Earnings release
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1 Regulated information* November 5, 2026 7.00 a.m. CET SYENSQO THIRD QUARTER 2026 RESULTS YEAR-ON-YEAR SALES GROWTH ACCELERATES TO 9%, LED BY 13% GROWTH IN MATERIALS UNDERLYING EBITDA INCREASES SEQUENTIALLY TO €320 MILLION WITH OPERATING CASH FLOW OF €284 MILLION IMPROVED FULL-YEAR OPERATING CASH FLOW & CAPEX OUTLOOK Underlying (€ million) Q3 2026 Q3 2025 Q2 2026 YoY change YoY organic QoQ change 9M 2026 9M 2025 YoY change YoY organic Net sales 1,590 1,427 1,554 11.4% 8.9% 2.3% 4,544 4,433 2.5% 4.0% Gross profit 502 471 528 6.6% - -4.9% 1,474 1,459 1.0% - Gross profit margin 31.6% 33.0% 34.0% -140 bps - -240 bps 32.4% 32.9% -50 bps - Underlying EBITDA 320 320 311 -0.1% -1.4% 2.9% 882 952 -7.4% -6.7% Underlying EBITDA margin 20.1% 22.4% 20.0% -230 bps -210 bps 10 bps 19.4% 21.5% -210 bps -220 bps Operating cash flow 284 331 131 -14.2% - 116.8% 497 527 -5.7% - ROCE (LTM) 5.3% 6.4% 5.5% -120 bps - -20 bps 5.3% 6.4% -120 bps - Q3 2026 Highlights ● Net sales of €1.59 billion driven by 7% year-on-year volume growth, led by Materials, and higher overall pricing (+2%). Acceleration in Materials year-on-year growth, with 27% growth in Composite Materials and 6% growth in Specialty Polymers. Sequentially, net sales increased 2%, primarily driven by Composite Materials and Technology Solutions; ● Gross profit of €502 million increased 7% year-on-year, primarily driven by Materials. Gross margin of 31.6% included increased raw materials costs as well as a higher proportion of Composite Materials net sales within the Materials segment; ● Underlying EBITDA was broadly stable year -on-year, including higher variable compensation accruals , and increased 3% sequentially to €320 million, supported by higher underlying EBITDA in Specialty Polymers and Novecare; ● Underlying EBITDA margin of 20.1% supported by 100 basis points of margin expansion in Performance & Care. On a sequential basis, underlying EBITDA margin was approximately flat; ● Underlying profit attributable to Syensqo shareholders increased 3% sequentially to €109 million; ● Operating cash flow of €284 million decreased 14% year-on-year, primarily reflecting the absence of €92 million of litigation-related compensation received in Q3 2025 from the ICC International Court of Arbitration. On a sequential basis, operating cash flow increased significantly; ● Capital expenditures0F 1 of €107 million decreased 25% year-on-year reflecting ongoing capital focus Mike Radossich, CEO “We delivered further volume-led growth in the third quarter, building on the actions we have taken since the beginning of the year in a dynamic external environment. Materials delivered 13% sales growth, reflecting a record performance in Composite Materi als and an acceleration of growth in Specialty Polymers, led by strong demand in semiconductors and batteries. We also delivered an improved operating cash flow performance in Q3, and have updated our full-year outlook.” “We are taking selective commercial actions to capture additional growth opportunities in Specialty Polymers while managing higher raw material costs and the timing of pricing adjustments. These factors weighed on gross margin in the quarter and we remain focused on mitigating their impact to support profitable growth.” “Finally, the strategic review of the Performance and Care segment is continuing to progress and we have received interest from a range of prospective parties. Our focus remains on working towards an outcome that maximizes value for shareholders.” Register to the webcast scheduled at 14:00 CET - Financial report - Financial calendar 1 Including Capex for the new ERP Implementation * For regulated information as per Article 11 of the Royal Decree of 14 November 2007, we refer to the financial report published on November 5, 2026 which is available on Syensqo's website.
