Mohammed Ben Sulayem Re-Elected as President of the FIA

 (BUSINESS WIRE) -- The Fédération Internationale de l’Automobile (FIA), the global governing body for motor sport and the federation for mobility organisations worldwide, today confirms that Mohammed Ben Sulayem has been re-elected as President of the FIA, following the election of his Presidential List by the General Assembly in Tashkent, Republic of Uzbekistan.

President Mohammed Ben Sulayem now begins his second four-year term, having overseen a period of significant renewal and stabilisation for the organisation since his initial election in 2021.

Over the past four years, the FIA has undergone a wide-ranging transformation, improving governance, operations and restoring the financial health of the federation. These changes have strengthened the FIA’s position as the world’s governing body for motorsport and the leading authority on safe, sustainable, and affordable mobility.

Under Mohammed Ben Sulayem’s leadership the FIA has reversed a €-24.0m loss in 2021 to a robust operating result of €4.7m in 2024, the strongest financial result the federation has seen in almost 10 years. Today at the FIA Annual General Assemblies, the FIA announced a 2025 operating result forecast of €4.4m, showing continued momentum and sustained financial improvement. This renewed stability has enabled increased long-term investment in Member Clubs and strategic programmes worldwide.

Underpinning this momentum is wider institutional reform over the last four years, with strengthened budgetary discipline, enhanced external audit processes and modernised governance structures, resulting in greater transparency, accountability and professional standards across the organisation.

In addition to these reforms, the FIA has established a commercial function and strengthened its global institutional identity across both motorsport and mobility, expanding regional development activity, supporting grassroots participation, and deepening engagement with international partners on safety, sustainable mobility and the future of transport.

President Mohammed Ben Sulayem said: “Thank you to all our FIA Members for voting in remarkable numbers and placing your trust in me once again. We have overcome many obstacles but here today, together, we are stronger than ever.

“It is truly an honour to be FIA President, and I am committed to continuing to deliver for the FIA, for motorsport, for mobility, and for our Member Clubs in every region around the world.”

The election was conducted in line with the FIA’s statutes through a robust and transparent voting process, reflecting the democratic foundations of the federation and the collective voice of its global membership.

ENDS

About the FIA:

The Fédération Internationale de l’Automobile (FIA) is the governing body for world motor sport and the federation for mobility organisations globally. It is a non-profit organisation committed to driving innovation and championing safety, sustainability and equality across motor sport and mobility.

Founded in 1904, with offices in Paris, London and Geneva, the FIA brings together 245 Member Organisations across five continents, representing millions of road users, motor sport professionals and volunteers. It develops and enforces regulations for motor sport, including seven FIA World Championships, to ensure worldwide competitions are safe and fair for all.

About Mohammed Ben Sulayem:

Mohammed Ben Sulayem, 64, from United Arab Emirates, is a fourteen-time FIA Middle East Rally Champion, winning 61 international events as a driver between 1983-2002. Prior to his first term as FIA President, of which he is the first non-European to be elected, he was FIA Vice President for Sport and Member of the World Motor Sport Council, a Founding Member of ACTAC, Chair of ACTAC, and Vice President for Automobile Mobility and Tourism.

He has been the President of the FIA since 2021 and founded the United Against Online Abuse Campaign in 2023.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251212213181/en/

Permalink

https://www.aetoswire.com/en/news/1212202551734

Contacts

For media enquiries, please contact:

Sophia Martin-Pavlou, Director of Corporate Communications – smartin-pavlou@fia.com

Geraldine Sherwin, Director of Presidential and Mobility Communications – gsherwin@fia.com

FIA, Formula 1 Group and All 11 Race Teams Officially Sign the Ninth Concorde Agreement, Securing Strength and Stability for the Sport in Pivotal Five-Year Agreement

 PARIS - 

Multi-year Concorde Governance Agreement signed by the FIA, Formula 1 Group and all 11 teams, securing the World Championship through 2030

Paves the way for a more professionalised sport and represents a new era of collaboration between the FIA and Formula 1 Group

Long-term commitment enhances sporting reliability, global reach and stability for teams, fans and broadcasters

 

(BUSINESS WIRE)--The Fédération Internationale de l'Automobile (FIA), the global governing body for motor sport and the federation for mobility organisations worldwide, and Formula 1 Group, the Commercial Rights Holder, have today announced the signing of the Concorde Governance Agreement, a crucial contract defining the regulatory framework and governance terms of the FIA Formula One World Championship until 2030. This follows the announcement in March that the 2026 Commercial Concorde Agreement had been signed by all the teams and Formula 1 Group. Together, these agreements constitute the ninth Concorde Agreement, representing a major step forward in the professionalisation and global development of the sport.

