Operator

Welcome to the First Quarter 2026 Harmonic Earnings Conference Call. My name is Lisa, and I will be your operator for today’s call. [Operator Instructions] Also please be advised that today’s conference is being recorded.

I would now like to turn the call over to David Hanover, Investor Relations. David, you may begin.

David Hanover
Investor Relation Officer

Thank you, operator. Hello, everyone, and thank you for joining us today for Harmonic’s First Quarter 2026 Financial Results Conference Call. With me today are Nimrod Ben-Natan, President and CEO; and Walter Jankovic, Chief Financial Officer.

Before we begin, I’d like to point out that in addition to the audio portion of the webcast, we’ve also provided slides for this webcast, which you may view by going to our webcast on our Investor Relations website. Now turning to Slide 2. During this call, we will provide projections and other forward-looking statements regarding future events or future financial performance of the company.

Such statements are only current expectations, and actual events or results may differ materially. We refer you to the documents Harmonic filed with the SEC, including our most recent 10-Q and 10-K reports and the forward-looking statements section of today’s preliminary results press release.

These documents identify important risk factors, which can cause actual results to differ materially from those contained in our projections or forward-looking

But it reiterated its full-year guidance as it announced its first-half results

Tobacco giant Imperial Brands has warned a protracted conflict in the Middle East could impact input costs and consumer demand, including duty free, but has reiterated its full-year guidance.

Announcing its half-year results on Tuesday, the Bristol-headquartered Golden Virginia maker said tobacco pricing “more than offset” cigarette volume declines and was expected to have more of a benefit in the second half.

Underlying revenue was up 1.8 per cent to £3.7bn, while first-half adjusted operating profit was £1.64bn pounds – up just 0.6 per cent on a constant currency basis – for the six months to the end of March, driven by strong demand in Europe and emerging markets.

Imperial confirmed it had completed a £809m share buyback in the period – as part of a wider £1.45bn scheme – and had increased its interim dividend by four per cent.

It also said its transformation strategy was “on track” to deliver £320m of cost savings a year by 2030.

Lukas Paravicini, chief executive, said: “In combustibles, robust pricing momentum has continued to deliver low single-digit growth, at constant currency, in both net revenue and adjusted operating profit.

“In next generation products we continue to grow market share in all three categories. We have seen particularly strong growth in heated tobacco, following the rollout of our Pulze 3.0 device.

“Our modern oral portfolio has grown strongly in European markets, while in the US we have grown volume share in a competitive market.”

Looking ahead to the second half, Imperial said it would “continue to monitor” the situation in the Middle East, which had created a “more uncertain” macroeconomic environment.

“While tensions in the Middle East have led to a more uncertain macroeconomic environment, we continue to be confident of delivering a step-up in adjusted operating profit growth, in line with our full year guidance,” Mr Paravicini added.

Imperial said it expected to generate free cash flow of at least £2.2bn in the 2026 financial year after 2030 Strategy costs and the first instalment of the Delaware settlement – a payout of $251.5m to rival cigarette maker Reynolds American by its US subsidiary ITG Brands.

“Looking beyond the current fiscal year, we remain committed to the plans and medium-term guidance we provided in our 2030 Strategy in March 2025 to generate another five years of sustainable growth and long-term shareholder value through a progressive dividend and an evergreen share buyback,” the company added.

TUCSON, Ariz. — As the search for Nancy Guthrie reached a grim 100-day milestone on Monday, experts in geriatric medicine and law enforcement are confronting a harsh medical reality: the 84-year-old mother of NBC “Today” co-host Savannah Guthrie almost certainly could not have survived this long without her essential daily medications.

Guthrie was last seen alive around 9:45 p.m. on Jan. 31 when family members dropped her off at her Catalina Foothills home near Tucson. She was reported missing the next day. Blood evidence on her front porch, a disconnected pacemaker signal around 2 a.m., and doorbell camera footage of a masked, armed intruder point to a violent abduction rather than a voluntary disappearance.

