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Core Insights - Consumer spending is shifting towards services as spending on goods softens, indicating a deliberate spending posture and a slower pace of overall growth in the U.S. economy [1][5] Economic Indicators - Personal income rose by 0.3% month over month in December, while personal consumption expenditures increased by 0.4%. Disposable income growth matched November's 0.3% gain, but wages and salaries only expanded by 0.2%, the slowest increase since June [3][4] - Real GDP grew at an annualized rate of 1.4% in the fourth quarter of 2025, down from 4.4% in the third quarter, marking the slowest year-end growth since 2018. For the full year, GDP increased by 2.2% [8][12] Consumer Behavior - Spending on goods declined by 0.1% in December, the first drop in six months, while services expenditures rose by 0.7%. Durable goods were the weakest category, falling by 0.3% [4] - Households are reallocating their spending towards services such as housing, healthcare, travel, and dining, while discretionary goods purchases are showing signs of constraint [5] Labor Market Insights - The Labor Economy workers, earning $25 per hour or less, represent over one-third of U.S. employees and account for 15.1% of total U.S. spending, equivalent to more than $1.7 trillion annually [6] - Only 29.4% of Labor Economy workers expect their financial situation to improve by 2026, while nearly half anticipate unchanged pay and rising monthly expenses [7] Consumer Sentiment - Consumer sentiment improved slightly in February, with the University of Michigan's final sentiment index rising by 0.4% from January. However, the February reading remains 12.5% below its year-ago level [13][14] - Nearly 46% of consumers cited high prices as a strain on personal finances, although inflation expectations eased modestly [14] Credit and Spending Behavior - Credit usage, particularly Buy Now Pay Later (BNPL) options, remains a structural component of household cash-flow management, especially among younger consumers [15][16] - In December, 25% of bridge millennials used BNPL, a 56% increase from November, indicating that BNPL is becoming a recurring budget infrastructure for specific cohorts [16]

Financial Data and Key Metrics Changes - Full year 2025 adjusted EBITDA reached $77 million, an 11-fold increase over 2024, translating into $65 million in cash flow from operations [3][13] - Q4 gross profit was $91 million, resulting in an 81% gross margin, while Q4 adjusted EBITDA was $23 million, a 21% margin [5][15] - Statutory surplus at the reciprocal grew approximately $50 million year-over-year, ending 2025 at $155 million, a 47% increase [6][11] Business Line Data and Key Metrics Changes - Insurance services revenue for Q4 was $75.7 million, contributing 67% to total revenue, with an 86% gross margin [15][16] - Software and Data segment revenue was $22.3 million, a 3% increase year-over-year, while Consumer Services revenue was $16.6 million, a 2% increase [17][18] - Reciprocal written premium (RWP) for Q4 was $126 million, exceeding expectations, with a significant increase in new customer additions [4][28] Market Data and Key Metrics Changes - The number of active agencies more than doubled year-over-year, with quote volumes increasing nearly 3x compared to the previous year [25][26] - New business premiums in November increased 61% compared to the January to October average, with December seeing a further 104% increase [6][27] Company Strategy and Development Direction - The company aims for $600 million in organic reciprocal written premium for 2026, representing a 25% growth rate, supported by increased agency and quote volumes [4][22] - Porch Insurance was launched in Texas, providing a unique product that includes additional coverages and services, enhancing agent incentives [7][52] - The company focuses on building a data-driven underwriting advantage, which has resulted in strong loss ratios and profitability [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 targets, citing strong momentum in new customer acquisition and improved conversion rates [4][34] - The company noted that the competitive landscape is shifting towards independent agents, which aligns with its distribution strategy [82] Other Important Information - The company authorized a $2.5 million share repurchase program, reflecting confidence in its financial position [21] - The 2026 guidance includes expectations for revenue growth of 13%-17%, with adjusted EBITDA projected between $98 million to $105 million [22] Q&A Session Questions and Answers Question: Can you provide insight into the pricing actions taken to drive acceleration and the flexibility for future pricing adjustments? - Management indicated that there is significant margin in the system, allowing for targeted pricing adjustments to drive conversion rates without dramatic changes [39][40] Question: How should the RWP to EBITDA conversion be viewed as the company scales RWP? - The company highlighted strong operating discipline, maintaining fixed operating expenses while increasing revenue, which supports improved EBITDA conversion rates [42][43] Question: What is the outlook for the competitive landscape and how does it impact the business? - Management noted a shift from in-house agents to independent agents, which is beneficial for the company as it works primarily with independent agents [82]

