Market Signal Briefing

The approval of the $775 million acquisition of Downtown Music comes after the companies offered concessions, and ends a lengthy investigation.

SummaryCompaniesTrump administration could pursue injunction, fines, for violating federal lawFDA referred Hims to DOJ for potential legal actionHims claims legality due to patient personalizationWASHINGTON, Feb 13 (Reuters) - The Trump administration could take action including an injunction or fines against online telehealth company Hims for intending to sell a compounded version of Novo Nordisk's Wegovy weight-loss pill, though its legal options may be curbed by Hims' quick retreat, attorneys and other experts told Reuters.

Hims and Hers Health (HIMS.N), opens new tab last week said it would offer a much cheaper $49 version of Novo Nordisk's (NOVOb.CO), opens new tab Wegovy weight-loss pill, before backing off the plan after the Food and Drug Administration said it would take steps against the company.

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The FDA has since referred Hims to the Department of Justice for potential legal violations, according to Department of Health and Human Services general counsel Mike Stuart.

The Justice Department could seek a court injunction or civil or criminal fines against Hims for violating the Food, Drug and Cosmetic Act by marketing an unapproved drug, said three attorneys.

In response to questions about the agency's next legal steps, HHS pointed to Stuart's prior statements.

WEIGHT-LOSS DRUGMAKERS SCRAMBLE TO MEET SURGING DEMANDStuart told CNBC on Monday that the agency's actions were in part motivated by protecting the investment that pharmaceutical companies have made in pursuing traditional FDA approval, and in ensuring the products are safe.

“When you look at compounders versus the pharmaceutical industry generally, these compounders haven’t spent that inordinate amount of money making sure that they’re safe and effective," he said.

Hims did not respond to a request for comment.

Weight-loss drug manufacturers including Novo and rival Eli Lilly (LLY.N), opens new tab have scrambled to meet skyrocketing demand for their blockbuster products. Drugmakers have argued that some compounders, which mix drug ingredients to create customized pharmaceuticals, are illegally marketing unapproved copies of their products.

Compounded pharmaceuticals are legal in the U.S. under narrow provisions of the Food, Drug, and Cosmetic Act, meant to allow production of drugs during a shortage or when a patient requires personalization due to medical concerns.

Without those conditions, the FDA can take enforcement actions against drug compounders when they essentially sidestep the federal drug approval process by manufacturing products already available for commercial sale, three attorneys told Reuters.

Hims has argued its products are legal because they are tailored to patients' medical needs.

PERSONALIZED OR NOT?At question is whether Hims' products are sufficiently personalized to be allowable under federal law, which is difficult to ascertain due to a lack of public information about the company's manufacturing and prescription practices, said two attorneys with expertise in FDA regulations.

As a next enforcement step, the FDA could inspect Hims' records to evaluate whether their prescriptions are properly documented, alone or in coordination with state regulators that license compounding pharmacies, said Nathan Beaver, partner at Foley and Lardner.

Because Hims said on Saturday that it will no longer offer the compounded weight-loss pill, the Department of Justice could decide not to take action against the company after all, said James Boiani, an attorney at Epstein, Becker & Green, P.C.

"If Hims has already stepped back and is saying we’re not going to do this, it’s not clear there’s a case or controversy here," he said.

The administration could turn its attention to Hims' compounded injectable weight-loss drugs, which are also based on the active ingredient semaglutide found in Novo's Wegovy.

It would face a more complex case due to the varied dosages and inactive ingredients in injectables that compounders can more easily argue are permitted under the law, said James Shehan, chair of the FDA regulatory practice at Lowenstein Sandler and former general counsel for Novo Nordisk.

FDA, DOJ TO WORK TOGETHERTo pursue legal action, the FDA needs the assistance of the Justice Department because the agency lacks independent litigating authority, attorneys told Reuters.

The agencies typically work closely together, with the FDA's counsel's office providing interpretation of the Food, Drug and Cosmetic Act while the Justice Department leads litigation, Shehan said.

"If the FDA refers something, then Justice typically acts on it," Shehan said.

HHS sent warning letters last September to Novo, Hims and other companies warning them about misleading advertising. The FDA on February 5 told Novo that a television advertisement for its weight-loss pill misleadingly suggested that Wegovy offers an advancement or improvement over other GLP-1 drugs.

Reporting by Leah Douglas in Washington and Amina Niasse in New York, editing by Deepa Babington

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

Washington-based award-winning journalist covering agriculture and energy including competition, regulation, federal agencies, corporate consolidation, environment and climate, racial discrimination and labour, previously at the Food and Environment Reporting Network.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within 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.

, /PRNewswire/ -- Reference is made to the stock exchange announcement published earlier today by Elkem ASA ("Elkem" or the "Company") regarding the entry into of an agreement (the "Share Purchase Agreement") to sell the majority of its Silicones division to Bluestar to be settled with all Elkem shares held by Bluestar through Bluestar Elkem International Co. Ltd. S.A. (collectively with its relevant affiliate(s), "Bluestar") (the "Contemplated Transaction").

An extraordinary general meeting of Elkem will be held on 9 March 2026 at 09:00 (CET) to, inter alia, vote on the approval of the Share Purchase Agreement and resolve the redemption of Bluestar's shares. The meeting will be held digitally on the Lumi AGM-platform (including live webcast from the meeting), and with utilisation of electronic voting for all attending shareholders. The full notice is attached, and all relevant documents can be found on www.elkem.com/investor/debt-and-share-information/annual-general-meeting/.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:
Odd-Geir Lyngstad
VP Finance & Investor Relations
Tel: +47 976 72 806
Email: [email protected] 

About Elkem:
Elkem is one of the world's leading providers of advanced silicon-based materials shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health and personal care as well as smarter and more sustainable cities. With a strong track record since 1904, its global team of more than 7,000 people has a joint commitment to stakeholders: Delivering your potential. In 2025, Elkem achieved an operating income of NOK 31 billion. Elkem has been awarded top score of A on Forests and Water Security, and B on Climate Change from CDP. Elkem is listed on the Oslo Stock Exchange (ticker: ELK), where the company is also included in the ESG Index. www.elkem.com.

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Seoul, South Korea, Feb. 13, 2026 (GLOBE NEWSWIRE) -- GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the fourth quarter ended December 31, 2025, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

Industry recognition honors S&P Global Ratings' role in enhancing credit insights across European private markets

, /PRNewswire/ -- S&P Global Ratings was named Ratings Provider of the Year at the 2026 Private Equity Wire European Awards ceremony, held on Thursday, 12 February at County Hall, London. The award recognises S&P Global Ratings' role in enhancing transparency and enabling decision-making across European private markets.

The Private Equity Wire European Awards recognize excellence and innovation across the European private equity industry. Winners are determined by votes from industry participants, including fund managers, institutional investors, and service providers across the region.

"As private equity and private credit markets continue to evolve with increasing complexity and participation from a broader range of investors, consistent and reliable credit analysis has never been more critical," said Lynn Maxwell, Chief Commercial Officer at S&P Global Ratings. "Whether it's a credit rating, a fund or NAV rating or esoteric asset-based lending, our credit analysts deliver high-quality, independent credit opinions that enable market participants to make decisions with conviction."

For more information about S&P Global Ratings' private markets solutions and thought leadership, visit: www.spglobal.com/ratings/en/research/private-markets

About S&P Global Ratings

At S&P Global Ratings, our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can uncover opportunities and make decisions with conviction. By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions.

S&P Global Ratings is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/ratings

Media Contact: 

Arnaud Humblot
S&P Global Ratings
[email protected]
[email protected]

SOURCE S&P Global Ratings

Shares in CelLBxHealth PLC (AIM:CLBX, OTCQB:ANPCF, FRA:DWV) rose 3% to 1.08p on Thursday after the company announced it would discontinue its United States Food and Drug Administration establishment licence and device listing for its Parsortix system.

The Guildford-based group, which provides circulating tumour cell intelligence tests and services to support cancer research and drug development, said the decision reflected its revised business model and customer usage patterns.

More than 97% of Parsortix platforms in the field are deployed for in-house translational research and assay development activities, where an active device listing provides no commercial benefit.

Streamlining these expenses will allow the AIM-listed company to reallocate resources to areas that directly support revenue growth, customer support and product development.

CelLBxHealth said it retains the flexibility to reinstate the device listing at any time through payment of the applicable annual fees should commercial opportunities make it advantageous to do so.

The change has no impact on the company's sales pipeline, market forecasts, customer support or ongoing partnerships.

Peter Collins, chief executive, said the decision was "a practical step that reflects how our customers are using the Parsortix platform today".

For a time, the stock market session on Thursday, February 12, appeared to have a strong start for Apple (NASDAQ: AAPL) as figures from China revealed it was the only smartphone maker to grow in the country in January.

A deluge of adverse developments from earlier this week, however, soon compounded to turn the tide and led to the American technology giant suffering its worst day since April 2025 – in approximately 10 months – as AAPL shares crashed 5% from $275.50 to $261.73.

Apple stock extended its losses into the after-hours, albeit with diminished momentum, and is down a further 0.53% in the extended session to its February 13, press time price of $260.35.

There appear to be two critical reasons why AAPL erased its previous 2026 gains and flipped to being down more than 3% year-to-date (YTD). 

To begin with, the company is postponing its long-awaited artificial intelligence (AI) update for the Siri personal assistant, per a recent Bloomberg report.

The development is possibly particularly adverse for Apple as the company was notably late to the AI boom, having originally been more focused on the since-abandoned electric vehicle (EV) project.

Simultaneously, it is interesting since it showcased that despite doubts about artificial intelligence that have become evident when Microsoft (NASDAQ: MSFT) wiped some $300 billion in a day on the revelation of how exposed it is to OpenAI, AI remains a critical element in most 2026 bull cases.

Apple stock plunges 5% in a day on news of FTC scrutiny The second development that led to AAPL stock’s worst day in about 10 months was regulatory in nature. Specifically, it was revealed on Wednesday, February 11, that Apple might have drawn the ire of the Trump administration.

Indeed, Federal Trade Commission (FTC) Chair Andrew Ferguson notified CEO Tim Cook that the agency is looking into the blue-chip technology firm’s terms of service and curation policies over allegations of censoring conservative voices and angles on Apple News.

So far, the Trump Administration and President Donald Trump himself have been rather litigious and somewhat successful with regard to various mostly media firms.

Featured image via Shutterstock

HomeMarketsSilver prices fell from $85/oz to $74/oz after Russia reportedly offered to pivot back towards the dollarPublished: Feb. 13, 2026 at 4:36 a.m. ET

Despite losing a third of its value, silver is still showing a double digit gain in 2026 so far and almost 140% in the last twelve months. Photo: Getty ImagesSilver prices were beginning to bounce back on Friday, one day after after a report that Russia proposed to re-dollarize its economy punished the metal.

Volatility has been silver’s calling card in recent months but even by recent standards the last week has been a roller-coaster ride. Having touched $121 per ounce in late January, silver was sitting at $85 an ounce on Thursday before Bloomberg reported that the Kremlin had offered an economic package to the U.S. government in a bid to win its support in negotiations over Ukraine.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within 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.

For Immediate ReleasesChicago, IL – February 13, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include  Alphabet Inc. (GOOGL - Free Report) , Caterpillar Inc. (CAT - Free Report) , T-Mobile US, Inc. (TMUS - Free Report) and Onfolio Holdings, Inc. (ONFO - Free Report) .

Here are highlights from Friday’s Analyst Blog:Top Research Reports for Alphabet, Caterpillar and T-MobileThe Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Alphabet Inc., Caterpillar Inc. and T-Mobile US, Inc., as well as a micro-cap stock Onfolio Holdings, Inc. The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.

These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

Ahead of Wall StreetThe daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.

You can read today's AWS here >>> Jobless Claims Nudge Higher, Q4 Earnings Surprises from CROX, TRIP

Today's Featured Research ReportsAlphabet‘s shares have outperformed the Zacks Internet - Services industry over the past six months (+53.1% vs. +45.7%). The company is benefiting from accelerated growth across AI infrastructure, Google Cloud and Search. Google Cloud ended the fourth quarter of 2025 with $240 billion in backlog, up 55% sequentially.

GOOGL has more than 325 million paid subscriptions across consumer services with strong adoption for Google One and YouTube Premium. Google Gemini now has over 750 million monthly active users and the company sold more than 8 million paid seats of Gemini enterprise in Q4. Search is benefiting from AI Overviews and AI Mode that has driven growth in overall queries.

