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About Jamie Ashcroft
Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development.
As one of the early external hires at Proactive in 2009, Jamie contributed... Read more

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

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

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

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

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

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

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

About Oliver Haill
Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup News Service, Gracenote... Read more

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

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

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

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

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

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

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

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. 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.

SummaryVanguard Total Stock Market Index Fund ETF offers broad exposure but remains heavily weighted to large-cap stocks (technology), limiting true diversification.VTI's performance closely tracks large-cap ETFs like VOO, with both outperforming small-cap benchmarks such as IWM over recent years.Vanguard Small-Cap Value Index Fund ETF provides better diversification, lower tech exposure, and a low expense ratio but is rated Hold due to valuation concerns.Investors seeking diversification should consider reducing large-cap exposure and adding VBR, though current prices suggest waiting for a better entry point.Black Friday Sale 2025: Get 20% Off pagadesign/E+ via Getty Images

I am a big fan of ETFs and a big fan of Vanguard, which was the pioneer of index-based investment opportunities. I like that Vanguard has transitioned beyond mutual funds to ETFs, and I follow several of them.

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.

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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.

News Release Highlights: 1. Forte Group announces its planned corporate transformation to Vanta Holdings Inc. (VANTA), marking a significant milestone in the Company's evolution into a next-generation wellness company focused on longevity, human performance, functional hydration, and premium nutraceutical innovation.

Li Auto Inc. (NASDAQ:LI) will release earnings results for the third quarter, before the opening bell on Wednesday, Nov. 26.

Analysts expect the China-based company to report quarterly earnings of 4 cents per share, on revenue of $3.76 billion, according to data from Benzinga Pro.

Hesai Technology (NASDAQ:HSAI) was recently named the exclusive lidar supplier for Li Auto's next-generation assisted driving platform. The agreement covers all upcoming models, including the "L" Series, "i" Series, and "MEGA," marking a major expansion of their long-term collaboration.

Shares of Li Auto gained 1.1% to close at $18.32 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.

Piper Sandler analyst Alexander Potter initiated coverage on the stock with a Neutral rating and a price target of $19 on Nov. 11, 2025. This analyst has an accuracy rate of 77%.
Barclays analyst Jiong Shao maintained an Equal-Weight rating and slashed the price target from $31 to $24 on Aug. 28, 2025. This analyst has an accuracy rate of 70%.
Considering buying LI stock? Here’s what analysts think:

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

Tesla CEO Elon Musk has spent much of this year focused on the carmaker's robotics pursuits and winning shareholder approval for his freshly minted $1 trillion pay package. In the meantime, the outlook for Tesla's main business – selling cars – is darkening.

CMB.TECH ANNOUNCES Q3 2025 RESULTS
SOFT SUMMER, FOLLOWED BY
ROARING TANKER AND DRY BULK MARKETS

ANTWERP, Belgium, 26 November 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its unaudited financial results today for the third quarter ended 30 September 2025.

HIGHLIGHTS

Financial highlights: Profit for the period of 17.3 million USD in Q3 2025. EBITDA for the same period was USD 238.4 million.CMB.TECH’s contract backlog stands at 2.95 billion USD.Proposal to declare an interim dividend of USD 0.05 per share which is expected to be paid on or about 15 January 2026. Fleet highlights:

Delivery of 7 newbuilding vessels (Q3 – Quarter to date): Super-Eco Newcastlemax: Mineral Slovensko and Mineral SlovenijaVLCC: AtrebatesChemical tanker: Bochem SantosCSOV: Windcat RotterdamCTV: Windcat 58, Windcat 61 Sale of the VLCC Dalma (2007, 306,543 dwt) & the capesize Battersea (2009, 169,390 dwt).The time charter of the VLCC Donoussa (2016, 299,999 dwt) was extended for another 11 months, until October 2026.Windcat has ordered one Multi-Purpose Accommodation Service Vessel (MP-ASV) (CSOV XL) with an option of five more. Corporate highlights:

Supervisory Board changes: resignation of Mr. Marc Saverys & Mrs. Julie De Nul and cooptation of Mr. Carl Steen & Mrs. Gudrun Janssens. For the third quarter of 2025, the Company realised a profit for the period of USD 17.3 million or USD 0.07 per share (third quarter 2024: a profit for the period of 98.1 USD million or USD 0.49 per share). EBITDA (a non-IFRS measure) for the same period was USD 238.4 million (third quarter 2024: USD 177.1 million).

Commenting on the Q3 results, Alexander Saverys (CEO) said:

“After a relatively quiet summer and seasonally lower rates, tanker and dry bulk markets came roaring back and are at multi-year highs. Results in Q3 reflected the softer market but stronger bookings in Q4 will significantly improve the result going forward. We have sold another two older vessels and taken delivery of seven ships as we continue to rejuvenate and decarbonise our fleet.”

Key figures

             The most important key figures (unaudited) are:                       (in thousands of USD)  Third Quarter 2025 Third Quarter 2024 YTD 2025 YTD 2024              Revenue          454,248         221,840         1,077,100         714,217          Other operating income          8,097         4,161         28,252         42,406                      Raw materials and consumables          (1,368)         (481)         (6,496)         (2,159)          Voyage expenses and commissions          (110,244)         (45,715)         (233,986)         (131,618)          Vessel operating expenses          (116,869)         (46,816)         (292,342)         (146,829)          Charter hire expenses          (1,089)         (118)         (2,709)         (135)          General and administrative expenses          (34,076)         (16,863)         (90,471)         (53,150)          Net gain (loss) on disposal of tangible assets          39,284         61,356         143,075         563,903          Depreciation and amortisation          (109,073)         (40,241)         (273,442)         (122,118)          Impairment losses          300         —         (3,273)         —                      Net finance expenses          (111,193)         (37,575)         (293,633)         (83,554)          Share of profit (loss) of equity accounted investees          146         (232)         1,717         2,338          Result before taxation          18,163         99,316         53,792         783,301                      Income tax benefit (expense)          (868)         (1,238)         (3,708)         (5,602)  Profit (loss) for the period          17,295         98,079         50,084         777,699                      Attributable to:            Owners of the Company          19,872         98,079         71,638         777,699           Non-controlling interest          (2,577)         —         (21,554)         —                                             Earnings per share:                     (in USD per share) Third Quarter 2025 Third Quarter 2024 YTD 2025 YTD 2024             Weighted average number of shares (basic) *         238,021,435         201,912,942                 208,978,825         196,654,266          Basic earnings per share         0.07         0.49                 0.24         3.95                                The number of shares issued on 30 September 2025 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 30 September 2025 is 290,169,769.              EBITDA reconciliation (unaudited):                       (in thousands of USD)  Third Quarter 2025 Third Quarter 2024 YTD 2025 YTD 2024              Profit (loss) for the period          17,295         98,079                 50,084         777,699          + Net finance expenses          111,193         37,575                 293,633         83,554          + Depreciation and amortisation          109,073         40,241                 273,442         122,118          + Income tax expense (benefit)          868         1,238                 3,708         5,602          EBITDA (unaudited)          238,429         177,133                 620,867         988,973                                  EBITDA per share:                       (in USD per share)  Third Quarter 2025 Third Quarter 2024 YTD 2025 YTD 2024              Weighted average number of shares (basic)          238,021,435         201,912,942                 208,978,825         196,654,266          EBITDA          1.00         0.83                 2.97         5.03                                  All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.

Interim dividend

CMB.TECH intends to propose an interim dividend of USD 0.05 per share, which is expected to be paid on or about 15 January 2026, subject to completion of the required statutory procedures.

Subject to completion of the required statutory procedures and final approval, the timing of the distribution of this Interim Dividend is as follows:

COUPON 44Ex-dividend dateRecord datePayment dateEuronext6 January 20267 January 202615 January 2026NYSE7 January 20267 January 202615 January 2026OSE6 January 20267 January 2026on or about 20 January 2026 TCE

The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:

 Q3 2025Q3 2024Quarter-to-Date Q4 2025USD/dayUSD/dayUSD/dayFixed %DRY BULK VESSELSNewcastlemax average spot rate(1)29,42331,27133,68583.0%Newcastlemax average time charter rate21,329   Capesize average rate(1)20,537 26,28487.0%Panamax/Kamsarmax average spot rate(1)13,467 17,04277.0% Panamax/Kamsarmax average time charter rate13,364   TANKERSVLCC average spot rate (2)30,48639,70068,04878.0%VLCC average time charter rate(3)45,72546,700  Suezmax average spot rate(1) (3)48,21037,20059,91073.0%Suezmax average time charter rate33,45530,750  CONTAINER VESSELSAverage time charter rate29,37829,378  CHEMICAL TANKERSAverage spot rate(1) (2)20,67525,489 22,578 N/AAverage time charter rate19,30619,306   OFFSHORE WINDCSOV Average time charter rate27,272 118,87083.7%CTV Average time charter rate3,4703,0752,83677.7% 1) Reporting load-to-discharge, in line with IFRS 15, net of commission
(2) CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical off hire days)
(3) Including profit share where applicable

CORPORATE UPDATE

Supervisory Board changes

As already announced, Mr. Marc Saverys and Mrs. Julie De Nul have decided to resign as members of the Supervisory Board of CMB.TECH in Q3 2025. Mr. Marc Saverys has also resigned as Chairman of the Supervisory Board. Mr. Patrick de Brabandere, as representative of Debemar BV was appointed to succeed Mr. Marc Saverys as chairman of the Supervisory Board.

The Supervisory Board has further decided to co-opt Mrs. Gudrun Janssens and Mr. Carl Steen as independent members within the Supervisory Board. Mr. Carl Steen has been appointed to succeed Mrs. Julie de Nul as chairman of the Remuneration committee. The reviewed composition of the committees of the Supervisory Board can be found on our website.

CMB.TECH FLEET DEVELOPMENTS

Orders

Windcat

Windcat has ordered one Multi-Purpose Accommodation Service Vessel (MP-ASV) (CSOV XL) with an option of five more. This new type of vessel is based on the proven concept of Windcat's CSOVs. The vessels will be built by Damen Shipyards and delivered from 2028.

Sales

Bocimar

CMB.TECH has sold the capesize Battersea (2009, 169.390 dwt). The sale will generate a total capital gain of 2.4 million USD. The vessel will be delivered to its new owner during Q4 2025.

The capesize Golden Zhoushan (2011, 175,834) was delivered to its new owner during Q4 2025. No capital gain will be generated by the sale.

Euronav

On 25 August 2025, the Company entered into an agreement to sell the Suezmax Sofia (2010, 165,000 dwt) for a net sale price of USD 40.1 million. The sale will generate a gain of approximately USD 20.4 million and is expected to be delivered to its new owner in the fourth quarter of 2025.

