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Keyera Corp. (KEY:CA) Q1 2026 Earnings Call May 14, 2026 10:00 AM EDT

Company Participants

Dan Cuthbertson – General Manager of Investor Relations
C. Setoguchi – President, CEO & Director
Eileen Marikar – Senior VP & CFO
Bradley Slessor – Senior Vice President of G&P and NGL Pipelines Business Unit
K. Urquhart – Senior Vice President of Liquids Business Unit

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Conference Call Participants

Robert Hope – Scotiabank Global Banking and Markets, Research Division
Spiro Dounis – Citigroup Inc., Research Division
Robert Catellier – CIBC Capital Markets, Research Division
Benjamin Pham – BMO Capital Markets Equity Research
Theresa Chen – Barclays Bank PLC, Research Division
Patrick Kenny – National Bank Financial, Inc., Research Division
Maurice Choy – RBC Capital Markets, Research Division

Presentation

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Operator

Good morning. My name is Joelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Keyera’s 2026 First Quarter Conference Call. [Operator Instructions] I would now like to turn the call over to Dan Cuthbertson, General Manager, Investor Relations. You may begin.

Dan Cuthbertson
General Manager of Investor Relations

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Thanks, and good morning. Joining me today will be Dean Setoguchi, President and CEO; Eileen Marikar, Senior Vice President and CFO; Jamie Urquhart, Senior Vice President, Liquids Business Unit; and Brad Slessor, Senior Vice President, G&P and NGL Pipelines Business Unit. We will begin with some prepared remarks from Dean and Eileen, after which we will open the call to questions. I’d like to remind listeners that some of the comments and answers that we will give today relate to future events.

These forward-looking statements are given as of today’s date and reflect events or outcomes that management currently expects. In addition, we will refer to some non-GAAP financial measures. For additional information on non-GAAP measures and forward-looking statements, please refer to Keyera’s public filings available on SEDAR and on

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Capital markets regulator Sebi has proposed a wide-ranging revamp of exchange-traded derivatives regulations aimed at simplifying compliance norms, removing redundant provisions and easing operational requirements for stock exchanges and clearing corporations.

In a consultation paper released on May 14, the regulator proposed multiple changes across equity, currency, commodity and interest rate derivatives segments as part of a broader “ease of doing business” initiative for market infrastructure institutions.

Sebi said the review seeks to simplify regulatory requirements, discontinue duplication and reduce the compliance burden on exchanges by restructuring and consolidating existing master circulars governing derivatives markets.

One of the key proposals is the removal of the “Close to the Money” (CTM) option series mechanism in commodity derivatives. The regulator said the CTM framework makes the exercise mechanism complex for market participants and creates uncertainty for option sellers.

Sebi noted that leading global commodity exchanges do not follow the CTM concept and that simpler in-the-money and out-of-the-money structures are easier for traders to understand and execute.

The regulator has also proposed reducing the mandatory number of Product Advisory Committee meetings for non-agricultural commodity derivatives from two meetings annually to one meeting per year, aligning them with agricultural commodity norms.
According to the consultation paper, exchanges argued that non-agricultural commodity contracts generally require fewer specification changes and that attendance in such meetings has often remained weak for low-liquidity contracts.Sebi further proposed granting exchanges greater operational flexibility in advancing expiry dates of commodity contracts during sudden disruptions such as strikes, erratic weather or unexpected market closures. Under the proposed framework, exchanges would be allowed to take such decisions with approval from the managing director and provide “adequate notice” instead of the existing mandatory 10-day advance intimation rule.

Another proposal relates to position limit monitoring in derivatives markets. Sebi clarified that exchanges would continue to remain responsible for monitoring position limits but may outsource the operational work to clearing corporations through formal agreements defining roles and responsibilities.

The regulator also proposed discontinuing several outdated requirements, including lower base minimum capital norms for brokers without nationwide terminals, noting that regional stock exchanges have largely ceased operations and internet-based trading has become standard.

Similarly, Sebi proposed removing separate certification guidelines for derivatives dealers and brokers because these are already covered under the Sebi certification regulations for associated persons in securities markets.

In another move toward digitisation, the regulator proposed replacing newspaper disclosures of derivatives transactions with website-based disclosures by exchanges.

The consultation paper also proposes merging multiple derivatives-related circulars and chapters into consolidated frameworks for equity derivatives, currency derivatives and interest rate derivatives to reduce overlap and improve consistency.

