New Orleans Saints quarterback Tyler Shough has won the 2025 Pepsi Zero Sugar NFL Rookie of the Year Award, a fan-voted prize recognizing his standout debut season that included franchise records and a surprising playoff push for the Who Dat Nation. The 24-year-old second-round pick edged out finalists like New York Giants QB Jaxson Dart, Las Vegas Raiders RB Ashton Jeanty and Carolina Panthers WR Tetairoa McMillan in online voting, capping a whirlwind year that saw him transform from unheralded draft pick to New Orleans hero.
Tyler Shough
Shough, selected No. 40 overall out of Louisville, completed just nine starts but delivered a 5-4 record as a starter, the best mark for any rookie QB in Saints history. His poise under pressure, elite completion percentage and knack for late-game comebacks earned widespread praise and positioned him as a finalist for the Associated Press Offensive Rookie of the Year, to be revealed at Thursday night’s NFL Honors in San Francisco.
Shough’s historic rookie stats lead all first-year QBs
Shough posted the highest completion rate among all rookies at 67.6 percent, good for second in passing yards with 2,384 and second in passer rating at 91.3. He shattered Saints rookie records for passing yards, touchdowns (10) and completion percentage, achievements made more remarkable by the fact he didn’t claim the starting job until Week 9 amid injuries to the depth chart ahead of him.
A signature Week 17 performance against the Tennessee Titans saw Shough go 22-of-27 for 333 yards and two touchdowns—numbers that made him just the second rookie ever to post an 80 percent-plus completion rate (81.5), 300-plus yards and a 140-plus passer rating in a single game, joining Denver’s Bo Nix in that rarified air. That outing fueled a four-game win streak, New Orleans’ longest since Drew Brees’ 2020 campaign, and kept the Saints in NFC South contention until the final weekend.
Shough’s December-January surge earned him NFL Offensive Rookie of the Month honors, and teammates like WR Chris Olave openly campaigned for his AP award consideration, calling his Titans domination “crazy.” Even with a depleted offensive line and missing stars like Alvin Kamara, Shough thrived, proving his arm talent and decision-making translated seamlessly to the pros.
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From college journeyman to Saints savior
Shough’s path to New Orleans was anything but linear. A four-year college starter, he bounced from Texas Tech to Oregon to Louisville, posting 10,641 yards and 77 touchdowns across those stops while battling injuries that tested his resilience. Scouts praised his arm strength and mobility but questioned his durability; the Saints bet on his upside with a Day 2 pick, and he rewarded them immediately.
Injuries opened the door midseason, and Shough seized it. His debut start featured a game-winning drive capped by a 60-yard bomb to Olave, setting the tone for a stretch where he went 5-3 with nine TDs against five picks. Saints coach Kellen Moore likened the matchup against No. 1 overall pick Cam Ward to a “glimpse into the NFL’s future,” with Shough outdueling his counterpart in a comeback victory.
The Pepsi award, determined by fan balloting, reflects Shough’s rapid connection with Who Dat Nation. “I am truly humbled and honored,” Shough said in a team-released statement. “Coming in as a rookie, my goal was to do anything I could to contribute to our team’s success… This award is truly a reflection of all of their hard work,” he added, crediting teammates, coaches and fans.
Teammates, coaches rally behind Shough’s award push
Shough’s locker-room support was unanimous. RB Devin Neal tweeted “Tyler Shough = OROTY” after a key win, while Olave gutted through a back injury to post 119 yards and a score versus Tennessee, explicitly tying his effort to boosting Shough’s candidacy. “Oh yeah, it should be Tyler after this game. He went crazy today,” Olave said postgame.
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Saints legends chimed in too. Hall of Famer Rickey Jackson and former QB Bobby Hebert praised Shough’s moxie, with Hebert noting his wins in diverse conditions—home, road, outdoors—bolster his case. The franchise hadn’t claimed an offensive or defensive rookie award since Alvin Kamara and Marshon Lattimore in 2017, making Shough’s run a potential history-maker.
New Orleans’ resurgence around Shough extended to the defense and supporting cast. Stars like Chase Young, Cam Jordan and Juwan Johnson elevated their games, turning a middling squad into contenders and drawing envy from rebuilding teams league-wide.
Statistical dominance in tight rookie QB race
Shough entered the final week as the betting favorite at +140 over McMillan, per oddsmakers, thanks to his 67.8 percent completion rate, 212.5 yards per game and 92.1 passer rating across 10 appearances. His 7.3 yards per attempt edged key rivals, and his five wins tied for the most among rookie starters despite limited opportunities.
