Latest news with #BMV
Malaysian Reserve
4 hours ago
- Business
- Malaysian Reserve
Rotoplas: Second Quarter 2025 Results
MEXICO CITY, July 23, 2025 /PRNewswire/ — Grupo Rotoplas S.A.B. de C.V. (BMV: AGUA*) ('Rotoplas', 'the Company'), the leading provider of water solutions in the Americas, today reports its unaudited financial results for the second quarter of 2025. The information has been prepared in accordance with International Financial Reporting Standards (IFRS). Figures are expressed in millions of Mexican pesos. Key Highlights Q2'25 Net sales were $2.9 billion, a 0.9% decrease compared to Q2'24. On a cumulative basis, net sales reached $5.6 billion, a 1.0% decrease compared to 2024. EBITDA of $369 million, with a 12.5% margin. The cumulative EBITDA was $669 million, with a cumulative margin of 12.0%. Net income was $42 million, with a 1.4% margin. In the first half of the year, net income was $65 million, with a margin of 1.2%. Service sales increased by 16.7% during the quarter and by 15.8% in the first half of the year, primarily driven by bebbia. bebbia exceeded 155,000 active subscribers at the end of June. Message from the CEO 'We started the second quarter aware of the challenging comparative base we would face due to the 2024 drought in Mexico. Even so, we delivered stable results: sales were nearly in line with the previous year, reflecting solid performance across our operations, particularly outside Mexico. Notably, the United States stood out, where we achieved profitable growth, undoubtedly marking an important step forward for the Company. In the services segment, sustained growth and EBITDA margin improvement stood out, confirming our progress toward a more balanced and resilient business model. We remain focused on improving the factors within our control, such as disciplined expense management and protecting cash flow. In this regard, we succeeded in reducing expenses as a percentage of sales, optimizing working capital, and maintaining a selective approach to CapEx allocation. These efforts are reflected in sequential improvement in EBITDA margin and a reduction in net debt compared to the previous quarter. We continue advancing in digitalization, with our e-commerce channel in Mexico meeting expectations and the expansion of IoT solutions. We closed the quarter with sequential operational improvement and a stronger financial position.' — Carlos Rojas Aboumrad Results January – June(Figures in millions of Mexican pesos) Indicator Q2'25 Q2'24 %YoY 6M'25 6M'24 %YoY Net Sales 2,945 2,972 (0.9 %) 5,580 5,639 (1.0 %) Adjusted EBITDA1 369 450 (18.1 %) 669 1,005 (33.4 %) % margin 12.5 % 15.1 % (260) bps 12.0 % 17.8 % (580) bps Net Result 42 60 (30.9 %) 65 364 (82.1 %) ROIC2 5.2 % 12.7 % (750) bps Net Financial Debt3 3,753 3,667 2.3 % Net Financial Debt / EBITDA2 3.2 x 1.8 x 1.4 x Q2'25 vs Q2'24 Results Net Sales reached $2,945 million, 0.9% below Q2'24, driven by a 2.5% decline in the product segment, which, despite solid growth in the United States and other countries, was not enough to offset the contraction recorded in Mexico, which faced a high comparative base due to the 2024 drought in the central region of the country. In contrast, the services segment grew 16.7%, driven by the strong performance of bebbia and the growth of RSA Mexico. Gross profit was $1,217 million. Gross margin closed at 41.3%, contracting by 550 bps due to lower product sales in Mexico and Argentina, which affected the absorption of fixed costs. Operating income reached $207 million, down 32.6% compared to Q2'24. The decline was mainly due to a weaker gross margin, which more disciplined expense control could not fully offset—even though expenses remained lower as a percentage of sales. However, operating income showed a positive sequential trend, increasing 49.1% compared to the previous quarter. EBITDA closed at $369 million, and the EBITDA margin stood at 12.5%. Despite the year-over-year decrease, sequential improvement was observed compared to previous quarters, mainly reflecting expense control. Net income was $42 million, 30.9% below the previous year, driven by lower operating income. Cumulative Results 2025 vs 2024 Net sales reached $5,580 million, a 1.0% decrease, driven by a 2.6% decline in the product segment, partially offset by 15.8% growth in the services segment. Gross profit was $2,333 million, a 14.9% decrease. Gross margin closed at 41.8%, contracting by 680 bps mainly due to lower absorption of fixed costs in Mexico and Argentina. Operating income reached $346 million, a 52.5% decrease compared to 2024. This decline was the result of gross margin pressure, as the Company achieved a slight reduction in expenses as a percentage of sales. EBITDA closed at $669 million, with an EBITDA margin of 12.0%. While this represents a decrease compared to the same period last year, it shows an improvement over the previous semester. Net income was $65 million, an 82.1% decrease. This decline was driven by lower operating income and a slight increase in financial expenses. Net Financial debt / EBITDA4 leverage closed at 3.2x, resulting from the decline in LTM EBITDA. CapEx for the period amounted to $211 million, primarily focused on the services segment in Mexico, particularly in bebbia and in water treatment and recycling plants. Sales and EBITDA by Geography and Solution January – June(Figures in millions of Mexican pesos) Sales Q2'25 Q2'24 % YoY 6M'25 6M'24 % YoY Mexico 1,711 1,831 (6.5 %) 3,248 3,533 (8.1 %) Argentina 550 554 (0.7 %) 1,001 996 0.5 % United States 315 261 20.6 % 595 485 22.6 % Other 369 326 13.0 % 737 625 17.8 % Products 2,661 2,729 (2.5 %) 5,041 5,174 (2.6 %) Services 284 243 16.7 % 539 466 15.8 % EBITDA Q2'25 Q2'24 % YoY 6M'25 6M'24 % YoY Mexico 327 433 (24.5 %) 614 905 (32.1 %) Argentina (43) 17 NM (64) 90 NM United States 26 (31) NM 6 (69) NM Other 58 30 93.1 % 113 79 43.7 % Products 409 528 (22.5 %) 723 1,136 (36.3 %) Services (41) (78) (48.0 %) (54) 131 (58.5 %) EBITDA Margin Q2'25 Q2'24 % YoY 6M'25 6M'24 % YoY Mexico 19.1 % 23.7 % (460) bps 18.9 % 25.6 % (670) bps Argentina (7.8 %) 3.1 % NM (6.4 %) 9.0 % NM United States 8.1 % (11.9 %) NM 1.0 % (14.2 %) NM Other 15.8 % 9.3 % 650 bps 15.4 % 12.6 % 280 bps Products 15.4 % 19.4 % (400) bps 14.3 % 22.0 % (770) bps Services (14.4 %) (32.3 %) NM (10.1 %) (28.0 %) NM Sales and EBITDA breakdown by geography 2Q'25 6M'25 Sales EBITDA Sales EBITDA Mexico 58 % 89 % 58 % 92 % Argentina 19 % -12 % 18 % -10 % United States 11 % 7 % 11 % 1 % Other 13 % 16 % 13 % 17 % Total 100 % 100 % 100 % 100 % Mexico Sales decreased by 6.5% on a quarterly basis and 8.1% on a cumulative basis, due to the contraction in product sales, impacted by a high comparative base following the 2024 drought and a challenging macroeconomic environment. During the semester, key highlights include the completion of the nationwide rollout of Tinaco Plus+, the launch of the new vertical water tank, and continued progress in digitalization through B2B and B2B2C e-commerce platforms. Additionally, the services platform sustained double-digit growth, mainly driven by bebbia, which reached 155,000 active subscriptions as of June, along with higher RSA sales. EBITDA was impacted by lower sales volumes in the product segment, although cost control measures allowed the margin to remain stable compared to the previous quarter. Argentina Sales decreased by 