Sebi has also suggested separating regulatory provisions applicable to stock exchanges and clearing corporations into distinct master circulars, reflecting increasingly segregated operational roles after interoperability and independent clearing member registration frameworks.

The regulator has invited public comments on the proposals until June 4.

DUBAI, United Arab Emirates — The Strait of Hormuz, the critical chokepoint for nearly one-fifth of global oil supply, remains effectively closed or heavily restricted as of May 14, 2026, more than two months after Iran imposed tight control amid its ongoing conflict with the United States and Israel, driving oil prices above $100 per barrel and disrupting international energy flows.

Maritime tracking data and shipping reports show only a handful of vessels successfully transiting the narrow waterway in recent days, mostly Chinese-owned tankers carrying Iraqi crude or other authorized cargoes after securing Iranian permission. The U.S. naval blockade and Iranian countermeasures have reduced daily transits from a pre-conflict average of around 138 vessels to near zero on many days, stranding more than 1,500 commercial ships and over 22,000 mariners in the Persian Gulf region.

The closure, which began in earnest after U.S. and Israeli strikes on Iran in late February, has created the largest energy supply shock in decades. The U.S. Energy Information Administration (EIA) now assumes the strait will stay effectively shut through the end of May, revising earlier projections and warning that a prolonged closure could push oil prices $20 higher in the near term. Brent crude has traded consistently above $100–$107 per barrel, with WTI near $101, reflecting both physical supply losses and a substantial geopolitical risk premium.

Iran has asserted greater control over the waterway, establishing what it calls a “Persian Gulf Strait Authority” and charging some vessels tolls paid in Chinese yuan. Tehran has struck bilateral deals with countries like Iraq and Pakistan to allow limited oil and LNG shipments, while warning that unauthorized vessels risk interception. The Islamic Revolutionary Guard Corps has conducted multiple operations, including reported seizures and attacks on commercial shipping, contributing to at least 42 confirmed maritime incidents since the conflict began.

A Chinese supertanker carrying two million barrels of Iraqi crude successfully crossed the strait on Wednesday, becoming one of the few large vessels to make the journey recently. Additional Chinese-managed ships have also transited under Iranian authorization, highlighting Beijing’s critical stake in stable energy routes. China, Iran’s top oil customer, has been quietly negotiating safe passage for its vessels while publicly calling for calm.

The ongoing Trump-Xi summit in Beijing has placed the strait at the center of diplomatic efforts. President Donald Trump has pressed Chinese President Xi Jinping to use Beijing’s leverage with Iran to help reopen the waterway. Early reports from the summit suggest both leaders agreed the strait “must remain open” for commercial shipping, though concrete commitments on enforcement remain unclear. U.S. Secretary of State Marco Rubio has warned China that failure to help resolve the crisis could harm its own exports and global standing.

The disruption has ripple effects worldwide. Asia, heavily dependent on Middle Eastern crude, has scrambled for alternative supplies, boosting shipments of Alaskan and U.S. crude to the region. Europe has increased reliance on U.S. LNG and other sources. Global inventories have drawn down sharply, with the EIA estimating 10.5–10.8 million barrels per day of Middle East output shut in during April and May.

U.S. gasoline prices have climbed above $4 per gallon in many areas, contributing to April’s 3.8% inflation reading. Refiners warn of further increases if the closure persists into June. Saudi Arabia and other OPEC+ producers have maintained output discipline, prioritizing price stability over flooding the market with additional barrels.

The humanitarian toll on mariners remains severe. Thousands of crew members are stranded aboard vessels caught in the Persian Gulf, facing supply shortages and psychological strain. Maritime unions and shipping associations have called for urgent international action to ensure safe passage and crew welfare.

Military efforts to secure the strait have been limited. The U.S. has conducted escort operations under “Project Freedom,” but Trump paused the mission earlier this month citing diplomatic progress. Australia, the UK, France and Italy have offered support for multinational missions, including surveillance aircraft and minesweepers, though full operations are not expected until after any ceasefire.

Iran continues to frame its control over the strait as a legitimate exercise of sovereignty and a key deterrent. Iranian officials have warned that U.S. or allied attempts to force open the waterway could escalate the conflict further. At the same time, Tehran has allowed limited transits for certain nations as part of bilateral arrangements, demonstrating selective flexibility.

