2026 Market and Backlog January 21, 2026 Safe Harbor Statement Certain statements and projections contained in this presentation are, by their nature, forward- looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be ide ...

Core Viewpoint - TransAct Technologies Incorporated has appointed Dana Loof as Chief Marketing Officer to enhance brand leadership and accelerate the adoption of its technology portfolio [1][2][3] Company Overview - TransAct Technologies is a global leader in software-driven technology and integrated printing solutions, serving large and emerging markets such as food service, casino and gaming, and POS automation [5] - The company has sold over 4.0 million printers, terminals, and other hardware devices globally and is committed to providing world-class service and support [5] Leadership Appointment - Dana Loof brings 30 years of experience in leading high-growth technology companies, focusing on global marketing strategy, brand positioning, and customer engagement [2][4] - Her role will involve defining TransAct's global marketing strategy, unifying brand and product positioning, and driving demand across core markets [2][4] Strategic Focus - The appointment of Ms. Loof highlights TransAct's strategic focus on accelerating growth and expanding the reach of its BOHA! platform and casino and gaming solutions [3][4] - TransAct's software-led offerings aim to improve safety and operational efficiency while ensuring compliance with regulatory standards through data-driven insights and automation [3]

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Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - The investment strategy includes identifying deep value balance sheet bargains and wide moat stocks, which are characterized by strong competitive advantages and high-quality business models [1] Group 1: Investment Strategy - The service aims to provide value investors with opportunities in Asia-listed stocks, specifically looking for deep value bargains such as net cash stocks and low price-to-book (P/B) ratio stocks [1] - The concept of "wide moat" stocks is highlighted, which refers to companies with sustainable competitive advantages that allow them to maintain profitability over time [1] Group 2: Market Focus - The primary market of interest is the Hong Kong equity market, where the analyst has over a decade of experience [1] - Monthly updates and watch lists are provided to keep investors informed about potential investment opportunities [1]

Core Viewpoint - Dana Incorporated will host a webcast and conference call on January 21, 2026, to discuss market outlook, new business growth, capital return strategy, and preliminary results for 2025 [1]. Group 1: Conference Call Details - The call will feature insights from Dana's Chairman and CEO R. Bruce McDonald, CFO Timothy Kraus, and other management team members [2]. - Access to the conference call is available via domestic and international telephone numbers, with a specific Conference ID provided [2]. - Audio streaming and presentation slides will be available on Dana's investor website [2]. Group 2: Company Overview - Dana is a leader in designing and manufacturing propulsion and energy-management solutions for various mobility markets globally [4]. - The company reported sales of approximately $7.7 billion in 2024 and employs around 28,000 people across 24 countries [5]. - Dana has been recognized as one of the "World's Most Ethical Companies" for 2025 and one of "America's Most Responsible Companies 2025" [5].

Core Insights - Allison Transmission Holdings, Inc. (ALSN) has completed the acquisition of Dana Inc.'s Off-Highway Drive & Motion Systems business for approximately $2.7 billion, creating a combined entity with revenues of $5.5 billion operating in 29 countries [1][11] Group 1: Acquisition and Business Structure - The acquisition enhances ALSN's growth prospects and strengthens its position as a global provider of commercial duty mobility, with a portfolio of high-quality and reliable products [2] - The combined company will be headquartered in Indianapolis and will operate under the ALSN brand, consisting of two major business units: Allison Transmission and Allison Off-Highway Drive & Motion Systems [2] Group 2: Market Opportunities and Growth Drivers - ALSN is well-positioned to benefit from rising global defense budgets, with defense sales increasing by 47% year over year in Q3 2025, supported by expanding programs in the U.S. and abroad [4] - The 3040MX platform is identified as a key growth driver, with contracts secured for India's Future Infantry Combat Vehicle program and Poland's Infantry Fighting Vehicle program, representing significant long-term opportunities [5][10] - The company is expanding its presence in India through a Memorandum of Understanding with Armoured Vehicles Nigam Limited to establish a Maintenance, Repair and Overhaul center [6] Group 3: International Expansion and Technology - International On-Highway remains a significant untapped opportunity for ALSN, with low penetration and substantial growth potential across various regions [7] - Recent deployments in Brazil indicate ALSN's growing traction outside North America, and the Dana acquisition will broaden its global footprint and customer access [8] - ALSN's focus on advanced technology and innovation, particularly in its eGen Power portfolio, is positively received by customers, with notable contracts reinforcing the value of its fuel-saving features [9][12] Group 4: Financial Performance and Shareholder Returns - ALSN has raised its quarterly dividend by 8%, marking its sixth consecutive annual increase, and has authorized $1 billion for stock repurchases, reflecting strong investor confidence [12] - Since 2019, the quarterly dividend has increased by over 80%, with more than $283 million of common stock repurchased in the first nine months of 2025 [12]

