Operator

Good day, and welcome to the Pershing Square 2026 Second Quarter Earnings Call. Today’s call is being recorded. [Operator Instructions] It is now my pleasure to turn the conference over to Jill Chapman, Head of Corporate Investor Relations for Pershing Square.

Jill Chapman

Thank you, Tara. Good morning, everyone, and welcome to Pershing’s Second Quarter 2026 Earnings Call. Joining me today are CEO and Chairman, Bill Ackman; and CIO, Ryan Israel. Yesterday evening, we issued our earnings presentation and letter to shareholders, which are available on our website at pershingsquareinc.com under the Investors section. We expect to file our 10-Q after market close today.

Before we begin, I would like to draw your attention to the legal disclaimers at the end of our earnings presentation. Today’s call may include forward-looking statements, which involve risks and uncertainties and are not guarantees of future performance.

Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors described under forward-looking statements in our earnings presentation and IPO prospectus filed on April 30 as updated by our most recently filed Form 10-Q. We do not undertake any obligation to update forward-looking statements. We may also reference non-GAAP financial

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Lamborghini unveiled its most powerful production car ever Friday, revealing the Revuelto SV, a limited-edition hybrid version of its flagship V12 supercar, during Monterey Car Week festivities in California.

The Italian automaker will build only 1,963 units of the Revuelto SV, a production cap chosen to reference 1963, the year Lamborghini was founded. The car starts at $741,172, according to CNBC, which was among the outlets present for the reveal.

The Revuelto SV combines Lamborghini’s naturally aspirated 6.5-liter V12 engine with three electric motors, producing a combined output of more than 1,050 horsepower. That power translates into a zero-to-100-kilometers-per-hour, or roughly zero-to-62-miles-per-hour, sprint time of just 2.4 seconds, according to the company. The V12 itself remains largely unchanged from the standard Revuelto, still revving to 9,500 rpm, while the car’s more energy-dense 7.3-kilowatt-hour battery feeds additional power to the electric motors compared with the non-SV model.

The Revuelto SV marks the latest entry in Lamborghini’s storied “SV” line, short for “Super Veloce,” or “super fast” in Italian, a designation the company has historically reserved for the lightest, most aerodynamically refined and most powerful versions of its flagship supercars. The lineage traces back 55 years to the Miura SV, widely regarded as one of the first true supercars, and has continued through subsequent generations including the Diablo, Murciélago and Aventador.

Alessandro Farmeschi, Lamborghini’s Revuelto product line director, said the SV designation was designed to heighten the driving experience for customers seeking a more intense connection with the car. “The Revuelto SV gives our customers the opportunity to go beyond in terms of performance,” Farmeschi told CNBC, describing the car as more race-oriented while still delivering the excitement associated with driving a Lamborghini.

Beyond the added power, the Revuelto SV features significantly revised aerodynamics, including sharper body angles, larger fins, an updated fixed rear wing and reworked air intakes designed to improve airflow and increase downforce. GT Spirit reported the changes deliver roughly 80% more downforce compared with the standard Revuelto. The car also receives a specially tuned suspension, a new carbon-ceramic braking system, and an added “Pilota Mode” driving setting that unlocks a more customized setup tailored for track use.

Inside, the cabin has been reworked to feel closer to a racecar or fighter jet cockpit, according to CNBC’s reporting on the reveal. Standard seating consists of sport seats built around a carbon shell structure, while buyers can opt instead for monocoque carbon fiber racing seats borrowed from Lamborghini’s ultra-limited Fenomeno model, a choice the company says trades some comfort for a more authentic motorsport feel.

The reveal followed weeks of leaks and speculation about the car’s specifications. Design details for the Revuelto SV became public earlier than Lamborghini intended after a filing with the European Union Intellectual Property Office was published August 11, three days before the official unveiling, according to Yahoo Autos. That filing revealed the car’s reworked front fascia, centerlock wheels and fixed rear wing ahead of the company’s planned reveal at The Quail during Monterey Car Week.

Lamborghini’s decision to attach the SV badge to a hybrid platform for the first time carries symbolic weight for the brand. Historically, the designation has been reserved for a generation’s final, most extreme expression of a given supercar, and its application to the Revuelto, which introduced Lamborghini’s first hybrid V12 supercar in 2023, signals the company’s effort to prove that the SV name retains its meaning even as its lineup transitions toward electrification.

As is typical for Lamborghini’s most exclusive limited editions, strong demand is expected well ahead of any cars reaching customers. Farmeschi noted that the brand’s collectible appeal extends beyond the initial purchase, pointing to the strong value retention that has historically characterized Lamborghini’s most sought-after models in the collector car market. He said that when customers choose to buy a Lamborghini, it typically reflects both a desire to experience driving the car and confidence that the vehicle will hold its value over time.