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2 2026 Outlook Taking into account current visibility, geopolitical uncertainty and related inflationary pressures, we continue to expect low-to-mid single digit volume growth for the full-year. In the fourth quarter, we expect mid-to-high single digit year- on-year volume growth, led by the Materials segment. We continue to expect first quarter underlying EBITDA of €251 million to be the lowest quarterly level of the year, including expected fourth quarter seasonality. Based on operating cash flow generated in the first nine months and our expectations for the fourth quarter, we now expect full-year operating cash flow of at least €700 million. We now expect full -year capital expenditures to be below our previous outlook, primarily reflecting the timing of expenditure on certain projects, which is now expected in 2027. Our full-year 2026 outlook2 is now expected to be as follows: • Underlying EBITDA of at least €1.1 billion (unchanged) • Operating cash flow of at least €700 million (updated from prior outlook of “approximately €700 million”) • Capital expenditures3 of less than €450 million (updated from prior outlook of “approximately €450 million”) 2 Assumes EUR/US$ @ 1.20 3 Including Capex for the new ERP Implementation
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3 Financial Review Summary Income Statement Underlying (€ million) Q3 2026 Q3 2025 Q2 2026 YoY change QoQ change 9M 2026 9M 2025 YoY change Net sales 1,590 1,427 1,554 11.4% 2.3% 4,544 4,433 2.5% Gross profit 502 471 528 6.6% -4.9% 1,474 1,459 1.0% Gross profit margin 31.6% 33.0% 34.0% -140 bps -240 bps 32.4% 32.9% -50 bps EBITDA 320 320 311 -0.1% 2.9% 882 952 -7.4% EBITDA margin 20.1% 22.4% 20.0% -230 bps 10 bps 19.4% 21.5% -210 bps EBIT 184 190 178 -3.3% 3.2% 489 575 -15.1% EBIT margin 11.6% 13.3% 11.5% -170 bps 10 bps 10.8% 13.0% -220 bps Net financial charges -37 -39 -35 -4.6% 4.8% -104 -109 -4.0% Income tax expenses -38 -42 -36 -11.1% 3.2% -101 -126 -19.4% Profit / (loss) attributable to Syensqo shareholders 109 110 106 -1.5% 2.7% 282 350 -19.5% Basic earnings per share (in €) 1.07 1.08 1.04 -1.2% 2.7% 2.77 3.41 -18.9% Net sales of €1.5 9 billion in the third quarter of 202 6 increased 11% on a reported basis, or 9% on an organic basis, compared to the third quarter of 2025. This increase was primarily driven by higher volumes in the Materials segment and, to a lesser extent, higher pricing in Materials and Performance & Care. Sequentially, net sales increased 2%, driven by higher volumes and pricing in the Materials segment, partially offset by lower net sales in the Other Solutions segment. Net sales in the Performance & Care segment were approximately flat, as modestly lower volumes were offset by higher pricing. Net sales bridge (€ million) Gross profit of €5 02 million in the third quarter of 202 6 increased 7% on a reported basis versus the third quarter of 202 5, primarily driven by higher year -on-year gross profit in the Materials segment and, to a lesser extent, in the Performance & Care segment. On a year-on-year basis, gross margin of 31.6% in the third quarter of 202 6 decreased by 140 basis points , due to lower gross margin in both the Materials and Other Solutions segments. Underlying EBITDA of €320 million in the third quarter of 2026, was approximately in line with the third quarter of 2025 on both a reported and organic basis. This was driven by higher underlying EBITDA in the Materials and Performance & Care segments, offset by higher Corporate & Business Services expenses and, to a lesser extent, by lower underlying EBITDA in the Other Solutions segment. The year -on-year increase in Corporate & Business Services expenses was primarily due to higher variable compensation accruals, aligned with the Company’s financial performance. On a sequential basis, underlying EBITDA increased 3%, driven by higher underlying EBITDA in both the Materials and Performance & Care segments , part ially offset by lower underlying EBITDA in the Other Solutions segment. Underlying EBITDA bridge (€ million) Underlying EBITDA margin of 20.1% in the third quarter of 2026 contracted 230 basis points versus the third quarter of 2025, or 210 basis points organically . The decline was mainly due to higher Corporate & Business Services expenses as well as lower underlying EBITDA margin in the Materials and Other Solutions segments. This was partially offset by higher underlying EBITDA margin in the Performance & Care segment. On a sequential basis, underlying EBITDA margin remained approximately flat, as higher underlying EBITDA margin in the Performance & Care Segment was offset by lower underlying EBITDA margin in the Other Solutions segment.