Q4 2025 Earnings Presentation February 11, 2026 Copyright 2026 Porch Group, Inc. All rights reserved Disclaimers Financial Targets Porch is providing guidance and targets for future periods in this presentation, based on current market conditions, assumptions, and expectations as of the date of this presentation. Actual results may vary due to a number of factors, and there is no guarantee that we will be able to achieve these results. Please refer to the below for important disclaimers and a description of ...

Economic Growth - The U.S. economy showed a better-than-expected growth performance in Q3, with a real GDP annualized growth rate of 4.4%, marking the fastest growth in nearly two years [1] - This growth is supported by strong exports and a reduction in the drag from inventory, contributing to the strongest consecutive quarters of growth since the recovery from the COVID-19 pandemic in 2021 [1] Key Metrics - GDP growth was reported at +4.4%, slightly above the prior estimate of +4.3% [2] - Consumer spending increased by 3.5%, with service spending growing at the fastest rate in three years and goods spending accelerating compared to the previous quarter [3] - Business investment rose by 3.2%, driven by sustained growth in computer equipment spending and record-high investments in data centers for artificial intelligence infrastructure [3] Labor Market and Inflation - Initial jobless claims remain low, indicating a robust labor market [3] - The preferred inflation measure of the Federal Reserve, the PCE price index excluding food and energy, rose by 2.9% in Q3, consistent with previous data [3] Trade and Consumer Behavior - Despite fluctuations in trade policy, consumer and business spending have remained resilient, providing support to the economy [2] - Economists are focusing on the "private domestic final sales" metric, which grew by 2.9% in Q3, indicating steady domestic demand [3]

Summary of the Investor Presentation | Asia Pacific Industry Overview - The presentation focuses on the Asia Emerging Markets (EM) equity strategy for 2026, emphasizing a robust approach amid rising multipolar world risks [1][3]. Core Insights and Arguments - **Market Positioning**: The recommendation is to maintain tight market-risk positions with a slight preference for Japan over Emerging Markets (EM) in 2026 [8]. - **Volatility Expectations**: High volatility is anticipated to persist throughout 2026, with a significant reduction in upside to base case targets following strong market rallies in December and early January [8]. - **Stock Selection**: Emphasis on stock selection through GEM, APxJ, China, Japan, and Thematic Focus Lists to generate Alpha in uncertain market conditions [8]. - **Valuation Concerns**: There are concerns regarding high valuations and rising geopolitical risks in Asia, despite attractive opportunities in core Morgan Stanley thematics [8]. - **Japan's Fiscal Sustainability**: The risks related to fiscal sustainability in Japan are considered overstated, with the Yen viewed as undervalued. Earnings estimate revisions for Japan are among the strongest in the coverage universe [8]. - **China's Economic Outlook**: A moderately constructive view on China is maintained, particularly regarding AI exposure, with expectations that reflation will not become evident until 2027 [8]. - **Country Recommendations**: - Overweight (OW) positions in India, Brazil, UAE, and Singapore. - Underweight (UW) positions in Saudi Arabia, Indonesia, and Taiwan, with a positive outlook on India's cyclical recovery as 2026 progresses [8]. Financial Metrics and Projections - **Earnings and Valuations**: - The base-case earnings and valuations for December 2026 show a preference for Japan, with the TOPIX index target set at 3,600, reflecting a 2% decrease from the current price of 3,656 [9]. - The MSCI EM index target is set at 1,400, indicating a 6% decrease from the current price of 1,485 [9]. - The MSCI APxJ index target is 730, a 4% decrease from the current price of 759 [9]. - **Earnings Per Share (EPS) Projections**: - TOPIX EPS for fiscal years 2025, 2026, and 2027 are projected at ¥185 (+9%), ¥198 (+7%), and ¥225 (+14%) respectively [11]. - Consensus EPS for the same periods are ¥188 (+10%), ¥201 (+7%), and ¥224 (+11%) [11]. Additional Important Insights - **Market Allocation**: Current active allocations show a slight overweight in Japan and India, while underweight positions are noted in Saudi Arabia and Indonesia [30]. - **Sector Preferences**: Core overweight positions are recommended in Financials, Consumer Discretionary/E-commerce, and Industrials (Defense), while Energy is underweighted [8]. - **Long-term Trends**: The presentation indicates a wide bear to bull price target range for 2026, reflecting ongoing structural trends in the market [13]. This summary encapsulates the key points from the investor presentation, highlighting the strategic outlook for Asia EM equities in 2026, along with specific recommendations and financial projections.