Comparisons underscored his edge:
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Player
Record as Starter
Comp %
Yds/Game
YPA
Passer Rating
Tyler Shough, Saints
5-3
67.8%
212.5
7.3
92.1
Shough twice topped McMillan’s Panthers, including clinching scenarios that kept Carolina’s playoff hopes alive until late. His three-game streak of 250+ yards and zero picks as a rookie ranked third all-time, per ESPN Research.
Pepsi award’s fan-voted prestige and history
The Pepsi Zero Sugar NFL Rookie of the Year, launched in recent years, carries cachet as the league’s premier fan-driven honor. Past winners include Cincinnati’s Ja’Marr Chase (2021) and Detroit’s Jahmyr Gibbs (2023), blending popular appeal with on-field impact. Shough’s victory over a loaded field—Dart, Jeanty, Henderson, McMillan and Browns LB Carson Schwesinger—highlights his breakout appeal.
Unlike AP voting by media panels, Pepsi’s online poll captured grassroots excitement, amplified by Shough’s highlight-reel throws and clutch moments. Saints social channels buzzed with fan campaigns through Jan. 30, pushing him over the top.
Shough’s intangibles shine amid adversity
What separated Shough was mental toughness. He navigated backup linemen, depleted weapons and blitz-heavy schemes without flinching, engineering comebacks like the Titans thriller where a 60-yard Olave strike flipped momentum. “Expectations remain high no matter who plays,” Shough said, crediting a next-man-up culture.
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Analysts lauded his pocket presence and deep-ball accuracy, with Locked On Saints calling him the “clear frontrunner” after Titans heroics. NBC’s Fantasy Football Happy Hour debated his waiver-wire value but affirmed OROY buzz.
Future implications for Saints, Shough
Shough’s rookie laurels tee up big expectations. New Orleans eyes NFC South contention in 2026, with Shough as presumptive QB1 alongside rising talents like Olave and Audric Estime. An AP win tonight would cement his status; even without it, the Pepsi nod validates a season that exceeded draft projections.
For a franchise searching post-Brees, Shough embodies hope. His gratitude to fans—”Your unbelievable passion… inspires all of us”—resonates in a city where quarterback play defines identity. As he eyes Super Bowl LX honors, Shough’s message rings clear: “I can’t wait to see where we go from here!”
| Revenue of $14.97B (1.75% Y/Y) misses by $628.98M
ArcelorMittal S.A. (MT) Q4 2025 Earnings Call February 5, 2026 9:30 AM EST
Company Participants
Daniel Fairclough – Head of Investor Relations & VP of Corporate Finance Aditya Mittal – CEO & Director Genuino Christino – Executive VP & CFO
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Conference Call Participants
Alain Gabriel – Morgan Stanley, Research Division Tristan Gresser – BNP Paribas, Research Division Ephrem Ravi – Citigroup Inc., Research Division Cole Hathorn – Jefferies LLC, Research Division Reinhardt van der Walt – BofA Securities, Research Division Bastian Synagowitz – Deutsche Bank AG, Research Division Matthew Greene – Goldman Sachs Group, Inc., Research Division Timna Tanners – Wells Fargo Securities, LLC, Research Division Philip Gibbs – KeyBanc Capital Markets Inc., Research Division Maxime Kogge – ODDO BHF Corporate & Markets, Research Division
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Presentation
Daniel Fairclough Head of Investor Relations & VP of Corporate Finance
Good afternoon, everyone. This is Daniel Fairclough from the ArcelorMittal Investor Relations team. Thank you for joining this call to discuss ArcelorMittal’s performance and progress in 2025. Present on today’s call, we have our CEO, Aditya Mittal; and our CFO, Genuino Christino.
Before we begin, I’d like to mention a few housekeeping items. As usual, we will not be going through the results presentation that we published this morning on our website However, I do want to draw your attention to the disclaimers on Slide 26 of that presentation. Following opening remarks from Aditya and Genuino, we will move directly to the Q&A session. [Operator Instructions]
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And with that, I will hand over the call to Aditya.
Aditya Mittal CEO & Director
Thanks, Daniel. Welcome, everyone, and thank you for joining today’s call. Before I ask Genuino to walk through our financial performance, I want to start by reflecting on the progress we have made against our 2025 priorities.
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When I look back at the year, the achievements are clear and everyone at ArcelorMittal
An alleged attempt to detonate a homemade explosive device at a protest on Australia Day has been declared an act of terror, nine days after the incident took place.
