Operator

Good morning, ladies and gentlemen, and welcome to Light’s Fourth Quarter of 2025 Earnings Call. Today’s event will be held in Portuguese and will be simultaneously translated into English. If you’d like to change the language you’re hearing, you can click on the Interpretation button on the lower bar. We’d like to inform you that this event is being recorded, and a recording will be available on the company’s Investor Relations website along with the materials used on this presentation, which are already available there. [Operator Instructions] Before we continue, I’d like to underscore that any statements made during the company’s call about the company’s future business perspectives, projections and operational and financial goals are simply the directors’ beliefs and assumptions, and this is based on the information that is currently available for the company.

Remarks about the future are not a guarantee of performance as they involve risks, uncertainties and assumptions, which refer to future events that, therefore, depend on circumstances that may or may not occur. Investors should understand that the general economic conditions, industry conditions and other operational factors may affect the company’s future results and lead to results that differ materially from those expressed in these forward-looking statements. We will now begin the company’s presentation with Mr. Alexandre Nogueira, CEO, who will give his opening remarks and talk about the company’s results. We will hand it over to him. Go ahead, sir.

Alexandre Ferreira
CEO &, Member of Executive Board & Deputy Chairman

Good morning, everyone, and welcome to our earnings call. Light ended 2025 with consistently stronger operational fundamentals compared to recent years, with a debt structure appropriate for

A delegation of private and public sector organisations will be trying to attract investment at the event in Leeds in May

The North East will be sending a delegation to this year’s UK’s Real Estate Investment and Infrastructure Forum (UKREiiF) event in a bid to secure investment to the region.

The delegation to the event in Leeds this May will be led by North East mayor Kim McGuinness and will be the second year that the region has had a presence at the country’s largest real estate conference. Organisations from the public and private sectors, including Newcastle Airport and Knight Frank, will be involved in the delegation.

UKREiiF attracts more than 16,000 attendees and aims to unlock sustainable and transformational investment for different parts of the UK. The North East England pavilion will be positioned prominently on the dock near the Royal Armouries, and will host a three‑day programme of events and opportunities to engage with investors.

NewcastleGateshead Initiative (NGI) are delivering the North East delegation on behalf of the North East Combined Authority, working with private sector partners.

Mayor Kim McGuinness said: “I am really excited North East England is returning to UKREiiF this year to speak with a single powerful voice about the fresh offer we can make. We are investing record amounts in growing our green energy sector, in building thousands of new homes in new urban neighbourhoods, and in landmark cultural projects such as the Crown Works film studios and a new arena on the banks of the Tyne.

“In North East England business and the public sector really do work hand-in-hand to create real opportunity and fertile ground for investment. I look forward to joining good friends from our business community to welcome you as delegates, investors, and neighbouring regions to our North East England Pavilion. Come in to find out just how much we have to offer.”

Sunderland City Council leader Michael Mordey said: “It’s fantastic to see local authorities from across the North East joining forces to showcase everything that is great about our fantastic region.

“Thanks to the mayor and more devolved powers from Government, we have been able to drive forward with some seismic developmentsfor the area, from new leisure and retail hubs to the Creative Mayoral Development Zone at Riverside Sunderland.”

“The zone has already unlocked vital funding for the first phase of the Crown Works film studios, new urban neighbourhoods and projects to boost the city’s creative sector.”

This years UKREiiF event will be preceded by a Northern Investment Summit, where Northern mayors will aim to bring in investment for major projects to boost the region’s economy.

Leonid Radvinsky, the reclusive Ukrainian-American billionaire who transformed the adult content platform OnlyFans into a global powerhouse generating billions in revenue, died March 23, 2026, at age 43 after a prolonged private struggle with cancer, the company confirmed in a statement.

“We are deeply saddened to announce the death of Leo Radvinsky,” an OnlyFans spokesperson said. “Leo passed away peacefully after a long battle with cancer. His family have requested privacy at this difficult time.”

The announcement, released Monday morning, shocked the tech and entertainment industries, where Radvinsky—often called Leo—maintained an extraordinarily low profile despite owning one of the most controversial and profitable digital platforms of the past decade. No further details on the type of cancer or exact circumstances of his death were provided, aligning with the family’s wish for privacy.