Core Viewpoint - iShares Global Consumer Discretionary ETF (RXI) provides diversified exposure to companies reliant on discretionary spending, capturing both traditional brands and digital platforms, with a growth-cyclical profile sensitive to various economic factors [1] Group 1: Investment Strategy - RXI targets sectors such as retail, apparel, autos, consumer services, online commerce, and select durable goods, reflecting a broad spectrum of consumer discretionary spending [1] - The ETF's turnover is systematic, aimed at maintaining representative coverage as consumer preferences and retail formats evolve [1] - Investors can expect factor tilts towards momentum and growth during economic expansions, with a potential shift towards quality when market leaders consolidate their share [1] Group 2: Portfolio Utility - RXI can serve as a cyclical satellite for expressing a global consumer thesis, a factor-completion sleeve to enhance growth exposure, or a tactical overlay during shifts in consumption and interest rates [1] - It is suitable for macro-aware allocators looking to time cyclical tilts and long-horizon investors seeking diversified access to global consumer trends [1] Group 3: Market Conditions - Supportive market conditions for RXI include falling real yields and improving consumer confidence, while it may underperform during economic downturns or defensive rotations [1] - A key risk to monitor is the sensitivity to consumer-cycle drawdowns and high exposure to dominant sub-industries [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **US Economics** sector, focusing on the **3Q GDP** performance and its components, particularly the impact of **AI spending** and trade dynamics on economic growth. Core Insights and Arguments - **Real GDP Growth**: The real GDP rose by **4.3% quarter-over-quarter annualized rate** in 3Q, surpassing both the internal estimate of **3.0%** and the consensus estimate of **3.3%** [1][21] - **Consumption Contribution**: Consumption increased by **3.5%**, contributing approximately one-third of the GDP upside, with goods spending up **3.1%** and services spending up **3.7%** [1][5] - **Net Exports**: Net exports contributed **1.6 percentage points** to GDP growth, with exports rising by **8.8%** and imports falling by **4.7%** [1][4] - **AI Spending**: AI-related expenditures accounted for nearly all the increase in capital expenditures, contributing **0.2 percentage points** to real GDP growth, although this was offset by imports of AI-related capital goods [1][8] - **Inflation Metrics**: Core PCE prices rose by **2.9%**, aligning with expectations, while headline PCE was at **2.8%** [1][4][7] Additional Important Insights - **Personal Income Trends**: Real disposable personal income saw a minimal increase of **0.05%**, indicating a slowdown compared to the first half of the year, with the saving rate dropping from **5.0%** in 2Q to **4.2%** in 3Q [1][6] - **Software Spending Fluctuations**: The contribution of software spending to GDP growth was affected by significant price swings, with real spending reported at **19%** in 1Q, **27%** in 2Q, and only **3%** in 3Q [1][9] - **Residential Investment Decline**: Real residential investment fell by **5.1%** in 3Q, marking the third consecutive quarter of decline [1][19] - **Trade Dynamics**: The trade sector showed strength, particularly in exports of aircraft, computers, and business services, which surged significantly [1][20] Conclusion - The conference call highlighted a robust economic performance in 3Q driven by strong consumption and trade, while also noting the complexities introduced by AI spending and inflation dynamics. The data suggests potential challenges ahead, particularly in personal income growth and residential investment trends.