0.7% during the quarter and increased by 0.5% on a cumulative basis. This performance reflects demand impacted by an adverse macroeconomic environment, characterized by high inflation, competitive pressure, and low consumer confidence—factors that continued limiting business growth. Sales volumes in all three categories—storage, water flow, and improvement—stabilized during the quarter; however, signs of recovery remain limited. EBITDA was impacted by the reduced ability to pass on cost increases to prices and by lower absorption of fixed costs. United States Sales grew 20.6% during the second quarter and 22.6% on a cumulative basis, driven by favorable conditions such as drought in the western region, growth in data center construction, and higher municipal investments in water infrastructure, which offset weakness in the residential and agricultural sectors. EBITDA was positive both for the quarter and year-to-date, driven by a combination of higher sales, increased operational productivity at physical stores, and strict expense control. Other Countries(Peru, Central America, and Brazil) Sales increased 13.0% in Q2'25 and by 17.8% in the first half of the year, driven by solid growth in all countries: In Peru, growth was observed across all three categories — storage, flow, and improvement — driven by the launch of Tinaco Plus+, the expansion of the piping line, and the cold season, which boosted demand for water Central America, growth was driven by higher sales volumes in the storage and water flow categories, along with strong performance in Guatemala and Costa Brazil, sales of treatment plants maintained a sustained growth trend. EBITDA showed improvement, reflecting both higher sales volumes and disciplined spending under an operational efficiency approach. Products Sales contracted due to a high comparative base following the peak of the 2024 drought in Mexico, which could not be offset by the solid results recorded in the United States and other countries. EBITDA declined due to lower volumes in Mexico and the adverse macroeconomic environment in Argentina, which—despite stronger expense control—limited the absorption of fixed costs. Services Sales continued growing at a double-digit rate, mainly driven by the performance of bebbia, which surpassed 155,000 active subscribers, as well as the growth of RSA in Mexico. Although still negative, EBITDA showed a significant improvement, supported by RSA's sustained growth and the scaling of bebbia. Other Indicators January – June(Figures in millions of Mexican pesos) Indicators 6M'25 6M'24 % YoY Cash and cash equivalents 762 666 14.5 % Short Term Financial Debt5 515 333 54.7 % Long Term Financial Debt6 3,999 3,999 0.0 % Total Debt 4,515 4,332 4.2 % Net Debt 3,753 3,667 2.3 % CapEx 211 236 (10.5 %) Mexico 177 224 (21.0 %) Argentina 10 8 32.5 % United States – – NM Other 24 4 NM Change in Working Capital (cash flow) (56) (545) (89.7 %) CCC (days) 51 47 4 days Comprehensive Financing Result (271) (250) 8.1 % CapEx Capital investments represented 3.8% of sales for the semester. In line with financial priorities focused on strengthening cash flow, maintenance CapEx remained at low levels, with most of the total investment allocated to services. Comprehensive Financing Result The comprehensive financing result for the second quarter recorded an expense of $154 million, compared to $187 million in Q2'24. The 2025 expense includes $126 million for interest, commissions, and leases, and a $28 million impact from exchange rate effects and inflation in Argentina. The cumulative comprehensive financing result recorded an expense of $271 million, compared to $250 million in 2024. The 2025 expense includes $278 million for interest, commissions and leases, and a $7 million benefit from exchange rate effects and inflation in Argentina. Derivative Financial Instruments As of June 30th, 2025, the market value of Grupo Rotoplas' position was: Market Value Instrument MXN/USD exchange rate forward ($6.13) million Sustainability Strategy Milestones Supplier Engagement Assessment – CDPGrupo Rotoplas was recognized by CDP as a global sustainability leader in its supply chain, achieving the highest rating in the Supplier Engagement Assessment. This distinction reflects its solid performance in carbon footprint measurement, decarbonization target setting, and supplier engagement. Rotoplas is one of only two Mexican companies included in this list, alongside CEMEX. Sustainable Management Company – PeruRotoplas Peru received the Sustainable Management Company Distinction for the eighth consecutive year, in recognition of its ongoing commitment to best environmental, social, and governance (ESG) practices in the country. Community ActionRotoplas collaborated in Peru with strategic entities such as SUNASS (Superintendencia Nacional de Servicios de Saneamiento) to donate storage solutions, directly benefiting over 11,300 people in educational centers and shelters. In Mexico, in partnership with Heineken, the Company delivered rainwater harvesting systems to community centers, impacting 35 schools in Nuevo León. These initiatives reinforce Rotoplas' commitment to bringing more and better water to the communities where it operates. Biodiversity Analysis Rotoplas completed its first biodiversity analysis focused on its operations in Mexico, marking a key step toward the comprehensive management of environmental impacts beyond climate change. This high-level analysis evaluates dependencies, impacts, risks, and opportunities associated with biodiversity loss within operations in Mexico and throughout the supply chain. The study aligns with international frameworks such as TNFD, reinforcing the integration of nature in strategic decision-making. Analyst Coverage Institution Analyst Recommendation Target Price (MXN) BTG Pactual Orlando Alcántara Neutral $24.80 GBM Regina Carrillo Outperform $44.00 Punto Casa de Bolsa Gerardo Campos Buy $18.64 Miranda Research Martín Lara Buy $28.00 Apalache Jorge Plácido Buy $28.50 Consensus Buy $28.79 Investor Conference Call Invite Thursday, July 24, 2025, at 10:00am Mexico City time (12:00pm EST)Speakers: Carlos Rojas (CEO), Andrés Pliego (CFO)Registration: Financial Statements Income Statement(Unaudited figures in millions of Mexican pesos) Q2 6M 2025 2024 %Δ 2025 2024 %Δ Net Sales 2,945 2,972 (0.9 %) 5,580 5,639 (1.0 %) COGS 1,728 1,582 9.3 % 3,247 2,898 12.1 % Gross Profit 1,217 1,390 (12.5 %) 2,333 2,742 (14.9 %) % margin 41.3 % 46.8 % (550) bps 41.8 % 48.6 % (680) bps Operation Expenses 1,010 1,083 (6.8 %) 1,987 2,014 (1.3 %) Operating Income 207 307 (32.6 %) 346 728 (52.5 %) % margin 7.0 % 10.3 % (330) bps 6.2 % 12.9 % (670) bps Comp. Financing Result (154) (187) (17.4 %) (271) (250) 8.1 % Financial Income 19 35 (46.2 %) 33 46 (27.5 %) Financial Expenses (173) (221) (21.9 %) (304) (296) 2.6 % Income Before Taxes 52 120 (56.7 %) 74 477 (84.4 %) Taxes 10 60 (82.5 %) 9 114 (91.8 %) Net Income 42 60 (30.9 %) 65 364 (82.1 %) % margin 1.4 % 2.0 % (60) bps 1.2 % 6.4 % (520) bps Adjusted EBITDA7 369 450 (18.1 %) 669 1,005 (33.4 %) % margin 12.5 % 15.1 % (260) bps 12.0 % 17.8 % (580) bps Balance Sheet(Unaudited figures in millions of Mexican pesos) June 2025 2024 %Δ Cash and Cash Equivalents 762 666 14.5 % Clients and Other Accounts Receivable 1,766 1,816 (2.7 %) Inventory 1,446 1,376 5.1 % Other Current Assets 553 675 (18.0 %) Current