Hargreaves Services Plc (HGRVF) Q4 2026 Earnings Call July 29, 2026 11:30 AM EDT
Company Participants
Simon Hicks – CEO & Executive Director Stephen Craigen – CFO, Group Financial Controller & Director Gordon Frank Colenso Banham
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Presentation
Operator
Good afternoon, and welcome to the Hargreaves Services Plc Final Results Investor Presentation. [Operator Instructions] Before we begin, I would like to submit the following poll.
And I would now like to hand you over to CEO designate, Simon Hicks. Good afternoon to you.
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Simon Hicks CEO & Executive Director
Good afternoon. Good afternoon all, and welcome to our results presentation for financial year ’26. I’m joined here with Stephen Craigen, our Chief Financial Officer; and Gordon may or may not join us later on in the presentation, just to make you all aware.
So what have we achieved? And first of all, a real big thanks to the teams. I know a number of our own teams joined this presentation. So as I said on the video we recorded yesterday, a little bit back to what’s been a really fantastic year for Hargreaves, continuing to grow and advance our strategy and delivering value. The highlights for the year, we’ve returned GBP 32.6 million in total to shareholders. That included the GBP 20 million tender offer as promised, driven by the first and second sales of our renewables asset. First and second tranches sold. Services revenue as last year — as interim is going well. Volumes are up and margins are being maintained at that 6%, which is great news and testament to all the hard work that goes out there in the field.
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The delivery of those things delivered a strong cash position despite returning GBP 32.6 million. We’ve ended the year with a strong cash position of GBP 21.6 million, and we’ve delivered
The World Travel & Culture Expo 2026, in Bangkok from 29-31 October, aims to boost tourism, trade, and investment, emphasizing Thailand’s role as an ASEAN hub for tourism and culture.
Thailand Hosts WTCE 2026
Bangkok will host the World Travel & Culture Expo 2026 from October 29-31 at IMPACT Mueang Thong Thani. The event, organized by the Tourism Authority of Thailand (TAT), Tourism Council of Thailand (TCT), and Guangdong Grandeur International Exhibition Group, aims to boost tourism, trade, and investment. It highlights Thailand’s pivotal role as an ASEAN tourism and entertainment hub. Various industry leaders and government officials, including Mr. Pasakorn Rangsiwatanasak, participated in the launch, emphasizing the event’s importance for economic growth through tourism, culture, sport, and entertainment.
Strengthening Thai-Chinese Ties
The expo coincides with the 50th anniversary of Thailand-China diplomatic relations, aligning with China’s expansion policy. TAT Governor Ms. Thapanee Kiatphaibool noted that WTCE 2026 supports sustainable tourism, focusing on quality experiences and strategic partnerships. The expo will feature specialized exhibitions, including amusement parks, billiards, and film technology, providing platforms for knowledge exchange and business cooperation. The event builds on the success of its 2025 edition, which connected global brands and achieved high success in business negotiations.
Tourism and Market Expansion
With China as Thailand’s top international market, the expo offers a strategic avenue to strengthen tourism and business partnerships. In 2026, Thailand anticipates over 5.13 million Chinese visitors, contributing significantly to tourism revenue. A panel discussion on “Future Trends of Tourism” explored topics like sustainability, safety, and immersive technologies. The WTCE 2026 aims to convert existing market strengths into broader opportunities, reinforcing Thailand as a gateway between ASEAN and global markets through innovative and culturally rich experiences.
Prince William and Catherine, Princess of Wales, reportedly held private “crisis talks” after learning that King Charles III had met with Prince Harry and Meghan Markle at Highgrove House earlier this summer, according to a report published in Woman magazine citing unnamed palace sources.
