Operator

Good morning, ladies and gentlemen, and welcome to today’s Investcorp Credit Management BDC’s Quarter ended December 31, 2025 Earnings Call. It is now my pleasure to turn the floor over to Andrew Muns, Chief Financial Officer.

Andrew Muns
COO, CFO, Treasurer & Secretary

Thank you, operator. Welcome, everyone, to Investcorp Credit Management BDC’s earnings call for the quarter ended December 31, 2025. I’m joined today by Suhail Shaikh, President and Chief Executive Officer of the company.

I would like to remind everyone that today’s call is being recorded and that this call is the property of Investcorp Credit Management BDC. Any unauthorized broadcast of this call in any form is strictly prohibited. An audio replay of the call will be available on the Investor Relations page of our website at icmbdc.com.

I would also like to call your attention to the safe harbor disclosure in our press release regarding forward-looking information and remind everyone that today’s call may include forward-looking statements and projections. Actual results may differ materially from these projections. We will not update forward-looking statements unless required by law. To obtain copies of our latest SEC filings, please visit the company’s registration statement on the SEC’s EDGAR platform or our Investor Relations page on our website.

The format for today’s call is as follows: Suhail will provide an overall business and portfolio summary, and then I will provide an overview of our results, summarizing the financials. This will be followed by Q&A. Please note that today’s discussion will focus on our financial results. As stated in our press release, we do not intend to comment further regarding

At a time when markets are being tossed around by global uncertainty and geopolitical developments, market expert Nischal Maheshwari believes the current phase presents a meaningful opportunity for long-term investors. In a conversation with ET Now, he described the present environment as both “interesting” and volatile, but one where investors should begin accumulating stocks in a staggered manner.

He highlighted that this is the third consecutive April—2024, 2025, and now 2026—when markets are hovering around similar levels despite earnings growth of nearly 10–12% over the past two years. According to him, this divergence suggests that markets have already undergone a significant correction in terms of valuations, and much of the downside risk appears to be priced in. As a result, he sees every decline from here as a potential buying opportunity.

Maheshwari, however, cautioned that volatility is far from over. With geopolitical tensions capable of triggering sudden market swings, investors should not expect a smooth upward trajectory. Instead, he recommends a disciplined approach to investing—allocating capital in parts rather than all at once. For instance, deploying 10–15% of funds at current levels and adding more on further declines allows investors to navigate uncertainty without trying to perfectly time the market bottom. He also pointed out that valuations, currently at around 17–18 times FY27 earnings, appear reasonable, especially under his assumption that earnings growth could remain flat between FY26 and FY27 due to risks such as rising oil prices. Even with conservative estimates, he sees a fair value zone emerging that supports gradual accumulation.

On the sectoral front, Maheshwari expressed strong confidence in banking stocks, particularly private sector lenders. He noted that these stocks have underperformed over the past two years and are now trading at valuations not seen in four to five years, despite maintaining healthy earnings growth of 12–15%, strong capital positions, and stable asset quality. He attributed the weakness largely to selling pressure from foreign institutional investors (FIIs), who have been reducing exposure to Indian equities. This, he believes, has created an attractive entry point for domestic investors. Alongside banking, he also sees a short-term trading opportunity in the IT sector, where he expects a potential upside of 10–15% over the next three months, though he clearly emphasized that this is a tactical play rather than a long-term investment.

Discussing specific pockets of the market, Maheshwari maintained a positive stance on InterGlobe Aviation, calling current levels favourable for buying. In contrast, he advised caution on retail stocks, suggesting that while existing investors can continue to hold positions, fresh investments may be better directed toward sectors offering more attractive valuations. For those looking to play the consumption theme, he prefers the automobile sector, naming Mahindra & Mahindra as his top pick. At the same time, he urged investors to stay away from high-valuation stocks across the board, stressing that with several sectors now available at reasonable prices, there is little justification for chasing expensive names.

He also flagged certain areas where caution is warranted. In the pharma sector, he recommended a wait-and-watch approach due to potential disruptions from global developments, particularly the possibility of tariffs being discussed by former U.S. President Donald Trump. As for PSU banks, while he acknowledged that recent corrections have made them more attractive, he views them primarily as short-term trading opportunities rather than long-term investment bets, given that their valuations are now comparable to private sector peers.
Overall, Maheshwari’s strategy reflects a balanced and pragmatic outlook. While he acknowledges that markets may continue to swing sharply in the near term, he believes the broader correction has already played out. His core message to investors is simple yet effective: avoid trying to predict the exact bottom, focus on fundamentally strong yet undervalued sectors like banking, participate selectively in tactical opportunities such as IT, and most importantly, build positions gradually. In a market defined by uncertainty, he suggests that consistency and discipline, rather than aggressive timing, will ultimately drive better outcomes.

