Financial Data and Key Metrics Changes - The fourth quarter net asset value (NAV) decreased by $654 million compared to the third quarter, despite an 11% increase in fund performance for the quarter [4] - For the year, the funds were approximately flat including refining hedges and up 7% excluding refining hedges [5] - The company maintained a cash balance of approximately $750 million at year-end, which has since increased to over $1.2 billion [9] Business Line Data and Key Metrics Changes - Energy segment's adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, primarily due to low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The refining outlook remains optimistic due to limited global capacity expansions and new pipeline projects that should improve regional profitability [4] - The automotive segment is focusing on product, pricing, labor, and distribution strategy to enhance revenue [11] Company Strategy and Development Direction - The company is taking a more cautious view of the market, preferring defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit, indicating a stable approach to shareholder returns [10] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the medium-term refining outlook despite share price declines in CVI [4] - The company is focused on building asset value and maintaining liquidity to capitalize on opportunities [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - A new CEO was appointed for the Food Packaging segment to lead through a transformative period [12] Q&A Session Summary - No specific questions or answers were recorded in the provided content, indicating a lack of engagement during the Q&A segment [15][16]

Core Insights - Yangi has introduced a new dry-formed fibre tray for packaging meat, fish, deli items, and ready meals, utilizing its Cellera manufacturing platform for large-scale dry forming processes [1][4] - The trays are designed to maintain structure and durability during handling, compatible with modified atmosphere packaging (MAP) to meet food shelf-life requirements [2] - The trays are made from renewable virgin fibres, free from PFAS, and feature a functional laminate that can be adapted for recycling in existing paper systems [2][3] Product Features - Available in both bleached and unbleached versions, with sizes tailored to various requirements, supporting options like debossing and high-resolution digital printing [3] - The Cellera technology allows for shorter production cycles of four to six seconds and fewer manufacturing steps compared to traditional pulp moulding [3] - The trays have been tested for use in chilled, frozen, microwave, and oven applications [1] Environmental Impact - Yangi's dry-formed tray has an approximately 80% lower CO₂ impact compared to plastic alternatives, emphasizing its sustainability [4] - The product launch signifies a shift towards dry forming as a new benchmark in fibre-based packaging for producers and brands [4] Financial Background - Yangi completed a Series A funding round in September, raising €10 million ($11.7 million) to expand its fibre packaging production capacity [4]

原标题：十分钟再谈预制菜之十八——国标出台，预制菜"涨潮"，包装产业"弄潮"？ 一、一个盒子的远征 一位山东母亲从快递箱里取出从佛山寄来的"佛跳墙"预制菜礼盒。撕开保温袋，翻开硬质卡盒，掀开铝 箔封口，一盅鲍鱼海参，静静躺在定制瓷盅里。十五分钟后，金汤翻滚，满屋馥郁。 二、买椟还珠，从另一个角度是对还是错？ 两千年前，楚人卖珠，"为木兰之柜，熏以桂椒，缀以珠玉"。结果呢？郑人买其椟，还其珠。 韩非子讲这个故事，本意是讽喻世人舍本逐末。但站在今天往回看，我们会发现，那个楚人才是真正的 商业天才。因为他懂得，消费者打开包装之前，对产品全部的想象，都来自那个盒子。郑人不是蠢，他 是被那个盒子征服了。这个故事，对预制菜包装有啥启发？ 2026年，全球食品包装市场规模预计达4823.8亿美元，同比增长约5.5%。亚太地区以超过40%的份额成 为全球最大市场，中国是其中最大的引擎。 但这只是数字。数字背后，是每一天十几亿次的开箱体验，是每一餐饭从工厂到餐桌的漫长旅程，是每 一道预制菜从"能吃"到"好吃"的最后一道防线。 包装产业的价值，并不完全体现在产值规模上，也体现在风险控制能力上。如果没有可靠的包装结构， 冷链中的温 ...

