2026 Budget & Guidance - Development capital expenditures are budgeted between $180 million and $190 million[10] - The company forecasts average production between 39,000 and 41,000 barrels of oil equivalent per day (boe/d)[10] - Oil and liquids are expected to comprise approximately 81% of the production mix[10] - Adjusted Funds Flow (AFF) is projected to be between $325 million and $375 million, or $1.75 to $2.00 per share[10] - Free Funds Flow (FFF) is forecasted between $120 million and $170 million, or $0.65 to $0.95 per share, resulting in a free funds flow yield of 25% to 35%[10] - Net debt at the end of 2026 is estimated to be between $645 million and $695 million, with a net debt to adjusted EBITDA ratio of 1.4x to 1.7x[10] Sensitivity Analysis - A $5.00 change in WTI oil price is expected to impact AFF by approximately $50 million[13] - A 1,000 barrel per day change in oil production is projected to impact AFF by approximately $25 million[13] - A $0.01 change in the CAD/USD exchange rate is expected to impact AFF by approximately $8 million[13] - A $0.50 change in AECO gas price is projected to impact AFF by approximately $3 million[13] Development Program Highlights - Approximately 33% of the 2026 development capital is allocated to Open Hole Multi-Lateral (OHML) locations in Southeast Saskatchewan (SE SK)[9, 15] - The company plans for 32 OHML locations in 2026 and has identified over 300 OHML locations in SE SK[15] - The company plans for 23 conventional wells[19]

Financial Performance - Total revenue for fiscal year 2025 was $158.2 million, compared to $112.1 million in fiscal year 2024[31] - The net loss for fiscal year 2025 was $(191.4) million, compared to $(156.8) million in fiscal year 2024[31] - Adjusted EBITDA for fiscal year 2025 was $(74.4) million, compared to $(101.1) million in fiscal year 2024[31] - The company ended fiscal year 2025 with $341.8 million in total cash, restricted cash, and cash equivalents[10] - Backlog as of October 31, 2025, was $1.16 billion, compared to $1.19 billion as of October 31, 2024[34] Operational Highlights - The company is operating at a 41 MW per year annualized production rate as of October 31, 2025[10, 28] - The Torrington, CT factory has the potential to accommodate an estimated annualized production capacity of up to 350 MW per year with additional capital investments[10, 26] - The company commissioned 22 1.4-MW replacement fuel cell modules in fiscal year 2025 and expects to commission 14 more in fiscal year 2026 for Gyeonggi Green Energy (GGE)[39] Strategic Focus - The company is focusing on a data center strategy, leveraging AI-driven demand for new opportunities[9] - The company's systems do not require utility interconnection when operating in off-grid mode and are a durable baseload alternative[12] - The company emphasizes potential margin expansion through higher production utilization and sustained cost discipline in fiscal year 2026[10]

Financial Performance - Q1 Fiscal Year 2026 - Organic ASV (Annual Subscription Value)增长5.9%[7]，达到23.9亿美元[19] - 调整后的营业利润率为36.2%[7] - 调整后的摊薄每股收益为4.51美元[7] - 营收为6.08亿美元，同比增长6.9%[26]；有机营收为6.00亿美元，同比增长6.0%[26, 38] - 调整后的营业收入为2.20亿美元，同比增长3.0%[26] - 调整后的净利润为1.70亿美元，同比增长0.9%[26] Key Operational Metrics - 客户ASV保留率超过95%[24] - 用户数量达到239,863，同比增长10%[24] - 客户保留率为91%，比2025年第一季度上升约30个基点[24] - ASV大于1万美元的客户数量为9,003，同比增长9%[24] Growth by Global Segments and Firm Type - 美洲地区的ASV为15.57亿美元，增长6%[20] - 欧洲、中东和非洲地区（EMEA）的ASV为5.88亿美元，增长4%[20] - 亚太地区的ASV为2.45亿美元，增长8%[20] - 机构买方的ASV为11.57亿美元，增长4%[20] - Dealmakers的ASV为4.56亿美元，增长6%[20] - 财富管理的ASV为3.74亿美元，增长10%[20] - 市场基础设施的ASV为4.03亿美元，增长7%[20] Fiscal Year 2026 Guidance - 有机ASV增长预计为1亿至1.5亿美元，约占4.2%至6.2%[32] - 营收预计为24.23亿至24.48亿美元[32] - GAAP营业利润率预计为29.5%至31.0%[32] - 调整后的营业利润率预计为34.0%至35.5%[32] - GAAP摊薄每股收益预计为14.55美元至15.25美元[32] - 调整后的摊薄每股收益预计为16.90美元至17.60美元[32]