Assets 4,527 4,532 (0.1 %) Property, Plant and Equipment – Net 3,911 4,061 (3.7 %) Other Long-term Assets 5,707 4,892 16.7 % Total Assets 14,145 13,484 4.9 % Short-term Financial Debt8 515 333 54.7 % Suppliers and Other Accounts Payable 927 949 (2.2 %) Other Current Liabilities 1,046 1,041 0.5 % Short-term Liabilities 2,489 2,323 7.2 % Long-term Financial Debt9 3,999 3,999 0.0 % Other long-term Liabilities 1,304 882 47.9 % Total Liabilities 7,793 7,204 8.2 % Total Stockholders' Equity 6,352 6,281 1.1 % Total Liabilities + Stockholders' Equity 14,145 13,484 4.9 % Cash Flow(Unaudited figures in millions of Mexican pesos) January – June 2025 2024 %Δ EBIT 346 728 (52.5 %) Depreciation and Amortization 321 276 16.4 % Inventory 216 (295) NM Accounts Receivable (39) (364) (89.4 %) Accounts Payable (233) 114 NM Other Current Liabilities 120 152 (21.3 %) Taxes (65) (91) (28.8 %) Operating Cash Flow 667 521 27.9 % CapEx (211) (236) (10.5 %) Other Investment Activities 51 (62) NM Investing Cash Flow (161) (298) (46.0 %) Dividends 0 (242) NM Repurchase Fund (4) 7 NM Short and Long-term Debt (166) 303 NM Interest and Leases (322) (287) 12.3 % Financing Cash Flow (492) (218) NM Change in Cash 14 5 NM Effect of exchange rate on cash 16 95 NM Net Change in Cash 30 100 NM Initial Cash Balance 732 566 29.4 % Final Cash Balance 762 666 14.5 % Investor Relations Contact Mariana Fernández mfernandez@ María Fernanda Escobar mfescobar@ agua@ Disclaimer This document may contain forward-looking statements regarding the future performance of Grupo Rotoplas S.A.B. de C.V. These statements are based on current management expectations and information available at the time of publication. Actual results may differ materially due to various risks, uncertainties, and external factors beyond the Company's control. Grupo Rotoplas assumes no obligation to update or revise any forward-looking statements. About the Company Grupo Rotoplas S.A.B. de C.V. is America's leading provider of water solutions, including products and services for storing, piping, improving, treating, and recycling water. With over 40 years of experience in the industry and 18 plants throughout the Americas, Rotoplas is present in 14 countries and has a portfolio that includes 27 product lines, a services platform, and an e-commerce business. Grupo Rotoplas has been listed on the Mexican Stock Exchange (BMV) under the ticker 'AGUA' since December 10th, 2014. Pedregal 24, 19th Floor, Molino del ReyMiguel HidalgoZip Code 11040, Mexico CityT. +52 (55) 5201 1 In 2025, Adjusted EBITDA for the quarter includes $1 million in donations, and $2 million on a year-to-date basis. By comparison, in 2024, $0.4 million were considered in the quarter and $1 million on a cumulative basis for the same period.2 The 2025 LTM NOPAT and EBITDA calculation does not include the post-closing 2024 adjustment related to Argentina's results. Considering this adjustment, ROIC based on audited figures would be 2.9% and leverage (Net Financial Debt / EBITDA) would stand at 3.9x.3 Excluding leases. 4 The LTM EBITDA calculation does not include the post-closing 2024 adjustment related to Argentina's results. Considering this adjustment, leverage (Net Financial Debt / EBITDA) based on audited figures would stand at 3.9x.5 Excluding leases.6 Excluding leases.7 In 2025, Adjusted EBITDA for the quarter includes $1 million in donations, and $2 million on a cumulative basis. By comparison, in 2024, $0.4 million were considered in the quarter and $1 million on a cumulative basis for the same period.8 Excluding leases.9 Excluding leases. View original content:
Business Wire
5 hours ago
- Business
- Business Wire
Orbia Announces Second Quarter 2025 Financial Results
MEXICO CITY--(BUSINESS WIRE)--Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) ('the Company' or 'Orbia') today released unaudited results for the second quarter of 2025. Orbia delivered revenues of $1.97 billion and EBITDA of $300 million for the second quarter of 2025, despite continued challenging market conditions in many parts of the world. However, we are beginning to observe early signs of stabilization and slight improvement in select markets. The Company made meaningful progress on its operational efficiency initiatives and maintained or improved its market position across most business groups. Q2 2025 Financial Highlights (All metrics are compared to Q2 2024 unless otherwise noted) Net revenues of $1,967 million were flat year-over-year, driven by lower revenues in Polymer Solutions and Building & Infrastructure offset by higher revenues in Fluor & Energy Materials, Connectivity Solutions and Precision Agriculture. EBITDA of $300 million decreased 10%, primarily driven by Polymer Solutions and Building & Infrastructure. Operating cash flow of $47 million improved by $43 million. The improvement was mainly due to lower interest expense and a lower cash impact from accruals, partially offset by lower EBITDA. Annual EBITDA guidance, adjusted for non-operating items, reaffirmed between $1,100 million and $1,200 million. 'Orbia's second quarter results reflect resilience amid a persistently challenging global economic landscape. Most of our markets seem to have stabilized at current levels, and in some cases are showing early signs of improvement with pockets of growth emerging in certain areas. We continue to make meaningful progress on the strengthening of our balance sheet through disciplined cost management, unlocking incremental EBITDA from recently completed growth investments, maintaining focused capital allocation, and advancing the divestiture of non-core assets. We also extended all material debt maturities out to 2030 and beyond during the quarter, raising approximately $1.4 billion to refinance existing debt. Looking ahead, we are confident in the compelling growth opportunities across each of our business segments. Our teams remain focused on what we can control— meeting our customers' needs, enhancing financial strength, driving free cash flow, and positioning Orbia for sustainable value creation,' said Sameer Bharadwaj, CEO of Orbia. Q2 2025 Consolidated Financial Information1 (All metrics are compared to Q2 2024 unless otherwise noted) mm US$ Second Quarter Financial Highlights 2025 2024 %Var. Net sales 1,967 1,976 0% Cost of Sales 1,534 1,474 4% Selling, general and administrative expenses 295 329 -10% Operating income 138 173 -20% EBITDA 300 334 -10% EBITDA margin 15.2% 16.9% -166 bps Financial cost 96 35 171% Earnings before taxes 43 139 -69% Income tax expense (benefit) 143 (85) N/A Consolidated net (loss) income (100) 224 N/A Net majority (loss) income (126) 195 N/A Operating cash flow 47 4 N/A Capital expenditures (97) (107) -10% Free cash flow (82) (130) -37% Net debt 4,016 3,838 5% Expand Net revenues of $1,967 million in the second quarter were flat year-over-year. The result in revenues for the quarter was driven by lower prices in Polymer Solutions and lower volumes in certain countries within Building & Infrastructure. These were offset by increases in Fluor & Energy Materials, Connectivity Solutions and Precision Agriculture compared to the prior year quarter. ____________________ 1 Unless noted otherwise, all figures in this release are derived from the Consolidated Financial Statements of the Company as of June 30, 2025 and 2024 and are prepared in accordance with International