The Trump-Xi summit offers a potential turning point. Trump has tied progress on Hormuz to broader trade and technology discussions, while Xi seeks stability to protect China’s energy imports and economic recovery. Any agreement that facilitates safer commercial shipping could ease price pressures and reduce global economic risks.

For now, the strait’s closure continues to reshape energy markets, shipping routes and geopolitical calculations. Alternative routes around Africa add significant time and cost to tanker voyages, while insurance premiums for Gulf transits have skyrocketed. The situation has accelerated interest in diversified supply sources, including U.S. shale, Canadian oil sands and renewable energy investments.

As the world watches the Beijing summit for signals on de-escalation, the Strait of Hormuz remains a dangerous flashpoint where military, economic and diplomatic interests collide. A resolution would bring relief to energy consumers and markets, but the path forward depends on complex negotiations between Washington, Beijing and Tehran.

The coming days and weeks will be critical. Whether the strait reopens fully or remains a contested chokepoint will influence everything from gasoline prices at the pump to global inflation trends and the broader trajectory of the Iran conflict. For now, the waterway that has long been called the world’s most important oil artery stays largely silent, a stark reminder of how quickly geopolitics can reshape energy security.

NEW YORK — POET Technologies Inc. shares skyrocketed more than 29% in morning trading Thursday, climbing to $18.55 as investors piled into the photonics company amid growing excitement over its role in powering artificial intelligence data centers and recent operational advancements.

The Nasdaq-listed firm, which develops advanced opto-electronic integration solutions for AI and high-speed communications, has emerged as one of the more volatile yet compelling plays in the semiconductor space this year. Today’s sharp gain extends a strong run for POET, which has seen its shares more than double in recent weeks on a combination of positive industry sentiment, partnership progress and broader AI infrastructure enthusiasm.

The rally comes as POET continues to make strides in its core business of integrating photonic components for high-performance computing applications. The company’s hybrid integration platform aims to solve critical bottlenecks in data transmission speed and energy efficiency — challenges that have become increasingly urgent as AI training models demand ever-greater bandwidth and lower power consumption.

Recent company announcements have fueled optimism. On May 12, POET appointed Dr. Sandeep Kumar as Chief Operating Officer, effective May 11. Kumar brings extensive experience in semiconductor operations and scaling manufacturing, which analysts view as a key addition as the company prepares for potential volume production ramps. The appointment signals POET’s focus on operational excellence as it transitions from development to commercial scale.

Earlier in late April, the company provided a purchase order update following the cancellation of orders from Marvell Semiconductor after its acquisition of Celestial AI. While that news initially weighed on sentiment, POET quickly highlighted a separate $5 million purchase order from another technology customer, helping to stabilize investor confidence. The company has emphasized its diversified pipeline and strategic focus on AI and optical networking markets.

POET’s technology centers on its proprietary POET Optical Interposer platform, which enables the integration of electronic and photonic components on a single chip. This approach promises significant improvements in speed, power efficiency and cost compared to traditional solutions. As hyperscale data center operators race to deploy more powerful AI systems, demand for such technologies has intensified, positioning POET as a potential beneficiary of the ongoing AI infrastructure buildout.

Market reaction to today’s surge was enthusiastic, with trading volume significantly exceeding recent averages. The move erased some of the volatility seen in recent sessions and pushed the stock well into positive territory for the month. Analysts have noted POET’s high-beta nature — typical for small-cap semiconductor names tied to emerging technologies — but many remain constructive on its long-term potential if it can successfully commercialize its platform.

Wall Street coverage reflects guarded optimism. While some firms highlight execution risks and the company’s history of operating losses, others point to the massive addressable market for optical interconnects in AI systems. Price targets vary widely, reflecting the speculative nature of the stock, but several analysts have raised forecasts following recent positive developments.

The broader AI semiconductor sector has shown strength in 2026, with leaders like NVIDIA continuing to dominate headlines. POET’s niche focus on photonic solutions for data movement complements the GPU-heavy ecosystem, potentially carving out a valuable position in the supply chain. As data centers grapple with power consumption and heat management challenges, technologies that improve efficiency become increasingly critical.

