Financial Performance Highlights - Fourth quarter sales reached $752 million, a 1% increase year-over-year, inclusive of divestiture[7] - Adjusted EPS for the fourth quarter was $3.03, a 9% increase year-over-year, hitting the high-end of guidance[7] - Fiscal year 2025 saw record sales of $2.8 billion, a 4% increase year-over-year[9] - Adjusted EPS for fiscal year 2025 increased by 5% year-over-year, exceeding the midpoint of earnings targets[9] - Record EBITDA of $900 million was achieved in fiscal year 2025[9, 35] Cash Flow and Capital Allocation - Record fourth quarter Free Cash Flow (FCF) of $194 million, resulting in a strong FCF conversion of 128%[7] - Fiscal year 2025 free cash flow reached $661 million, with a conversion rate of 136%[9, 42] - Approximately $300 million was allocated to share repurchases in fiscal year 2025[9] Segment Performance - Medical and Fluid Solutions (MFS) sales increased by 10% in the fourth quarter, reaching $220 million[22] - Industrial Precision Solutions (IPS) sales were $362 million, a decrease of 2%[17] - Advanced Technology Solutions (ATS) sales were $171 million, a decrease of 4%[28] Future Outlook - Fiscal year 2026 sales are projected to grow by 1% to 6%[53] - Adjusted earnings are expected to grow by 6% to 12% in fiscal year 2026[53]

To Acquire Grasshopper Bank Creating a Leading Digital Bank December 11, 2025 © Enova International, Inc. Notices and Disclaimers Non-GAAP Financial Information In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States ("GAAP"), Enova International, Inc. ("Enova") provides historical non-GAAP financial information. Enova presents non-GAAP financial information because such measures are used by management in understanding the activities ...

Zealand Pharma's Strategic Vision - Zealand Pharma aims to redefine obesity care and build a generational biotech company in metabolic health[7, 18] - The company plans to launch 5 products in 5 years and have 10+ clinical programs in metabolic health by 2030[19] - Key catalysts include Survodutide Phase 3 obesity data in 2029/2030 and Petrelintide Phase 2 data and Phase 3 initiation[20] Addressing Obesity and Metabolic Health - Over 1 billion people are living with obesity today, requiring a civilization-scale health shift[9] - The GLP-1 revolution has changed expectations, proving obesity is drug treatable and resetting expectations for patients, systems, and markets[10, 11] - By 2030, an estimated 50% of adults globally are expected to live with overweight or obesity[40] - Only ~3% of eligible people in the U S are treated with GLP-1s, and ~12% of Americans have been exposed to GLP-1s[45] Survodutide's Potential - Survodutide, a glucagon/GLP-1 dual agonist, offers coordinated regulation of energy expenditure and energy intake[100] - In a Phase 2 trial, Survodutide dose-dependently reduced body weight by up to 18 7% in 46 weeks[106] - Survodutide also demonstrated breakthrough liver fibrosis improvement in MASH in a Phase 2 trial[128] Petrelintide as a Foundational Therapy - Petrelintide, a long-acting amylin analog, is designed for high-quality, durable weight loss and can be used stand-alone or in combination with CT-388 (GLP-1/GIP)[13] - Petrelintide holds the potential to deliver ~15–20% weight loss with a benign tolerability profile[231] - A Phase 2 trial with Petrelintide/CT-388 is planned for initiation in H1 2026[240]

December 11, 2025 New York City Forward-Looking Statements This presentation includes forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, potential uses of cash and capital allocat ...

Strategy and Focus - The company aims to enhance competitiveness and drive value creation by focusing on strategic levers such as pulp capacity expansions in Latin America and Asia, and the acceleration of new integrated capacity in China[5, 7, 10] - A key strategic goal is deleveraging towards a net debt/adjusted EBITDA ratio of less than 2.5x[10] - The company is focusing on extracting value from previous capital allocation decisions and accelerating the fiber-to-fiber (F2F) strategy[10] - The company is implementing cost reduction initiatives, aiming for R$80 million to R$115 million in total cost reduction by 2026[101] Pulp & Paper Market Dynamics - The market for BHKP (Bleached Hardwood Kraft Pulp) is experiencing organic growth, with a CAGR of +2.1% expected from 2024 to 2029, increasing from 41.4 Mt to 45.9 Mt[14, 17] - BHKP is gaining market share in BCP (Bleached Chemical Pulp), with an estimated 700 kt of F2F demand in 2025[20] - New confirmed BHKP integrated capacity is projected to reach 6.0 Mt between 2025 and 2029[29] Financial Management - The company is adopting a more conservative approach towards its net debt target, aiming for a net debt/adjusted EBITDA ratio of less than 2.5x[149] - The company has successfully issued debt in 2025 below its bond curve, with the 2036 bond achieving the company's lowest G-Spread ever[150] - The company is protecting cash flow exposure against FX risk through a consistent hedging policy[156]