Royal correspondent Emily Andrews, writing in the magazine, said sources close to the palace described William and Kate as feeling “betrayed and possibly even humiliated” by the king’s decision to meet privately with the Duke and Duchess of Sussex. According to Andrews, the reaction stemmed in part from what the couple views as a long pattern of public criticism directed at the royal family by Harry and Meghan in the years since their 2020 departure from official duties. “They have been humiliated on more than one occasion by both Prince Harry and Meghan Markle, and seeing them swan back to the UK must, I’m sure, sting,” Andrews wrote.
The Highgrove meeting, which took place at the king’s private Gloucestershire residence and Harry’s childhood home, reportedly lasted only a couple of hours, according to the report, potentially just long enough for Harry and Meghan’s children, Archie, 7, and Lilibet, 5, to play in a treehouse King Charles had originally built for William when he was a child. Buckingham Palace confirmed the visit within hours after it occurred, though the palace did not release additional details or a photograph from the gathering, according to the report.
Andrews characterized the palace’s swift, if limited, public confirmation of the meeting as signaling a broader shift in approach toward the Sussexes. “It appeared to announce a policy of appeasement to the Sussexes,” Andrews wrote, adding that despite criticism the couple has directed at British institutions, including the judiciary, the government and the monarchy itself, “they will not be cast out.”
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According to the report, William is believed to have urged his father not to meet with Harry and Meghan, reflecting the future king’s continued frustration over his brother’s public criticism of the family through a series of high-profile media appearances, including an interview with Oprah Winfrey, the Netflix documentary series “Harry & Meghan,” and Harry’s 2023 memoir, “Spare.” Andrews wrote that William believes the couple should not have been rewarded with a family meeting with the king, however private, given that history. “His father has gone ahead, while William is the one carrying an ever-growing share of the actual work and popularity of the monarchy,” Andrews wrote, framing the dynamic as one in which William feels he has shouldered institutional responsibilities that Harry stepped away from.
Andrews argued that the king’s willingness to meet with the Sussexes represents a departure from the approach taken by his mother, Queen Elizabeth II, who died in 2022. “Charles’ first duty is not to the spare. It is to the heir and his wife. That is the deal Queen Elizabeth II understood and honoured for 70 years: the institution comes first, sentiment a distant second,” Andrews wrote, characterizing the Highgrove meeting overall as “a triumph for Harry and Meghan.”
The report also suggested the meeting may represent the culmination of an 18-month effort by Harry and Meghan to re-establish themselves within both Britain and the royal family, a strategy Andrews suggested could ultimately benefit the couple’s public profile and business ventures if it leads to more frequent visits to the UK going forward. Andrews wrote that a pattern of regular return visits would effectively unravel the terms of the couple’s 2020 departure from royal duties, often referred to as “Megxit,” describing any such arrangement as “the half-in/half-out that the late Queen explicitly forbade.”
Despite their reported frustration, Andrews wrote that William and Kate have limited options for influencing the situation directly. “What can William and Kate do? Not much, if we’re honest, until William is King,” Andrews wrote, adding that William rarely discusses Harry within royal circles but that the king’s decision to meet with the Sussexes “is sure to sting.”
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The report also highlighted an apparent shift in the palace’s public messaging around the visit. According to Andrews, palace officials had described Harry’s earlier refusal to bring his children to the UK without enhanced security arrangements as “emotional blackmail” just three weeks before the Highgrove meeting took place, a characterization Andrews said changed noticeably in tone following the reunion. A source close to the king, cited in the report, said Charles “will never shut the door on the possibility of spending time with his family because, despite all the trouble, blood is blood.”
Andrews wrote that significant mistrust remains between the Sussexes and Buckingham Palace despite the Highgrove meeting, and that while Harry appeared eager to use his recent UK visit to repair family relationships alongside his other engagements, his relationship with William and Kate specifically remains severely strained. “It’s also clear that Kate and William will not forgive him for Spare,” Andrews wrote, concluding that while the couple remains united with each other, “their relationship with Harry and Meghan seems to be broken forever.”