Leadership Transition - David McCreight was announced as Interim President & CEO, and Thomas Folliard as Interim Executive Chair, effective December 1, 2025[6] - Former Chief Executive Officer, Bill Nash, stepped down from his position and as a member of the Board effective December 1, 2025[9] Q3 2026 Financial Performance - Net earnings per share decreased by 24.7% year-over-year to $0.64[24, 27] - Total gross profit decreased by 12.9% year-over-year to $590.0 million[24] - SG&A expense increased by 1.0% year-over-year to $581.4 million[24] - CarMax Auto Finance (CAF) income increased by 9.3% year-over-year to $174.7 million[27] Sales Performance - Total vehicles bought decreased by 11.7% year-over-year to 238,000 units[24] - Retail used unit sales decreased by 6.2% year-over-year[24] - Wholesale unit sales decreased by 9.0% year-over-year[24] Capital Allocation - The company repurchased $201.6 million in shares of common stock[17]

Transaction Overview - TMTG will merge with TAE in an all-stock transaction, aiming to create a pro forma company capitalized to fund a utility-scale fusion plant and grow media and technology franchises[5] - The transaction is expected to close in mid-2026, pending customary closing conditions and shareholder approval[5] - Post-merger, TMTG/TAE are expected to own approximately 50% each on a fully diluted basis[6] - TMTG has agreed to provide up to $200 million in cash to TAE, with an additional $100 million available upon initial filing of the Form S-4[6] Pro Forma Company Strategy - The pro forma company aims to deliver clean, affordable, and reliable fusion energy, targeting utility-scale power generation with plants scaled to 350-500 MWe[8, 9] - The company plans to advance TAE's proprietary technology, which is considered safe, deployable, and reliable for baseload power to meet AI-driven demand[7, 9] - The company intends to construct its first utility-scale 50 MWe fusion power plant, with site location and construction commencing in 2026, targeting initial power operations in 2031[21] Financials and Leadership - The pro forma company will have $3.1 billion of financial assets on its balance sheet as of Q3 2025[28] - TAE has raised $1.3 billion in private capital to date[7, 25] - The pro forma company will be governed by a nine-member board, with a majority being independent, including Devin Nunes, Michl Binderbauer, Donald J Trump Jr, and Michael B Schwab (Chairman)[6, 7] TAE Technology and Innovation - TAE has a 27-year history of fusion research, having built five fusion reactors to date[6, 7, 19] - TAE has over 400 employees, including 62 Ph Ds, and has been granted over 1,600 patents[7] - TAE is targeting fusion-generated electricity by 2031, with future commercial power plants expected to be sized at 350-500 MWe[11, 20]

MICVO Monotherapy Efficacy - MICVO monotherapy demonstrated a validated efficacy signal in 2L+ R/M HNSCC, with a 46% confirmed ORR and a 92% DCR (n=13, 5.4 mg/kg)[4] - In the Phase 1 monotherapy dose expansion study at 5.4 mg/kg, Arm 1 (post-PD1/post-Platinum) showed a 60% confirmed ORR (N=5)[32] - Arm 2 (post-PD1/post-EGFRi) in the monotherapy study showed a 25% confirmed ORR (N=4), exceeding the PI benchmark of 20%+[32] - MICVO monotherapy at 5.4 mg/kg demonstrated clear activity with deep responses and exceptional disease control[35] MICVO + KEYTRUDA® Combination Efficacy - MICVO combined with KEYTRUDA® showed a promising emerging efficacy profile in 1L/2L+ R/M HNSCC, with a 71% confirmed ORR and 100% DCR (n=7, 3.6 mg/kg & 4.4 mg/kg)[4] MICVO Safety and Tolerability - MICVO at 5.4 mg/kg in R/M HNSCC showed no Grade 4 or Grade 5 ADC payload TRAEs of interest[40] - Initial data supports a lack of overlapping toxicities observed between MICVO and KEYTRUDA®[52] Market and Clinical Development - FDA aligned on a 2L+ monotherapy pivotal trial design for MICVO[4] - The US R/M HNSCC market is large, growing, and relatively uncrowded, making it ripe for innovation[17] - Projected 2029 US market data shows a significant number of drug-treatable patients, with ~31K in 1L, ~21K in 2L, and ~8K in 3L[18]

