Buybacks, a steady outlook and a digital leap

Companies that put the everyday investor first

Every company in this email has chosen to talk directly to everyday investors, not just the big funds. Here is what they have been up to this week.

Deep dive 01: Super Group (NYSE: SGHC)

Super Group’s profits jump, but a run of bettor-friendly results forces a guidance rethink

On Tuesday 3 November, Super Group reported third-quarter revenue of US$611m, up 10% year on year from US$557m. Adjusted EBITDA rose 8% to US$165m, a margin of about 27%. Monthly active customers rose 9% to 6.0 million, and casino gross revenue grew 16%. Profit for the period was US$142m, against US$96m a year earlier. That figure includes roughly US$39m of one-off gains, such as released provisions and recovered Austrian gaming taxes, which adjusted EBITDA leaves out. The board has also authorised a share buyback of up to US$150m, running to the end of December 2027.

For a shareholder, the attraction is a business growing customers and casino revenue while returning cash. The balance: the company has slightly lowered its full-year 2026 guidance due to customer-friendly sports results, which it says cut about US$40m from third-quarter revenue and about US$25m from adjusted EBITDA. It now expects revenue of US$2.525bn to US$2.575bn, and adjusted EBITDA of US$700m to US$720m. Sports results are a stated risk to earnings from quarter to quarter, but customer numbers and revenue are still heading in the right direction.

US$611m Q3 revenue (+10%) · US$165m adjusted EBITDA (+8%, ~27% margin) · US$150m buyback, up to, to December 2027

Explore Super Group

Deep dive 02: Nomad Foods (NYSE: NOMD)

Nomad Foods grows sales and profit in the quarter, and holds its full-year guidance

On Wednesday 4 November, Nomad Foods reported third-quarter revenue of €770m, up 2.3% year on year, of which 1.6% was organic growth (volumes were down 0.2%, with price and mix adding 1.8%). Adjusted EBITDA was €141m, down 1.5%, and adjusted earnings per share were €0.47, two cents lower than a year earlier. Profit for the period rose 16% to €66.6m. The company kept its full-year guidance unchanged: organic revenue down 2% to 3%, adjusted EBITDA down 5% to 10%, and adjusted earnings per share of €1.38 to €1.53. It had bought back €23.7m of shares over the first nine months.

For a shareholder, the interest is stability: after a tougher period, the frozen-food maker returned to modest sales growth in the quarter and kept its outlook unchanged, while continuing to return cash through dividends and share buybacks. The balance: growth came from higher prices rather than higher volumes, and adjusted EBITDA and adjusted earnings per share were both below last year. However, management is partway through a €200m efficiency programme running from 2026 to 2028, which is meant to fund reinvestment and offset cost inflation.

€770m Q3 revenue (+2.3%, +1.6% organic) · €66.6m profit for the period (+16%) · €1.38–1.53 full-year adjusted EPS guidance (unchanged)

Explore Nomad Foods

Deep dive 03: VEON (NASDAQ: VEON)

VEON raises its 2026 outlook as digital services reach more than a quarter of revenue

On Friday 6 November, VEON reported third-quarter revenue of US$1,307m, up 17.2% year on year (15.8% on a like-for-like basis, which strips out currency and similar effects). EBITDA was US$577m, up 10.1%, and net profit was US$225m, of which US$187m was attributable to VEON shareholders after deducting minority stakes in subsidiaries. The standout was digital services, which includes mobile financial services, where revenue rose 45.9% to US$355m, and now represents 27.2% of group revenue, up 5.4 percentage points in a year. On the back of this, VEON raised its 2026 outlook to revenue growth of 16% to 18% (from 15% to 18%) and EBITDA growth of 10% to 12% (from 9% to 12%), both in US dollars.

For a shareholder, the interest is the continued shift in the revenue profile of the group as faster-growing digital businesses become a bigger slice of a telecoms operator. The company also cancelled 1.08 million ADSs (1.5% of issued shares) on 20 October as part of a buyback that has now returned US$200m in total since August 2024. The balance: VEON earns almost all its revenue in local currencies but reports in US dollars, so devaluations in markets such as Pakistan, Ukraine or Bangladesh could hit reported results and its dollar-based outlook.

US$1,307m Q3 revenue (+17.2%) · US$355m digital revenue (+45.9%, 27.2% of group) · 16%–18% 2026 revenue growth outlook (raised)

Explore VEON

Also this week

Kyivstar: Third-quarter profit, and a raised outlook

On Friday 6 November Kyivstar reported third-quarter revenue of US$349m, up 17.5% in dollars, and EBITDA of US$189m, a margin of 54.0%. Net profit was US$99m, against a US$89m loss a year earlier that included a one-off US$162m non-cash listing charge, so the comparison flatters the swing. Digital services revenue grew 68.9% to US$76m. It raised its 2026 outlook to revenue growth of 15% to 17% in dollars (from 14% to 16%). More.

Marex: A record quarter

On Thursday 5 November Marex reported third-quarter revenue of US$743.2m, up 53% on a year earlier and a record, with adjusted profit before tax of US$176.1m, up 75%. It declared a dividend of US$0.16 a share, with a record date of 16 November and payment on 2 December. More.

