Adjusted EBITDA grew 5%, exceeding the top end of the outlook, with margins improving 200 basis points sequentially.
Adjusted EPS was $1.36, meeting expectations despite higher depreciation and amortization expenses.
Banking EBITDA margin contracted 70 basis points due to an $8 million bad debt charge; Capital Markets margin contracted 50 basis points due to acquisition-related dilution.
Banking revenue grew 6%, above the high end of guidance, driven by commercial excellence and strong client retention.
Capital Markets revenue grew 5%, slightly below expectations due to temporary slowdown in loan syndication activity.
FIS delivered 5% revenue growth in Q2 2025, accelerating from 4% in Q1, driven primarily by momentum in the Banking segment.
Free cash flow was $292 million with a cash conversion rate of 52% in Q2, and 61% year-to-date, improving from 53% prior year.
Leverage increased modestly to 3x, or 2.9x excluding currency impacts, with a long-term target of 2.8x.
Recurring revenue represented 81% of total revenue, growing 6% overall with 7% growth in Banking recurring revenue.
Refined Guidance Due to Product Launch Delays and Macroeconomic Factors
Updated full-year organic revenue growth guidance to approximately 10%, down from the initial 10-12% range, due to longer-than-expected product launches and macroeconomic conditions.
The delay in realizing benefits from strategic initiatives is primarily due to timing, not product quality issues.
Management remains confident in capturing full strategic and financial benefits despite the extended timeline.
Americold reported Q2 2025 AFFO per share of $0.36, with first half performance largely in line with expectations.
Net debt stood at $3.9 billion with liquidity of approximately $937 million; net debt to pro forma core EBITDA was about 6.3x.
Rent and storage revenue from fixed commitment contracts remained at 60%, maintaining the record set in Q1 2025.
Same-store economic occupancy declined slightly in Q2, reflecting ongoing demand headwinds and a lack of typical seasonal uplift.
Same-store rent and storage revenue per economic occupied pallet increased approximately 1% year-over-year, while warehouse services revenue per throughput pallet increased by 4%.
Three planned exits of idled facilities generated $20 million in cash proceeds; minority interest in SuperFrio joint venture was exited for $28 million.
Brandywine Realty Trust reported a second quarter net loss of $89 million or $0.51 per share, including $63.4 million in impairments in the Austin portfolio.
Capital ratio improved to 4.1%, below the 2025 business plan range, due to capital control and construction efficiencies.
Deferred tenant improvement costs recognized were $5.5 million or $0.03 per share in CAD ratio; accrued but unpaid preferred dividends were $3.8 million or $0.02 per share.
Development projects incurred $0.14 per share of negative carry, including $0.10 per share in noncash preferred charges.
FFO contribution from unconsolidated joint ventures was negative $5.8 million, impacted by higher concessions at Solaris House during lease-up.
FFO for the quarter was $26.1 million or $0.15 per diluted share, meeting consensus estimates.
Interest expense was $0.5 million less than forecast due to capitalized interest.
Mark-to-market was 2.1% on a GAAP basis and negative on a cash basis, with increased guidance ranges based on executed leases.
Second quarter occupancy was 88.6% with 91.1% leased; Philadelphia occupancy was 93.5% and Austin occupancy improved due to asset sales.
Dafinchi