Launching of personal intelligence in AI Mode in search and the Gemini app bodes well for Alphabet’s prospects. YouTube is benefiting from the growing demand for shorts. However, stiff competition in cloud computing has been concerning.

(You can read the full research report on Alphabet here >>>)

Shares of Caterpillar have outperformed the Zacks Manufacturing - Construction and Mining industry over the past six months (+88.8% vs. +87.2%). The company continues to post revenue growth, driven by higher volumes across all segments.

Caterpillar returned to earnings growth in the fourth quarter of 2025 (albeit a modest 0.4%) after five quarters of declines. This a notable achievement given the ongoing tariff headwinds. This is expected to persist into 2026, with management projecting a $2.6 billion impact.

A record backlog of $51.2 billion should support future sales. The Construction Industries segment stands to benefit from rising construction activity in the United States and globally, while Resource Industries will gain from steady commodity demand.

In Power & Energy, sustainability initiatives and data-center investments are driving demand. Caterpillar’s focus on building aftermarket parts and service-related revenues (which generate high margins) will aid growth.

(You can read the full research report on Caterpillar here >>>)

T-Mobile’s shares have underperformed the Zacks Wireless National industry over the past six months (-16.2% vs. -2.7%). The company is affected by growing competition in a highly competitive and saturated U.S. wireless market. Fierce competition with a relatively fixed pool of customers is putting pressure on pricing. Its frequent acquisition strategy adds to integration risks.

Nevertheless, T-Mobile reported impressive fourth-quarter 2025 results, with both top and bottom lines beating the respective Zacks Consensus Estimate. The company is gaining from healthy growth in service revenues driven by industry-leading postpaid net customer additions.

In the fourth quarter, the company added 2.4 million postpaid net customers while postpaid net account additions were 261,000. Backed by robust demand for its postpaid services, the company has presented a bullish outlook for fiscal 2026. A strong focus on efficient capital management is a positive.

(You can read the full research report on T-Mobile here >>>)

Shares of Onfolio have underperformed the Zacks Internet - Commerce industry over the past six months (-52.7% vs. -7.8%). This microcap company with a market capitalization of $2.5 million is witnessing persistent net losses, rising SG&A and limited evidence of sustainable profitability. Heavy amortization from acquisitions, rising debt and interest expenses, ongoing preferred equity dilution, and cash burn continue to pressure earnings quality and common shareholders.

A weakening equity base and tight liquidity further elevate execution and refinancing risks. Nevertheless, Onfolio presents a mixed investment profile, combining strong top-line momentum with balance sheet and profitability risks.

Onfolio is delivering solid revenue and gross margin expansion, driven by a diversified, high-margin portfolio spanning B2B marketing services and scalable B2C digital education products. Growth in recurring service contracts, subscription revenues, and early traction from AI-driven offerings supports operating leverage potential and reduces client concentration risks.

(You can read the full research report on Onfolio here >>>)

Free: Instant Access to Zacks' Market-Crushing StrategiesSince 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.

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Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Previewreports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Media Contact

Zacks Investment Research

800-767-3771 ext. 9339

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https://www.zacks.com                                                 

Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance  for information about the performance numbers displayed in this press release.

Ubisoft Entertainment said it would have enough cash to service upcoming debt maturities, reassuring investors as it overhauls its operations and gaming portfolio.

For Immediate ReleasesChicago, IL – February 13, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include  NVIDIA Corp. (NVDA - Free Report) , Intel Corp. (INTC - Free Report) , Advanced Micro Devices, Inc. (AMD - Free Report) and Alibaba Group Holding Ltd. (BABA - Free Report) .

Here are highlights from Friday’s Analyst Blog:Bitcoin vs. NVIDIA: Digital Gold or AI Giant for Long-Term Growth?For long-term investors, Bitcoin (BTC) remains a highly speculative and volatile asset facing significant selling pressure. In contrast, NVIDIA Corp.  stands out as a stronger long-term investment thanks to its solid fundamentals and promising growth prospects. Here’s why –

Bitcoin Sinks as Crypto Winter DeepensBitcoin’s price has been declining steadily for some time, ushering in what many are calling a crypto winter. After reaching an all-time high of $127,000 in October last year, the digital asset dropped below $90,000 in December and then slipped under $80,000 in January. Following its most recent slide, Bitcoin is now down 22.9% year to date, trading around $67,000.

So, what triggered the downfall? Obviously, Bitcoin entered a correction after record highs, as selling pressure intensified and profit-taking weighed on the price. At the same time, institutional participation declined as interest in the so-called digital gold cooled, contributing to broader pessimism across the crypto market. U.S. spot Bitcoin ETFs saw an outflow of $3 billion in January this year, following withdrawals of $7 billion in November and $2 billion in December last year.

Geopolitical tensions also pushed investors toward safe havens like gold and silver, while demand for Bitcoin and other cryptocurrencies softened, as they are generally viewed as riskier investments. Overall, sentiment toward cryptocurrencies, including Bitcoin, remains weak, with the Crypto Fear & Greed Index firmly in the “extreme fear” territory.

NVIDIA Rides AI Boom as Revenues Soar on Easing Trade WoesNVIDIA is undoubtedly encountering stiff competition from rivals like Intel Corp. and Advanced Micro Devices, Inc. as data center capital expenditure increases. Nevertheless, driven by the rapid rise of AI, NVIDIA continues to deliver impressive quarterly results. This sustained performance is largely due to the incessant demand for its cutting-edge chips, especially the latest Blackwell architecture, as well as the ever-increasing need for cloud-based graphics processing units (GPUs).

NVIDIA expects global data center spending to reach between $3 trillion and $4 trillion annually by 2030, creating a significant opportunity for the company to expand sales of its computing hardware. U.S.-China trade complications have also settled somewhat, which is a positive development for NVIDIA. Chinese officials have approved the sale of H200 AI chips to select customers, including ByteDance and Alibaba Group Holding Ltd. The Trump administration has already granted approval for these chips to be shipped to China.

NVIDIA now anticipates fiscal fourth-quarter 2026 revenues of nearly $65 billion, plus or minus 2%, according to investor.nvidia.com. In the third quarter of fiscal 2026, the company’s revenues surged 62% year over year and 22% quarter over quarter to $57 billion.

Bitcoin or NVIDIA: Which Is the Better Long-Term Bet?After its peak, Bitcoin’s downfall has been fueled by profit-taking, reduced institutional interest, rising geopolitical tensions that pushed investors toward safer assets, and overall weak sentiment across the crypto market. For now, the market appears to be waiting for fresh catalysts to resume Bitcoin’s momentum. However, one thing is clear: it is a highly speculative asset, and it faces massive selling pressure during periods of negative investor sentiment, making it less suitable for a long-term investment.

On the other hand, NVIDIA is a proven stock that has delivered consistent returns despite geopolitical challenges and intense competition. NVIDIA remains strongly positioned for future growth fueled by rising demand for its chips and a continued increase in data center spending. NVIDIA’s net profit margin of 53% exceeds the industry's average of 50.1%, underscoring its strong growth and making it an attractive long-term buy (read more: NVIDIA vs. Palantir: One AI Stock is a Clear Buy Right Now).

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

Free: Instant Access to Zacks' Market-Crushing StrategiesSince 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year.

Today you can tap into those powerful strategies – and the high-potential stocks they uncover – free. No strings attached.

Get all the details here >>

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Previewreports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Media Contact

Zacks Investment Research

800-767-3771 ext. 9339

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https://www.zacks.com                                                 

Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance  for information about the performance numbers displayed in this press release.

A smartphone with a displayed Applied Materials logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesApplied Materials forecast Q2 revenue, profit above estimatesAnalysts expect co to benefit from AI infrastructure spendingShares of peers ASML and Lam Research gain more than 1%Feb 13 (Reuters) - Applied Materials' shares jumped 11.7% in premarket trading on Friday as investors bet that surging AI demand and a tightening memory market will continue to drive orders for the company's chipmaking tools, after it forecast second-quarter revenue and profit above Wall Street estimates.

The largest U.S. semiconductor equipment maker is positioned to capitalize on robust AI chip demand, which is consuming global memory supplies and driving chipmakers to expand capacity, a trend analysts say could support multi-year growth.

Learn about the latest breakthroughs in AI and tech with the Reuters Artificial Intelligencer newsletter. Sign up here.

The Santa Clara, California-based company projected second-quarter revenue of about $7.65 billion, plus or minus $500 million, above analysts' average estimate of $7.01 billion, according to LSEG data.

It forecast adjusted profit of $2.64 per share, compared with estimates of $2.28.

Applied Materials CEO Gary Dickerson said the quarter was "fueled by the acceleration of industry investments in AI computing," adding that AI workloads were driving demand for higher-performance, more energy efficient chips across leading‑edge logic, high‑bandwidth memory and advanced packaging.

The surge comes as AI data center expansion from hyperscalers and rising demand for high-bandwidth memory are tightening chip supply chains and driving fresh spending on wafer-fab and packaging equipment.

In December, industry group SEMI forecast sales of equipment used to make computer chip wafers will rise about 9% to $126 billion in 2026 and a further 7.3% to $135 billion in 2027.

"AMAT has a leadership position in DRAM/HBM, Advanced Logic, and Packaging and is benefiting from strong GenAI-driven spending," RBC analysts said.

Applied Materials' forecast lifted other chip-equipment stocks. The outlook pushed shares of ASML (ASML.AS), opens new tab, the world's biggest supplier of chip equipment, up 1.8%. U.S. peers Lam Research (LRCX.O), opens new tab climbed 2%, while KLA (KLAC.O), opens new tab gained more than 1% in thin volumes.

Applied Materials shares are up about 28% year-to-date, outperforming the Philadelphia Semiconductor index's (.SOX), opens new tab 14% gain.

Reporting by Rashika Singh in Bengaluru; Editing by Tasim Zahid

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

, /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that it plans to release its fourth quarter and full year 2025 financial results on Thursday, February 26, 2026, before the US market open.

The Company will hold a conference call on Thursday, February 26, 2026 at 7:00 am US Eastern Time, 8:00 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link:

https://register-conf.media-server.com/register/BId8a721cb0cc8420cab7858dc569d1e68

Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.

A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/iotntvhn/. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.  

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: [email protected]

SOURCE Vipshop Holdings Limited

Fourth Quarter 2025 Highlights(1)

Magna delivered solid fourth-quarter results, reflecting disciplined execution, and improved operating performance.

Year-over-year comparison (fourth quarter of 2025 versus fourth quarter of 2024):

Sales increased 2% to $10.8 billion, despite a 1% decline in global light vehicle productionIncome from operations before income taxes was $114 million, including non-cash impairment charges of $615 millionAdjusted EBIT increased 18% to $814 million, with Adjusted EBIT margin expanding 100 basis points to 7.5%Diluted earnings per share was $0.00; Adjusted diluted earnings per share increased 29% to $2.18 Additional Q4 2025 performance:

Generated $2.0 billion in cash from operating activities and $1.3 billion in Free Cash FlowEnded 2025 with $1.6 billion of cashIncreased our quarterly dividend to $0.495 per share, representing the 16th consecutive year of dividend growth 2026 Outlook Highlights:

Magna expects solid top-line performance and sustained progress toward long-term margin objectives.

Sales expected to be between $41.9 billion and $43.5 billionAdjusted EBIT Margin expected between 6.0% and 6.6%Adjusted diluted EPS expected to be in the range of $6.25 to $7.25Capital spending projected to be between $1.5 billion and $1.6 billionFree Cash Flow anticipated between $1.6 billion and $1.8 billionIntends to repurchase remaining ∼22 million shares available under current buyback authorization (NCIB) AURORA, Ontario, Feb. 13, 2026 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2025.

  “We closed 2025 with a strong fourth quarter, successfully navigating another dynamic year in our industry. Our disciplined execution and commitment to operational excellence enabled us to deliver financial results that were in line with, or exceeded, our February 2025 Outlook across all key metrics. We expanded full-year adjusted EBIT margin by 20 basis points and generated robust Free Cash Flow of $1.9 billion.Our 2026 outlook reflects confidence in our ability to build on this momentum. With capital spending expected to remain below historical levels, we anticipate continued strong Free Cash Flow, which we intend to deploy using our long-standing capital allocation framework, including repurchasing the remaining shares available under our current buyback authorization.”