This refers to your edit ‘India needs new banks’ (ET, Mar 4). Financial inclusion and financial literacy will be the paramount objective while implementing reforms along with UID project to protect the interests of poor. Modern banking system has lost apersonal touch. Even citizens from semi-urban areas are reluctant to use ATMs. NextGen banking may fail in rural areas. It’s true we need more banks and innovative way of thinking, competition will drive away inefficient players.
ET has also suggested the perfect solution to the problem in the same edition, ‘Before they compete, let banks consolidate’. Narasimhan panel too has suggested to have less number of banks with more branches at the national level. The author has pointed out that of 9,000 private bank branches, just 1,138 are located in rural areas. This means they are not keen to go rural.
Prysmian S.p.A. (PRYMY) Q2 2026 Earnings Call July 30, 2026 4:00 AM EDT
Company Participants
Massimo Battaini – Group CEO, GM & Executive Director Pier Facchini – CFO, CEO of Finance, Administration, Control & IT and Executive Director
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Conference Call Participants
Daniela Costa – Goldman Sachs Group, Inc., Research Division Vivek Midha – Citigroup Inc., Research Division Akash Gupta – JPMorgan Chase & Co, Research Division Max Yates – Morgan Stanley, Research Division Sean McLoughlin – HSBC Global Investment Research Christopher Leonard – UBS Investment Bank, Research Division Lucas Ferhani – Jefferies LLC, Research Division Monica Bosio – Intesa Sanpaolo Equity Research Alessandro Cecchini – Equita SIM S.p.A., Research Division Nabil Najeeb – Deutsche Bank AG, Research Division Uma Samlin – BofA Securities, Research Division Alessandro Tortora – Mediobanca – Banca di credito finanziario S.p.A., Research Division
Presentation
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Operator
Good day, and thank you for standing by. Welcome to Prysmian First Half 2026 Integrated Results Webcast and Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded.
I would now like to hand the conference over to Massimo Battaini, Chief Executive Officer of Prysmian. Please go ahead.
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Massimo Battaini Group CEO, GM & Executive Director
Good morning, everyone. Thank you for joining this call, Quarter 2 result. We are super excited to highlight that this is the best quarter ever of Prysmian, EUR 730 million EBITDA, 13.4% EBITDA margin, 9.4% organic growth. So as you see it’s a great quarter from the numbers perspective. It is also great in terms of the achievement of the hyperscalers and Molex deals with a EUR 10 billion in the optical space over the next 10 years. Also, on the sustainability side, we exceeded our expectation with that 46% of the current revenue leading to sustainable solutions. When you read 46%, you need to read almost EUR 10 billion revenues, where we provide customers with low carbon footprint and solution that has achieved their own targets. 42% is the amazing reduction
The U.S. Department of Veterans Affairs is launching a nationwide clinical trial to determine whether a class of medications best known for treating diabetes and obesity can also help veterans struggling with alcohol addiction, the agency announced Thursday.
The VA said it will enroll more than 600 veterans in the study, which will evaluate semaglutide, a GLP-1 receptor agonist widely used to treat Type 2 diabetes and obesity. Researchers are investigating whether the medication, sold under brand names including Ozempic and Wegovy for its approved uses, may also reduce alcohol consumption by affecting the brain’s reward system, the same neural circuitry believed to play a central role in the drug’s appetite-suppressing effects.
Participants in the study, ages 18 to 80, will need to have moderate or severe alcohol use disorder to qualify for enrollment. Those selected will receive weekly injections of either semaglutide or a placebo over a 24-week treatment period, followed by a subsequent safety follow-up phase. Throughout the trial, researchers will track changes in participants’ drinking habits, overall physical health and quality of life to assess whether the medication could eventually become a viable new treatment option for alcohol use disorder.
The study, formally titled the Cessation or Reduction of Alcohol Consumption in Veterans trial, will be conducted at 18 VA medical centers across the country, including facilities in Los Angeles, Long Beach and Palo Alto, California.