First introduced in 1981, the Concorde Agreements are designed to promote sporting fairness, technological innovation and operational excellence, and align all key stakeholders around a shared vision for structured governance and continued growth of the sport. Each iteration of the Concorde Agreements has shaped the FIA Formula One World Championship into the global spectacle it is today.

The ninth Concorde Agreement announced today marks the beginning of a new era of collaboration between the FIA and Formula 1 Group, who have worked together to write the next chapter in Formula 1 history, demonstrating mutual respect, transparency and shared purpose between the two organisations. It confirms the participation of all FIA Formula One World Championship teams, including the incoming Cadillac Formula 1 team, through the end of the decade, and provides a stable foundation for the sporting and technical evolution of the sport.

The Concorde Agreement underscores the commitment of the FIA, Formula 1 Group and all teams to continue growing and developing the sport, and to keep driving the momentous expansion it has seen in recent years. The new contract enables the FIA to invest further in improved race regulation, race direction, stewarding and technical expertise for the benefit of the Championship, and means the sport can continue to evolve, providing exciting technological innovation and sporting action for fans, broadcasters and partners, all within a stable and structured regulatory framework. Combined with record viewership growth, a dynamic race calendar, and increasing engagement from younger audiences, the FIA Formula One World Championship enters this next chapter with unprecedented momentum.

Mohammed Ben Sulayem, President of the FIA, said:

“The ninth Concorde Agreement secures the FIA Formula One World Championship’s long-term future and I am proud of the dedication that has been invested in this process. I would like to thank Stefano Domenicali and his team in what has been a strong collaboration, building a framework grounded in fairness, stability, and shared ambition. This agreement allows us to continue modernising our regulatory, technological, and operational capabilities, including supporting our race directors, officials, and the thousands of volunteers whose expertise underpin every race. We are ensuring that Formula 1 remains at the forefront of technological innovation, setting new standards in global sport.”

Stefano Domenicali, President and CEO of Formula 1 Group, said:

“Today is an important day for Formula 1. As we celebrate seventy-five years of this incredible sport, we are proud to write the next chapter in our long and amazing history. This agreement ensures that Formula 1 is in the best possible position to continue to grow around the world. I want to thank the President of the FIA, Mohammed Ben Sulayem and all the teams for the collaboration and determination to achieve the best results for the entire sport in our discussions. We have a huge amount to be proud of, but we also are focussed on the opportunities and exciting potential for Formula 1 in the years ahead.”

The Fédération Internationale de l'Automobile (FIA) is the governing body for world motor sport and the federation for mobility organisations globally. It is a non-profit organisation committed to driving innovation and championing safety, sustainability and equality across motor sport and mobility.

Founded in 1904, with offices in Paris, London and Geneva, the FIA brings together 245 Member Organisations across five continents, representing millions of road users, motor sport professionals and volunteers. It develops and enforces regulations for motor sport, including seven FIA World Championships, to ensure worldwide competitions are safe and fair for all.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251212020995/en/

Permalink

https://www.aetoswire.com/en/news/1312202551735

Contacts

For media enquiries please contact:

Jonathan Refoy, FIA Chief Communications Officer – jrefoy@fia.com

Cameron Kelleher, FIA Sport Communications Senior Director | Head of Formula 1 Communications – ckelleher@fia.com

Sophia Martin-Pavlou, FIA Corporate Communications Director – smartin-pavlou@fia.com

Kioxia Develops Core Technology that Will Allow the Practical Implementation of High-density, Low-power 3D DRAM

 TOKYO - Friday, 12. December 2025 AETOSWire Print 

Showcase the technology of highly stackable oxide-semiconductor channel transistors

(BUSINESS WIRE)--Kioxia Corporation, a world leader in memory solutions, today announced the development of highly stackable oxide-semiconductor channel transistors that will enable the practical implementation of high-density, low-power 3D DRAM. This technology was presented at the IEEE International Electron Devices Meeting (IEDM) held in San Francisco, USA, on December 10, and has the potential to reduce power consumption across a wide range of applications, including AI servers and IoT components.