CMB.TECH has sold the VLCC Dalma (2007, 306,543 dwt). The sale will generate a capital gain of 26.7 million USD. The vessel will be delivered to its new owner during Q4 2025.

The time charter of the VLCC Donoussa (2016, 299,999 dwt) was extended for another 11 months, until October 2026.

Hakata (2010, 302,550 dwt) & Hakone (2010, 302,624 dwt) were delivered to their new owners in Q3 2025, generating a total capital gain of approx. 39.3 million USD in Q3 2025.

Newbuilding deliveries

On 2 July 2025, the Company took delivery of the CTV Windcat 58.

On 24 July 2025, the Company took delivery of the CSOV Windcat Rotterdam.

On 8 August 2025, the Company took delivery of Newcastlemax Mineral Slovensko (2025, 210,000 dwt).

On 18 September 2025, the Company took delivery of Chemical tanker Bochem Santos (2025, 25,000 dwt).

On 26 September 2025, the Company took delivery of Newcastlemax Mineral Slovenija (2025, 210,000 dwt).

On 10 November 2025, the Company took delivery of VLCC Atrebates (2025, 319,000 dwt).

On 12 November 2025, the Company took delivery of the CTV Windcat 61.

MARKET & OUTLOOK

Bocimar – Dry-Bulk Market1

Despite China’s steel output slipping into a year-on-year contraction (-0.7%), iron ore imports have surged to record levels — reaching an all-time high of 116.3 mt in September (+11.7% y-o-y) — while China’s port inventories of iron ore declined (-7.2% y-o-y). Although Chinese steel production has decreased, iron ore imports have risen due to the gradual depletion of domestic mines, with Chinese iron ore self-sufficiency year-to-date 2025 standing at only 7%. Moreover, there is mounting evidence that the average quality of globally traded iron ore (in terms of Fe content and impurities) has been gradually deteriorating. Flagship Australian blends that once comfortably sat at 62% Fe have slipped closer to 60.8%, and mid-grade fines in the 60–61% Fe band now dominate Chinese seaborne and portside trade. When the quality of the average tonne falls, the volume of tonnes needed to keep the furnaces going does not fall one-for-one with crude steel. In addition, in today’s environment of heightened global instability, it is expected that nations will increasingly prioritise importing and stockpiling key commodities. This reinforces the bullish outlook for the seaborne dry bulk market. Historically, China’s iron ore imports have been more closely linked to global supply dynamics than to domestic steel output trends — a pattern reaffirmed by recent data. Vale has confirmed a solid Q3 production performance, with iron ore output 6% above consensus, marking its highest production since the Brumadinho dam failure in 2018. Guidance remains at the upper end of expectations (2026: 340–360 mt, up from 325–335 mt in 2025). Rio Tinto is largely on track to meet its FY25 guidance across major divisions, however, the key update was that Simandou has loaded its first cargo for transport to rail and port, with the first shipment still expected in November. Rio Tinto continues to guide to a 30-month ramp-up to the design capacity of 120 mtpa (100% basis). The 11,350 nm Guinea–China route is over 3 times the sailing distance of the 3,500 nm Australia–China leg, implying a significant boost to tonne-mile demand and fleet utilisation.

Over the next few years, new iron ore supply from projects such as Simandou and Brazilian expansions could outpace demand growth, particularly if China’s steel production remains subdued. In such a scenario, the additional tonnage may not be fully absorbed by the market, leading to lower iron ore prices and potential production cutbacks at high-cost mines. If the market becomes oversupplied by around 100 million tonnes, roughly 40% of the high-cost output would likely be in Australia, 40% in China, 7% in Brazil, and 12% elsewhere. These at-risk volumes are primarily short-haul trades, meaning their removal would reduce short-distance supply while leaving longer-haul high iron ore quality routes—such as Brazil–China and the emerging Guinea–China corridor—intact. As a result, even though total seaborne volumes could fall, the average sailing distance would increase, supporting tonne-mile demand and Capesize vessel utilisation. If oversupply deepens to 200 million tonnes, the effect would be amplified, as more short-haul production exits the market and a greater share of trade shifts toward long-haul flows. Overall, the seaborne iron ore market is set to be a key growth driver for the Capesize dry bulk segment: seaborne iron ore demand forecast of 2026e +2.8% and 2027e +2.7%, whilst the Capesize fleet growth stands only at 2026e +2.2% and 2027e +2.6%.

Bauxite has become an increasingly important cargo stream for Capesize vessels, offsetting weakness in coal volumes. A shortened monsoon season in Guinea allowed mining and loading operations to resume earlier than usual, triggering a wave of Capesize ballasting toward West Africa to capture fresh export opportunities. During the first three quarters of 2025, China imported 130 million tonnes of bauxite via Capesize vessels — a robust +26.6% y-o-y increase. Of this, approximately 120 million tonnes originated from Guinea, equivalent to around 626 Capesize voyages on the Guinea–China route. This uptrend reflects both strong Chinese aluminium sector demand, driven by advanced manufacturing and clean energy industries, and favourable operational conditions in West Africa. For Panamax and Supramax vessels, bauxite’s growth has tightened regional availability, as Capesize repositioning absorbs tonnage previously competing for mid-size cargoes. In addition, the Guinean bauxite trade is reducing some of the inherent seasonality of the Capesize trade as the ‘bad weather’ seasonality is complementary: Brazil (rain season Nov-Apr), Australia (cyclone season Jan-Mar), and Guinea (rain season Jul-Oct). Long term seaborne bauxite transportation is expected to grow with 2026e 12.4% and 2027e 11.0%.

While bauxite and iron ore continue to be positive contributors to the dry bulk market, the coal trade is trending in the opposite direction. Seaborne coal trade peaked in 2024, driven by high import demand in Asia, particularly China. However, in 2025, this trend has reversed due to lower seaborne coal demand, robust domestic production, and high stockpiles in China and India, reducing import needs. The IEA projects a continued decline in global coal trade in 2026, marking the first two-year decline this century, primarily due to China’s decreasing demand. Panamax vessels will bear the brunt of declining coal volumes. Short term fluctuations are still to be expected enabling short term import arbitrage – e.g. impact of temporary subdued quantities of rain on hydroelectric generation capacity, or temporary Chinese coal mine output curbs due to safety inspections.

The global grain market in 2025 started slowly, with seaborne trade down 5% year-over-year in Q1 due to weaker Black Sea exports amid ongoing conflict. However, volumes rebounded as of Q2, driven by strong U.S. and South American harvests. Soybeans remain central to the grain story. China, the world’s largest importer, purchased 12.28 million tonnes in August 2025 – the highest volume ever recorded for the month – shoring up domestic supplies ahead of the US harvest. Most of the cargoes came from Brazil, leaving Chinese crushers well-prepared for a winter potentially constrained by trade frictions. China is estimated to have accounted for approximately 93 percent of Brazil's total soybean exports in September, a historically high and disproportionate share and a direct result of the ongoing trade tensions and tariffs from the US. Although recent negotiations between China and USA have been fruitful, delaying both US and Chinese port fees by 12 months, a continued tit-for-tat trajectory remains a possibility as both sides continuously recalibrate their negotiation leverage. Overall, seaborne grain trade is projected to grow 2% for FY 2025, with a stronger second half fuelled by record U.S. corn and Brazilian soybean harvests. Long term seaborne grain transportation is expected to grow with 2026e 5.3% and 2027e 3.5%.

The Capesize and Newcastlemax orderbook currently stands at 9.3% of the active fleet. 32% or 518 vessels are over 15 years old and are increasingly uneconomical to operate amid rising environmental compliance costs. The Panamax and Kamsarmax orderbook currently stands at 13.6% – with 31% or 863 vessels over 15 years old. In addition, new vessel contracting remains subdued, constrained by limited shipyard availability (~4year contract cover), elevated construction costs and persistent uncertainty regarding future propulsion technologies. The market remains relatively balanced, though growth drivers are strongly skewed in favour of Capesizes: 2026e demand growth of 3.9%, net fleet growth of 3.7%, and utilisation of 86.4%. Improving further in 2027e: demand growth of 3.6%, net fleet growth of 3.2%, and utilization of 86.8%.

Bocimar has 36 (+10NB) Newcastlemaxes on the water (average age 2.5y), 39 Capesize vessels on the water (average age 10.6y), and 30 Kamsarmax/Panamax vessels on the water (average age 5.9y).

Q3 2025 Performance Highlights:

Newcastlemax: actual Q3 2025 spot TCE actuals at 29,423 USD/day. CMB.TECH Newcastlemax fleet outperformed Q3 5TC Baltic Capesize Index by 25.5% (23,450 USD /day basis net-net). Q4 TCE quarter to date rates at 33,685 USD/day (83% fixed)Capesize: actual Q3 2025 TCE actuals at 20,537 USD/day. Q4 TCE quarter to date rates at 26,284 USD/day (87% fixed) – outperforming the Q4 qtd 5TC Baltic Capesize Index by 10.2% (23,861 USD /day basis net-net)Kamsarmax/Panamax: actual Q3 2025 TCE actuals at 13,467 USD/day. Q4 TCE quarter to date rates at 17,042 USD/day (77% fixed) – outperforming the Q4 qtd 4TC Baltic Panamax BPI-74 Index by 19.2% (14,288 USD/day basis net-net) Euronav – Tanker Markets2

Global oil market fundamentals remained heavily supply-driven during the third quarter of 2025, underscoring a rapidly evolving environment for crude transportation demand. Global oil supply in September was up by a massive 5.6 mb/d compared with a year ago. OPEC+ accounted for 3.1 mb/d of this increase, as the Group of Eight unwound 2 mb/d of production cuts and as Libya, Venezuela, and Nigeria all posted strong gains. Based on the latest OPEC+ agreement, output is on track to rise by an average of 1.4 mb/d in 2025 and potentially a further 1.2 mb/d in 2026. Non-OPEC+ producers are also set to expand supply by 1.6 mb/d and 1.2 mb/d, respectively, led by the United States, Brazil, Canada, Guyana, and Argentina. Risks to the forecast persist, with sanctions on Russia and Iran adding layers of geopolitical complexity and uncertainty.

On the demand side, global oil consumption rose by a modest 750 kb/d y-o-y in Q3 25, marking a rebound from Q2 25’s tariff-affected 420 kb/d growth pace. Nevertheless, oil use is expected to remain subdued through the remainder of 2025 and into 2026, with annual gains projected at around 700 kb/d in both years. This remains well below historical trends, reflecting a tougher macroeconomic backdrop and ongoing structural headwinds from amongst others transport electrification.