Core Insights - The acquisition of Dana's Off-Highway Drive & Motion Systems business for approximately $2.7 billion positions Allison Transmission to form a global enterprise with projected revenues of $5.5 billion, enhancing its capabilities in high-performance mobility and work solutions across various sectors [1][2] Company Overview - Allison Transmission Holdings, Inc. is a global leader in high-performance mobility and work solutions, operating through two business units: Allison Transmission and Allison Off-Highway Drive & Motion Systems [4] - The company has a strong presence in critical sectors such as infrastructure, energy, agriculture, construction, and national security, with operations in over 150 countries [4] Leadership and Structure - The combined company will be headquartered in Indianapolis, Indiana, and will be led by David Graziosi as Chair, President, and CEO [2] - The business units will be managed by Fred Bohley and Craig Price, ensuring a global operational structure that leverages local insights [2] Strategic Goals - The merger aims to create a broader portfolio of high-quality products and expand market reach, enabling the company to capitalize on global megatrends in the industrial sector [2] - The integration of Dana's business is expected to enhance Allison's financial performance through both organic and inorganic growth strategies [2]

Core Viewpoint - Dana Incorporated has completed the sale of its Off-Highway business to Allison Transmission Holdings for $2.7 billion, marking a significant step in its transformation strategy [1][2]. Financial Impact - The transaction is valued at 7.5 times the expected adjusted EBITDA for the Off-Highway business in 2025 [1]. - Proceeds from the sale will allow Dana to reduce its debt by approximately $2 billion, achieving a target net leverage of 1x over the business cycle [2]. - The company plans to return $1 billion to shareholders through 2027, with about $650 million already returned since the announcement, an increase of $50 million compared to the previous target [2]. Strategic Focus - Following the divestiture, Dana aims to become a more focused company, concentrating on serving light- and commercial-vehicle customers with both traditional and electrified systems [2]. - The divestiture, along with a successful cost-reduction plan, is expected to strengthen the company's balance sheet, improve margins, and reduce complexity, positioning Dana for accelerated innovation and growth in core markets [2]. Company Overview - Dana is a leader in designing and manufacturing propulsion and energy-management solutions for various mobility markets globally [8]. - The company reported sales of approximately $7.7 billion in 2024 and employs around 28,000 people across 22 countries [9]. - Dana has been recognized as one of the "World's Most Ethical Companies" for 2025 and as one of "America's Most Responsible Companies 2025" [9].

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Summary of Dana (NYSE:DAN) Conference Call - December 03, 2025 Company Overview - **Company**: Dana, Inc. - **Ticker**: NYSE:DAN - **Recent Transformation**: Dana is undergoing a transformation by selling its off-highway business and recapitalizing its balance sheet with the proceeds [1][9] Key Points Discussed Financial Guidance and Performance - **Fourth Quarter Guidance**: Dana is on track to meet its implied guidance for the fourth quarter despite headwinds from a fire at Novelis affecting Ford [2][3] - **Volume Trends**: There were volume decreases in October, but Ford is running more consistently, which is beneficial for Dana's operational efficiency [3][6] Market Outlook - **Light Vehicle Market**: Dana's largest customer is Ford, and the company sees a relatively flat overall market but potential upside if Ford resolves its issues [6][17] - **Commercial Vehicle Market**: The commercial vehicle market is not expected to recover significantly in the first half of 2026, but it has stabilized [23][25] Off-Highway Business Sale - **Separation Process**: The sale of the off-highway business is nearing completion, focusing on IT and physical separations to ensure a smooth transition for both Dana and Allison [9][10] - **Employee Transition**: A significant number of employees from the off-highway segment will transition to Allison, necessitating careful management of the separation process [12] Financial Strategy Post-Sale - **Deleveraging and Capital Return**: Dana plans to use approximately $2 billion for deleveraging and has announced a $1 billion capital return, with $500 million-$600 million already executed through stock buybacks [14][15] - **Stock Buybacks**: Dana has accelerated its stock buyback program, indicating confidence in the company's undervalued stock [15][16] Business Segments and Strategy - **Light Vehicle Driveline**: The light vehicle segment includes traditional products and is expected to grow in areas like battery and electronics cooling, particularly for electric vehicles (EVs) [18][32] - **Commercial Vehicle Strategy**: Dana is focusing on gaining market share with customers like Navistar and Volvo, despite a challenging macro environment [27][28] Cost Management and Efficiency - **Cost Reduction Initiatives**: Dana has identified $310 million in cost reductions, primarily in corporate and engineering functions, with further opportunities for efficiency improvements in manufacturing [44][46] - **Automation and Quality Improvements**: Investments in automation and AI are expected to enhance productivity and quality, particularly in plant operations [49][53] Working Capital Management - **Impact of Off-Highway Sale**: The off-highway business was the most working capital intensive segment, and its sale is expected to improve Dana's working capital dynamics [59][60] Metals Pricing and Supply Chain - **Metals Pricing Outlook**: Dana does not anticipate drastic changes in core metals pricing and has effective commodity recovery mechanisms in place [62][64] China Market Strategy - **Joint Ventures and EV Focus**: Dana has a joint venture with Dongfeng in the ICE commercial vehicle market and sees growth opportunities in the EV sector in China [70][71] Future Growth Opportunities - **Aftermarket Business**: Dana is focusing on expanding its aftermarket business, particularly in sealing products, to replicate its strong position in Europe within North America [75] Conclusion Dana is strategically positioning itself for future growth by divesting its off-highway business, focusing on core segments, and implementing cost management strategies. The company is optimistic about its light vehicle and commercial vehicle segments while navigating challenges in the broader market.