In the era of AI, there is growing demand for DRAM with larger capacity and lower power consumption that can process large amounts of data. Traditional DRAM technology is reaching the physical limits of memory cell size scaling, prompting research into the 3D stacking of memory cells to provide additional capacity. The use of single-crystal silicon as the channel material for transistors in stacked memory cells, as is the case with conventional DRAM, drives up manufacturing costs, and the power required to refresh the memory cells increases proportionally to the memory capacity.

At last year’s IEDM, we announced the development of Oxide-Semiconductor Channel Transistor DRAM (OCTRAM) technology that uses vertical transistors made of oxide-semiconductors. In this year's presentation, we showcased technology of highly stackable oxide-semiconductor channel transistors allowing 3D stacking of OCTRAM, verifying the operation of transistors stacked in eight layers.

This new technology stacks mature silicon-oxide and silicon-nitride films and replaces the silicon-nitride region with an oxide-semiconductor (InGaZnO) to simultaneously form vertical layers of horizontally-stacked transistors. We have also introduced a novel 3D memory cell structure capable of scaling the vertical pitch. These manufacturing processes and structures are expected to overcome the cost challenges of achieving 3D stacking of memory cells.

Additionally, it is expected that the refresh power can be reduced thanks to the low off-current characteristics of oxide-semiconductors. We have demonstrated high on-current (more than 30μA) and ultra-low off-current (less than 1aA, 10^-18A) capabilities for the horizontal transistors formed by the replacement process. Moreover, we have successfully fabricated an 8-layer stack of horizontal transistors and confirmed the successful operation of the transistors within that structure.

At Kioxia Corporation we will continue our research and development of this technology in order to realize the deployment of 3D DRAM in real-world applications.

* This announcement has been prepared to provide information on our business and does not constitute or form part of an offer or invitation to sell or a solicitation of an offer to buy or subscribe for or otherwise acquire any securities in any jurisdiction or an inducement to engage in investment activity nor shall it form the basis of or be relied on in connection with any contract thereof.

* Information in this document, including product prices and specifications, content of services and contact information, is correct on the date of the announcement but is subject to change without prior notice.

About Kioxia

Kioxia is a world leader in memory solutions, dedicated to the development, production and sale of flash memory and solid-state drives (SSDs). In April 2017, its predecessor Toshiba Memory was spun off from Toshiba Corporation, the company that invented NAND flash memory in 1987. Kioxia is committed to uplifting the world with “memory” by offering products, services and systems that create choice for customers and memory-based value for society. Kioxia's innovative 3D flash memory technology, BiCS FLASH™, is shaping the future of storage in high-density applications, including advanced smartphones, PCs, automotive systems, data centers and generative AI systems.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251211322385/en/

Permalink

https://www.aetoswire.com/en/news/54375254

Contacts

Contacts

Kota Yamaji

Public Relations

Kioxia Corporation

+81-3-6478-2319

kioxia-hd-pr@kioxia.com

Saudi Arabia’s EIF and Legends Global Score Big Joint Venture Announcement

  Riyadh, Saudi Arabia - Wednesday, 10. December 2025 AETOSWire Print 

Saudi Arabia’s Events Investment Fund (EIF) and Legends Global have announced a joint venture to support the Kingdom’s vision and investment in its fast-growing venue industry.

 

This partnership will become the venue operator for venue projects within the Kingdom of Saudi Arabia for exhibition and convention centres and entertainment venues to host world-class events in the culture, entertainment, tourism and indoor sports sectors.

 

This incredible investment supports the goals of Vision 2030 and represents a new era in the design, development and operation of world-class venues across the Kingdom of Saudi Arabia.

 

Under the joint venture, Legends Global will deliver management services exclusively for the EIF-developed venues as they are delivered in Saudi Arabia.

 

The signing ceremony took place today at the Development Finance Conference MOMENTUM 2025 in Riyadh, Saudi Arabia. The first venue to be delivered under the agreement will be an Olympic standard shooting range in Riyadh, followed by a business convention and exhibition centre and an arena in Riyadh.

