Eric Labaye Appointed as Chairman of Eutelsat
The Board of Directors of Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL) approved the co-optation of Eric Labaye as a Board member and his appointment as Chairman of Eutelsat Communications and Eutelsat SA on the occasion of the Board Meeting of 4 th August 2025. He succeeds Dominique D'Hinnin who had announced his decision not to seek the renewal of his mandate on February 14 th, 2025. Eric Labaye's appointment is effective on 4 th August 2025.
At the same time, the Board of Directors approved other changes to the composition of the Board, notably the resignation of Michel Combes, effective 3 rd August 2025, and the co-optation of Lucia Sinapi-Thomas as an independent Board member. The Board also acknowledged the appointment of Guillemette Kreis (Agence des Participations de l'Etat - APE) as the representative of the French State.
Following these changes, Eutelsat Communications' Board of Directors will be composed of 10 members, of which 6 Independent Directors. It will include five women, equating to a representation of 50%.
The above changes take effect immediately. The incoming Chairman, Eric Labaye, will hold office until the next Shareholders General Meeting, where his appointment will be proposed for a full term.
Sunil Bharti Mittal, Vice-President and Co-Chair of the Board, said: 'I want to thank Dominique D'Hinnin for his exemplary leadership of Eutelsat over the past eight years. Dominique oversaw the merger of Eutelsat and OneWeb that created Eutelsat Group as the first combined GEO/LEO satellite constellation, and ensured there is a European player at the forefront of satellite connectivity globally, including with the Iris² project.
He added: 'I welcome the appointment of Eric Labaye as Chairman of Eutelsat Group to preside over the company in its next stage. Eric Labaye is a leader with immense experience that will be invaluable to Eutelsat in the years ahead. I look forward to working with Eric, Lucia and Guillemette and the full board to shape the future of Eutelsat.'
Dominique D'Hinnin said: 'Eutelsat Group is now well positioned to provide its customers with a superior satellite-based connectivity service on a worldwide basis. I want to thank all the Eutelsat and OneWeb employees and the management team for their outstanding work, in a challenging competitive environment. Their dedication and skills are the main basis for the future success of the Eutelsat Group.'
Jean-François Fallacher said: 'I extend my warmest thanks to Dominique D'Hinnin for his support as part of my joining Eutelsat. Dominique has successfully presided over a major step-change in Eutelsat's strategic journey, notably its telecom pivot, which positions Eutelsat as a unique player thanks to our unmatched portfolio of GEO and LEO solutions.'
He added: 'I am delighted Dominique is passing the baton to Eric Labaye, a seasoned strategy and tech expert, and I look forward to working with Eric to take Eutelsat to the next level.'
Eric Labaye said: 'I'm honoured and enthusiastic to join Eutelsat for a new chapter in its development and I want to thank the board members for their trust. I would like to pay tribute to Dominique D'Hinnin for his critical leadership in the strategic evolutions of the company. Eutelsat has outstanding fundamentals and unique assets to succeed in the innovative and fast-changing satellite connectivity sector. I look forward to working with the board, Jean-François Fallacher and the executive team of Eutelsat to fulfill the company mission. '
Éric Labaye has worked for over 30 years for international clients in the telecommunications, high-tech and industrial sectors, as well as governments and public institutions on a variety of strategic and operational issues. He is the president and co-founder of IDEL Partners, an advisory firm focusing on major development and transformation topics. He is also the chairman of the supervisory board of Ekimetrics, a leading AI solutions company, senior advisor at Antin Infrastructure Partners, independent member of the board of Rexel and was appointed in April 2024 Chairman of the Supervisory Committee of Investments for the Future in France. From 2018 to 2023, he was the Chairman and President of École Polytechnique, the elite French engineering school and of Institut Polytechnique de Paris, a top 40 global institution, of which he led the creation in 2019. Previously, Éric Labaye was a Senior Partner at McKinsey & Company, where he was Managing Director of the French office (2002-2010), led the firm's Global Knowledge and Communication Function as a member of the Global Executive Committee (2010-2013), chaired the McKinsey Global Institute (MGI), the firm's business and economics research arm (2010-2016) and was a member of the Firm's board for 9 years. A French national, Éric Labaye is a graduate of École Polytechnique and Télécom Paris and holds an MBA from INSEAD with distinction (Henry Ford II Prize).
