Wolfe Research Wealth Symposium November 13, 2025 Disclaimer Forward-Looking Statements This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, "SF" or the "Company"). T ...

Core Insights - Western Midstream Partners, LP (NYSE:WES) is recognized as one of the 15 Extreme Dividend Stocks to Buy According to Hedge Funds [1] - Stifel analyst raised the price target for WES from $41 to $43 following strong Q3 results and the successful integration of Aris Water Solutions [2] - The company reported record natural gas throughput in the Delaware Basin and projected $40 million in annual synergy savings from the Aris acquisition [3] Financial Performance - WES expects to reach the upper end of its previously guided 2025 adjusted EBITDA range of $2.35 billion to $2.55 billion, with an estimated contribution of $45 million to $50 million from Aris in Q4 [4] - The revised price target reflects the firm's 2026 outlook, factoring in the Aris acquisition [2] Strategic Developments - The completion of the Aris Water Solutions acquisition is seen as a key step in strengthening WES's position as a leading three-stream midstream provider [3] - Integration of Aris is progressing well, contributing positively to the company's operational capabilities [3]

Core Points - Stifel Financial Corp. will participate in the Wolfe Research Wealth Symposium on November 13, 2025, with Chairman and CEO Ron Kruszewski scheduled to present at 1:15 p.m. Eastern time [1] - A live audio webcast and presentation materials will be available on the company's Investor Relations website, with an audio replay accessible for 30 days post-presentation [2] Company Information - Stifel Financial Corp. is a financial services holding company based in St. Louis, Missouri, operating through several wholly owned subsidiaries [3] - The company provides a range of services including securities brokerage, investment banking, trading, investment advisory, and related financial services to various clients including individual investors and municipalities [3] - Stifel Bank and its affiliates offer consumer and commercial banking solutions, as well as trust services through Stifel Trust Company [3] Investor Relations - Joel Jeffrey serves as the Senior Vice President for Investor Relations, with direct contact available at (212) 271-3610 and via email at investorrelations@stifel.com [4]

Mako Mining Conference Call Summary Company Overview - **Company**: Mako Mining (OTCPK:MAKO.F) - **Industry**: Gold Mining - **CEO**: Akiba Leisman - **Recent Financing**: Completed a financing round of approximately $37 million to strengthen the balance sheet and support operational and development projects [2][5] Key Points Financial Position - **Cash Position**: Ended Q3 with just under $30 million; expects to finish Q4 with approximately $80 million in cash [4][6] - **Debt Repayment**: Fully repaid all remaining debt, which was $6.5 million prior to the financing [5][6] - **Operating Cash Flow**: Generated $57 million of mine site operating cash flow over the trailing 12 months, resulting in roughly $22 million in free cash flow [9][10] Operational Highlights - **Current Operations**: - San Albino mine in Nicaragua is the primary cash generator, producing nearly 40,000 ounces annually [10][21] - Moss Mine in Arizona, acquired from bankruptcy, is ramping up production and expected to reach steady-state production by Q1 2024 [12][21] - **Acquisition Strategy**: - Completed three acquisitions in the last 17 months, positioning Mako for growth [4] - Acquired Moss Mine for a net purchase price of approximately $2 million [10] - Acquired Goldsource Mines, which has 1.8 million ounces in resources, with plans for significant production [16][17] Future Projects - **Mount Hamilton Project**: - Acquired by affiliated company Sailfish Royalty Corp for $40 million, to be vended to Mako with a five-year gold stream [18][19] - Expected to start construction in March 2024, with first gold pour anticipated in late 2026 or early 2027 [19][21] - **Production Expectations**: - Mount Hamilton projected to produce approximately 60,000 ounces annually based on a 10,000-ton-a-day operation [20] Strategic Insights - **Controlling Shareholder**: Wexford Capital owns 47% of Mako, providing financial stability and support during market downturns [2][3] - **Internal Capabilities**: Mako has its own engineering, procurement, and construction management team, allowing for simultaneous operation of multiple mines [3][6] - **Market Positioning**: Mako aims to leverage cash flow from existing operations to fund new projects, maintaining a fully funded growth strategy in the Americas [22] Additional Considerations - **Regulatory Challenges**: Awaiting an EA permit amendment for accessing higher-grade parts of the Moss deposit, impacted by government shutdowns [13] - **Exploration Potential**: Significant exploration potential at Mount Hamilton, with historical reserves indicating the possibility of expanding resources [20][21] This summary encapsulates the key financial, operational, and strategic insights from Mako Mining's recent conference call, highlighting the company's growth trajectory and future plans in the gold mining sector.