一、一个盒子的远征 一位山东母亲从快递箱里取出从佛山寄来的"佛跳墙"预制菜礼盒。撕开保温袋，翻开硬质卡盒，掀开铝 箔封口，一盅鲍鱼海参，静静躺在定制瓷盅里。十五分钟后，金汤翻滚，满屋馥郁。 孩子问：妈，这盅留着吗？ 母亲说：留着。 那个印着品牌Logo的瓷盅，从年夜饭桌转移到茶几上，成了装瓜子的容器。几个月后，它可能会出现 在孩子的大学宿舍里，成了书桌上的笔筒。 一个瓷盅的远征，比一道菜走得更远。 这就是包装，以及它的力量。 二、买椟还珠，从另一个角度是对还是错？ 两千年前，楚人卖珠，"为木兰之柜，熏以桂椒，缀以珠玉"。结果呢？郑人买其椟，还其珠。 韩非子讲这个故事，本意是讽喻世人舍本逐末。但站在今天往回看，我们会发现，那个楚人才是真正的 商业天才。因为他懂得，消费者打开包装之前，对产品全部的想象，都来自那个盒子。郑人不是蠢，他 是被那个盒子征服了。 这个故事，对预制菜包装有啥启发？ 2026年，全球食品包装市场规模预计达4823.8亿美元，同比增长约5.5%。亚太地区以超过40%的份额成 为全球最大市场，中国是其中最大的引擎。 但这只是数字。 数字背后，是每一天十几亿次的开箱体验，是每一餐饭从工厂到餐桌的漫 ...

Core Viewpoint - Icahn Enterprises L.P. will hold a webcast to discuss its fourth quarter 2025 earnings results on February 25, 2026, at 10:00 a.m. Eastern Time [1] Group 1: Company Overview - Icahn Enterprises L.P. is a diversified holding company structured as a master limited partnership, operating in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [1] Group 2: Financial Information - The indicative net asset value of Icahn Enterprises was approximately $3.8 billion as of September 30, 2025, reflecting an increase of $567 million compared to June 30, 2025 [1]

Core Insights - General Mills, Inc. is recognized as one of the 12 Best Food Stocks to Buy in 2026 [1] - Deutsche Bank has raised its price target for General Mills from $50 to $51 while maintaining a Hold rating [2] - The company's second-quarter earnings exceeded analyst expectations, with net sales of $4.86 billion, surpassing projections of $4.78 billion [3] Financial Performance - For the quarter ending November 23, net sales fell by 7% to $4.86 billion, but this was above analyst expectations [3] - Adjusted earnings per share were reported at $1.10, exceeding the forecast of $1.03 [3] - The company confirmed its annual forecast, predicting a profit drop of 10% to 15% and organic net sales to range from a 1% gain to a 1% drop [3] Management Commentary - CEO Jeff Harmening noted improved momentum in the first half of the fiscal year but described the quarter as a turbulent operating environment [4]

Core Insights - Tetra Pak has restructured its executive leadership team, appointing five new executive vice-presidents effective December 1, 2025, all reporting to president and CEO Adolfo Orive [1] Group 1: New Appointments - Marco Dorna has been promoted to executive vice-president for market operations, having joined Tetra Pak in 2004 and held various commercial and leadership roles [1][2] - Tatiana Liceti has transitioned to executive vice-president for packaging solutions after serving as executive vice-president for market operations since 2021, with a tenure at Tetra Pak since 1998 [2][3] - Roberto Franchitti has been appointed executive vice-president for processing solutions and equipment, previously serving as executive vice-president for services since 2021 [3][4] - Ola Elmqvist takes over as executive vice-president for services, having previously held the role of executive vice-president for packaging solutions from 2021 [4][5] - Martin Scott has been named executive vice-president for sustainability and communications, previously serving as executive vice-president for communications since 2024 [5][6] Group 2: Initiatives and Collaborations - In November 2025, Tetra Pak and supermarket chain Mega Image initiated an eight-month pilot in Bucharest and Brașov, Romania, to collect used beverage and dairy cartons through reverse vending machines, collaborating with partners Maspex, Tomra, and Brai Cata [6]