 

Wahdan Suliman Alkadi, Chief Executive Officer at EIF, said: “This joint venture with Legends Global is a defining moment for Saudi Arabia’s events sector. By combining EIF’s vision with Legends’ world-class operational expertise, we are building the foundation for a sustainable, globally competitive industry. This partnership will not only set new standards for venue quality and guest experience but will also unlock new opportunities for local talent and drive economic growth through innovation and international best practices.”

 

Dan Levy, Chief Executive Officer at Legends Global, said: “The visionary leadership of HRH Prince Mohammed bin Salman Al Saud, Crown Prince of Saudi Arabia is being realised and I want to thank Wahdan Suliman Alkadi and the EIF for their partnership with Legends Global. We are proud to collaborate on this once-in-a-generation opportunity to help shape the future of Saudi Arabia's events industry. Drawing on decades of experience, we will deliver a bold vision that benefits citizens and residents while attracting millions of visitors. Together, we are creating destinations, activating communities and advancing Vision 2030 through a portfolio of iconic spaces that serve as catalysts for economic diversification, tourism growth and cultural exchange.” 

 

President and Chief Executive, Asia Pacific and Middle East, for Legends Global, Harvey Lister AM, added: “There is real value in working closely together and blending local heritage with global expertise to help create a network of exceptional venues, innovative management and inclusive experiences. Our global network will help create a thriving ecosystem that attracts international artists, sports and event content to feature alongside local event and festival organisers. Together, we are redefining how people gather, connect and experience entertainment, business and culture.”

Permalink

https://www.aetoswire.com/en/news/1012202551620

Contacts

Catherine Michael, cmichael@legendsglobal.com

Ahmed Nooraldeen, anooraldeen@eif.gov.sa

Galderma Announces First Patient Enrollment in Study to Assess Nemolizumab in Adults With Chronic Pruritus of Unknown Origin

ZUG, Switzerland - Thursday, 11. December 2025 AETOSWire 

Chronic Pruritus of Unknown Origin (CPUO) is characterized by a persistent, chronic itch with an unknown cause and is associated with very high burden of disease due to severe itch, sleep deprivation and mental distress1

Galderma’s phase II study builds on emerging research that reinforces the role of IL-31 – a neuroimmune cytokine that is involved in driving itch – in CPUO1

Nemolizumab is a monoclonal antibody that specifically targets the IL-31 receptor alpha, inhibiting the signaling of IL-312

It is approved by multiple regulatory authorities for the treatment of moderate-to-severe atopic dermatitis and prurigo nodularis – conditions in which IL-31 plays a key role in driving itch, inflammation, epidermal dysregulation, and, in prurigo nodularis, fibrosis2-6

 

(BUSINESS WIRE)--Galderma (SIX: GALD), the pure-play dermatology category leader, today announced the first patient enrollment for its phase II study investigating the efficacy and safety of nemolizumab in treating patients living with Chronic Pruritus of Unknown Origin (CPUO). The first patient of the trial – which is taking place in the United States – was enrolled at Dr. Vlada Groysman’s site in Birmingham, Alabama.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251210261871/en/

CPUO is an underdiagnosed condition defined as itch lasting for more than six weeks without an identified cause.1 It is a common condition and prevalent in nearly 30% of the elderly in certain populations, but despite its debilitating impact – with effects on sleep, mental health, and overall quality of life – there are currently no approved treatments.1,7

Nemolizumab is a monoclonal antibody that specifically targets the IL-31 receptor alpha, inhibiting the signaling of IL-31, a neuroimmune cytokine that plays a key role in CPUO by driving itch, its main symptom.1-4 This randomized, double-blind, placebo-controlled phase II study will determine the therapeutic potential of nemolizumab in adults with CPUO, to support progression to late-stage development.8

 

“We’re excited to launch this study exploring nemolizumab’s potential in patients with CPUO, many of whom have struggled for years without effective treatment options. Nemolizumab has shown outstanding efficacy in prurigo nodularis – a condition that shares important clinical and mechanistic features with CPUO – through its targeted inhibition of IL-31 signaling. With recent research further reinforcing IL-31 as a key driver of itch in CPUO, we’re hopeful that nemolizumab could offer meaningful relief to patients with this condition.”

DOCTOR SHAWN KWATRA, M.D.

