Follow

Play Earnings CallPlay Earnings Call

Naturgy Energy Group, S.A. (GASNY) Shareholder/Analyst Call March 24, 2026 5:00 AM EDT

Company Participants

Francisco Reynés Massanet – CEO & Executive Chairman
Manuel García Cobaleda – Secretary of the Company and the Board

Conference Call Participants

Advertisement

Fernando de la Camara Garcia

Presentation

Francisco Reynés Massanet
CEO & Executive Chairman

Advertisement

Good morning, ladies and gentlemen. Thank you. Thank you so much for being here. If you allow me, before I officially start this AGM, I would like to share with you a video that summarizes joint and in-depth work that we have done this year and after being shared and approved by the AGM has to do with our corporate purpose. Our corporate purpose has been defined as a goal that aims to facilitate the relationship that we all have with energy on a daily basis. By trying to improve the relationship with our employees, collaborators, public authorities, regulators, suppliers and especially so with the over 20 million customers that we have distributed through our geographies. So without further ado and before we officially start, allow me to show you this video that summarizes our commitment.

[Presentation]

Francisco Reynés Massanet
CEO & Executive Chairman

Advertisement

Ladies and gentlemen, shareholders, just like in previous years, I’m honored as the Chairman of the Board of Directors to welcome you to this ordinary AGM that the company holds, as we have in the past, both remotely and in person simultaneously. I would especially like to thank the presence of the members of the Board of Directors who are here present and also the representatives of the most significant shareholders. Especially this year, I have the honor of welcoming the representatives of Sonatrach, Mr. Eddine Daoudi and Mr. [ Atallah ] who are also with us here today. One more proof of that commitment and the fruitful relationship and long-lasting relationship we’ve had for over 40 years. Therefore, we officially open this

Operator

Ladies and gentlemen, thank you for standing by, and welcome to PDD Holdings Inc. Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference call is being recorded. I would now like to hand the conference over to your host today. Sir, please go ahead.

Unknown Executive

Thank you, operator, and hello, everyone, and thank you for joining us today. PDD Holdings earnings release was distributed earlier and is available on our website at investor.pddholdings.com as well as through the Globe Newswire services. Before we begin, I would like to refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make certain forward-looking statements. This call also includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.

Joining us today are Mr. Chen Lei, our Co-Chairman and Co-Chief Executive Officer; and Mr. Zhao Jiazhen, our Co-Chairman and Co-Chief Executive Officer.

Our VP of Finance, Ms. Liu Jun, is unfortunately on medical leave. Delivering the prepared remarks today will be Mr. Li Jiong, our Finance Director. Jiazhen and Lei will make some general remarks on our performance for the past quarter and our strategic focus. Jiong will then walk us through our financial results for the fourth quarter and fiscal year ended December 31, 2025.

During the Q&A session, Lei and Jiong will

Shares of RPSG Ventures surged as much as 20% to their day’s high of Rs 721 on the BSE on Wednesday after United Spirits announced the sale of its wholly owned subsidiary Royal Challengers Bengaluru (RCB) for over Rs 16,600 crore.

The RCB deal is being viewed as a key valuation benchmark for the IPL ecosystem, effectively resetting the valuation framework for other franchises. The ripple effect was visible in stocks such as RPSG Ventures and Sun TV, which own Lucknow Super Giants and Sunrisers Hyderabad, respectively.

According to Nuvama Institutional Equities, the $1.8 billion RCB transaction sets a new high-water mark for IPL franchise valuations. It implies a more than twofold jump over the $900 million valuation of the Gujarat Titans and is also higher than the Rajasthan Royals’ recent $1.6 billion valuation.

The brokerage noted that this reflects a sharp re-rating of IPL assets, with franchise valuations rising nearly 25 times since inception in 2008, driven by strong global investor interest, including private equity funds and US-based sports owners. Nuvama added that the deal establishes a strong benchmark for the sector and points to potential upside for other listed franchise owners such as Sun TV and RPSG Ventures.

RPSG Ventures is in focus as its 51% stake in Lucknow SuperGiants is valued at nearly 250% of the company’s own market cap, even after a holding-company discount.

The RCB franchise has been acquired by a consortium that includes the Aditya Birla Group, The Times of India Group, Bolt Ventures led by David Blitzer, and a Blackstone fund. The transaction, valued at about $1.8 billion, sets a fresh benchmark for IPL franchise valuations and highlights the growing appeal of T20 cricket assets.
Also read: Buy on the cannons, sell on the trumpets? How stock market investors can deal with Iran war stressFor United Spirits Limited, a subsidiary of Diageo plc, the deal marks nearly a 16-fold return compared to its original bid in 2008. The transaction is subject to customary closing conditions, including approvals from the Board of Control for Cricket in India, the IPL Governing Council and other regulatory authorities. The BCCI will receive 5% of the deal value as a transfer fee.

The bidding process attracted strong interest from multiple groups. The winning consortium outbid a rival offer from Adar Poonawala of Serum Institute and Aditya Mittal of ArcelorMittal.

