Business
MTR Corporation Limited (MTCPY) Q4 2025 Earnings Call Prepared Remarks Transcript
Siu-min Choy
Corporate Affairs & Branding Director
Greetings, everyone, members of the press. I am Linda Choy, Corporate Affairs and Branding Director of MTRC. We welcome to the Annual Results 2025 press briefing. First of all, let me introduce the corporate representatives on stage. Seated in the middle is Ms. Jeny Yeung, the CEO. Next to her on the right are Mr. David Tang, Managing Director, Property and International business; and also Mr. Wilson Kwong, Hong Kong Transport Services Director. And on the left are Mr. Michael Fitzgerald, FD; and Mr. Carl Devlin, Capital Works Director; and also Mr. Sammy Wong, Chinese Mainland Business Director. We’ll be using Chinese in the main today.
Ms. Jeny Yeung will be talking about the 2025 full year results. And after that, Michael will go through the financials. And then Ms. Jeny Yeung will come back and share the company’s outlook and future developments. And she will also be speaking in English in summary. And today, we have simultaneous interpretation in Chinese and also in English. After that, we will have a Q&A session. Jeny, please.
Mei-Chun Yeung
CEO & Director
Thank you, Linda. Ladies and gentlemen of the media, good afternoon to you. Welcome to the annual results 2025 for MTRC. And this year marks my first announcement of my corporation’s results as CEO. I would like to thank the Board for entrusting me with this important responsibility and we’ll continue to work with our teams to grow MTR’s business, create opportunities and optimize value.
I will first present the corporation’s 2025 performance and share our 2026 outlook. 2025
Business
Peloton launches Bike and Tread for gyms
A Peloton Interactive Inc. logo on a stationary bike at the company’s showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
Peloton on Monday announced its Commercial Series, the company’s first Bike and Tread products built for high-traffic gym floors.
The move marks the company’s latest push beyond its core at-home business and deeper into the multibillion-dollar commercial fitness market.
“I’ve had the chance of speaking with the CEOs of a number of gyms, gym operators or big-box operators over the last year,” CEO Peter Stern told CNBC in an interview. “The one brand their members asked for, and therefore that they are asking for it, ‘Find a way to get me Peloton equipment.’”
The suite of products is a part of the company’s commercial unit, which it launched in 2025 in partnership with Precor, the fitness equipment maker it acquired in 2021. Peloton already has a presence in major businesses like hotel chains Hyatt and Hilton. The company did not say which gyms specifically would offer its new machines.
The expansion could broaden Peloton’s footprint in the fitness industry. Through its integration with Precor, Peloton now has access to a commercial distribution network spanning more than 60 countries, allowing the company to scale its equipment and digital platform internationally.
Stern did not disclose pricing for the new equipment, but said the products will be “priced competitively,” with more details expected closer to the planned launch in late 2026.
The machines combine Peloton’s digital workout platform and instructor-led classes with hardware engineered by Precor to withstand heavy daily use.
Pedaling uphill
Peloton’s push into gyms could face resistance. Some fitness chains have been reluctant to integrate Peloton equipment, preferring to promote their in-house classes, digital platforms and instructors.
“I need to leave how gyms react to that up to them,” said Stern. “But if you look at a typical gym floor, they’ve got Bikes, Treads and lots of other equipment that’s out there. We’re just now giving them a better experience for customers on those Bikes and on those Treads.”
Peloton has dipped its toes in commercial spaces for several years, including through the hotel partnerships, but has been held back because its hardware wasn’t designed to be used in high-traffic spaces. The company has been the subject of numerous product safety recalls.
Peloton machines have had a tendency to break, and fixing them can be challenging because its infrastructure is different from a traditional fitness manufacturer’s.
When Peloton launched its revamped product assortment last fall, the company also introduced a new line of equipment for its commercial business unit. The hardware is more durable than its consumer machines, but is still only designed for places with smaller gyms, like hotels and corporate wellness centers.
The development comes as Peloton struggles to convince consumers its new AI-driven product line, Peloton IQ, is worth the steep price tag.
When it reported fiscal 2026 second-quarter earnings last month, the company missed Wall Street’s expectations on the top and bottom lines and said it expected sluggish sales to continue in the current quarter.
The weak results, coupled with the soft guidance, were the first clue investors had that Peloton’s product overhaul wasn’t the sales driver the company had hoped it would be, putting more focus on its commercial business unit.
During Peloton’s last quarter, revenue in its commercial business unit rose 10%, even as companywide sales fell about 3%.