Core Insights - U.S. consumer spending increased by 0.6% in August, surpassing expectations and indicating economic resilience as households engaged in leisure activities [4][6] - The economy has retained momentum from the previous quarter, supported by low layoffs and strong business demand for equipment, suggesting limited likelihood of interest rate cuts by the Federal Reserve [2][4] - Job growth has stagnated due to trade policy uncertainty and immigration restrictions, impacting the labor market [3] Consumer Spending Details - Consumer spending, which constitutes over two-thirds of economic activity, rose 0.6% in August following a 0.5% increase in July, exceeding the forecast of 0.5% [4][6] - Spending on services, including transportation, dining, and recreation, increased by 0.5%, while goods outlays surged by 0.8% [5][6] - High-income households are driving consumption, supported by a robust stock market and elevated home prices, with household wealth reaching a record $176.3 trillion in Q2 [7] Economic Indicators - The report indicates stronger income growth in 2024 and some months of the current year, attributed to rising equities and housing prices, benefiting higher-income households [8]

Summary of MSCI China 2Q25 Earnings Review Industry Overview - The report focuses on the **MSCI China** and **A-shares** performance during the second quarter of 2025 (2Q25) - It highlights the earnings results of various sectors within the Chinese equity market Key Findings MSCI China Performance - **Earnings Results**: MSCI China reported earnings in line with consensus forecasts, with a weighted surprise of **+2.7%** and a miss by number of companies of **-2.7%** [2][26] - **Comparison to 1Q25**: The results showed a similar trend to 1Q25, which had a miss of **-3.8%** by number of companies and a weighted surprise of **+3.1%** [2][26] A-Shares Performance - **Earnings Results**: A-shares missed consensus forecasts by number of companies by **-13.8%**, but were in line by weighted surprise at **+0.2%** [3][26] - **Comparison to 1Q25**: This represents a softening compared to 1Q25, which had a miss of **-4.8%** by number of companies and a weighted surprise of **+3.3%** [3][26] Revenue Performance - **MSCI China and A-shares**: Both indices missed consensus revenue estimates by number of companies but posted in-line results by weighted surprise [4][44] - **Cost Control**: The better revenue trends were attributed to improved cost-control measures and self-help strategies [4] Sector Performance - **Strong Performers**: - **Communication Services** and **Financials** led with solid earnings beats [5][26] - **Pharma & Biotech** and **Materials** saw strong returns with earnings upgrades, with gains above **20%** [6] - **Weak Performers**: - **Onshore Real Estate** and **Utilities** posted net earnings misses by both weighted surprise and number of companies [5] Market Returns - **Overall Returns**: MSCI China delivered a **13%** return from end-June to September 9, while MSCI China A onshore gained **15%** [6][18] - **Sector Returns**: Notable sectors with returns above **20%** included Consumer Staples Retailing, Pharma & Biotech, and Semiconductors [15][18] Earnings Revisions - **Upward Revisions**: Sectors such as **Pharma & Biotech**, **Materials**, and **Tech** saw upward revisions to 2025 consensus EPS estimates [6][16] - **Downward Revisions**: The **Semiconductors** sector experienced downward earnings revisions [6][16] Notable Contributors - **Key Contributors to Earnings Beats**: - **Communication Services**: Mango Excellent Media and Giant Network [28] - **Consumer Discretionary**: PDD, XPENG, and TCOM [28] - **Financials**: BOC and CCB [28] - **Key Drags on Earnings**: - **Consumer Staples**: China Feihe, China Mengniu, and Yanghe Brewery [28] - **Energy**: ShaanXi Coal and Yankuang Energy [28] Revenue Surprises - **Aggregate Revenue Miss**: Reported revenue missed consensus by number of companies by **-12.5%**, an improvement from **-16.6%** in 1Q25 [45] - **Sector-Level Revenue Beats**: Only **Communication Services** and **Real Estate** posted beats by number of companies [45] Conclusion - The earnings season for 2Q25 showed mixed results across sectors, with some outperforming expectations while others fell short. The overall market demonstrated resilience with positive returns, but challenges remain in specific sectors, particularly in revenue generation.