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TWIN DISC INC

TWIN
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Business Summary

Twin Disc designs, manufactures and sells marine and heavy-duty off-highway power transmission equipment, with manufacturing locations in the United States, Belgium, Canada, Finland, Italy, the Netherlands, and Switzerland, and distribution locations in Belgium, Singapore, China, Australia, New Zealand, and Japan. The company sells its products primarily to the pleasure craft, commercial, and military marine markets, as well as the energy and natural resources, government, military, and industrial markets. The products have accounted for more than 90% of revenues in each of the last three fiscal years. The industry is highly competitive, with competition based on design, technology, performance, price, service, and availability, and the company also competes with parts manufacturing divisions of some of its major customers.

The company's top ten customers accounted for approximately 36% and 35% of consolidated net sales during fiscal 2026 and 2025, respectively, and no individual customer accounted for 10% of consolidated net sales in either year. The company faces direct widespread competition, including from divisions of larger independent manufacturers, and its competitive position is supported by its patents, which are collectively important but not individually essential. The company's continued success is attributed to its talent, fostered through a culture shaped by core values of customer focus, integrity, accountability, teamwork, and innovation.

The company generates revenue by designing, manufacturing, and selling marine and heavy-duty off-highway power transmission equipment, transacting worldwide sales through a direct sales force and a distributor network. Revenue is primarily transactional, derived from product sales across marine transmissions, azimuth drives, surface drives, propellers, boat management systems, power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches, controls systems, and braking systems. The company's customer base is diversified across pleasure craft, commercial, military marine, energy, natural resources, government, and industrial markets.

The company's marine transmission and propulsion systems product line, which includes marine transmissions, azimuth drives, surface drives, propellers, and boat management systems, saw net sales increase 13.2% in fiscal 2026, driven by strong market conditions, global growth of the Veth product, the full-year addition of the Kobelt product line, and improved military demand. The off-highway transmission market experienced an 11.9% year-over-year increase, attributed primarily to increased global demand for energy-related products. Industrial products increased 11.0%, driven by stronger demand in North American construction and recycling markets and the full-year addition of the Kobelt product line.

On February 14, 2025, the company completed the acquisition of 100% of the outstanding common stock of Kobelt Manufacturing Co. Ltd., a manufacturer of controls, propulsion, steering, and braking systems for the marine, oil and gas, and industrial markets. The acquisition contributed approximately $7.6 million of incremental revenue in fiscal 2026. The company also refinanced its credit agreement on June 30, 2026, entering into a new Credit Agreement with Bank of Montreal and JPMorgan Chase Bank, N.A., which provided Term Loans of $30,000,000 and a Revolving Credit Commitment of $60,000,000. The company did not purchase any shares under its Board-authorized stock repurchase program during fiscal 2026, with 315,000 shares remaining authorized for purchase.

Net sales for fiscal 2026 increased 11.9%, or $40.5 million, to $381.3 million from $340.7 million in fiscal 2025. Gross profit increased $8.6 million, or 9.2%, to $102.6 million, with gross profit as a percentage of sales decreasing 70 basis points to 26.9%. Net earnings were impacted by a $23.9 million release of valuation allowance, of which $16.4 million was recognized as an income tax benefit, contributing to an effective tax rate of (102.8%). The company's backlog of orders scheduled for shipment during the next six months was $178.3 million at June 30, 2026, compared to $150.5 million at June 30, 2025.

Business Outlook

The company expects capital expenditures to be approximately $23 million - $27 million in fiscal 2027, reflecting plans to invest in modern equipment to drive growth, efficiencies, quality improvements, and cost reductions. In fiscal 2027, the company expects to contribute $2.0 million to its defined benefit pension plans, the minimum contribution required. Postretirement medical claims are anticipated to be $0.6 million in fiscal 2027 based on actuarial estimates.

The company's primary growth vector is the Veth propulsion operation in the Netherlands, which experienced a 16.4% increase in sales in fiscal 2026, driven by growing demand through market and geographic penetration for its innovative propulsion solutions. The Katsa operation in Finland experienced a 30.8% increase, with acceleration in demand from European military applications. The Swiss manufacturing operation, supplying customized propellers for the global mega yacht and patrol boat markets, experienced a 45.9% increase in sales, primarily due to collaboration with Veth driving improved pleasure craft demand.