Lucia Sinapi-Thomas began her career in 1986 as a corporate lawyer and in tax law, before joining Capgemini in 1992. She has over 20 years' experience within the Capgemini group, in roles including Group Tax Director, Head of Corporate Finance, Treasury and Investor Relations, Risk Management and Insurance. She was Deputy CFO from 2013 to 2015 and took up the position of Executive Director Business Platforms in 2016. Since 2019, Lucia Sinapi-Thomas has been Executive Director of Capgemini Ventures. Board positions include Capgemini SE, Dassault Aviation, where she is a member of the Audit Committee, and Bureau Veritas where she was a member of the Audit and Risk Committee until May 2019, and has since been. A French national, Lucia Sinapi-Thomas is a graduate of ESSEC business school holds a master's degree in law from Paris II - Panthéon Assas was admitted to the Paris Bar as a lawyer in 1989.
Guillemette Kreis is the Director of Shareholdings for Services and Finance at Agence des participations de l'État (APE), part of France Ministry for the Economy, Finance and Industrial and Digital Sovereignty. Prior to that, she held various roles in the French public sector and the international media industry. She began her career at the Ministry of Culture and Communication and the Prime Minister's Office in Paris, working on public broadcasting and media policy. From 2008 to 2017, she was based in London, where she worked for Fremantle (Bertelsmann), ITV plc, and All3Media Group in roles focused on strategy, mergers and acquisitions, and corporate development. At All3Media, she served as Executive Vice-President for Corporate Development, overseeing international strategy, investments, acquisitions, and shareholder relations. A French National, Guillemette Kreis is a graduate of Université Paris I – Sorbonne – master's in economics and HEC, Paris - Master of Science in Management
ENDS
About Eutelsat Communications
Eutelsat Group is a global leader in satellite communications, delivering connectivity and broadcast services worldwide. The Group was formed through the combination of the Company and OneWeb in 2023, becoming the first fully integrated GEO-LEO satellite operator with a fleet of 34 Geostationary (GEO) satellites and a Low Earth Orbit (LEO) constellation of more than 600 satellites. The Group addresses the needs of customers in four key verticals of Video, where it distributes around 6,400 television channels, and the high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity, and Government Services. Eutelsat Group's unique suite of in-orbit assets and ground infrastructure enables it to deliver integrated solutions to meet the needs of global customers. The Company is headquartered in Paris and Eutelsat Group employs more than 1,600 people across more than 75 countries. The Group is committed to delivering safe, resilient, and environmentally sustainable connectivity to help bridge the digital divide. The Company is listed on the Euronext Paris Stock Exchange (ticker: ETL) and the London Stock Exchange (ticker: ETL).
Find out more at www.eutelsat.com
DISCLAIMER
The forward-looking statements included herein are for illustrative purposes only and are based on management's views and assumptions as of the date of this document. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: risks related to the health crisis; operational risks related to satellite failures or impaired satellite performance, or failure to roll out the deployment plan as planned and within the expected timeframe; risks related to the trend in the satellite telecommunications market resulting from increased competition or technological changes affecting the market; risks related to the international dimension of the Group's customers and activities; risks related to the adoption of international rules on frequency coordination and financial risks related, inter alia, to the financial guarantee granted to the Intergovernmental Organization's closed pension fund, and foreign exchange risk. Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this document to reflect any change in events, conditions, assumptions, or circumstances on which any such statements are based, unless so required by applicable law. The information contained in this document is not based on historical fact and should not be construed as a guarantee that the facts or data mentioned will occur. This information is based on data, assumptions and estimates that the Group considers as reasonable.
