Square Partners' 13F reportable assets under management.

Top five holdings after the filing:

Nvidia (NVDA 1.75%): $19.22 million (7.77% of AUM)Microsoft (MSFT 1.44%): $18.05 million (7.3% of AUM)Alphabet (GOOGL +2.44%): $14.25 million (5.76% of AUM)AAON (AAON +3.87%): $12.50 million (5.05% of AUM)CyberArk Software (CYBR 0.43%): $12.10 million (4.89% of AUM)As of November 4, 2025, shares were priced at $66.74, down 26% over the past year, underperforming the S&P 500 by 45 percentage points over that time.

Company OverviewMetricValuePrice (as of market close 2025-11-04)$66.74Market Capitalization$6.09 billionRevenue (TTM)$3.61 billionNet Income (TTM)$220.50 millionCompany snapshotShift4 Payments:

Offers integrated payment processing, omni-channel card acceptance, proprietary gateways, POS solutions, eCommerce tools, and business intelligence software.Serves merchants across hospitality, retail, eCommerce, stadiums, and entertainment venues in the United States.Operates a technology platform supporting secure, scalable transactions for a diverse client base.Shift4 Payments, Inc. operates as a technology-driven provider of integrated payment and commerce solutions, supporting a broad range of businesses with secure, omni-channel transaction capabilities.

The company leverages proprietary software and infrastructure to deliver seamless payment acceptance and business management tools, positioning itself as a comprehensive partner for merchants seeking efficiency and scalability.

With a focus on innovation and vertical integration, Shift4 aims to enhance customer experience and operational insight for its clients.

Foolish takeJackson Square Partners' purchase of Shift4 Payments is notable for investors on a few levels.

First, Shift4 immediately becomes a meaningful position for Jackson Square, equalling 2.3% of the portfolio. This isn't merely a starter position.

Second, the timing of the buy should catch investors' eyes as the stock continues to trade nearly 50% below its all-time high. This likely means the firm sees Shift4 as a compelling "buy-the-dip" opportunity -- and I would tend to agree.

Now trading back near its lowest-ever valuation at 16 times free cash flow (FCF) and 12 times forward earnings -- while growing sales by 17% in the last quarter -- Shift4 looks like a growth stock at a value stock price.

That said, the company will face immense competition in the payments industry, and it is yet to be seen how strong the moat around Shift4's business is.

It will battle head-to-head with companies like Toast (TOST +9.57%) in the restaurant space, for example. However, while Toast is growing slightly faster, it trades at 46 times FCF -- nearly three times Shift4's valuation.

Shift4's more reasonable valuation and better sales diversification with stadium and hospitality customers make it an interesting stock to consider buying on the dip. I can certainly see why it caught Jackson Square Partners' attention.

Glossary13F reportable assets under management: The total value of securities a fund must disclose quarterly to the SEC in Form 13F.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Position: The amount of a particular security or asset held in a portfolio.
Omni-channel: Integration of multiple sales and payment channels (online, in-store, mobile) for a seamless customer experience.
Proprietary gateways: Custom-built systems for securely processing electronic payment transactions.
POS solutions: Point-of-sale systems that process transactions and manage sales data at retail locations.
Business intelligence software: Tools that analyze data to help businesses make informed decisions and improve performance.
Vertical integration: A company's ownership or control of multiple stages of its supply chain or production process.
TTM: The 12-month period ending with the most recent quarterly report.

Josh Kohn-Lindquist has positions in Alphabet and Nvidia. The Motley Fool has positions in and recommends Alphabet, Microsoft, Nvidia, Shift4 Payments, and Toast. The Motley Fool recommends Aaon and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

SummaryJD.com is rated a Buy with a $42 price target, suggesting a 29% upside and potential market outperformance.JD trades at a significant discount to peers despite double-digit revenue growth and strong momentum across core and new business segments.The company offers a 3% dividend yield, but future payouts may be challenged; share buybacks remain a key shareholder return strategy.Heavy investments and rising expenses could pressure margins, but JD's innovation, growth, and undervaluation make it a compelling long-term opportunity.FangXiaNuo/iStock Unreleased via Getty Images

JD.com, Inc. (JD) is a Chinese heavyweight retailer that has evolved from an e-commerce leader to a multi-industry giant, driven by technology enhancements, artificial intelligence, and the provision of high-quality services. Although e-commerce remains the company's core business, it

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in JD over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Valter Pinto

Good morning, and welcome, everyone, to the Co-Diagnostics fireside chat. My name is Valter Pinto. I'm Managing Director at KCSA Strategic Communications. I'm joined today by Chief Executive Officer, Dwight Egan. We're all looking forward to hearing an update from Dwight on the company's diagnostics technology, its history, where we are today in our clinical pathway and our commercialization efforts.