The company is pursuing growth through the full-year inclusion of the Kobelt product line, which contributed approximately $7.6 million of incremental revenue in fiscal 2026, and through growing global military demand for both marine and industrial products. The company's backlog of orders scheduled for shipment during the next six months increased to $178.3 million at June 30, 2026, approximately 18.5% higher than the prior year, led by continued growth in demand for the Veth product and the addition of Kobelt backlog of $2.8 million.

Gross profit as a percentage of sales decreased 70 basis points in fiscal 2026 to 26.9%, impacted by a less favorable product mix of approximately $1.2 million, primarily related to reduced aftermarket demand and growth in lower margin products, and diluted by approximately 50 basis points due to the invoicing of tariffs with no margin ($1.9 million). The remaining increase of $1.9 million was the result of price realization, cost reduction efforts, improved productivity, and other adjustments. Marketing, engineering, and administrative expenses decreased to 22.2% of sales versus 24.2% of sales in fiscal 2025.

The company expects to continue to generate enough cash from operations, as well as its credit facilities, to meet its operating and investing needs. Management believes that available cash, the Credit Agreement, the unsecured lines of credit, cash generated from future operations, and potential access to debt markets will be adequate to fund the company's cash and capital requirements for the foreseeable future. The company expects trade receivables to continue to move with revenue and will continue to focus on driving inventory reductions through fiscal 2027.

The company's capital allocation priorities include investing in capital expenditures of approximately $23 million - $27 million in fiscal 2027, contributing $2.0 million to its defined benefit pension plans, and paying dividends, with $2.7 million paid in fiscal 2026. The company has 315,000 shares remaining under its authorized stock repurchase plan and did not purchase any shares during fiscal 2026. The company anticipates that it will continue to pay comparable cash dividends in the future, though the declaration and payment of future dividends are subject to the discretion of the Board of Directors.

The company faces headwinds from currency fluctuations, particularly between the U.S. dollar and the euro, which could adversely affect profitability. The cyclical nature of the global oil and gas market presents the ongoing possibility of a severe cutback in demand, which would create a significant adverse effect on sales of products used in oil exploration and drilling. Tariffs, trade restrictions, and changes in trade policy could increase cost of sales, reduce availability of raw materials, disrupt supply chains, and adversely affect demand for products.

The company's international sales and operations are subject to risks including political and social attitudes favoring local companies, currency exchange rate fluctuations, global trade issues, differing legal systems, and varying labor and tax regulations. The company's profitability is dependent in part on commodity costs, and increasing commodity costs, including steel, other raw materials, and energy, could have an adverse effect on future profitability. The company could be affected by shortages of raw castings and forgings if the global demand for steel rises significantly.

Risk Factors

The company's profitability is subject to currency fluctuations, particularly between the U.S. dollar and the euro, as a significant portion of its sales and operating costs are realized in euros and other foreign currencies. Sales to customers outside the United States approximated 72% of consolidated net sales for fiscal 2026, exposing the company to risks including political instability, trade disputes, and varying regulations. The cyclical nature of the global oil and gas market presents the ongoing possibility of a severe cutback in demand, which would adversely affect sales of products used in oil exploration and drilling. The company's ability to service its debt depends on generating sufficient cash flow, and failure to meet financial covenants under its credit agreement could require forbearance or alternative financing. The company carries a significant amount of intangible assets from the Kobelt acquisition, which may never be fully realized and could result in non-cash impairment charges.

Management Priorities

Management's message emphasizes the company's strong fiscal 2026 performance, with net sales increasing 11.9% to $381.3 million, driven by strong growth in the Veth product, growing global military demand, and generally strong market conditions. Management highlights the successful integration of the Kobelt acquisition, which contributed approximately $7.6 million of incremental revenue, and the release of the U.S. valuation allowance, reflecting sustained profitability and a three-year cumulative income position. Strategic priorities for the period ahead include investing in modern equipment to drive growth and efficiencies, with capital expenditures expected to be approximately $23 million - $27 million in fiscal 2027, and continuing to focus on driving inventory reductions through fiscal 2027.