- Swamy Kotagiri, Magna’s Chief Executive Officer

(1)Adjusted EBIT, Adjusted EBIT margin, Adjusted diluted earnings per share, and Free Cash Flow are Non-GAAP financial measures that have no standardized meaning under U.S. GAAP, and as a result may not be comparable to the calculation of similar measures by other companies. Further information and a reconciliation of these Non-GAAP financial measures is included in the back of this press release.   THREE MONTHS ENDED
DECEMBER 31,
 YEAR ENDED
DECEMBER 31,
   2025   2024   2025   2024 Reported                       Sales $10,848  $10,628  $42,010  $42,836 Income from operations before income taxes $114  $381  $1,308  $1,542 Net (loss) income attributable to Magna            International Inc. $(1) $203  $829  $1,009 Diluted earnings per share $—  $0.71  $2.93  $3.52             Non-GAAP Financial Measures           Adjusted EBIT $814  $689  $2,364  $2,329 Adjusted diluted earnings per share $2.18  $1.69  $5.73  $5.41 Free Cash Flow $1,347  $1,031  $1,907  $1,058             All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars.
THREE MONTHS ENDED DECEMBER 31, 2025

We posted sales of $10.8 billion for the fourth quarter of 2025, an increase of 2% over the fourth quarter of 2024. The higher sales largely reflects:

higher production on certain ongoing programs, and the launch of new programs, including the Ford Expedition and Lincoln Navigator, Xiaomi YU7, and Jetour Zongheng G700;the net strengthening of foreign currencies against the U.S. dollar, which increased reported U.S. dollar sales by $355 million;net customer recoveries to largely recoup higher tariff costs incurred during the year; andhigher complete vehicle assembly volumes, primarily due to the launch of the Mercedes-Benz G-Class during the fourth quarter of 2024, partially offset by the end of production of the Jaguar I-Pace and Jaguar E-Pace. These factors were partially offset by:

lower engineering revenue, primarily in our Complete Vehicles segment;the end of production of certain programs;net commercial items, which had an unfavourable impact on a year-over-year basis, including a customer resolution for a product-related matter during the fourth quarter of 2025; andnet customer price concessions subsequent to the fourth quarter of 2024. Adjusted EBIT increased to $814 million for the fourth quarter of 2025 compared to $689 million for the fourth quarter of 2024, primarily due to:

productivity and efficiency improvements, including the benefit of operational excellence initiatives and prior restructuring actions;earnings on higher sales;customer recoveries for tariffs, net of costs incurred;earnings on higher complete vehicle assembly volumes;provisions related to the insolvency of two Chinese OEMs during the fourth quarter of 2024;the net strengthening of foreign currencies against the U.S. dollar, which had a $17 million favourable impact on reported U.S. dollar Adjusted EBIT; andlower investments in research, development and our new mobility business. These factors were partially offset by:

net commercial items, which had an unfavourable impact on a year-over-year basis, including a customer resolution for a product-related matter during the fourth quarter of 2025;lower income on lower engineering sales, primarily in our Complete Vehicles segment;unfavourable product mix;higher production input costs net of customer recoveries, primarily for certain commodities and labour; andhigher employee profit sharing, stock-based compensation, and incentive compensation. Income from operations before income taxes declined to $114 million for the fourth quarter of 2025 compared to $381 million in the fourth quarter of 2024, which includes Other expense, net(2) and Amortization of acquired intangible assets totaling $658 million and $256 million in the fourth quarters of 2025 and 2024, respectively. The most significant item in Other expense, net in the fourth quarter of 2025 was a non-cash goodwill and intangible asset impairment charge of $591 million (pre-tax) related to our Electronics reporting unit. The impairment charge was primarily due to lower than expected sales and declines in volume projections, as a result of changing industry dynamics and other factors. The most significant item in Other expense, net in the fourth quarter of 2024 was the positive impact of recognizing $196 million of Fisker deferred revenue in the fourth quarter of 2024 as the associated agreements were cancelled. Excluding Other expense, net and Amortization of acquired intangible assets from both periods, income from operations before income taxes increased $135 million in the fourth quarter of 2025 compared to the fourth quarter of 2024, largely reflecting the increase in Adjusted EBIT.

Net (loss) income attributable to Magna International Inc. was a loss of $1 million for the fourth quarter of 2025 compared to income of $203 million in the fourth quarter of 2024. Excluding Other expense, net, after tax and Amortization of acquired intangibles from both periods, net income attributable to Magna International Inc. was $617 million in the fourth quarter of 2025 compared to $482 million in the fourth quarter of 2024.

Diluted earnings per share were $0.00 in the fourth quarter of 2025, compared to $0.71 in the comparable period. Adjusted diluted earnings per share were $2.18, compared to $1.69 for the fourth quarter of 2024, an increase of 29%. The increase in adjusted diluted earnings per share reflects the impacts of higher adjusted EBIT, lower income attributable to non-controlling interests and a lower share count reflecting share repurchases over the past 12 months.

In the fourth quarter of 2025, we generated cash from operations of $1.98 billion. Free Cash Flow was $1.35 billion in the period.

(2)Other expense, net is comprised of impairment of assets, restructuring activities, loss (gain) on investments, Fisker Inc. ["Fisker"] related impacts, and gain on business combination during the three and twelve months ended December 31, 2025 & 2024. A reconciliation of these Non-GAAP financial measures is included in the back of this press release.
YEAR ENDED DECEMBER 31, 2025

We posted sales of $42.0 billion for the year ended December 31, 2025, compared to $42.8 billion for the year ended December 31, 2024. The lower sales largely reflects:

lower light vehicle production in North America and Europe on certain ongoing programs, and the end of production of certain programs, including the Chevrolet Malibu, Ford Edge, and Ford Escape;lower engineering revenue, primarily in our Complete Vehicles segment;net customer price concessions subsequent to 2024;lower complete vehicle assembly volumes, primarily due to the end of production of the Jaguar I-Pace, and Jaguar E-Pace, partially offset by the launch of the Mercedes-Benz G-Class during the fourth quarter of 2024;the divestiture of certain operations in India during 2024, net of acquisitions, which decreased sales by $112 million; andnet commercial items, which had an unfavourable impact on a year-over-year basis, including a customer resolution for a product-related matter during the fourth quarter of 2025. These factors were partially offset by:

the launch of new programs during or subsequent to 2024, including the Mercedes-Benz G-Class, GMC Acadia, Chevrolet Traverse & Buick Enclave, Skoda Elroq, Audi A5, Cadillac Vistiq, and BMW 1-Series;the net strengthening of foreign currencies against the U.S. dollar, which increased reported U.S. dollar sales by $555 million; andnet customer recoveries to largely recoup higher tariff costs incurred during the year. Adjusted EBIT increased to $2.4 billion for the year ended December 31, 2025 compared to $2.3 billion for year ended December 31, 2024 primarily due to:

productivity and efficiency improvements, including the benefit of operational excellence initiatives and prior restructuring actions;higher equity income;higher supply chain costs in 2024, due in part to a supplier bankruptcy;lower investments in research, development and our new mobility business; andprovisions related to the insolvency of two Chinese OEMs during 2024. These factors were partially offset by:

net commercial items, which had an unfavourable impact on a year-over-year basis, including a customer resolution for a product-related matter during the fourth quarter of 2025;reduced earnings on lower sales;unfavourable product mix;higher employee profit sharing, stock-based and incentive compensation;higher production input costs net of customer recoveries, primarily for labour;lower income on lower engineering sales, primarily in our Complete Vehicles segment;higher pre-operating costs incurred at new facilities;higher net tariff costs; andnet transactional foreign exchange losses in 2025, compared to net transactional foreign exchange gains in 2024. During the year ended December 31, 2025, income from operations before income taxes was $1.31 billion, and net income attributable to Magna International Inc. was $829 million, decreases of $234 million and $180 million, respectively, each compared to the year ended December 31, 2024.

During the year ended December 31, 2025, diluted earnings per share were $2.93, compared to $3.52 in the year ended December 31, 2024. Adjusted diluted earnings per share were $5.73, compared to $5.41 for the year ended December 31, 2024.

During the year ended December 31, 2025, we generated cash from operations of $3.60 billion. Free Cash Flow for the year was $1.91 billion for the full year.

RETURN OF CAPITAL TO SHAREHOLDERS AND OTHER MATTERS

We paid dividends of $135 million and $544 million for the three months and year ended December 31, 2025, respectively. In addition, we repurchased 1.7 million shares for $86 million and 3.0 million shares for $137 million, respectively, for the three months and year ended December 31, 2025.

Our Board of Directors declared a fourth quarter dividend of $0.495 per Common Share. This represents a 2% higher dividend, and our 16th consecutive year of fourth quarter dividend increases. The dividend is payable on March 13, 2026 to shareholders of record as of the close of business on February 27, 2026.

2026 OUTLOOK

Our full year Outlook for 2026 is provided annually, with quarterly updates. It does not incorporate any potential changes in tariff rates, or any material unannounced acquisitions or divestitures.

2026 Macro Assumptions

  2026Light Vehicle Production (millions of units)
      North America
      Europe
      China 15.0
16.8
32.0   Average Foreign exchange rates:
1 Canadian dollar equals
1 euro equals U.S. $0.72
U.S. $1.16    2026 Outlook

  2026Segment Sales
      Body Exteriors & Structures
      Power & Vision
      Seating Systems
      Complete Vehicles $16.6 - $17.2 billion
$15.9 - $16.3 billion
$5.4 - $5.7 billion
$4.4 - $4.7 billionTotal Sales $41.9 - $43.5 billion   Adjusted EBIT Margin(3) 6.0% - 6.6%   Adjusted diluted earnings per share (EPS)(4) $6.25 - $7.25   Free Cash Flow(5) $1.6 - $1.8 billion   Capital Spending $1.5 - $1.6 billion   Equity Income (included in EBIT) $160 - $195 million   Interest Expense, net Approximately $180 million   Income Tax Rate(6) Approximately 23%   Weighted average diluted shares outstanding Approximately 270 million Notes:(3)Adjusted EBIT Margin is the ratio of Adjusted EBIT to Total Sales. Refer to the reconciliation of Non-GAAP financial measures in the back of this press release for further information.(4)Adjusted diluted EPS represents Adjusted Net Income attributable to Magna divided by the Diluted weighted average number of Common Shares outstanding during the period.(5)Refer to the reconciliation of Non-GAAP financial measures in the back of this press release for further information on Free Cash Flow.(6)The Income Tax Rate has been calculated using Adjusted EBIT and is based on current tax legislation.
Our Outlook is intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Although considered reasonable by Magna as of the date of this document, the 2026 Outlook above and the underlying assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth herein. The risks identified in the “Forward-Looking Statements” section below represent the primary factors which we believe could cause actual results to differ materially from our expectations.

KEY DRIVERS OF OUR BUSINESS

Our business and operating results are dependent on light vehicle production by our customers in three key regions – North America, Europe, and China. While we supply systems and components to many OEMs globally, we do not supply systems and components for every vehicle, nor is the value of our content consistent from one vehicle to the next. As a result, customer and program mix relative to market trends, as well as the value of our content on specific vehicle production programs, are also important drivers of our results.

Ordinarily, OEM production volumes are aligned with vehicle sales levels and thus affected by changes in such levels. Aside from vehicle sales levels, production volumes are typically impacted by a range of factors, including: certain geopolitical factors, such as free trade arrangements and tariffs; OEM, supplier or sub-supplier disruptions; relative currency values; commodities prices; supply chains and infrastructure; labour disruptions and the availability and relative cost of skilled labour; regulatory frameworks; and other factors.

Overall vehicle sales levels are significantly affected by changes in consumer confidence levels, which may in turn be impacted by consumer perceptions and general trends related to the job, housing, and stock markets, as well as other macroeconomic and political factors. Other factors which typically impact vehicle sales levels and thus production volumes include: vehicle affordability; interest rates and/or availability of credit; fuel and energy prices; relative currency values; considerations applicable to EVs, including EV range, charging infrastructure, and electricity pricing; and other factors.