Pima County Sheriff Chris Nanos stated early in the investigation that Guthrie required medication that, if missed for even 24 hours, “could be fatal.” She lives with a pacemaker, high blood pressure, cardiac issues and chronic pain that severely limit her mobility. She cannot walk far unassisted and left behind her phone, purse, keys and all medications when taken.

Medical specialists say the outlook after 100 days is dire. Cardiologists note that patients dependent on daily heart rhythm medications, blood pressure drugs and anticoagulants face rapid deterioration without them. A pacemaker helps regulate heartbeat but does not replace oral medications for underlying conditions. Dehydration, electrolyte imbalances, blood clots, stroke or heart failure become likely within days, not months.

“Without her specific regimen, survival beyond a week or two would be extraordinary, especially at her age and with documented fragility,” said one retired cardiologist familiar with similar cases who spoke on background. “One hundred days is almost unimaginable.”

The case began as a suspected botched burglary that escalated. Investigators recovered DNA from a glove, reviewed doorbell footage showing a lone masked suspect with a holstered pistol, and received purported ransom notes sent to media outlets rather than the family. No proof of life has ever been provided despite family pleas.

Savannah Guthrie and her siblings have made emotional public appeals, including a Mother’s Day video over the weekend. “Mama… we need you to come home,” Savannah said, emphasizing her mother’s pain and need for medicine. A combined $1.2 million reward remains for information leading to her safe return.

Former FBI profilers analyzing the blood spatter describe a possible “last stand” on the porch, suggesting Guthrie was alive and resisting when forced from her home. Retired agent Jim Clemente believes a lone abductor made critical mistakes that should eventually lead to identification. Yet after three-plus months, no arrests have been made.

The prolonged absence without medication has shifted focus among investigators and experts from rescue to recovery. Sheriff Nanos told reporters recently that the multi-agency task force, including the FBI, is making “really great” progress and the case is nearing resolution, though details remain sealed.

Health complications in elderly abduction cases are well-documented. Abductions of people in their 80s are statistically rare, and survival rates plummet when chronic conditions go untreated. Without medication, Guthrie’s pacemaker alone could not prevent complications like atrial fibrillation, hypertension crises or organ failure.

One theory among retired investigators is that kidnappers underestimated her medical needs, leading to an unplanned medical emergency shortly after the abduction. A botched ransom scheme may have turned fatal, prompting efforts to conceal evidence. No credible sightings have surfaced despite widespread publicity.

The family has cooperated fully and is not considered suspect. DNA testing continues on mixed samples, and surveillance footage from the area is still being analyzed. The FBI’s Phoenix division has stressed the urgency due to Guthrie’s health from the earliest days.

Public attention remains high, fueled by Savannah Guthrie’s national platform. The case has drawn comparisons to other high-profile missing persons investigations but stands out due to the victim’s age, health vulnerabilities and celebrity connection. Social media has seen both supportive messages and conspiracy speculation, which authorities urge the public to avoid.

Pima County authorities continue door-to-door efforts and tip follow-ups. Anyone with information is asked to contact the FBI at 1-800-CALL-FBI or local 88-CRIME. Officials emphasize that even small details could break the case.

Medical ethicists and elder advocates say the situation highlights vulnerabilities facing aging Americans living alone. Many seniors rely on precise daily regimens; disruptions can turn minor crimes into tragedies. Guthrie’s case, they note, underscores the need for better home security and rapid response protocols in suspected abduction scenarios.

As the 100-day mark passed, the focus for many shifted from hope of survival to seeking answers and closure. Sheriff’s officials describe the investigation as active and ongoing, with recent developments giving investigators confidence. Yet without proof of life or recovery, the family endures unimaginable uncertainty.

Nancy Guthrie raised her children with strength and love after losing her husband decades ago. Friends describe her as resilient but physically limited in recent years. Her absence has left a void felt far beyond Tucson, amplified by daily national media coverage.

For now, the question lingers painfully: Could she have endured 100 days without her medicine? Medical consensus says the odds were vanishingly small. Investigators hope science, persistence and public tips will soon reveal what happened after that masked figure appeared on her doorstep in the early hours of Feb. 1.

Until then, the search continues — for truth, for justice and, the family still prays, for Nancy.