Operator

At this time, I would like to welcome everyone to AlTi’s Second Quarter 2026 Earnings Conference Call. I would like to advise all parties that this conference is being recorded and a replay of the webcast is available on AlTi’s Investor Relations website. Now at this time, I will turn things over to [ Jeff Schoenborn ] with AlTi Investor Relations. Please go ahead.

Unknown Executive

Good afternoon and welcome to AlTi Global’s Second Quarter 2026 earnings conference call. On today’s call, we will hear prepared remarks from Nancy Curtin, Interim Chief Executive Officer and Global Chief Investment Officer, as well as Pat Keenan, Chief Financial Officer. They will be joined by Kevin Moran, our President and Chief Operating Officer, for the Q&A session.

Before we begin, I would like to remind everyone that certain statements made during the call may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, comments made during the prepared remarks and in response to questions. Forward-looking statements can be identified by the use of words such as anticipate, believe, continue, estimate, expect, future, intend, may, plan, and will, or similar terms.

Because these forward-looking statements involve both known and unknown risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these statements. For a discussion of the risks and uncertainties that

President Donald Trump’s social media company reported a loss of $238m (£176m) between April and June as it branched into ventures unrelated to media, including cryptocurrencies.

The quarterly loss is more than 10 times the amount reported during the same period a year earlier, according to the Trump Media and Technology Group, which runs the President’s Truth Social platform.

The firm says it will refocus on its social media mission, which includes a controversial service that offers faster access to Trump’s market-moving posts to paying customers.

The group’s interim chief executive officer Kevin McGurn said on Monday that more than 10 customers have signed up for the new service.

The BBC has contacted Trump Media and Technology Group and the White House for further comment.

The company posted $1.7m in revenue, which it said is up 89% from the same period a year before, but suffered overall loss dure to the drop in cryptocurrencies.

It added that it closed the second quarter with total assets of $2bn and financial assets of around $1.9bn, which includes cash, short-term investments and digital currencies.

The group has yet to turn a profit, even as it expands into areas including cryptocurrency holdings and clean-energy investments.

In July, it announced a plan to give Wall Street traders faster access to Trump’s posts on Truth Social, widely viewed as a way to give subscribers an edge in trading stocks and other heavily traded assets.

The move has prompted a series of legal questions and ethical musings, including whether it is right that a company – of which the president’s family remains the majority shareholder – stands to profit from his own public statements.

The new service is “expected to provide the company with a new revenue stream,” Trump Media said in its earnings statement on Monday.

McGurn said: “I’m encouraged by this momentum, and shareholders should expect more frequent communication from us on our progress each quarter as we enter this next chapter.”

July was a good lesson for long-term fund investors: Don’t sweat the day-to-day moves.

Tech stocks were hammered one day, then celebrated the next, on the latest hints about the impact of artificial intelligence. International Business Machines stock dropped 25% on July 14, its worst day in the company’s century-old history; Apple shares fell a bracing 7.4% on July 31, the same day that Amazon.com rocketed 15%.

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Mumbai: State Bank of India shares fell 2.2% on Monday, underperforming a largely flat market, even after the country’s largest lender’s June-quarter earnings came in above analyst expectations.

Read more: Indian equities could hit new highs next year: Aditya Birla MF

The stock closed at ₹1,072 even as most brokerages retained their positive stance on the lender following the results. Several firms, including Citi, HSBC, CLSA and JP Morgan, raised their target prices, while maintaining bullish recommendations.

The consensus 12-month target price stands at ₹1,255.14, implying an upside of about 17.1% from Monday’s closing price of ₹1,072.

ET Intelligence Group: A double-digit increase in revenue but lower profitability due to input cost pressure were the key highlights of the June 2026 quarter across sectors. Consumer focussed sectors including automobiles and consumer goods reported strong top line growth led by sustained demand while sectors including cement, pharmaceuticals and downstream oil companies posted lower profitability.

Automobiles

Hits: Maruti Suzuki’s market share increased by 230 basis points year-on-year to 41.2%, aided by a double digit increase in volumes of mall cars and SUVs amid GST rationalisation. Bajaj Auto reported record export volume of 7.3 lakh units, up 54% YoY.

Misses: Higher input costs put pressure on sector’s aggregate margin, which shrank by 210 basis points to 14.4%. Mahindra and Mahindra’s operating margin before depreciation and amortization (Ebitda margin) contracted by 210 basis points to 12.2%.

Outlook: Adverse commodity prices, rising competition and likely slack in rural demand in the case of a deficient monsoon are major risks for the sector in the short term. Companies with new product launches in the pipeline stand to gain volume share.

Revenue change (YoY): 31.6%
Net profit change (YoY): 5.9%Banking

Hits: Asset quality continued to improve. State bank of India reported its lowest gross nonperforming asset (GNPA) ratio of 1.5% in any of the quarters in over two decades and a record quarterly net profit of ₹21,121.2 crore. The retail, agriculture and micro, small and medium enterprises (MSME) portfolio of banks continued to show double digit YoY growth.