View Source Annual Report on SEC.gov ↗

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  505. [505] Item 1, Business
  506. [506] Item 1, Business
  507. [507] Item 1, Business
  508. [508] Item 1, Business
  509. [509] Item 1, Business
  510. [510] Item 1, Business
  511. [511] Item 1, Business
  512. [512] Item 1, Business
  513. [513] Item 1, Business
  514. [514] Item 1, Business
  515. [515] Item 1, Business
  516. [516] Item 1, Business
  517. [517] Item 1, Business
  518. [518] Item 1, Business
  519. [519] Item 1, Business
  520. [520] Item 1, Business
  521. [521] Item 1, Business
  522. [522] Item 1, Business
  523. [523] Item 1, Business
  524. [524] Item 1, Business
  525. [525] Item 1, Business
  526. [526] Item 1, Business
  527. [527] Item 1, Business
  528. [528] Item 1, Business
  529. [529] Item 1, Business
  530. [530] Item 1, Business
  531. [531] Item 1, Business
  532. [532] Item 1, Business
  533. [533] Item 1, Business
  534. [534] Item 1, Business
  535. [535] Item 1, Business
  536. [536] Item 1, Business
  537. [537] Item 1, Business
  538. [538] Item 1, Business
  539. [539] Item 1, Business
  540. [540] Item 1, Business
  541. [541] Item 1, Business
  542. [542] Item 1, Business
  543. [543] Item 1, Business
  544. [544] Item 1, Business
  545. [545] Item 1, Business
  546. [546] Item 1, Business
  547. [547] Item 1, Business
  548. [548] Item 1, Business
  549. [549] Item 1, Business
  550. [550] Item 1, Business
  551. [551] Item 1, Business
  552. [552] Item 1, Business
  553. [553] Item 1, Business
  554. [554] Item 1, Business
  555. [555] Item 1, Business
  556. [556] Item 1, Business
  557. [557] Item 1, Business
  558. [558] Item 1, Business
  559. [559] Item 1, Business
  560. [560] Item 1, Business
  561. [561] Item 1, Business
  562. [562] Item 1, Business
  563. [563] Item 1, Business
  564. [564] Item 1, Business
  565. [565] Item 1, Business
  566. [566] Item 1, Business
  567. [567] Item 1, Business
  568. [568] Item 1, Business
  569. [569] Item 1, Business
  570. [570] Item 1, Business
  571. [571] Item 1, Business
  572. [572] Item 1, Business
  573. [573] Item 1, Business
  574. [574] Item 1, Business
  575. [575] Item 1, Business
  576. [576] Item 1, Business
  577. [577] Item 1, Business
  578. [578] Item 1, Business
  579. [579] Item 1, Business
  580. [580] Item 1, Business
  581. [581] Item 1, Business
  582. [582] Item 1, Business
  583. [583] Item 1, Business
  584. [584] Item 1, Business
  585. [585] Item 1, Business
  586. [586] Item 1, Business
  587. [587] Item 1, Business
  588. [588] Item 1, Business
  589. [589] Item 1, Business
  590. [590] Item 1, Business
  591. [591] Item 1, Business
  592. [592] Item 1, Business
  593. [593] Item 1, Business
  594. [594] Item 1, Business
  595. [595] Item 1, Business
  596. [596] Item 1, Business
  597. [597] Item 1, Business
  598. [598] Item 1, Business
  599. [599] Item 1, Business
  600. [600] Item 1, Business
  601. [601] Item 1, Business
  602. [602] Item 1, Business
  603. [603] Item 1, Business
  604. [604] Item 1, Business
  605. [605] Item 1, Business
  606. [606] Item 1, Business
  607. [607] Item 1, Business
  608. [608] Item 1, Business
  609. [609] Item 1, Business
  610. [610] Item 1, Business
  611. [611] Item 1, Business
  612. [612] Item 1, Business
  613. [613] Item 1, Business
  614. [614] Item 1, Business
  615. [615] Item 1, Business
  616. [616] Item 1, Business
  617. [617] Item 1, Business
  618. [618] Item 1, Business
  619. [619] Item 1, Business
  620. [620] Item 1, Business
  621. [621] Item 1, Business
  622. [622] Item 1, Business
  623. [623] Item 1, Business
  624. [624] Item 1, Business
  625. [625] Item 1, Business
  626. [626] Item 1, Business