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4 Summary of Cash Flow and Net Debt Cash flow from operating activities totaled €284 million in the third quarter of 2026 versus €331 million in the third quarter of 202 5. The year -on-year decrease was primarily due to the absence of €92 million Edison compensation received in the third quart er of 2025 following the decision from the ICC International Court of Arbitration, as well as higher tax cash payments in the third quarter 2026, partially offset by the absence of €36 million separation costs in the third quarter of 2026. In addition, cash flow from operating activities benefited from insurance indemnities of €39 million related to PFAS and other litigation cases in the third quarter of 2026. Capital expenditures decreased 25% year-on-year, from €142 million in the third quarter of 2025 to €107 million in the third quarter of 20 26. This included €3 7 million of growth capital expenditure, €63 million of sustenance capital expenditure and € 7 million for the new ERP implementation. Cash and cash equivalents totaled € 585 million at the end of the third quarter of 2026 compared to €861 million at the end of December 2025. The decrease was primarily due to the redemption of €500 million in bonds, capital expenditures of € 299 million and the payment of €166 million dividends to shareholders in May 2026 , partially offset by cash flow from operating activities of €497 million, approximately €120 million in net proceeds from the divestment of the Oil & Gas business unit and the net issuance of €70 million of commercial paper. Q3 2026 underlying EBITDA to Operating cash flow bridge (€ million) Underlying net financial debt amounted to €1,936 million at the end of September of 2026, versus €2,024 million at the end of 202 5, resulting in a stable leverage ratio of 1. 7x and a gearing ratio of 2 4%. Lower capital expenditure and approximately €120 million of net proceeds from the first-quarter Oil & Gas divestment supported the reduction, partly offset by the second-quarter dividend payment. Underlying (€ million) Sept 30, 2026 Dec 31, 2025 Change Underlying gross debt -2,555 -2,961 -13.7% Cash & cash equivalents 585 861 -32.0% Other financial instruments (current + non-current) 34 76 -54.6% Underlying net debt -1,936 -2,024 -4.4% Underlying leverage ratio 1.7x 1.7x 0x Gearing ratio 23.7% 24.9% -120 bps
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5 Segment Review Materials (61% of 9M 2026 Group net sales, 73% of 9M Group underlying EBITDA*) * Excluding the contribution of Corporate & Business Services Underlying (€ million) Q3 2026 Q3 2025 Q2 2026 YoY change YoY organic QoQ change 9M 2026 9M 2025 YoY change YoY organic Net sales 994 865 960 15.0% 12.9% 3.6% 2,779 2,670 4.1% 6.1% Specialty Polymers 634 587 626 7.9% 6.2% 1.2% 1,790 1,788 0.1% 1.8% Composite Materials 361 277 334 30.1% 27.1% 7.9% 989 882 12.1% 15.0% EBITDA 275 267 266 2.8% 1.6% 3.4% 755 790 -4.4% -2.9% EBITDA margin 27.6% 30.9% 27.7% -330 bps -310 bps 0 bps 27.2% 29.6% -240 bps -250 bps Net sales of €9 94 million in the third quarter of 202 6 increased by 15% on a reported basis , or 13% organically, compared to the third quarter of 2025. The year-on-year increase was driven by record net sales growth in Composite Materials, as well as strong net sales growth in Specialty Polymers. Materials net sales bridge (€ million) On a sequential basis, Materials’ net sales increased 4%, driven by higher net sales in Composite Materials and , to a lesser extent, in Specialty Polymers. Specialty Polymers net sales of € 634 million in the third quarter of 2026 increased 8% year-on-year on a reported basis, or 6% organically. Higher Automotive and Electronics volumes led the growth, with semiconductor customers driving the increase in Electronics demand. Building and Food Packaging also contributed higher volumes. These gains were partially offset by lower Environment & Energy volumes and modestly lower pricing, primarily in Automotive. Healthcare sales remained stable. Composite Materials net sales totaled €361 million in the third quarter of 2026, increased 30% on a reported basis, or 27% organically, compared to the third quarter of 2025. Year-on-year net sales growth was largely driven by strong demand in Civil Aerospace, reflecting the continued ramp -up of programs across customers supported by the recently renewed multi -year agreements with Airbus and Boeing. Space and