Accounting Standards 34 'Interim Financial Reporting' of the International Financial Reporting Standards (IFRS), which have been published in the Bolsa Mexicana de Valores (BMV). See Notes and Definitions at the end of this release for further explanation of terms used herein. Expand Cost of goods sold of $1,534 million for the quarter increased 4% compared to the same quarter of the prior year. The increase in cost of goods sold for the quarter was primarily driven by higher raw material costs in Polymer Solutions and Fluor & Energy Materials, partly offset by the benefits from cost savings initiatives and operational efficiencies across all business groups. Selling, general and administrative expenses of $295 million for the quarter decreased 10% compared to the same quarter of last year. As a percentage of sales, SG&A decreased 163 basis points to 15.0%. The decrease in selling, general and administrative expenses for the quarter was primarily due to the benefits from cost savings initiatives. EBITDA of $300 million for the quarter decreased 10%, while EBITDA margin decreased 166 basis points to 15.2%. The decrease in EBITDA and EBITDA margin was due to lower revenues and prices in Polymer Solutions, unfavorable product mix in Building & Infrastructure and generally higher input costs. Financial costs of $96 million for the quarter increased by approximately $60 million year-over-year. The increase in financial costs for the quarter was mainly driven by a shift from an FX gain in the prior year to a slight loss in the current year, primarily driven by the appreciation of the Mexican Peso. An income tax expense of $143 million was recognized for the quarter compared to an income tax benefit of $85 million in the same quarter in the prior year, driven by a shift in the Company's earnings profile between the two periods. The effective tax rate for the quarter was 334%, primarily driven by the earnings mix across tax jurisdictions, the appreciation of the Mexican Peso against the U.S. Dollar, and inflation adjustments in certain countries. Excluding the impact of these discrete factors, the effective tax rate was approximately 124%, which remains elevated due to the relatively low level of pre-tax earnings for the quarter. The effective tax rate for the quarter is not reflective of Orbia's normalized rate which is typically 27% to 32%2. Net loss to majority shareholders of $126 million in the quarter decreased, compared to a net income of $195 million in the same quarter in the prior year. The decrease was driven by higher taxes, higher financial costs and the decrease in operating income. Operating cash flow of $47 million in the quarter improved by $43 million, while free cash flow of negative $82 million improved by $48 million. The improvements were mainly due to lower interest expense and a lower cash impact from incentive compensation payments and accruals, partially offset by lower EBITDA. Net debt of $4,016 million included total debt of $4,875 million, less cash and cash equivalents of $859 million. The Company's net debt-to-EBITDA increased from 3.67x to 3.98x compared to the previous quarter. The increase in the net debt-to-EBITDA ratio during the second quarter was primarily driven by an increase in total debt of $189 million and a decrease in the last 12-months EBITDA of approximately $34 million. Net debt-to-EBITDA at the end of the second quarter using EBITDA adjusted3 for non-operating items to better reflect underlying earnings increased from 3.23x to 3.51x. ____________________ 2 Excluding the impact of inflation and foreign exchange rate changes in Mexico. 3 Adjusted EBITDA is EBITDA adjusted for items that have a limited number of occurrences, are clearly identifiable and not reflective of ongoing business performance. Expand Q2 2025 Revenues by Region (All metrics are compared to Q2 2024 unless otherwise noted) mm US$ Second Quarter Region 2025 2024 % Var. Prev Year % Revenue North America 679 728 -7% 34% Europe 624 582 7% 32% South America 404 387 4% 21% Asia 207 217 -5% 11% Africa and others 53 62 -13% 3% Total 1,967 1,976 0% 100% Expand Q2 2025 Financial Performance by Business Group (All metrics are compared to Q2 2024 unless otherwise noted) Polymer Solutions (Vestolit and Alphagary), 30.4% of Revenues Orbia's Polymer Solutions business group (commercial brands Vestolit and Alphagary) focuses on general purpose and specialty PVC resins (polyvinyl chloride), PVC and zero-halogen specialty compounds with a wide variety of applications in everyday products for everyday life, from pipes and cables to household appliances and medical devices. The business group supplies Orbia's downstream businesses and a global customer base. mm US$ Second Quarter Polymer Solutions 2025 2024 %Var. Total sales* 616 644 -4% Operating income 13 39 -66% EBITDA 79 107 -26% *Intercompany sales were $34 million and $51 million in Q2 25 and Q2 24, respectively. Expand Revenues of $616 million decreased 4%. EBITDA of $79 million decreased 26% and EBITDA margin decreased 374 basis points to 12.8%. The decrease in revenues for the quarter was driven by lower resin pricing and an operational disruption in derivatives, which was addressed by the end of the quarter. Second quarter EBITDA decreased year-over-year, driven primarily by lower revenues, the operational disruption in derivatives and higher input costs. Building & Infrastructure (Wavin), 31.0% of Revenues Orbia's Building & Infrastructure business group (commercial brand Wavin) is redefining today's pipes and fittings industry by creating solutions that last longer and perform better, all with less installation labor required. The business group benefits from supply chain integration with the Polymer Solutions business group, a customer base spanning three continents, and investments in sustainable, resilient technologies for water and indoor climate management. mm US$ Second Quarter Building & Infrastructure 2025 2024 %Var. Total sales 629 665 -5% Operating income 28 42 -33% EBITDA 63 78 -19% Expand Revenues of $629 million decreased 5%. EBITDA of $63 million decreased 19% and EBITDA margin decreased 162 basis points to 10.1%. The decrease in revenues for the quarter was driven by lower volumes in India (as a result of the sale of the tanks business) and Mexico, and an unfavorable product mix, partly offset by strong performance in the U.K. and increased volumes in Indonesia. Second quarter EBITDA decreased year-over-year, driven by unfavorable product mix in Western Europe, and lower revenue in Mexico and India, partially offset by the U.K., Indonesia, Eastern Europe and Brazil and continued benefits from cost saving initiatives. Precision Agriculture (Netafim), 14.2% of Revenues Orbia's Precision Agriculture business group's (commercial brand Netafim) leading-edge irrigation systems, services and digital farming technologies enable stakeholders to achieve significantly higher and better-quality yields while using less water, fertilizer and other inputs. By helping farmers worldwide grow more with less, the business group is contributing to feeding the planet efficiently and sustainably. mm US$ Second Quarter Precision Agriculture 2025 2024 %Var. Total sales 288 284 2% Operating income 12 13 -5% EBITDA 40 39 1% Expand Revenues of $288 million increased 2%. EBITDA of $40 million slightly increased year-over-year and EBITDA margin decreased 