Business
Meta planning major layoffs as AI spending and automation reshape workforce
Meta is reportedly preparing for a major round of layoffs that could affect as much as 20 per cent of its global workforce, as the technology giant seeks to offset the soaring cost of artificial intelligence investment while reshaping its operations around AI-driven productivity.
According to sources familiar with the discussions, senior executives at the company have begun signalling to leadership teams that job cuts are likely, although the scale and timing of the reductions have not yet been finalised. If the reductions were to reach the 20 per cent level currently under discussion, it would represent the largest workforce reduction since the company’s sweeping restructuring in 2022 and 2023.
A spokesperson for Meta Platforms declined to confirm the plans, describing reports of potential layoffs as “speculative reporting about theoretical approaches”. However, people close to the company say internal conversations about streamlining teams have intensified in recent weeks.
Meta employed nearly 79,000 people globally as of the end of last year. A reduction of 20 per cent would potentially affect more than 15,000 roles.
The potential cuts follow a period of heavy spending on artificial intelligence infrastructure and talent as chief executive Mark Zuckerberg pushes to position the company as a leader in generative AI and so-called “superintelligence”.
Meta has already committed to investing hundreds of billions of dollars into new AI data centres and computing capacity over the next several years. The company has signalled that it plans to spend as much as $600 billion building new data centre infrastructure by 2028 as it scales its AI capabilities.
At the same time, Meta has been offering enormous compensation packages to attract top AI researchers to its new superintelligence research group. Some packages are reportedly worth hundreds of millions of dollars over four years in an effort to compete with rivals in the rapidly escalating global race for AI talent.
The company has also expanded through acquisitions to strengthen its position in the AI sector. Earlier this week Meta confirmed the acquisition of Moltbook, a social networking platform designed specifically for AI agents, while reports suggest the company is spending at least $2 billion to acquire Chinese AI startup Manus.
However, Meta’s AI development push has not been without setbacks. Its latest large language models have faced criticism from developers and researchers, particularly following concerns that benchmark results for earlier versions of the company’s Llama models overstated performance.
Meta ultimately abandoned plans to release the largest version of its Llama 4 model, known internally as Behemoth, after the system failed to meet expectations during testing.
The company’s next flagship AI system, currently being developed under the codename Avocado, is intended to restore Meta’s standing in the increasingly competitive generative AI market, though insiders say progress has been slower than hoped.
Behind the restructuring discussions lies a broader shift in how major technology companies believe AI will transform their workforce.
Zuckerberg has repeatedly suggested that improvements in AI tools will allow companies to achieve the same output with far fewer employees. Earlier this year he said that projects which previously required large teams could now be delivered by a single highly skilled engineer supported by advanced AI systems.
This shift toward “AI-assisted workers” is increasingly reshaping hiring strategies across the technology industry.
Large US technology companies have already begun cutting jobs while simultaneously ramping up spending on AI infrastructure and automation tools. Amazon confirmed earlier this year that it would cut about 16,000 corporate jobs, while payments firm Block recently announced plans to eliminate nearly half its workforce, citing productivity gains from AI.
Workforce experts say the trend reflects a wider recalibration across the tech sector following the rapid hiring surge during the pandemic.
Thea Fineren, chief people officer at IT services company Advania, said the restructuring being considered at Meta reflects a broader shift across the corporate world as AI begins to automate large portions of routine work.
She said companies that expanded aggressively during the pandemic are now reassessing workforce structures in light of rapidly advancing automation technologies.
“Even the world’s most advanced companies are not immune to the accelerating impact of automation and overhiring in the AI era,” she said. “Organisations scaled rapidly during the pandemic and are now confronting the realities of that growth alongside major technological change.”
Fineren said HR leaders must increasingly plan for continuous workforce transformation rather than reacting after technological disruption has already occurred.
Businesses should identify roles most vulnerable to automation while investing in reskilling programmes and new career pathways, she said, adding that companies must maintain a human-centred approach even as AI becomes more deeply embedded in operations.
As artificial intelligence systems take over transactional and repetitive tasks, she argued, employees will increasingly focus on higher-value work that requires judgement, creativity and human interaction.
“It’s not humans versus machines,” she said. “It’s about giving people the best opportunity to add value in areas where human capability still matters most.”
For Meta, however, the coming months could mark another pivotal chapter in its attempt to transform itself from a social media company into one of the world’s leading AI platforms, even if that transformation comes with significant job losses along the way.
Business
Fidelity Equity-Income Fund Q4 2025 Commentary
Fidelity’s mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses it serves. With assets under administration of $12.6 trillion, including discretionary assets of $4.9 trillion as of December 31, 2023, Fidelity focuses on meeting the unique needs of a broad and growing customer base. Privately held for 77 years, Fidelity employs more than 74,000 associates with its headquarters in Boston and a global presence spanning nine countries across North America, Europe, Asia and Australia. Note: This account is not managed or monitored by Fidelity, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Fidelity’s official channels.