Media enquiries
Joanna Darlington
Tel. +33 674 521 531
joanna.darlington@eutelsat.net
Anita Baltagi
Tel. +33 643 930 178
anita.baltagi@eutelsat.net
Katie Dowd
Tel. +1 202 271 2209
katie.dowd@eutelsat.net
Investors
Joanna Darlington
Tel. +33 674 521 531
joanna.darlington@eutelsat.net
Hugo Laurens-Berge
Tel. +33 670 80 95 58
hugo.laurens-berge@eutelsat.net
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Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters. Readers are cautioned not to place undue reliance on forward-looking statements as such statements speak only as of the date they were made. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including the 'Risk Factors' described under Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, and other filings with the U.S. Securities and Exchange Commission. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein. We assume no obligation to publicly update or revise any forward-looking statements. 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Adjusted Operating Earnings and Operating Margin – Adjusted operating earnings are GAAP operating earnings that exclude the costs related to the Company's fuel for growth initiative, expenses related to the sale of the Company's corporate headquarters, costs related to restructuring efforts, and other non-recurring expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Operating Margin is Adjusted Operating Earnings as a percentage of net sales. Adjusted Net Earnings – Adjusted net earnings is GAAP net earnings that exclude the tax-effected the costs related to the Company's fuel for growth initiative, tax-effected expenses related to the sale of the Company's corporate headquarters, tax-effected costs from the loss on debt extinguishment, tax-effected costs related to restructuring efforts, and tax-effected other non-recurring expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Adjusted Diluted Net Earnings Per Share – Adjusted diluted net earnings per share is GAAP diluted earnings per share that exclude the tax-effected costs related to the Company's fuel for growth initiative, tax-effected expenses related to the sale of the Company's corporate headquarters, tax-effected costs from the loss on debt extinguishment, tax-effected costs related to restructuring efforts, and tax-effected other non-recurring expenses for the relevant time periods as indicated in the accompanying non-GAAP reconciliations to the comparable GAAP financial measures. Operating Free Cash Flow – We define the measure Operating Free Cash Flow as GAAP net cash provided by operating activities less payments for capital expenditures (net). We believe Operating Free Cash Flow is an important liquidity measure that provides useful information to investors about the amount of cash generated from operations after taking into account payments for capital expenditures (net). We believe that these non-GAAP financial measures provide valuable information regarding our earnings and business trends by excluding specific items that we believe are not indicative of the ongoing operating results of our businesses, providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry. We have provided these non-GAAP financial measures as supplemental information to our GAAP financial measures and believe these non-GAAP measures provide investors with additional meaningful financial information regarding our operating performance and cash flows. Our management and Board of Directors also use these non-GAAP measures as supplemental measures to evaluate our businesses and the performance of management, including the determination of performance-based compensation, to make operating and strategic decisions, and to allocate financial resources. We believe that these non-GAAP measures also provide meaningful information for investors and securities analysts to evaluate our historical and prospective financial performance. These non-GAAP measures should not be considered a substitute for or superior to GAAP results. Furthermore, the non-GAAP measures presented by us may not be comparable to similarly titled measures of other companies. SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 Percentage Change 2025 2024 Percentage Change Net sales $ 933,307 $ 942,340 (1.0 )% $ 2,754,348 $ 2,782,003 (1.0 )% Cost of products sold 452,322 461,457 (2.0 )% 1,337,706 1,370,872 (2.4 )% Gross profit 480,985 480,883 0.0 % 1,416,642 1,411,131 0.4 % Selling, general and administrative expenses 402,812 408,730 (1.4 )% 1,168,776 1,210,303 (3.4 )% Restructuring — 383 (100.0 )% — 361 (100.0 )% Operating earnings 78,173 71,770 8.9 % 247,866 200,467 23.6 % Interest expense 15,709 20,707 (24.1 )% 49,440 58,544 (15.6 )% Earnings before provision for income taxes 62,464 51,063 22.3 % 198,426 141,923 39.8 % Provision for income taxes 16,740 13,339 25.5 % 52,479 36,565 43.5 % Net earnings $ 45,724 $ 37,724 21.2 % $ 145,947 $ 105,358 38.5 % Earnings per share: Basic $ 0.46 $ 0.37 24.3 % $ 1.44 $ 1.01 42.6 % Diluted $ 0.44 $ 0.36 22.2 % $ 1.40 $ 0.98 42.9 % Weighted average shares: Basic 100,463 103,190 101,367 104,477 Diluted 103,239 105,897 104,187 107,186 Basis Point Change Basis Point Change Comparison as a percentage of net sales Consolidated gross margin 51.5 % 51.0 % 50 51.4 % 50.7 % 70 Selling, general and administrative expenses 43.2 % 43.4 % (20 ) 42.4 % 43.5 % (110 ) Consolidated operating margin 8.4 % 7.6 % 80 9.0 % 7.2 % 180 Effective tax rate 26.8 % 26.1 % 70 26.4 % 25.8 % 60 Expand SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands) (Unaudited) June 30 2025 2024 Cash and cash equivalents $ 112,800 $ 107,961 Trade and other accounts receivable 95,957 92,188 Inventory 1,005,365 1,036,624 Other current assets 47,522 68,541 Total current assets 1,261,644 1,305,314 Property and equipment, net 256,472 269,872 Operating lease assets 589,960 582,573 Goodwill and other intangible assets 597,165 598,226 Other assets 38,859 36,914 Total assets $ 2,744,100 $ 2,792,899 Current maturities of long-term debt $ 4,000 $ 4,127 Accounts payable 193,040 269,424 Accrued liabilities 165,291 162,950 Current operating lease liabilities 155,591 136,068 Income taxes payable 5,920 20,100 Total current liabilities 523,842 592,669 Long-term debt, including capital leases 882,383 978,255 Long-term operating lease liabilities 468,998 479,616 Other liabilities 20,874 22,066 Deferred income tax liabilities, net 85,094 91,758 Total liabilities 1,981,191 2,164,364 Total stockholders' equity 762,909 628,535 Total liabilities and stockholders' equity $ 2,744,100 $ 2,792,899 Expand Supplemental Schedule 1 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Segment Information (In thousands) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 Percentage Change 2025 2024 Percentage Change Net sales: Sally Beauty Supply ("SBS") $ 526,782 $ 536,536 (1.8 )% $ 1,552,803 $ 1,573,015 (1.3 )% Beauty Systems Group ("BSG") 406,525 405,804 0.2 % 1,201,545 1,208,988 (0.6 )% Total net sales $ 933,307 $ 942,340 (1.0 )% $ 2,754,348 $ 2,782,003 (1.0 )% Operating earnings: SBS $ 83,305 $ 86,938 (4.2 )% $ 240,484 $ 241,387 (0.4 )% BSG 50,672 46,753 8.4 % 145,075 134,395 7.9 % Segment operating earnings 133,977 133,691 0.2 % 385,559 375,782 2.6 % Unallocated expenses (1) 55,804 61,538 (9.3 )% 137,693 174,954 (21.3 )% Restructuring — 383 (100.0 )% — 361 (100.0 )% Interest expense 15,709 20,707 (24.1 )% 49,440 58,544 (15.6 )% Earnings before provision for income taxes $ 62,464 $ 51,063 22.3 % $ 198,426 $ 141,923 39.8 % Segment gross margin: 2025 2024 Basis Point Change 2025 2024 Basis Point Change SBS 60.9 % 59.8 % 110 60.6 % 59.5 % 110 BSG 39.4 % 39.4 % — 39.6 % 39.4 % 20 Segment operating margin: SBS 15.8 % 16.2 % (40 ) 15.5 % 15.3 % 20 BSG 12.5 % 11.5 % 100 12.1 % 11.1 % 100 Consolidated operating margin 8.4 % 7.6 % 80 9.0 % 7.2 % 180 (1) Unallocated expenses, including share-based compensation expense, consist of corporate and shared costs and are included in selling, general and administrative expenses. Additionally, unallocated expenses include costs associated with our Fuel for Growth initiative and a gain from the sale of our corporate headquarters. Expand Supplemental Schedule 2 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations (In thousands, except per share data) (Unaudited) Three Months Ended June 30, 2025 As Reported (GAAP) Fuel for Growth and Other (1) Corporate HQ Relocation (2) As Adjusted (Non-GAAP) Cost of products sold $ 452,322 $ (4,068 ) $ — $ 448,254 Consolidated gross margin 51.5 % 52.0 % Selling, general and administrative expenses 402,812 (3,737 ) (137 ) 398,938 SG&A expenses, as a percentage of sales 43.2 % 42.7 % Operating earnings 78,173 7,805 137 86,115 Operating margin 8.4 % 9.2 % Interest expense 15,709 — — 15,709 Earnings