PresentationAndrew MooneyDirector of Corporate Development Good afternoon, and welcome to today's Insight event. I am Andrew Mooney, the Corporate Development Director for Bunzl. Together with my colleagues, Alberto, Oscar and Nicolas, our objective today is to provide you with an understanding of why we excel at delivering value through acquisitions and what makes Bunzl the preferred acquirer for family businesses. I will start with a short presentation on how our acquisition strategy and how our model wor ...

Bunzl Update / Briefing Summary Company Overview - **Company**: Bunzl (OTCPK:BZLF.Y) - **Revenue**: £12 billion - **Presence**: 32 countries, operating in six sectors - **Acquisition History**: Over 230 deals since 2004, with £6 billion of committed spend [1][2] Key Points on Acquisition Strategy - **Core of Business**: Acquisitions are central to Bunzl's growth strategy, contributing two-thirds of group revenue growth over the last decade [2][3] - **Market Characteristics**: Bunzl operates in large, fragmented markets with strong cash generation, making acquisitions an attractive growth route [2][4] - **Customer Relationships**: The stickiness of customer relationships reduces the risk of disruption from changing suppliers, enhancing acquisition appeal [2][4] Sector-Specific Insights - **Safety Sector Growth**: Through over 50 acquisitions, Bunzl has built a safety sector with nearly £2 billion in revenue, yet holds a low single-digit market share, indicating significant growth potential [3][4] - **Expansion Opportunities**: Bunzl sees potential for growth in various markets, including Italy (£1 billion opportunity in safety) and countries like Sweden and Greece [6][8] Acquisition Process and Methodology - **Deal Origination**: Approximately 75% of deals originate from internal contacts, emphasizing a decentralized and entrepreneurial culture [11][12] - **Evaluation Criteria**: A nine-point template is used to assess potential acquisitions, focusing on financial health, management quality, and cultural fit [17][18] - **Execution Discipline**: Bunzl maintains a rigorous review process, with the Executive Committee reviewing around 280 businesses over the last five years, resulting in 70 signed deals [17][19] Financial Metrics and Performance - **Return Expectations**: Bunzl expects acquisitions to achieve project WACC (weighted average cost of capital) within two to three years, with many deals surpassing this in the first year [19][20] - **Average Deal Size**: The average deal size over the last five years has been around £40 million, focusing on bolt-on opportunities [9][20] Integration and Synergies - **Onboarding Process**: Emphasizes respect for acquired businesses, with a focus on operational support and realizing purchasing synergies [14][15] - **Synergy Types**: Three main types of synergies identified: purchasing synergies (immediate), revenue synergies (cross-selling), and cost synergies (post-integration) [86][88] Market Outlook - **Future Prospects**: Despite a quieter 2025 in terms of M&A activity, there is optimism for 2026 as sellers are beginning to prepare for transactions [59][60] - **Continued Focus**: Bunzl aims to replicate its successful acquisition model across various fragmented markets, particularly in Continental Europe [37][38] Seller Perspectives - **Cultural Fit**: Sellers emphasize the importance of cultural alignment and the assurance that their businesses will be well cared for post-acquisition [39][40] - **Support and Growth**: Acquired businesses report significant improvements in operational capabilities and access to resources, enhancing their growth potential [43][45][48] Conclusion - Bunzl's disciplined approach to acquisitions, strong market presence, and focus on cultural fit position the company well for continued growth through strategic acquisitions in fragmented markets. The emphasis on operational support and integration further enhances the value proposition for both Bunzl and its acquisition targets.

BUNZL INSIGHT EVENT: Add subtitle here ACQUISITIONS AGENDA AND PRESENTING TEAM More than 70 years of Bunzl experience on Q&A panel Today's agenda: Today's Q&A panel: Andrew Mooney Group Corporate Development Director 36 years at Bunzl1 c.190 deals at Bunzl 8th October 2025 Oscar Gonzalez Senior Corporate Development Executive 6 years at Bunzl c.30 completed deals Alberto Grau Business Area Head, Continental Europe 17 years at Bunzl c.40 completed deals Nicolas Ingram Managing Director, Central and Eastern E ...