Balancing these dynamics highlights that the oil market has been in surplus since the start of 2025. Stock builds have been concentrated in crude inventories in China – driven by regulatory requirements, competitive oil prices, increased availability of new storage capacity, and a desire to boost inventories in an increasingly uncertain world with higher risk of supply disruptions. By September, a surge in Middle East production, combined with seasonally weaker regional crude demand, lifted exports to their highest levels in two and a half years. Alongside robust flows from the Americas, this drove an increase in oil on water, i.e. the largest rise since the Covid-19 pandemic. Next to the demand/supply and seasonal factors, the increase in oil on the water is also a direct result of the set-up in sanctions. Oil with origin Russia, Iran or Venezuela increased by 100m barrels between August and October. Overall, it is clear that it is not about sentiment, but about real cargo growth and longer voyage patterns, reinforced by new-policy related disruptions that continue to absorb effective capacity. Hence, for the tanker market, these conditions have provided strong support for fleet utilisation and freight rates in Q3 2025 (VLCC 10-year historic long-term earnings Q3: 23,654 USD/day, VLCC Q3 2025 average: 50,109 USD/day) – and freight rates have clearly further improved into Q4 2025.

These dynamics point to a potential market of crude and condensate balance surplus of 2.9 mb/d for FY 2026, underscoring growing imbalances that may eventually require market adjustments – in the end, something needs to give. Should the modelled 1H26 surplus result in sustained lower oil prices, it could help moderate inflation, support global economic activity, and eventually stimulate oil demand – gradually balancing the market again by 2027. If demand does not follow, supply will eventually need to be curbed. It is hard to predict at this moment which scenario will materialise.

Additionally, newly announced sanctions on major Russian oil companies introduce further uncertainty into global supply and trading patterns. OPEC’s readiness to stabilise markets, including statements from Kuwait’s Oil Minister suggesting the group could increase production if necessary, provides further support to the compliant tanker rate outlook.

From a vessel supply side perspective, ordering activity has picked up further, pushing the VLCC orderbook-to-fleet (OB/F) ratio to 15.4% and the Suezmax OB/F ratio to 20.8%. While these figures may appear substantial at first glance, they are insufficient when viewed against the backdrop of an aging global tanker fleet. Currently, 18% of the VLCC fleet and 19% of the Suezmax fleet are over 20 years old — thresholds typically associated with phase-out or reduced commercial viability. The replacement challenge becomes even more pronounced when looking further ahead. By 2030, 40% of the VLCC fleet and 40% of the Suezmax fleet will be over 20 years old, indicating a steep increase in fleet obsolescence. This accelerated aging underscores the need for fleet renewal, particularly as environmental regulations tighten and charterers favour younger, more efficient tonnage.

Euronav has 10 (+4NB) VLCCs (average age 8.4y) and 17 (+2NB) Suezmaxes (average age 6.9y) on the water. Q3 2025 Performance Highlights:

VLCC: actual Q3 TCE for VLCC of 30,486 USD/day and actual Q4 quarter-to-date of 68,048 USD/day (78% fixed)Suezmax: actual Q3 TCE for Suezmax of 48,210 USD/day and actual Q4 quarter-to-date of 59,910 USD/day (73% fixed)  Delphis – Container Markets3

Freight rates began the third quarter at higher levels but gradually declined, ending the period around breakeven, as weak trade into the U.S. and moderating global volumes put pressure on spot rates and a muted U.S. peak season created excess vessel capacity. After a period of inventory building in the U.S. during 2024 and early 2025, imports have declined noticeably in recent months, leading to an uneventful Q3 peak season and pressure on global spot rates.

Looking ahead, the outlook for the fourth quarter remains mixed, reflecting a balance of both supportive and challenging factors. On the positive side, there are signs of improving U.S.–China trade relations, which could bolster market sentiment and trade activity. However, potential reopening of the Red Sea corridor and a substantial new vessel orderbook (OB/F 32.4%) may exert downward pressure on freight rates and overall market conditions in the container shipping sector.

CMB.TECH’s 4 x 6,000 TEU (average age 1.25y) and 1 NB 1,400 TEU container vessels are all employed under 10 to 15-year time charter contracts.

Bochem – Chemical Markets4

The chemical tanker markets have shown signs of gradual easing in recent months, albeit from a robust starting point earlier in 2025. The market has faced headwinds from slower volume growth, weaker clean petroleum products (CPP) sector conditions, and moderate fleet expansion in certain chemical tanker segments. Nonetheless, freight rates remain healthy across several regions, and time-charter rates continue to trade above historical averages (+12.5% above 5-year historic mean). For the remainder of the year, rates are expected to remain stable as we enter seasonally stronger winter months, further aided by strong sentiment in the adjacent crude and product tanker markets.

Forecasts for 2026 point to a modest recovery in volume growth, supported by expectations of broader macroeconomic improvement, though sentiment remains cautious. Current projections suggest seaborne chemicals trade could increase by around ~0.8-0.9% year-on-year on both a volume and tonne-mile basis. In addition, the orderbook remained stable this quarter, a factor that underpins a more balanced outlook over the longer term. As of the latest data, the chemical tanker orderbook (10,000–54,999 dwt) stands at 22.6% of the existing fleet, while approximately 26% of the fleet is over 20 years old.

Bochem’s 25,000 DWT chemical tankers fleet comprises out of 7 delivered vessels, and 9 NB vessels (average age <1y). They are employed under a 10-year time charter (6 vessels), under a 7-year time charter (6 vessels), and in the spot pool (2 vessels). Q3 2025 performance highlights:

Actual TCE Q3 2025 of USD 20,675 per day USD/day (spot pool) Q4 2025 spot rates to-date: USD 22,578 USD/day per day Windcat – Offshore (Wind) Markets5

The underlying offshore wind market remains challenging, with a continued disconnect between auction awards (secured offtake) and final investment decisions (FIDs). The year has also been marked by several zero-bid auctions, underscoring margin pressure and cost inflation across the supply chain. Government responses will be pivotal going forward — particularly whether they follow the UK’s example of raising maximum CfD prices or scale back capacity targets to restore project viability.

In the CSOV segment, fleet utilisation was near full capacity in Q2 2025, though Q3 has seen some vessels redelivered from summer campaigns without confirmed winter employment. The typical autumn uptick in W2W activity observed in prior years has not materialised to the same extent for the 2025/26 winter season, leaving a handful of Tier 1 assets6 still open in the near term. However, a significant share of the European CSOV fleet already holds commitments for 2026, with additional charter awards expected in Q4 2025.

Regionally, oil and gas-related demand—particularly in Brazil—has strengthened further, with more CSOV tonnage expected to be absorbed outside the typical European offshore wind projects. In Taiwan, vessel demand remains strong, and local tonnage availability tight, prompting the import of a European CSOV to meet regional W2W requirements for a medium-term campaign.

In general, we see orders for offshore wind vessels reducing, including CSOVs: 2024 #20 NB orders, and 2025 #6 NB orders. Tier 1 CSOV fleet stands today at 43 units versus an orderbook of 28 units (OB/F 65.1%)

The Q3 2025 CTV market was relatively inactive on both chartering and S&P activity. Nevertheless, the majority of vessels were employed on summer campaigns for most of the season, with many contracts extended into Q4 2025. Charter rates remained healthy, reflecting sustained demand, although a limited number of 24-pax CTVs and older 12-pax vessels experienced restricted employment over the summer. Looking ahead, utilisation levels are expected to decline entering the traditional slower winter season in Q4, consistent with historical seasonal patterns.

CTV fleet stands at 695 units versus an orderbook of 56 units (OB/F 8.1%) – with a slowly increasing average age of 9.5 years. As newbuilding levels are relatively modest, it is not expected that supply will exceed demand and hence market conditions are likely to remain familiar (including the typical seasonal patterns). In addition, the growing SOV segment has not yet cannibalised the CTV market – as SOV rates remain ~8 times the CTV rates.

Windcat has 1 (+5NB) CSOVs, and 54 (+7NB) CTVs (average age 9.5y). Q3 2025 performance highlights:

CSOVs: achieved TCE Q3 2025 of USD 27,272 per day . CSOV Q4 2025 spot rates to-date: so far 83.7% fixed at USD 118,870 per dayCTVs: achieved TCE Q3 2025 of USD 3,470 per day (utilisation 93.8%). CTV Q4 2025 spot rates to-date: so far 77.7% fixed at USD 2,836 per day CONFERENCE CALL
The call will be a webcast with an accompanying slideshow. You can find the details of this conference call below and on the “Investor Relations” page of the website. The presentation, recording & transcript will also be available on this page.

Webcast Information Event Type: Audio webcast with user-controlled slide presentationEvent Date:26 November 2025Event Time:8 a.m. EST / 2 p.m. CETEvent Title: “Q3 2025 Earnings Conference Call”Event Site/URL:  https://events.teams.microsoft.com/event/c0e3e44b-69f5-4d83-aeb0-7ffa0ce4b5a5@d0b2b045-83aa-4027-8cf2-ea360b91d5e4 To attend this conference call, please register via the following link.

Telephone participants who are unable to pre-register may dial in to the respective number of their location (to be found here). The Phone conference ID is the following: 520 663 159#

Announcement Q4 2025 results – 26 February 2025

About CMB.TECH

CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore energy vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.

CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”.

More information can be found at https://cmb.tech

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other   factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

This information is published in accordance with the requirements of the Continuing Obligations on Euronext Oslo Børs.