Market Overview - The global food packaging market is projected to grow from USD 421.38 billion in 2025 to USD 548.51 billion by 2030, reflecting a CAGR of 5.4% driven by changing consumer habits, sustainability demands, and packaging innovations [1] Industry Drivers - The demand for convenience and processed foods is a major factor driving the food packaging industry, as urban lifestyles evolve and consumers seek quick and safe meal solutions [3] - E-commerce and food delivery platforms are reshaping packaging priorities, emphasizing durability, hygiene, shock resistance, and spill-proof designs [3] Packaging Segments - Rigid packaging remains essential due to its strength and reliability, with innovations like lightweighting and recyclable rigid polymers helping brands meet sustainability goals [4] - Bottles continue to dominate the food packaging sector, offering flexibility and resealability, with advancements in barrier coatings enhancing their performance [5] Regional Insights - Europe is a leader in the food packaging industry, known for its advanced manufacturing ecosystem and strict regulatory frameworks that set high standards for safety and sustainability [9] - The Asia Pacific region is the fastest-growing market, with China as the largest market and India as the fastest-growing, driven by changing lifestyles and increasing disposable income [10] Key Players - Major companies in the food packaging industry include Amcor Plc, Sealed Air, Mondi, Tetra Pak, and others, which are heavily investing in innovation and sustainable practices [11] Future Trends - The next five years will favor companies that embrace innovation, design for circularity, and align packaging with evolving lifestyle and environmental trends [12] - There is a growing focus on sustainable biobased polymers, tamper-evident closures, and lightweight designs to meet consumer expectations [13][14]

Core Points - Enzon Pharmaceuticals and Viskase Companies have amended their merger agreement, with Viskase merging into a subsidiary of Enzon in an all-stock transaction, resulting in Viskase stockholders owning 55% and Enzon stockholders owning 45% of the combined company [1][2][7] Summary by Sections Merger Agreement - The amendment reflects recent operational developments at Viskase and its expected near-term operations [1] - The merger will maintain Enzon's net operating losses and other tax benefits for the combined company [3] - The amendment was approved by the independent directors of both companies and their respective Boards of Directors [4] Financial Adjustments - The exchange ratio for Viskase stockholders has been adjusted so they will own 55% of the combined company [7] - Enzon will conduct a 1 for 100 reverse stock split prior to the merger [7] - The minimum cash requirement for Enzon at the closing of the merger has been reduced [7] Company Profiles - Enzon Pharmaceuticals is positioned as a public company acquisition vehicle, aiming to become an acquisition platform [5] - Viskase Companies produces non-edible casings for processed meat products and operates nine manufacturing facilities globally, selling products in nearly one hundred countries [8]

Core Insights - Georgia-Pacific has successfully acquired Anchor Packaging, a company specializing in rigid food containers and cling film, with the financial details of the transaction undisclosed [1] - The acquisition is expected to enhance Georgia-Pacific's growth potential through the integration of Anchor Packaging's assets and workforce [2][4] Company Overview - Georgia-Pacific operates various consumer brands including Angel Soft, Brawny, Dixie, enMotion, Quilted Northern, Sparkle, and Vanity Fair, and is based in Atlanta [4] - Anchor Packaging, now a wholly owned subsidiary of Georgia-Pacific, employs 1,250 people and has manufacturing sites in Arkansas and Wisconsin [3] Strategic Implications - The acquisition is anticipated to create a stronger supply chain and a broader product range, driven by innovation and improved customer service [4] - Fernando Gonzalez, president of Georgia-Pacific's Foodservice Solutions, expressed enthusiasm about the integration of Anchor Packaging's talented employees and operational efficiencies [2]