The Revuelto SV’s Monterey Car Week debut also coincided with the U.S. debut of Lamborghini’s Urus Performante SUV and the global unveiling of the Revuelto Miura 60° Homage, a separate, 99-unit tribute model marking 55 years since the original Miura SV, underscoring the significance Lamborghini has placed on this year’s Monterey lineup.

With production limited to fewer than 2,000 units and pricing well north of $700,000, the Revuelto SV is expected to sell out quickly among Lamborghini’s existing collector base, continuing a pattern in which the automaker’s most extreme limited-edition models are frequently allocated to buyers before their public unveiling.

The Indian stock market remained under pressure during the week, with the Nifty slipping about 1% and testing crucial support levels amid weakening momentum. While the broader trend remains positive, Rupak De, Senior Technical Analyst at LKP Securities, believes a decisive break below 24,000 could push the benchmark into a short-term bearish phase.

For the week ahead, De expects the 24,000 level to remain critical for the Nifty, while 24,700 could emerge as the next upside target if the market stages a recovery. He remains positive on the auto and PSU bank sectors, while FMCG and energy could stay under pressure. Among individual stocks, MCX continues to look technically strong after its recent rally, while Havells, ELGI Equipments and Himadri Speciality Chemical feature among his top trading ideas for the coming week.

Edited excerpts from a chat:

Nifty fell about 1% in the week as it tested the 24,300–24,400 support cluster. On the weekly chart, is this still a routine higher-bottom formation, or are we seeing the first credible signs of trend deterioration?

Since the Nifty made a high of around 24,800 on the first day of the CAS closing, the index has been slowly coming down with falling highs. Recently, the Nifty has fallen below 24,300 but found support above the 50EMA. Therefore, the short-term trend remains positive, but the index losing value almost every day over the last several sessions suggests that bullishness is waning, and the index is at risk of entering a short-term bearish phase if it falls below 24,000. Until then, a short- to medium-term uptrend is likely to continue, with the index remaining within a rising channel. Therefore, a buy-on-dips strategy might still remain the flavour of the season unless 24,000 is decisively broken. On recovery, the index might rise back to 24,700 and higher.

Bank Nifty remains trapped broadly between 57,100 and 58,000, with its major moving averages flattening. Is this consolidation constructive, or does the absence of banking leadership materially increase the probability of a breakdown?

Lately the Bank Nifty has been remaining within a defined range. On the lower end, 50EMA has been acting as support while on the higher end, 58000 has remained a cap for the week. The RSI remains in bearish crossover. In the short term the sentiment might continue to remain lacklustre with the index remaining capped within a band of 57000-58000.

Based on weekly relative strength charts, which two sectors are positioned to lead next week, and which two should traders avoid?

The Nifty Auto and PSU Bank indices are looking strong on the charts. Though the trend has turned a bit rough for most of the indices, these two sectors are looking good for the short term among the better-performing spaces. On the higher end, the FMCG and Nifty Energy sectors are likely to remain under pressure in the coming days.

MCX shares jumped over 10% amid positive news flow. Do you think the upmove is sustainable?

After weeks of weak performance, the stock has witnessed a smart recovery over the last week, gaining more than 11%. A consolidation breakout has been seen on the weekly chart, with the price moving above the 20-week EMA, suggesting a rise in optimism. The stock looks positive in the short term, with the potential to rise towards 3,200/3,300. On the lower end, support is placed at 2,750.

TCS shares fell around 4% in the week amid N Chandra’s resignation as Tata Sons Chairman. Do you think this could be a buy opportunity at this stage?

The stock witnessed selling during the week as it formed a bearish engulfing pattern, suggesting waning bullishness and a pause in the recent uptrend. Going forward, a fall below 2,350 might trigger a correction in the stock price. On the other hand, if it does not fall below 2,350, a smart recovery might follow.

Give us your top ideas of the week ahead.

Buy ELGI Equipments at Rs 609.50; SL 590; TGT 640

The stock has given a falling trendline breakout on the daily chart, accompanied by volume that was higher than the previous three days. The price has been sustaining above critical moving averages, confirming a positive trend. The RSI is in a bullish crossover and rising, indicating improving momentum. The sentiment is likely to remain positive in the short term, with the stock having the potential to rise towards 640. On the lower end, support is placed at 590, below which the stock might enter a consolidation phase.