Condensed consolidated interim statement of financial position (unaudited)

(in thousands of USD)

          September 30, 2025  December 31, 2024ASSETS             Non-current assets      Vessels          6,590,617  2,617,484Assets under construction          742,464  628,405Right-of-use assets          5,412  1,910Other tangible assets          23,815  21,628Prepayments          1,083  1,657Intangible assets          14,632  16,187Goodwill          177,022  —Receivables          89,124  75,076Investments          116,175  61,806Deferred tax assets          7,896  10,074       Total non-current assets  7,768,240  3,434,227       Current assets      Inventory          94,895  26,500Trade and other receivables          332,173  235,883Current tax assets          4,528  3,984Cash and cash equivalents          81,864  38,869   513,460  305,236       Non-current assets held for sale          83,733  165,583       Total current assets  597,193  470,819       TOTAL ASSETS  8,365,433  3,905,046              EQUITY and LIABILITIES             Equity      Share capital          343,440  239,148Share premium          1,817,557  460,486Translation reserve          8,396  (2,045)Hedging reserve          160  2,145Treasury shares          (284,508)  (284,508)Retained earnings          662,722  777,098       Equity attributable to owners of the Company  2,547,767  1,192,324       Non-current liabilities      Bank loans          4,040,518  1,450,869Other notes          —  198,887Other borrowings          948,772  667,361Lease liabilities          3,729  1,451Other payables          148  —Employee benefits          1,073  1,060Deferred tax liabilities          485  438       Total non-current liabilities  4,994,725  2,320,066       Current liabilities      Trade and other payables          193,047  79,591Current tax liabilities          7,303  9,104Bank loans          322,416  201,937Other notes          199,994  3,733Other borrowings          98,294  95,724Lease liabilities          1,887  2,293Provisions          —  274       Total current liabilities  822,941  392,656       TOTAL EQUITY and LIABILITIES  8,365,433  3,905,046               Condensed consolidated interim statement of profit or loss (unaudited)

(in thousands of USD except per share amounts)

          2025  2024   Jan. 1 - Sep. 30, 2025  Jan. 1 - Sep. 30, 2024Shipping income      Revenue  1,077,100  714,217Gains on disposal of vessels/other tangible assets  143,075  563,905Other operating income  28,252  42,406Total shipping income  1,248,427  1,320,528       Operating expenses      Raw materials and consumables          (6,496)          (2,159)Voyage expenses and commissions          (233,986)  (131,618)Vessel operating expenses          (292,342)  (146,829)Charter hire expenses          (2,709)  (135)Loss on disposal of vessels/other tangible assets          —          (2)Depreciation tangible assets          (270,999)  (120,011)Amortisation intangible assets          (2,443)  (2,107)Impairment losses          (3,273)          —General and administrative expenses  (90,471)  (53,150)Total operating expenses  (902,719)  (456,011)       RESULT FROM OPERATING ACTIVITIES  345,708  864,517       Finance income  24,867  30,518Finance expenses  (318,500)  (114,072)Net finance expenses  (293,633)  (83,554)       Share of profit (loss) of equity accounted investees (net of income tax)          1,717  2,338       PROFIT (LOSS) BEFORE INCOME TAX  53,792  783,301       Income tax benefit (expense)  (3,708)  (5,602)       PROFIT (LOSS) FOR THE PERIOD  50,084  777,699       Attributable to:      Owners of the company  71,638  777,699Non-controlling interest  (21,554)          —       Basic earnings per share  0.34  3.95Diluted earnings per share  0.34  3.95       Weighted average number of shares (basic)  208,978,825  196,654,266Weighted average number of shares (diluted)  208,978,825  196,654,266                      Condensed consolidated interim statement of comprehensive income (unaudited)

(in thousands of USD)

          2025  2024   Jan. 1 - Sep. 30, 2025  Jan. 1 - Sep. 30, 2024       Profit/(loss) for the period  50,084  777,699       Other comprehensive income (expense), net of tax      Items that will never be reclassified to profit or loss:      Remeasurements of the defined benefit liability (asset)          —          181       Items that are or may be reclassified to profit or loss:      Foreign currency translation differences  10,441  2,536Cash flow hedges - effective portion of changes in fair value  (1,985)  (1,087)       Other comprehensive income (expense), net of tax  8,456  1,630       Total comprehensive income (expense) for the period  58,540  779,329       Attributable to:      Owners of the company  80,094  779,329Non-controlling interest  (21,554)  —               Condensed consolidated interim statement of changes in equity (unaudited)

(In thousands of USD)

 Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity          Balance at January 1, 2024239,1481,466,5292351,140(157,595)807,9162,357,373—2,357,373          Profit (loss) for the period        —        —        —        —        —777,699777,699—777,699Total other comprehensive income (expense)        —        —2,536(1,087)        —        1811,630—1,630Total comprehensive income (expense)        —        —2,536(1,087)        —777,880779,329—779,329Transactions with owners of the company         Business Combination        —        —        —        —        —        (796,970)(796,970)—        (796,970)Dividends to equity holders        —        (1,006,043)        —        —        —        (104,877)(1,110,920) (1,110,920)Treasury shares acquired        —        —        —        —        (126,913)        —(126,913)—(126,913)Total transactions with owners        —        (1,006,043)        —        —        (126,913)        (901,847)(2,034,803)—(2,034,803)          Balance at September 30, 2024239,148460,4862,77153(284,508)683,9491,101,899—1,101,899                     Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity          Balance at January 1, 2025239,148460,486(2,045)2,145(284,508)777,0981,192,324—1,192,324          Profit (loss) for the period        —        —        —        —        —71,63871,638(21,554)50,084Total other comprehensive income (expense)        —        —10,441(1,985)        ——8,456—8,456Total comprehensive income (expense)        —        —10,441(1,985)        —71,63880,094(21,554)58,540Transactions with owners of the company         Business Combination - Initial purchase        ——        —        —        ———1,453,5731,453,573Business Combination - Subsequent purchases        ——        —        —        —73,70573,705(210,771)(137,066)Merger        104,2921,357,071        —        —        —(240,115)1,221,248(1,216,153)5,095Dividends to equity holders        ——        —        —        —(19,604)(19,604)—(19,604)Dividends to non-controlling interest        ——        —        —        ———(5,095)(5,095)Total transactions with owners104,2921,357,071———(186,014)1,275,34921,5541,296,903          Balance at September 30, 2025343,4401,817,5578,396160(284,508)662,7222,547,767-2,547,767                      Condensed consolidated interim statement of cash flows (unaudited)

(in thousands of USD)

          2025  2024   Jan. 1 - Sep. 30, 2025  Jan. 1 - Sep. 30, 2024Cash flows from operating activities      Profit (loss) for the period  50,083  777,699       Adjustments for:  428,990  (374,920)Depreciation of tangible assets  270,999          120,011Amortisation of intangible assets  2,443          2,107Impairment losses (reversals)  3,273          —Provisions  (274)          (244)Income tax (benefits)/expenses  3,708          5,602Share of profit of equity-accounted investees, net of tax  (1,717)          (2,338)Net finance expense  293,633          83,554(Gain)/loss on disposal of assets  (143,075)          (563,905)(Gain)/loss on disposal of subsidiaries  —          (19,707)       Changes in working capital requirements  (39,384)  9,734Change in cash guarantees  (2,898)          (50,959)Change in inventory  (38,089)          3,405Change in receivables from contracts with customers  11,134          75,708Change in accrued income  (2,910)          (6,200)Change in deferred charges  (445)          (3,846)Change in other receivables  12,577          (5,497)Change in trade payables  8,355          3,917Change in accrued payroll  1,292          (834)Change in accrued expenses  (11,448)          (15,996)Change in deferred income  13,469          3,580Change in other payables  (30,421)          6,456       Income taxes paid during the period          (3,828)          (5,042)Interest paid          (231,229)          (96,938)Interest received          4,188          15,632Dividends received from other investments          7,076          1,050       Net cash from (used in) operating activities  215,896  327,215       Acquisition of vessels and vessels under construction          (822,500)          (687,219)Proceeds from the sale of vessels          376,413          1,599,372Acquisition of other tangible assets and prepayments          (2,136)          (4,454)Acquisition of intangible assets          (1,852)          (619)Proceeds from the sale of other (in)tangible assets          —          1,178Net cash on deconsolidation / sale of subsidiaries          —          822Investments in other companies          —          (45,000)Loans from (to) related parties          (2,056)          (870)Acquisition of a subsidiary, net of cash acquired          (1,098,897)          (1,149,886)Repayment of loans from related parties          —          (79,930)Lease payments received from finance leases          1,263          1,184       Net cash from (used in) investing activities  (1,549,765)  (364,600)       (Purchase of) Proceeds from sale of treasury shares          —          (126,913)Proceeds from new borrowings          4,574,736          1,986,318Repayment of borrowings          (2,354,905)          (736,622)Repayment of lease liabilities          (124,962)          (33,051)Repayment of commercial paper          (190,083)          (307,623)Repayment of sale and leaseback          (337,051)          (14,490)Transaction costs related to issue of loans and borrowings          (50,631)          (10,754)Dividends paid          (5,526)          (1,109,175)Acquisition of non-controlling interest          (137,066)          —       Net cash from (used in) financing activities  1,374,513  (352,310)              Net increase (decrease) in cash and cash equivalents  40,644  (389,694)       Net cash and cash equivalents at the beginning of the period  38,869          429,370Effect of changes in exchange rates  2,351          8,102       Net cash and cash equivalents at the end of the period  81,864  47,778               1
Source: AXS Marine, Clarksons SIN, Clarksons, Breakwave Advisors, Morgan Stanley, BRS, Vale, Rio Tinto, Doric, IEEFA, Intermodal
2 Source: AXS Marine, Clarksons SIN, IEA, Morgan Stanley, Goldman Sachs
3 Source: Clarksons SIN, Jefferies
4 Source: Clarksons SIN, Stolt Pool
5 Source: Clarksons Offshore, Hagland
6 Tier 1 vessels are purpose built offshore DP2 vessels with motion compensated gangways and 3D cranes. All new building vessels are currently Tier 1 vessels. Tier 2 vessels are generally converted oil & gas (M)PSVs with a permanently installed walk-to-work system and crane.

CMBT_Q3_Earnings_release_

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The improvement in profitability came mainly from Coffee International, with the coffee JV in Brazil recording an increase of 27% in sales and of 171% in operating profit, with an operating margin of 11.3%; increase in market share in Israel[1] 

, /PRNewswire/ -- Strauss Group Ltd. (TASE: STRS) reported its financial results for the third quarter and first nine months of 2025, that ended September 30, 2025.

Shai Babad, CEO and President of Strauss Group: "The Group is on a growth trajectory, demonstrating improvement in profitability and increase in market share across most key market segments. Alongside continued impressive growth in our international coffee business, led by the coffee JV in Brazil, we have reinforced our beloved brands in Israel through innovation. Last month we inaugurated Michael's Campus in the North of Israel, which includes a new plant-based dairy facility at an investment of approximately NIS 270 million—a strategic investment that creates jobs, develops the local economy, and brings innovative products to market. Additionally, we launched the new 'Tami4 Shabbat' water bars and introduced the Cow-Free category, representing groundbreaking innovation in the dairy alternatives space. Today, Strauss stands in a position of strength, with growth engines in Israel and abroad, and a solid foundation for continued progress in the coming years."

Quarterly Highlights[2]:

Strauss Group: Significant sales growth reaching NIS 3.3 billion, up 9.6%, improved operating profit and margin, mainly from Coffee International in addition to implementation of productivity initiatives. Pro-forma growth reached 16.3%.
Strauss Israel: Growth in sales and market share alongside decline in profit and margin, primarily in the Health & Wellness segment.
Coffee International: Significant growth in sales and operating profit, mainly due to pricing in the coffee JV in Brazil. The coffee companies in Central Eastern Europe have established their position as # 2-3 player in the market.
Strauss Water: Continued revenue growth alongside decline in profit and margin, mainly due to reduced profitability in Haier Strauss Water in China following intense competition.
Innovation and new launches: Inauguration of Michael's Campus in the North of Israel, launch of Cow-Free and Tami4Shabbat.