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GLP-1 medications were originally developed and approved specifically to treat Type 2 diabetes, but have since become widely known to the public primarily for their effectiveness in promoting weight loss. Researchers have continued studying the broader class of drugs for potential benefits extending well beyond their original indications, including possible effects on heart health, chronic inflammation and other conditions unrelated to blood sugar control or body weight.
The scale of alcohol use disorder within the veteran population has driven the VA’s interest in exploring new treatment approaches. According to the agency, more than 400,000 veterans nationwide have received a diagnosis of alcohol use disorder. An analysis published earlier this year found that patients taking GLP-1 medications experienced lower rates of both alcohol use disorder and other substance use disorders compared with similar patients taking different diabetes medications, a finding that prompted researchers to investigate the drugs’ potential more directly through a controlled clinical trial.
VA Secretary Doug Collins framed the trial as an example of the kind of research the department is uniquely positioned to carry out given its direct focus on veteran health outcomes. “This clinical trial reflects medical research that VA is uniquely situated to launch, and is aimed directly at benefitting Veterans,” Collins said in a statement. “By exploring emerging treatment options like the use of a GLP-1 for AUD, we aim to expand the tools available to help Veterans take control of their health and recovery.”
Recruitment for the study began this week, according to VA officials. The department emphasized that veterans should not attempt to self-medicate with GLP-1 medications or discontinue proven, existing alcohol use disorder treatments without first consulting their health care providers, given that the trial remains an experimental research study rather than an approved treatment protocol.
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Alcohol use disorder remains one of the most common and challenging conditions facing the veteran population, often occurring alongside other service-related health issues, including post-traumatic stress disorder, chronic pain and other mental health conditions. Existing treatment options for the condition include several FDA-approved medications, along with a range of behavioral therapies and support programs, though researchers and clinicians have continued searching for additional treatment approaches given that no single existing option works effectively for every patient.
The scientific interest in GLP-1 medications for addiction treatment extends beyond alcohol use disorder specifically. Researchers studying the broader class of drugs have also examined their potential effects on other substance use disorders, building on observational data suggesting the medications may influence the same underlying neural reward pathways implicated in various forms of addictive behavior, not solely those related to food intake and appetite regulation.
The VA’s trial adds to a growing body of ongoing research into GLP-1 medications’ effects well beyond their original diabetes and weight-loss indications, as the drugs have continued attracting significant scientific and public interest since their initial approval and rapid rise in popularity in recent years.
Given that this trial involves veterans managing alcohol use disorder, a serious and potentially life-threatening condition, anyone personally struggling with alcohol use or addiction is encouraged to speak directly with a healthcare provider about existing treatment options rather than waiting for or relying on the results of this ongoing research study, and veterans specifically can contact their local VA medical center for information about current treatment resources and potential eligibility for enrollment in the trial as recruitment continues.
A major scientific review is challenging the widely held assumption that more protein is always better for health, suggesting instead that eating less protein, or fewer of certain amino acids, may activate biological processes linked to healthier aging for many adults who already consume enough.
The review, led by pathologist and biomedical researcher Dudley Lamming, was published in the journal Cell Press Blue and examined more than 350 studies involving humans, mice, insects, yeast and other organisms. The analysis found that reducing protein intake, or the intake of specific amino acids that make up dietary protein, may trigger body processes tied to healthier aging and improved metabolism, the process through which the body converts food and drinks into usable energy.
The findings arrive amid a cultural moment in which protein has become an increasingly ubiquitous marketing feature across the food industry. Protein is now added to lattes, cereal, chips, ramen and numerous other products that were never traditionally marketed as protein sources, reinforcing a broad public message that more protein consistently equates to better health. A 2025 survey by the International Food Information Council found that 70% of U.S. adults said they actively try to eat protein, with high-protein diets ranking as the most popular diet type in the United States for the third consecutive year. Many of those surveyed, however, reported that they did not actually know how much protein they needed.