Radvinsky acquired Fenix International Limited, the parent company of OnlyFans, in 2018 through a series of transactions that positioned him as the majority shareholder and director. Under his leadership, the subscription-based site exploded in popularity during the COVID-19 pandemic, allowing creators—primarily in adult entertainment but also musicians, fitness instructors and others—to monetize direct fan support. By 2024, Forbes estimated Radvinsky earned approximately $1.9 million per day from the platform, contributing to his billionaire status and making him one of the wealthiest figures in online content.

OnlyFans reported paying out more than $5 billion to creators in recent years, with the company taking a 20% cut on transactions. The platform’s model revolutionized the adult industry by shifting power from traditional studios to individual performers, though it faced repeated scrutiny over content moderation, underage access concerns and payment processor pressures. In 2021, OnlyFans briefly announced plans to ban sexually explicit material before reversing course amid creator backlash, a decision attributed to Radvinsky’s influence.

Born in Odesa, Ukraine, around 1982, Radvinsky moved to the United States as a child and later attended Northwestern University. He began his entrepreneurial career in the late 1990s and early 2000s, profiting from early internet ventures including spam email operations and adult websites. By his teens and early 20s, he had built significant wealth in digital advertising and pornographic content distribution, experiences that informed his later investment in subscription platforms.

Radvinsky remained intensely private, rarely giving interviews or appearing publicly. His personal life stayed largely out of the spotlight, with limited information available about family or relationships. Reports described him as based in the United Kingdom, where OnlyFans is headquartered in London.

The death leaves uncertainty about OnlyFans’ future ownership and direction. As majority shareholder, Radvinsky’s estate now controls the company, though no succession plan has been publicly disclosed. The platform, which boasts millions of creators and subscribers worldwide, has continued operations without interruption, but industry observers speculate potential changes in leadership or strategy could emerge.

Radvinsky’s passing adds to a string of notable losses in 2026, though his low visibility meant the news caught many by surprise. Tributes from within the adult industry and tech circles began circulating on social media shortly after the announcement, with creators crediting OnlyFans for financial independence and others acknowledging its role in reshaping content monetization.

OnlyFans has not commented further beyond the initial statement, and efforts to reach representatives for additional details were unsuccessful. The company’s focus remains on supporting its community during this period, the spokesperson emphasized.

Radvinsky’s legacy is complex: a pioneer who democratized earnings for sex workers and influencers while drawing criticism for profiting from an industry often linked to exploitation and regulatory challenges. His quiet stewardship turned OnlyFans from a niche site into a cultural and economic force, influencing how digital creators sustain careers in the streaming era.

As details remain scarce, the announcement underscores the private toll of his illness. Friends, colleagues and the broader OnlyFans ecosystem now mourn a figure who shaped modern online entrepreneurship from behind the scenes.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMZN, ALK, NCLH either through stock ownership, options, or other derivatives. 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.

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Watermarks were once highly important to show your credibility. But these days, when only AI tools are creating content, it feels unnecessary.

It can be a short clip saved from a social feed, a product video pulled from an old campaign, or a screen recording made in a hurry, often carries a logo or line of text that no longer fits. Once that same video needs to appear on a website, in an ad, or inside a store, those marks start to feel out of place.

That is why so many editors and marketers look for tools that remove text from videos without leaving behind blurry patches. Gemini-based video tools have shifted what is possible here. Instead of guessing, they analyze how every frame moves and then rebuild the area that a watermark once covered. When paired with an AI video enhancer, the cleaned section blends in more naturally, so the clip keeps its original look.

Several platforms stand out in 2026 for handling this well. Each one takes a slightly different approach, and that difference matters depending on how the video is used.

Vmake

Vmake is an all-in-one online video editor platform.  The watermark remover sits alongside tools for video generation, editing, and quality enhancement. That makes it practical for teams that reuse video across social feeds, websites, and physical displays.

The remover uses Gemini-style frame analysis to detect logos, text, and overlays. Once selected, the system studies the motion and texture around the marked area and fills it in across every frame. The cleaned clip can then be trimmed, resized, or restyled without leaving the platform.

