Operator

Hello everyone. Thank you for joining us and welcome to Blend’s Financial Results Conference Call for the second quarter of 2026. [Operator Instructions] I will now hand the conference over to management for their prepared remarks. Please go ahead.

Meg Nunnally
Head of Investor Relations

Good afternoon and welcome to Blend’s Financial Results Conference Call for the second quarter of 2026. I’m Meg Nunnally, Blend’s Head of Investor Relations. Joining me today is Nima Ghamsari, our Co-founder and Head of Blend, and Jason Ream, our Head of Finance and Administration. Before we start today’s call, I’d like to note that we will refer to certain non-GAAP measures which are reconciled to GAAP measures in today’s earnings release and in the appendix of our supplemental slides.

Non-GAAP measures are not intended to be a substitute for GAAP results unless otherwise stated all financial measures we’ll discuss today, including our profitability, refer to non-GAAP. Also, certain statements made during today’s conference call regarding Blend and its operations, in particular our guidance for the third and fourth quarter of 2026, other commentary regarding 2026, and our expectations about markets, our strategic investments, product development plans, and operational targets, may be considered forward-looking statements under federal securities law.

We caution you that forward-looking statements involve substantial risks and uncertainties and a number of factors, many of which are beyond the company’s control, could cause

SYDNEY — Australia’s benchmark S&P/ASX 200 index finished marginally lower Friday, slipping 8.00 points, or 0.09%, to close at 9,263.60, as weakness across most sectors outweighed gains in materials and information technology to cap what had otherwise been a record-setting week for the Australian sharemarket.

Seven of the index’s 11 sectors closed in negative territory Friday, with financials bearing the brunt of the day’s selling pressure. Despite the modest pullback, the index remained close to the record highs it had set earlier in the week, extending a broader run in which Australian shares have significantly outperformed many of their global peers over recent sessions.

Oil Prices Surge on Iran Uncertainty

Energy shares stood out as one of Friday’s bright spots, with Santos and Woodside Energy both poised for strong finishes to the week after oil prices jumped sharply overnight. According to Bloomberg data, West Texas Intermediate crude climbed 3.9% to $78.12 a barrel, while Brent crude rose 4.9% to $83.32 a barrel, reversing what had been a week of declining prices tied to optimism over reopening the Strait of Hormuz to commercial shipping.

The overnight reversal came after Iran published a restrictive draft plan for the strait that fell short of the more open arrangement markets had been anticipating. Taking a step back, Woodside shares have still gained 35.6% over the course of 2026, far outpacing the ASX 200’s own 6.2% gain for the year, even though the stock underperformed the broader index over the preceding week amid the earlier decline in global oil prices tied to Hormuz diplomacy.

Woodside Exits Trinidad and Tobago

Woodside also made headlines Friday with a strategic portfolio move, announcing it had agreed to divest its operated interest in the Calypso Project in Trinidad and Tobago to joint venture partner BP, with specific financial terms of the deal not disclosed. Under the agreement, Woodside will sell its 70% operated interest in production sharing contract TTDAA 14, lifting BP’s holding in the project from its existing 30% stake to full ownership. The transaction, structured as a mix of cash and contingent payments, is expected to close by the end of 2026, subject to customary government and regulatory approvals.

The deal brings to a close Woodside’s decades-long presence in Trinidad and Tobago, a footprint that has spanned the company’s Ruby and Angostura offshore oil and gas operations. Woodside Chief Executive Liz Westcott said the transaction demonstrates the company’s clear focus on progressing the right opportunities across its global portfolio, adding that the deal reflects those with the best potential to deliver sustained value for Woodside shareholders.

A Mixed Bag of Corporate Earnings

Friday’s session also featured a busy slate of corporate results from ASX-listed companies. James Hardie Industries, Nick Scali and ResMed were among the major names releasing earnings during the session, with ResMed expected to report full-year 2026 revenue of $5.65 billion and earnings per share of $11.12, according to analyst forecasts heading into the report.

Energy producer Beach Energy posted a mixed set of full-year 2026 results Friday morning, prompting analysts at Bell Potter to retain a hold rating on the stock alongside a 95-cent price target. The broker noted that Beach Energy is focused on shifting from a production-replacement cycle toward building a longer-term, sustainable reserves position, guiding to modest production growth in fiscal 2027 alongside relatively stable capital expenditure, a combination the broker said should support positive free cash flow while maintaining balance sheet strength for future growth initiatives and potentially dividends.