Protein plays an essential role in building muscle, repairing tissue and supporting the body’s recovery processes, but individual protein needs vary considerably based on age, health status, body size and activity level. The general recommended daily allowance for a healthy adult is 0.8 grams of protein per kilogram of body weight, or roughly 0.36 grams per pound, meaning a person weighing 140 pounds would need approximately 51 grams of protein daily under that standard guideline.
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Many Americans already consume protein well above that baseline recommendation. A typical meal often contains 20 to 30 grams of protein, frequently sourced from a 3- to 6-ounce serving of meat, chicken or fish. An analysis of national health data found that adults who met standard exercise guidelines consumed an average of about 82 grams of protein daily, while adults who did not meet those exercise guidelines still consumed roughly 79 grams per day on average, indicating that protein intake levels among American adults, whether physically active or not, generally exceed the baseline recommended amount by a wide margin.
Lamming, who studies aging at the University of Wisconsin-Madison School of Medicine and Public Health, suggested that sedentary individuals in particular may not need to continue increasing their protein intake beyond the standard guideline. “It’s probably safe to say that for sedentary individuals, maybe [follow] the original [recommended daily amount of] 0.8 grams per kilogram,” Lamming said. He clarified that this finding does not mean inactive adults need to immediately cut their current protein intake, only that they may not need to keep adding more. Lamming noted that for sedentary individuals specifically, simply increasing physical activity may provide greater health benefits than further increasing protein consumption alone.
The review examined how reduced protein intake affects several underlying biological processes tied to aging, including the activity of a hormone called FGF21. “There’s an increase in a hormone called FGF21 that promotes energy expenditure [when protein intake is reduced],” Lamming said. “It essentially increases thermogenesis in your adipose tissue, so you don’t just store fat, but actually burn it as fuel.” That mechanism may help explain why some studies have linked lower-protein diets to reduced body fat, improved blood sugar control and generally healthier metabolic function. Lamming’s review also found that reduced protein intake may influence cellular signaling processes that determine when cells grow, repair damage or recycle deteriorating internal components, functions believed to play a role in the broader aging process.
Lamming emphasized that protein restriction as described in the review is distinct from protein deficiency, and that the research is not suggesting people deprive their bodies of an essential nutrient. Instead, the findings raise the possibility that avoiding unnecessary excess protein intake, beyond what an individual’s body actually requires, could offer benefits for people who are already meeting their nutritional needs.
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The review also emphasized that appropriate protein needs vary significantly from person to person, and that certain populations likely require more protein rather than less. Active adults, pregnant individuals, older adults, and people recovering from illness, injury or surgery may all have elevated protein needs compared with the general population. People actively working to lose weight may also need adequate protein intake specifically to help preserve muscle mass as they lose overall body fat. Older adults face particular considerations given the natural, age-related muscle loss known as sarcopenia; adequate protein intake combined with regular strength training exercise may help slow that process. People with kidney disease, liver disease or other underlying health conditions may require individualized dietary guidance that differs from general population recommendations.
The review’s authors acknowledged several limitations in the underlying research. The studies included in the analysis used varying diets, differing protein amounts and inconsistent study durations, and many of the studies were conducted in animals or other non-human organisms, meaning the results may not fully translate to human physiology. Given the individualized nature of protein needs and the potential health implications of significant dietary changes, anyone considering a major adjustment to their protein intake, particularly people with existing health conditions, older adults or those recovering from illness or injury, is encouraged to consult a doctor or registered dietitian before making changes, rather than relying solely on general research findings to guide personal dietary decisions.
Florida has recorded its first death of 2026 caused by an infection from Vibrio vulnificus, the so-called “flesh-eating” bacterium, according to state health officials, as coastal waters continue warming through the height of summer.
The bacterium, most commonly transmitted through raw seafood or contact with brackish coastal water, earned its “flesh-eating” nickname because the infection it causes, vibriosis, can damage or destroy skin and underlying tissue. Florida records infections from the bacterium every year, typically resulting in a handful of deaths across the state.