14 basis points to 13.8%. The increase in revenues for the quarter was primarily driven by Brazil, U.S. and Peru, partially offset by declines in Mexico and Chile and lower greenhouse projects activity. Second quarter EBITDA increased slightly year-over-year, driven by higher revenues and a favorable product mix. Fluor & Energy Materials, 12.2% of Revenues Orbia's Fluor & Energy Materials business group provides fluorine and downstream products that support modern, efficient living. The business group owns and operates the world's largest fluorspar mine and produces intermediates, refrigerants and propellants used in automotive, infrastructure, semiconductor, health, medicine, climate control, food cold chain, energy storage, computing and telecommunications applications. mm US$ Second Quarter Fluor & Energy Materials 2025 2024 %Var. Total sales 247 230 7% Operating income 55 64 -15% EBITDA 72 81 -11% Expand Revenues of $247 million increased 7%. EBITDA of $72 million decreased 11% and EBITDA margin decreased 606 basis points to 29.2%. The increase in revenues for the quarter was primarily driven by favorable prices in upstream minerals and a favorable product mix. These gains were partially offset by lower upstream minerals volumes and an unfavorable refrigerant gas mix. Second quarter EBITDA decreased year-over-year driven by higher input costs across key raw materials and unfavorable currency fluctuations, partially offset by a favorable product mix and the benefits from cost saving initiatives. Connectivity Solutions (Dura-Line), 12.1% of Revenues Orbia's Connectivity Solutions business group (commercial brand Dura-Line) produces more than 500 million meters of essential and innovative connectivity infrastructure per year to bring a world's worth of information everywhere. The business group produces telecommunications conduit, cable-in-conduit and other HDPE products and solutions that create physical pathways for fiber and other network technologies connecting cities, homes and people. mm US$ Second Quarter Connectivity Solutions 2025 2024 %Var. Total sales 246 236 4% Operating income 26 29 -11% EBITDA 41 41 1% Expand Revenues of $246 million increased 4%. EBITDA of $41 million increased 1% and EBITDA margin decreased 64 basis points to 16.6%. The increase in revenues for the quarter was driven by higher volumes supported by increased demand in North America telecommunications and data center markets as well as a favorable product mix, partially offset by lower prices. Second quarter EBITDA increased year-over-year primarily driven by higher revenues, favorable costs, partially offset by lower prices. Balance Sheet, Liquidity and Capital Allocation Orbia's net debt-to-EBITDA ratio increased from 3.39x to 3.98x year-over-year primarily driven by an increase of $179 million in net debt and a reduction of $124 million in the last 12-months EBITDA. The Company had cash on hand of $859 million at the end of the quarter compared to $797 million during the prior year quarter. The increase in net debt is due to an increase in borrowings of $104 million and the negative impact of the strengthening of the Mexican Peso. Adjusted net debt-to-EBITDA4 for the quarter, was 3.51x as compared to 3.04x at the end of 2024 and 3.23x at the end of the prior quarter. On April 11, 2025, Orbia issued long-term notes (certificados bursátiles) in the Mexican debt market, for approximately $300 million, split evenly between 3 and 10 years notes. The proceeds of the notes were used to refinance its short-term maturities in the local market. On April 30, 2025, Orbia issued senior notes due 2030 and 2035, for approximately $1,100 million. The proceeds of the notes have been used primarily to refinance the previous Senior Notes due in 2026 and 2027. Orbia has redeemed and cancelled its 2026 Senior Notes and a portion of its 2027 Senior Notes. The Company plans to redeem the remaining 2027 Senior Notes on the next eligible redemption date, in accordance with the underlying indenture. Working capital increased by $111 million during the quarter compared to an increase of $56 million in the prior-year quarter. These are seasonal increases that follow the operational trends of the Company's businesses, and which are liquidated in the later part of the year. Capital expenditures of $97 million during the quarter decreased 10% year-over-year, including ongoing maintenance spending and investments to support the Company's targeted growth initiatives. ____________________ 4 Adjusted EBITDA is EBITDA adjusted for items that have a limited number of occurrences, are clearly identifiable and not reflective of ongoing business performance. Expand 2025 Outlook The underlying assumptions for the most recent guidance remain generally unchanged. Therefore, Orbia reaffirms its full-year 2025 Adjusted5 EBITDA guidance in the range of $1,100 million to $1,200 million. The Company also reaffirms its 2025 capital expenditures guidance of approximately $400 million or less, with a continued focus on investments to ensure safety and operational integrity, completing growth projects under execution that are close to revenue and being extremely selective on any new growth investments. Excluding discrete items that do not reflect ongoing operational results such as foreign exchange rate changes and inflation adjustments, as well as other non-recurring items, the Company estimates an effective tax rate of 27% to 32%6 in 2025. Orbia remains committed to managing global tax risks amid a volatile currency and inflation environment and will continue to monitor local tax developments as conditions evolve. For each of Orbia's businesses the Company is assuming the following: Polymer Solutions: Persistent soft market dynamics, driven by excess supply and lower export prices out of China and the U.S. are expected to continue for the remainder of the year. The full year performance is expected to be lower than last year due to the one-off impacts of the raw material supply disruption and operational challenges in derivatives experienced during the first half of the year. With these issues behind, the business expects that second half results will improve compared to first half results. In this environment, Orbia remains focused on realizing the benefits of cost saving initiatives and disciplined cash management. Persistent soft market dynamics, driven by excess supply and lower export prices out of China and the U.S. are expected to continue for the remainder of the year. The full year performance is expected to be lower than last year due to the one-off impacts of the raw material supply disruption and operational challenges in derivatives experienced during the first half of the year. With these issues behind, the business expects that second half results will improve compared to first half results. In this environment, Orbia remains focused on realizing the benefits of cost saving initiatives and disciplined cash management. Building & Infrastructure: The business expects modest growth from new product launches and stabilization across key markets despite continued challenging market conditions in Western Europe and Mexico. The business will continue its focus on realizing operational cost efficiencies to improve profitability. The business expects modest growth from new product launches and stabilization across key markets despite