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Research Alert: Lumen Technologies Beats On Revenue, Set To Acquire Alkira For $475m

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Lumen Technologies reported Q1 2026 results with total revenue declining to $2.899B (-9% Y/Y) and diluted loss per share of $0.20, flat vs. the prior year, though excluding special items the loss widened to $0.47 from $0.13. The quarter marked a historic milestone as Strategic revenue reached 51% of business revenue at $1.246B (+9%), officially surpassing Legacy revenue of $1.198B (-14%) for the first time. This validates the transformation strategy, with strong NaaS momentum showing 25% Q/Q customer growth and a 32% increase in services sold. Management completed the Mass Markets divestiture generating $4.977B and announced the Alkira acquisition to accelerate digital capabilities. The company raised 2026 free cash flow guidance to $1.9B-$2.1B from $1.2B-$1.4B, reflecting divestiture proceeds. We expect business revenue to inflect to growth in 2028 as Strategic revenues become dominant, and we will look for NaaS adoption metrics as leading indicators of digital transformation progress.

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Research Alert: Ifc Q1: Combined Ratio Holds At 91.3%, Noips Rises 8%

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:IFC reported NOIPS of CAD4.33 per share, up 8% Y/Y and above consensus of CAD4.06, while diluted EPS reached CAD4.12, increasing 12% Y/Y and exceeding expectations of CAD3.69. The combined ratio held at 91.3%, matching prior year levels, as operating direct premiums written grew 4% to CAD5.6B with Canada up 5%, UK&I up 2%, and US up 4%. As the laggard in our insurance coverage with -15% 1-year share price performance, we consider NOIPS and BVPS growing 8%-13% and the combined ratio remaining sub-92% constructive performance. The company expects full-year investment income of approximately CAD1.7B. Canada segment improved with a 89.3% combined ratio, while UK&I deteriorated to 103.2% due to catastrophe losses and large claims. Operating ROE climbed 290 bps to 19.4%, while total capital margin expanded to CAD4.0B, up CAD916M from prior year. The strengthened balance sheet increasingly provides capacity for acquisitions and share repurchases.

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