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For our last edition of the year, I spoke to Magnum’s finance chief Abhijit Bhattacharya about the ice cream company’s carve-out from Unilever and its plans to boost capex and growth in 2026. The The Magnum Ice Cream Co., as the new entity is known, started trading as a separate company earlier this month. It plans to increase revenue by 3% to 5% next year, a little faster than the overall market. Being a standalone company allows Magnum to allocate more resources toward capital expenditures, have a more targeted salesforce and focus on product innovation, said Bhattacharya, who previously served as the finance chief of health technology firm Philips.

2025 is on track to become one of the best for global M&A since at least 1995, with deal values expected to hit $4.8 trillion, up 36% from the prior year. Finance chiefs I spoke with expect that momentum to continue. Here’s why.

The growing income divide is prompting executives to think about pricing and product mix. Plus, Itau Unibanco’s Gabriel Moura on the Brazilian economy, rates and the upcoming elections.

Just 10 years ago, London ranked among the top five stock markets around the world to take a company public. Fast forward to today, and London has become an afterthought for many executives, CFOs say. Plus: IAG’s Nicholas Cadbury talks about his capital allocation strategy, managing maintenance costs and the motivation behind the company’s pursuit of TAP.

Finance chiefs talk about their role in shaping core changes at their businesses. Plus, UBS’s Todd Tuckner on integrating Credit Suisse, Swiss tariffs and capital requirements.

Public benefit corporations give executives significant leeway to balance the goals of shareholders, other stakeholders and what they perceive to be the greater good. Plus, Hengan’s CFO on why Chinese consumers want higher-quality diapers.

Many executives view the tax changes as a positive that may accelerate investments. Plus, Heineken’s CFO talks about Gen-Zs, beer and “growth without capex.”

What’s the return on investment for AI? While some companies already provide specific metrics – for example quantifying the annual savings their business generates with AI tools – others have been more hesitant to put a number on it as they continue to test different applications.

First Brands continues to make headlines. Finance executives I spoke with in recent days see the blowup as an isolated case, which nevertheless could lead banks and other finance providers to reassess their relationships, or even scale back certain activities.

“When you look at the S&P 500, you have to make two calls,” says one analyst. Plus, an interview with Strategy’s Andrew Kang.