Defense applications also delivered strong year-on-year growth. Underlying segment EBITDA of € 275 million in the third quarter of 202 6 increased by 3% on a reported basis, or 2% on an organic basis compared to the third quarter of 2025, as higher underlying EBITDA in Composite Materials more than offset lower underlying EBITDA in Specialty Polymers. Composite Materials delivered higher year-on- year underlying EBITDA on strong net sales growth while continuing to invest to support longer-term growth. These investments partly offset the underlying EBITDA increase. Specialty Polymers underlying EBITDA performance was impacted by higher ra w materials costs , as well as an unfavorable product mix, primarily in the Automotive end market. On a sequential basis, underlying segment EBITDA increased by 3% driven by higher underlying EBITDA in Specialty Polymers . Underlying EBITDA in Composite Materials reflected temporary lower fixed -cost absorption and, to a lesser extent, an unfavorable product mix. Underlying EBITDA margin of 27.6% in the third quarter of 2026 decreased by approximately 330 basis points on a reported basis, or approximately 310 basis points on an organic basis, compared to the third quarter of 2025. This reflected a lower year-on-year underlying EBITDA margin in Specialty Polymers and an unfavorable segment mix, due to stronger growth in Composite Materials relative to Specialty Polymers. On a sequential basis, underlying EBITDA margin remained broadly stable with a higher EBITDA margin in Specialty Polymers offsetting a lower margin in Composite Materials.
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6 Performance & Care (34% of 9M 2026 Group net sales, 26% of 9M Group underlying EBITDA*) * Excluding the contribution of Corporate & Business Services Underlying (€ million) Q3 2026 Q3 2025 Q2 2026 YoY change YoY organic QoQ change 9M 2026 9M 2025 YoY change YoY organic Net sales 521 496 515 5.0% 1.9% 1.2% 1,538 1,547 -0.6% 0.2% Novecare 341 327 344 4.2% 0.9% -0.9% 1,022 1,045 -2.1% -1.3% Technology Solutions 180 169 171 6.5% 3.8% 5.3% 515 502 2.6% 3.3% EBITDA 100 90 92 11.3% 7.2% 9.4% 274 284 -3.5% -2.1% EBITDA margin 19.3% 18.2% 17.8% 110 bps 100 bps 140 bps 17.8% 18.4% -50 bps -40 bps Net sales of €5 21 million in the third quarter of 202 6 increased by 5% on a reported basis , or 2% organically, compared to the third quarter of 2025, reflecting slightly higher pricing while volumes remained broadly stable. Performance & Care net sales bridge (€ million) On a sequential basis, Performance & Care net sales increased by 1%, reflecting higher net sales in Technology Solutions, partially offset by slightly lower sales in Novecare. Novecare net sales of €341 million in the third quarter of 2026 increased by 4% on a reported basis, or 1% on an organic basis, compared to the third quarter of 202 5 as higher pricing more than offset slightly lower volumes. Volume growth in Industrials & Chemicals and Home & Personal Care provided a partial offset to lower Agro demand. Technology Solutions net sales of €180 million in the third quarter of 202 6 increased by 7% on a reported basis , or 4% organically, compared to the third quarter of 202 5, reflecting higher volumes driven by strong demand for phosphorus derivatives used in the Industrials & Chemicals end market. Underlying segment EBITDA of € 100 million in the third quarter of 202 6 increased by 11% on a reported basis, or by 7% on an organic basis, compared to the third quarter of 2025. Novecare drove the improvement, supported by higher equity earnings recognized during the quarter , while Technology Solutions EBITDA remained stable year- on-year. On a sequential basis, underlying segment EBITDA increased by 9%, driven by higher underlying EBITDA in Novecare reflecting an increase in equity earnings . Underlying EBITDA in Technology Solutions remained stable compared to the previous quarter. Underlying EBITDA margin of 19.3% in the third quarter of 2026 increased by approximately 110 basis points on a reported basis, or approximately 100 basis points organically, compared to the third quarter of 2025, driven by higher underlying EBITDA margin in Novecare , which offset a slightly lower margin in Technology Solutions. On a sequential basis, underlying EBITDA margin increased by 140 basis points , driven by a higher underlying EBITDA margin in Novecare offsetting a slightly lower underlying EBITDA margin in Technology Solutions.
