Operator

Thank you for standing by, and welcome to ReNew’s Third Quarter FY ’26 Earnings Report. [Operator Instructions]

I would now like to hand the conference over for opening remarks. Please go ahead.

Anunay Shahi
Head of Investor Relations

Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing results for our fiscal 2026 third quarter ended December 31, 2025. A copy of the press release and the earnings presentation are available on the Investor Relations section of our website at www.renew.com.

With me today are Sumant Sinha, our Founder, Chairman and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, our Co-Founder and Chairperson, Sustainability. After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions.

Please note that our safe harbor statements are contained within our press release, presentation materials and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So we encourage you to review the press release and the presentation on our website for a more complete description.

Also contained in our press release, presentation materials and annual report are certain non-IFRS measures that we reconcile to the

Home retail giant bought by US investment giant Carlyle last year

Home shopping giant the Very Group has announced a new long-term funding deal under its new owners in a move bosses say positions the company for growth. The Liverpool-based group has extended and renewed its key debt facilities to give it long-term funding to 2029 and beyond.

Very was taken over by American investment group Carlyle last year after 20 years under the ownership of the Barclay family. Very has now completed the refinancing and says the move “leaves the business well positioned for the next stage of its growth”.

All note classes within the group’s UK securitisation facility have been extended, with maturities extended to February 1, 2029. The group says that move secures its funding for the next three financial years.

Very’s £1.77bn securitisation facility has now been operating for over two decades. It says Fitch has confirmed ratings of “AAA” and “A” for the A notes and “BBB” for the B notes, while fellow credit rating agency DBRS uprated the notes “AAA” and “AA” respectively.

Meanwhile Very’s £150m super senior revolving credit facility has been renewed and its maturity extended to February 2030. As the group has met deleveraging conditions set out in the terms of its senior secured notes, their coupon rate has been lowered from 13.5% to 9.75% while maturity has been extended from August 2027 to August 2030.

The company added: “The group’s overall debt has been reduced by £150m with Carlyle’s capital support, which is expected to be positively acknowledged by rating agencies.”

Edward Fry, chief financial officer at The Very Group, said: “Securing this long-term funding reflects the confidence of our lenders in the strength of our business. The combination of extended maturities, improved margins and further deleveraging provides a stable platform for continued investment in our digital and customer proposition, while maintaining a disciplined approach to balance sheet management.

“The £150m capital support from Carlyle is a reflection of their strong and ongoing support for the business. This leaves us in a robust financial position and well placed to support future growth.”

Carlyle confirmed its takeover of Very in November. Announcing the deal, Very Group CEO Robbie Feather said: “This marks an important milestone for The Very Group as we move into an exciting new phase of growth.

“We are delighted to continue to partner with Carlyle and IMI. Their continued backing provides us with a stronger foundation to execute on our strategy, increase investment in technology and the customer experience, and to build on the momentum across the business.”

Very Group has its distribution hub at Skygate in the East Midlands, as well as bases in London, Bolton, Wrexham and Dublin.

New Delhi: The government is finalising a road map to create “champion” central public sector enterprises (CPSEs) that would help India realise its goal to emerge as a developed nation by 2047 through sustained economic growth and technological advancements, senior officials said.

The road map, prepared by the Niti Aayog in close coordination with the finance ministry, would outline steps to bolster their financial muscle, technological prowess, corporate governance, talent pool and overall operational efficiency, the officials told ET. The details would be released soon, they said.

The idea is to create a vibrant, and not intrusive, CPSE ecosystem that would supplement the government’s efforts to catapult India into an even higher growth orbit and play a larger strategic role when required, they added.

These “champion CPSEs” would have greater flexibility in their investment and other corporate decisions, in tapping opportunities abroad that align with the country’s strategic goals and hiring talent from the private sector.