For investors, today’s surge underscores both the opportunity and risk in early-stage AI infrastructure plays. POET remains a small company with limited revenue relative to its market capitalization, meaning volatility is likely to persist. The company continues to invest heavily in research and development and manufacturing capacity, with plans for expanded production capabilities in the coming quarters.

Company leadership has emphasized disciplined growth and strategic partnerships. Recent collaborations and design wins in the AI space have generated excitement, though actual revenue ramp remains a key watchpoint in upcoming earnings reports. POET is scheduled to report first-quarter results later this month, which could provide further clarity on commercial traction.

The stock’s performance also reflects broader market enthusiasm for anything tied to artificial intelligence. Even as some high-profile names pull back on valuation concerns, smaller players with credible technology roadmaps continue to attract speculative capital. POET’s ability to maintain momentum will depend on execution and the ability to convert technical promise into commercial success.

Looking ahead, analysts will monitor several catalysts for POET. Successful customer adoption milestones, progress on manufacturing scale-up and evidence of growing design wins could support further upside. Conversely, any delays in commercialization or funding needs could pressure the shares given the company’s current valuation.

As trading continues Thursday, focus remains on whether the gains can be sustained or if profit-taking emerges after the sharp move. Support levels from recent ranges and resistance near recent highs will be key technical markers. Longer-term, POET’s success hinges on its ability to establish itself as a meaningful player in the rapidly expanding optical connectivity market for AI systems.

POET Technologies’ surge today highlights the intense investor interest in companies positioned at the intersection of photonics and artificial intelligence. While the road ahead includes significant execution challenges, today’s move demonstrates the market’s willingness to reward perceived breakthroughs in this critical technology area. For now, the company finds itself riding a wave of AI enthusiasm that shows few signs of abating in 2026.

Americans are rethinking when to retire and claim Social Security as longer lifespans collide with uncertainty over the program’s future.

Social Security could reach insolvency by late 2032 or early 2033, potentially triggering automatic benefit cuts if Congress fails to act. At the same time, Americans are living longer, stretching retirement from roughly 15 years to closer to three decades in some cases, according to Realtor.com.

More than 68 million Americans rely on Social Security benefits as of April 2026, according to the Social Security Administration.

Waiting until age 70 to start collecting Social Security locks in the highest monthly payment, but claiming earlier may help protect against possible cuts. 

TRUMP SIGNS ORDER AIMING TO HELP EXPAND ACCESS TO RETIREMENT ACCOUNTS

“Social Security certainly has a funding problem,” said Evan Mills, a financial analyst at Scholar Advising. “If you claim now, you’re basically making a bet that Congress does nothing about the underfunding problem.”

But delaying benefits carries its own risks.

“You’re also making a bet that you’re not going to live long enough to regret taking a smaller check if Congress does step in and fix the funding problem, which they have plenty of levers to pull,” he added.

Rising costs are adding pressure. Inflation, higher property taxes, insurance and healthcare expenses are also squeezing retirees, particularly those on fixed incomes, Realtor.com reported.

“Many retirees built plans assuming Social Security would cover a larger percentage of their living expenses than it realistically will,” said Elias Friedman, certified financial planner and founder at Kadima Wealth.

WORK MORE, LOSE LESS? NEW BILL AIMS TO END SOCIAL SECURITY PENALTY

Taxes can further complicate the decision. Claiming benefits early while withdrawing from retirement accounts can trigger so-called “tax torpedoes,” leading to a sudden increase in tax liability.

“It takes a bigger bite out of your Social Security benefits than you would expect,” George Dimov, CPA and founder of Dimov Tax, told Realtor.com.

Regardless, experts say not to make decisions based on fear.

“I advise clients to be careful about making major Social Security decisions based purely on scary headlines,” Friedman said. “I still believe delaying benefits can make a lot of sense for healthy retirees who expect longevity, especially married couples where maximizing the higher earner’s benefit can help protect the surviving spouse down the road.”

NEARLY HALF OF GEN X WORKERS ARE DELAYING RETIREMENT AS RISING COSTS, STAGNANT WAGES DRAIN SAVINGS

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With so many unknowns, experts also say that flexibility is key, whether that means working longer, cutting costs, downsizing or adjusting spending.

“Living longer means finding a place to live in for longer,” Realtor.com Senior Economist Joel Berner told FOX Business in an email. “As we’re seeing, monthly budgets based on social security income may not be as certain as they used to be, so finding a low-cost housing option is essential to planning out a long and happy retirement.”