Lasofoxifene (Metastatic Breast Cancer) - The global metastatic ER+/HER2- breast cancer market is expected to grow from approximately $10.9 billion in 2025 to roughly $15.9 billion by 2029[23] - Lasofoxifene, combined with abemaciclib, demonstrated a potential best-in-class median Progression-Free Survival (PFS) of 13 months in a heavily pre-treated mESR1 population in the Phase 2 ELAINE-2 trial[26, 27, 50] - In the ELAINE-1 Phase 2 study, lasofoxifene delivered a median PFS of 24.2 weeks compared to 16.2 weeks with fulvestrant in ESR1-mutant breast cancer[48] - Approximately 70% of all breast cancers are ER+/HER2- subtype[23, 32] - Lasofoxifene reduced new onset breast cancer by 83% in a large prevention trial[30] - The ELAINE-3 registrational Phase 3 trial is ongoing, with topline results expected in mid-2027 and over 50% enrollment[16, 17, 57, 138, 139] - Assuming approximately 10% market penetration, lasofoxifene has a peak market sale potential of over $1 billion in the US market[81] ATH-1105 (ALS) - Approximately 225,000 people globally are affected by ALS, with roughly 33,000 cases in the US[98] - ATH-1105 is a CNS-penetrant positive modulator of HGF as a potential treatment for ALS[103] - A Phase 2 POC study in ALS is planned to start in the first half of 2026, with topline results expected in 2027[18, 19, 140, 141] Financial - A PIPE financing of up to $236 million, including $90 million upfront, provides cash runway through data readout and into 2028[137]

Financial Performance - Total sales reached $3.1 billion, reflecting a 7.3% increase[10] - Same-restaurant sales grew by 4.3%[10] - Adjusted EBITDA amounted to $466 million[10] - Adjusted diluted net earnings per share from continuing operations were $2.08[10] Margin Analysis - Food and beverage expenses accounted for 31.1% of sales, a decrease of 90 basis points compared to the prior year[13] - Restaurant labor expenses represented 32.2% of sales, a decrease of 10 basis points compared to the prior year[13] - Restaurant expenses accounted for 16.4% of sales, a decrease of 10 basis points compared to the prior year[13] - Marketing expenses accounted for 1.6% of sales, an increase of 10 basis points compared to the prior year[13] Fiscal Year 2026 Outlook - The company projects total sales growth of 8.5% to 9.3%, which includes approximately 2% total sales growth for the extra week[19, 20] - Same-restaurant sales growth is expected to be between 3.5% and 4.3%[19] - Adjusted diluted net earnings per share are projected to be $10.50 to $10.70[19]

1 Investment Highlights Worthington Steel Investor Presentation | December 2025 Safe Harbor Statement Selected statements contained in this release constitute "forward-looking statements," as that term is used in the Private Securities Litigation Reform Act of 1995 (the "Act"). The Company wishes to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect the Company's current expectations, estimates or projections concerning future results or events. These statem ...

Financial Performance - Enerpac Tool Group's Q1 FY26 net sales were $144 million, a decrease of 0.7% compared to $145 million in Q1 FY25[8] - Organic sales decreased by 2.4% overall[8] - Adjusted EBITDA was $32.4 million, a 5.7% decrease compared to $34.3 million in Q1 FY25[13] - Adjusted EPS was $0.36, a 10% decrease compared to $0.40 in Q1 FY25[13] - Gross margin was 50.7%, a decrease of 70 basis points year-over-year[13] - Adjusted SG&A was 29.8% of sales, an increase of 80 basis points year-over-year[13] Segment Performance - IT&S product sales grew organically by 4%[6,8] - IT&S service sales decreased organically by 26.3%[8] - Cortland Biomedical sales grew organically by 27.3%[8] Regional Performance (IT&S) - Americas region experienced 5% organic growth[9] - EMEA region experienced a 10% organic decline[9] - APAC region experienced an 8% organic decline[9] FY26 Guidance - Net sales are projected to be between $635 million and $655 million, with organic growth of approximately 1-4%[22] - Adjusted EBITDA is expected to be between $158 million and $168 million[23] - Adjusted EPS is projected to be between $1.85 and $2.00[23]