Jason Goldberg Winnipeg has built a career around clarity. In a field known for complexity, he has focused on making big ideas work in the real world. Not with noise or headlines, but with structure, discipline, and long-term thinking.
Based in Winnipeg, Jason is a partner at MLT Aikins, the largest law firm in Manitoba and Western Canada. His work sits at the intersection of tax law, business strategy, and transition planning. Over time, he has helped shape transactions and structures that allow businesses and families to move forward with confidence.
“I’ve always believed that good ideas only matter if they can be implemented,” Jason says. “Execution is where value is created.”
grew up in Winnipeg, a city that values loyalty and community. Sports and culture were a constant presence. From the historic Winnipeg Arena to today’s Canada Life Centre, he learned early that showing up matters.
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“Winnipeg teaches you to stay committed,” he says. “You don’t chase trends. You build something solid.”
That mindset shaped his early ambitions. In 1989, Jason received a YTV Achievement Award for Entrepreneurship. It was an early signal of his interest in how ideas become sustainable ventures.
He went on to earn a BA from the University of Manitoba in 1993, followed by a law degree from the University of Western Ontario in 1997. He was called to the Manitoba Bar in 1998.
Finding His Path in Tax and Business Law
Early in his legal career, Jason gravitated toward tax law. It was not about numbers alone. It was about how decisions ripple across time.
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“Tax law forces you to think ahead,” he says. “You can’t just look at today. You have to understand what happens five or ten years down the road.”
To deepen his expertise, Jason completed the CICA In-Depth Tax Course in 2006, along with advanced training in corporate reorganisations and tax law. These programmes are known for their rigour and practical focus.
“You learn very quickly that precision matters,” he says. “Small details can shape very large outcomes.”
Bringing Big Ideas to Life in Practice
Jason’s work focuses on corporate tax planning, acquisitions and divestitures, reorganisations, and estate and succession planning. Much of it involves closely held and family-owned businesses facing moments of change.
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These moments often come with pressure. Emotions run high. Timelines are tight.
“My role is to bring creativity and stamina to a complex problem,” Jason explains. “A concept needs space to be tested before they are put into motion.”
He is known for helping clients translate complex strategies into workable steps. Not by oversimplifying, but by asking the right questions early.
“Good planning is about alignment,” he says. “When structure and intent match, things tend to hold.”
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Leadership Through Clarity and Collaboration
As a partner at MLT Aikins, Jason works closely with lawyers, accountants, and advisors across disciplines. Transactions rarely succeed in isolation.
“Everyone brings a piece of the puzzle,” he says. “Leadership is making sure those pieces fit together.”
Jason is also active in professional education. He has written papers for Continuing Legal Education and the Canadian Tax Foundation and presented for organisations such as the Business Development Bank of Canada.
Teaching, he believes, keeps his thinking sharp.
“If you can explain a complex idea in plain language, you can understand it,” he says.
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Life Beyond the Office
Outside of work, Jason remains deeply connected to sports and the arts as a supporter. He is a lifelong fan of the NHL and NBA. At home, he supports the Winnipeg Jets. From afar, he follows the New York Rangers. The Phoenix Suns and Vancouver Canucks are also favourites.
“Sports are a shared experience,” he says. “They bring people together in a way few things can.”
That same belief draws him to the arts. Jason regularly attends the Vancouver International Film Festival and the Toronto International Film Festival. He enjoys discovering new voices and perspectives.
He also supports institutions such as the Vancouver Symphony Orchestra, Phoenix Symphony Orchestra, Vancouver Art Gallery, Phoenix Art Museum, the Scottsdale Museum of Contemporary Art and the Agassiz Chamber Music Festival.
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“Art challenges how you see the world,” he says. “That’s valuable in any profession.”
Investing in Education and the Future
Jason is an advocate for education and youth development. He actively supports Balmoral Hall School and programmes that encourage leadership, curiosity, and character.
“Education is one of the few investments that always pays forward,” he says.
That belief mirrors his professional philosophy. Focus on fundamentals. Build with care. Let results compound over time.
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A Career Defined by Thoughtful Execution
Jason Goldberg’s career is not defined by bold claims. It is defined by follow-through and working the details. By taking complex ideas and turning them into structures that last.
“Success is usually quiet,” he says. “If things are working, you’re probably doing something right.”
From his roots in Winnipeg to his leadership role today, Jason continues to show that innovative concepts and implementation adds value for clients.
