Operator

Welcome to the TC Transcontinental Second Quarter Fiscal Year 2026 Results Conference Call. [Operator Instructions]

As a reminder, this conference is being recorded. today, June 4, 2026. I would like to turn the conference over to Yan Lapointe, Senior Director, Investor Relations and Treasury. [Foreign Language] Mr. Lapointe, please go ahead.

Yan Lapointe
Senior Director of Investor Relations & Treasury

Thank you, Joanne, and good morning, everyone, on the call. Welcome to Transcontinental’s Second Quarter 2026 Earnings Call. Before we begin, please note that you can find on our website our quarterly report, including financial statements and related notes as well as the slides supporting management’s remarks. A replay of this conference call will also be available on our website shortly after the call.

We have with us today our Chief Executive Officer, Sam Bendavid; and our Executive Vice President and Chief Financial Officer, Donald LeCavalieri. As referenced on Slide 2, some of the financial measures discussed over the course of this conference call are non-IFRS. You can refer to the MD&A for a definition and reconciliation of these measures to IFRS. In addition, this conference call might also contain forward-looking statements.

These statements are based on the current expectations of management and

With the 2026 FIFA World Cup set to begin in North America on June 11, attention is turning to who will claim the Golden Boot as the tournament’s top goal scorer. Kylian Mbappe enters as the clear favorite after winning the award in Qatar four years ago, but England’s Harry Kane and Norway’s Erling Haaland are close behind in betting markets and form.

No player has won the Golden Boot more than once in World Cup history. Mbappe and Kane both have the chance to make that breakthrough this summer, adding to their previous successes in 2022 and 2018 respectively. Lionel Messi, Cristiano Ronaldo and a host of other established attackers also remain in contention, though deeper tournament runs will likely decide the outcome.

Mbappe, now at Real Madrid, has continued his prolific scoring. He netted 42 goals in 44 matches during the 2025-26 club season and boasts 56 international goals for France. His eight goals in 2022, including a hat-trick in the final, set a high bar. At 27, the Frenchman is seen as the player most likely to go deep with a strong Les Bleus side.

Harry Kane remains a perennial threat. The England captain, playing for Bayern Munich, scored 61 goals in 51 matches this season and holds the record for most international goals for his country with 78 in 112 appearances. He won the 2018 Golden Boot with six goals and shared the Euro 2024 award. England’s expected progress under Thomas Tuchel positions Kane well for another strong showing.

Erling Haaland makes his World Cup debut after an explosive club campaign at Manchester City, where he scored 38 goals in 52 matches. The 25-year-old has 55 goals in just 49 appearances for Norway, including a standout qualifying campaign. However, Norway faces a tough group with France, Senegal and Iraq, meaning Haaland may need to deliver early fireworks if his team exits quickly.

Veterans and Rising Threats

Messi, at 38, is likely playing in his final World Cup. The Argentina captain scored seven goals in Qatar and has 116 international goals overall. While his club output at Inter Miami was more modest with 13 goals in 16 games, his tournament pedigree and ability to produce in decisive moments keep him in the conversation at longer odds.

Cristiano Ronaldo, 41, heads to his fifth World Cup. The Portugal star scored 30 goals in 37 matches for Al-Nassr this season and remains his country’s all-time leading scorer with 143 goals. A deep run by Portugal could see the five-time Ballon d’Or winner add to his eight previous World Cup goals.

Other strong contenders include Brazil’s Vinicius Jr, who has shown sharp form for Real Madrid, and Argentina’s Julian Alvarez, who performed well in Qatar. Spain’s Mikel Oyarzabal and France’s Ousmane Dembele also feature prominently in early assessments, particularly if their teams advance far.

Historical Context and Challenges

Past winners such as Eusebio, Gary Lineker and Brazil’s Ronaldo highlight the award’s prestige. Recent history shows the importance of team success: deeper runs provide more opportunities to score. France and England are among the favorites to go far, boosting Mbappe and Kane’s prospects.