LEAD INVESTIGATOR, CHRONIC PRURITUS OF UNKNOWN ORIGIN PHASE II STUDY

 

New data provides a better understanding of the key drivers of CPUO, underscoring the role of IL-31

Galderma’s study builds on a recent investigation into the causes of inflammation in CPUO, which uncovered critical insights into its complex inflammatory profile. The research – presented at the Society of Investigative Dermatology annual meeting in San Diego in May 2025 – found a significant increase in IL-31-producing CD4+ T cells in CPUO patients, reinforcing IL-31 as a key driver of the disease.9 These results open the door to targeted therapies that address the root causes of CPUO, a disease with significant unmet needs that currently has no approved treatment options.1,9

 

“The first patient enrollment in this study marks an important milestone in our commitment to advancing dermatology for every skin story – especially in areas of high unmet need. CPUO is a deeply distressing condition for patients, and the absence of approved treatments has left many without options. With nemolizumab’s targeted mechanism of action and promising results in related conditions, we’re hopeful this study will pave the way for a new therapeutic approach for those living with CPUO.”

BALDO SCASSELLATI SFORZOLINI, M.D., PH.D.

GLOBAL HEAD OF R&D

GALDERMA

 

More information about the study is available on the clinicaltrials.gov website.

About nemolizumab

Nemolizumab was approved in August 2024 by the United States Food and Drug Administration (U.S. FDA) for the treatment of adults with prurigo nodularis.3 In December 2024, it was also approved by the U.S. FDA for the treatment of patients 12 years and older with moderate-to-severe atopic dermatitis, in combination with topical corticosteroids and/or calcineurin inhibitors when the disease is not adequately controlled with topical prescription therapies.3 To date, nemolizumab is approved for both moderate-to-severe atopic dermatitis and prurigo nodularis by multiple regulatory authorities around the world, including in the European Union, Australia, Singapore, Switzerland and the United Kingdom. Additional regulatory submissions and reviews are ongoing.

Nemolizumab was initially developed by Chugai Pharmaceutical Co., Ltd. In 2016, Galderma obtained exclusive rights to the development and marketing of nemolizumab worldwide, except in Japan. In Japan, nemolizumab is marketed as Mitchga® and is approved for the treatment of prurigo nodularis, as well as pruritus associated with atopic dermatitis in pediatric, adolescent, and adult patients.10,11

About Galderma

Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body’s largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: www.galderma.com.

References

Teresa J, et al. Therapeutics in chronic pruritus of unknown origin. Itch. 2023;8(1): pe64. doi: 10.1097/itx.0000000000000064

Silverberg JI, et al. Phase 2B randomized study of nemolizumab in adults with moderate-to-severe atopic dermatitis and severe pruritus. J Allergy Clin Immunol. 2020;145(1): 173-182. doi: 10.1016/j.jaci.2019.08.013

Nemluvio® U.S. Prescribing Information. Available online. Accessed October 2025

Nemluvio® European Medicines Agency. Summary of Product Characteristics. Available online. Accessed October 2025

Bewley A, et al. Prurigo Nodularis: A Review of IL-31RA Blockade and Other Potential Treatments. Dermatol Ther (Heidelb). 2022;12(9):2039–2048. doi: 10.1007/s13555- 022-00782-2

Kwatra SG, Misery L, Clibborn C, Steinhoff M. Molecular and cellular mechanisms of itch and pain in atopic dermatitis and implications for novel therapeutics. Clin Transl Immunology. 2022;11(5):e1390. doi: 10.1002/cti2.1390

Andrade E, et al. Interventions for chronic pruritus of unknown origin. CDSR. 2020;1(1): CD013128. doi: 10.1002/14651858.CD013128.pub2

ClinicalTrials.Gov. Proof of Concept Study to Assess the Pharmacokinetics/​Pharmacodynamics of Nemolizumab in Adults With Chronic Pruritus of Unknown Origin (CPUO) (CPUO). Available online. Last accessed October 2025

Gage G, et al. Peripheral blood high-dimension flow cytometry of chronic pruritus of unknown origin reveals il-31 and oncostatin m+ producing circulating blood CD4+ T cells. Abstract 0966. Society for Investigative Dermatology (SID) 2025 Meeting Abstract Supplement. J Invest Dermatol Volume 145 Issue 8 SupplementS1-S266

Chugai Pharmaceutical Co., Ltd. Maruho Obtained Regulatory Approval for Mitchga, the first Antibody Targeting IL-31 for Itching Associated with Atopic Dermatitis. Available online. Accessed October 2025

Chugai Pharmaceutical Co., Ltd. Mitchga Approved for Itching in Pediatric Atopic Dermatitis and Prurigo Nodularis, for its Subcutaneous Injection 30mg Vials. Available online. Accessed October 2025 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251210261871/en/

Permalink

https://www.aetoswire.com/en/news/1112202551635

Contacts

For further information:

Christian Marcoux, M.Sc.