  627. [627] Item 1, Business
  628. [628] Item 1, Business
  629. [629] Item 1, Business
  630. [630] Item 1, Business
  631. [631] Item 1, Business
  632. [632] Item 1, Business
  633. [633] Item 1, Business
  634. [634] Item 1, Business
  635. [635] Item 1, Business
  636. [636] Item 1, Business
  637. [637] Item 1, Business
  638. [638] Item 1, Business
  639. [639] Item 1, Business
  640. [640] Item 1, Business
  641. [641] Item 1, Business
  642. [642] Item 1, Business
  643. [643] Item 1, Business
  644. [644] Item 1, Business
  645. [645] Item 1, Business
  646. [646] Item 1, Business
  647. [647] Item 1, Business
  648. [648] Item 1, Business
  649. [649] Item 1, Business
  650. [650] Item 1, Business
  651. [651] Item 1, Business
  652. [652] Item 1, Business
  653. [653] Item 1, Business
  654. [654] Item 1, Business
  655. [655] Item 1, Business
  656. [656] Item 1, Business
  657. [657] Item 1, Business
  658. [658] Item 1, Business
  659. [659] Item 1, Business
  660. [660] Item 1, Business
  661. [661] Item 1, Business
  662. [662] Item 1, Business
  663. [663] Item 1, Business
  664. [664] Item 1, Business
  665. [665] Item 1, Business
  666. [666] Item 1, Business
  667. [667] Item 1, Business
  668. [668] Item 1, Business
  669. [669] Item 1, Business
  670. [670] Item 1, Business
  671. [671] Item 1, Business
  672. [672] Item 1, Business
  673. [673] Item 1, Business
  674. [674] Item 1, Business
  675. [675] Item 1, Business
  676. [676] Item 1, Business
  677. [677] Item 1, Business
  678. [678] Item 1, Business
  679. [679] Item 1, Business
  680. [680] Item 1, Business
  681. [681] Item 1, Business
  682. [682] Item 1, Business
  683. [683] Item 1, Business
  684. [684] Item 1, Business
  685. [685] Item 1, Business
  686. [686] Item 1, Business
  687. [687] Item 1, Business
  688. [688] Item 1, Business
  689. [689] Item 1, Business
  690. [690] Item 1, Business
  691. [691] Item 1, Business
  692. [692] Item 1, Business
  693. [693] Item 1, Business
  694. [694] Item 1, Business
  695. [695] Item 1, Business
  696. [696] Item 1, Business
  697. [697] Item 1, Business
  698. [698] Item 1, Business
  699. [699] Item 1, Business
  700. [700] Item 1, Business
  701. [701] Item 1, Business
  702. [702] Item 1, Business
  703. [703] Item 1, Business
  704. [704] Item 1, Business
  705. [705] Item 1, Business
  706. [706] Item 1, Business
  707. [707] Item 1, Business
  708. [708] Item 1, Business
  709. [709] Item 1, Business
  710. [710] Item 1, Business
  711. [711] Item 1, Business
  712. [712] Item 1, Business
  713. [713] Item 1, Business
  714. [714] Item 1, Business
  715. [715] Item 1, Business
  716. [716] Item 1, Business
  717. [717] Item 1, Business
  718. [718] Item 1, Business
  719. [719] Item 1, Business
  720. [720] Item 1, Business
  721. [721] Item 1, Business
  722. [722] Item 1, Business
  723. [723] Item 1, Business
  724. [724] Item 1, Business
  725. [725] Item 1, Business
  726. [726] Item 1, Business
  727. [727] Item 1, Business
  728. [728] Item 1, Business
  729. [729] Item 1, Business
  730. [730] Item 1, Business
  731. [731] Item 1, Business
  732. [732] Item 1, Business
  733. [733] Item 1, Business
  734. [734] Item 1, Business
  735. [735] Item 1, Business
  736. [736] Item 1, Business
  737. [737] Item 1, Business
  738. [738] Item 1, Business
  739. [739] Item 1, Business
  740. [740] Item 1, Business
  741. [741] Item 1, Business
  742. [742] Item 1, Business
  743. [743] Item 1, Business
  744. [744] Item 1, Business
  745. [745] Item 1, Business
  746. [746] Item 1, Business
  747. [747] Item 1, Business
  748. [748] Item 1, Business
  749. [749] Item 1, Business
  750. [750] Item 1, Business
  751. [751] Item 1, Business