before provision for income taxes 62,464 7,805 137 70,406 Provision for income taxes (5) 16,740 1,263 10 18,013 Net earnings $ 45,724 $ 6,542 $ 127 $ 52,393 Earnings per share: (6) Basic $ 0.46 $ 0.07 $ 0.00 $ 0.52 Diluted $ 0.44 $ 0.06 $ 0.00 $ 0.51 Three Months Ended June 30, 2024 As Reported (GAAP) Fuel for Growth and Other (1) Restructuring (3) Loss on Debt Extinguishment (4) As Adjusted (Non-GAAP) Cost of products sold $ 461,457 $ — $ — $ — $ 461,457 Consolidated gross margin 51.0 % 51.0 % Selling, general and administrative expenses 408,730 (11,933 ) — — 396,797 SG&A expenses, as a percentage of sales 43.4 % 42.1 % Restructuring 383 — (383 ) — — Operating earnings 71,770 11,933 383 — 84,086 Operating margin 7.6 % 8.9 % Interest expense 20,707 — — (1,697 ) 19,010 Earnings before provision for income taxes 51,063 11,933 383 1,697 65,076 Provision for income taxes (5) 13,339 3,066 99 436 16,940 Net earnings $ 37,724 $ 8,867 $ 284 $ 1,261 $ 48,136 Earnings per share: (6) Basic $ 0.37 $ 0.09 $ 0.00 $ 0.01 $ 0.47 Diluted $ 0.36 $ 0.08 $ 0.00 $ 0.01 $ 0.45 Expand (1) Fuel for Growth and other represents expenses primarily related expenses associated with our Fuel for Growth program and other non-recurring items, including the divesture of operations in Spain. (2) Primarily represents expenses in connection with the relocation of our headquarters. (3) Restructuring represents expenses and adjustments incurred primarily in connection with our Distribution Center Consolidation and Store Optimization Plan. (4) Loss on debt extinguishment relates to the write-off of unamortized deferred financing costs related to the repricing of our Term Loan B due 2030. (5) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized. (6) The sum of the earnings per share may not equal the full amount due to rounding of the calculated amounts. Expand Supplemental Schedule 3 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations, Continued (In thousands, except per share data) (Unaudited) Nine Months Ended June 30, 2025 As Reported (GAAP) Fuel for Growth and Other (1) Corporate HQ Relocation (2) Asset Impairment (3) As Adjusted (Non-GAAP) Cost of products sold $ 1,337,706 $ (4,068 ) $ — $ — $ 1,333,638 Consolidated gross margin 51.4 % 51.6 % Selling, general and administrative expenses 1,168,776 (12,412 ) 26,296 (1,779 ) 1,180,881 SG&A expenses, as a percentage of sales 42.4 % 42.9 % Operating earnings 247,866 16,480 (26,296 ) 1,779 239,829 Operating margin 9.0 % 8.7 % Interest expense 49,440 — — — 49,440 Earnings before provision for income taxes 198,426 16,480 (26,296 ) 1,779 190,389 Provision for income taxes (6) 52,479 3,485 (6,788 ) 444 49,620 Net earnings $ 145,947 $ 12,995 $ (19,508 ) $ 1,335 $ 140,769 Earnings per share: (7) Basic $ 1.44 $ 0.13 $ (0.19 ) $ 0.01 $ 1.39 Diluted $ 1.40 $ 0.12 $ (0.19 ) $ 0.01 $ 1.35 Nine Months Ended June 30, 2024 As Reported (GAAP) Fuel for Growth and Other (1) Restructuring (4) Loss on Debt Extinguishment (5) As Adjusted (Non-GAAP) Cost of products sold $ 1,370,872 $ — $ — $ — $ 1,370,872 Consolidated gross margin 50.7 % 50.7 % Selling, general and administrative expenses 1,210,303 (25,760 ) — — 1,184,543 SG&A expenses, as a percentage of sales 43.5 % 42.6 % Restructuring 361 — (361 ) — — Operating earnings 200,467 25,760 361 — 226,588 Operating margin 7.2 % 8.1 % Interest expense 58,544 — — (4,261 ) 54,283 Earnings before provision for income taxes 141,923 25,760 361 4,261 172,305 Provision for income taxes (6) 36,565 6,618 93 1,095 44,371 Net earnings $ 105,358 $ 19,142 $ 268 $ 3,166 $ 127,934 Earnings per share: (7) Basic $ 1.01 $ 0.18 $ 0.00 $ 0.03 $ 1.22 Diluted $ 0.98 $ 0.18 $ 0.00 $ 0.03 $ 1.19 Expand (1) Fuel for Growth and other represents expenses primarily related expenses associated with our Fuel for Growth program and other non-recurring items, including our divestiture of operations in Spain. (2) Primarily represents a $26.6 million gain from the sale of our headquarters in Denton, TX and expenses in connection with the relocation of our headquarters. (3) Impairment related to the write-off of certain tradenames used in Europe. (4) Restructuring represents expenses and adjustments incurred primarily in connection with our Distribution Center Consolidation and Store Optimization Plan. (5) Loss on debt extinguishment relates to the repayment of our 5.625% Senior Notes due 2025, which included