Chief Communications Officer

christian.marcoux@galderma.com

+41 76 315 26 50

Emil Ivanov

Head of Strategy, Investor Relations, and ESG

emil.ivanov@galderma.com

+41 21 642 78 12

Richard Harbinson

Corporate Communications Director

richard.harbinson@galderma.com

+41 76 210 60 62

Jessica Cohen

Investor Relations and Strategy Director

jessica.cohen@galderma.com

+41 21 642 76 43

Céline Buguet

Franchises and R&D Communications Director

celine.buguet@galderma.com

+41 76 249 90 87

AB InBev and International Cricket Council Announce Landmark Global Partnership

 

BRUSSELS - 

World’s Leading Brewer becomes the Official Beer Partner of the ICC

(BUSINESS WIRE) -- The International Cricket Council (ICC) announced AB InBev (Euronext: ABI) (NYSE: BUD) (MEXBOL: ANB) (JSE: ANH), the world’s leading brewer, will become the Official Beer Partner for all major ICC tournaments starting in 2026. The partnership will be led by Budweiser 0.0, Budweiser’s no-alcohol beer in India, with other ABI mega brands activating in Europe and Africa.

From attending a match live in-stadium to watching one at a bar or pub with friends, with a lower alcohol-by-volume (ABV) and no-alcohol options like Budweiser 0.0, beer is the natural choice to enjoy responsibly. Through this partnership with the ICC, AB InBev will create more moments of cheers, choice and celebration for cricket fans of legal drinking age all over the world.

ICC CEO, Sanjog Gupta said: "Cricket is one of the world’s most loved sports with more than two billion fans and ICC events are its largest platforms for passion, while AB InBev has been at the forefront of creating experiential activations to grow and deepen fandom. This partnership is a natural alliance between organizations striving to elevate moments, create memories and deliver experiences via innovation in avenues for fan engagement. We welcome AB InBev to the ICC’s august list of commercial partners and look forward to co-delivering multi-modal event experiences across our tournaments and amplifying excitement for the sport around the world."

Global Chief Marketing Officer of AB InBev, Marcel Marcondes said: “Cricket is one of the world’s most popular and fastest-growing sports, and we are excited to connect with fans on this mega platform. Beer is the beverage for socialization and moderation, and our partnership with the ICC provides another occasion for our brands to create unforgettable experiences for consumers everywhere.”

The partnership includes all major ICC men’s and women’s events through 2027 including the ICC Men’s T20 World Cup 2026 in India & Sri Lanka, the ICC Women’s T20 World Cup 2026 in the UK, the inaugural ICC Women’s Champions Trophy 2027 in Sri Lanka, the ICC World Test Championship Final 2027 in England and the ICC Men's Cricket World Cup 2027 in South Africa, Zimbabwe and Namibia.

About ICC

The ICC is cricket’s global governing body, representing 110 members worldwide. It oversees major tournaments such as the Men’s and Women’s Cricket and T20 World Cups, enforces the Code of Conduct on professional standards and playing conditions (with the MCC responsible for the Laws of Cricket), appoints match officials for all international formats, and combats corruption through its Anti-Corruption Unit. Its Development department also works with Associate Members to strengthen cricket systems, raise standards, and grow the game globally.

About AB InBev

Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona®, Stella Artois® and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 144 000 colleagues based in nearly 50 countries worldwide. For 2024, AB InBev’s reported revenue was 59.8 billion USD (excluding JVs and associates).

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251211250826/en/

Permalink

https://www.aetoswire.com/en/news/1112202551650

Contacts

Media:

ICC Media Communications | media@icc-cricket.com

AB InBev Media Relations | media.relations@ab-inbev.com

Perma-Pipe International Holdings, Inc. Announces Third Quarter 2025 Financial Results

 Net sales of $61.1 million for the quarter and $155.8 million year-to-date.

Income before income taxes of $10.9 million for the quarter and $21.1 million year-to-date.