  752. [752] Item 1, Business
  753. [753] Item 1, Business
  754. [754] Item 1, Business
  755. [755] Item 1, Business
  756. [756] Item 1, Business
  757. [757] Item 1, Business
  758. [758] Item 1, Business
  759. [759] Item 1, Business
  760. [760] Item 1, Business
  761. [761] Item 1, Business
  762. [762] Item 1, Business
  763. [763] Item 1, Business
  764. [764] Item 1, Business
  765. [765] Item 1, Business
  766. [766] Item 1, Business
  767. [767] Item 1, Business
  768. [768] Item 1, Business
  769. [769] Item 1, Business
  770. [770] Item 1, Business
  771. [771] Item 1, Business
  772. [772] Item 1, Business
  773. [773] Item 1, Business
  774. [774] Item 1, Business
  775. [775] Item 1, Business
  776. [776] Item 1, Business
  777. [777] Item 1, Business
  778. [778] Item 1, Business
  779. [779] Item 1, Business
  780. [780] Item 1, Business
  781. [781] Item 1, Business
  782. [782] Item 1, Business
  783. [783] Item 1, Business
  784. [784] Item 1, Business
  785. [785] Item 1, Business
  786. [786] Item 1, Business
  787. [787] Item 1, Business
  788. [788] Item 1, Business
  789. [789] Item 1, Business
  790. [790] Item 1, Business
  791. [791] Item 1, Business
  792. [792] Item 1, Business
  793. [793] Item 1, Business
  794. [794] Item 1, Business
  795. [795] Item 1, Business
  796. [796] Item 1, Business
  797. [797] Item 1, Business
  798. [798] Item 1, Business
  799. [799] Item 1, Business
  800. [800] Item 1, Business
  801. [801] Item 1, Business
  802. [802] Item 1, Business
  803. [803] Item 1, Business
  804. [804] Item 1, Business
  805. [805] Item 1, Business
  806. [806] Item 1, Business
  807. [807] Item 1, Business
  808. [808] Item 1, Business
  809. [809] Item 1, Business
  810. [810] Item 1, Business
  811. [811] Item 1, Business
  812. [812] Item 1, Business
  813. [813] Item 1, Business
  814. [814] Item 1, Business
  815. [815] Item 1, Business
  816. [816] Item 1, Business
  817. [817] Item 1, Business
  818. [818] Item 1, Business
  819. [819] Item 1, Business
  820. [820] Item 1, Business
  821. [821] Item 1, Business
  822. [822] Item 1, Business
  823. [823] Item 1, Business
  824. [824] Item 1, Business
  825. [825] Item 1, Business
  826. [826] Item 1, Business
  827. [827] Item 1, Business
  828. [828] Item 1, Business
  829. [829] Item 1, Business
  830. [830] Item 1, Business
  831. [831] Item 1, Business
  832. [832] Item 1, Business
  833. [833] Item 1, Business
  834. [834] Item 1, Business
  835. [835] Item 1, Business
  836. [836] Item 1, Business
  837. [837] Item 1, Business
  838. [838] Item 1, Business
  839. [839] Item 1, Business
  840. [840] Item 1, Business
  841. [841] Item 1, Business
  842. [842] Item 1, Business
  843. [843] Item 1, Business
  844. [844] Item 1, Business
  845. [845] Item 1, Business
  846. [846] Item 1, Business
  847. [847] Item 1, Business
  848. [848] Item 1, Business
  849. [849] Item 1, Business
  850. [850] Item 1, Business
  851. [851] Item 1, Business
  852. [852] Item 1, Business
  853. [853] Item 1, Business
  854. [854] Item 1, Business
  855. [855] Item 1, Business
  856. [856] Item 1, Business
  857. [857] Item 1, Business
  858. [858] Item 1, Business
  859. [859] Item 1, Business
  860. [860] Item 1, Business
  861. [861] Item 1, Business
  862. [862] Item 1, Business
  863. [863] Item 1, Business
  864. [864] Item 1, Business
  865. [865] Item 1, Business
  866. [866] Item 1, Business
  867. [867] Item 1, Business
  868. [868] Item 1, Business
  869. [869] Item 1, Business
  870. [870] Item 1, Business
  871. [871] Item 1, Business
  872. [872] Item 1, Business
  873. [873] Item 1, Business
  874. [874] Item 1, Business
  875. [875] Item 1, Business
  876. [876] Item 1, Business