continued challenging market conditions in Western Europe and Mexico. The business will continue its focus on realizing operational cost efficiencies to improve profitability. Precision Agriculture: Market conditions are expected to remain stable to slightly improving, supported by recent positive momentum in Brazil, the U.S. and Turkey. The Company anticipates continued strong performance in parts of Latin America and projects in Africa. The business will remain focused on driving growth through deeper penetration in extensive crops, while maintaining a consistent emphasis on cost management and working capital improvements. Market conditions are expected to remain stable to slightly improving, supported by recent positive momentum in Brazil, the U.S. and Turkey. The Company anticipates continued strong performance in parts of Latin America and projects in Africa. The business will remain focused on driving growth through deeper penetration in extensive crops, while maintaining a consistent emphasis on cost management and working capital improvements. Fluor & Energy Materials: The business anticipates continued strength in fluorine markets, with demand and pricing expected to remain stable or show modest improvement through the remainder of the year, helping offset input cost increases. To support margins, cost-control initiatives will remain a priority, alongside active product portfolio management focused on maximizing value creation. The business anticipates continued strength in fluorine markets, with demand and pricing expected to remain stable or show modest improvement through the remainder of the year, helping offset input cost increases. To support margins, cost-control initiatives will remain a priority, alongside active product portfolio management focused on maximizing value creation. Connectivity Solutions: Volumes are expected to continue growing throughout the year, supported by sustained momentum in network deployment, datacenter demand and investment in the power sector. Profitability growth will be driven by increased demand, along with benefits from cost-saving initiatives and higher utilization of manufacturing facilities, partly offset by a weak pricing environment. ____________________ 5 Adjusted EBITDA is EBITDA adjusted for items that have a limited number of occurrences, are clearly identifiable and not reflective of ongoing business performance. 6 Excluding the impact of inflation and foreign exchange rate changes in Mexico. Expand Conference Call Details Orbia will host a conference call to discuss second quarter 2025 results on June 24, 2025, at 9:00 AM Central Time (CT; Mexico City)/11:00 AM Eastern Time (ET; New York). To access the call, please dial 001-855-817-7630 (Mexico), 1-888-339-0721 (United States) or 1-412-317-5247 (International). Participants may pre-register for the conference call here. The live webcast can be accessed here. A recording of the webcast will be posted several hours after the call is completed on Orbia's website. For all company news, please visit Consolidated Income Statement mm US$ Second Quarter January - June Income Statement 2025 2024 % 2025 2024 % Net sales 1,967 1,976 0% 3,778 3,839 -2% Cost of sales 1,534 1,474 4% 2,951 2,905 2% Gross profit 433 502 -14% 827 934 -11% Selling, general and administrative expenses 295 329 -10% 648 655 -1% Operating income 138 173 -20% 179 279 -36% Financial cost (income) 96 35 171% 172 174 -1% Equity in income of associated entity 1 1 60% 2 2 39% Impairment expense - - N/A - - N/A Income (loss) from continuing operations before income tax 43 139 (0) 9 107 (0) Income tax 143 (85) N/A 138 (70) N/A (Loss) Income from continuing operations (100) 224 N/A (129) 177 N/A Discontinued operations - - N/A - - N/A Consolidated net (loss) income (100) 224 N/A (129) 177 N/A Minority stockholders 26 29 -10% 51 56 -8% Majority Net (loss) income (126) 195 N/A (180) 121 N/A EBITDA 300 334 -10% 498 587 -15% Expand Consolidated Balance Sheet mm US$ Balance sheet Jun 2025 Dec 2024 Jun 2024 Total assets 11,608 11,057 11,214 Current assets 4,057 3,610 3,800 Cash and temporary investments 859 1,009 797 Receivables 1,893 1,448 1,733 Inventories 1,217 1,098 1,186 Others current assets 88 55 84 Non current assets 7,551 7,447 7,414 Property, plant and equipment, net 3,330 3,271 3,316 Right of use fixed assets, net 466 431 476 Intangible assets and goodwill 3,049 3,028 3,069 Long-term assets 706 717 553 Total liabilities 8,646 8,077 8,156 Current liabilities 2,629 2,628 2,515 Current portion of long-term debt 325 548 317 Suppliers 953 821 804 Letters of credit 421 395 387 Short-term leasings 133 111 118 Other current liabilities 797 753 889 Non current liabilities 6,017 5,449 5,641 Long-term debt 4,550 4,078 4,318 Long-term employee benefits 146 130 134 Long-term deferred tax liabilities 378 345 335 Long-term leasings 366 346 376 Other long-term liabilities 577 550 478 Consolidated shareholders' equity 2,962 2,980 3,058 Minority shareholders' equity 533 547 601 Majority shareholders' equity 2,429 2,433 2,457 Total liabilities & shareholders' equity 11,608 11,057 11,214 Expand Cash Flow Statement Second Quarter January - June mm US$ 2025 2024 %Var. 2025 2024 % Var. EBITDA 300 334 -10% 498 587 -15% Taxes paid, net (55) (48) 14% (105) (94) 12% Net interest / bank commissions (73) (92) -21% (143) (156) -8% Change in trade working capital (111) (56) 98% (280) (249) 13% Others (other assets - provisions, Net) (23) (98) -76% 24 (89) N/A CTA and FX 9 (36) N/A 31 (45) N/A Operating cash flow 47 4 997% 25 (46) N/A Capital expenditures (97) (107) -10% (202) (239) -16% Leasing payments (32) (27) 18% (60) (46) 30% Free cash flow (82) (130) -37% (237) (331) -28% FCF conversion (%) -27.4% -39.0% -47.5% -56.4% -100% Dividends to shareholders - (80) -100% - (80) -100% Buy-back shares program - - 1 - Debt 104 26 294% 163 (147) N/A Minority interest payments (36) (32) 13% (63) (59) 8% Mergers & acquisitions 19 (0) N/A 19 (0) N/A Financial instruments and others (6) (37) -83% (33) (42) -22% Net change in cash (1) (253) -100% (150) (659) -77% Initial cash balance 860 1,050 -18% 1,009 1,456 -31% Cash balance 859 797 8% 859 797 8% Expand Notes and Definitions The results contained in this release have been prepared in accordance with International Financial Reporting Standards ('NIIF' or 'IFRS') with U.S. Dollars as the reporting currency. Figures are presented in millions, unless specified otherwise. Figures and percentages have been rounded and may not add up. About Orbia Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) is a company driven by a shared purpose: to advance life around the world. Orbia operates in the Polymer Solutions (Vestolit and Alphagary), Building & Infrastructure (Wavin), Precision Agriculture (Netafim), Connectivity Solutions (Dura-Line) and Fluor & Energy Materials sectors. The five Orbia business groups have a collective focus on expanding access to health and well-being, reinventing the future of cities and homes, ensuring food, water and sanitation security, connecting communities to information and enabling the energy transition with basic and advanced materials, specialty products and innovative solutions. Orbia has a global team of over 23,000 employees, commercial activities in more than 100 countries and operations in over 50, with global headquarters in Boston, Mexico City, Amsterdam and Tel Aviv. The