Key features

• Gemini-driven detection and removal
• Built-in video editor and generator
• Supports social, product, and in-store formats

Pros

• Useful for ongoing marketing work
• Keeps visuals consistent
• No need to move files between apps

Cons

• More tools than needed for a single quick fix
• Some features require a paid plan

Descript Gemini Cleaner

Descript is known for text-based video editing, and its Gemini-powered cleaner adds watermark and text removal to that mix. After uploading a clip, unwanted logos can be highlighted directly in the timeline. The system tracks that area across frames and replaces it with the reconstructed background.

This approach works well for videos built around talking heads, screen recordings, or tutorials where text overlays often sit in predictable areas.

Key features

• Gemini watermark and overlay removal
• Text-driven video editor
• Cloud-based projects

Pros

• Good for screen recordings and tutorials
• Easy to adjust within the timeline
• No local installation

Cons

• Not designed for heavy visual effects
• Free exports have limits

Filmora Gemini Eraser

Filmora added Gemini tools to its desktop editor to handle unwanted text and logos. The eraser tool allows users to brush over a watermark and let the system track it through the clip. The fill stays aligned with background motion, which helps with handheld footage and moving subjects.

Since Filmora is a full editor, users can continue cutting and exporting right after cleanup.

Key features

• Gemini powered brush removal
• Desktop editing environment
• Supports HD and 4K output

Pros

• Works well for longer videos
• Local processing keeps files private
• Integrated editing tools

Cons

• Requires installation
• Takes time to learn the interface

Pictory Gemini Video Repair

Pictory focuses on turning scripts and articles into short videos, and its Gemini repair tool handles watermark removal for imported clips. It is designed for marketing teams that combine stock footage with custom visuals.

The system scans frames for text and logos, then rebuilds those areas before the video is placed into a template or layout.

Key features

• Gemini watermark detection
• Video assembly and templates
• Cloud-based workflow

Pros

• Fits marketing video creation
• Simple interface
• Good for short promos

Cons

• Not suited for long-form video
• Limited manual control

Clipchamp Gemini Cleanup

Clipchamp, now part of many Windows setups, added Gemini-based cleanup tools for text and logo removal. Users select the watermark area and let the system handle the rest. The editor stays available for trims, captions, and exports.

This tool is often used for quick fixes on user-generated content.

Key features

• Gemini-powered watermark cleanup
• Browser and desktop access
• Simple editing tools

Pros

• Easy to get started
• Works well for casual projects
• No steep learning curve

Cons

• Not ideal for complex scenes
• Export options depend on the plan

Why Gemini Tools Feel Different

Earlier watermark removers relied on blur or cloning. Those methods left behind obvious traces. Gemini systems look at how pixels move from frame to frame. They predict what should appear behind a logo once it is gone and rebuild that space using motion, light, and texture data.

When combined with an AI video enhancer, the filled areas sharpen and blend more smoothly. Edges look cleaner, and the clip feels less edited.

Picking the Right Platform

Short social clips work well in tools like Clipchamp or Descript. Longer projects benefit from Filmora. Marketing teams often lean toward Pictory. X-Design fits businesses that need cleanup, editing, and brand consistency in one place.

Free tiers help with testing. Paid plans become useful once higher resolution or repeated exports enter the picture.

How Gemini Watermark Removal Gets Used

A product demo might start on a social feed, then move to a website. A training clip may be shown on a screen inside a store. Old footage gets repurposed for new campaigns. In each case, the original watermark becomes a distraction.

These Gemini watermark removal tools let that content stay useful without drawing attention to where it first appeared. This way, you’ll be able to share content just the way you want without anyone judging whether it’s real or AI.

Final Thoughts

In 2026, watermark removal is no longer a hack. Gemini-powered tools make it part of a normal video workflow. With platforms like X-Design, Descript, Filmora, Pictory, and Clipchamp, clean and reusable video is easier to produce. That keeps content flexible, polished, and ready for whatever screen comes next.

Kuwait International Airport (KWI), the country’s primary aviation hub, stays fully closed to regular commercial passenger traffic as of March 24, 2026, with no arrivals or departures listed on official flight status pages and no confirmed reopening timeline amid the escalating U.S.-Israeli military campaign against Iran that has disrupted Gulf airspace and inflicted direct damage on the facility.