Core Viewpoint - V2X Inc. is a smaller defense contractor with significant growth potential, driven by strong earnings performance, a major contract with the U.S. Air Force, and proactive capital allocation strategies [1][2][7]. Financial Performance - V2X reported a 60% year-over-year improvement in adjusted earnings per share (EPS) to $1.33, exceeding analyst expectations by 33 cents [3]. - Adjusted EBITDA increased by 14% year-over-year, and adjusted operating cash flow reached $58.3 million, indicating financial flexibility [5]. - The total backlog at the end of the quarter was $11.3 billion, reflecting high demand for V2X's services [5]. Contracts and Opportunities - V2X secured a landmark contract valued at $4.3 billion with the U.S. Armed Forces to provide supply support for over 700 T-6 training aircraft, which is expected to significantly boost growth [7][8]. - The company has a three-year pipeline exceeding $50 billion, which should support continued improvement in various financial metrics [4]. Strategic Initiatives - V2X announced a $100 million share repurchase plan as part of its capital allocation strategy to enhance shareholder value [9]. - The company plans to acquire a specialized data engineering and cyber solutions business, which will expand its capabilities in the cyber domain and potentially lead to new contracts [10][11]. Analyst Ratings and Market Outlook - Nine out of twelve analysts rate V2X shares as a Buy, with a consensus price target of $63.36, indicating a potential upside of 7.51% from the current price of $58.94 [9][12]. - Analysts expect an additional 15% earnings growth in the next year, suggesting a positive outlook for V2X in the defense sector [12].

Core Insights - Karman reported strong financial results for Q2 fiscal 2025, with GAAP revenue of $115.1 million and non-GAAP adjusted EPS of $0.10, both exceeding Wall Street expectations [1][2] - The company experienced significant year-over-year growth in revenue and profitability metrics, driven by strong demand across its key markets [5][8] Financial Performance - Non-GAAP EPS increased by 233.3% year-over-year, from $0.03 in Q2 fiscal 2024 to $0.10 in Q2 fiscal 2025 [2] - GAAP revenue rose by 35.3% year-over-year, from $85.0 million in Q2 fiscal 2024 to $115.1 million in Q2 fiscal 2025 [2] - Adjusted EBITDA reached $35.3 million, a 28.7% increase from $27.4 million in the same quarter last year [2] - Funded backlog increased to $719.3 million, marking a 24.1% rise compared to the end of Q4 fiscal 2024 [6] Business Overview - Karman specializes in aerospace and defense, focusing on mission-critical systems for space and missile defense, tactical missiles, and launch applications [3] - The company serves a diverse customer base, including government agencies and prime defense contractors, with over 100 funded programs [3] Strategic Initiatives - Karman is expanding through internal product development and acquisitions to enhance technical capabilities and market reach [4] - Recent acquisitions, including MTI and ISP, aim to strengthen the company's design and manufacturing footprint, although they have increased expenses [7] Market Dynamics - The company achieved double-digit revenue growth across all main end markets, with notable contributions from hypersonics, strategic missile defense, space and launch, and tactical missiles [5] - Increased contract activity in high-urgency areas, such as hypersonics, continues to drive revenue growth [6] Future Outlook - Management raised its financial guidance for fiscal 2025, projecting revenue between $452 million and $458 million, and non-GAAP adjusted EBITDA between $138.5 million and $141.5 million [10] - The revised forecasts imply approximately a 32% year-over-year increase at the midpoint, reflecting confidence in order activity and contract execution [10]