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7 Other Solutions (5% of 9M 2026 Group net sales, 1% of 9M Group underlying EBITDA*) * Excluding the contribution of Corporate & Business Services Underlying (€ million) Q3 2026 Q3 2025 Q2 2026 YoY change YoY organic QoQ change 9M 2026 9M 2025 YoY change YoY organic Net sales 75 67 79 12.3% 9.6% -5.4% 227 216 5.0% 6.2% Aroma Performance 75 67 79 12.3% 9.6% -5.4% 227 216 5.0% 6.2% EBITDA 0 5 8 -109.5% -108.9% -105.5% 11 19 -42.7% -44.3% EBITDA margin -0.6% 7.2% 10.5% -790 bps -820 bps -1110 bps 4.7% 8.6% -390 bps -430 bps Net sales of € 75 million in the third quarter of 202 6 increased by 12% on a reported basis, or 10% organically, compared to the third quarter of 202 5, driven by higher volumes. On a sequential basis, net sales decreased by 5%, primarily due to lower volumes. Other Solutions net sales bridge (€ million) Underlying segment EBITDA declined in the third quarter of 202 6 on both a reported and organic basis, compared to the third quarter of 2025, primarily reflecting higher input costs. On a sequential basis, underlying EBITDA also declined, reflecting higher input costs combined with lower sales. Underlying EBITDA margin of -0.6% in the third quarter of 2026 decreased on both a reported and organic basis compared to the third quarter of 2025. On a sequential basis, underlying EBITDA margin was also lower. Corporate & Business Services Underlying (€ million) Q3 2026 Q3 2025 Q2 2026 YoY change YoY organic QoQ change 9M 2026 9M 2025 YoY change YoY organic Net sales 0 0 0 n.m. n.m. n.m. 0 0 n.m. n.m. EBITDA -55 -42 -55 30.3% 22.3% -0.4% -158 -141 12.2% 19.1% Corporate and Business services reported a cost of €55 million to Syensqo’s EBITDA in the third quarter of 2026, stable compared to the second quarter of 2026. The year-on-year increase was primarily driven by the continued impact of variable compensation accruals, aligned with the Company’s financial performance, partially offset by ongoing cost saving actions.