 
Segment Analysis
[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted] 

Body Exteriors & Structures         For the three months       ended December 31,        2025  2024 Change          Sales $4,252 $4,067 $185 +5%          Adjusted EBIT $465 $371 $94 +25%          Adjusted EBIT as a percentage of sales (i)  10.9%  9.1%   +1.8%            (i)   Adjusted EBIT as a percentage of sales is calculated as Adjusted EBIT divided by Sales.
Sales for Body Exteriors & Structures increased 5%, or $185 million, to $4.25 billion for the fourth quarter of 2025, compared to $4.07 billion for the fourth quarter of 2024 primarily due to:

the net strengthening of foreign currencies against the U.S. dollar, which increased reported U.S. dollar sales by $88 million;higher production on certain ongoing programs, and the launch of new programs, including the Ford Expedition and Lincoln Navigator, Audi Q6, and BMW X3; andnet customer recoveries to largely recoup higher tariff costs incurred during the year. These factors were partially offset by:

the end of production of certain programs, including the Chevrolet Malibu; andnet customer price concessions subsequent to the fourth quarter of 2024. Adjusted EBIT increased $94 million to $465 million for the fourth quarter of 2025 compared to $371 million in the fourth quarter of 2024 and Adjusted EBIT as a percentage of sales increased to 10.9% from 9.1%. These increases were primarily due to:

productivity and efficiency improvements, including the benefit of operational excellence initiatives and prior restructuring actions;earnings on higher sales;provisions related to the insolvency of two Chinese OEMs during the fourth quarter of 2024;the net strengthening of foreign currencies against the U.S. dollar, which had a $7 million favourable impact on reported U.S. dollar Adjusted EBIT;higher tooling contribution;higher supply chain costs in 2024, due in part to a supplier bankruptcy; andcustomer recoveries for tariffs, net of costs incurred. These were partially offset by:

higher production input costs net of customer recoveries, primarily for certain commodities and labour;net transactional foreign exchange losses in the fourth quarter of 2025, compared to net transactional foreign exchange gains in the fourth quarter of 2024;higher pre-operating costs incurred at new facilities; andunfavourable product mix. Power & Vision         For the three months       ended December 31,        2025  2024 Change          Sales $3,841 $3,786 $55  +1%          Adjusted EBIT $166 $235 $(69) -29%          Adjusted EBIT as a percentage of sales  4.3%  6.2%   -1.9%
Sales for Power & Vision increased 1%, or $55 million, to $3.84 billion for the fourth quarter of 2025, compared to $3.79 billion for the fourth quarter of 2024 primarily due to:

higher production on certain ongoing programs, and the launch of new programs, including the Xiaomi YU7, Jetour Zongheng G700, and Subaru Forester;the net strengthening of foreign currencies against the U.S. dollar, which increased reported U.S. dollar sales by $139 million; andnet customer recoveries to largely recoup higher tariff costs incurred during the year. These factors were partially offset by:

net commercial items, which had an unfavourable impact on a year-over-year basis, including a customer resolution for a product-related matter during the fourth quarter of 2025;the end of production of certain programs, including the Subaru Legacy, and Porsche 718; andnet customer price concessions subsequent to the fourth quarter of 2024. Adjusted EBIT decreased $69 million to $166 million for the fourth quarter of 2025 compared to $235 million for the fourth quarter of 2024 and Adjusted EBIT as a percentage of sales decreased to 4.3% from 6.2%. These decreases were primarily due to:

net commercial items, which had an unfavourable impact on a year-over-year basis, including a customer resolution for a product-related matter during the fourth quarter of 2025;higher net warranty costs of $36 million;higher production input costs net of customer recoveries, primarily for certain commodities; andunfavourable product mix. These were partially offset by:

productivity and efficiency improvements, including the benefit of operational excellence initiatives and prior restructuring actions;customer recoveries for tariffs, net of costs incurred;earnings on higher sales; andhigher equity income. Seating Systems         For the three months       ended December 31,        2025  2024 Change          Sales $1,633 $1,511 $122 +8%          Adjusted EBIT $136 $67 $69 +103%          Adjusted EBIT as a percentage of sales  8.3%  4.4%   +3.9%
Sales for Seating Systems increased 8%, or $122 million, to $1.63 billion for the fourth quarter of 2025, compared to $1.51 billion for the fourth quarter of 2024 primarily due to:

the launch of programs during or subsequent to the fourth quarter of 2024, including the Ford Expedition and Lincoln Navigator, and Changan Deepal S09;net customer recoveries to largely recoup higher tariff costs incurred during the year; andthe net strengthening of foreign currencies against the U.S. dollar, which increased reported U.S. dollar sales by $37 million. These factors were partially offset by lower production and end of production of certain programs.

Adjusted EBIT increased $69 million to $136 million for the fourth quarter of 2025 compared to $67 million for the fourth quarter of 2024 and Adjusted EBIT as a percentage of sales increased to 8.3% from 4.4%. These increases were primarily due to:

productivity and efficiency improvements, including the benefit of operational excellence initiatives and prior restructuring actions;lower net warranty costs of $27 million;customer recoveries for tariffs, net of costs incurred;provisions related to the insolvency of a Chinese OEM during the fourth quarter of 2024; andearnings on higher sales. These were partially offset by:

higher restructuring costs;net commercial items, which had an unfavourable impact on a year-over-year basis;lower tooling contribution;higher production input costs net of customer recoveries, primarily relating to labour;lower equity income; andhigher launch costs. Complete Vehicles         For the three months       ended December 31,        2025  2024 Change          Complete Vehicle Assembly Volumes (thousands of units)  22.5  15.6  6.9  +44%          Sales $1,261 $1,402 $(141) -10%          Adjusted EBIT $50 $56 $(6) -11%          Adjusted EBIT as a percentage of sales  4.0%  4.0%    —
Sales decreased 10%, or $141 million, to $1.26 billion for the fourth quarter of 2025, compared to $1.40 billion for the fourth quarter of 2024, while complete vehicle assembly volumes increased 44%. The increase in volume was primarily due to higher volumes with value-added contractual arrangements as opposed to full-costed contractual arrangements. The decrease in sales is primarily a result of:

lower engineering revenue;the end of production of the Jaguar I-Pace and Jaguar E-Pace; andnet commercial items, which had an unfavourable impact on a year-over-year basis. These factors were partially offset by:

higher complete vehicle assembly volumes including the launch of the Mercedes-Benz G-Class during fourth quarter of 2024; anda $100 million increase in reported U.S. dollar sales as a result of the strengthening of the euro against the U.S. dollar. Adjusted EBIT decreased $6 million to $50 million for the fourth quarter of 2025 compared to $56 million for the fourth quarter of 2024 and Adjusted EBIT as a percentage of sales was 4.0% in both periods. Factors decreasing Adjusted EBIT and Adjusted EBIT as a percentage of sales included:

lower income on lower engineering sales; andnet commercial items, which had an unfavourable impact on a year-over-year basis. These factors were partially offset by:

earnings on higher complete vehicle assembly volumes;lower production input costs net of customer recoveries, primarily relating to labour; andproductivity and efficiency improvements, including the benefit of operational excellence and prior restructuring actions. Corporate and Other

Adjusted EBIT was a loss of $3 million for the fourth quarter of 2025 compared to a loss of $40 million for the fourth quarter of 2024. The $37 million improvement was primarily the result of:

lower investments in research, development and our new mobility business;an increase in fees received from our divisions;lower restructuring costs;lower labour and benefit costs;higher net transactional foreign exchange gains; andlower consulting and legal costs. These factors were partially offset by higher stock-based compensation.

MAGNA INTERNATIONAL INC.CONSOLIDATED STATEMENTS OF INCOME[Unaudited][U.S. dollars in millions, except per share figures]           Three months ended Year ended  December 31, December 31,   2025   2024   2025   2024 Sales $10,848  $10,628  $42,010  $42,836          Costs and expenses        Cost of goods sold  9,094   9,073   36,021   37,037 Selling, general and administrative  586   535   2,221   2,061 Depreciation  401   376   1,547   1,510 Amortization of acquired intangible assets  29   28   111   112 Interest expense, net  42   52   209   211 Equity income  (47)  (45)  (143)  (101)Other expense, net [i]  629   228   736   464 Income from operations before income taxes  114   381   1,308   1,542 Income taxes  111   147   425   446 Net income  3   234   883   1,096 Income attributable to non-controlling interests  (4)  (31)  (54)  (87)Net (loss) income attributable to Magna International Inc. $(1) $203  $829  $1,009          Earnings per Common Share:        Basic $—  $0.71  $2.94  $3.52 Diluted $—  $0.71  $2.93  $3.52          Cash dividends paid per Common Share $0.485  $0.475  $1.940  $1.900          Weighted average number of Common Shares outstanding during
 the period [in millions]:        Basic  281.2   285.9   281.7   286.8 Diluted  281.2   285.9   282.5   286.9          [i]   See "Other expense, net" information included in this Press Release.
 MAGNA INTERNATIONAL INC.CONSOLIDATED BALANCE SHEETS[Unaudited][U.S. dollars in millions]       As at
  As at
   December 31,
  December 31,
    2025   2024      ASSETS    Current assets    Cash and cash equivalents $1,612  $1,247 Accounts receivable  7,593   7,376 Inventories  4,126   4,151 Prepaid expenses and other  407   344    13,738   13,118      Investments  1,103   1,045 Fixed assets, net  9,507   9,584 Operating lease right-of-use assets  1,928   1,941 Intangible assets, net  490   738 Goodwill  2,512   2,674 Other assets  1,275   1,120 Deferred tax assets  864   819   $31,417  $31,039      LIABILITIES AND SHAREHOLDERS' EQUITY    Current liabilities    Short-term borrowings $—  $271 Long‑term debt due within one year  27   708 Accounts payable  6,895   7,194 Other accrued liabilities  2,745   2,572 Accrued salaries and wages  888   867 Income taxes payable  106   192 Current portion of operating lease liabilities  328   293    10,989   12,097      Long‑term debt  4,685   4,134 Operating lease liabilities  1,649   1,662 Long-term employee benefit liabilities  554   533 Other long‑term liabilities  399   396 Deferred tax liabilities  302   277    18,578   19,099      Shareholders' equity    Common Shares [issued: 280,242,006; December 31, 2024 – 282,875,928]  3,352   3,359 Contributed surplus  142   149 Retained earnings  9,765   9,598 Accumulated other comprehensive loss  (766)  (1,584)   12,493   11,522      Non-controlling interests  346   418    12,839   11,940   $31,417  $31,039       MAGNA INTERNATIONAL INC.CONSOLIDATED STATEMENTS OF CASH FLOWS[Unaudited][U.S. dollars in millions]           Three months ended Year ended  December 31, December 31,   2025   2024   2025   2024          Cash provided from (used for):                 OPERATING ACTIVITIES        Net income $3  $234  $883  $1,096 Items not involving current cash flows  1,152   662   2,368   1,857    1,155   896   3,251   2,953 Changes in operating assets and liabilities  827   1,014   347   681 Cash provided from operating activities  1,982   1,910   3,598   3,634          INVESTING ACTIVITIES        Fixed asset additions  (532)  (709)  (1,313)  (2,178)Acquisitions  —   —   (1)  (86)Increase in investments, other assets and intangible assets  (157)  (207)  (499)  (617)(Increase) decrease in public and private equity investments  (2)  10   (8)  (12)Proceeds from dispositions  54   37   121   219 Net cash inflow from disposal of facilities  —   —   —   82 Cash used for investing activities  (637)  (869)  (1,700)  (2,592)         FINANCING ACTIVITIES        Issues of debt  1   11   1,048   778 Decrease in short-term borrowings  (437)  (506)  (318)  (182)Repayments of debt  (311)  (18)  (1,397)  (815)Issue of Common Shares on exercise of stock options  2   —   2   30 Tax withholdings on vesting of equity awards  (1)  (3)  (5)  (8)Repurchase of Common Shares  (86)  (202)  (137)  (207)Dividends  (135)  (133)  (544)  (539)Dividends paid to non-controlling interests  (19)  (10)  (59)  (46)Acquisition of non-controlling interest  (82)  —   (122)  — Cash used for financing activities  (1,068)  (861)  (1,532)  (989)         Effect of exchange rate changes on cash and cash equivalents  8   6   (1)  (4)         Net increase in cash, cash equivalents during the period  285   186   365   49 Cash and cash equivalents, beginning of period  1,327   1,061   1,247   1,198 Cash and cash equivalents, end of period $1,612  $1,247  $1,612  $1,247           MAGNA INTERNATIONAL INC.SUPPLEMENTAL DATA[Unaudited][All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted] OTHER EXPENSE, NET  Other expense, net consists of significant items such as: impairment charges; restructuring costs generally related to significant plant closures or consolidations; net losses (gains) on investments; gains or losses on disposal of facilities or businesses; and other items not reflective of ongoing operating profit or loss. For the years ended December 31, 2025 and 2024, Other expense, net consists of:                   Three months ended  Year ended     December 31,  December 31,      2025   2024   2025   2024                Impairment of assets [a] $615  $79  $615  $79  Restructuring activities [b]  15   94   118   187  Investments [c]  (1)  3   3   9  Impacts related to Fisker Inc. [“Fisker”] [d]  —   52   —   198  Gain on business combination [e]  —   —   —   (9)     $629  $228  $736  $464   [a]Impairment of assetsDuring 2025, the Company concluded that indicators of impairment were present for finite-lived intangible assets and goodwill in the Electronics reporting unit within the Power & Vision segment. The conclusion was based on lower than expected sales and reduced volume projections, reflecting slower growth relative to expectations. Contributing factors include OEM delays in sourcing cycles as they reassess vehicle architectures, as well as a change in market dynamics in China. Accordingly, the Company undertook impairment analyses to determine the fair value of the finite-lived intangible assets and goodwill utilizing estimated discounted cash flows to derive fair values. Based on the analyses, the carrying value of the reporting unit’s finite-lived intangible assets exceeded fair value by $212 million, and the carrying value of net assets exceeded the fair value of the reporting unit by $379 million. As a result, the Company recorded a $591 million [$554 million after tax] non-cash impairment charge. The finite-lived intangible asset impairment charges included $158 million related to patents and technology, and $54 million related to customer relationship intangibles. The inputs utilized in the analyses are classified as Level 3 inputs within the fair value hierarchy as defined in ASC 820, "Fair Value Measurement" and primarily consist of expected revenues and costs, estimated production volumes, future growth rates and the appropriate discount rates (based on weighted average cost of capital).