Other participants included Premji Invest alongside EQT, as well as a separate group comprising Ranjan Pai of Manipal Group, KKR and Temasek, which were involved in the early stages of bidding.

Also read: Mukesh Ambani’s Reliance Jio in talks to offload individual investor stakes by 8% in upcoming IPO: Report

Financially, RCB reported revenue of Rs 504 crore and EBITDA of Rs 186 crore for FY25, according to United Spirits’ annual report. The franchise has already nearly matched those figures in the first half of FY26, posting revenue of Rs 478 crore and EBITDA of Rs 225 crore, surpassing the full-year FY25 EBITDA.

The Times of India Group is the publisher of The Economic Times.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Smallcap counter Sammaan Capital – which was in news today after the Reserve Bank of India (RBI) cleared decks for Abu Dhabi-based International Holding Company (IHC) to acquire a controlling stake – witnessed a bulk deal where French multinational bank Societe Generale bought shares worth Rs 76 crore. In another major deal, ace investor Mukul Agrawal sold shares worth Rs 8 crore in a microcap Siyaram Recycling Industries, which had fallen 72%.

Sammaan Capital

Societe Generale bought 50.6 lakh shares in Sammaan Capital at a price of Rs 149.92 per share. It was a premium of 8% over the Tuesday closing price of Rs 138.51 on the NSE. Today, its shares settled nearly 6% higher at Rs 146.30.
The stock has been a market outperformer with 23% returns over a 1-year period and is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 145 and Rs 144, respectively, according to Trendlyne data.

The acquisition of a 66.65% controlling stake will be made via Avenir Investment RSC, which is owned and controlled by IHC.

Avenir Investment RSC proposed to invest nearly Rs 8,850 crore by the way of preferential issue. This is one of the largest investments by a Middle Eastern entity in India’s financial services sector.

After the completion of the preferential issue, Avenir Investment will hold nearly a 41.23% stake in the company, while the rest will be acquired through an open offer, Sammaan Capital, formerly called Indiabulls Housing Finance, said in an exchange filing.

Siyaram Recycling Industries

Mukul Agrawal sold 21 lakh shares via a separate bulk deal where the buyer was Param Value Investments. The shares were purchased at a price of Rs 38.20 apiece, a 4.3% premium over the Tuesday closing price of Rs 36.64.Today, its shares settled at Rs 38.28, up by Rs 1.64 or 4.5% over the last closing price.

Agrawal held 22 lakh shares representing 10.10% stake in the company according the September shareholding data on the BSE.

The stock price has seen a 72% erosion in the past year.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

JPMorgan Chase CEO Jamie Dimon said on Tuesday that the U.S. is becoming more like Europe in terms of defense procurement, and it’s holding the country back.

Dimon spoke at the Hill & Valley Forum, which is an annual meeting that brings together policymakers, defense leaders, tech builders and investors to discuss national security, emerging technology and U.S. competitiveness.

He said he was “deeply frustrated” by what he sees as excessive bureaucracy in the defense procurement process at the Department of War that inhibits its ability to respond quickly and adapt during a conflict.

“We’ve become like Europe, we’re unable to move and change – change budgeting, change procurement. You know, let people do what they need to do,” Dimon said.

JAMIE DIMON WARNS OF PRE-FINANCIAL CRISIS PARALLELS, SAYS SOME PEOPLE DOING ‘DUMB THINGS’

Dimon added that the bureaucracy’s rules and compliance processes as well as Congress’ involvement create barriers to the ability of defense contractors to deliver on time and on budget.

He added that the defense industrial base and policymakers need to be more adaptable as he sees a need to increase defense spending given threats around the world.

“Of course, you also know that there’s going to be a lot more spent on the military, which we really need to do,” he said. “We just want to be part of helping their supply chain.”

DEFENSE SPENDING COULD RISE FOLLOWING US ARREST OF VENEZUELA’S MADURO, ANALYST SAYS

Dimon added that he thinks the involvement of more private companies in the defense industrial base could foster more rapid development and deployment of new technologies. Some private companies like Anduril and SpaceX are emerging as significant defense contractors in their areas of expertise.

As the competition between the U.S. and China intensifies and the threat of conflict over Taiwan grows, Dimon said that the dependencies that the U.S. government and American corporations developed for components from China were harmful over the long-term. 

US BANS NEW FOREIGN-MADE CONSUMER INTERNET ROUTERS OVER SECURITY CONCERNS

However, that experience could be informative for the U.S. if a conflict with China ever arises, as it could attempt to emulate aspects of what China has done in terms of critical industries.

“We should acknowledge [China has] done some things magnificently well,” Dimon said, noting the country’s manufacturing of cars, drones, ships and batteries. “We should look at our own shortcomings and then be prepared, if they ever become an adversary, to face off against them.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

He added that winning the wars in Ukraine and Iran would be “very helpful” for the U.S. approach to dealing with China.

Reuters contributed to this report.