Table 1. Financial Performance Summary (Non-GAAP) (1):

NIS million

Q3-2025

Q3-2024

% Change

% Change
excl. FX

9M-2025

9M-2024

% Change

% Change
excl. FX

Group Sales

3,277

2,991

9.6 %

13.2 %

9,340

8,334

12.1 %

16.4 %

Gross Profit

960

911

5.3 %

8.0 %

2,609

2,626

-0.7 %

2.1 %

Gross margin

29.3 %

30.5 %

27.9 %

31.5 %

EBIT

312

223

40.1 %

43.2 %

738

578

27.6 %

29.9 %

EBIT margin

9.5 %

7.4 %

7.9 %

6.9 %

Net Income attributed to shareholders

146

102

42.7 %

47.0 %

299

344

-13.2 %

-11.4 %

Net margin

4.4 %

3.4 %

3.2 %

4.1 %

EPS

1.25

0.88

42.6 %

 N.M.

2.56

2.95

-13.2 %

 N.M.

EBITDA

415

332

24.9 %

27.5 %

1,046

912

14.5 %

16.5 %

EBITDA margin

12.6 %

11.1 %

11.2 %

10.9 %

Free Cash Flow

245

-98

 N.M.

 N.M.

-339

-495

31.5 %

 N.M. 

(1)  The data presented in this document are based on the company's non-GAAP figures, which include the proportionate consolidation of jointly controlled entities and exclude the following: share-based payments; end-of-period mark-to-market valuations of open financial derivative positions used for commodity hedging; timing adjustments for gains and losses from commodity derivatives, which are deferred until the related inventory is sold to third parties and/or the derivative is exercised; other net income and expenses; and the related tax effects, unless stated otherwise. All changes are in comparison with the corresponding period last year, unless stated otherwise.

(2)  Comparative figures include the data for Sabra and Obela (based on 50%), which were sold during 2024.

(3)  Including loss on cocoa derivative of NIS 49 million in Q1-25, NIS 27 million in Q2-24 and NIS 18 million in Q3-24.

Note: Financial data were rounded to the nearest NIS million. Percentages changes were calculated based on the exact figures in NIS thousands. The figures for total International Dips & Spreads were derived from the exact figures for Sabra and Obela, in NIS thousands.

Third Quarter 2025 Financial Highlights[2]:

The Group's sales grew approximately 9.6% to NIS 3,277 million (13.2% excluding FX).
EBIT increased approximately 40.1% to NIS 312 million, representing 9.5% of sales, in comparison to NIS 223 million, 7.4% of sales.
Net income attributed to shareholders increased approximately 42.7% to NIS 146 million, 4.4% of sales, in comparison to NIS 102 million, 3.4% of sales.
Free cash flow of NIS 245 million, compared to negative free cash flow of NIS 98 million.

First Nine Months 2025 Financial Highlights[2]:

The Group's sales grew approximately 12.1% to NIS 9.3 billion (16.4% excluding FX).
EBIT increased approximately 27.6% to NIS 738 million, representing 7.9% of sales, compared to NIS 578 million, 6.9% of sales.
Net income attributed to shareholders decreased approximately 13.2% to NIS 299 million, representing 3.2% of sales, compared to NIS 344 million, 4.1% of sales.
Negative free cash flow of NIS 339 million, in comparison to negative free cash flow of NIS 495 million.

Segment Q3 & 9M Financial Highlights

Table 2. Sales Summary by Operating Segment (Non-GAAP) (1):

NIS million

Q3-2025

Q3-2024

% Change

9M-2025

9M-2024

% Change

Strauss Israel

1,407

1,371

2.7 %

4,122

3,892

5.9 %

Health & Wellness

821

827

-0.6 %

2,369

2,312

2.5 %

Fun & Indulgence (Snacks and sweets) (2)

365

323

12.9 %

1060

955

11.0 %

Fun & Indulgence (Coffee Israel)

221

221

-0.2 %

693

625

10.8 %

Strauss International Coffee(2)

1,636

1,259

30.0 %

4,560

3,418

33.4 %

Strauss Water

234

224

4.1 %

658

627

4.9 %

Other(3)

0

137

 N.M. 

-

397

 N.M.

(1)  The data presented in this document are based on the company's non-GAAP figures, which include the proportionate consolidation of jointly controlled entities and exclude the following: share-based payments; end-of-period  mark-to-market valuations of open financial derivative positions used for commodity hedging; timing adjustments for gains and losses from commodity derivatives, which are deferred until the related inventory is sold to third parties and/or the derivative is exercised; other net income and expenses; and the related tax effects, unless stated otherwise. All changes are in comparison with the corresponding period last year, unless stated otherwise.

(2)  Fun & Indulgence (Snacks and Confectionery) figures include Strauss's 50% interest in the salty snacks business. International Coffee figures include Strauss's 50% interest in the Três Corações joint venture (3C) in Brazil (a company jointly held by the Group (50%) and by the local São Miguel Group (50%)).  

(3)  Comparative figures include the data for Sabra and Obela (based on 50%), which were sold during 2024.

Note: Financial data were rounded to the nearest NIS million. Percentages changes were calculated based on the exact figures in NIS thousands. The figures for total International Dips & Spreads were derived from the exact figures for Sabra and Obela, in NIS thousands.

Table 3. Operating Profit Summary by Operating Segment (Non-GAAP)(1):

NIS million

Q3-2025

Q3-2024

% Change

% Change
excl. FX

9M-2025

9M-2024

% Change

% Change
excl. FX

Group EBIT

312

223

40.1 %

43.2 %

738

578

27.6 %

29.9 %

EBIT margin

9.5 %

7.4 %

7.9 %

6.9 %

Strauss Israel

146

158

-7.7 %

N.M. 

394

408

-3.5 %

N.M. 

EBIT margin

10.4 %

11.5 %

9.6 %

10.5 %

Health & Wellness

101

120

-15.5 %

N.M. 

302

286

5.7 %

N.M. 

EBIT margin

12.4 %

14.5 %

12.8 %

12.4 %

Fun & Indulgence (Snacks and sweets) (2)(4)

15

9

61.7 %

N.M. 

0

39

 N.M.

 N.M.

EBIT margin

4.0 %

2.8 %

0.0 %

4.1 %

Fun & Indulgence (Coffee Israel)

30

29

4.3 %

N.M. 

92

83

11.5 %

N.M. 

EBIT margin

13.5 %

12.9 %

13.3 %

13.2 %

Strauss International Coffee(2)

163

68

139.8 %

N.M. 

320

167

91.3 %

N.M. 

EBIT margin

9.9 %

5.4 %

7.0 %

4.9 %

Strauss Water(2)

23

26

-11.5 %

N.M. 

75

75

0.1 %

N.M. 

EBIT margin

9.8 %

11.6 %

11.4 %

11.9 %

Other(3)

-20

-29

-31.4 %

 N.M. 

-51

-72

-28.9 %

 N.M.

(1)  The data presented in this document are based on the company's non-GAAP figures, which include the proportionate consolidation of jointly controlled entities and exclude the following: share-based payments; end-of-period  mark-to-market valuations of open financial derivative positions used for commodity hedging; timing adjustments for gains and losses from commodity derivatives, which are deferred until the related inventory is sold to third parties and/or the derivative is exercised; other net income and expenses; and the related tax effects, unless stated otherwise. All changes are in comparison with the corresponding period last year, unless stated otherwise.

(2)  Fun & Indulgence (Snacks and Confectionery) figures include Strauss's 50% interest in the salty snacks business. International Coffee figures include Strauss's 50% interest in the Três Corações joint venture (3C) in Brazil (a company jointly held by the Group (50%) and by the local São Miguel Group (50%)). Strauss Water EBIT figures include Strauss's interest in Haier Strauss Water (HSW) in China (49%).

(3)  Comparative figures include the data for Sabra and Obela (based on 50%), which were sold during 2024.

(4)  Including loss on cocoa derivative of NIS 49 million in Q1-25, NIS 27 million in Q2-24 and NIS 18 million in Q3-24.

Note: Financial data were rounded to the nearest NIS million. Percentages changes were calculated based on the exact figures in NIS thousands. The figures for total International Dips & Spreads were derived from the exact figures for Sabra and Obela, in NIS thousands.

Strauss Israel

Strauss Israel sales in Q3-2025 reached NIS 1.41 billion, up 2.7%. EBIT decreased by 7.7% to NIS 146 million (10.4% margin). In 9M-2025 sales increased by 5.9% to NIS 4.12 billion and EBIT decreased by 3.5% to NIS 394 million (9.6% margin). The increase in sales was mainly attributed to higher pricing and volumes, partially offset by divestment of the Coffee-to-Go and Ultra Fresh businesses and negative sales mix in Q3-25. Lower EBIT was mainly due to raw material cost inflation. The Group realized non-recurring loss on cocoa derivatives amounting to NIS 49 million in Q1-2025 and in 9M-2025, NIS 18 million in Q3-2024, and NIS 44 million in 9M-2024. Excluding these losses, Strauss Israel EBIT would have totaled NIS 176 million (12.8% margin) for Q3-2024 and NIS 443 million (10.8% margin) in 9M-2025 and NIS 453 million (11.6% margin) in 9M-2024.

Health & Wellness segment sales in Q3-2025 reached NIS 821 million, down 0.6%, while the segment's EBIT decreased by 15.5% to NIS 101 million (12.4% margin). In 9M-2025 sales reached NIS 2.4 billion, up 2.5%, while the segment's EBIT increased by 5.7%, reaching NIS 302 million (12.8% margin). Sales were supported by higher volume and improved mix in 9M-2025. The lower EBIT and EBIT margin in Q3-2025 vs. Q3-2024 were mainly due to increased marketing efforts, divestment of the Ultra Fresh activity as well as one-off expenses related to quality assurance and food safety, while the improvement in 9M-2025 EBIT was mainly a result of sales growth and productivity measures.
Fun & Indulgence (F&I) – Snacks and Confectionery segment sales in Q3-2025 reached NIS 365 million, up 12.9%, while the segment's EBIT increased by 61.7% to NIS 15 million (4.0% margin). In 9M-2025 sales reached NIS 1.1 billion, up 11.0%, with break-even EBIT. Sales in Q3-2025 were supported mainly by higher prices and slightly higher volumes, while sales in 9M-2025 reflected higher prices and volumes. Both in Q3-2025 and in 9M-2025 EBIT was impacted by higher cocoa costs.Excluding losses on cocoa derivative, as noted above, F&I EBIT would have totaled NIS 27 million (8.4% margin) in Q3-2024, NIS 49 million (4.6% margin) in 9M-2025 and NIS 84 million (8.8% margin) in 9M-2024.