During 2025, the Company also recorded an impairment charge of $24 million [$24 million after tax] on fixed assets and other assets at a European facility in its Body Exteriors & Structures segment.

During 2024, the Company recorded an impairment charge of $79 million [$79 million after tax] on fixed assets, right of use assets and intangible assets at two European facilities in its Power & Vision segment.

MAGNA INTERNATIONAL INC.SUPPLEMENTAL DATA[Unaudited][All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]   OTHER EXPENSE, NET (CONTINUED)    [b]Restructuring activities             The Company recorded restructuring charges related to significant plant closures and consolidations primarily in Europe and to a lesser extent in North America and Asia Pacific.               Three months ended Year ended    December 31, December 31,     2025   2024   2025   2024              Complete Vehicles $13  $29  $58  $55   Body Exteriors & Structures  9   16   9   28   Power & Vision  (7)  49   51   104   Other expense, net  15   94   118   187   Tax effect  —   (12)  (4)  (28)  Net loss attributable to Magna $15  $82  $114  $159             [c]Investments               Three months ended Year ended    December 31, December 31,     2025   2024   2025   2024              Net revaluation of public and private equity investments $(1) $1  $(4) $13   Non-cash impairment charge [i]  —   13   2   13   Revaluation (gain) loss on public company warrants  —   (11)  8   (17)  Sale of public equity investments  —   —   (3)  —   Other (income) expense, net  (1)  3   3   9   Tax effect  —   3   1   3   Net (gain) loss attributable to Magna $(1) $6  $4  $12              [i]   The non-cash impairment charge relates to the impairment of a private equity investment.
MAGNA INTERNATIONAL INC.SUPPLEMENTAL DATA[Unaudited][All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted] OTHER EXPENSE, NET (CONTINUED)              [d]Impacts related to Fisker     During 2024, Fisker filed for Chapter 11 bankruptcy protection in the United States and for similar protection in Austria. As a result, the Company recorded impairment charges on its Fisker related net assets and supplier related settlements, including its Fisker warrants, which were received in connection with the agreements with Fisker for platform sharing, engineering and manufacturing of the Fisker Ocean SUV. The Company also recorded additional restructuring charges during 2024 related to its Fisker related assembly operations. In the course of such bankruptcy proceedings, the Company terminated its manufacturing agreement for the Fisker Ocean SUV and recognized the remaining $196 million of deferred revenue into income.       Three months ended Year ended    December 31, December 31,     2025   2024   2025   2024                Impairment and supplier related settlements $—  $43  $—  $330   Impairment of Fisker Warrants  —   —   —   33   Additional restructuring related to Complete Vehicles  —   9   —   31   Recognition of deferred revenue  —   —   —   (196)  Other expense, net  —   52   —   198   Tax effect  —   (13)  —   (37)  Net loss attributable to Magna $—  $39  $—  $161               [e]Gain on business combination               During 2024, the Company acquired a business in the Body Exteriors & Structures segment for $5 million, which resulted in a bargain purchase gain of $9 million [$9 million after tax].  MAGNA INTERNATIONAL INC.
SUPPLEMENTAL DATA
[Unaudited]
[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]  CONTINGENCIES

From time to time, the Company may become involved in regulatory proceedings, or become liable for legal, contractual and other claims by various parties, including customers, suppliers, former employees, class action plaintiffs and others. On an ongoing basis, the Company attempts to assess the likelihood of any adverse judgments or outcomes to these proceedings or claims, together with potential ranges of probable costs and losses. A determination of the provision required, if any, for these contingencies is made after analysis of each individual issue. The required provision may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters.

In the first quarter of 2025, management identified a potential exposure related to the reassessment of certain prior tax periods. This was a result of the proposed retroactive application of a 2023 judicial decision to tax periods prior to the date of the ruling within a jurisdiction in which the Company operates. This exposure pertained to previously claimed refundable value added tax amounts, as well as associated interest, penalties, and other charges. During the third quarter, the Company negotiated a resolution to this matter and paid an amount during the fourth quarter, which is not considered material.

In December 2023, the Company received a notification [the “Notification Letter”] from Ford Motor Company [“Ford”] informing the Company as to its initial determination that one of the Company’s operating groups bore responsibility for costs totaling $352 million related to two product recalls. The Notification Letter triggered negotiations regarding financial allocation of the total costs for the two recalls. During the fourth quarter, the Company reached a commercial resolution with respect to this matter, which resulted in a payment to the customer of $132 million.

In the third quarter of 2025, Ford initiated recalls covering approximately 3.8 million vehicles equipped with rearview cameras or image processing modules supplied by the Company. Ford also announced a new 15-year extended warranty program for up to approximately 14.9 million vehicles also equipped with rearview cameras supplied by us. Ford is claiming approximately $288 million in costs related to these recalls and warranty claims. Additional recalls and/or extended warranty programs remain possible. The Company is in technical and commercial discussions with Ford, however, at this time, root cause determinations have not been made and/or confirmed for the vehicles covered by Ford’s recalls and warranty extension program. Even after root cause(s) have been determined, other challenges make it difficult to fully quantify the Company’s potential financial exposure, if any. These challenges include: integration with other vehicle systems and non-camera components; the age of affected vehicles; duration of the original warranty; number of affected vehicles brought to Ford dealers for inspection; and dealer discretion to determine the nature of the remedy to be applied, which may range from software upgrades, inspection of the rearview camera and other components, repairs, or replacement of the rearview camera. In the absence of certainty as to the scope of potentially affected vehicles, the root cause(s) of the alleged product failures, and/or the related costs of service actions, the Company is unable to fully estimate its potential exposure, if any, for recall-related costs and the extension of product warranties by Ford to affected vehicle owners. If the Company is determined to be fully or partially responsible for defective rearview cameras, the related recall and extended warranty costs could be material to the Company’s profitability in the period(s) in which such costs are recognized or provided for.

As a result of the bankruptcy of Fisker, Inc., owners of Fisker Ocean SUVs have asserted claims for alleged vehicle defects and breaches of state “lemon laws” against J.P. Morgan Chase, N.A. [“Chase”], the direct financer of approximately 2,000 such vehicles in the United States. Chase has indicated that it will seek indemnification from the Company, as contract manufacturer, for damages and legal costs incurred with the resolution of these claims. As the number, details and amount of these claims are all currently unknown, it is too early to determine the Company’s potential liability, if any, at this time.

 MAGNA INTERNATIONAL INC.
SUPPLEMENTAL DATA
[Unaudited]
[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]  SEGMENTED INFORMATION

Magna is a global automotive supplier which has complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mirrors & lighting, mechatronics, and roof systems.

The Company is organized under four operating segments: Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles. These segments have been determined on the basis of technological opportunities, product similarities, market and operating factors, and are also the Company's reportable segments.

The Company's chief operating decision maker is the Chief Executive Officer. The chief operating decision maker uses Adjusted Earnings before Interest and Income Taxes ["Adjusted EBIT"] as the measure of segment profit or loss, since management believes Adjusted EBIT is the most appropriate measure of operational profitability or loss for its reporting segments. The chief operating decision maker uses Adjusted EBIT to assess operating performance, allocate resources, and to help plan the Company's long-term strategic direction and future global growth. Adjusted EBIT is calculated by taking Net income and adding back Amortization of acquired intangible assets, Income taxes, Interest expense, net and Other expense, net.

The following tables show segment information for the Company's reporting segments: See Non-GAAP Financial Measures section for a reconciliation of Adjusted EBIT to the Company’s consolidated net income.

   Three months ended December 31, 2025
               Fixed    Total
  External  Adjusted
     Equity
  asset    sales
  sales  EBIT [ii]
  Depreciation  income
  additions  Body Exteriors & Structures $4,252  $4,188  $465  $193  $—  $262  Power & Vision  3,841   3,772   166   154   (39)  199  Seating Systems  1,633   1,623   136   25   (5)  34  Complete Vehicles  1,261   1,255   50   21   (3)  25  Corporate & Other [i]  (139)  10   (3)  8   —   12  Total Reportable Segments $10,848  $10,848  $814  $401  $(47) $532                     Three months ended December 31, 2024              Equity  Fixed    Total  External  Adjusted     (income)  asset    sales  sales  EBIT [ii]  Depreciation  loss  additions  Body Exteriors & Structures $4,067  $3,999  $371  $183  $(2) $435  Power & Vision  3,786   3,716   235   141   (33)  201  Seating Systems  1,511   1,509   67   25   (9)  46  Complete Vehicles  1,402   1,395   56   20   (2)  22  Corporate & Other [i]  (138)  9   (40)  7   1   5  Total Reportable Segments $10,628  $10,628  $689  $376  $(45) $709                     Year ended December 31, 2025                Fixed    Total
  External  Adjusted
     Equity
  asset    sales
  sales  EBIT [ii]
  Depreciation  income
  additions  Body Exteriors & Structures $16,618  $16,373  $1,347  $759  $(4) $615  Power & Vision  15,198   14,901   688   581   (96)  522  Seating Systems  5,898   5,882   210   103   (35)  90  Complete Vehicles  4,848   4,817   151   73   (6)  61  Corporate & Other [i]  (552)  37   (32)  31   (2)  25  Total Reportable Segments $42,010  $42,010  $2,364  $1,547  $(143) $1,313   MAGNA INTERNATIONAL INC.
SUPPLEMENTAL DATA
[Unaudited]
[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]   SEGMENTED INFORMATION (CONTINUED)     Year ended December 31, 2024              Equity  Fixed    Total  External  Adjusted     (income)  asset    sales  sales  EBIT [ii]  Depreciation  loss  additions  Body Exteriors & Structures$16,999  $16,745  $1,283  $731  $(4) $1,338  Power & Vision 15,391   15,132   810   572   (70)  644  Seating Systems 5,800   5,787   223   98   (24)  112  Complete Vehicles 5,186   5,155   130   83   (7)  59  Corporate & Other [i] (540)  17   (117)  26   4   25  Total Reportable Segments$42,836  $42,836  $2,329  $1,510  $(101) $2,178                            [i]Included in Corporate and Other Adjusted EBIT are intercompany fees charged to the automotive segments.                   [ii]Other segment items constitute the difference between External sales by segment and Adjusted EBIT by segment, and are comprised of cost of goods sold, selling, general, and administrative expenses, depreciation, and equity income. The chief operating decision maker uses consolidated expense information as included within Adjusted EBIT to manage segment operations. 
NON-GAAP FINANCIAL MEASURES

In addition to the financial results reported in accordance with U.S. GAAP, this press release contains references to the Non-GAAP financial measures reconciled below. We believe the Non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations, and to improve comparability between fiscal periods. In particular, management believes that Adjusted EBIT and Adjusted diluted earnings per share are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company's core operating performance. Management also believes that Free Cash Flow is a useful measure in assessing the Company’s ability to generate cash to maintain operations and repay its debt. The presentation of Non-GAAP financial measures should not be considered in isolation, or as a substitute for the Company’s related financial results prepared in accordance with U.S. GAAP.