  877. [877] Item 1, Business
  878. [878] Item 1, Business
  879. [879] Item 1, Business
  880. [880] Item 1, Business
  881. [881] Item 1, Business
  882. [882] Item 1, Business
  883. [883] Item 1, Business
  884. [884] Item 1, Business
  885. [885] Item 1, Business
  886. [886] Item 1, Business
  887. [887] Item 1, Business
  888. [888] Item 1, Business
  889. [889] Item 1, Business
  890. [890] Item 1, Business
  891. [891] Item 1, Business
  892. [892] Item 1, Business
  893. [893] Item 1, Business
  894. [894] Item 1, Business
  895. [895] Item 1, Business
  896. [896] Item 1, Business
  897. [897] Item 1, Business
  898. [898] Item 1, Business
  899. [899] Item 1, Business
  900. [900] Item 1, Business
  901. [901] Item 1, Business
  902. [902] Item 1, Business
  903. [903] Item 1, Business
  904. [904] Item 1, Business
  905. [905] Item 1, Business
  906. [906] Item 1, Business
  907. [907] Item 1, Business
  908. [908] Item 1, Business
  909. [909] Item 1, Business
  910. [910] Item 1, Business
  911. [911] Item 1, Business
  912. [912] Item 1, Business
  913. [913] Item 1, Business
  914. [914] Item 1, Business
  915. [915] Item 1, Business
  916. [916] Item 1, Business
  917. [917] Item 1, Business
  918. [918] Item 1, Business
  919. [919] Item 1, Business
  920. [920] Item 1, Business
  921. [921] Item 1, Business
  922. [922] Item 1, Business
  923. [923] Item 1, Business
  924. [924] Item 1, Business
  925. [925] Item 1, Business
  926. [926] Item 1, Business
  927. [927] Item 1, Business
  928. [928] Item 1, Business
  929. [929] Item 1, Business
  930. [930] Item 1, Business
  931. [931] Item 1, Business
  932. [932] Item 1, Business
  933. [933] Item 1, Business
  934. [934] Item 1, Business
  935. [935] Item 1, Business
  936. [936] Item 1, Business
  937. [937] Item 1, Business
  938. [938] Item 1, Business
  939. [939] Item 1, Business
  940. [940] Item 1, Business
  941. [941] Item 1, Business
  942. [942] Item 1, Business
  943. [943] Item 1, Business
  944. [944] Item 1, Business
  945. [945] Item 1, Business
  946. [946] Item 1, Business
  947. [947] Item 1, Business
  948. [948] Item 1, Business
  949. [949] Item 1, Business
  950. [950] Item 1, Business
  951. [951] Item 1, Business
  952. [952] Item 1, Business
  953. [953] Item 1, Business
  954. [954] Item 1, Business
  955. [955] Item 1, Business
  956. [956] Item 1, Business
  957. [957] Item 1, Business
  958. [958] Item 1, Business
  959. [959] Item 1, Business
  960. [960] Item 1, Business
  961. [961] Item 1, Business
  962. [962] Item 1, Business
  963. [963] Item 1, Business
  964. [964] Item 1, Business
  965. [965] Item 1, Business
  966. [966] Item 1, Business
  967. [967] Item 1, Business
  968. [968] Item 1, Business
  969. [969] Item 1, Business
  970. [970] Item 1, Business
  971. [971] Item 1, Business
  972. [972] Item 1, Business
  973. [973] Item 1, Business
  974. [974] Item 1, Business
  975. [975] Item 1, Business
  976. [976] Item 1, Business
  977. [977] Item 1, Business
  978. [978] Item 1, Business
  979. [979] Item 1, Business
  980. [980] Item 1, Business
  981. [981] Item 1, Business
  982. [982] Item 1, Business
  983. [983] Item 1, Business
  984. [984] Item 1, Business
  985. [985] Item 1, Business
  986. [986] Item 1, Business
  987. [987] Item 1, Business
  988. [988] Item 1, Business
  989. [989] Item 1, Business
  990. [990] Item 1, Business
  991. [991] Item 1, Business
  992. [992] Item 1, Business
  993. [993] Item 1, Business
  994. [994] Item 1, Business
  995. [995] Item 1, Business
  996. [996] Item 1, Business
  997. [997] Item 1, Business
  998. [998] Item 1, Business
  999. [999] Item 1, Business
  1000. [1000] Item 1, Business

Analysis on 9/4/2026