SAN FRANCISCO — Slack, the popular workplace messaging platform owned by Salesforce, is experiencing scattered service disruptions for hundreds of users on Thursday, May 14, 2026, according to real-time alerts and community reports circulating online, though the issues appear limited in scope rather than a full-scale outage affecting the entire platform.

The outage-monitoring account @status_is_down on X posted at approximately 10:17 a.m. GMT, stating “Slack is reportedly down for hundreds of users at the moment. Are you one of them?” and linking to a community forum discussion titled “Is Slack down May 14 2026?” The post quickly gained traction as frustrated customers sought confirmation that their connectivity problems were not isolated.

Downdetector and similar platforms showed elevated but not catastrophic reports for Slack in the past several hours. Most complaints centered on slow message loading, failed file uploads, login issues and intermittent connectivity rather than a complete service collapse. Slack’s official status dashboard indicated normal operations across major components as of mid-morning Pacific time, with no broad alerts posted.

This latest flare-up follows a relatively stable period after earlier incidents in May. On May 11, users reported elevated errors with messaging and channel loading that were quickly mitigated. A more substantial incident occurred on April 20 when Slack was unavailable for around 90 minutes, affecting thousands and sparking widespread discussion. Those events highlighted the challenges of scaling collaboration tools to meet surging demand from millions of daily active users across enterprises and remote teams.

Today’s reports appear more regional or device-specific. Customers in various markets described frozen loading screens, error messages during conversations and difficulties accessing advanced features like voice mode or custom integrations. Some noted that refreshing the workspace or switching networks temporarily alleviated symptoms, while others reported the problems persisting across multiple devices on the same network. The volume of complaints — hundreds rather than millions — suggests localized congestion, maintenance activity or a targeted software glitch rather than a core infrastructure failure.

Slack serves tens of millions of subscribers and free users worldwide with real-time messaging, file sharing and collaboration tools used by teams of all sizes. Peak usage hours often strain capacity, especially during business hours in major time zones. Any minor hiccups today likely coincide with heightened demand rather than systemic failure.

Users experiencing problems should follow standard troubleshooting steps recommended by Slack. Refreshing the workspace, clearing cache and cookies, trying incognito mode or switching networks frequently resolves temporary glitches. For mobile app users, force-closing and restarting the app or checking for updates can help. Slack’s support pages also suggest signing out and back in or trying a different device.

The company has invested heavily in infrastructure resilience since being acquired by Salesforce. The platform operates multiple data centers with sophisticated load balancing and redundancy systems. Despite occasional disruptions common to all major collaboration platforms, Slack maintains strong overall uptime and responds quickly to reported issues. No formal statement has been issued for today’s scattered complaints, consistent with Slack’s approach to non-catastrophic events.

Recent technical difficulties, such as brief model-specific errors earlier in the month, underscored the complexity of running real-time collaboration systems at scale. Slack typically offers apologies or credits for significant outages, though none appear warranted for the current limited reports.

Customer frustration is understandable. Slack has become essential for daily communication in remote and hybrid work environments, and even brief interruptions disrupt workflows for teams across industries. Social media platforms lit up with memes and complaints, with hashtags like #SlackDown and #SlackOutage trending briefly as users shared screenshots of error messages.

For businesses and enterprise users relying on Slack for critical team coordination, any downtime carries higher stakes. Dedicated support channels often provide faster resolution, but consumer and smaller workspace accounts depend on self-service tools. The service’s integration with productivity apps and developer tools continues to drive loyalty despite occasional hiccups.

As of late morning Pacific time on May 14, the situation remained fluid. Some users reported partial restoration while others continued experiencing problems. Monitoring accounts like @status_is_down play a valuable role in crowdsourcing real-time information when official channels lag. The linked forum thread showed users sharing experiences and potential fixes.

Looking ahead, Slack is expected to continue expanding its feature set and enterprise capabilities. These expansions increase pressure on infrastructure but also drive subscriber growth. In the meantime, users can stay informed through Slack’s status page, the app notifications and third-party trackers.

The May 14 reports serve as a reminder of how dependent modern work has become on collaboration tools. While not rising to the scale of previous major incidents, the issues affecting some users highlight ongoing challenges in maintaining flawless performance across a vast global user base. Slack has historically resolved such matters quickly and offered goodwill gestures to impacted subscribers.

