Financial Performance and Growth - Clover Health is positioned for 2026 GAAP Net Income profitability [9] - The company anticipates a greater than $70 Per Member Per Month (PMPM) revenue tailwind from a 4-Star rating and favorable rate update [26] - Clover Health experienced a +53% year-over-year (YoY) growth in Medicare Advantage membership, up from +27% in 2025 [11] - Clover Health expects to deliver FY26 GAAP Net Income Profitability, benefiting from 4 Stars, strong retention, stable benefits, and industry pullback [47] Clinical Model and Technology - Clover Assistant (CA) is a key component, with models trained to support improved clinical outcomes [20] - Counterpart Health (CPH) is rapidly expanding with +450% YoY customer users, scaling alongside the growing MA profit engine [37] - Clover Health's Medicare Advantage PPO plans received a score of 4.72 out of 5 Stars on HEDIS for the Plan Year 2026 [38] - Clover Assistant use is correlated with improved medication adherence, with medication fills increased by ~5% on the day of the Clover Assistant visit [118] Market and Strategy - Clover Health is focused on strategic market-leading growth [18] - The company is targeting sustained Adjusted EBITDA profitability [11] - Approximately 97% of members are in current 4 Star payment year PPO [11]

Company Vision and Mission - Claritev aims to make healthcare transparent and affordable for all[14, 25] - The company has identified potential savings of $247 billion for 60 million health plan members[18] - Claritev processed $1776 billion in claim charges[18] Market Challenges and Opportunities - The healthcare industry faces escalating costs, with medical inflation at 85% and employer costs increasing by 8-10%[23] - There is $1 trillion in healthcare waste[23] - Claritev's expansion initiatives can potentially double its addressable market, with a long-term international opportunity exceeding $1 billion[36, 35] Financial Performance - PSAV claim volume decreased by approximately 13% year-over-year from Q3'24 to Q3'25[51] - However, potential savings identified per claim increased by 10% year-over-year, and revenue per claim increased by 19% year-over-year[51] - PSAV revenue increased by $6 million sequentially from Q2'25 to Q3'25[51] Debt Structure - As of September 30, 2025, Claritev's total long-term debt was $4670 billion, with net debt at $4631 billion[61] - The total leverage ratio, net of cash, was 78x[61]

Market Opportunity & Performance - The company operates in a large and underpenetrated market, with 75 million people facing mental health conditions[5] - 40%+ of Talkspace patients are new to therapy[5] - The U S Behavioral Health Market is projected to have a CAGR of 7 9% from 2025E to 2030E[5] - The company has demonstrated top-line growth with a 24% revenue CAGR from 2022 to 2025E[6] - The company is experiencing profitability with 115% YoY EBITDA Growth[9] Growth Strategy - The company is focused on expanding coverage and activating lives through diversified growth strategies[13] - The company is driving consumer awareness through diversified channels, including paid media, organic initiatives, and partnerships[14] - The company is establishing strategic partnerships to drive high-intent referrals[18] - The company is improving the patient journey, leading to a +22% checkout conversion rate and +50% members completing 3 sessions in month 1[23] - The company is expanding its offerings to include psychiatry, social health, military & Medicare, and youth services[25, 26, 27] AI Initiatives - The company is developing a "safe" AI agent specifically designed for mental health support, utilizing clinically recognized standards of care with continuous human oversight, and privacy (HIPAA) protection[31] - The company's AI agent is trained on a massive mental health dataset to improve risk recognition, support appropriate decision-making, and avoid the pitfalls already seen in general-purpose AI systems[32]

