QuantumScape Corp (NASDAQ: QS) Investor Presentation February 2026 QUANTUMSCAPE CONFIDENTIAL Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws based on management's current expectations, assumptions, and available information about future events as of the date of this letter. All statements, other than historical facts, including those about the Company's anticipated commercial and operational milestones, financial outlook, a ...

Flash | 27 Jan 2026 10:16:12 ET │ 10 pages Corning Incorporated (GLW.N) Corning and Meta Announce $6 Billion Multi-Year Agreement to Accelerate DC Buildout; Remain Constructive on Optical Demand CITI'S TAKE Corning and Meta have announced a multiyear $6 billion agreement to accelerate the build-out of advanced data centers in the United States (~1.5bln/yr). Under this agreement, Corning will supply Meta with its newest innovations in optical fiber, cable, and connectivity solutions specifically designed to ...

Core Insights - Ericsson reported strong fourth-quarter 2025 results, with earnings and revenues exceeding Zacks Consensus Estimates, although sales were impacted by weakness in North East Asia and the Americas [2][5][9] Financial Performance - Net income for the fourth quarter was SEK 8.6 billion ($0.91 billion), or SEK 2.57 (27 cents) per share, compared to SEK 4.9 billion or SEK 1.44 per share in the prior-year quarter, driven by lower selling and administrative expenses and research and development costs [3][4] - For the full year 2025, net income reached SEK 28.7 billion or SEK 8.51 per share, a significant increase from SEK 0.4 billion or SEK 0.01 per share in 2024, aided by capital gains from divestitures and reduced operating expenses [4] Revenue Analysis - Total revenues for the fourth quarter were SEK 69.3 billion ($7.36 billion), a 5% decline year over year, but a 6% increase on an organic basis, with sales growth hindered by challenges in North East Asia and the Americas [5][9] - For 2025, total revenues were reported at SEK 236.7 billion, also down 5% year over year [5] Segment Performance - The Networks segment generated SEK 44.2 billion ($4.69 billion), down 6% from the previous year, but the adjusted gross margin improved to 49.6% due to cost reductions and operational efficiency [6][9] - Cloud Software and Services revenues increased by 3% year over year to SEK 20 billion ($2.12 billion), with an improved adjusted gross margin of 44.3% [7] - The Enterprise segment saw revenues decline by 25% to SEK 4.6 billion ($489 million), attributed to falling sales in the Global Communication Platform and divestiture of iconective [7] Regional Performance - Revenues from South-East Asia, Oceania, and India increased to SEK 8.98 billion ($955 million), while North East Asia revenues decreased to SEK 5.2 billion ($553 million) [8] - The Americas reported net sales of SEK 22.9 billion ($2.44 billion), down 11% year over year [8] Other Financial Metrics - Gross income, excluding restructuring charges, slightly declined to SEK 33.2 billion ($3.53 billion) from SEK 33.7 billion in the previous year, with an adjusted gross margin of 48% [11] - Cash generated from operating activities in the fourth quarter was SEK 16.5 billion ($1.75 billion), with total cash from operations for 2025 at SEK 33 billion, down from SEK 46.3 billion in 2024 [12] Future Outlook - For Q1 2026, revenues from the Networks segment are expected to align with three-year average seasonality, while revenues from Cloud Software and Services are anticipated to fall below the three-year average [13]

Core Viewpoint - Host Hotels & Resorts, Inc. is a significant entity in the lodging REIT sector, recognized for its strong financial performance and potential for growth, with a recent price target increase from Deutsche Bank indicating positive market sentiment [1][6]. Financial Performance - Host Hotels exhibits strong financial metrics, including a high return on equity (ROE) and robust cash flow, positioning it favorably among peers like Arista Networks and Corning Incorporated [2][6]. - The current stock price of HST is $18.34, reflecting a slight decrease of 0.54%, with a market capitalization of approximately $12.61 billion [5]. Market Context - The broader equity markets are performing well, supported by positive economic indicators such as an increase of 50,000 nonfarm payrolls and a decrease in the unemployment rate to 4.4%, which has fostered optimism about potential interest rate cuts in 2026 [3]. Investment Analysis - Zacks Investment Research is assessing whether Host Hotels may be undervalued, utilizing the Zacks Rank system to analyze earnings estimates and revisions, and highlighting HST as a potential value stock [4][6].