Business
Newmont: Bigger Is Not Always Better
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Nebius Stock Surges. It Got This Huge New AI Deal With Meta.
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Edwards Lifesciences: More Appeal For The Heart (NYSE:EW)
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
Lynas strikes rare earths supply deal with Pentagon
Lynas Rare Earths has struck a deal with the United States Department of War to supply US$96 million worth of its sought-after critical mineral at a premium floor price.
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Treasury Bond Yields Don't Lie: But Wars Don't Drive Them
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The Campbell’s Co. is seeking to find the right snacks formula

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Dolly Parton Opens Up About Health Setbacks and Grief Over Late Husband Carl Dean
PIGEON FORGE, Tenn. — Country music icon Dolly Parton addressed fans candidly about her recent health challenges and the profound grief following the death of her husband of nearly 60 years, Carl Thomas Dean, during her first major public appearance in months on March 13, 2026.

AFP / Robyn Beck
Speaking at the opening day celebration for the 41st season of her beloved Dollywood theme park, the 80-year-old superstar delivered a keynote that blended optimism, reflection and reassurance. Parton explained that a combination of minor health issues and the emotional toll of Dean’s passing on March 3, 2025, had left her “worn down and worn out,” prompting her to step back from touring and public engagements.
“I’ve not been touring, as you know,” Parton told the crowd. “I’ve had a few little health issues, and we’re taking good care of them. I just kind of got worn down and worn out, grieving over Carl and a lot of other little things going on. I needed to build myself back up spiritually, emotionally, and physically.”
The remarks, reported by outlets including People, USA Today, Variety, ABC News, Fox News, The Hollywood Reporter and Cosmopolitan, marked a rare moment of vulnerability for the typically upbeat performer. Parton emphasized that she is now “back to normal” and focusing on recovery, with medical professionals helping manage her unspecified conditions.
Dean, 82 at the time of his death in Nashville, had been Parton’s steadfast partner since their 1966 wedding. The couple met outside a laundromat in Nashville when Parton was 18 and Dean was 21; he famously avoided the spotlight throughout their marriage, once joking that he was “just the husband.” Parton has often credited him with providing quiet stability amid her whirlwind career.
Following his passing, Parton shared a heartfelt statement on social media: “Carl Dean, husband of Dolly Parton, passed away March 3rd in Nashville at the age of 82. He will be laid to rest in a private ceremony with immediate family attending.” No cause of death was disclosed publicly.
The loss came during a period of personal and professional transitions for Parton. She postponed a planned Las Vegas residency, originally slated for late 2025, to September 2026 to prioritize her well-being. Fans expressed concern online and in media as public sightings dwindled, with some speculating about her health based on canceled appearances.
At Dollywood, Parton struck an uplifting tone, assuring supporters she remains committed to her projects. She highlighted ongoing work at the park, including new attractions and expansions, and teased future music and creative endeavors. “I ain’t dead yet,” she quipped in one lighthearted moment captured in video clips shared by local outlets like WVLT News.
The appearance underscored Parton’s resilience. Known for her philanthropy through the Imagination Library, her work in film and television, and her enduring catalog of hits like “Jolene” and “9 to 5,” she has long balanced personal trials with public generosity. In recent years, she has spoken about aging gracefully, maintaining her signature style and wigs while advocating for health awareness.
Industry observers note that Parton’s candor could resonate with fans facing similar grief and health challenges. The country legend has previously discussed the importance of self-care, family and faith in navigating life’s hardships.
Dollywood, which Parton co-founded in 1986, remains a cornerstone of her legacy. The park’s 2026 season kickoff drew crowds eager to see her, with many praising her strength in social media reactions. Videos from the event show Parton radiant in her trademark sparkle, waving to fans and sharing laughs.
As she continues rebuilding, Parton reiterated her gratitude for support. “All is good,” she said, signaling readiness to re-engage with her audience. Upcoming plans include the rescheduled residency and potential new releases, though specifics remain under wraps.
The emotional address serves as a poignant reminder of Parton’s humanity behind the larger-than-life persona. After a year marked by profound loss and physical setbacks, her return to Dollywood symbolizes hope and perseverance.
Fans worldwide continue to rally around the star, sending messages of love and healing. With her trademark optimism intact, Dolly Parton appears poised for a renewed chapter, honoring Carl Dean’s memory while embracing life’s next notes.
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