company generated $7,506 million in revenue in 2024. To learn more, visit: Prospective Information In addition to historical information, this press release contains "forward-looking" statements that reflect management's expectations for the future. The words 'anticipate,' 'believe,' 'expect,' 'hope,' 'have the intention of,' 'might,' 'plan,' 'should' and similar expressions generally indicate comments on expectations. The forward-looking statements included in this press release are subject to a number of material risks and uncertainties, and our results may be materially different from current expectations due to factors, which include, but are not limited to, global and local changes in politics, economic factors, business, competition, market and regulatory factors, cyclical trends in relevant sectors as well as other factors affecting our operations, markets, products, services and prices that are highlighted under the title 'Risk Factors' in the annual report submitted by Orbia to the Mexican National Banking and Securities Commission (CNBV) and available on our website at Investor Relations | Orbia. The forward-looking statements included herein represent Orbia's views as of the date of this press release. Orbia undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.' Orbia has implemented a Code of Ethics that helps define our obligations to and relationships with our employees, clients, suppliers, and others. Orbia's Code of Ethics is available for consultation at the following link: Additionally, according to the terms contained in the Mexican Securities Exchange Act No 42, the Orbia Audit Committee has established a 'hotline' system permitting any person who is aware of a failure to adhere to applicable operational and accounting records guidelines, internal controls or the Code of Ethics, whether by the Company itself or any of its controlled subsidiaries, to file a complaint (including anonymously). This system is operated by an independent third-party service provider. The system may be accessed via telephone in Mexico, via internet at or via email at ethics@ Orbia's Audit Committee has oversight responsibility for ensuring that all such complaints are appropriately investigated and resolved.
Indianapolis Star
16 hours ago
- Health
- Indianapolis Star
Transgender Hoosiers push back on ban on driver's license gender changes. Will opposition matter?
Dozens of Hoosiers testified on July 22 in opposition to a proposed rule change by the Indiana Bureau of Motor Vehicles that would prohibit gender marker changes on driver's licenses, an effort stemming from Gov. Mike Braun's executive order from March that aimed to promote the 'biological dichotomy between men and women' and discourage 'modern gender ideology.' BMV leaders, though, likely don't have much power to significantly alter the proposed rule since the agency has to comply with Braun's order. "While we are committed to ensuring that all voices and points of view are heard and considered," Gregory Dunn, executive director of communications for the BMV said in a statement, "we also have a responsibility to carry out our duties as defined by law." What was intended to be an hour-long public hearing stretched nearly three hours as speakers criticized what some described as an intentionally anti-transgender initiative by state elected officials. Among them were transgender Hoosiers and advocates alike, including a 15-year-old nonbinary teenager looking to get their driver's license and a man with an intersex partner. Before Gov. Braun's order, people could change gender markers on their licenses by obtaining a court order, a process speakers described as arduous. Under the proposed rule change, the gender on an individual's driver's license must reflect their biological sex determined at birth. An 'X' will no longer be allowed in place of a gender marker for nonbinary people. While driver's licenses that have already changed will remain valid, new licenses issued must follow the updated guidelines. Shortly after Braun's executive order, the Indiana Department of Health told local health departments to stop accepting requests to change genders on birth certificates. When a health department subsequently refused to change the gender of a teenage transgender girl on the birth certificate, the American Civil Liberties Union of Indiana sued the governor for allegedly violating the equal protection and privacy clauses of the U.S. Constitution. The executive order has not been the first challenge to the BMV's policy of changing gender markers. In 2020, then-Attorney General Curtis Hill issued an advisory opinion saying the BMV did not have the authority to issue an 'X' as a gender marker. That opinion eventually led to an Indiana Court of Appeals decision in 2024 that determined 'gender' has the same legal meaning as 'sex" when it comes to laws pertaining to motor vehicles, a precedent that was cited by a regulatory analysis of the proposed rule change. That same regulatory analysis became a point of contention for some speakers, specifically one line that listed 'impacted parties' as 'none.' Those who testified cited scientific studies, legal principles, Bible verses and poems. They described hypothetical scenarios where the proposed rule change could cause more confusion at traffic stops, in hospitals and even when issuing a description for a missing person. Among the speakers was Kit Malone, a transgender woman and former strategist for the ACLU who said the change will impact transgender Hoosiers in everyday scenarios where IDs are required, like bars, movie theaters and grocery store checkouts, because many will not look like the gender listed on their ID. 'I updated my ID because it was getting weird not to,' she said. 'I was getting looks.' Eli Lucas, a transgender man who works for a Fortune 500 company in Indianapolis, said the change affects hardworking taxpayers like himself. He said he feared the change could complicate police interactions, enhance the risk of violence and create humiliation in everyday interactions that require an ID. 'We transgender Hoosiers are your neighbors, your coworkers, your friends and your family who simply want to live without fear,' he said. Others spoke to the broader political climate, referencing a pastor who delivered a sermon in June at an Indianapolis church where he told congregants to pray for the deaths of LGBTQ+ people. Some who testified said they had friends who had left Indiana because of its attitude toward transgender people, but that they loved the state they grew up in too much to follow them. Amy Kleyla, a combat veteran and 50501 protest organizer, said the national environment had gotten increasingly hostile as well. She said she transitioned 28 years ago but has never experienced as much hate as she has this year. 'That hate is force fed into the American people right now,' Kleyla said. The BMV did not provide details about how much the agency could modify the proposed changes to still comply with Braun's executive order. "Hoosiers have too many pressing needs to spend their tax dollars trying to redefine what it means to be a boy or a girl," Braun previously said when he signed the executive order. "Today's executive order will end any confusion about our state's policy on this issue so we can focus on my goal to secure freedom and opportunity for all Hoosiers."