They would be pushed by the government to leverage enablers of the fourth industrial revolution-including the deployment of AI, Internet of Things, Digital Twins and 3D printing-for operational excellence and strategic power, the officials said.
“They will essentially be modern CPSEs for a developed India in every sense,” said one of the officials. The initiative, led by Niti Aayog member Rajiv Gauba, is part of broader government efforts to create future-ready CPSEs, he said. Gauba held a meeting last week for this purpose. “Just like the recent budget announcement on creating MSME champions through targeted government interventions, this is being planned for CPSEs,” he added.

In August last year, ET reported that the Department of Public Enterprises had shortlisted about a dozen entities for systemic and technical reforms. These include Indian Rare Earths, Bharat Electronics, Mazagon Dock Shipbuilders, Nuclear Power Corporation of India, REC and Central Warehousing Corporation.

The country had 475 CPSEs as of March 2025, of which 291 were operational, according to the latest public enterprises survey.

As the 2026 tax filing season progresses, millions of Americans are anxiously checking for their federal income tax refunds. The Internal Revenue Service opened the season on January 26, 2026, accepting 2025 returns, and early data shows average refunds up 10.9% from last year.

As of mid-February 2026, the IRS has processed millions of returns, issuing over $16.9 billion in refunds with an average of $2,290 per taxpayer—higher than the $2,065 seen at a similar point in 2025. While most refunds arrive within 21 days of e-file acceptance, timing varies based on filing method, credits claimed and any review needs.

Standard Refund Timeline The IRS issues most refunds in fewer than 21 days for e-filed returns with direct deposit. Paper returns take six weeks or longer. Direct deposit remains the fastest and most secure option, especially since the IRS phased out paper refund checks starting September 30, 2025, per Executive Order 14247. Taxpayers without bank details face temporary refund freezes until updated via IRS Online Account or by requesting a paper check (with 30 days to respond, or six weeks for automatic issuance).

For e-filed returns accepted early in the season, the IRS provides approximate deposit dates:

• Returns accepted January 26, 2026: Expected February 6, 2026.
• February 2 acceptance: February 13.
• February 9: February 20.
• February 16: February 27.
• February 23: March 6.
• March 2: March 13.

These dates assume no issues and direct deposit. Some financial institutions add processing time, and weekends/holidays can delay funds. Refunds may appear earlier than projected.

Special Rules for EITC and ACTC Claimants Taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) face mandatory delays under the Protecting Americans from Tax Hikes (PATH) Act. The IRS holds these refunds until mid-February for review to prevent fraud. Most early filers who e-file and choose direct deposit can expect funds by March 2, 2026. Where’s My Refund? will show personalized projected dates for most by February 21, 2026.

How to Track Your Refund Use the IRS’s free Where’s My Refund? tool on IRS.gov or the IRS2Go app. Enter your Social Security number, filing status and exact refund amount from your return. Status updates daily (overnight, unavailable 4–5 a.m. ET). It shows:

• Return Received: IRS processing your return.
• Refund Approved: Refund approved, with expected issue date.
• Refund Sent: Funds issued to your bank or mailed.

Status appears about 24 hours after e-file acceptance for current-year returns, 3–4 days for prior-year e-files, or four weeks for paper returns. If no update appears or the refund seems delayed, verify details match your return.

Why Refunds May Be Delayed Common reasons include:

• Identity verification or errors requiring extra review.
• Claimed credits like EITC/ACTC.
• Amended returns or offsets (e.g., past-due taxes, child support, student loans).
• Missing or invalid direct deposit info (frozen until updated).

Average refunds rose in 2026 partly due to provisions in the One Big Beautiful Bill Act (OBBB), providing retroactive relief estimated at $91 billion, including $60 billion in refunds. This boosted early amounts.

Tips to Get Your Refund Faster

• E-file and choose direct deposit.
• File accurately to avoid corrections.
• Use IRS Free File or trusted software for early submission.
• Check status regularly via Where’s My Refund? or call 800-829-1954 (automated) if needed.
• Update bank info promptly if notified via CP53E notice.

The filing deadline is April 15, 2026. Refunds unclaimed after three years are forfeited, so file promptly if owed money.