The airport’s official website (kuwaitairport.gov.kw) shows zero scheduled flights for today or the immediate future, displaying messages such as “Unfortunately, we cannot find a flight. Please try a new search” across both arrivals and departures sections. Last updates on the site, timestamped March 23, confirm the absence of any operational activity, reflecting broader airspace restrictions imposed since early March due to security threats, missile exchanges and drone strikes.

Multiple reports indicate the closure stems from physical impacts, including repeated drone attacks on airport infrastructure. A March 15 incident targeted the radar system—the third such strike since March 2—causing damage that has rendered key navigation and control equipment inoperable. Authorities have cited the need for structural repairs to Terminal 1, comprehensive safety assessments and a stable regional environment before resuming operations. Kuwait’s Civil Aviation Authority and Kuwait Airways have emphasized passenger and aircraft safety as the priority, with Chairman Abdulmohsen Al-Faqaan stating the airport is “fully ready for operation” technically but held back by current circumstances and airspace closure.

The conflict, now in its fourth week following initial U.S.-Israeli strikes on February 28, has triggered widespread airspace shutdowns across the Middle East. Kuwait’s airspace joined closures in Iran, Iraq, Israel, Bahrain, Qatar and parts of the UAE and Saudi Arabia, stranding hundreds of thousands of travelers regionally. Airlines including Kuwait Airways, Jazeera Airways, Gulf Air, Qatar Airways, Saudia and international carriers like Pegasus, Flynas, IndiGo and Turkish Airlines have suspended or canceled flights to and from Kuwait through late March or April in some cases, rerouting passengers where possible or offering rebooking options.

Kuwait Airways announced postponements of all incoming and outgoing flights “due to the current situation in the region and in the interest of passenger and aircraft safety.” Some carriers have facilitated repatriation for Kuwaiti citizens via alternative routes, such as through Jeddah, Saudi Arabia, where land border crossings remain open for those able to secure visas.

Drone strikes early in the conflict caused minor injuries to workers and limited material damage, but cumulative effects—including explosions near facilities and radar hits—have compounded operational challenges. Video footage and reports from outlets like Reuters and Visegrad24 documented impacts, prompting evacuations and heightened alerts. The Directorate General of Civil Aviation (DGCA) has outlined three conditions for reopening: completion of repairs, regional security stabilization and clearance from aviation regulators.

Travel advisories reflect the severity. The U.S. Embassy in Kuwait updated its guidance on March 3, renewing warnings amid ordered departures for non-essential personnel. The UK Foreign Office advises against all but essential travel to Kuwait and neighboring states. Global media, including Time, BBC and Bloomberg, report over 27,000 flight cancellations to Middle East hubs since fighting intensified, with ripple effects stranding passengers from Europe to Asia.

Despite the shutdown, limited non-commercial or emergency operations may persist, though no public evidence indicates active flights. Flight tracking platforms like Flightradar24, FlightAware and FlightStats show no live arrivals or departures, with delay indices low due to zero activity. Weather conditions remain favorable—clear skies, moderate temperatures—but pose no factor in the closure.

The situation has strained regional travel, with Kuwait Airways and others coordinating support for affected passengers. Some reports suggest partial restrictions rather than total closure in isolated accounts, but official sources and airline notices consistently describe full suspension of commercial services. No recent announcements from the DGCA or airport authority indicate imminent resumption, leaving travelers to monitor updates via airline apps, the official website or helplines.

As the Iran conflict continues—with ongoing strikes, diplomatic efforts and oil market volatility—the outlook for Kuwait International Airport remains uncertain. Repairs to critical systems could take weeks, and full normalization depends on de-escalation in the broader region. Passengers with bookings are urged to contact carriers directly for rebooking, refunds or alternative arrangements, as widespread chaos persists across Gulf aviation networks.

The closure highlights vulnerabilities in Middle East air travel during geopolitical crises, where airspace decisions and infrastructure integrity can halt operations abruptly. For now, Kuwait International Airport stands silent, its runways empty as authorities prioritize safety over swift resumption.

This means HS2 trains could not be tested at their intended operating speeds until a bespoke test track, or the railway itself is complete, something DfT sources claim would delay completion of the project by several years and cost billions of pounds.