Buy Havells at Rs 1298; SL 1268; TGT 1350

The stock has given a flag pattern breakout on the daily chart. The price has been sustaining above critical moving averages, confirming a positive trend. The RSI is in a bullish crossover and rising, indicating improving momentum. The sentiment is likely to remain positive in the short term, with the stock having the potential to rise towards 1350. On the lower end, support is placed at 1268, below which the stock might lose its momentum.

Buy Himadri Speciality Chemical (HSCL) at Rs 781; SL 760; TGT 815

The stock has given a consolidation breakout on the daily chart. The price has been sustaining above critical moving averages, confirming a positive trend. The RSI is in a bullish crossover and rising, indicating improving momentum. The sentiment is likely to remain positive in the short term, with the stock having the potential to rise towards 815. On the lower end, support is placed at 760, below which the stock might enter a consolidation phase.

Facebook users have reported a scattered series of problems accessing the platform this week, according to multiple third-party outage-tracking services, with complaints ranging from blank screens and failed logins to videos that stop playing shortly after starting.

Independent monitoring service IsDown logged a report Friday from a user identified as Robert, who described encountering a blank screen across multiple browser attempts as well as when trying to log into the app. A separate report submitted the day before described Facebook as having been down since early that morning, while additional users reported issues with video playback and pages failing to load entirely. It remained unclear from the available reports whether these complaints reflected a single, broader technical issue or a series of smaller, unrelated disruptions affecting different users at different times.

As of this week, Meta, Facebook’s parent company, had not issued a detailed public statement addressing the specific reports or confirming a broader, company-wide outage. Separate outage-tracking service Outage.report indicated it was not detecting a broad Facebook outage at the time of its most recent check, suggesting that any issues affecting individual users were more likely tied to local internet connectivity, device settings or the app itself rather than a widespread failure on Facebook’s end. That same service noted Facebook’s most recent confirmed broader incident had occurred 18 days earlier, with the platform logging six recorded outage incidents over the trailing 12 months, averaging roughly one hour and 17 minutes in duration and totaling just under eight hours of cumulative downtime across the full year.

Facebook operates as one of the world’s largest social networking platforms, connecting users through both web and mobile applications. The platform allows users to share posts, photos and videos, message friends and family, join topic- or interest-based Groups, browse listings through Facebook Marketplace, and engage with content through its News Feed. Given that scale, even relatively brief or localized disruptions to the platform tend to generate a noticeable spike in user complaints and social media chatter, as affected users search for confirmation that an issue is not isolated to their own device or account.

This week’s scattered reports would not be the first time Facebook has faced more serious, confirmed outages. In one of the most severe disruptions in the platform’s history, Facebook, along with sibling platforms Instagram, WhatsApp and Messenger, went offline entirely for billions of users worldwide during a lengthy 2021 outage. Meta later said that incident stemmed from a configuration change affecting the routers that manage network traffic between the company’s data centers, an explanation the company provided only after the outage had been resolved. The BBC described that incident at the time as the most severe outage Facebook had ever experienced.

Other past Facebook outages have stemmed from more routine causes. In one earlier incident, the company said it had intentionally and temporarily taken the Facebook site offline to fix a bug that had caused certain third-party proxy servers to cache content that should not have been accessible, allowing a limited group of users to briefly view pages not intended for them. Facebook said at the time that the issue was not the result of any security breach, and the company apologized for the resulting inconvenience once service was restored.

In a separate earlier incident, Facebook experienced two outages within the same week, with the second lasting approximately 42 minutes. A company spokesperson at the time attributed the disruption to a configuration issue and said the company was working to restore full access for all affected users. That particular outage also coincided with a decline in Facebook’s stock price, which closed down nearly 4% the same day, though it remained unclear how directly the two events were connected given the range of other factors that can influence a company’s share price on any given trading day.

For users currently experiencing problems accessing Facebook, standard troubleshooting guidance compiled by outage-tracking services generally recommends several basic steps: forcing a full browser refresh, clearing cached data and cookies, trying an alternate browser or device, and confirming that the issue isn’t isolated to a single app by checking whether other websites and services are loading normally. If problems persist across multiple devices and browsers, users are typically advised to check third-party outage trackers or Meta’s official status resources for any indication of a broader, confirmed disruption before assuming the issue lies with their own equipment or account.

Given the relatively limited and inconsistent nature of this week’s reports, it remains unclear whether the issues described by affected users reflect an emerging, broader problem with Facebook’s infrastructure or simply a normal baseline level of scattered, day-to-day technical complaints that any platform serving billions of users is likely to generate. Meta had not issued any official acknowledgment of a specific ongoing incident as of this week, leaving affected users largely reliant on independent outage trackers and troubleshooting guidance to determine the scope of what they were experiencing.