Joseph Wm. Foran
Founder, CEO & Chairman of the Board

Greetings everyone. I’m delighted to welcome all of you here. I can remember going back 40 years ago or maybe a little more when we have our annual meetings, and we could have had them in a closet really. And today, it’s fun to look out there and see over 300 people meeting today to help guide us going forward. So we started with $270,000 and today, we have over $10 billion in assets and moved our shareholder count from 2, which was Nancy and me. And then we were excited when we got to 17, which was our 17 original investors, some of which are here today.

And now we have 300 people showing up for a meeting like this, and it’s really exciting because so much of our industry has gone to the private equity for capital, and we just stayed with friends and family. And I’m very pleased to report that PwC through Fortune Magazine listed the top 1,000 public companies in the States. And that was across all industries. And based on 2024 revenue, which, of course, our 2026 will be much better than that, we were ranked at 826. So we broke into the top 1,000 and the Dallas Morning News said we were #1 in revenue per employee across all industries, too.

So moving in the right direction, and we were a top 10 producer in New

TUCSON, Ariz. — A retired homicide detective has explained why investigators in the Nancy Guthrie disappearance case would still examine a wanted kidnapping suspect whose alleged crime occurred less than seven miles from the 84-year-old’s home, even as authorities maintain the cases are unrelated.

Maureen O’Connell, a former FBI agent, highlighted the detail during an interview with NewsNation, noting that the family initially told first responders they had no access to or control over the security cameras around Guthrie’s residence. Those cameras, installed primarily for wildlife observation, provided one of the few pieces of visual evidence in the case — footage of a masked individual attempting to disable the doorbell camera on the night of Feb. 1.

“The thing I found very, very interesting was that the family let the first responders know — this is based on the dispatch recordings — that they had no access or control over any of the cameras around that house,” O’Connell said. She added that the general understanding appeared to be that the cameras were for observing wildlife. “I just found that strange.”

O’Connell stressed that in any major missing person or abduction investigation, detectives cast a wide net. “In any major missing person or abduction-type of investigation, the investigators are going to cast a wide net,” she explained. This includes examining nearby criminal activity for patterns or potential sources of information that could generate leads.

Case Background and Reclassification

Nancy Guthrie vanished from her Tucson-area home on Feb. 1 under suspicious circumstances. Security footage captured a masked man at the property, blood evidence was reportedly found at the scene, and she left behind critical heart medication. More than four months later, no remains have been recovered despite extensive searches.

The investigation has shifted to a “no-body” murder probe, with authorities believing forensic and circumstantial evidence points to a violent crime at the residence. The Pima County Sheriff’s Department and FBI continue active pursuit of leads, describing the case as far from cold.

A Tucson woman, Coral Michelle Smith, is wanted in a separate late-May kidnapping and aggravated assault case. While police have stated there is no evidence linking Smith to Guthrie’s disappearance, the proximity of the alleged crime has drawn public speculation and prompted questions about investigative thoroughness.

Why Nearby Crimes Matter

Retired homicide detective Chris McDonough, director of the Cold Case Foundation, reinforced the standard protocol of exploring local criminal activity. “This would be a very standard protocol to try to find her and see if they can connect her in any way, shape or form,” McDonough said. Investigators would likely question individuals familiar with street-level activity near the Guthrie home.

“They’re going to ask her about any familiarity around the Guthrie home. What’s the word on the street?” he added. Even if someone is not considered a suspect, they may hold peripheral information. “She may not be involved in any way, shape or form, but she may have information that may connect something.”

This wide-net approach is common in complex missing persons cases where initial evidence is limited. Detectives seek patterns, witness accounts and potential links that might otherwise be overlooked. The desert terrain around Tucson adds further complexity, with vast search areas and environmental factors hindering physical recovery efforts.

Family’s Ongoing Ordeal

Savannah Guthrie, co-anchor of NBC’s “Today” show, has spoken candidly about the emotional toll. “I cry every morning on the way to work, and I cry every morning on the way home,” she said during a recent appearance. She has described balancing profound sadness with moments of joy for her children while the family awaits answers.

The Guthrie family has offered a $1 million reward for information leading to Nancy’s recovery. They continue cooperating fully with authorities while navigating intense public interest driven by Savannah’s high-profile role.

Neighborhood Disruptions and Enforcement Actions

The quiet Catalina Foothills neighborhood has been transformed by the case’s notoriety. True crime enthusiasts, amateur sleuths and content creators have converged on the area, leading to complaints about trespassing, road obstructions and disruptive behavior. Sheriff Chris Nanos has increased enforcement, resulting in citations and arrests for public nuisance.

A memorial near the home was removed, reportedly by the homeowners association. Officials established designated media areas early on to balance transparency with the need to protect the integrity of the investigation.