The expanded 48-team format in 2026 offers more matches and potential scoring chances, but group-stage exits for teams like Norway could cap individual tallies. Haaland’s qualifying haul of 16 goals demonstrates his international threat, yet tournament pressure differs from qualifiers.

Injuries, form dips and tactical setups will play roles. Kane has occasionally been criticized for quieter showings in major knockouts, while Mbappe’s pace remains a constant danger. Haaland’s physical presence makes him a focal point, but service will be key in a difficult group.

Broader Tournament Picture

Host nations Canada, Mexico and the United States add local interest, though none are seen as Golden Boot contenders. Strong European and South American sides dominate early predictions. Betting markets consistently place Mbappe at around +600, Kane at +700 and Haaland at +1400, reflecting both individual ability and team strength.

Analysts note the concentration of talent. France, England, Argentina and Brazil boast multiple potential scorers, which could split goals within squads. For instance, Argentina features Messi, Alvarez and Lautaro Martinez, while France has Mbappe and Dembele.

The tournament’s structure, with groups and extended knockouts, rewards consistency. Historical data shows top scorers often reach at least the quarterfinals. This favors players on stronger national teams over pure goal machines on weaker sides.

What to Watch

Pre-tournament friendlies have offered glimpses. Vinicius Jr impressed in Brazil’s 6-2 win over Panama, while others fine-tune form. Qualification highlighted specialists: Haaland’s volume for Norway, Kane’s reliability for England, and Mbappe’s clinical edge for France.

As the World Cup approaches, focus will shift from club seasons to international preparation. Managers like Tuchel, Didier Deschamps and others will balance squad rotation with maximizing star attackers. Fitness and adaptation to North American conditions, including travel and pitches, could prove decisive.

The Golden Boot race adds narrative drama to a global event already packed with storylines. Whether a repeat winner emerges or a new name claims glory, the award traditionally spotlights football’s most clinical finishers. Mbappe’s blend of youth and experience currently gives him the edge, but football’s unpredictability ensures no outcome is certain until the final whistle in July.

With the opening match days away, contenders are finalizing preparations. The 2026 edition promises high-scoring affairs and memorable moments from the planet’s elite strikers. Fans and analysts alike will track every goal as the favorites navigate a path toward individual immortality in one of sport’s toughest competitions.

The fund house informed its unitholders that it has decided to temporarily restrict lumpsum subscriptions in HDFC Gold ETF and HDFC Gold ETF Fund of Fund until further notice.

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In HDFC Gold ETF, subscription transactions by large investors directly with HDFC Mutual Fund (i.e. investing minimum Rs 25 crore) shall not be accepted from the effective date. In HDFC Gold ETF FoF, lumpsum purchases /switch-ins into the FOF shall be processed only upto a limit of Rs 10 lakh per PAN per calendar month (at first holder level). This limit shall apply in respect of transactions received after cut-off time (3:00 PM) on June 5.

It further said that all other terms and conditions of the schemes will remain unchanged. This addendum shall form an integral part of the SID / KIM of the schemes as amended from time to time.

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Launched on December 28, 2022, HDFC Gold ETF had an AUM of Rs 69.72 crore as of April 30, 2026. In the last one year, the fund lost 4.01% and since its inception it has given a CAGR of 8.27%.
Also Read | ET Alpha Wealth Summit: Future alpha may emerge from neglected markets and asset classes, says Kalpen Parekh HDFC Gold ETF FoF was launched on November 1, 2011 and had an AUM of Rs 11,464 crore as of April 30. In the last one year, it gave a return of 57.05% and since its inception it has given a return of 11%.

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Step on to the tarmac at any major airport around the world, and you’ll notice an unmistakable smell. A slightly sweet, oily scent, redolent of old workshops or antique paraffin lamps. It is as much part of the travelling experience as lukewarm coffee and queues at passport control. It is, of course, the pervasive smell of jet fuel.