Core Points - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It highlights that users with ad-blockers may face restrictions when trying to access content [1] Summary by Categories Technical Requirements - Users are advised to enable Javascript and cookies in their browsers to ensure proper functionality [1] - The presence of ad-blockers can lead to blocked access, necessitating their temporary disablement [1]

Financial Performance - For the three months ended September 30, 2025, net revenues increased 16.7% to $1.4 billion from $1.2 billion during the comparable period in 2024[245]. - Net income available to common shareholders for the three months ended September 30, 2025, increased 35.4% to $202.1 million, or $1.84 per diluted common share[245]. - For the nine months ended September 30, 2025, net revenues increased 10.1% to $4.0 billion compared to $3.6 billion during the comparable period in 2024[246]. - Net income available to common shareholders for the nine months ended September 30, 2025, decreased 14.8% to $391.5 million, or $3.56 per diluted common share[246]. - For the nine months ended September 30, 2025, total revenues increased by 5.4% to $4.59 billion from $4.36 billion in the comparable period in 2024[253]. - Net revenues for the nine months ended September 30, 2025, rose by 10.1% to $3.97 billion compared to $3.61 billion in the same period in 2024[253]. Revenue Breakdown - Commission revenues for the nine months ended September 30, 2025, increased by 8.7% to $600.4 million from $552.2 million in the comparable period in 2024, driven by higher trading volumes[256]. - Principal transaction revenues for the nine months ended September 30, 2025, rose by 14.5% to $492.1 million from $429.7 million in the same period in 2024, attributed to increased client activity[258]. - Investment banking revenues for the nine months ended September 30, 2025, increased by 15.1% to $794.9 million from $690.4 million in the comparable period in 2024[261]. - Asset management revenues for the nine months ended September 30, 2025, grew by 10.1% to $1.24 billion from $1.13 billion in the same period in 2024[265]. Expenses and Costs - Compensation and benefits comprised 58.8% of total net revenues for the three months ended September 30, 2025[252]. - Total non-interest expenses for the nine months ended September 30, 2025, increased by 15.7% to $3.41 billion from $2.94 billion in the same period in 2024[253]. - Total non-interest expenses for the three months ended September 30, 2025, increased 13.4% to $1.14 billion from $1.01 billion during the comparable period in 2024[274]. - Compensation and benefits expense increased 17.0% to $839.8 million for the three months ended September 30, 2025, from $718.1 million during the comparable period in 2024[275]. Interest and Revenue - For the three months ended September 30, 2025, net interest income increased 6.4% to $276.3 million from $259.6 million during the comparable period in 2024[269]. - Interest revenue for the three months ended September 30, 2025, decreased 5.7% to $481.5 million from $510.8 million in the comparable period in 2024[270]. - Interest expense decreased by 18.3% to $205.2 million for the three months ended September 30, 2025[252]. - For the nine months ended September 30, 2025, interest expense decreased 16.9% to $625.5 million from $753.2 million in the comparable period in 2024[273]. Acquisitions - The company completed the acquisition of a portion of B. Riley Financial, Inc.'s traditional wealth management business, adding 36 advisors with approximately $4 billion in assets under management[241]. - The company also acquired Bryan, Garnier & Co., an independent full-service investment bank focused on European technology and healthcare companies[242]. Client Assets and Deposits - Client assets as of September 30, 2025, reached $544.0 billion, a 9.6% increase from $496.3 billion in the comparable period in 2024[298]. - Total deposits rose to $30.1 billion as of September 30, 2025, compared to $29.1 billion at December 31, 2024, marking a 3.4% increase[386]. Risk Management - The company actively manages various risks, including market, credit, capital and liquidity, operational, and regulatory risks, which are critical to its soundness and profitability[427]. - The Risk Management Committee of the Board of Directors conducts periodic reviews and discussions with management regarding risk assessment and management processes[428]. - Market risk is inherent to the company's financial instruments, which include tax-exempt and taxable debt obligations, U.S. treasury bills, and corporate obligations[429].