Challenges in Long-Term Missing Persons Cases

The Nancy Guthrie case illustrates broader difficulties in prolonged missing persons investigations, particularly those involving vulnerable adults. Without physical remains or a clear suspect, building a prosecutable case relies heavily on circumstantial evidence, digital records, timelines and community tips.

The transition to a no-body murder framework signals that authorities believe they have reached a threshold of evidence suggesting homicide, though proving it without a body remains a significant legal hurdle. Successful prosecutions in similar cases often hinge on meticulous documentation and strong narrative threads connecting forensic details, behavioral patterns and witness statements.

Public Cooperation Still Essential

Law enforcement continues to urge anyone with information, no matter how minor, to come forward through official channels. Tips can be submitted anonymously to the FBI at 1-800-CALL-FBI or the Pima County Sheriff’s Department. Officials emphasize that even small details could help connect pieces of the puzzle.

The $1 million family reward remains active, providing a substantial incentive for credible information. Investigators stress the importance of allowing professionals to handle the case without interference from unauthorized individuals.

Community and Media Attention

The high-profile nature of the disappearance, tied to Savannah Guthrie’s national platform, has sustained intense media coverage and public interest. While this attention has generated tips, it has also complicated operations by drawing crowds to the neighborhood.

Authorities have navigated the balance between transparency and operational security, providing regular updates while protecting sensitive details. The case serves as a reminder of the human impact behind high-profile investigations and the strain placed on families enduring prolonged uncertainty.

Path Forward in the Investigation

As the case moves deeper into its fifth month, the focus remains on forensic analysis, digital evidence review and neighborhood canvassing. The FBI and local agencies continue collaborating, with every resource dedicated to determining what happened to Nancy Guthrie on Feb. 1.

The separate kidnapping case involving Coral Michelle Smith will be pursued independently, but the principle of casting a wide net ensures that any potential overlaps or useful information are thoroughly examined. This methodical approach, while sometimes appearing slow to outsiders, is standard in efforts to build the strongest possible case.

For the Guthrie family and the Tucson community, the search for answers continues amid profound loss. Investigators maintain that the probe is active and evolving, with hope that new leads or evidence will eventually bring resolution and justice.

The Nancy Guthrie disappearance has captured national attention not only because of her daughter’s prominence but also due to the enduring mystery surrounding the events of that February night. As authorities explore every avenue — including nearby criminal activity — the case underscores both the challenges and the dedication required in long-term investigations of this nature.

Public cooperation and patience remain vital as professionals work to uncover the truth. The coming weeks and months may bring further developments as the no-body murder investigation advances and every possible connection is examined. For now, the focus stays on following leads and supporting the family through their ongoing ordeal.

Monika Wszeborowska

Good afternoon, Monika Wszeborowska. I would like to welcome you at the conference — LPP Conference results — on the results of the first quarter. With me here is Marcin Bojko, CFO; and Magdalena Kopaczewska, Investor Relations representative.

We presented the results from the first quarter, how they reflects the reality in our activity. We will talk about to you in a moment. We would like to present to you our plans for this year, but also we would like to refer to our plans for the next three years regarding our development, development of our stationary network.

During this meeting, we would like to present to you our financial goals for 2026 and ’27 and the entire meeting will end with Q&A. You can ask questions via chat that is visible on your screens. It’s already active, and it will be active till the end of today’s conference. After the conference, if you have any additional issues or questions, please contact our Investor Relations Department and lpp.investor.relations@lpp.com or via our media@lpp.com.

So let’s move on to the results from the first quarter. Thank you. Traditionally, the summary of the first quarter, let’s start with most important operational events. In the first quarter of ’26, we opened 121 new stores, 102 in Sinsay brand according to our plans for this time. At the same time, we spent already PLN 600 million (sic) [ PLN 562 million ] for investment within the first quarter. Close to PLN 3 million (sic) [ PLN 300 million ] was allocated for logistics.

This year is not going to be a record-breaking year, but constantly, we’ve been investing

NEW YORK — Tesla Inc. shares declined sharply on Wednesday, closing down 3.80% at $381.59 as investors engaged in profit-taking following a strong run and amid ongoing caution around electric vehicle demand and execution risks on ambitious growth initiatives.

The move erased some of the recent gains that had pushed the stock higher on optimism about autonomous driving progress and energy storage momentum. In after-hours trading, shares slipped further to $378.78. Volume was elevated as traders reacted to broader market rotation and company-specific developments.

Tesla has been one of the market’s most volatile and closely watched names, with its performance heavily influenced by CEO Elon Musk’s vision for full self-driving technology, robotaxi services and expansion into robotics. While the company maintains leadership in the EV space, increasing competition and margin pressures have kept investors attentive to quarterly execution.