Fun & Indulgence – Israel Coffee segment sales in Q3-2025 reached NIS 221 million, down 0.2%, while the segment's EBIT increased by 4.3% to NIS 30 million (13.5% margin). Sales in 9M-2025 reached NIS 693 million, up 10.8%, y-o-y, with the segment's EBIT increasing by 11.5% to NIS 92 million (13.3% margin). Sales in Q3-2025 reflected the divestment of Coffee-to-Go and lower volumes. 9M-2025 sales reflected higher pricing and volumes. EBIT was supported by pricing, which partially offset higher green coffee costs.

Strauss Coffee International

Strauss Coffee International sales in Q3-2025 reached NIS 1.6 billion, up 30.0%, and EBIT increased by 139.8%, reaching NIS 163 million (9.9% margin). Sales in 9M-2025 reached NIS 4.6 billion, up 33.4%, EBIT increased by 91.3% to NIS 320 million (7.0% margin). Sales increased primarily due to higher pricing, while improving market share in most geographies. EBIT reflected higher pricing together with operational efficiencies. 
Três Corações (JV in 50% terms) Q3-2025 sales reached NIS 1.1 billion, up 26.9%, while EBIT increased by 171.2% to NIS 129 million (11.3% margin). 9M-2025 sales reached NIS 3.3 billion, up 36.9%, y-o-y, while EBIT increased by 149.7% to NIS 247 million (7.5% margin). Sales increased primarily due to higher pricing and total volumes. EBIT reflected higher pricing together with operational efficiencies for the 9M-2025 period. 
Central Eastern Europe (CEE)[3] sales in Q3-2025 reached NIS 504 million, an increase of 38.1%, moderated by the impact of exchange rates. Sales in 9M-2025 reached NIS 1.3 billion, an increase of 32.5%. Sales were primarily supported by higher pricing and higher volumes mainly in Poland, where Strauss established #2 market position, leading the beans segment.

Strauss Water

Strauss Water Q3-2025 sales reached NIS 234 million, up 4.1%. EBIT was down 11.5% to NIS 23 million (9.8% margin). 9M-2025 sales were up 4.9% y-o-y, reaching NIS 658 million. EBIT was stable at NIS 75 million (11.4% margin). Sales were supported by higher install base and higher Israel & UK sales and improved mix. EBIT was impacted by lower net income in Haier Strauss Water, despite implementation of productivity initiatives.  
Haier Strauss Water Q3-2025 sales (in 100% terms) reached NIS 216 million, up 1.6%, and reached net income of NIS 16 million, down 42.8%, y-o-y. 9M-2025 sales reached NIS 679 million, up 3.1%, and reached net income of NIS 67 million, down 16.7%. Sales increased 13.2% in Q3-2025 and 9.3% in 9M-2025 in local currency while net income was lower due to intense competition and efforts to preserve and expand market share through promotions, marketing and R&D to diversify the product portfolio.

Webinar Earnings Call

On Wednesday, November 26th, 2025, at 14:00 Israel time/12:00 UK time/7:00 a.m. ET, Strauss Group will host a webinar earnings call in Hebrew to review the financial statements of the company. The webinar will be hosted by the company's management.

To participate in the webinar please use the following link:

https://us02web.zoom.us/webinar/register/WN_vQPMf1O5Q2qcQB6MITmQaA

Webinar ID: 832 6800 6951

In addition, on Wednesday, November 26th, 2025, at 15:30 Israel time/13:30 UK time/8:30 a.m. ET, Strauss Group will host a webinar earnings call in English to review the financial statements of the company. The webinar will be hosted by the company's management.

To participate in the webinar please use the following link:

https://us02web.zoom.us/webinar/register/WN_OR5ejEHyQiubHizKjkLiXw

Webinar ID: 832 8565 5336

Questions for the questions and answers session may be submitted (up to 2 hours) in advance to:

[email protected]

Management's review will be accompanied by a presentation which will be available on the Investor Relations section of our website on Wednesday, November 26th, 2025.

https://ir.strauss-group.com/

Likewise, Strauss Group's Q3 & 9M-2025 earnings press release and financial statements will be available on the Company's website.

https://ir.strauss-group.com/ 

A recording of the webinar will be available on the company's website shortly following the webinar.

For further information, please contact:

Telem Yahav

Director of External Communications

972-52-257-9939

972-3-675-6713

[email protected] 

Rivka Neufeld

Investor Relations Manager

972-54-4224146

[email protected]

Liron Ben Yaakov

Director of Communications and PR

972-54-609-1600

972-3-675-2584

[email protected]

GAAP to Non-GAAP Reconciliations

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides Non-GAAP operating results which include the results of jointly controlled entities as if they were proportionately consolidated. Strauss Group has a number of jointly controlled companies: the Três Corações joint venture (3C) - Brazil (a company jointly held by Strauss Group (50%) and by the São Miguel Group (50%) in Brazil), Strauss Frito-Lay Ltd. (a 50%/50% JV with PepsiCo Frito-Lay in Israel) and until the completion of the sale in December 2024, Sabra Dipping Company (a 50%/50% JV with PepsiCo in the U.S. and Canada)("Sabra"), and PepsiCo Strauss Fresh Dips & Spreads International(1) (a 50%/50% JV with PepsiCo outside the U.S. and Canada) ("Obela"). For more information on this sale, please refer to the Description of the Company's Business Report for 2024, section 11.1. 

In addition, Non-GAAP figures exclude any share-based payments, mark to market of commodity hedging transactions as at end-of-period, other expenses or income and taxes referring to these adjustments.

Company Management believes that these measures provide investors with transparency by helping to illustrate the underlying financial and business trends relating to the Company's results of operations and financial position and comparability between current and prior periods. Management uses these measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the GAAP to Non-GAAP reconciliation tables in the Company's MD&A Report for a full reconciliation of the Company's GAAP to Non-GAAP results.

Table 4: Key financial data, based on the company's managerial (non-GAAP) reports(1):

NIS million

Q3-2025

Q3-2024

% Change

% Change excl. FX

9M-2025

9M-2024

% Change

% Change excl. FX

Total Group Sales

3,277

2,991

9.6 %

13.2 %

9,340

8,334

12.1 %

16.4 %

Gross Profit

960

911

5.3 %

8.0 %

2,609

2,626

-0.7 %

2.1 %

Gross margin

29.3 %

30.5 %

27.9 %

31.5 %

EBIT

312

223

40.1 %

43.2 %

738

578

27.6 %

29.9 %

EBIT margin

9.5 %

7.4 %

7.9 %

6.9 %

Net Income Attributed to shareholders

146

102

42.7 %

47.0 %

299

344

-13.2 %

-11.4 %

Net margin

4.4 %

3.4 %

3.2 %

4.1 %

EPS (NIS)

1.25

0.88

42.6 %

 N.M.

2.56

2.95

-13.2 %

 N.M.

EBITDA

415

332

24.9 %

27.5 %

1,046

912

14.5 %

16.5 %

EBITDA margin

12.6 %

11.1 %

11.2 %

10.9 %

Operating Cash Flow

367

60

511.7 %

 N.M.

71

-41

 N.M.

 N.M.

Capex, Net

-122

-158

-22.8 %

 N.M.

-410

-454

-9.7 %

 N.M.

Free Cash Flow

245

-98

 N.M.

 N.M.

-339

-495

31.5 %

 N.M.

Net debt

2,767

3,286

-15.8 %

 N.M.

2,767

3,286

-15.8 %

 N.M.

Net debt / EBITDA

2.1

2.7

2.1

2.7

Table 5: Key financial data, based on the company's GAAP reports:

NIS million

Q3-2025

Q3-2024

% Change

9M-2025

9M-2024

% Change

Total Group Sales

2,054

1,873

9.7 %

5,816

5,300

9.7 %

Gross Profit

647

653

-0.9 %

1,842

1,801

2.3 %

Gross margin

31.5 %

34.9 %

31.7 %

34.0 %

EBIT

268

216

23.5 %

641

484

32.3 %

EBIT margin

13.0 %

11.6 %

11.0 %

9.1 %

Net Income Attributed to the Company's Shareholders

127

99

28.0 %

277

232

19.3 %

Net margin

6.2 %

5.3 %

4.8 %

4.4 %

EPS (NIS)

1.09

0.85

28.2 %

2.38

1.99

19.6 %

EBITDA

356

304

17.1 %

905

754

20.0 %

EBITDA margin

17.3 %

16.2 %

15.6 %

14.2 %

Operating Cash Flow

165

180

-8.3 %

92

339

-72.9 %

Capex, Net

-102

-132

-22.7 %

-277

-281

-1.4 %

Free Cash Flow

63

48

31.3 %

-264

-34

676.5 %

Net debt

2,349

2,551

-7.9 %

2,349

2,551

-7.9 %

Net debt / EBITDA

2.1

2.5

2.1

2.5

Forward Looking Statement Disclaimer

This press release does not constitute an offering to purchase or sell securities of Strauss Group Ltd. (the "Company") or an offer for the receipt of such offerings. The press release's sole purpose is to provide information. The Information provided in the press release concerning the analysis of the Company's activity is only an extract, and in order to receive a complete picture of the Company's activity and the risks it faces, one should review the Company's reports to the Israel Securities Authority and the Tel Aviv Stock Exchange.

The press release may contain forward-looking statements as defined in the Israeli Securities Law, 5728-1968. All forward-looking statements in this press release are made based on the Company's current expectations, evaluations and forecasts, and actual results may differ materially from those anticipated, in whole or in part, as a result of different factors including, but not limited to, changes in market conditions and in the competitive and business environment, regulatory changes, currency fluctuations or the occurrence of one or more of the Company's risk factors. In addition, forward-looking forecasts and evaluations are based on information in the Company's possession while preparing the press release. The Company does not undertake any obligation to update forward-looking forecasts and evaluations made herein to reflect events and/or circumstances that may occur after this press release was prepared. 

[1] The data presented in this document are based on the company's Non-GAAP figures, which include the proportionate consolidation of jointly controlled entities and exclude the following: share-based payments; end-of-period mark-to-market valuations of open financial derivative positions used for commodity hedging; timing adjustments for gains and losses from commodity derivatives, which are deferred until the related inventory is sold to third parties; capital-based compensation; other net income/expenses; and the related tax effects, unless stated otherwise. All changes are in comparison with the corresponding period last year, unless stated otherwise.

[2] Q3-2025 and 9M-2025 results in this earnings release are presented in comparison to Q3-2024 and 9M-2024, respectively, unless otherwise stated.

[3]  CEE – Poland, Romania, Ukraine, Russia

SOURCE Strauss Group Ltd.

Tesla Chief Executive Elon Musk said on Tuesday that the number of robotaxis in Austin, Texas, will double in December, following the rollout of its self-driving service in the city in June.