First, I want to congratulate the entire team on the joint venture in Saudi Arabia announced just last week. And this past Monday, the company also announced its initiatives in artificial intelligence. We'll be going through each announcement in further detail today.

But before we begin, let me quickly remind everyone that statements made during today's fireside chat may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and applicable federal securities laws and that actual results may differ materially from what is contemplated by such forward-looking statements due to a variety of risks, uncertainties and other factors.

For a detailed discussion of some of the ongoing risks and uncertainties, I refer you to the company's quarterly report on Form 10-Q as well as the company's investor presentation and other reports filed periodically with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.

I want to thank everyone again for joining us today. It's clearly an exciting time for the company, and we're going to be discussing several interesting topics

CVRx, Inc. (CVRX) Q3 2025 Earnings Call November 5, 2025 4:30 PM EST

Company Participants

Kevin Hykes - President, CEO & Director
Jared Oasheim - Chief Financial Officer

Conference Call Participants

Mike Vallie - Westwicke Partners, LLC
John Young - Canaccord Genuity Corp., Research Division
Samantha Munoz - Piper Sandler & Co., Research Division
Rohin Patel - JPMorgan Chase & Co, Research Division
Max Smock
Frank Takkinen - Lake Street Capital Markets, LLC, Research Division
Chase Knickerbocker - Craig-Hallum Capital Group LLC, Research Division
Ross Osborn - Cantor Fitzgerald & Co., Research Division

Presentation

Operator

Greetings, and welcome to the CVRx Third Quarter 2025 Earnings Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Vallie from ICR Healthcare. Thank you, sir. You may begin.

Mike Vallie
Westwicke Partners, LLC

Good afternoon. Thank you for joining us today for CVRx's Third Quarter 2025 Earnings Conference Call. Joining me on today's call are the company's President and Chief Executive Officer, Kevin Hykes; and Chief Financial Officer, Jared Oasheim.

The remarks today will contain forward-looking statements, including statements about financial guidance. These statements are based on plans and expectations as of today, which may change over time. In addition, actual results could differ materially due to a number of risks and uncertainties, including those identified in the earnings release issued prior to this call and in the company's SEC filings.

I would now like to turn the call over to CVRx's President and Chief Executive Officer, Kevin Hykes.

Kevin Hykes
President, CEO & Director

Thanks, Mike. Good afternoon, everyone, and thank you for joining our third quarter earnings call. Q3 was a strong quarter for CVRx. We grew revenue by double digits year-over-year and expanded our commercial footprint. Our newer reps are hitting their stride, driving procedure volumes and building productive relationships with the physicians and

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of CBSH either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Remitly Global, Inc. (RELY) Q3 2025 Earnings Call November 5, 2025 5:00 PM EST

Company Participants

Matthew Oppenheimer - Co-Founder, CEO, President & Director
Vikas Mehta - Chief Financial Officer

Conference Call Participants

Tien-Tsin Huang - JPMorgan Chase & Co, Research Division
Gustavo Gala - Monness, Crespi, Hardt & Co., Inc., Research Division
Cristopher Kennedy - William Blair & Company L.L.C., Research Division
David Scharf - Citizens JMP Securities, LLC, Research Division
Zheqian Deng
Zachary Gunn - Financial Technology Partners LP

Presentation

Operator

Thank you for standing by, and welcome to Remitly's Third Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, today's program is being recorded.

And now, I'd like to introduce your host for today's program, Dave Bickle, Vice President, Investor Relations and Strategic Planning. Please go ahead, sir.

Unknown Executive

Thank you. Good afternoon, and thank you for joining us for Remitly's Third Quarter 2025 Earnings Call. Joining me on the call today are Matt Oppenheimer, Co-Founder and Chief Executive Officer of Remitly; and Vikas Mehta, Chief Financial Officer. Results and additional management commentary are available in the earnings release and presentation slides, which can be found at ir.remitly.com. Please note that, this call will be simultaneously webcast on the Investor Relations website.

Before we start, I would like to remind you that, we will be making forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding Remitly's future financial results and management's expectations and plans. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here.

You should not place undue reliance on any forward-looking statements. Please refer to the earnings release and SEC filings for more information regarding the risk factors that may affect results. Any forward-looking statements made in

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