Misses: Profitability remained under pressure for most banks as net interest margins (NIM) either contracted or remained flat sequentially and year-on-year.

Outlook: Credit growth is likely to moderate in the coming quarters on a higher base in the previous year and sustained geopolitical uncertainties. On the liabilities front, attracting deposits may remain competitive for most banks thereby limiting improvement in NIMs.

Revenue change (YoY): 7.0%

Net profit change (YoY):25.1%

Read more: Indian equities could hit new highs next year: Aditya Birla MF

Cement

Hits: Cement prices firmed up 3% sequentially in the June quarter. Ultratech Cement delivered its strongest-ever first quarter in terms of volume, revenue, Ebitda and profit. Cement makers protected profitability through cost optimisation amid rising transportation and packaging costs.

Misses: Barring Ultratech and Shree Cement, which reported double-digit revenue growth, other top companies including Ambuja Cements and ACC posted around 8% drop in their respective top lines amid lower volume.

Outlook: The September quarter will likely show muted volume growth given slower construction activities due to rainy season. Given the continued input cost inflation, companies will be prompted to rely more on cost control to protect margins.

Revenue change (YoY): 7.6%

Net profit change (YoY): -5.3%

CONSUMER
Hits: Volume recovery was a major theme in the June quarter with companies reporting growth across categories. HUL reported 13-quarter strong underlying sales growth driven by 5% volume growth. Nestle reported 24.2% Ebitda margin, the highest June quarter margin in at least four years. Quick commerce remained a major area of
expansion.

Misses: Higher transportation and packaging costs dented profitability on a sequential basis.

Outlook: Input cost inflation in categories including edible oil, dairy products, sugar and cocoa is expected to affect profitability. It may prompt companies to undertake another round of price increases across products to defend margins.
Revenue change (YoY): 9.5%
Net profit change (YoY): 0.8%

IT
Hits: Order bookings remained buoyant during the June quarter despite delays in decision making by clients. Tech Mahindra reported 2.2% sequential growth in dollar denominated revenue, the strongest among top IT companies.

Misses: HCL Technologies and Wipro reported sequential squeeze in dollar revenue amid delays in project ramp ups.

Outlook: Process efficiency through artificial intelligence (AI) related routes is expected to compress the revenue growth rates of IT exporters in the medium term. Adoption of AI tools and methods through collaborations will be crucial for Indian IT companies to stay relevant.
Revenue change (YoY):15.9%
Net change (YoY):11.9%

OIL AND GAS
Hits: Oil producers reported strong numbers helped by higher crude oil prices. ONGC and Oil India reported multi-fold jump in their respective standalone net profits. Oil marketing companies (OMC) reported strong demand. Indian Oil posted record quarterly revenue of Rs 2.8 lakh crore.

Misses: Under-recoveries for OMCs shot up in the June quarter denting profitability. Staterun OMCs reported net losses for the quarter.

Outlook: A higher volatility in crude oil prices reduces revenue and profit visibility for the sector. At the prevalent crude oil prices, upstream companies would be able to sustain their profits and profitability. Lack of meaningful increase in product prices will affect performance of OMCs.
Revenue change (YoY): 32.6%
Net profit change (YoY):
-57.2%

PHARMA
Hits: Domestic and specialty sales remained buoyant. Sun pharma’s domestic sales grew 16% YoY, faster than the overall revenue growth of 10%.

Misses: Ebitda margin of Dr Reddy’s contracted sharply to 10.6% from 25.3% a year ago following price erosion in the US generics market. Cipla’s margin fell by around 900 basis points to 16.7% due to cost inflation, inventory write-offs and investments in product development.

Outlook: Specialty and innovative products are emerging as major growth drivers amid slowing sales of generics in the US market. Segments including peptides and respiratory drugs are likely to generate growth traction.
Revenue change (YoY): 15.8%
Net change (YoY):15.9%

Operator

Good evening, and welcome to NIQ’s Second Quarter 2026 Earnings Conference Call. [Operator Instructions] With that, I’d like to turn the call over to Will Lyons, Head of Investor Relations. Please go ahead.

William Lyons
Senior VP & Head of Investor Relations

Thank you. Hello, everyone, and welcome to NIQ’s Second Quarter 2026 Earnings Call. Joining me today are CEO, Jim Peck; and CFO, Mike Burwell. Following Jim’s and Mike’s prepared remarks, we’ll open the line for Q&A with Jim, Mike and our Chief AI and Product Officer, Troy Treangen.

As a reminder, today’s remarks will include forward-looking statements regarding our expectations and outlook. Actual results may differ materially from those expressed or implied in these statements.

For information about factors that could cause actual results to differ materially, please refer to today’s earnings press release and our SEC filings. We undertake no obligation to update any forward-looking statements made on this call, except as required by law.

During this call, we will also discuss both GAAP and non-GAAP financial measures. Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are