Thailand will increase retail diesel prices starting April 5, reducing subsidies for B7 and B20 grades, resulting in prices exceeding 50 baht per litre to align with market conditions.

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Key Points

• Starting April 5, Thailand will raise retail diesel prices due to the Oil Fuel Fund Management Committee’s decision to reduce subsidies on diesel grades. The B7 price will exceed 50 baht per litre, increasing transport and living costs.
• The subsidy for diesel B7 will decrease by 2.61 baht per litre, from 20.71 baht to 18.10 baht. Similarly, the subsidy for diesel B20 will drop from 22.22 baht to 19.61 baht per litre.
• As a result, the retail prices will rise by 2.80 baht per litre: B7 from 47.74 to 50.54 baht, and B20 from 42.75 to 45.54 baht. This adjustment aims to align prices with market conditions and alleviate pressure on the Oil Fuel Fund.

Price Increase Announcement

Thailand is set to increase retail diesel prices starting April 5 due to a decision by the Oil Fuel Fund Management Committee to reduce subsidies on essential diesel grades. The retail price of diesel B7 is expected to rise above 50 baht per litre, thereby exerting new pressure on both transport and living costs in the country. This decision comes amid ongoing economic challenges, with the aim of aligning fuel prices more closely with current market conditions while also managing the finances of the Oil Fuel Fund.

Subsidy Reductions for Diesel Grades

The committee has announced a 2.61 baht per litre reduction in subsidies for both diesel B7 and diesel B20. Specifically, the subsidy for diesel B7 is being reduced from 20.71 baht to 18.10 baht per litre, while the subsidy for diesel B20 will decrease from 22.22 baht to 19.61 baht per litre. Consequently, the retail price of diesel B7 will increase by 2.80 baht per litre, resulting in a new price of 50.54 baht per litre. Similarly, diesel B20 will see an increase leading to a new price of 45.54 baht per litre. These new pricing adjustments will take effect on April 5, highlighting the government’s efforts to stabilize the Oil Fuel Fund.

Financial Implications of the Decision

The rationale behind this decision is to ensure the liquidity of the Oil Fuel Fund, which has been severely tested due to ongoing subsidies amidst fluctuating market conditions. The anticipated subsidy reductions are projected to decrease the fund’s daily outflow from 1.70875 billion baht to 1.49672 billion baht, yielding a savings of approximately 212.03 million baht daily. The adjustments in diesel pricing and subsidy levels reflect a broader strategy to navigate the economic landscape while maintaining service levels and safeguarding the fund against significant financial strain.

Other People are Reading

Samsung Electronics will discontinue its long-running Samsung Messages app in July 2026, officially ending support for the native messaging application on Galaxy devices and directing millions of users to adopt Google Messages as the default SMS and RCS platform.

The South Korean tech giant posted an “End of Service Announcement” on its U.S. website, confirming that the Samsung Messages application will cease operations in July 2026. Users still relying on the app are encouraged to switch to Google Messages immediately to ensure uninterrupted texting, with Samsung providing guided transition instructions within the app.

The move marks the culmination of a years-long shift by Samsung toward Google’s messaging ecosystem. Starting with the Galaxy S21 series in 2021, the company began promoting Google Messages as the default on many devices. Newer models, including the Galaxy S25 and S26 series, ship with Google Messages pre-installed as the primary app, and the S26 lineup skipped Samsung Messages entirely. The July 2026 cutoff will remove the app from the Galaxy Store and Google Play Store, preventing new downloads.

Devices running Android 11 or older remain unaffected, but users on Android 12 and newer will lose the ability to send or receive standard SMS and MMS messages through Samsung Messages after the discontinuation date, except for emergency service numbers or predefined emergency contacts. Samsung has not yet specified the exact day in July, advising users to check the app for precise timing.

The decision aligns Samsung more closely with Google’s broader Android strategy, particularly around Rich Communication Services, or RCS. Google Messages offers enhanced RCS features, including high-quality media sharing, typing indicators, read receipts, reactions and improved end-to-end encryption in supported chats. The app also integrates Gemini AI tools for smarter replies and scam detection, features that Samsung Messages lagged in updating.

Industry analysts view the change as practical for both companies. By ceding messaging responsibilities to Google, Samsung can focus engineering resources on hardware innovation, One UI customization and other core Galaxy experiences. For Google, the shift standardizes RCS across more Android devices, especially important after Apple enabled RCS support in iMessage, improving cross-platform texting between Android and iPhone users.