Timothy Rupert Goyder

Good morning, ladies and gentlemen. My name is Tim Goyder, and I'm Chair of Liontown Resources Limited. I would like to begin by welcoming all of our shareholders and supporters and acknowledge the traditional custodians of the land on which we operate, including the Tjiwarl people on whose land the Kathleen Valley Operation sits.

It is now 11:00 a.m., and I'm advised that a quorum is present. I therefore declare the meeting open. I would like to advise that all shareholders in the room should now have registered to vote and have signed the attendance register. If you have not registered or have not received a voting card, one of those, please do so now at the registration desk. This year, we are webcasting our AGM so people who are unable to join us in person are able to follow the proceedings.

This is not a hybrid AGM, so viewers online will not be able to participate in the formal business. However, for those watching online, the webcast does have functionality to submit questions, which we can address at the conclusion of Tony's, CEO, address.

If you have any questions, submit them online, and we will endeavor to answer them. For those in the room, a roving microphone will be available for you to participate in Q&A.

I would like to introduce my fellow directors, Tony Ottaviano, Ian Wells, Jennifer Morris, Shane McLeay and Adrienne Parker, together with our Company Secretary, Clint McGhie. Our executive team are also here in attendance.

In the front row, we have our Chief Commercial Officer, Grant Donald; Interim Chief Financial Officer, Graeme Pettit. And I also

Nyxoah’s Genio® Therapy Receives Significant 2026 Medicare Reimbursement Increases Under Final CMS Rule

Assignment to New Technology APC 1580 is positive news for Nyxoah’s U.S. commercial rollout by strengthening hospital and ASC economics

Mont-Saint-Guibert, Belgium – November 26, 2025, 7:45 am CET / 1:45 am ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company that develops breakthrough treatment alternatives for Obstructive Sleep Apnea (OSA) through neuromodulation, today announced that the U.S. Centers for Medicare & Medicaid Services (CMS) has finalized its CY2026 Hospital Outpatient Prospective Payment System (HOPPS) and Ambulatory Surgery Center (ASC) Rule. Within the final rule, CMS assigned CPT Code 64568, the code used for all Genio hypoglossal nerve stimulation (HGNS) implants, to New Technology Ambulatory Payment Classification (APC) 1580.

Effective January 1, 2026, Hospital Outpatient Department (HOPD) reimbursement for CPT 64568 will increase to approximately $45,000, a 48% rise compared to 2025. In addition, Ambulatory Surgery Centers (ASC) facility reimbursement will increase to $42,373, reflecting a 58% increase compared to 2025.

These updates apply uniformly to all procedures billed under CPT 64568, including Genio®, and strengthen the economic foundation supporting therapy adoption across U.S. hospital outpatient departments and ambulatory surgical centers. With CMS’ decision, Genio® enters 2026 with a stronger reimbursement framework that is expected to support broader adoption, increased procedural throughput, and expansion across Medicare-heavy institutions.

Genio®’s single-incision procedure is well suited for the ASC environment, and the significant increase in ASC facility payment creates new opportunities for therapy expansion and site-of-service diversification.

“CMS’ decision to significantly increase reimbursement for CPT 64568 reinforces the growing recognition of hypoglossal nerve stimulation as a high-value therapy for obstructive sleep apnea,” commented Olivier Taelman, Nyxoah's Chief Executive Officer.“ The new rates create a more favorable environment for expanding access to our Genio therapy across both outpatient hospitals and ASCs.”

About Nyxoah

Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat OSA. Nyxoah’s lead solution is the Genio system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company announced positive outcomes from the DREAM IDE pivotal study and receipt of approval from the FDA for a subset of adult patients with moderate to severe OSA with an AHI of greater than or equal to 15 and less than or equal to 65.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. FDA approved in August 2025 as prescription-only device.

Forward-looking statements

Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or managements’ current expectations regarding the Genio system; the potential advantages of the Genio system; Nyxoah’s goals with respect to the potential use of the Genio system; the Company's commercialization strategy and entrance to the U.S. market; and the Company's results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025 and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward- looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Contacts:

Nyxoah
John Landry, CFO
[email protected]

Rémi Renard
Chief Investor Relations & Corporate Communication Officer
[email protected]

ENGLISH_2026 CMS Final Payment Rule_FINAL

Q1: 2025-11-25 Earnings SummaryEPS of $0.96 beats by $0.10

 |

Revenue of

$788.11M

(25.50% Y/Y)

beats by $14.25M

Zscaler, Inc. (ZS) Q1 2026 Earnings Call November 25, 2025 4:30 PM EST

Company Participants

Ashwin Kesireddy - Vice President of Investor Relations & Strategic Finance
Jagtar Chaudhry - Co-Founder, CEO & Chairman of the Board
Kevin Rubin
Kevin Rubin - Chief Financial Officer

Conference Call Participants

Brad Zelnick - Deutsche Bank AG, Research Division
Saket Kalia - Barclays Bank PLC, Research Division
Meta Marshall - Morgan Stanley, Research Division
Tal Liani - BofA Securities, Research Division
Joseph Gallo - Jefferies LLC, Research Division
Michael Cikos - Needham & Company, LLC, Research Division
Brian Essex - JPMorgan Chase & Co, Research Division
Shrenik Kothari - Robert W. Baird & Co. Incorporated, Research Division
Roger Boyd - UBS Investment Bank, Research Division
Eric Heath - KeyBanc Capital Markets Inc., Research Division
Fatima Boolani - Citigroup Inc., Research Division
Gray Powell - BTIG, LLC, Research Division
Joshua Tilton - Wolfe Research, LLC
Jonathan Ruykhaver - Cantor Fitzgerald & Co., Research Division
Matthew Hedberg - RBC Capital Markets, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Zscaler First Quarter 2026 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ashwin Kesireddy, VP, IR and Strategic Finance.

Ashwin Kesireddy
Vice President of Investor Relations & Strategic Finance

Good afternoon, everyone, and welcome to the Zscaler First Quarter Fiscal Year 2026 Earnings Conference Call. On the call with me today are Jay Chaudhry, Chairman and CEO; and Kevin Rubin, CFO. Please note, we have posted our earnings release and a supplemental financial schedule to our Investor Relations website.

Unless otherwise noted, all numbers we talk about today will be on an adjusted non-GAAP basis. You will find a reconciliation of GAAP to the non-GAAP financial measures in our earnings release. I'd like to remind you that today's discussion will

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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.

NEW YORK CITY and NEW ORLEANS, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 2, 2025 to file lead plaintiff applications in a securities class action lawsuit against Molina Healthcare, Inc. (“Molina” or the “Company”) (NYSE: MOH), if they purchased or otherwise acquired the Company’s securities between February 5, 2025 and July 23, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Central District of California.

What You May Do

If you purchased securities of Molina and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-moh/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 2, 2025.

About the Lawsuit

Molina and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On July 23, 2025, the Company reported its financial results for the second quarter ended June 30, 2025 and cut its full-year 2025 earnings guidance, disclosing that “GAAP net income was $4.75 per diluted share for the second quarter of 2025, a decrease of 8% year over year” and it “now expects its full year 2025 adjusted earnings to be no less than $19.00 per diluted share,” due to a “challenging medical cost trend environment,” including “utilization of behavioral health, pharmacy, and inpatient and outpatient services.”

On this news, the price of Molina’s shares fell $32.03, or 16.84%, to close at $158.22 per share on July 24, 2025, on unusually heavy trading volume.

The case is Hindlemann v. Molina Healthcare, Inc., et al., No. 25-cv-09461.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

CONNECT WITH US: Facebook || Instagram || YouTube || TikTok || LinkedIn

Zscaler stock price erased the gains made in the regular session after the company published strong results and a mild forward estimate. It initially rose by 3.35% on Tuesday to $290 and then retreated by over 7% to $266.90 in the extended hours.

NEW YORK CITY and NEW ORLEANS, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 8, 2025 to file lead plaintiff applications in a securities class action lawsuit against Marex Group plc (“Marex” or the “Company”) (NasdaqGS: MRX), if they purchased or otherwise acquired the Company’s securities between May 16, 2024 and August 5, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

What You May Do

If you purchased shares of Marex and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-mrx/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 8, 2025.

About the Lawsuit

Marex and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On August 5, 2025, NINGI Research reported numerous allegations about the Company including, among other things, that it “has engaged in a multi-year accounting scheme involving a web of opaque off-balance-sheet entities, fictitious intercompany transactions, and misleading disclosures to conceal significant losses, inflate profits, and mask its true risk exposure” and that it has “numerous multi-million-dollar discrepancies in intercompany receivables and loans across Marex’s sprawling network of 56+ entities.” The report further identified “a $17 million receivable created out of thin air, a subsidiary whose reported profit was inflated by 150% in group filings before being liquidated, and an asset valued at $14.9 million that was sold to Robinhood for just $2.5 million weeks later, with no reported loss” and that the Company concealed nearly $1 billion in off-balance-sheet derivatives exposure through a Luxembourg fund it both controls and trades with, and that it is using the fund to generate non-cash trading profits and inflate operating cash flow by misclassifying structured note issuance as income.

On this news, the price of Marex’s shares fell $2.33, or 6.2%, to close at $35.31 per share on August 5, 2025, on unusually heavy trading volume.

The case is Narayanan v. Marex Group PLC, et al., No. 25-cv-08393.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

CONNECT WITH US: Facebook || Instagram || YouTube || TikTok || LinkedIn

NEW YORK and NEW ORLEANS, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 23, 2025 to file lead plaintiff applications in a securities class action lawsuit against James Hardie Industries plc (“James Hardie” or the “Company”) (NYSE: JHX), if they purchased or otherwise acquired the Company’s shares between May 20, 2025, and August 18, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Illinois.

What You May Do

If you purchased shares of James Hardie and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-jhx/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 23, 2025.

About the Lawsuit

James Hardie and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On August 19, 2025, despite prior reassurances that its North America Fiber Cement segment remained strong, the Company disclosed that sales in North America Fiber Cement declined by 12% due to customer destocking first discovered “in April through May,” that was expected to impact sales for at least the next two quarters.

On this news, the price of James Hardie’s shares fell by over 34%, or $9.79 per share, from a closing price of $28.43 per share on August 18, 2025 to $18.64 per share on August 20, 2025.

The case is Laborers’ District Council and Contractors’ Pension Fund of Ohio v. James Hardie Industries plc, et al., No. 25-cv-13018.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

CONNECT WITH US: Facebook || Instagram || YouTube || TikTok || LinkedIn

Impax’s $100 million addition to Itron points toward the growing importance of smart-grid technology, where data, sensors, and analytics now determine how energy moves across cities. Here’s what that interest reflects — and why investors should take notice.

Impax Asset Management Group plc disclosed a significant purchase of Itron (ITRI +0.22%) shares in its SEC filing dated November 06, 2025, increasing its position by $105.16 million during the quarter.