Business Wire
2 days ago
- Business
- Business Wire
Volaris Achieves 70% Reduction in Cost Per Interaction and Handles 3x Call Volume in Contact Centers with Verint Bots
BUSINESS WIRE)-- Verint ® (NASDAQ: VRNT), The CX Automation Company™, today announced that Volaris, Mexico's largest airline, achieved breakthrough success in customer care with Verint AI-powered bots. With these bots, Volaris increased agent capacity, responded to customer needs with high accuracy and handled three times the number of calls with the same number of agents. With these bots, Volaris increased agent capacity, responded to customer needs with high accuracy and handled three times the number of calls with the same number of agents. Volaris moved its customer service to primarily digital channels, including messaging platforms and social media. Eighty-five percent of Volaris digital customer interactions are handled immediately by automated Verint bots, including complex use cases such as check in. The remaining queries are managed by agents capable of handling four to five conversations simultaneously. Digital interactions can also be paused, meaning customers don't have to be transferred, repeat their inquiry or get cut off. This project achieved 70% lower cost per interaction in Volaris's contact center by using Verint bots to accelerate CX Automation. After successfully moving its service to digital channels, Volaris also increased sales by helping customers build travel itineraries, find promotions and purchase ancillary products. Now the customer service unit is sustained by the extra revenue it generates at no additional cost to the airline. 'Given our high and growing volume of customer interactions, controlling service costs was critical, and we were also looking to elevate the customer experience,' said Volaris's Digital & Marketing Director, Daniel Gelemovich. 'Our use of Verint bots to automatically respond to customer questions, complete tasks and drive sales has been a game changer, enabling us to achieve multiple, significant business outcomes.' 'With Verint's AI-powered bots and CX Automation, Volaris has realized tangible, meaningful value from its AI investments,' said Verint's Chief Marketing Officer, Anna Convery. 'Volaris is simultaneously improving service and making strategic moves to keep costs low for its customers.' Learn more about Volaris's AI business outcomes and Verint Open Platform. About Volaris Controladora Vuela Compañía de Aviación, S.A.B. de C.V. ('Volaris' or 'the Company') (NYSE: VLRS and BMV: VOLAR), is an ultra-low-cost carrier with point-to-point operations, serving Mexico, the United States, Central and South America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since the beginning of operations in March 2006, Volaris has increased its routes from 5 to 222 and its fleet from 4 to 148 aircrafts. Volaris offers 500 daily flight segments on routes that connect 44 cities in Mexico and 29 cities in the United States, Central, and South America, with one of the youngest fleets in Mexico. Volaris targets passengers who are visiting friends and relatives, cost-conscious business and leisure travelers in Mexico, the U.S., Central and South America. Volaris has received the ESR Award for Social Corporate Responsibility for 15 consecutive years. For more information, visit: Volaris routinely posts information that may be important to its investors on investor relations website. Volaris routinely posts information that may be important to investors on its investor relations website. About Verint Verint® (NASDAQ: VRNT) is a leader in Customer Experience (CX) Automation, serving a customer base that includes more than 80 of the Fortune 100 companies. The world's most iconic brands use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI Business Outcomes, Now™ across the enterprise. Verint is uniquely positioned to help brands increase CX Automation with our differentiated, AI-powered Open Platform. Verint, The CX Automation Company™, is proud to be Certified™ by Great Place To Work ®. Learn more at This press release contains 'forward-looking statements,' including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ. VERINT, VERINT DA VINCI, VERINT OPEN CCAAS, THE CX AUTOMATION COMPANY, THE CUSTOMER ENGAGEMENT COMPANY AND THE ENGAGEMENT CAPACITY GAP are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.
Yahoo
2 days ago
- Automotive
- Yahoo
Indiana BMV unveils new ‘blackout' license plates, available starting August
The Indiana Bureau of Motor Vehicles' new blackout plate, featuring a black background with white characters, will be available to Hoosier drivers starting August 8, 2025. (Casey Smith/ Indiana Capital Chronicle) Indiana drivers will soon have a new option at the license branch: the state's first all-black license plate. The Indiana Bureau of Motor Vehicles officially revealed the 'blackout' plates on Monday, joining a growing number of states offering the 'minimalist' design. Beginning Aug. 8, the plate will be available for all Hoosier drivers registering a passenger car, light truck under 11,000 pounds, motorcycle, or RV. A disability-accessible version will be released at a later date, according to agency officials. 'It's very simple in its design, but it really gives car drivers and vehicle owners an opportunity to express themselves in a way that they haven't had,' BMV Commissioner Kevin Garvey said at Monday's launch event, held at the Indiana Government Center in downtown Indianapolis. 'It's a form of expression for them.' Iowa, Kentucky, Minnesota, Mississippi and other states have already adopted similar plates. Hoosier lawmakers authorized the plate during the 2025 legislative session in House Enrolled Act 1390, a wide-ranging BMV agency measure. Bill author Rep. Jim Pressel, R-Rolling Prairie, said earlier this year that blackout plates would give Hoosier more options at the BMV and provide the state with 'really simple' additional revenue that could total into the millions. 'The feedback that we have gotten from Hoosiers would tell me it's going to be popular,' Garvey said. 'But we really want to try to wait and see.' The blackout plate will carry an annual fee of $45, with an additional $45 fee if drivers opt for a personalized plate number. Personalized messages can contain up to seven characters and one space. Drivers don't have to wait for their current plate to expire, though; they can swap to the blackout plate early for an additional $9.50 fee. BMV officials said the replacement charge helps offset the cost of the new metal plate, which otherwise would be replaced on a standard seven-year cycle. The plate must be ordered through a BMV branch and cannot be purchased online or at a kiosk if it's a replacement prior to expiration. For new registrations and renewals, it will be available via at BMV Connect kiosks, or in person. Officials also warned customers to avoid third-party sites claiming to offer Indiana blackout plates. Only BMV-issued plates are legally valid. The design cannot be combined with any specialty or graphic plate options. But Garvey said other plate designs could be made available in the future. He pointed to Michigan for example, which additionally offers license plates with blue and green backgrounds. Unlike most specialty plates, which largely cover only production costs, the blackout plate is expected to generate upwards of $3 million in revenue for the state in the first year of availability. The BMV will collect a bulk of the fees from each blackout plate — far more than the $5 the agency gets from other specialty plates, Garvey said. A legislative fiscal analysis showed that most of the revenue — $34 — will go to the BMV Commission Fund to support agency operations. The remaining amount is split between the Motor Vehicle Highway Account ($7) and the Crossroads 2000 Fund ($4). Of the share sent to the highway account, $4.34 will benefit the Indiana Department of Transportation, while $2.66 will be distributed to local governments. Garvey was cautious, however, about forecasting exact revenue potentials but said the agency anticipates around 100,000 blackout plates to be sold over the next 12 months. He looked to Minnesota, which launched its blackout option in 2024 and sold more than 250,000 plates in its first year. Iowa, home to the country's longest-running blackout program since 2019, now has nearly 586,000 blackout plates on the road — roughly 12% of all plates issued there 'This is a revenue source for the bureau,' Garvey said. 'We're excited about the potential to reinvest that revenue back into our employees, but also into the agency.' That includes fulfilling an executive order from Gov. Mike Braun directing the BMV to modernize and invest in new technology to improve customer service, the commissioner noted. 'There are over 6 million vehicles on the road (in Indiana), and we want to make sure that if folks want to get one of these, they know about it and are able to do so,' Garvey said. 'This is going to be really, really exciting, and we're certainly looking forward to seeing what happens.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Solve the daily Crossword