The following table reconciles Net income to Adjusted EBIT:

   Three months ended Year ended    December 31, December 31,     2025  2024  2025  2024             Net income $3 $234 $883 $1,096  Add:          Amortization of acquired intangible assets  29  28  111  112  Interest expense, net  42  52  209  211  Other expense, net  629  228  736  464  Income taxes  111  147  425  446  Adjusted EBIT $814 $689 $2,364 $2,329             MAGNA INTERNATIONAL INC.
SUPPLEMENTAL DATA
[Unaudited]
[All amounts in U.S. dollars and all tabular amounts in millions unless otherwise noted]

NON-GAAP FINANCIAL MEASURES (CONTINUED)

The following table reconciles Net (loss) income attributable to Magna International Inc. to Adjusted diluted earnings per share:

    Three months ended Year ended    December 31, December 31,     2025   2024   2025   2024             Net (loss) income attributable to Magna International Inc. $(1) $203  $829  $1,009  Add (deduct):         Amortization of acquired intangible assets  29   28   111   112  Tax effect on Amortization of acquired intangible assets  (3)  (6)  (18)  (23) Other expense, net  629   228   736   464  Tax effect on Other expense, net  (37)  (22)  (40)  (62) Adjustments to Deferred Tax Valuation Allowances [i]  —   51   —   51  Adjusted net income attributable to Magna International Inc. $617  $482  $1,618  $1,551            Diluted weighted average number of Common Shares         outstanding during the period (millions):  281.2   285.9   282.5   286.9  Adjusted Dilutive impact of stock option and share awards [ii]  1.5   —   —   —  Adjusted diluted weighted average number of Common Shares
 outstanding during the period (millions):  282.7   —   282.5   —            Adjusted diluted earnings per share $2.18  $1.69  $5.73  $5.41             [i]The Company records quarterly adjustments to the valuation allowance against its deferred tax assets in continents like North America, Europe, Asia, and South America. The net effect of these adjustments is a reduction to income tax expense. [‘‘Adjustments to Deferred Tax Valuation Allowance’’].    [ii]During the fourth quarter of 2025, the Company generated Adjusted net Income attributable to Magna International Inc. while reporting a net loss attributable to Magna International Inc. As a result, certain stock‑based compensation awards are dilutive for adjusted diluted earnings per share and are included in the adjusted diluted weighted average number of Common Shares outstanding. The dilutive impact was determined using the treasury stock method.
The following table reconciles Cash provided from operating activities to Free Cash Flow:

   Three months ended Year ended   December 31, December 31,    2025   2024   2025   2024            Cash provided from operating activities $1,982  $1,910  $3,598  $3,634  Add (deduct):         Fixed asset additions  (532)  (709)  (1,313)  (2,178) Increase in investment, other assets, and intangible assets  (157)  (207)  (499)  (617) Proceeds from dispositions  54   37   121   219  Free Cash Flow $1,347  $1,031  $1,907  $1,058 
Certain of the forward-looking financial measures above are provided on a Non-GAAP basis. We do not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. To do so would be potentially misleading and not practical given the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items, however, may be significant.

This press release, together with our Management’s Discussion and Analysis of Results of Operations and Financial Position and our Interim Financial Statements, are available in the Investor Relations section of our website at www.magna.com/company/investors and filed electronically through the System for Electronic Document Analysis and Retrieval + (SEDAR+) which can be accessed at www.sedarplus.ca as well as on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), which can be accessed at www.sec.gov.

We will hold a conference call for interested analysts and shareholders to discuss our year ended December 31, 2025 results and 2026 Outlook on Friday, February 13, 2026 at 8:00 a.m. ET. The conference call will be chaired by Swamy Kotagiri, Chief Executive Officer. The number to use for this call from North America is 1-800-715-9871. International callers should use 1-646-307-1963. Please call in at least 10 minutes prior to the call start time. We will also webcast the conference call at www.magna.com. The slide presentation accompanying the conference call as well as our financial review summary will be available on our website Friday prior to the call.

TAGS: Quarterly earnings, full year results, outlook, financial results, vehicle production 

INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
[email protected] │ 905.726.7035

MEDIA CONTACT 
Tracy Fuerst, Vice-President, Corporate Communications & PR
[email protected] │ 248.761.7004

TELECONFERENCE CONTACT
Nancy Hansford, Executive Assistant, Investor Relations
[email protected] │ 905.726.7108

ABOUT MAGNA
Magna is one of the world’s largest automotive suppliers and a trusted partner to automakers in the industry’s most critical markets—North America, Europe, and China. With a global team and footprint spanning 28 countries, we bring unmatched scale, trusted reliability, and proven execution. Backed by nearly seven decades of experience, we combine deep manufacturing expertise with innovative vehicle systems to deliver performance, safety, and quality.

For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social. 

FORWARD-LOOKING STATEMENTS

Certain statements in this press release constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements"). Any such forward-looking statements are intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact. We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "assume", "believe", "intend", "plan", "aim", "forecast", "outlook", "project", "potential", "estimate", "target" and similar expressions suggesting future outcomes or events to identify forward-looking statements. The following table identifies the material forward-looking statements contained in this document, together with the material potential risks that we currently believe could cause actual results to differ materially from such forward-looking statements. Readers should also consider all of the risk factors which follow below the table:

Material Forward-Looking StatementMaterial Potential Risks Related to Applicable Forward-Looking StatementLight Vehicle Production Light vehicle sales levels, including due to: A decline in consumer confidenceEconomic uncertaintyElevated interest rates and availability of consumer creditDeteriorating vehicle affordability Tariffs and/or other actions that erode free trade agreementsProduction deferrals, cancellations and volume reductionsProduction and supply disruptionsCommodities pricesAvailability and relative cost of skilled labour Total Sales
Segment Sales Same risks as for Light Vehicle Production aboveAlignment of our product mix with production demandCustomer concentrationPace of EV adoption, including North American electric vehicle program deferrals, cancellations and volume reductions and growth of Chinese OEMsShifts in market shares among vehicles or vehicle segmentsShifts in consumer "take rates" for products we sellRelative currency values Adjusted EBIT Margin
Adjusted Diluted EPS
Free Cash Flow Same risks as for Total Sales and Segment Sales aboveExecution of critical program launchesOperational underperformanceProduct warranty/recall risksProduction inefficienciesUnmitigated incremental tariff costsRestructuring costs and/or impairment chargesInflationAbility to secure planned cost recoveries from our customers and/or otherwise offset higher input costsPrice concessionsCommodity cost volatilityScrap steel price volatility Equity Income Same risks as Adjusted EBIT Margin aboveRisks related to conducting business through joint venturesRisks of doing business in foreign marketsLegal and regulatory proceedingsChanges in law Share Repurchases
Weighted Average Diluted Shares Outstanding Same risks impacting Free Cash Flow aboveAbility to repurchase shares for cancellation, including due to normal course issuer bid rules, trading blackouts, and other factors    Forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. While we believe we have a reasonable basis for making any such forward-looking statements, they are not a guarantee of future performance or outcomes. In addition to the factors in the table above, whether actual results and developments conform to our expectations and predictions is subject to a number of risks, assumptions, and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, including, without limitation:

Macroeconomic, Geopolitical and Other Risks
consumer confidence levels;geopolitical risks;threats to free trade agreements;international trade disputes;planning and forecasting challenges;interest rates and availability of consumer credit; Risks Related to the Automotive Industry 
pace of EV adoption;North American EV program deferrals, cancellations and volume reductions;economic cyclicality;regional production volumes;deteriorating vehicle affordability;intense competition; Strategic Risks
evolution of the vehicle;evolving business risk profile;technology and innovation;investments in mobility and technology companies; Customer-Related Risks
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HomeIndustriesPublished: Feb. 13, 2026 at 5:11 a.m. ET

Pinterest shares are tumbling after disappointing revenue as analysts can't shake their AI disruption concerns. Photo: AFP via Getty ImagesPinterest shares were sinking after disappointing results, with one analyst warning that AI disruption risk for the visual search and discovery company was coming up fast.

Pinterest PINS late Thursday reported fourth-quarter revenue of $1.32 billion, falling short of the $1.33 billion expected from analysts surveyed by Visible Alpha. Jefferies analysts said its outlook for revenue in the first quarter of $951 million to $971 million also disappointed.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within 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.

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Bitcoin Drops 30% This Month — A Whale Move Raises Questions Prefer us on Google

A major whale transferred thousands of BTC to Binance.Bitcoin's realized losses surged to $2.3 billion amid market stress.Realized losses surged to $2.3 billion amid market stress.Bitcoin (BTC) has extended its downward trajectory. Over the past 24 hours, the asset has declined 1.39%, pushing its total losses for the month beyond 30%.

While the broader bear market environment remains the primary driver of weakness, emerging on-chain signals suggest that concentrated whale activity could reportedly be amplifying BTC’s downside. 

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Whale Activity Raises Concerns Over Short-Term Bitcoin Volatility In a post on X (formerly Twitter), blockchain analytics firm Lookonchain reported that a whale’s (3NVeXm) deposits have coincided with Bitcoin’s price drops. Data from Arkham showed that the whale started depositing Bitcoin to Binance three weeks ago, starting out with modest amounts. 

However, activity accelerated this week. On February 11, the whale transferred 5,000 BTC into the exchange. The string of transfers has continued with the wallet sending another 2,800 coins just today.

Whale 3NVeXm Bitcoin Transfers. Source: ArkhamLookonchain suggested that the timing of these deposits may have influenced short-term price action.

“Every time he deposits BTC, the price drops. Yesterday, I warned when he made a deposit — and soon after, BTC dropped over 3%,” the post read.

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As of the latest available data, the address still holds 166.5 BTC, valued at over $11 million at current market prices. Large exchange inflows are often interpreted as a precursor to selling, as investors typically move assets to trading platforms to liquidate or hedge positions. 

While correlation does not necessarily imply causation, the scale and timing of these transfers could have increased immediate sell-side pressure in an already fragile market structure. In periods of heightened sensitivity, even the perception of whale-driven selling can amplify downside moves as traders react to on-chain signals and adjust positions accordingly.

Capitulation Signals Point to Market Stress The transfers come at a time of pronounced weakness across the Bitcoin market. An analyst noted that Bitcoin’s realized losses surged to $2.3 billion.

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“This puts us in the top 3-5 loss events ever recorded. Only a handful of moments in Bitcoin’s history have seen this level of capitulation,” the analysis read.

Bitcoin’s Realized Loss. Source: CryptoQuantThe analyst added that short-term holders, defined as those holding coins for less than 155 days, appear to be driving much of the current capitulation. Investors who accumulated BTC at $80,000-$110,000 are now locking in significant losses, suggesting that overleveraged retail participants and weaker hands are exiting their positions.

In contrast, long-term holders do not appear to be the primary source of this latest wave of selling. Historically, this cohort tends to hold through drawdowns.

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“In the past, extreme loss spikes like this triggered rebounds. We’re seeing it now: BTC bounced from $60K to $71K after the capitulation. But this could still be the beginning of a deep and slow bleed-out. Relief rallies happen even in prolonged bear markets,” the analyst stated.

Meanwhile, BeInCrypto previously highlighted several signals suggesting that BTC may still be in the early stages of a broader bear cycle, leaving room for further downside risk. CryptoQuant analysts have pointed to the $55,000 level as Bitcoin’s realized price, a level historically associated with bear market bottoms. 

In previous cycles, BTC traded 24% to 30% below its realized price before stabilizing. Currently, Bitcoin remains above that level.

When BTC approaches its realized price zone, it has historically entered a period of sideways consolidation before staging a recovery. Some analysts argue that a deeper correction toward the sub-$40,000 range could mark a more definitive bottom formation.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

The Bitcoin network's structural growth has entered a contraction phase.

Bitcoin stabilized above $66,000 on Friday, though the asset has fallen about 30% over the past month. According to analysis by Alphractal, Bitcoin’s Realized Cap Impulse (Long-Term) has turned negative for the first time in three years.

When this signal turned negative in past cycles, the crypto asset entered extended downturns as long-term capital inflows weakened.

Bitcoin’s Capital Structure Bitcoin’s long-term Realized Cap Impulse tracks changes in realized capitalization over extended periods and is used to assess whether new capital is entering the network or whether inflows are slowing or reversing.

A negative reading indicates that new capital inflows have weakened or stalled, demand is no longer absorbing supply at the same pace, and the network’s structural growth has moved into a contraction phase. Alphractal explained that in previous market cycles, every instance in which the Realized Cap Impulse (Long-Term) turned negative was followed by significant price corrections or prolonged bear markets.