a the write-off of unamortized deferred financing costs of $2.0 million, and overlapping interest, net of interest earned on short-term cash equivalents, in the amount of $0.5 million on such senior notes after February 27, 2024 and until their redemption. These pro-forma adjustments assume the redeemed senior notes were repaid on February 27, 2024 at the time of closing on our 6.75% Senior Notes due 2032. In connection with the repricing of our Term Loan B, we recognized a write-off of unamortized deferred financing costs of $1.7 million. (6) The provision for income taxes was calculated using the applicable tax rates for each country, while excluding the tax benefits for countries where the tax benefit is not currently deemed probable of being realized. (7) The sum of the earnings per share may not equal the full amount due to rounding of the calculated amounts. Expand Supplemental Schedule 4 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Non-GAAP Financial Measures Reconciliations, Continued (In thousands) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, Adjusted EBITDA: 2025 2024 Percentage Change 2025 2024 Percentage Change Net earnings $ 45,724 $ 37,724 21.2 % $ 145,947 $ 105,358 38.5 % Add: Depreciation and amortization 24,669 28,516 (13.5 )% 75,593 83,533 (9.5 )% Interest expense 15,709 20,707 (24.1 )% 49,440 58,544 (15.6 )% Provision for income taxes 16,740 13,339 25.5 % 52,479 36,565 43.5 % EBITDA (non-GAAP) 102,842 100,286 2.5 % 323,459 284,000 13.9 % Share-based compensation 4,509 4,178 7.9 % 14,800 13,260 11.6 % Fuel for Growth and Other 7,805 11,933 (34.6 )% 16,480 25,760 (36.0 )% Corporate HQ Relocation 137 — 100.0 % (26,296 ) — 100.0 % Asset Impairment — — — 1,779 — 100.0 % Restructuring — 383 (100.0 )% — 361 (100.0 )% Adjusted EBITDA (non-GAAP) $ 115,293 $ 116,780 (1.3 )% $ 330,222 $ 323,381 2.1 % Basis Point Change Basis Point Change Operating Free Cash Flow: 2025 2024 Percentage Change 2025 2024 Percentage Change Net cash provided by operating activities $ 69,432 $ 47,895 45.0 % $ 153,953 $ 135,855 13.3 % Less: Payments for property and equipment, net (1) 20,300 19,149 6.0 % 15,697 63,808 (75.4 )% Operating free cash flow (non-GAAP) $ 49,132 $ 28,746 70.9 % $ 138,256 $ 72,047 91.9 % Expand (1) For the nine months ended June 30, 2025, payments for property and equipment, net include $43.6 million in proceeds from the sale of our corporate headquarters. Expand Supplemental Schedule 5 SALLY BEAUTY HOLDINGS, INC. AND SUBSIDIARIES Store Count and Comparable Sales (Unaudited) As of June 30, 2025 2024 Change Number of stores: SBS stores 3,096 3,128 (32 ) BSG: Company-operated stores 1,198 1,200 (2 ) Franchise stores 131 132 (1 ) Total BSG 1,329 1,332 (3 ) Total consolidated 4,425 4,460 (35 ) Number of BSG distributor sales consultants (1) 611 659 (48 ) (1) BSG distributor sales consultants (DSC) include 191 sales consultants employed by our franchisees at June 30, 2025 and 2024. Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 Basis Point Change 2025 2024 Basis Point Change Comparable sales growth (decline): SBS (1.1 )% 0.7 % (180 ) 0.1 % (1.7 )% 180 BSG 0.5 % 2.6 % (210 ) (0.2 )% 1.8 % (200 ) Consolidated (0.4 )% 1.5 % (190 ) 0.0 % (0.2 )% 20 Our comparable sales include sales from stores that have been operating for 14 months or longer as of the last day of a month and e-commerce revenue. Additionally, our comparable sales include sales to franchisees and full-service sales. Our comparable sales amounts exclude the effect of changes in foreign exchange rates and sales from stores relocated until 14 months after the relocation. Revenue from acquired stores is excluded from our comparable sales calculation until 14 months after the acquisition. Expand
Business Wire
2 hours ago
- Business Wire
Vertical Aerospace Provides First Half-Year 2025 Operating Update, Demonstrating Piloted Flight Test Progress and Supply Chain Maturity