What happenedAccording to an SEC filing published November 06, 2025, Impax Asset Management Group increased its investment in Itron by acquiring an estimated 890,040 shares during the quarter. The position’s value rose by $105.16 million, bringing the total holding to 1,588,950 shares, worth $197.15 million as of September 30, 2025.

What else to knowThe filing shows a buy, with the Itron stake representing 1.15% of the fund’s 13F AUM after the trade.

Top holdings after the filing:

LIN: $906.69 million (5.3% of AUM)MSFT: $806.97 million (4.7% of AUM)XYL: $782.91 million (4.6% of AUM) as of 2025-09-30NVDA: $593.32 million (3.4624% of AUM)VLTO: $408.50 million (2.38% of AUM as of 2025-09-30)As of November 5, 2025, Itron shares were priced at $107.15, down 8.95% over the past year, underperforming the S&P 500 by 25.77 percentage points.

Company OverviewMetricValuePrice (as of market close 2025-11-05)$107.15Market Capitalization$4.87 billionRevenue (TTM)$2.41 billionNet Income (TTM)$257.53 millionCompany SnapshotItron, Inc. is a leading technology provider specializing in integrated solutions for utilities and smart cities, leveraging a diverse product portfolio to address energy, water, and infrastructure management needs.

The company’s strategy centers on combining hardware, network connectivity, and advanced analytics to deliver operational efficiency and actionable insights for its clients. Its competitive edge lies in its broad suite of offerings and expertise in supporting critical infrastructure modernization initiatives globally.

Itron, Inc. offers hardware, networked devices, and software solutions for energy, water, and smart city management, with revenue streams across Device Solutions, Networked Solutions, and Outcomes segments. It serves utilities, municipalities, and smart city operators worldwide, targeting organizations focused on resource efficiency and infrastructure modernization.

Itron, Inc. generates revenue through direct sales and partnerships by providing end-to-end measurement, control, and analytics solutions, as well as cloud-based services and ongoing maintenance.

Foolish takeImpax Asset Management Group's decision to invest more than $100 million in Itron, Inc. deserves a closer look because it is not a typical trade within a crowded technology portfolio. It signals conviction in a company that sits at the center of how utilities modernize their infrastructure. The move suggests that Impax sees something in Itron’s position that the broader market has overlooked during a year when the stock lagged the S&P 500 index.

Itron’s importance stems from its role in the systems that keep cities running. Its devices sit on the edge of the grid, measuring and managing electricity and water as they flow through neighborhoods and industrial systems. The software layer above them interprets that data, and the network layer carries it across large footprints. Information collected in the field moves through Itron’s network and into its software, thereby revealing how resources are consumed and where waste builds up. That capability becomes more valuable as cities respond to aging infrastructure, tighter regulation, and rising demands for efficiency. It is also what gives Itron a defensible place in an industry where replacement cycles are measured in decades.

The question for investors is how effectively Itron can turn that positioning into long-term growth. The company already has the advantage of strategic customer relationships and high switching costs. What matters from here is whether it can continue expanding the share of its revenue that comes from analytics, software, and higher-margin services. If Itron succeeds in shifting more of its model toward those areas, it could find itself with a stronger earnings profile than the stock’s recent performance suggests.

Glossary13F reportable assets: Assets that institutional investment managers must report quarterly to the SEC on Form 13F.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Stake: The ownership interest or share held in a company by an investor or fund.
Top holdings: The largest individual investments within a fund’s portfolio, typically by market value.
Quarter: A three-month period used by companies and investors for financial reporting and analysis.
Direct sales: Sales made directly from a company to its customers, without intermediaries or third parties.
Partnerships: Business arrangements where two or more parties cooperate to advance mutual interests.
End-to-end solutions: Comprehensive products or services that cover all aspects of a process from start to finish.
Cloud-based services: Software or computing resources delivered over the internet, rather than installed locally.
Maintenance (in context): Ongoing support and service provided to ensure products or systems continue to function properly.
Critical infrastructure: Essential systems and assets, such as utilities and transportation, vital to a society’s functioning.
TTM: The 12-month period ending with the most recent quarterly report.

Eric Trie has positions in Nvidia. The Motley Fool has positions in and recommends Microsoft, Nvidia, and Xylem. The Motley Fool recommends Linde and Veralto and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

NEW YORK and NEW ORLEANS, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until January 12, 2026 to file lead plaintiff applications in a securities class action lawsuit against Stride, Inc. (“Stride” or the “Company”) (NYSE: LRN), if they purchased or otherwise acquired the Company’s securities between October 22, 2024 and October 28, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of Virginia.

What You May Do

If you purchased securities of Stride and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-lrn/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 12, 2026.

About the Lawsuit

Stride and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On September 14, 2025, it was reported that the Gallup-McKinley County Schools Board of Education had filed a complaint against the Company, alleging fraud, deceptive trade practices, systemic violations of law, and intentional and tortious misconduct, including inflating enrollment numbers by retaining “ghost students” on rolls to secure state funding per student and ignoring compliance requirements, including background checks and licensure laws for its employees. On this news, the price of Stride’s shares fell $18.60 per share, or 11.7%, to close at $139.76 per share on September 15, 2025.

Then, on October 28, 2025, the Company disclosed that “poor customer experience” had resulted in “higher withdrawal rates,” “lower conversion rates,” and had driven students away, and that the Company estimated the impact caused approximately 10,000-15,000 fewer enrollments and that, because of this, its outlook is “muted” compared to prior years. On this news, the price of Stride’s shares fell $83.48 per share, or more than 54%, to close at $70.05 per share on October 29, 2025.

The case is MacMahon v. Stride, Inc., et al., Case No. 25-cv-02019.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

CONNECT WITH US: Facebook || Instagram || YouTube || TikTok || LinkedIn

LOS ANGELES, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP reminds investors of the upcoming January 12, 2026 deadline to file a lead plaintiff motion in the class action filed on behalf of Primo Brands Corporation (“Primo Brands” or the “Company”) (NYSE: PRMB) investors who purchased or otherwise acquired: (1) Primo Water Corporation (“Primo Water”) common stock between June 17, 2024 and November 8, 2024, inclusive; and/or (2) Primo Brands common stock between November 11, 2024 and November 6, 2025, inclusive (the “Class Period”).

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

What Happened?
On November 8, 2024, Primo Water completed a merger with an affiliate of BlueTriton Brands, Inc. (“BlueTriton Brands”) with the combined entity operating as Primo Brands.

On August 7, 2025, Primo Brands released its second quarter 2025 financial results and disclosed on the corresponding earnings call that “[t]he speed by which [the Company] closed facilities and reduced headcount led to disruptions in product supply, delivery, and service.”

On this news, Primo Brands’ stock price fell $2.41, or 9.1%, to close at $24.00 per share on August 7, 2025, thereby injuring investors.

Then, on November 6, 2025, Primo Brands disclosed that it was replacing its CEO and that it was lowering its full year 2025 net sales and adjusted EBITDA guidance, admitting that the Company “probably moved too far too fast on some of the various integration work streams” and that “[t]here’s no doubt that speed impacted [the Company’s] ability to get through a lot of the warehouse closures and route realignment without disruption.”

On this news, Primo Brands’ stock price fell $8.20, or 36.2%, over two consecutive trading days to close at $14.46 per share on November 7, 2025, thereby injuring investors further.

What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the merger integration between Primo Water and BlueTriton Brands was tracking poorly due to, among other things, technology and service issues; (2) the Company was having major supply disruptions which would negatively impact customers and thus the Company’s financial results; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Primo Brands common stock during the Class Period, you may move the Court no later than January 12, 2026 to request appointment as lead plaintiff in this putative class action lawsuit.

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

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

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

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

SummaryPM is upgraded to a "buy" due to strong smoke-free growth and resilient combustible segment performance.PM's smoke-free products now comprise 41.3% of sales, with ZYN, IQOS, and VEEV brands showing robust global momentum and market leadership.Unlike MO, PM continues to grow its top-line in both smoke-free and traditional segments, justifying its valuation premium over peers.With a nearly 4% dividend yield and potential for multiple expansion, PM offers double-digit total return potential for long-term investors. Olena_T/E+ via Getty Images

Philip Morris International (PM) remains one of my key holdings in the Consumer Staples portfolio as it operates in a field I consider highly attractive from the revenue stickiness (recurring nature) point of view and it

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

The information, opinions, and thoughts included in this article do not constitute an investment recommendation or any form of investment advice.

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

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Q4: 2025-11-25 Earnings SummaryEPS of -$0.18 misses by $0.02

 |

Revenue of

$256.47M

beats by $99.17M

Arrowhead Pharmaceuticals, Inc. (ARWR) Q4 2025 Earnings Call November 25, 2025 4:30 PM EST

Company Participants

Vincent Anzalone - Head of Investor Relations & VP
Dr. Christopher Anzalone - Chairman, CEO & President
Bruce Given - Chief Medical Scientist
Andy Davis - SVP of Cardiovascular & Head of Metabolic Franchise
James Hamilton - Chief Medical Officer and Head of R&D
Daniel Apel - Chief Financial Officer

Conference Call Participants

Luca Issi - RBC Capital Markets, Research Division
Prakhar Agrawal - Cantor Fitzgerald & Co., Research Division
Maurice Raycroft - Jefferies LLC, Research Division
Dina Ramadane - BofA Securities, Research Division
Edward Tenthoff - Piper Sandler & Co., Research Division
Mani Foroohar - Leerink Partners LLC, Research Division
Patrick Trucchio - H.C. Wainwright & Co, LLC, Research Division
Andrea Tan - Goldman Sachs Group, Inc., Research Division
Michael Ulz - Morgan Stanley, Research Division
Madison Wynne El-Saadi - B. Riley Securities, Inc., Research Division
Joseph Thome - TD Cowen, Research Division

Presentation

Operator

Ladies and gentlemen, welcome to the Arrowhead Pharmaceuticals Conference Call. [Operator Instructions]

I will now hand the conference call over to Vince Anzalone, Vice President of Investor Relations for Arrowhead. Please go ahead, Vince.

Vincent Anzalone
Head of Investor Relations & VP

Thank you, Andrew. Good afternoon, and thank you for joining us today to discuss Arrowhead's results for its 2025 fiscal year ended September 30, 2025.

With us today from management are President and CEO, Dr. Chris Anzalone, who will provide an overview; Bruce Given, Outgoing Chief Medical Scientist, who will provide an overview of the REDEMPLO FDA approval; Andy Davis, Senior Vice President and Head of the Global Cardiometabolic Franchise, who will provide an update on commercialization activities; Dr. James Hamilton, Chief Medical Officer and Head of R&D, who will discuss our development programs; and Dan Apel, Chief Financial Officer, who will review the financials. Following management's prepared remarks, we will open up the call to questions.

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