As February 2026 advances, early filers are seeing deposits now, while others await mid-to-late February or March arrivals. Track progress online for the most accurate timeline—your refund could be just days away.

Private equity is on academic probation.

Princeton University is lowering expectations for its endowment’s returns because its private-capital investments have disappointed. Yale trimmed its portfolio of leveraged buyouts for the first time in a decade. Harvard says cashing out of some private-market investments early is now part of a long-term strategy. 

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The Miami Dolphins are releasing veteran edge rusher Bradley Chubb, a move first reported Monday that ends his four-year tenure with the franchise and clears significant salary cap space ahead of the 2026 league year.

The decision, confirmed by multiple sources including NFL Network’s Tom Pelissero and ESPN, comes as no surprise given Chubb’s looming $31.2 million cap hit for 2026 following a contract restructure last offseason. An immediate release saves the Dolphins approximately $7.3 million against the cap in 2026 while incurring about $23.9 million in dead money, per league salary cap figures. Designating the transaction as post-June 1 would increase savings to around $20.2 million this year, spreading the dead cap hit across 2026 and 2027.

Chubb, 29, becomes a free agent entering his age-30 season after recording 22 sacks in three active years with Miami. The Dolphins acquired him from the Denver Broncos midway through the 2022 season in a blockbuster trade that sent multiple draft picks to Denver. He signed a lucrative extension shortly after, but injuries and cap constraints limited his long-term impact in South Florida.

In 2025, Chubb bounced back strongly from a torn ACL that sidelined him for the entire 2024 campaign. He started all 17 games, leading the team with 8.5 sacks, 20 quarterback hits, 47 tackles, two forced fumbles and one fumble recovery. His performance earned praise as a relentless pressure generator on the defensive front, and he served as a team captain and vocal leader in the locker room.

Overall with Miami, Chubb amassed 22 sacks, showcasing the disruptive ability that made him a two-time Pro Bowler earlier in his career. He totaled 48 sacks across 90 career games (89 starts) between Denver (2018-22) and Miami, along with 112 quarterback hits, 303 tackles, 15 forced fumbles and one interception.

The release reflects broader roster and financial challenges for the Dolphins as they navigate the offseason. Miami entered the period over the projected 2026 salary cap, and parting ways with high-priced veterans has become a priority. The move follows speculation about other key players’ futures, including quarterback Tua Tagovailoa, whose status remains uncertain after a challenging 2025 season.

Chubb’s departure opens opportunities for younger or more cost-effective pass rushers to step up. Miami’s defensive line, once bolstered by Chubb’s presence opposite talents like Jaelan Phillips, now faces a rebuild in the edge department. Analysts point to the need for draft investments or free-agent additions to maintain pressure on opposing quarterbacks.

For Chubb, the open market presents fresh possibilities. Coming off a solid 8.5-sack season and with a proven track record as a high-motor edge defender, he should attract interest from teams seeking veteran production. Potential landing spots include squads with cap flexibility and needs at outside linebacker or defensive end, though his age and recent injury history may influence contract terms toward shorter deals or incentive-laden structures.

The timing of the release—early in the offseason cycle—signals Miami’s intent to reshape the roster aggressively. Front-office decisions will focus on balancing cap relief with competitive viability, especially after a 2025 campaign that fell short of expectations despite flashes of potential.

Chubb’s time in Miami began with high hopes following the 2022 trade. He delivered in spurts, including a standout 2023 season with 11 sacks and a league-leading six forced fumbles, but the ACL tear in 2024 disrupted momentum. His 2025 return demonstrated resilience, earning him recognition as a “media good guy” and consistent voice through ups and downs.

As Chubb prepares for his next chapter, the Dolphins turn attention to free agency and the draft. The franchise’s new leadership faces tough calls on inherited contracts, with Chubb’s exit marking an early but pivotal step toward financial flexibility.

This transaction underscores the NFL’s harsh salary cap realities, where even productive veterans can become casualties when numbers don’t align. Chubb leaves Miami with contributions that included leadership and sacks, but the cap-driven parting allows both sides to move forward.