Core Points - The Supreme Court is set to hear arguments regarding the legality of President Trump's authority to impose tariffs, a case known as "Learning Resources Company v. Trump," which has generated significant uncertainty among legal and trade experts [2][3] - Predictions about the outcome are varied, with some experts suggesting a 50% to 65% chance that the Court will side with lower courts, ruling that the President lacks this power [2][3] - The case revolves around the International Emergency Economic Powers Act (IEEPA) of 1977, which allows the President to declare economic emergencies but does not explicitly mention tariffs as a remedy [2][3] Industry Implications - Trump's administration has utilized the IEEPA to justify a range of tariffs on global goods, citing issues from fentanyl to trade imbalances, leading to potential financial repercussions if the ruling is unfavorable [3][6] - The uncertainty surrounding the tariffs reflects broader concerns about the Republican Party's readiness to counter Trump's tariff strategy, especially after recent Senate votes to terminate tariffs on goods from Brazil and Canada [4][5] - The stakes of the Supreme Court's decision extend beyond trade policy, potentially establishing a precedent for the use of emergency powers to bypass Congress in governance [7]

Core Viewpoint - The article compiles significant research calls from Wall Street, highlighting upgrades for various companies based on their recent performance and outlook. Group 1: Company Upgrades - Jefferies upgraded Apple (AAPL) to Hold from Underperform with a price target of $246.99, up from $203.07, after September quarter revenue grew about 8% and gross margin came in at 47.2%, or about 0.5% better than expected including a $1.1B tariff [2] - Goldman Sachs upgraded Roblox (RBLX) to Buy from Neutral with a price target of $180, up from $155, following the Q3 earnings report, citing strength in bookings, revenue, and daily active user growth, with management optimistic about long-term scaling [2] - BTIG upgraded Unity (U) to Neutral from Sell and removed the prior $27 price target, noting healthy spending trends based on recent surveys of gaming and non-advertising professionals [2] - Piper Sandler upgraded Hershey (HSY) to Neutral from Underweight with an unchanged price target of $167, highlighting the company's plans to be "on-algorithm" in 2026 for better visibility [2] - Stifel upgraded Idexx Laboratories (IDXX) to Buy from Hold with a price target of $700, up from $640, expecting accelerated recurring revenue growth in the Companion Animal Group [2]

Core Viewpoint - Q2 Holdings, Inc. (NYSE:QTWO) is identified as a stock with exponential growth potential heading into 2026, despite a recent price target reduction by Stifel from $110 to $90 while maintaining a "Buy" rating [1][2]. Group 1: Stock Performance and Analyst Insights - The stock has underperformed compared to the broader software group since the US Federal Reserve announced a rate cut in September [2]. - Historically, management has indicated that a reduced rate environment could catalyze technology investments, as banks focus on efficiency and deposit gathering when net interest margins decline [2]. Group 2: Company Management and Growth Strategy - Q2 Holdings' management remains confident in its profitable growth strategy for the remainder of the year, supported by strong execution and a robust pipeline [3]. - The company provides cloud-based digital banking and lending solutions to financial institutions both in the U.S. and internationally [3]. - Despite facing elevated customer churn in Q2 2025 due to a mix of M&A and non-renewing point solution customers, the company maintains a target of sub 5% overall churn for 2025 [3]. - Q2 Holdings is positioned to achieve a 13% subscription revenue target for 2025, with expectations of improved profitability and cash flow [3].

Core Insights - Monolithic Power Systems Inc. (NASDAQ:MPWR) is identified as a top growth stock for the next five years, with Wells Fargo raising its price target to $970 from $750 while maintaining an Equal Weight rating due to low EPS expectations in the analog and mixed-signal sector [1][3] Company Overview - Monolithic Power Systems Inc. designs, develops, markets, and sells semiconductor-based power electronics solutions across various sectors including storage and computing, automotive, enterprise data, consumer, communications, and industrial markets globally [4] Analyst Ratings - Stifel analyst Tore Svanberg has also increased the price target for Monolithic Power to $1,100 from $930, maintaining a Buy rating as part of the Q3 2025 earnings preview for the analog, connectivity, and processors group [3] Market Sentiment - Wells Fargo indicates that guidance for the December quarter that meets or slightly exceeds revenue expectations, along with stable gross margins, could be perceived positively by the market [2]