Users are advised to document any prolonged disruptions for potential credits and to explore alternative communication tools until service stabilizes. The platform’s commitment to infrastructure investments suggests these types of events will become less frequent over time, though complete elimination remains unlikely in such a complex system.

For now, most Slack users appear unaffected, with the reported problems limited to a subset of subscribers. The situation underscores the importance of diversified communication options and staying informed during peak usage periods. As the day progresses, further updates from Slack or monitoring services will clarify the full scope and resolution timeline.

The incident also highlights the growing reliance on digital collaboration tools in the modern workplace. As companies continue to embrace remote and hybrid models, platforms like Slack have become indispensable for team coordination, project management and real-time communication. Even brief disruptions can impact productivity across organizations of all sizes, from small startups to large enterprises.

Slack’s parent company, Salesforce, has made significant investments in reliability and scalability since the acquisition. These efforts include expanded data center capacity, improved load balancing and enhanced monitoring systems. Despite these improvements, the rapid growth of AI-powered features and integrations has added complexity to the platform’s infrastructure.

Enterprise customers with dedicated instances or service-level agreements often experience higher levels of stability and priority support. For smaller teams and individual users, however, the service remains dependent on shared infrastructure that can occasionally face pressure during peak times.

The broader collaboration software market has seen similar occasional disruptions from competitors like Microsoft Teams and Google Workspace. This reflects the inherent challenges of delivering real-time, low-latency communication at global scale. As demand for these tools continues to grow, providers are under increasing pressure to maintain near-perfect uptime.

For users affected today, the recommended course of action remains simple troubleshooting combined with patience. Most reported issues resolve within minutes to an hour as systems automatically adjust. In the meantime, many teams have successfully shifted to alternative channels such as email, phone calls or other messaging platforms to maintain workflow continuity.

The viral nature of today’s reports on X and other platforms demonstrates how quickly workplace tool outages can capture attention. The @status_is_down post highlighting the Slack issues quickly gained visibility, reflecting the platform’s central role in daily business operations for millions of users worldwide.

As services continue to restore fully, most users are expected to regain normal access without further issues. Slack has not indicated any extended maintenance or follow-up patches at this time. Players are advised to keep their apps updated and monitor official channels for any additional information.

Today’s scattered disruptions serve as a reminder of the critical role collaboration tools play in modern work environments. While the majority of users experienced no problems, the reports from hundreds of affected individuals highlight the importance of redundancy and backup communication plans in today’s digital workplace.

For now, Slack remains the go-to platform for millions of teams worldwide, and today’s minor issues are unlikely to diminish its popularity or utility. The company’s ongoing investments in reliability suggest that such events will become increasingly rare as infrastructure continues to evolve.

Attack forced a five-week production shutdown and caused annual profits to plummet from £2.5bn to just £14m

Jaguar Land Rover (JLR) has announced a continued rebound in sales following a significant cyber attack last year, which sent profits tumbling.

The UK’s largest car manufacturer, owned by India’s Tata Motors, reported that sales volumes surged over the past three months after its factories resumed production.

JLR was forced to suspend production across its UK plants for five weeks from September a last year due to a cyber attack, which weighed heavily on sales in late 2025.

All of the group’s manufacturing sites, including its facilities in Solihull, West Midlands, and Halewood, Merseyside, ceased operations before coming back online in October.

The company confirmed that production has since returned to normal levels.

On Thursday, the group posted revenues of £6.9 billion for the three months to 31 March, representing a 51.4% rise against the preceding quarter. However, this still represented an 11.1% decline year-on-year.

Full-year revenues were 20.9% lower at £22.9 billion, reflecting the severe impact of the production shutdown.

Annual volumes were also dragged down by the effects of US tariffs, “market challenges” in China and the planned “wind down” of a number of outgoing Jaguar models.

The company recorded a profit before tax and exceptional items of just £14 million, a dramatic fall from £2.5 billion the previous year.

Quarterly profits of £458 million were also reported, down from £875 million a year earlier, though markedly improved from a £310 million loss in the prior quarter.

PB Balaji, chief executive of JLR, said: “JLR faced a challenging year with revenue and profit impacted by multiple headwinds, including a pause in production following the cyber incident.

“We recovered well in the fourth quarter as production returned to normal levels, demonstrating the commitment of our people, suppliers and retail partners.”