Core Viewpoint - FOXO Technologies Inc. has executed a non-binding acquisition agreement to acquire an assisted living and memory care facility in South Florida for an expected purchase price of $22 million [1][2]. Group 1: Acquisition Details - The acquisition includes the land and buildings of a facility with 87 licensed units for assisted living and memory care services [2]. - The purchase price will consist of $5 million in non-convertible preferred stock, with a portion of the price being milestone-based [2]. - Completion of the acquisition is contingent upon definitive agreements and various closing conditions, including satisfactory due diligence and financing [2]. Group 2: Strategic Expansion - The CEO of FOXO stated that this agreement aligns with the company's strategy to expand its healthcare services by adding assisted living facilities [3]. - The company is confident in closing on additional acquisitions that could add over 350 units for assisted living and memory care services [3]. - FOXO is also in advanced stages of confirming a definitive agreement for the acquisition of Vector Biosource, Inc. [3]. Group 3: Future Outlook - FOXO is actively exploring and negotiating further opportunities in the assisted living and behavioral health sector, with imminent expansion plans for its Myrtle Recovery Centers, Inc. business [4]. - The company anticipates filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, by August 14, 2025, expecting to show continued improvement in net revenues, profitability, and stockholders' equity [4]. Group 4: Company Overview - FOXO Technologies Inc. operates three subsidiaries: Rennova Community Health, Inc., Myrtle Recovery Centers, Inc., and FOXO Labs, Inc., focusing on healthcare and biotechnology [5][6].

Core Insights - TopBuild Corp. reported second quarter sales of $1.3 billion, reflecting a 5.0% decline compared to the previous year, primarily due to an 8.3% decrease in Installation sales, partially offset by a 1.1% increase in Specialty Distribution sales [2][5][9] - The company achieved an adjusted EBITDA margin of 20.1% for the second quarter, indicating effective cost management and operational improvements [2][5] - For 2025, TopBuild projects sales between $5.150 billion and $5.350 billion, with adjusted EBITDA expected to range from $970 million to $1,070 million, including contributions from the recent acquisition of Progressive Roofing [1][15] Financial Performance - Second quarter net income was $151.6 million, with net income per diluted share at $5.32, compared to $150.7 million and $4.78 per share in the same quarter of 2024 [5][21] - The gross profit for the second quarter was $394.0 million, resulting in a gross margin of 30.4%, slightly down from 31.0% in the prior year [5][21] - Selling, general, and administrative expenses (SG&A) decreased to $174.3 million, representing 13.4% of sales, down from 15.6% in the previous year [5][21] Segment Analysis - In the Installation segment, sales were $781 million, down 8.3%, while the Specialty Distribution segment saw sales of $599 million, up 1.1% [9][10] - The operating profit for Installation was $155.4 million with a margin of 19.9%, while Specialty Distribution had an operating profit of $87.5 million and a margin of 14.6% [10][25] - Year-to-date, the company has spent approximately $833 million on acquisitions, including the $810 million acquisition of Progressive Roofing [12][13] Capital Allocation and Shareholder Returns - TopBuild repurchased nearly 455,000 shares in the second quarter, returning $136 million to shareholders, with a total of 1.1 million shares repurchased year-to-date for $351.6 million [4][12] - The company maintains a strong focus on mergers and acquisitions as a key strategy for capital deployment [4][12] Market Outlook - The company remains optimistic about long-term fundamentals despite current challenges in the residential new construction market, citing positive trends in heavy commercial and industrial sectors [3][4] - The outlook for 2025 does not account for any additional acquisitions beyond Progressive Roofing, indicating potential for further growth [14][15]