Core Insights - Ensurge Micropower ASA has entered into agreements with Corning Incorporated to develop ultra-high performance solid-state microbatteries based on Ensurge's platform [1][2] - The collaboration aims to integrate Corning's ribbon ceramic materials and process technology with Ensurge's microbattery architecture to create a product line for various applications [2][3] Joint Development Agreement - The Joint Development Agreement establishes a framework for collaboration between Ensurge and Corning, focusing on the integration of materials and technology [2] - The goal is to commercialize batteries for high-volume consumer, medical, industrial, and defense applications [2] Investment Agreement - An Investment Agreement has been established, allowing Corning to invest in Ensurge, with costs convertible into new shares [3][4] - The conversion of costs into shares will occur at a predetermined price of NOK 1.11 per share, based on the average closing price over the last 10 trading days prior to the agreements [4] Financial Terms - The maximum amount convertible to shares is USD 5 million, and Corning has the option to invest up to USD 10 million through warrants [5] - Each warrant has an exercise price of NOK 1.50 per share and can be exercised within two years following approval by an extraordinary general meeting [6] Warrant Details - The warrants will be granted at no charge and will not be traded on Euronext Oslo Børs [7] - The issuance of warrants and conversion shares is subject to approval by the extraordinary general meeting [7]

Core Insights - Ensurge and Corning have entered into a Joint Development Agreement to create ultra-high energy density solid-state microbatteries [1][2] - The collaboration aims to integrate Corning's Ribbon Ceramic materials with Ensurge's microbattery technology to enhance performance for various applications [2][3] - This partnership is seen as a strategic milestone for Ensurge, leveraging Corning's materials science expertise to advance microbattery technology [3] Company Overview: Ensurge - Ensurge specializes in solid-state microbattery technology, focusing on high-performance and safety for AI-enabled devices [4] - The company operates from San Jose, California, and utilizes high-precision roll-to-roll production lines for its thin-film batteries [4] - Ensurge collaborates with global customers to accelerate the market introduction of AI-driven products and is listed on the Oslo Stock Exchange [4] Company Overview: Corning Incorporated - Corning is a leader in materials science with a 170-year history of innovation, focusing on glass, ceramics, and optical physics [5] - The company invests heavily in research, development, and engineering to create transformative products across various industries [5] - Corning's market presence spans optical communications, mobile consumer electronics, display technologies, automotive, solar, semiconductors, and life sciences [5]

Core Insights - Ensurge and Corning have entered into a Joint Development Agreement to create ultra-high energy density solid-state microbatteries [1][2] - The collaboration aims to integrate Corning's Ribbon Ceramic materials with Ensurge's microbattery technology to enhance performance for various applications [2][3] - This partnership is seen as a strategic milestone for Ensurge, leveraging Corning's materials science expertise to advance microbattery technology [3] Company Overview: Ensurge - Ensurge specializes in solid-state microbattery technology, focusing on high-performance and safety for AI-enabled devices [4] - The company operates from San Jose, California, and utilizes high-precision roll-to-roll production lines for its thin-film batteries [4] - Ensurge collaborates with global customers to expedite the market introduction of AI-driven products and is listed on the Oslo Stock Exchange [4] Company Overview: Corning Incorporated - Corning is a leader in materials science with a 170-year history of innovation, focusing on glass, ceramics, and optical physics [5] - The company emphasizes sustained investment in research, development, and engineering to create transformative products across various industries [5] - Corning's market presence spans optical communications, mobile consumer electronics, display technologies, automotive, solar, semiconductors, and life sciences [5]

Core Points - Ensurge Micropower ASA has entered into agreements with Corning Incorporated to develop ultra-high performance solid-state microbatteries [1][2] - The collaboration aims to integrate Corning's materials science expertise with Ensurge's microbattery technology for high-volume applications [2][3] - Corning will provide engineering resources, with costs convertible into shares of Ensurge at a predetermined price [5][6] Joint Development Agreement - The Joint Development Agreement establishes a framework for collaboration between Ensurge and Corning [2] - The goal is to commercialize batteries for consumer, medical, industrial, and defense applications [2][3] Investment Agreement - An Investment Agreement has been established, allowing Corning to invest in Ensurge [4] - Corning's investment will be convertible into new shares at a price of NOK 1.11 per share, with a maximum conversion amount of USD 5 million [5][6] Warrants - Corning will receive warrants allowing for an additional investment of up to USD 10 million at an exercise price of NOK 1.50 per share [6][7] - The warrants can be exercised within two years following approval by an extraordinary general meeting [7] Company Overview - Ensurge specializes in advanced microbattery technology, focusing on high-performance and safety for AI-enabled devices [9] - The company utilizes high-precision roll-to-roll production processes for its thin-film batteries [9]