LONDON & NEW YORK--(BUSINESS WIRE)--Vertical Aerospace (Vertical) (NYSE: EVTL), a global aerospace and technology company that is pioneering electric aviation, today provided an operating update and released its financial results for the first half of the year ended June 30, 2025. The filing of its first half-year results is accessible on the Company's investor relations website. Stuart Simpson, CEO at Vertical, said: 'We've entered the second half of the year with strong operational and commercial momentum. Our first airport-to-airport flights, a new agreement with Aciturri to build the full VX4 airframe, and our expanded partnership with Honeywell to certify critical flight systems all demonstrate a programme moving with pace and precision. We've also deepened our commercial readiness with Bristow, who will operate the VX4 through a full-service, ready-to-fly model for customers. With every step, we're building confidence in our aircraft, our team, and our ability to deliver a scalable, certifiable product to the global market.' Recent Highlights Advancing Our Best-in-Class Aircraft Entered into new long-term strategic partnership with Aciturri Aerostructures to produce the entire airframe, including the wing, empennage, pylons and fuselage, of both the pre-production and, subject to certification, certified VX4 that will enter into service. This follows the expanded partnership with Honeywell earlier in the year to provide the flight control and aircraft management systems for the VX4. Moving at Pace Towards Certification and Industrialisation In Q2, we received our Permit to Fly for both piloted wingborne flight tests and the airport-to-airport flights in and out of the Royal International Air Tattoo, the world's largest military air show, another significant step in the expansion of our flight test programme. First-ever piloted wingborne flight of a winged eVTOL in European open airspace; multiple wingborne flight tests undertaken by two of Vertical's test pilots since as Phase 3 of the piloted test flight programme progresses at pace. Scheduled to complete piloted transition flight, the final stage of Vertical's flight test programme, in the second half of 2025. Strengthened leadership team Lord Andrew Parker, formerly Director General of MI5 and Lord Chamberlain, Head of Royal Household, appointed to the Board, strengthening the company's leadership in defence, national security, and government affairs. Mark Higson appointed Chief Operating Officer and Steve Vellacott joined as VP of Airworthiness & Head of Design Organisation. Together they bring decades of operational, engineering, and certification expertise from across global aerospace, infrastructure, and eVTOL sectors. Eric Samson was named as VP Programme-Hybrid, building on the company's recently announced hybrid-electric VTOL aircraft strategy. Financial Outlook: Maintained industry-leading capital efficiency 1 and after July's successful fundraise of gross proceeds of $69 million (£50.9 million), as of the date of this report, Vertical has approximately £104 million ($137 million) of cash and cash equivalents on hand, taking the Company's cash runway towards the middle of 2026. No change to expectations for FY 2025 net operating cash outflows of approximately £90 million to £100 million ($110 million to $125 million). Expected net cash outflows from operating activities for the next 12 months of approximately £106 million ($142 million), which will be used primarily to continue funding the assembly and testing of the VX4 prototypes. Joining the H1 Webcast Vertical will host a webcast at 08:30 am ET (13:30 BST) today to discuss the first quarter's results. The call will be hosted by Stuart Simpson, Vertical's CEO alongside Michael Cervenka, Chief Strategy and Commercial Officer, who will talk through progress in H1, supply chain maturity and capital efficiency. To access the webcast, visit Vertical's Investor Relations website: [ LINK ] A replay of the webcast will be available on the company website following the event. About Vertical Aerospace Vertical Aerospace is a global aerospace and technology company pioneering electric aviation. Vertical is creating a safer, cleaner and quieter way to travel. Vertical's VX4 is a piloted, four passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical will also be launching a hybrid-electric variant, offering increased range and mission flexibility to meet the evolving needs of the advanced air mobility market. Vertical combines partnering with leading aerospace companies, including GKN, Honeywell and Leonardo, with developing its own proprietary battery and propeller technology to develop the world's most advanced and safest eVTOL. Vertical has c.1,500 pre-orders of the VX4, with customers across four continents, including American Airlines, Japan Airlines, GOL and Bristow. Certain customer obligations are expected to be fulfilled via third-party agreements. Headquartered in Bristol, the epicentre of the UK's aerospace industry, Vertical's experienced leadership team comes from top tier automotive and aerospace companies such as Rolls-Royce, Airbus, GM and Leonardo. Together they have previously certified and supported over 30 different civil and military aircraft and propulsion systems. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position as well as our financial outlook, the design and manufacture of the VX4, the features and capabilities of the VX4 and the hybrid-electric VX4 variant, certification and the commercialization of the both the VX4 and the hybrid-electric VX4 variant and our ability to achieve regulatory certification of our aircraft product on any particular timeline or at all, expected value of the Company's partnership with Aciturri together with the assumptions underlying the Company's Flightpath 2030 goals, the efficiencies, reliability and expertise expected, the design and manufacture of the VX4, business strategy and plans and objectives of management for future operations, including the building and testing of our prototype aircrafts on timelines projected, completion of the piloted test programme phases, selection of suppliers, our ability to integrate hybrid technology into the VX4 on any particular timelines or at all, the ability of the hybrid-electric VX4 variant VX4 to be applied in defense, cargo, logistics and emergency services sectors, our ability to scale the hybrid-electric VX4 upon the VX4, our ability and plans to raise additional capital to fund our operations, the new board members' and leadership team members' impact on Vertical and its programme development and certification efforts, the differential strategy compared to our peer group, expectations surrounding pre-orders and commitments, our future results of operations and financial position and expected financial performance and operational performance, liquidity, growth and profitability strategies, the transition towards a net-zero emissions economy, as well as statements that include the words 'expect,' 'intend,' 'plan,' 'believe,' 'project,' 'forecast,' 'estimate,' 'may,' 'should,' 'anticipate,' 'will,' 'aim,' 'potential,' 'continue,' 'are likely to' and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: our limited operating history without manufactured non-prototype aircraft or completed eVTOL aircraft customer order; our potential inability to raise additional funds when we need or want them, or at all, to fund our operations; our limited cash and cash equivalents and recurring losses from our operations raise significant doubt (or raise substantial doubt as contemplated by PCAOB standards) regarding our ability to continue as a going concern; our potential inability to produce or launch aircraft in the volumes or timelines projected; the potential inability to obtain the necessary certifications for production and operation within any projected timeline, or at all; the inability for our aircraft to perform at the level we expect and may have potential defects; our dependence on partners and suppliers for the components in our aircraft and for operational needs; our history of losses and the expectation to incur significant expenses and continuing losses for the foreseeable future; the market for eVTOL aircraft being in a relatively early stage; any accidents or incidents involving eVTOL aircraft could harm our business; all of the pre-orders received are conditional and may be terminated at any time and any predelivery payments may be fully refundable upon certain specified dates; any potential failure to effectively manage our growth; our inability to recruit and retain senior management and other highly skilled personnel; we have previously identified material weaknesses in our internal controls over financial reporting which if we fail to properly remediate, could adversely affect our results of operations, investor confidence in us and the market price of our ordinary shares; and the other important factors discussed under the caption 'Risk Factors' in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ('SEC') on March 11, 2025, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. 1 Based on operating costs and investments in PPE, compared to publicly available information from competitors.