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8 Key IFRS figures IFRS Underlying (in € million) Q3 2026 Q3 2025 % YoY Q3 2026 Q3 2025 % YoY YoY organic Net sales 1,590 1,427 11.4% 1,590 1,427 11.4% 8.9% EBITDA 307 293 4.8% 320 320 -0.1% -1.4% EBITDA margin 19.3% 20.5% -120 bps 20.1% 22.4% -230 bps -210 bps EBIT 116 133 -13.2% 184 190 -3.3% - Net financial charges -23 -39 -39.9% -37 -39 -4.6% - Income tax expenses -22 -56 -60.9% -38 -42 -11.1% - Profit / (loss) attributable to Syensqo shareholders 70 39 78.9% 109 110 -1.5% - Basic earnings per share (in €) 0.68 0.38 78.4% 1.07 1.08 -1.2% - (in € million) 9M 2026 9M 2025 % YoY 9M 2026 9M 2025 % YoY YoY organic Net sales 4,544 4,433 2.5% 4,544 4,433 2.5% 4.0% EBITDA 811 758 7.0% 882 952 -7.4% -6.7% EBITDA margin 17.9% 17.1% 80 bps 19.4% 21.5% -210 bps -220 bps EBIT 307 288 6.3% 489 575 -15.1% - Net financial charges -90 -103 -12.7% -104 -109 -4.0% - Income tax expenses -87 -108 -19.2% -101 -126 -19.4% - Profit / (loss) attributable to Syensqo shareholders 156 86 80.3% 282 350 -19.5% - Basic earnings per share (in €) 1.53 0.84 81.5% 2.77 3.41 -18.9% - Glossary ● Cash flow from operating activities, or Operating cash flow are those generated from/(used by) the principal revenue -producing activities of the Group and other activities that are not investing or financing activities ● EPS is earnings per share ● ERP Rebuild Project Costs: This significant multi-year project aims at the harmonization of the ERPs used by the Syensqo Group and at implementing new technologies that will position the Group for sustained growth and efficiency. It will generate costs and ca pital expenditure over the next 4-5 years ● Gearing ratio: Underlying net debt / (underlying net debt + Equity - Hybrid bonds in equity) ● Net financial debt : Non -current financial debt + current financial debt – cash & cash equivalents – other financial instruments. Underlying net debt reclassified as debt 100% of the hybrid perpetual bonds, considered as equity under IFRS. It is a key measure of the strength of the Group’s financial position and is widely used by credit rating agencies ● Organic growth: growth excluding scope changes and forex conversion effects. The calculation is made by rebasing the prior period at the business scope and forex conversion rate of the current period ● Return on Capital Employed (ROCE) : the ratio between underlying EBIT (before adjustment for the amortization of Purchase Price Allocation - PPA) and capital employed. Capital employed consists of net working capital, tangible and intangible assets, goodwill, rights-of-use assets, investments in associates & joint ventures and other investments ● Underlying figures adjust IFRS figures for the non-cash Purchase Price Allocation (PPA) accounting impacts related to acquisitions, for the coupons of perpetual hybrid bonds classified as equity under IFRS but treated as debt in the underlying statements, and f or other elements to generate a measure that avoids distortion and facilitates the appreciation of performance and comparability of result s over time ● Underlying net financial charges include the coupons on perpetual hybrid bonds (accounted as dividends under IFRS, and thereby excluded from the income statement) ● Underlying leverage ratio: The ratio between underlying net debt and underlying EBITDA of the last 12 months
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9 Contacts Investors & Analysts investor.relations@syensqo.com Media media.relations@syensqo.com 0BSherief Bakr 1BRobbin Moore-Randolph 2BLoïc Flament 3BEva Behaeghe 4B+44 7920 575 989 5B+1 470 493 2433 6B+32 478 69 74 20 7B+32 474 49 23 50 8BPerrine Marchal 9BLaetitia Schreiber 10B+32 478 32 62 72 11B+32 487 74 38 07 Useful links ● Earnings materials ● Strategy ● Share information ● Credit information ● Webcasts, presentations and podcasts ● Annual Integrated Report ● Subscribe to our distribution list Safe harbor This press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward -looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acqui sitions and divestitures, restructurings, product withdrawals, regulatory approval processes, all -in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by su ch forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or r evise any forward- looking statements. About Syensqo Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team nearly 13,000 associates. Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and health care applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity. Financial Calendar ● Feb 25, 2027: FY 2026 results ● April 29, 2027: Q1 2027 results ● May 4, 2027: Annual General Meeting ● July 29, 2027: Q2 2027 results ● Nov 4, 2027: Q3 2027 results