Core Insights - Nokia Corporation reported stronger-than-expected third-quarter 2025 results, with both revenue and net income exceeding the Zacks Consensus Estimate. The growth was primarily driven by the Network Infrastructure segment, particularly in fixed and optical networks, along with improvements in Nokia Technologies and Cloud and Network services [1] Financial Performance - Nokia's net income from continuing operations was €80 million ($93.5 million), or €0.01 per share, down from €145 million or €0.03 per share in the same quarter last year. Increased operating and income tax expenses negatively impacted profits [2] - Comparable profit was €324 million ($378 million), or €0.06 per share, slightly down from €358 million or €0.06 in the previous year, marginally beating the Zacks Consensus Estimate of 6 cents [3] - Quarterly net sales reached €4.83 billion ($5.65 billion), a 12% increase from €4.32 billion in the year-ago quarter, surpassing the Zacks Consensus Estimate by $5.38 billion [4] Segment Performance - Net sales from Network Infrastructure totaled €1.95 billion ($2.28 billion), up from €1.52 billion in the year-ago quarter, beating the revenue estimate of €1.77 billion. IP Networks recorded 4% growth year over year, driven by demand from AI and cloud customers, while Optical Networks improved by 19% [5] - Mobile Networks generated revenues of €1.84 billion ($2.153 billion), down 1% year over year, but still beating the estimate of €1.74 billion, with growth supported by the Middle East, Africa, and APAC regions [6] - Cloud and Network Services reported net sales of €645 million ($754 million), an 8% increase year over year, although it missed the estimate of €700.9 million [7] - Nokia Technologies contributed €391 million ($457 million), up 14% year over year, benefiting from trends in automotive, consumer electronics, multimedia, and IoT [8] Regional Performance - EMEA region net sales increased to €1.936 billion from €1.832 billion in the previous year, with growth in all segments except Mobile Networks [9] - APAC region revenues rose to €1.17 billion, a 15% increase year over year, primarily due to Network Infrastructure growth [9] - Americas saw a 10% growth to €1.71 billion, driven by strong performance in Network Infrastructure and Cloud and Network services [9] Other Financial Metrics - The comparable gross margin was 44.2%, down from 45.7% in the previous year, with a comparable operating profit decrease of 10% year over year to €435 million ($508.4 million) [12] - Nokia generated €597 million ($697 million) in net cash from operating activities, down from €728 million in the prior-year quarter, and had €4.89 billion ($5.74 billion) in cash and cash equivalents as of September 30, 2025 [13] Outlook - For 2025, Nokia expects a comparable operating profit in the range of €1.7 billion to €2.2 billion, with free cash flow estimated at 50-80% of that range and capital expenditure projected at €650 million [14]

Core Insights - Ciena Corporation is a global supplier of telecommunications networking equipment, software, and services, known for its innovative solutions in optical networking and data center interconnect [1] - Ciena faces competition from technology firms such as Juniper Networks, Corning Incorporated, NetApp, Extreme Networks, and Lufax Holding Ltd in the telecommunications and networking industry [1] Financial Performance - Ciena's Return on Invested Capital (ROIC) is 3.79%, which is lower than its Weighted Average Cost of Capital (WACC) of 8.94%, resulting in a ROIC/WACC ratio of 0.42, indicating inefficient capital utilization [2] - In comparison, Juniper Networks has a ROIC of 4.39% and a WACC of 7.21%, leading to a ROIC/WACC ratio of 0.61, suggesting better capital efficiency than Ciena [3] - Corning Incorporated has a ROIC of 5.64% and a WACC of 8.23%, resulting in a ROIC/WACC ratio of 0.69, also indicating superior performance compared to Ciena [3] - NetApp, Inc. stands out with a ROIC of 18.71% and a WACC of 9.70%, resulting in a ROIC/WACC ratio of 1.93, demonstrating efficient capital utilization [4] - Extreme Networks and Lufax Holding Ltd have negative and very low ROIC/WACC ratios, respectively, indicating challenges in covering their cost of capital [4]