As of July 30, Florida had recorded 12 cases of Vibrio vulnificus infection so far this season, including one death in Palm Beach County, according to Florida Health data. That pace compares with a total of 33 cases and five deaths recorded statewide throughout all of 2025. Severe weather events involving significant flooding, including hurricanes Helene and Ian, have previously been associated with elevated rates of illness and death tied to the bacterium, since flooding can push contaminated water into new areas and increase human exposure.
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Although infections remain rare, they can escalate rapidly into serious, life-threatening illness, particularly in people with weakened immune systems. According to the Centers for Disease Control and Prevention, roughly one in five people who contract the infection will die, and severe illness or death can occur within just a few days of exposure.
Vibrio vulnificus causes what the Cleveland Clinic describes as the most serious forms of vibriosis among the various types of vibrio bacteria capable of infecting humans. The infection can rapidly produce tissue damage, spreading blisters, low blood pressure, fever, organ damage, sepsis and death. The bacterium is often described as “flesh-eating” because it can also trigger necrotizing fasciitis, a severe bacterial infection that destroys muscle and skin tissue, causing the flesh surrounding a wound to die, according to the CDC, though Vibrio vulnificus is not considered the most common overall cause of necrotizing fasciitis cases in the United States.
Nationally, the CDC reports an average of 100 to 200 cases of vibriosis caused specifically by Vibrio vulnificus each year, with the overwhelming majority occurring in Gulf Coast states. Infections caused by other, generally less severe types of vibrio bacteria are considerably more common, accounting for roughly 80,000 cases annually across the country.
The bacterium requires salt water to survive and thrives specifically in warm, brackish water, the kind found where a river or stream meets the sea, according to the CDC. Most human infections occur either when contaminated water is swallowed or when it comes into contact with an open wound, such as a cut or scrape. The bacterium can enter the body through broken skin but cannot penetrate skin that remains fully intact. Infections can also occur through consumption of raw or undercooked shellfish, particularly oysters, with raw oysters, other raw seafood and direct seawater exposure representing the most common sources of vibrio outbreaks tracked by the CDC. Once inside the body, the infection can spread to the bloodstream and internal organs within a matter of hours.
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Symptoms of a Vibrio vulnificus infection typically develop suddenly, usually within 24 hours of exposure, according to the CDC and the Cleveland Clinic. Common symptoms include fever and chills, a red, warm or swollen patch of skin that spreads quickly and causes significant pain, fluid-filled blisters and skin discoloration, nausea, vomiting and diarrhea, low blood pressure often signaled by weakness, dizziness, fatigue or fainting, confusion or an altered mental state, and a rapid heartbeat.
Health officials have outlined specific steps the public can take to reduce their risk of infection while enjoying coastal waters and seafood during the remainder of the summer. When consuming seafood, the CDC recommends cooking all seafood, including oysters, before eating it, thoroughly cleaning any surfaces that come into contact with raw seafood or its drippings, and thoroughly washing hands after handling raw seafood, with gloves recommended for those at higher risk of severe infection.
For swimming and other water activities, the CDC advises avoiding entry into salt water or brackish water with any open wounds, a category that includes recent surgical sites, fresh tattoos or piercings, and even minor cuts or scrapes. People who may come into contact with coastal waters or raw seafood, even without planning direct exposure, are advised to cover any open wounds beforehand, since exposure can also occur unexpectedly during storm-related flooding. Anyone who does come into contact with coastal water or raw seafood should immediately wash any exposed area of open skin with soap and running water. People at increased risk of severe infection, including those with weakened immune systems and underlying conditions such as liver disease, diabetes or kidney failure, are advised to wear protective shoes and clothing when in or near coastal waters.
While health officials emphasize that the overall risk to the general public remains low, they have encouraged people in coastal areas, particularly those with compromised immune systems or chronic health conditions, to exercise additional caution during the remaining weeks of summer, when warm coastal waters continue to create favorable conditions for the bacterium.
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