Capping a Standout Week for Miners

While Friday’s session itself was relatively subdued, it capped what had been described as a magnificent week for Australian mining stocks, with strength across gold, copper and lithium producers driving much of the broader market’s gains through the week. Ampol, Woodside and Santos all traded modestly firmer earlier in the week as Brent crude futures surged, while the technology sector extended its own weekly risk-on run despite mixed signals from the U.S. technology sector overnight. WiseTech Global continued a notable recovery during the week, with Catapult Sports, Appen and Xero also advancing alongside it.

Financials bore the most concentrated capital outflow during the week’s trading, a trend that continued into Friday’s session and contributed to the index’s modest overall decline despite strength elsewhere in the market.

A Notable Insider Purchase

Among Friday’s smaller corporate items, Webjet Chief Executive Nicole Sheffield purchased 250,000 shares of the online travel company on-market, a transaction valued at approximately $99,932 based on trading Aug. 5. Insider purchases of that scale are often watched closely by investors as a signal of executive confidence in a company’s near-term prospects, though the broader market impact of any single such transaction typically remains limited.

A Record-Setting Stretch Despite Friday’s Dip

Even with Friday’s slight pullback, the ASX 200 remains close to the all-time highs it touched earlier in the week, a run that has seen the index significantly outperform many of its international peers in recent sessions. Strategists have pointed to Australia’s relatively limited direct exposure to the volatile global artificial intelligence technology trade as one factor that has helped shield the local market from some of the sharper swings experienced on other major exchanges recently, even as Friday’s session showed that individual sector rotations, particularly within financials and energy, continue to drive meaningful day-to-day movement within the index.

With Australia’s corporate reporting season continuing in full swing over the coming weeks, investors are likely to keep a close watch on additional earnings releases for further signals on how individual sectors are performing heading into the back half of 2026. The trajectory of global oil prices, tied closely to the ongoing uncertainty surrounding the Strait of Hormuz and Iran’s latest restrictive shipping proposal, is also expected to remain a key swing factor for the ASX 200’s energy-heavy constituents in the sessions ahead, even as the broader index continues trading within close reach of its recent record levels.

This story about the July 2026 jobs report will be updated with further details.

The U.S. economy unexpectedly shed jobs in July amid headwinds caused by elevated inflation and uncertainty over the Iran war’s economic impact.

What are the key findings of the July 2026 jobs report?

The Bureau of Labor Statistics on Thursday reported that employers cut 23,000 jobs in June. That figure was well below the estimate of economists polled by LSEG, who estimated 80,000 jobs would be added.

The unemployment rate dipped to 4.1%, which was also below the estimate of 4.3%.

Revisions were made to the payroll numbers for the prior two months, with May revised down by 66,000 from a gain of 129,000 to 63,000; while June’s report was revised down by 37,000 from a gain of 57,000 to 20,000.

Taken together, employment in May and June combined was 103,000 jobs lower than previously reported.

Construction at Fort St. Vrain Generating Station in Platteville, Colorado, on March 9, 2026. (Chet Strange/Bloomberg via Getty Images)

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Ram Rupireddy could hardly believe his luck in 2020 when his friend told him about a New Jersey firm pitching investment opportunities in SpaceX and other buzzy privately held companies.

Rupireddy lives in Ashburn, Va., with his wife and two kids and was earning a reliable income as a data engineer at a healthcare company. But he had friends in the Bay Area who had invested early in hot startups, and he wanted in. This was his chance.

The investment firm, Late Stage Management, wasn’t selling actual shares, but stakes in vehicles that it said held them. 

Known as special-purpose vehicles, the funds hold shares in private companies either directly or indirectly, by investing themselves in other funds with stakes. The SPVs provide a workaround to the limit on the number of shareholders private companies can have without offering more detailed financials. They operate under few regulations and are supposed to be only for accredited investors, or those whose net worth or income reaches a certain threshold.

Plans from Urban Splash will go on public display next week

Proposals for a new riverside neighbourhood in Swansea that would deliver 124 new homes alongside new public spaces and improved access to the River Tawe will soon go on public display.

The plans, for a seven-acre site in St Thomas, Swansea, on the eastern bank of the river just north of the river bridges, are being brought forward by Swansea Council’s regeneration partner Urban Splash, working with housing partnership specialist Lovell, and Wales’ largest provider of housing, care and support Codi Group.