Phoenix Copper: Bigger copper reserve at Empire

On Monday 2 November Phoenix Copper published an updated mineral reserve statement for its Empire project in Idaho: an open-pit reserve of 13.27 million tonnes containing about 118.8 million pounds of copper and 134,600 ounces of gold. That is 31.5% more ore than in the May 2024 statement. An updated feasibility study is to follow. A reserve is an estimate of what can be mined economically, not a mine in production. More.

Explainer: What is a share buyback?

A buyback is when a company uses its own cash to purchase some of its own shares from the market. Those shares are usually cancelled, so the same profits are shared among fewer shares, which can lift earnings per share even if the business itself does not grow. The balance: a buyback only helps if the shares are bought at a sensible price, it uses cash that could have gone elsewhere, and a company is usually not obliged to buy the full amount it announces.

See Super Group on CurationAI.

Happening this week (Mon 9 – Fri 13 November)

Monday 9 Nov: China consumer and producer price inflation for October (01:30 UK time). PPHC (Public Policy Holding Company) reports Q3 results after the US close, call at 21:30 UK time.

Tuesday 10 Nov: US consumer price inflation (CPI) for October, 13:30 UK time. Vodafone half-year results.

Wednesday 11 Nov: Conduit Holdings third-quarter trading update, 07:00 UK time, with an analyst presentation at 12:00.

Thursday 12 Nov: UK GDP first estimate for July to September, 07:00. The Metals Company third-quarter update call, 21:30 UK time. Cisco and Applied Materials report after the US close (calls at 21:30 UK time).

Friday 13 Nov: US producer price inflation (PPI) for October, 13:30 UK time.

From the Collective

AI’s build-out is being split into those who pay for it and those who supply it

This week’s Collective note argued that the market’s recent move out of AI has been described too simply as a search for safety. Its point is that the businesses investors have been buying instead are not all cheap or certain, and that the AI sell-off itself now has a political ingredient: worries about slower data-centre building are being priced in even though no customer has reported cutting orders. In effect, the market has started to separate the companies that spend on AI infrastructure from those that sell it, and the note’s conclusion is that investors need to be as demanding about the price of the alternatives as they are about AI.

Ecofin Global Utilities and Infrastructure Trust, a Curation Connect client, is one way to look at the other side of that story. It is an investment trust that holds utility and infrastructure companies, the kind of businesses whose fortunes are tied to how much power and physical infrastructure the economy needs. The balance: utilities have already had a strong run, so the question the note raises about price applies here too, and a trust’s shares can trade above or below the value of what it holds.

Ecofin Global Utilities and Infrastructure Trust on CurationAI.

Best Content Shared This Week

🎧 The $6.3bn Crypto Heist

Why Listen? This episode examines how North Korean hackers allegedly stole $6.3bn from Binance in just 20 minutes, exposing the vulnerabilities that remain beneath the rapidly growing cryptocurrency industry. Beyond the extraordinary scale of the reported theft, the discussion raises important questions about exchange security, custody, counterparty risk and whether the infrastructure protecting digital assets is keeping pace with institutional adoption. Listen here.

🎥 VEON: The Digital Transformation Accelerates

Why Watch? VEON’s latest results reinforce its transition from a traditional telecom operator into a digital platform business. Q3 revenue grew 17.2% to $1.3bn, while digital revenues increased 45.9% and now account for more than a quarter of group sales. CEO Kaan Terzioglu and CFO Burak Özer explain how the group is scaling its financial services, digital life and enterprise platforms profitably, with another guidance upgrade reflecting growing confidence in the strategy. Watch here.

New Showcases

Murray International Trust (LSE: MYI)

• Murray International Trust is a UK-listed investment trust managed by Aberdeen, investing in a diversified portfolio of global equities and fixed-income securities with a focus on delivering long-term capital growth and a growing income stream. Its internationally diversified approach provides exposure to established businesses across developed and emerging markets, offering investors a combination of dividend income, geographic diversification and long-term growth opportunities. Read more.

Aberdeen Asia Focus (LSE: AAS)

• Aberdeen Asia Focus is a UK-listed investment trust focused on smaller companies across Asia, excluding Japan, targeting businesses with strong management teams, competitive advantages and long-term growth potential. Managed by Aberdeen’s specialist Asian equities team, the trust provides exposure to under-researched companies benefiting from structural themes including rising domestic consumption, digitalisation and industrial development, offering investors access to opportunities often overlooked by larger institutional funds. Read more.

Nomad Foods (NYSE: NOMD)

• Nomad Foods is one of Europe’s leading frozen food companies, owning household brands including Birds Eye, Findus and iglo across major European markets. Its portfolio of established brands, extensive distribution network and strong cash generation provide exposure to the resilient frozen food category, while operational efficiencies, pricing discipline and shareholder returns underpin the investment case. With frozen food offering consumers an affordable, convenient alternative to fresh products, Nomad is positioned to benefit from long-term demand for value and convenience across European grocery markets. Read more.