Core Insights - Hilton Grand Vacations (HGV) reported Q2 2025 results with strong contract sales but missed Wall Street forecasts for both GAAP revenue and adjusted EPS [1][5][14] - The company emphasized ongoing integration of acquired businesses, particularly Bluegreen Vacations, as a key strategic focus [1][4] Financial Performance - GAAP revenue was $1.266 billion, below the estimated $1.378 billion, while adjusted EPS (non-GAAP) was $0.54 compared to an expected $0.81 [1][2] - Adjusted EBITDA attributable to stockholders was $233 million, down 11.1% from $262 million in Q2 2024 [2] - Adjusted free cash flow dropped 63.5% year-over-year to $135 million, with free cash flow at $28 million, a 70.5% decline from the previous year [2][13] Business Segments - Contract sales increased by 10.2% to $834 million in Q2 2025, indicating solid top-line growth [2][5] - The real estate sales and financing segment generated $760 million in revenue, but profit margins faced pressure due to a $45 million net deferral related to ongoing projects [6] - Resort operations and club management revenue grew to $405 million, but adjusted EBITDA decreased from $152 million to $149 million, with a profit margin drop to 36.8% [7] - The rental and ancillary services segment reported flat revenue of $195 million but moved to a loss of $8 million from a $7 million profit compared to Q2 2024 [8] Strategic Focus - The company is focusing on expansion through acquisitions and brand partnerships, with the Bluegreen Vacations acquisition broadening its product range [4] - Inventory management is crucial, with a pipeline valued at $13.3 billion and owned inventory representing 90.6% of total contract sales pipeline [11] Shareholder Actions - In Q2 2025, the company repurchased 4.1 million shares for $150 million and approved an additional $600 million repurchase authorization [13] - The net leverage ratio remained at approximately 3.9x trailing-twelve-month EBITDA as of June 30, 2025 [13] Outlook - Management maintained its 2025 guidance for full-year adjusted EBITDA in the range of $1.125 billion to $1.165 billion, with no updates on revenue or earnings per share [14] - Key watch points include membership growth, integration pace of Bluegreen, and recovery in profit margins [15]

Financial Data and Key Metrics Changes - Revenues in Q2 2025 were $465.3 million, an increase of $88.2 million or 23.4% year over year, with $67.1 million from acquisitions and $21 million from organic growth, representing a 5.6% increase [11] - Adjusted EBITDA was $109.5 million, up $17.9 million or 19.5% year over year, with an adjusted EBITDA margin of 23.5%, down approximately 75 basis points year over year [14] - Adjusted net income was $23 million or $0.36 per diluted share, up $1.3 million year over year [15] Business Line Data and Key Metrics Changes - Solid waste revenues increased by 27.1% year over year, with pricing up 5% and volume down 0.8% [11] - Resource Solutions revenues were up 10.2% year over year, with recycling and other processing revenue up 9.6% [13] - Landfill volumes were up 9.5% year over year, with internalized volumes growing over 12% [12] Market Data and Key Metrics Changes - Solid waste pricing increased by 5% year over year, indicating healthy pricing trends [8] - The company experienced improved volume trends in the landfill business, reflecting a stable economy in its markets [12] - The average recycled commodity sales price was down 16% year over year, but the net impact on revenue was minimal due to contract structures [13] Company Strategy and Development Direction - The company is focused on expanding its footprint through acquisitions, having completed six acquisitions year to date, representing about $90 million in annualized revenues [9] - The pending acquisition of Mountain State Waste is expected to add another $30 million in annualized revenues and expand the company's presence in Pennsylvania and West Virginia [9] - The company raised its full-year revenue guidance to a midpoint of $1.83 billion, reflecting continued strength in core pricing and acquisition activity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth strategy and robust M&A pipeline, with a strong balance sheet enabling continued opportunistic acquisitions [18] - The management noted that persistent market headwinds experienced last year are behind them, and they expect to see margin expansion opportunities in the future [14] - The company anticipates that the operational challenges in the Mid Atlantic region will be resolved, leading to improved performance in 2026 [32] Other Important Information - The company achieved record first-half adjusted free cash flow of over $70 million, which is more than $30 million above the same period last year [8] - Capital expenditures were $121.9 million, up $47 million year over year, including significant upfront investments in recent acquisitions [17] - The consolidated net leverage ratio was 2.39x, with $700 million of revolver remaining undrawn, indicating a strong liquidity position [18] Q&A Session Summary Question: Can you discuss the Mid Atlantic performance and the ERP implementation? - Management acknowledged that the Mid Atlantic region is lagging due to issues with the legacy billing system and truck delivery delays, which have impacted pricing visibility and synergy realization [29][32] Question: What is the expected synergy EBITDA benefit from the Mid Atlantic assets in 2026? - Management indicated potential benefits of $5 to $10 million over several years as they automate the fleet and resolve system issues [34] Question: Can you elaborate on the Mountain State acquisition and its market dynamics? - The acquisition will expand the company's footprint into a growing market in West Virginia, with franchise agreements providing a solid customer base [39] Question: Why did the interest expense guidance drop significantly? - Management stated that the guidance was refined as the year progressed, reflecting a more optimistic view [40] Question: What is the outlook for Resource Solutions growth? - Management believes Resource Solutions will continue to grow rapidly, particularly in the Mid Atlantic region, where there are significant opportunities [72] Question: How do you see capital expenditures evolving over time? - Management noted that CapEx will fluctuate based on landfill development schedules and acquisition activity, which often requires significant upfront investments [74]