Residents are invited to help shape the proposals at two public consultation events next week:

• Wednesday – Y Storfa on Oxford Street from 12.30pm-6.30pm; and
• Thursday – St Thomas Church on Lewis Street from 10.30am-4.30pm.

The proposals include a mix of houses and apartments, with the majority of the affordable homes intended to be managed by Codi Group.

They also include improved walking and cycling links along with flexible retail or leisure spaces on the ground floor of a gateway apartment building.

Connected open spaces that better link the community with the river are also proposed as part of a plan tocreate a green and sustainable riverside neighbourhood.

A website where people can see the plans and give online feedback will be made available in the coming weeks.

Councillor Rob Stewart, Swansea Council leader, said: “Providing more affordable homes is one of our biggest priorities, and these proposals show how we can do that while transforming a long-vacant riverside site into a vibrant new neighbourhood.

“This is about creating homes local people can afford in a place that reconnects St Thomas with the River Tawe, and I encourage residents to come along to the consultation events or head online to help shape the plans.”

David Warburton, of Urban Splash, said: “We’re looking forward to sharing these proposals with the community. They set out a vision for a sustainable new neighbourhood that delivers much-needed homes while creating greener public spaces, opening up the riverfront and providing new opportunities for people to live, work and spend time by the River Tawe.”

Anthony Vagges, regional managing director of Lovell, added: “We’re proud to be working with Urban Splash and Swansea Council to bring forward a scheme that puts people and place first.

“Creating high-quality homes, including a 50% affordable housing provision, with open green spaces and improved waterfront access, this development will create new opportunities for local families and businesses while respecting the character of St Thomas.”

The proposals come just weeks after a public consultation was held for the Civic Centre.

Urban Splash is moving forward with this wider City Waterfront concept which includes cafes and bars, beach‑sports retail, new apartments together with new cultural spaces, an aquarium and flexible events space.

The site, formerly occupied by railway sidings, is one of seven key regeneration sites being brought forward through the long-term partnership between Swansea Council and Urban Splash as part of the broader City on the Beach vision.

The radiator firm said it had made progress on medium-term goals in half year results published to investors on the London Stock Exchange

Radiator maker Stelrad has boosted profits despite a gloomy assessment of its market.

In interim results published to the London Stock Exchange, the Newcastle company – which has its main factory in South Yorkshire – saw revenue of £124m in the six months to the end of June, compared with £136.5m in the same period last year. But adjusted operating profits were up 4.9% to £16.7m, compared with £15.9m.

Bosses said that was thanks to initiatives to boost profitability and offset market weakness. Across the half year, Stelrad saw further volume declines of 14.6%, which it said reflected subdued demand across some of its core markets including the UK & Ireland. That market was down 6.6% thanks to weakness in new build housing, repairs and improvements.

Its volumes in Europe were down 14.4%, and down 61.8% in its smaller Turkish and international segment where there had been a decision to reduce sales. Investors were told of notable decline in Germany, following a decision to leave a loss-making contract, and in France where there had been decline in higher-volume lower-margin parts of the market.

At the end of June, the group had cash of £17.6m, compared with £19m at the end of December, and undrawn facilities of £25.3m. Net debt before lease liabilities was £57.5m, up from £51.1m at the end of December but down on £64.8m at the same point last year. Directors expected a reduction in net debt by the end of the financial year due to seasonality in working capital investment.

Despite the downbeat talk of market weakness, Stelrad said it was well positioned to capitalise on a recovery in demand – though there was a question mark over when that may be. It said progress had been made towards medium-term targets despite the challenging conditions. So far, trading in the second half of the year has been in line with expectations.

Trevor Harvey, chief executive officer, said: “During the period, we delivered a strong financial performance against a backdrop of ongoing economic uncertainty suppressing volumes in the group’s key markets. Crucially, despite this environment, we have maintained our market leadership position and continued to optimise our cost base.

“The board remains confident in its strategic pillars and in driving continued shareholder value. Our operational excellence initiatives, underpinned by our competitive advantages and market positioning, mean that Stelrad remains well-placed to target market share gains across the geographies in which we operate.”

In October, Stelrad will pay an interim dividend of 3.19p per share, an increase of 5%. It said the increase reflected a strong group balance sheet and confidence in future growth prospects and increasing cash generation.