Foraco Q3 FY26 Snapshot Sales $86.2m (+21.4%). EBITDA $15.4m (+8.2%), Margin 17.8% (-220bps). Net Profit $4.4m (-18.9%). Rig utilization 53% (vs 35% in Q3 25). Despite the volumes and the rig utilisation, cost inflation and mobilisation costs on new contracts are still keeping the improvement from showing up at the bottom line. $FAR $FAR.TO

As always, worth your time. @JRuizRuiz letter gives you a brilliant piece of context: if you'd spent the last six months in a cave, this alone would tell you where today's friction points are with very good judgement and balance.

✈️ This slide is widely repeated in Ryanair earnings presentations, claiming a wide cost leadership gap over rivals. But does it hold up? ❗The table contains one inaccuracy (1️⃣) , one nuance worth mentioning (2️⃣), and one rather cheeky omission (3️⃣). Let's go. 🧵 (1/) $WIZZ $WIZZ.L $RYA $RYAAY

Cobas reached 10% of Wizz Air capital. Doubled since November despite current situation. For me, makes all sense. Lowest unit costs in Europe on a single, efficient fleet. This is not trivial: Under a different hedging strategy, Ryanair's Fuel per ASK stood at 2.06 cents vs. Wizz Air's 1.64 cents. Ryanair av fuel cost per tonne is around 830$ vs 1.172$ for Wizz. Fleet efficiency. An Airbus orderbook that's an asset in itself while bottlenecks last (there's a premium on availability now). Prepayments to Airbus that read closer to net cash. And a European retirement schedule that takes capacity out faster than it comes in. You have the full thesis and update in my Sustªck. Link in bio. $WIZZ

📅 Another step towards the Ziggo Group spin-off. VodafoneZiggo's Dutch towers sold for €669m at ~16x EBITDA (quite decent), with proceeds retiring debt at Ziggo Group. Wyre and smaller assets still to go to hit the €1.2-1.4bn disposal target before the listing. $LBTYA $LBTYK