The firm linked this pattern to Bitcoin’s supply-demand dynamics and said that when supply remains available while new capital inflows decline, downward pressure on price typically emerges. Unlike traditional market capitalization, realized capitalization values BTC at the price it last moved on-chain, which allows the metric to reflect actual capital committed to the network rather than price-driven fluctuations.

By filtering out short-term market noise, the indicator focuses on long-term capital behavior over months and years. With the signal now negative again after three years, Alphractal said the current cycle is potentially entering a phase of structural weakening in capital inflows.

Meanwhile, Alphractal founder Joao Wedson also said that “even with ETFs accumulating and large institutions like Strategy increasing their positions, it is still not enough to offset the period when supply exceeds demand.”

You may also like: Fragile Optimism in Crypto as ETF Flows Return Extreme FUD Persists on Social Media Despite BTC’s $60K Dip Recovery Miner Offloads $305M Bitcoin as Network Difficulty Sees Sharp Decline Global Uncertainty The latest on-chain capital trends appear to be unfolding against a macro backdrop of unusually high uncertainty. As per CryptoQuant, the Global Uncertainty Index has reached an all-time high, after exceeding levels seen during the 9/11 attacks, the Iraq War, the 2008 financial crisis, the Eurozone debt crisis, as well as the Covid-19 pandemic.

CryptoQuant stated that the current reading demonstrates an environment where markets are struggling to find direction, capital is moving with greater caution, and risk is being priced more aggressively. The data also indicates that geopolitical, economic, and political pressures are all active at the same time. This environment has created conditions in which high volatility may become a feature rather than a temporary disruption.

Periods of extreme uncertainty have coincided with significant changes in market positioning, as participants reassess exposure amid unstable conditions. While uncertainty often triggers defensive behavior, the firm added that such phases have also seen periods of large-scale repositioning.

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As investors reassess risk across digital assets, the bitcoin market is navigating a deep drawdown even as structural participation and on-chain liquidity remain notably resilient.

Summary

Macro headwinds and the current market resetSupply expansion, token fatigue and long-tail dynamicsMacro still sets the tone for cryptoWhere the structural case remains intactReal-world assets and tokenization momentumDeFi convergence and BlackRock’s tokenized fund moveLooking ahead: levels, catalysts and sentiment shifts Macro headwinds and the current market reset Crypto markets remain in a sustained de-risking phase, shaped by macro headwinds, a holding Federal Reserve, fiscal uncertainty, and AI-driven capital rotation that has pushed BTC to a roughly 52% decline from its October 2025 all-time high. However, the key question is gradually shifting from how far prices can fall to when fresh demand returns.

Two dominant forces are steering this adjustment. The first is a rotation of attention and capital away from crypto and toward AI and other defensive narratives in equities and commodities. The second is policy: expectations of continued hawkish Fed positioning, the risk of another partial U.S. government shutdown, and persistent geopolitical and trade tensions have left the environment unreceptive to aggressive risk-taking.

With BTC touching lows near US$60K on February 5 before bouncing, it is increasingly useful to compare this cycle’s pullback with earlier ones. From the October 2025 peak, the decline now sits around 50%. Historically, corrections of this magnitude have occurred several times within broader bull cycles. That said, today’s market structure is more institutional, and liquidity channels, from centralized venues to on-chain rails, are significantly deeper.

Moreover, as Bitcoin consolidates, altcoins continue to lag badly. Their underperformance has been more severe than in prior cycles, reflecting a distinct rotation toward durability and away from speculative beta. Capital is concentrating in the largest assets by market value, which, while painful for smaller tokens, typically precedes the construction of more robust long-term foundations.

Supply expansion, token fatigue and long-tail dynamics Token supply growth has compounded the damage. Roughly 11.6M out of the 20.2M tokens launched in 2025 are no longer actively traded. Many of these assets came to market without users, revenue, or defensible differentiation, leaving price discovery almost entirely driven by hype. Unsurprisingly, most now trade well below initial valuations, with liquidity having dried up.

The sheer volume of issuance fragmented investor attention across an increasingly crowded landscape. As a result, user fatigue set in faster, and projects with genuine fundamentals were forced to compete with a constant pipeline of short-lived launches. However, parts of the long tail have recently shown smaller percentage moves than major assets, suggesting much of the deleveraging and repricing occurred earlier in the cycle, leaving reduced marginal supply in the current phase.

Rather than signaling a renewed appetite for high-risk bets, this pattern likely points to gradually exhausted selling pressure. Moreover, recent weakness is not just a crypto-specific story. Equity markets have repriced risk as well, particularly within the software sector, following the rapid acceleration of the AI disruption narrative and its implications for margins and business models.

The distinction for digital assets is important. Equities have often sold off on fears of direct disruption to specific workflows, whereas in crypto the primary impact from AI is more about attention and sentiment. In past cycles, investors grew accustomed to altcoins dramatically outperforming while equities and commodities lagged. This time, AI-focused stocks, emerging markets, precious metals, and in some cases traditional commodities have outperformed BTC, creating a notable attention and liquidity divide.

That said, the AI disruption narrative also highlights an opportunity. The same agentic AI systems driving divergence in technology stocks are among the most compelling emerging users of on-chain payment rails and stablecoin infrastructure. AI agents transacting at machine speed across borders will require programmable, permissionless money, suggesting the medium-term use case is real even if the near-term allocation dynamic weighs on token prices.

Macro still sets the tone for crypto Macro conditions continue to be the primary driver of crypto market direction, arguably more than at any other point in recent years. This week’s data was dominated by the January U.S. jobs report and its implications for the Federal Reserve’s reaction function.

January nonfarm payrolls came in ahead of expectations at 130,000, while the unemployment rate fell to 4.3%. On the surface this appears constructive, yet benchmark revisions painted a weaker backdrop. Annual adjustments showed only 181,000 total jobs were created in all of 2025, or roughly 15,000 per month, versus the 584,000 initially reported.

That makes 2025 the worst year for net job creation since 2020, or since 2003 when excluding recessions. In that context, January’s print looks more like stabilization in a fragile labour market than the start of a robust recovery. However, this nuance is what matters for markets: a solid jobs number in a truly strong economy would give the Fed room to ease policy, while a strong print in a cooling environment instead encourages policymakers to hold rates steady.

That is precisely the signal markets received. Rate cuts are not imminent, and with Kevin Warsh nominated as the incoming Fed Chair, uncertainty around the medium-term liquidity trajectory has increased. BTC has historically been the single most sensitive major asset to shifts in global liquidity conditions, even more than equities or gold. In a world where liquidity is being constrained, that sensitivity is a clear headwind.

The same dynamic, however, will become a tailwind once expectations shift toward easing. When liquidity improves, price moves in Bitcoin can be amplified on the upside as quickly as they have been on the downside. This asymmetry underpins why liquidity watchers remain focused on every incremental signal from the Fed and broader funding markets.

Where the structural case remains intact Despite the current drawdown and headline noise, the structural tailwinds for crypto have not disappeared. In fact, this period resembles prior corrections where the product and fundamentals layer continues to quietly compound while speculative attention retreats. That is usually when the foundation for the next phase is built.

One of the clearest examples sits in spot BTC ETFs. Despite a roughly 50% price decline from the all-time high, aggregate ETF assets under management have only modestly retraced. This divergence suggests positioning is closer to long-term strategic allocation than short-term momentum capital, with the investor base appearing comparatively sticky.

There have even been windows of net inflows across several days, indicating genuine opportunistic accumulation rather than forced selling. Moreover, this resilience matters even more because another key flow channel this cycle, digital asset treasuries (DATs), has softened. DAT buyers are contributing less incremental demand, as prices sit below many acquisition levels and equity premiums have compressed, making balance-sheet expansion difficult to justify.

These entities are behaving more like holders than incremental accumulators. Meanwhile, stablecoin supply has remained near cycle highs. Unlike during prior downturns, capital has not aggressively exited the on-chain dollar system. Liquidity is present; it simply appears to be waiting for clearer catalysts.

Real-world assets and tokenization momentum Real-world assets, or RWAs, continue to stand out in a risk-off environment, with capital preservation emerging as the dominant theme. The on-chain RWA market is approaching US$25B, led by tokenized treasuries, commodities, and yield-oriented structures that attract capital seeking stability, transparency, and programmable settlement. Adoption is accelerating across institutions that are actively testing tokenization pathways.

Tokenized commodities have expanded notably, rising more than 50% since the start of 2026. Tokenized gold has emerged as a key defensive building block in DeFi. With spot gold trading above US$5K per ounce, demand has created a powerful new source of inflows into on-chain products.

Tether Gold (XAUT) illustrates this trend, with market capitalization now above US$2.6B and supply exceeding 712K tokenized ounces. If elevated volumes persist beyond purely risk-off windows, a structural flywheel can form: deeper liquidity tightens spreads, improves routing efficiency, and enhances gold’s viability as DeFi collateral, with spillover benefits for other assets.

More broadly, the RWA thesis is unfolding largely as expected. Tokenized U.S. Treasuries account for around US$10.7B in on-chain value. Private credit, tokenized equities, and yield vaults continue to attract fresh allocations, while emerging markets show proportionally higher inflows and relative performance. That said, what stands out is the genuinely global nature of the opportunity, with participants ranging from fintechs to traditional asset managers.

Against this backdrop, the bitcoin market is increasingly intersecting with these tokenized cash flow streams as investors look to balance cyclical volatility with exposure to real-yield on-chain instruments and high-conviction infrastructure assets.

DeFi convergence and BlackRock’s tokenized fund move Against the weak price backdrop, the week’s most significant development for decentralized finance came from BlackRock. Working with tokenization platform Securitize, the firm will make shares of its tokenized U.S. Treasury fund BUIDL tradable via UniswapX, the institutional order routing and settlement layer of the Uniswap ecosystem.

The importance of this decision is hard to overstate. BlackRock has been methodical in every step of its digital asset engagement, from launching spot BTC ETFs to BUIDL‘s initial on-chain issuance. Selecting a DeFi protocol for settlement signals growing confidence in the maturity and reliability of decentralized infrastructure, and it outlines a repeatable blueprint: regulated entry, compliant access controls, atomic settlement, and continuous market availability.

This structure is precisely what is required for equities, credit products, commodities, and ETFs to scale on-chain. Moreover, the subsequent purchase of Uniswap’s governance tokens adds another layer of relevance. The world’s largest asset manager has now taken economic exposure to a live DeFi protocol, not just its tokenized assets.

The reaction in the UNI token is instructive, not solely because of the 20–30% price move but because it demonstrates that liquidity is available and can mobilize rapidly when credible catalysts emerge. The market is not fundamentally impaired; it is cautious and patient. This episode reinforces the idea that tokens backed by real utility and protocol revenue are waiting for demand catalysts to drive repricing.

More broadly, the move marks tangible progress in the convergence between DeFi infrastructure and traditional finance and offers a template for what could follow across other verticals. Institutional participation is emerging in a market already producing measurable cash flows. Uniswap is one example, but not an outlier: borrowing, trading, and liquidity provision protocols across DeFi are supporting meaningful levels of usage and revenue generation.

Even so, performance dispersion remains visible beneath the surface. Sectors tied to clear utility and institutional engagement, such as RWAs and core DeFi infrastructure, have generally held up better on a relative basis. However, price action across the entire complex continues to be shaped primarily by macro and sentiment forces rather than idiosyncratic fundamentals.

Looking ahead: levels, catalysts and sentiment shifts Market participants are likely entering a phase of elevated volatility as they search for clearer signals from both macro data and on-chain flows. Bitcoin’s realized price, a proxy for the aggregate cost basis across holders, currently sits around US$55,000. When spot price converges toward this level, a large share of holders move close to or below breakeven.

This tends to amplify psychological pressure, but it also magnifies the eventual significance of holding or losing that threshold. Stepping back, the broader backdrop differs meaningfully from earlier cycles. Markets are enduring a roughly 50% drawdown and a multi-trillion reduction in aggregate value, yet structural participation is deeper than ever before.

Stablecoin rails are firmly established, RWAs and tokenization are scaling, prediction markets are advancing, and global institutions are openly disclosing digital asset holdings or settling products on blockchain infrastructure. Moreover, the macro and structural environment is not a simple replay of 2018 or 2022. The drawdown is real, yet the context surrounding it has changed substantially.

Across both crypto and traditional markets, history shows a recurring pattern. When prices compress while fundamentals continue to improve, conviction builds beneath the surface and the product layer strengthens. Once risk reprices, assets that compounded through the reset typically lead the next leg.