HCV Program (BEM/RZR) - The company is developing BEM/RZR as a potential best-in-class treatment for HCV, with Phase 3 trials underway[7, 12] - Phase 2 results showed a 98% sustained virologic response (SVR12) with the BEM/RZR combination regimen[12] - Two Phase 3 trials, C-BEYOND (US/Canada) and C-FORWARD (outside North America), are enrolling approximately 1,760 patients in total[12, 30] - The US sees over 160 thousand new chronic HCV infections annually, while approximately 90 thousand are treated, highlighting the need for improved treatment strategies[18] - Market research indicates that 48% of non-cirrhotic patients and 49% of compensated cirrhotic patients are likely to be prescribed BEM/RZR[21] HEV Program (AT-587) - A new program is focused on Hepatitis E Virus (HEV) with product candidate AT-587, targeting Phase 1 initiation in mid-2026[7] - The WHO estimates up to 20 million global HEV infections annually[42] - Approximately 3% of at-risk patients develop chronic HEV, leading to a potential treatment population of ~135 thousand patients annually[51] - The commercial opportunity for HEV treatment in the US & EU is estimated at $750 million to $1 billion[50, 51] - AT-587 demonstrates potent antiviral activity against multiple HEV-3 strains and ribavirin-resistant virus[53] Financial Status - The company reported cash and investments of $3018 million as of December 31, 2025, with a cash runway anticipated through 2027[7, 61]

PAPZIMEOS Approval and Launch - PAPZIMEOS received full FDA approval in 2025 for treating all adults with RRP, regardless of disease severity[10, 14] - PAPZIMEOS is the first and only FDA-approved therapy for adults with RRP, targeting the underlying cause of the disease[16] - The company commenced the commercial US launch of PAPZIMEOS and initiated its commercial manufacturing campaign in 2025[10] - Over 50 accounts, including academic and community settings, have prescribed PAPZIMEOS[33] - The company has seen a rapid increase in unaided brand awareness of PAPZIMEOS across academic and community settings[34] Clinical Data and Efficacy - Clinical data shows a 51% complete response rate with PAPZIMEOS, with durable ongoing complete responses[21] - PAPZIMEOS significantly reduced the number of surgeries required post-treatment, with p<0001[22] - Median duration of follow-up was at 36 months (27-37), and the median duration of complete response has yet to be reached[25] Market Opportunity and Expansion - The prevalence of RRP in the US is approximately 27000 adult patients, suggesting a multi-billion-dollar revenue potential[30] - The prevalence of RRP ex-US is approximately 35000 adults in EU4, UK, and Japan, approximately 50000 adults in the rest of EU and select markets, and approximately 85000 adults in China, suggesting a multi-billion-dollar revenue potential[30] - The company anticipates PAPZIMEOS regulatory expansion to the EU and Japan[37] Financials and Future Milestones - The company secured up to $125 million in non-dilutive funding to fortify its balance sheet[10] - The company aims to achieve positive cash flow in 2026 by continuing execution and expansion to maximize the PAPZIMEOS market opportunity[37]

January 15, 2026 Fourth Quarter 2025 H.B. Fuller Earnings Conference Call 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com January 15, 2026 Disclosure Certain matters discussed today are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect our current expectations, and actual results may differ as they are subjec ...

Financial Performance Highlights - The company's total assets reached $1963640 thousand, a 38% increase compared to 2021's $1350549 thousand [76] - Net income for the year was $43069 thousand, a decrease of 58% compared to 2024's $45698 thousand [76] - Diluted earnings per share were $450, down 70% from $484 in the previous year [76] - Return on average assets was 237%, a decrease of 108% compared to 265% in the previous year [77] - The efficiency ratio was 4024%, compared to 3790% the previous year [77] Loan and Deposit Portfolio - Total loans amounted to $1606431 thousand, up 15% from $1397383 thousand in the previous year [76] - Total deposits reached $1700833 thousand, up 122% from $1515471 thousand in the previous year [76] - Non-interest-bearing deposits constitute 201% of total deposits, amounting to $3414 million [56] Capital and Shareholder Returns - Tangible book value per share increased to $2526, reflecting a CAGR of 168% since 2018 [23] - The company's dividend payout ratio is 217%, lower than the average 35% for dividend-paying banks [3] - Total shareholder return since the IPO is 1614%, outperforming the median of public banks by 1262% [37]

