Shutterstock: Q1 Earnings Snapshot
The New York-based company said it had net income of 53 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.03 per share.
The online marketplace for royalty-free images and videos posted revenue of $242.6 million in the period.
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Fueling Up: Should EG Group shed its US c-stores if an IPO is near?
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Fueling Up is a column from C-Store Dive offering a fresh perspective on the top news and trends in the convenience store industry. He's no longer part of EG Group's c-suite, but Zuber Issa continues to put pressure on the company he co-founded over two decades ago. Before he and his brother resigned as co-CEOs, Issa told The Telegraph in December 2024 that they were planning to take EG Group public on the New York Stock exchange for about $13 billion pounds, equivalent to roughly $17.5 billion. A few months later, Issa told The Sunday Times that the 'road map is starting now' for the IPO, which would probably commence in 2026 and list EG Group under Cumberland Farms, its largest c-store banner in the U.S. Now, Issa appears to be changing his outlook. He told the Financial Times this week that he wants EG Group to sell its assets in the U.S. and that there are already parties interested in purchasing them. Selling these assets, including over 1,500 c-stores under several banners, would help EG Group relieve its over $5 billion in debt much faster than an IPO, Issa told the publication. As Issa continues to speak to the press, EG Group isn't talking. The company declined to comment on any speculatory IPO or sale of EG America to the outlets Issa has spoken with, and declined to speak when reached this week by C-Store Dive. Issa himself did not respond by press time when asked for comment by C-Store Dive. It's understandable for EG Group to keep quiet if either of these moves is in the works. But Issa's comments contradict what the company has done the past few years in growing its U.S. network. M&A efforts aside, EG America has revamped its digital ecosystem, overhauled its c-suite team and boosted its fresh food offerings amid efforts to unify its many c-store banners across the country. EG Group even said earlier this year that EG America has become its most profitable market. Which leads me to this: If EG Group is indeed mulling both options, how would selling EG America impact its potential IPO? Familiar territory In early 2023, reports surfaced that EG Group was looking to sell its assets in the U.S. in an effort to relieve over $8 billion of debt falling due in 2025. About two months later, the company entered into a $1.5 billion deal with Realty Income Corporation under which the real estate investment trust purchased over 400 c-stores in the U.S. and leased them back to EG America. Since then, EG Group has been on a selling spree both in the U.S. and overseas. It has sold over 100 locations across several states to Casey's General Stores and BreakTime Corner Market, spun off most of its c-store locations in the U.K. and Ireland to sister supermarket company Asda and offloaded 32 sites directly to Issa, who used the locations to launch a new banner, EG on the Run. The sales continued this week when EG Group agreed to sell its businesses in Australia and Italy for A$1.1 billion and 425 million euros, respectively, all of which will be used to repay debt, the company said in separate announcements. At the end of last year, EG Group said it had paid down a significant portion of its debts and grew underlying EBITDA by 10%, driven by growth across many of its business segments — notably the U.S. Issa told the Financial Times this week that a sale of EG America would leave the company with leverage of about three times its earnings, and that the sale would also help pay down its debts faster than if it were to IPO. Selling top-performing assets can be a 'very smart' decision for companies looking to repay debt or focus their attention elsewhere, corporate finance attorney Andrew Apfelberg, partner at Greenberg Glusker LLP, said in an interview. In EG Group's case, offloading its U.S. division — and not going public — could mean the company is refocusing on its home base of the U.K. 'It can be pretty smart to do a carve-out as opposed to selling the whole company,' Apfelberg said in reference to EG Group offloading EG America. 'Once you sell the whole company, you're sort of done — it's an all-or-nothing proposition.' EG Group could still go public on the New York Stock Exchange even if it sold EG America, said Edward Best, partner and co-chair of capital markets at Willkie Farr & Gallagher. But he added that having EG America under its belt would be wise if going public is still the ultimate plan, since investors already know the brand and its growth strategy. On the flip side, if EG Group sells its U.S. assets and still decides to go public, investors may wonder where its future growth is going to come from. 'Those are questions that people are going to ask, so I think it just raises some questions that they're going to have to answer,' he said. Editor's note: This story has been updated to note EG Group's sale of its Australian business. Recommended Reading How a sale of EG America could impact the c-store industry Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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ICE Index Serves as Benchmark for Taiwan's First Multi-Asset ETF Issued by KGI SITE
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The index co-branding agreement between ICE and the Taipei Exchange (TPEx) was announced in November 2024. ICE leveraged its multi-asset class customized index capabilities to develop the index, which rebalances monthly to a 70% allocation to ten large cap, technology-focused equities, along with a 30% allocation to U.S. Treasury bonds with maturities between three and ten years, creating a rules-based, multi-asset benchmark. "We're pleased to introduce the KGI US Top Balanced ETF, a core investment product designed to support long-term retirement planning," said Albert Ding, the Chairman of KGI SITE. "This ETF not only provides investors with a strategic tool for building financial security, but also embodies KGI SITE's enduring commitment to walking alongside our clients in realizing a prosperous future together." 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ICE's futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world's largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity. Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. 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For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025. ICE Data Indices, LLC is the administrator of the NYSE TPEx 70-30 Equity Top 10 N-Listed & Treasury 3-10 Year Balanced Index, the NYSE® Top 10 N-Listed Index, and the ICE U.S. Treasury 3-10 Year Bond Index. Additional important information regarding these indices, including methodologies, limitations, and disclaimers, can be found at Neither any investment product mentioned herein (the "Product"), nor the issuer of such Product, as applicable, are sponsored, endorsed, sold or promoted by ICE, its affiliates or their third-party suppliers ("ICE and its Suppliers"). ICE and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally or in any investment product based on an index. Past performance of an index is not an indicator of or a guarantee of future results. Category: Fixed Income and Data Services SOURCE: Intercontinental Exchange View source version on Contacts ICE Media Contact:Damon (212) 323-8587 media@ ICE Investor Contact:Katia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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As interest in multi-asset strategies continues to grow globally, ICE is well-positioned to provide customers with prepackaged solutions across all asset classes to meet their evolving needs. By utilizing the ICE Custom Index tool, customers can prototype and backtest custom indices based on existing ICE indices to explore potential tailored solutions that address their specific requirements throughout the region. For more information about ICE's Index solutions, visit: About Intercontinental Exchange Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. 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Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)." Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025. ICE Data Indices, LLC is the administrator of the NYSE TPEx 70-30 Equity Top 10 N-Listed & Treasury 3-10 Year Balanced Index, the NYSE® Top 10 N-Listed Index, and the ICE U.S. Treasury 3-10 Year Bond Index. Additional important information regarding these indices, including methodologies, limitations, and disclaimers, can be found at Neither any investment product mentioned herein (the "Product"), nor the issuer of such Product, as applicable, are sponsored, endorsed, sold or promoted by ICE, its affiliates or their third-party suppliers ("ICE and its Suppliers"). ICE and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally or in any investment product based on an index. Past performance of an index is not an indicator of or a guarantee of future results. Category: Fixed Income and Data Services SOURCE: Intercontinental Exchange View source version on Contacts ICE Media Contact:Damon (212) 323-8587 media@ ICE Investor Contact:Katia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