Diluted earnings per share of $0.77 for the quarter and $1.49 year-to-date.

Backlog of $148.9 million at October 31, 2025, up from $138.1 million at January 31, 2025.

 

(BUSINESS WIRE) -- Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the third quarter ended October 31, 2025.

“For the three months ended October 31, 2025, net sales were $61.1 million, an increase of $19.5 million, or 46.9%, compared to $41.6 million in the same quarter of the prior year. Growth was driven by higher sales volumes in both the Middle East and North America. Gross profit was $21.0 million, up $6.9 million from $14.1 million last year, reflecting higher activity levels. Selling, general and administrative expenses increased to $8.3 million from $7.3 million, primarily due to higher payroll and professional fees, including approximately $0.5 million relating to Sarbanes-Oxley 404 compliance in connection with our transition from a small reporting company to an accelerated filer. The Company’s effective tax rate (“ETR”) was 27%, compared to 32% in the prior-year quarter, reflecting the impact of product mix in various tax jurisdictions. As a result, net income attributable to common stock was $6.3 million, an increase of $3.8 million, or 152.0%, compared to $2.5 million in the third quarter of fiscal 2024,” noted President and CEO Saleh Sagr.

“For the nine months ended October 31, 2025, net sales were $155.8 million, an increase of $42.4 million, or 37.4%, compared to $113.4 million in the prior-year period. The increase was primarily attributable to higher sales volumes in both the Middle East and North America. Gross profit was $52.2 million, compared to $38.1 million in the prior year period, reflecting increased activity levels during the current year. General and administrative expenses were $26.1 million, up from $19.5 million, due to higher payroll and professional fees, including approximately $1.0 million relating to Sarbanes-Oxley 404 compliance in connection with our transition from a small reporting company to an accelerated filer. This also includes a one-time compensation charge of approximately $2.0 million related to the departure of the previous CEO. The Company’s effective tax rate was 29%, compared to 28% in the prior-year period. The increase in the Company's tax rate was impacted due to product mix in various tax jurisdictions and as a result of a tax limitation relating to the one-time charge in connection with the previous CEO's departure. Net income attributable to common stock increased to $12.1 million, an increase of $4.9 million, or 68.1%, compared to $7.2 million in the same period of fiscal 2024,” Mr. Sagr commented.

President and CEO Saleh Sagr added: “As of October 31, 2025, our backlog totaled $148.9 million, representing an increase of $10.8 million, or 7.8%, compared with the $138.1 million reported as of January 31, 2025. Our current backlog levels continue to demonstrate substantial growth; in particular, backlog at the end of the third fiscal quarter of 2025 reflects an increase of more than 30% over the backlog recorded at the end of the prior year’s third quarter. This expansion is evident across both North America and the MENA region, underscoring the sustained strength of demand for our solutions.”

“As of October 31, 2025, our year-to-date revenues approximate the revenues reported for the full-year fiscal 2024. Current year-to-date net income attributable to common stock was $12.1 million, an increase of $3.1 million, or 34.4%, compared to approximately $9.0 million in fiscal 2024. The fact that year-to-date net income has exceeded full-year fiscal 2024 results with one quarter remaining in fiscal 2025 reflects continued operational and financial improvement. In addition, net income attributable to common stock for the three and nine months ended October 31, 2025, represents the highest level of earnings since the Company's transition from MFRI to Perma-Pipe in 2017," Mr. Sagr continued.

“We have continued to experience solid financial performance, supported by sustained activity in our core markets and improved operating leverage. Our operations in the Middle East and North America delivered strong results, further evidencing the ongoing strengthening of our global platform. This performance is reflected in our quarterly and year-to-date results as well as in the growth of our backlog. These results also align with our strategic initiatives, including our investment in the new Qatar facility, which has secured more than $5.0 million in awards scheduled for execution during the remainder of the year. We remain focused on driving profitable growth and enhancing our competitive position within the markets we serve,” Mr. Sagr concluded.

Third Quarter Fiscal 2025 Results

Net sales were $61.1 million and $41.6 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $19.5 million was a result of increased sales volumes in the Middle East and in North America.

Gross profit was $21.0 million and $14.1 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $6.9 million was driven primarily by increased volume of activity in the quarter.

General and administrative expenses were $8.3 million and $7.3 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $1.0 million was mainly due to higher payroll expenses and, to a lesser extent, professional fees in the quarter.