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Social media platform X, formerly known as Twitter, faced a widespread outage Monday morning, Feb. 16, 2026, disrupting access for tens of thousands of users worldwide on Presidents’ Day in the United States.

Reports of problems surged shortly after 8 a.m. ET, with users unable to load feeds, refresh timelines, log in or access the service on both the mobile app and desktop website. Downdetector, which aggregates user-submitted outage reports, recorded a sharp spike from near-baseline levels to more than 40,000 complaints by around 8:45 a.m. ET. Peak figures reached as high as 42,000 to 43,000 in some tracking periods, according to multiple news outlets monitoring the situation.

The issues appeared most pronounced in the United States, with high concentrations of reports from major cities including New York, Los Angeles, Chicago, Atlanta, Minneapolis and Dallas-Fort Worth. Complaints also emerged from the United Kingdom, India, Nigeria, Canada, Australia and other regions, pointing to a global disruption rather than a localized problem.

Downdetector breakdowns showed that approximately 53% of reports involved the mobile app, 21% concerned timeline or feed loading failures, and 17% related to website accessibility. Common user experiences included blank home screens, error messages, frozen interfaces and inability to post or view content.

The outage began around 8:02 a.m. to 8:15 a.m. ET and lasted roughly an hour to 90 minutes for most affected users. By midmorning, around 9:30 a.m. to 10 a.m. ET, reports had dropped significantly to baseline levels — often under 1,000 — and many users confirmed the platform was loading normally again. Some lingering issues persisted into the early afternoon in certain areas, but the bulk of the disruption had resolved.

X’s official status page on its developer platform showed no acknowledged incidents during the peak of the outage, and the company had not issued a public statement or explanation as of late Monday. Elon Musk, who owns X, did not comment on the matter via the platform itself.

The cause remained unclear. Technical experts and outage trackers speculated on potential server-side failures, network routing problems or configuration issues, but no official root cause was disclosed. This marked the third reported major outage for X in 2026, following incidents in January that also drew thousands of user complaints.

The timing coincided with Presidents’ Day, a U.S. federal holiday, which may have amplified visibility as more people turned to social media during time off. The platform’s role as a real-time news and discussion hub made the downtime particularly disruptive for users relying on it for updates, breaking news and community engagement.

Users took to alternative platforms — including Reddit, Instagram and Facebook — to vent frustrations and share screenshots of error messages. Memes and jokes circulated about the irony of a service once synonymous with constant connectivity going dark unexpectedly. Some posts referenced past outages under Musk’s ownership, highlighting recurring stability concerns since the 2022 rebranding and ownership change.

“X down again? This is becoming a weekly thing,” one user posted on a rival site during the peak. Others expressed relief when service returned, with comments like “Doomscrolling can resume” gaining traction.

The incident underscores ongoing challenges for X in maintaining reliable infrastructure amid rapid changes to features, moderation policies and technical architecture. Musk has previously described the platform as undergoing aggressive optimizations and cost-cutting measures, which some analysts link to intermittent reliability issues.

Despite the outage, X’s core functionality recovered without apparent long-term data loss or security breaches reported. User accounts, posts and direct messages appeared intact once access was restored.

As of Monday afternoon, X was operating normally for the majority of users. Downdetector and similar trackers showed return to typical background complaint levels, indicating the event was temporary.

The outage serves as a reminder of the fragility of even major digital platforms in an era of heavy reliance on social media for communication, information and commerce. For many, a brief inability to access X highlighted how integrated the service has become in daily routines.

No injuries, financial impacts or broader internet disruptions were associated with the event. Monitoring sites continue to track for any residual or recurring problems.

Ferguson is listed as an active director for three other businesses registered with Companies House: Ginger and Moss, set up as a lifestyle brand to sell tea, jewellery and housewares, a “motion picture production activities” business called Coat, and Librasol, classified under “artistic creation” on the official register for private companies.