Transaction Overview - OCI and Orascom Construction are combining to form a single Abu Dhabi-listed entity named "Orascom", with a secondary listing in Egypt[20] - OCI will receive 97,201,359 new Orascom Construction shares, resulting in approximately 47% ownership of Orascom Construction post-deal[20] - OCI shareholders will receive 04634 Orascom Construction shares for every 1 OCI share[20] Strategic Rationale and Value Creation - The combined entity aims to create a scalable infrastructure platform, delivering recurring sustainable income and strong returns by integrating concessions, EPC, and financing expertise[5] - The platform has a proven investment track record generating 39% IRR since 1999[7] - OCI realized over $116 billion in gross proceeds from divestments between 2023-2025 and has returned ~$7 billion to shareholders since 2022[29] - Orascom Construction's backlog reached $86 billion in 9M 2025, an 8% year-over-year growth[31] Market Positioning and Growth - Orascom Construction's 9M 2025 revenue was $34 billion, a 47% year-over-year growth, with EBITDA of $224 million, a 98% year-over-year growth[31] - The combined entity is strategically positioned to benefit from mega trends in infrastructure, water, energy, and mobility[17] - Weitz Company, acquired by Orascom Construction in 2012, has quadrupled its backlog and experienced a 58% CAGR in data centers[48] BESIX Group - OC acquired 50% of BESIX in 2004 for EUR 1875 million and has since received cumulative dividends of approximately EUR 280 million[57] - BESIX Group's backlog reached EUR 72 billion in 9M 2025[54]

Ambition 2025 Achievements and Future Targets - Munich Re exceeded its Ambition 2025 targets, achieving a Return on Equity (RoE) of approximately 18% in 2025, surpassing the initial target of 14-16%[5, 6, 32] - The company's total shareholder return from January 2021 to November 2025 was 171%[14] - Munich Re aims for a RoE greater than 18%, EPS growth greater than 8%, and a total payout ratio greater than 80% under Ambition 2030[45, 50] - The company targets a Solvency II ratio greater than 200% under Ambition 2030[45, 50] Financial Strategy and Ambition 2030 - Munich Re plans to improve profitability by seizing profitable growth opportunities, enhancing yield through active investment management, improving cost efficiency, and further increasing capital return[32] - The company expects annual primary cost savings of approximately €200 million to €600 million from 2026 to 2030 through cost-saving initiatives[54, 55] - Munich Re intends to gradually increase debt leverage towards a level of approximately 15% to improve capital efficiency without jeopardizing its target rating[71, 76] - The company introduces a new Solvency II ratio target with a lower bound of 200%, replacing the previous optimal range of 175-220%[79] Business Segment Outlook - ERGO aims for a combined ratio of 87-89% in Germany and 86-88% internationally by 2030[159] - Reinsurance targets a combined ratio of 79-83% for P&C and a total technical result of €24 billion-€27 billion for L&H by 2030[53] - GSI (Global Specialty Insurance) aims for a combined ratio of 87-90% by 2030[53] Climate and DEI Ambitions - Munich Re aims to achieve net-zero emissions by 2050 for its investments and (re)insurance businesses[36] - The company plans to reduce emissions intensity in investments by 12-20% by 2030[36] - Munich Re is committed to phasing out thermal coal investments and insurance by 2040[36]

Financial Performance & Targets - Schneider Electric achieved a revenue CAGR of +7% from 2019 to 2024 [5], reaching €38.2 billion in 2024 [5] - The company drove superior profitability growth with an adjusted EBITA CAGR of +11% from 2019 to 2024 [7], reaching €7.1 billion in 2024 [7] - Schneider Electric aims for organic revenue growth between +7% to +10% CAGR from 2025 to 2030 [165] - The company targets an adjusted EBITA margin organic expansion of +250bps cumulatively from 2026 to 2030 [166] - Schneider Electric expects a free cash flow conversion of ~100% of net income (Group share) from 2026 to 2030 [166] Digital Transformation & Innovation - The "Digital Flywheel" represented 60% of Group revenues in H1 2025 [8], with a target of >70% by 2030 [107] - Schneider Electric plans to increase software and services to approximately 25% of Group revenues by 2030 [107] - The company is committed to R&D, with a cash spend of approximately 7% of revenues [105] Market Positioning & Strategy - Schneider Electric estimates a potential addressable market of €600 billion+ by 2030, with a CAGR of +6% to +7% from 2025-2030 [151] - The company is focused on technology leadership, customer differentiation, and operational excellence [170]

DOUG CLARK Good afternoon and thank you for joining us. With me on the call today are Shantanu Narayen, Adobe's Chair and CEO, David Wadhwani, President of Digital Media, Anil Chakravarthy, President of Digital Experience, and Dan Durn, Executive Vice President and CFO. 1 On this call, which is being recorded, we will discuss Adobe's fourth quarter and fiscal year 2025 financial results. You can find our press release, as well as PDFs of our prepared remarks and financial results, on Adobe's Investor Relati ...

Corporate Overview for Investors December 2025 Forward-Looking Statements This presentation contains forward-looking statements, including, but not limited to, statements regarding Synopsys, Inc.'s (Synopsys, we or our) short-term and long-term financial targets, expectations and objectives; our businesses, business segments, strategies, partnerships, initiatives and opportunities, including, among other things, the reallocation of resources in our Design IP segment to higher growth opportunities and planne ...