Expanded group will focus on companies with zero-waste strategies
Allwood Recycling Solutions is based in Warwick(Image: Allwood Recycling Solutions)
A waste management firm backed by investment group Palatine has acquired a Midlands firm in a “milestone” deal that will create a £60m revenue business with more than 200 employees. Swinton’s Papilo has taken over Warwick-based Allwood Recycling Solutions in its second acquisition since it secured the backing of Palatine’s Impact Fund.
Allwood was founded in 2010 by Darren Wheeler and has been led since 2025 by Gavin Ebery. Both will continue with the Papilo group with the rest of the Allwood team.
The Midlands business focuses on the distribution and logistics sector and manages more than 150,000 tonnes of material each year.
Paul Hodgkiss, CEO of Papilo said: “The Allwood team are hugely well-regarded in the industry and I am delighted to welcome Gavin, Darren and the wider Allwood team to Papilo. They bring outstanding experience, technical knowledge and from the outset, it was clear that we share a common purpose where sustainability, and the circular economy, sit at the centre of every service.
“This is a milestone acquisition for the group and will be a major platform for growth.”
Gavin Ebery, managing director of Allwood Recycling Solutions said: “This deal brings together two purpose-driven, like-minded businesses and I’m very excited about the opportunities it will bring to our customers and our people.
“We look forward to a new phase of growth as part of Papilo in a market where increasing numbers of blue-chip companies are rolling out zero waste strategies.”
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Greg Holmes, senior investment director at Palatine Impact Fund, said: “This is an important strategic acquisition for Papilo, broadening our service capabilities and brings new experience and technical knowledge into the business.
“We are delighted to have supported on Papilo’s second acquisition in the last eight months and look forward to identifying other suitable targets that will further enhance Papilo’s growth.”
The deal, the value of which was not disclosed, was funded by Palatine Impact II, Kartesia and Virgin Money. Papilo was advised by Gateley Plc (legal), Fellwood Advisory (debt advisory), Forvis Mazars (financial and tax due diligence) and Luminii Consulting (commercial due diligence). Advisors to Allwood included HNH Advisors (corporate finance) and Burges Salmon (legal).
The Nasdaq composite fell Wednesday as chip stocks came under fresh selling pressure and concerns lingered about potential AI disruption to software companies.
The tech-heavy index pared some losses in afternoon trading, but still finished 1.5% lower, its fourth down session in five trading days. Disappointing results from chip maker AMD sent its stock down 17%, its biggest pullback since 2017. Palantir, Micron and AppLovin all fell 9% or more.
BNP Paribas SA (BNP:CA) Q4 2025 Earnings Call February 5, 2026 8:00 AM EST
Company Participants
Jean-Laurent Bonnafe – MD, CEO & Director Lars Machenil – Group Chief Financial Officer
Conference Call Participants
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Tarik El Mejjad – BofA Securities, Research Division Delphine Lee – JPMorgan Chase & Co, Research Division Giulia Miotto – Morgan Stanley, Research Division Chris Hallam – Goldman Sachs Group, Inc., Research Division Jacques-Henri Gaulard – Kepler Cheuvreux, Research Division Andrew Coombs – Citigroup Inc., Research Division Flora Benhakoun Bocahut – Barclays Bank PLC, Research Division Sharath Ramanathan – Deutsche Bank AG, Research Division Pierre Chedeville – CIC Market Solutions, Research Division Anke Reingen – RBC Capital Markets, Research Division Jonathan Matthew Clark – Mediobanca – Banca di credito finanziario S.p.A., Research Division
Presentation
Operator
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Good afternoon, ladies and gentlemen, and welcome to the presentation of the BNP Paribas Fourth Quarter and Full Year 2025 results with Jean-Laurent Bonnafe, Group Chief Executive Officer; and Lars Machenil, Group Chief Financial Officer. For your information, this conference call is being recorded. Supporting slides are available on BNP Paribas IR website, invest.bnpparibas.com.
[Operator Instructions] I would like now to hand the call over to Jean-Laurent Bonnafe, Group Chief Executive Officer. Please go ahead, sir.
Jean-Laurent Bonnafe MD, CEO & Director
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Good afternoon, ladies and gentlemen. We are pleased to present today our strong fourth quarter results, and we’ll provide some elements on our ’28 trajectory, which we are revising upwards given the strong revenue momentum at the launch of a transformation plan of our support functions.
I will start with our results on Slide 4. So our fourth quarter results confirmed the sharp acceleration we had expected. Revenues posted a strong 8% growth. Jaws effect was higher at 2.9 points and even reached 3.9 points when excluding AXA IM. Cost of fees stayed low at 34 bps well within our trajectory of below 40