Selling expenses were $1.3 million and $1.2 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $0.1 million was due to higher payroll expense in the quarter.

Net interest expense remained consistent and was $0.5 million in the three months ended October 31, 2025 and 2024, respectively.

The Company's ETR was 27% and 32% in the three months ended October 31, 2025 and 2024, respectively. The lower ETR for the three months ended October 31, 2025 is due to the mix of income and loss in various jurisdictions

Net income attributable to common stock was $6.3 million and $2.5 million in the three months ended October 31, 2025 and 2024, respectively. The increase of $3.8 million was mainly due to increased sales activity in the quarter, and better project execution.

Fiscal 2025 Year-to-Date Results

Net sales were $155.8 million and $113.4 million in the nine months ended October 31, 2025 and 2024, respectively. The increase of $42.4 million was a result of increased sales volumes in the Middle East and in North America.

Gross profit was $52.2 million and $38.1 million in the nine months ended October 31, 2025 and 2024, respectively. The increase of $14.1 million was driven primarily by increased volume of activity.

General and administrative expenses were $26.1 million and $19.5 million in the nine months ended October 31, 2025 and 2024, respectively. The increase of $6.6 million was due to higher payroll expenses and professional fees. This includes a one-time charge due to an acceleration of certain executive compensation expense as a result of a departure from the organization.

Selling expenses remained consistent and were $3.5 million and $3.8 million in the nine months ended October 31, 2025 and 2024, respectively. The decrease of $0.3 million was primarily attributable to lower payroll expenses.

Net interest expense was $1.3 million and $1.5 million in the nine months ended October 31, 2025 and 2024, respectively. The decrease of $0.2 million was the result of an overall reduction in interest rates during the current year.

The Company's ETR was 29% and 28% in the nine months ended October 31, 2025 and 2024, respectively. The change in the ETR is due to the mix of income and loss in various jurisdictions.

Net income attributable to common stock was $12.1 million and $7.2 million in the nine months ended October 31, 2025 and 2024, respectively. The increase of $4.9 million was mainly due to increased sales volumes and better project execution during the current year.

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at fourteen locations in seven countries.

Forward-Looking Statements

Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com).

The Company's fiscal year ends on January 31. Years, results, and balances described as 2025, 2024, and 2023 are for the fiscal year ended January 31, 2026, 2025, and 2024, respectively.

Additional information regarding the Company's financial results for the three and nine months ended October 31, 2025, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended October 31, 2025, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website.

The following information contains a reconciliation of the non-GAAP financial measure of adjusted income before tax and income before income tax prepared in accordance with generally accepted accounting principles ("GAAP") for the three and nine months ended October 31, 2025 and 2024, respectively. This reconciliation is intended to provide investors with useful information in evaluating the Company's performance. Adjusted income before tax includes certain adjustments as identified below. This measure is not considered an alternative to income before income tax or other financial measures of performance that are prepared in accordance with GAAP. The Company believes that the exclusion of certain items from income before income tax allows investors to more effectively evaluate the Company's operating performance and identify trends that might not be apparent due to the variability and infrequent nature of these items. In addition, the Company believes this measure provides meaningful information to investors when comparing results between periods and performance with respect to the Company's peers.

Adjustments made for certain items are further described as follows: (i) one-time charge in connection with the acceleration of executive compensation; (ii) other non-recurring charges. As a result of these adjustments, some items that affect income before income tax may not be comparable to similar measures of other companies.

The following table provides a reconciliation of the GAAP and non-GAAP financial measure:

  Three Months Ended July 31 Six Months Ended July 31,

 

2025

 

2024

 

2025

 

2024

Income before income tax (GAAP as reported)

$

10,900

 

$

5,068

 

$

21,089

 

$

13,218

Acceleration of certain executive compensation

 

-

 

 

-

 

 

2,018

 

 

-

Other one-time charges

 

-

 

 

-

 

 

88

 

 

-

Adjusted income before tax

$

10,900

 

$

5,068

 

$

23,195

 

$

13,218

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251212056738/en/

Permalink

https://www.aetoswire.com/en/news/1212202551729

Contacts

Perma-Pipe International Holdings, Inc.

Saleh Sagr, President and CEO

Perma-Pipe Investor Relations

847.929.1200

investor@permapipe.com