Samsung has assured users that data migration will be seamless during the switch. Conversations, contacts and message history should transfer without loss when setting Google Messages as the default. To make the change, users can open Google Messages, tap the prompt to set it as the default SMS app, or navigate through Settings > Apps > Choose default apps > SMS app on their Galaxy device.

Some users have expressed nostalgia for Samsung Messages, praising its cleaner integration with One UI themes, quick reply options and occasional exclusive features. Online forums buzzed with mixed reactions, with some lamenting the loss of a Samsung-branded experience while others welcomed the consistency and faster feature rollout from Google. A common complaint in recent years was that Samsung Messages stopped receiving major RCS updates on certain carriers, pushing users toward Google’s app anyway.

The transition comes at a pivotal time for mobile messaging. With RCS now bridging the gap between Android and iOS, Google Messages serves as a more universal platform. Features like satellite-based texting, already hinted at in Google’s roadmap, could further enhance reliability in areas with poor cellular coverage. Samsung’s move ensures its vast Galaxy user base — hundreds of millions worldwide — benefits from these advancements without fragmentation.

For existing Samsung Messages users, the company recommends acting soon to avoid any disruption. After July 2026, the app will no longer function for regular messaging on supported devices. Samsung has begun displaying in-app notifications and on-screen prompts guiding users through the switch, including step-by-step instructions and links to download Google Messages if needed.

The change primarily affects the U.S. market in the initial announcement, though similar shifts are expected in other regions as Samsung harmonizes its global software strategy. Carriers have largely embraced Google Messages for RCS certification, simplifying backend support and reducing compatibility issues that sometimes arose with dual messaging apps.

Privacy and security considerations also factor into the decision. Google Messages benefits from Google’s extensive infrastructure for spam filtering, phishing protection and regular security updates. The app’s integration with Google’s ecosystem allows features like message syncing across Android phones, tablets and even web access via messages.google.com.

Samsung emphasized that the discontinuation does not impact other core Galaxy apps or services. Users can continue enjoying One UI features, Bixby routines and device-specific customizations. The company will maintain support for emergency messaging capabilities during the wind-down period.

Tech observers note this fits a broader industry pattern of OEMs streamlining software to reduce maintenance overhead. Similar moves have occurred with other pre-installed apps as manufacturers partner more deeply with Google for core Android experiences. For Samsung, the focus remains on hardware leadership, foldables, AI enhancements like Galaxy AI and ecosystem integration with wearables and smart home devices.

As the July deadline approaches, Samsung is expected to ramp up awareness campaigns, possibly through Galaxy Store notifications, email alerts to registered users and support articles. Community forums and social media will likely see increased guides on backing up messages and troubleshooting any temporary RCS hiccups during the switch.

For most users, the change should feel incremental rather than disruptive. Many Galaxy owners already use Google Messages as default, especially on recent flagships. Those who preferred Samsung Messages can prepare by exporting any unique settings or themes before the cutoff.

The announcement underscores the maturing Android ecosystem, where collaboration with Google on foundational services allows manufacturers like Samsung to deliver polished, feature-rich devices without reinventing every wheel. Google Messages, with its cross-device continuity and rapid iteration, now becomes the unified messaging hub for Galaxy smartphones.

Users with questions can visit Samsung’s support pages or the official Samsung Messages announcement site for detailed migration steps. Google also offers comprehensive help resources for setting up RCS chats and optimizing the app experience.

In an era of rapid technological change, Samsung’s decision to retire its Messages app reflects a pragmatic choice: prioritize user experience through standardization while freeing internal teams to innovate elsewhere. As July 2026 nears, Galaxy users have ample time to make the switch and enjoy an upgraded, future-proof messaging platform.

The move is expected to affect a significant portion of Samsung’s user base still on older devices or those who manually installed Samsung Messages. With roughly 12 weeks remaining from early April announcements, the company urges proactive migration to prevent any last-minute issues.

Overall, the transition promises a more consistent Android messaging experience across devices and carriers, benefiting everyday users with richer features and better interoperability in a multi-platform world.

How to Switch to Google Messages on Galaxy Devices:

1. Download or open Google Messages from the Google Play Store.
2. Tap “Set as default” when prompted.
3. Alternatively, go to Settings > Apps > Default apps > SMS app and select Google Messages.
4. Enable RCS chat features in Google Messages settings for enhanced functionality.

For the latest updates, check Samsung’s official announcement page or Google’s Messages support resources. The change does not affect users on very old Android versions.