Recent Performance Drivers

Tesla delivered solid first-quarter results earlier in 2026, with energy storage deployments showing particularly strong growth. The Megapack business has become an important diversification pillar, helping offset softness in vehicle deliveries amid a challenging global EV market.

However, automotive margins have faced headwinds from price adjustments and increased competition from both traditional automakers and new entrants in China. Production ramps on newer models, including refreshed versions of existing lineups, remain critical to sustaining growth.

The stock’s recent rally had been fueled by positive sentiment around regulatory approvals for autonomous features and progress on the Optimus humanoid robot project. Wednesday’s pullback reflects typical consolidation after gains, with traders locking in profits ahead of upcoming catalysts.

Broader EV Market Context

The global electric vehicle sector continues expanding, though growth rates have moderated from pandemic-era peaks. Supply chain normalization, incentive phase-outs in some regions and higher interest rates have impacted affordability for many consumers. Tesla’s ability to maintain pricing power while scaling production remains a key focus for analysts.

In the United States, EV adoption faces headwinds from infrastructure gaps and varying state incentives. Internationally, China’s domestic market remains intensely competitive, with local manufacturers challenging Tesla’s position. Europe’s regulatory push toward electrification provides long-term support but has also introduced near-term volatility around tariffs and supply chains.

Autonomy and Robotics Ambitions

Tesla’s long-term valuation hinges heavily on success in full self-driving technology and robotaxi deployment. The company has made incremental progress on regulatory approvals and software improvements, though timelines for widespread commercialization have repeatedly shifted.

Musk has consistently emphasized that autonomy represents the company’s largest opportunity. Investors remain divided on near-term monetization potential versus the substantial research and development costs required to achieve it. The Optimus project adds another layer of speculative upside, with potential applications in manufacturing and service industries.

Energy Business as Growth Driver

The energy generation and storage segment has emerged as a bright spot, with Megapack deployments accelerating. This business benefits from global demand for grid stabilization and renewable integration, offering higher margins than the automotive side in recent periods.

Analysts project continued expansion in energy storage as utilities and commercial customers seek solutions for intermittent renewable power. This diversification helps mitigate risks tied solely to vehicle sales cycles.

Financial Position and Capital Allocation

Tesla maintains a strong balance sheet with significant cash reserves, providing flexibility for capital expenditures on new factories, technology development and potential acquisitions. The company has not paid dividends, focusing instead on reinvestment and occasional share buybacks during periods of market weakness.

Free cash flow generation has improved with operational efficiencies, though heavy spending on growth initiatives keeps the balance dynamic. Management has emphasized long-term value creation over short-term metrics, a strategy that has rewarded patient investors but contributed to volatility.

Analyst Perspectives

Wall Street consensus remains mixed but generally constructive on Tesla’s long-term potential. Several firms maintain Buy ratings, citing leadership in EVs, energy storage and autonomy. However, some analysts have expressed caution around valuation multiples and execution risks on ambitious timelines.

Price targets vary widely, reflecting differing views on the probability and timing of robotaxi and robotics revenue streams. Near-term focus centers on delivery numbers, margin trends and updates from the next earnings call.

Market Sentiment and Technical Factors

Tesla shares have shown classic meme-stock characteristics at times, with retail investor enthusiasm driving sharp moves. Institutional ownership remains significant, with many funds viewing it as a core growth holding in technology and clean energy portfolios.

Technically, the stock encountered resistance after recent gains, with Wednesday’s decline testing support levels. Options activity indicated active hedging and speculative positioning around key price points.

Investment Considerations

For investors, Tesla represents a high-risk, high-reward opportunity tied to disruptive innovation. The company’s brand strength, manufacturing scale and technology pipeline provide competitive advantages, but success depends on flawless execution across multiple frontiers simultaneously.

Risks include regulatory hurdles for autonomy, competitive intensity in EVs, supply chain disruptions and macroeconomic impacts on consumer spending. Long-term believers focus on the transformative potential of Musk’s vision, while skeptics highlight historical challenges in meeting ambitious targets.

Looking Ahead

The coming months will bring important updates on production ramps, regulatory progress and energy deployment figures. Tesla’s annual shareholder meeting and next earnings report will likely serve as key catalysts for sentiment.

As the EV transition accelerates globally, Tesla’s ability to maintain leadership while expanding into new areas will determine its trajectory. Wednesday’s decline represents normal market fluctuation in a volatile name rather than a fundamental shift, with the stock retaining appeal for growth-oriented investors comfortable with elevated risk.

The session’s trading activity reflected broader technology sector dynamics and profit-taking after recent strength. Market participants will continue monitoring Tesla closely for signals on demand trends, margin performance and strategic execution in the second half of 2026.

Tesla remains one of the most influential companies in the transition to sustainable energy and autonomous transportation. Its performance continues to shape investor narratives around innovation, execution and long-term disruption potential in the automotive and technology sectors.