Business Overview - The company primarily manufactures and markets steel wire reinforcing products for concrete construction applications, focusing on Welded Wire Reinforcement (WWR) and Prestressed Concrete Strand (PC Strand) [15] - In 2025, PC Strand accounted for 66% of sales, while Welded Wire Reinforcement represented 34% [13] - Distributors account for 70% of sales, while Rebar Fabricators, Contractors, and Concrete Product Manufacturers make up the remaining 30% [17] - Nonresidential construction accounts for 85% of sales, while residential construction accounts for 15% [17] Growth Strategy - The company aims to convert rebar users to Engineered Structural Mesh (ESM), leveraging manufacturing and engineering capabilities [47] - The company acquired O'Brien Wire Products for $5.1 million in November 2024 and Engineered Wire Products for $67.0 million in October 2024 [49] Financial Performance - As of December 27, 2025, the company had $15.6 million in cash and no borrowings outstanding on its $100.0 million revolving credit facility [94] - Capital expenditures are expected to total approximately $20.0 million in fiscal year 2026 [90] - The company is currently paying a regular quarterly cash dividend of $0.03 per share [96] - The company repurchased $2.3 million of shares in FY 2025 and $0.7 million year-to-date in FY 2026 [100] Market Outlook - In November 2025, the Architecture Billings Index (ABI) registered 45.3, indicating a contraction in activity [104] - The Dodge Momentum Index (DMI) increased 7.0% in December 2025, signaling strengthening activity [104] - Approximately 10% of the company's revenues are directly affected by import competition [106]

Financial Performance Highlights - The company's net revenues for 2025 reached $58.28 billion[51], a 9% increase compared to 2024[54] - Net earnings for 2025 amounted to $17.18 billion[51], a 20% increase compared to 2024[54] - Diluted earnings per share (EPS) for 2025 were $51.32[51], a 27% increase compared to 2024[54] - The firm's Return on Equity (ROE) for 2025 was 15.0%[51] - The company's book value per share grew by 6.2% to $357.60 in 2025[51, 87] Business Segment Performance - Global Banking & Markets (GBM) net revenues for 2025 were $41.45 billion[54], an 18% increase compared to 2024[54] - Asset & Wealth Management (AWM) net revenues for 2025 were $16.68 billion[54], a 2% increase compared to 2024[54] - Platform Solutions net revenues for 2025 were $151 million[54], a 93% decrease compared to 2024[54] Asset & Wealth Management Details - Total Assets Under Supervision (AUS) reached a record $3.61 trillion in 2025[52, 68] - Alternative investments AUS increased to $420 billion in 2025[65, 73] - The company raised $115 billion in gross third-party alternatives fundraising in 2025[10, 73] Capital Management - The company executed ~$12 billion of share repurchases in 2025[40] - The quarterly dividend was increased by 12.5% to $4.50 per common share in 1Q26[52, 91]

Financial Performance - Net income available to common shareholders (NIAC) for 2025 was $956 million, a 29% increase compared to $738 million in 2024[7] - Diluted EPS for 2025 was $187, a 38% increase compared to $136 in 2024[7] - Adjusted EPS for 2025 was $189, up 22% from 2024[11] - Adjusted pre-tax income increased by 14% from 2024 to $13 billion[13] - The company deployed over $12 billion of excess capital, including $894 million in stock buybacks and $307 million in dividends[13] Balance Sheet and Capital - Period-end loans reached $642 billion, a 3% increase compared to $626 billion at the end of 2024[7] - Period-end deposits reached $675 billion, a 3% increase compared to $656 billion at the end of 2024[7] - Tangible book value per share (TBVPS) increased by 11% to $1420 from $1285 in 2024[7] - CET1 ratio was 1064%[11] Asset Quality - Net charge-offs (NCO) were 019% of total loans[11]