For now, liquidity remains present but selective, waiting for clearer catalysts. In the coming week, attention will turn to the release of the FOMC minutes and U.S. core PCE inflation. The minutes should provide greater insight into how policymakers assessed recent conditions, while the inflation data will update the near-term macro backdrop that investors must navigate.

At the same time, events such as ETHDenver will offer a real-time view of builder activity, capital formation, and ecosystem momentum at a moment when public market pricing has turned cautious. Taken together, these signals will help determine when sentiment begins to shift from defense back toward measured risk-taking across digital assets.

In summary, the current reset features a sharp price drawdown, but deeper structural engagement, resilient on-chain liquidity, and accelerating tokenization suggest this cycle’s foundations are stronger, not weaker, than those that preceded it.

A U.S. federal court has sentenced the chief executive of a crypto trading and multi-level marketing firm to 20 years in prison for orchestrating a massive Bitcoin-based Ponzi scheme that defrauded tens of thousands of investors worldwide.

Summary

Ramil Ventura Palafox, CEO of Praetorian Group International, was sentenced to 20 years in prison for running a $200 million Bitcoin Ponzi scheme. Prosecutors said the scheme defrauded more than 90,000 investors worldwide, promising daily returns of up to 3% through supposed crypto trading. The U.S. Department of Justice said investor funds were misused for personal expenses, with no legitimate trading activity backing the returns. Ramil Ventura Palafox, 61, former CEO and Chairman of Praetorian Group International (PGI), received the sentence Thursday after being convicted on multiple federal charges, including wire fraud and money laundering.

According to court documents, Palafox used PGI to lure more than 90,000 investors into a purported Bitcoin (BTC) trading program that promised daily returns of 0.5% to 3%.

Prosecutors said the program never engaged in genuine trading, instead, returns were paid with funds from new investors, a classic Bitcoin Ponzi scheme.

Victims from around the world collectively invested more than $200 million, with documented losses exceeding tens of millions for many individuals.

Government filings show Palafox made lavish personal purchases with investor money, which reportedly included luxury cars, high-end designer goods and real estate. Earlier reports in the case revealed that millions flowed into personal expenses rather than investment activity, exacerbating investors’ losses.

“He spent approximately $3 million on 20 luxury vehicles, including automobiles by Porsche, Lamborghini, McClaren, Ferrari, BMW, Bentley, and others. Palafox spent approximately $329,000 on penthouse suites at a luxury hotel chain and purchased four homes in Las Vegas and Los Angeles worth more than $6 million. Palafox spent another $3 million of investors’ money to buy clothing, watches, jewelry, and home furnishings at luxury retailers, including Louboutin, Neiman Marcus, Gucci, Versace, Ferragamo, Valentino, Cartier, Rolex, and Hermes, among others,” the DoJ statement said.

Palafox initially pleaded guilty in September 2025 to fraud and money laundering charges, acknowledging his role in the Bitcoin Ponzi scheme that operated between December 2019 and October 2021.

The FBI’s Washington Field Office and IRS Criminal Investigation Division assisted in the case, and some victims have already been granted restitution orders. Efforts continue to track down remaining assets to repay those defrauded.

As traditional finance experiments with blockchain-based markets, ethereum tokenization is gaining traction even as ETH trades below key resistance levels.

Summary

ETHZilla brings aviation assets on-chainHow Ethereum powers the aviation token productMarket context for ETH and price levelsKey support, resistance and indicatorsWhat ETHZilla’s aviation token means for ethereum tokenization and price ETHZilla brings aviation assets on-chain ETHZilla has unveiled Eurus Aero Token I, billed as the first tradable tokenized aviation assets product on the Ethereum network, backed by jet engines leased to a major U.S. airline. The launch, announced on Feb 13, 2026, underscores how real world asset tokenization is expanding into the aviation finance sector.

The Eurus Aero Token I structure provides fractional exposure to income-producing aircraft engines that are already under lease contracts. Moreover, the product is issued natively on Ethereum infrastructure, giving investors blockchain-based traceability over the underlying assets and their associated cash flows.

The offering is designed for accredited investor token access, with returns targeted through lease-generated income. However, the use of smart contracts aims to streamline what is normally a complex aviation leasing structure, while improving transparency around payments and asset performance.

How Ethereum powers the aviation token product By deploying the asset on-chain, ETHZilla is leveraging Ethereum asset tokenization to handle automated distributions, on-chain verification and lifecycle management. Smart contracts can record lease terms, track income distributions, and codify investor rights without relying solely on traditional intermediaries.

This setup also supports fractional jet engine token investment, lowering the minimum ticket size compared with typical aviation finance deals. That said, the initial focus on accredited investors shows the project remains aligned with existing regulatory frameworks rather than pursuing a fully retail model.

The ETHZilla initiative adds momentum to the broader trend of Ethereum real world assets being settled and administered on public blockchains. Moreover, aviation joins a growing list of sectors experimenting with on-chain instruments, including real estate, private credit, and trade finance.

Market context for ETH and price levels At the time of writing, Ethereum is trading around $1,937, down roughly 1% on the day, as the market consolidates after a sharp early-February sell-off. The broader trend on the daily chart remains bearish, with sellers still in control despite short-term stabilization.

According to TradingView data, ETH sits well below its 50-day Simple Moving Average (SMA), currently near $2,799. This distance from the 50-day SMA underlines the prevailing downside momentum and shows that the market has not yet reclaimed medium-term trend levels.

The chart structure since mid-January highlights a series of lower highs and lower lows, a classic sign of a short-term downtrend. Moreover, a steep breakdown in early February forced price below the $2,400 and $2,200 zones, confirming weakness and shaking out late buyers.

Key support, resistance and indicators A sharp wick toward the $1,800 region marked a recent swing low before dip buyers stepped in. However, the subsequent rebound has been modest, with ETH now consolidating just underneath the psychological $2,000 barrier, where supply continues to cap upside attempts.

The Chaikin Money Flow indicator currently sits around -0.04, hovering near neutral but still slightly negative. This reading suggests that convincing capital inflows have not yet returned, reinforcing a cautious sentiment among traders even as volatility cools.

Immediate support is located near $1,900, followed by the recent swing low around $1,800. A decisive breakdown below that area could open the door to additional downside pressure toward the mid-$1,700 range, where some market participants expect stronger dip buying interest.

On the upside, initial resistance stands close to $2,000, with more substantial resistance around $2,200. A sustained push above those levels would be required for ETH to challenge the declining 50-day SMA near $2,799 and potentially shift the short-term bias.

What ETHZilla’s aviation token means for ethereum tokenization and price The ETHZilla aviation product demonstrates how tokenization ethereum can extend into complex, capital-intensive verticals like aircraft leasing. However, the immediate impact on ETH price appears limited, as macro conditions and broader risk sentiment are still driving the market’s direction.

For now, the ETHZilla deal is another incremental step in the evolution of fractional aircraft engine tokens and other specialized on-chain instruments. Moreover, if more institutional-grade aviation and infrastructure deals migrate onto Ethereum, it could strengthen the network’s position as a preferred settlement layer for asset-backed products.

In summary, ETH trades around $1,937 in a bearish technical structure, while ETHZilla’s tokenized jet engine launch highlights the growing role of Ethereum in bridging traditional finance and blockchain-based markets.

Alessia Pannone

Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.

Standard Chartered lowered its long-term outlook for Bitcoin (BTC) for the second time in less than three months as the cryptocurrency market appears to have entered a new bearish cycle.

With the leading cryptocurrency currently consolidating below the key $70,000 level, the bank now warns that the asset could fall as low as $50,000 before staging a recovery.

Standard Chartered Cuts Bitcoin Target to $100,000 In a note published Thursday, Geoff Kendrick, Standard Chartered’s head of digital assets research, said the bank now expects Bitcoin to reach $100,000 by the end of 2026. 

The latest figure marks a significant reduction from its previous $150,000 projection for BTC. The revision follows an earlier downgrade in December, when the bank cut its target from an ambitious $300,000.

According to Bloomberg’s report on the matter, the bank’s more cautious stance reflects a combination of weakening macroeconomic conditions and shifting investor behavior, especially over the past month’s downtrend.

The leading cryptocurrency has declined more than 40% from its October peak toward current trading prices of around $67,160, while the US spot Bitcoin exchange‑traded funds (ETFs) sector has seen nearly $8 billion in net outflows. 

The 1-D chart shows BTC’s inability to surge back above $70,000 over the past week. Source: BTCUSDT on TradingView.com Kendrick noted that slowing US economic momentum and reduced expectations for Federal Reserve (Fed) rate cuts have weighed heavily on digital assets. In particular, declining ETF holdings have removed what had been a critical source of demand during previous rallies.

The interest‑rate environment remains a central concern. Markets have pushed back expectations for Federal Reserve easing, with investors now anticipating that the first rate cut may come later in the year than previously thought. 

Kendrick also pointed to uncertainty surrounding future Federal Reserve leadership as an additional factor contributing to Bitcoin caution. The bank warned that deteriorating macro conditions and the risk of further investor capitulation could continue to pressure prices in the near term.

Ethereum Could Drop To $1,400 Despite the more conservative Bitcoin forecasts, Standard Chartered emphasized that the current downturn appears more orderly than previous crypto market collapses. 

Kendrick highlighted that on‑chain activity data continues to show improvement, suggesting that underlying network usage remains healthy. 

Moreover, the bank’s head of research highlighted that the market has not experienced the type of high‑profile platform failures that defined the 2022 cycle, when the collapses of Terra/Luna and FTX triggered widespread contagion.

The bank also revised its outlook for Ethereum (ETH). Its 2026 price target for the second‑largest cryptocurrency was reduced to $4,000 from $7,500. Before reaching that level, analysts expect Ether could fall to around $1,400. 

Featured image from OpenArt, chart from TradingView.com 

US spot Bitcoin exchange-traded funds (ETFs) saw heightened selling on Thursday, with outflows accelerating the same day Standard Chartered lowered its 2026 Bitcoin forecast.

Spot Bitcoin (BTC) ETFs recorded $410.4 million in outflows, extending weekly losses to $375.1 million, according to SoSoValue data.

Unless Friday brings substantial inflows, the funds are on track for a fourth consecutive week of losses, with assets under management (AUM) nearing $80 billion, down from a peak of almost $170 billion in October 2025.

Daily flows in US spot Bitcoin ETFs since Monday. Source: SoSoValueThe selling coincided with Standard Chartered lowering its 2026 Bitcoin target from $150,000 to $100,000, warning that prices could fall to $50,000 before recovering.

“We expect further price capitulation over the next few months,” the bank said in a Thursday report shared with Cointelegraph, forecasting Bitcoin to drop to $50,000 and Ether (ETH) to $1,400.

“Once those lows are reached, we expect a price recovery for the remainder of the year,” Standard Chartered added, projecting year-end prices for BTC and ETH at $100,000 and $4,000, respectively.

Solana ETFs the only winners amid heavy crypto ETF outflowsNegative sentiment persisted across all 11 Bitcoin ETF products, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund suffering the largest outflows of $157.6 million and $104.1 million, respectively, according to Farside.

Ether ETFs faced similar pressure, with $113.1 million in daily outflows dragging weekly outflows to $171.4 million, marking a potential fourth consecutive week of losses.

XRP (XRP) ETFs saw their first outflows of $6.4 million since Feb. 3, while Solana (SOL) ETFs bucked the trend, recording a minor $2.7 million in inflows.

Extreme bear phase not yet here as analysts expect $55,000 bottomStandard Chartered’s latest Bitcoin forecast follows previous analyst forecasts that Bitcoin could dip below $60,000 before testing a recovery.

Crypto analytics platform CryptoQuant reiterated that realized price support remains at around $55,000 and has not yet been tested.

“Bitcoin’s ultimate bear market bottom is around $55,000 today,” CryptoQuant said in a weekly update shared with Cointelegraph.

Bitcoin’s realized price chart. Source: CryptoQuant“Market cycle indicators remain in the bear phase, not extreme bear phase,” CryptoQuant noted, adding: “Our Bull-Bear Market Cycle Indicator has not entered the Extreme Bear regime that historically marks the start of bottoming processes, which typically persist for several months.”

Bitcoin hovered around $66,000 on Thursday, briefly dipping to $65,250, according to CoinGecko data.

Despite ongoing selling pressure, long-term holder (LTH) behavior does not indicate capitulation, with holders currently selling around breakeven. “Historical bear market bottoms formed when LTHs endured 30–40% losses, indicating further downside may be required for a full reset,” CryptoQuant added.

Magazine: Bitcoin difficulty plunges, Buterin sells off Ethereum: Hodler’s Digest, Feb. 1 – 7

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