Core Viewpoint - United Bankshares reported record results for Q2 2025, exceeding analyst expectations in both earnings and revenue, driven by successful acquisitions and improved performance metrics [1][2]. Financial Performance - GAAP earnings per share (EPS) reached $0.85, surpassing estimates of $0.76, and increased by 19.7% from $0.71 in Q2 2024 [2] - GAAP revenue was $306 million, exceeding the estimate of $298.8 million and up 35.6% from $225.7 million in Q2 2024 [2] - Net interest income rose to $274.5 million, a 22% increase year-over-year [2] - Return on average assets improved to 1.49%, up 0.17 percentage points from 1.32% in Q2 2024 [2] - Net interest margin expanded to 3.81%, an increase of 0.31 percentage points from 3.50% in Q2 2024 [2] Business Overview - United Bankshares operates as a commercial bank holding company, providing a range of banking services including loans and deposit services, with a focus on acquisitions to expand its market presence [3] - The company has completed 33 acquisitions, with the most recent being Piedmont Bancorp in January 2025, enhancing its footprint in the Mid-Atlantic and Southeast regions [3] Key Performance Drivers - The integration of Piedmont Bancorp significantly increased the customer base and average loans and deposits, contributing to a net loan portfolio growth of $2.45 billion year-over-year to $24.05 billion [5] - Commercial loans and leases grew from $15.89 billion in Q2 2024 to $18.48 billion in Q2 2025 [5] - Acquired loan accretion income contributed $11.8 million in Q2 2025, boosting the net interest margin [6] Credit Quality and Risk Management - Nonperforming loans decreased to 0.28% of total loans, while net charge-offs increased to 0.14% of average loans, indicating a return to typical loss levels post-pandemic [8] - The company set aside $5.9 million for potential loan losses, consistent with the prior year [9] Deposits and Expenses - Total deposits rose 14.2% year-over-year to $26.34 billion, with increases in both interest-bearing and noninterest-bearing accounts [10] - Noninterest expenses increased by 10% year-over-year, primarily due to staff and operational costs from acquisitions, but merger-related expenses decreased significantly [11] Shareholder Returns - The quarterly dividend was maintained at $0.37 per share, with a payout ratio below half of earnings, and share repurchase activity resumed with 981,000 shares bought back at an average price of $33.17 [12] Outlook - Management did not provide numeric guidance for the remainder of fiscal 2025 but highlighted ongoing momentum from acquisitions and disciplined expense management as key supports [13] - Investors should monitor the sustainability of margin expansion, deposit cost trends, and credit risk associated with commercial and real estate loans [14]