THERMON GROUP HOLDINGS, INC. EARNINGS PRESENTATION FOURTH QUARTER FISCAL YEAR 2025 MAY 22, 2025 Q4 FY2025 Earnings | 1 Actual events, results and outcomes may differ materially from our expectations due to a variety of factors. Although it is not possible to identify all of these factors, they include, among others, (i) future growth of our key end markets and related capital investments; (ii) our ability to operate successfully in foreign countries; (iii) uncertainty over and changes in administrative poli ...

Core Insights - Senseonics has been under observation for several years, with a previous bullish article published in March 2021, which did not yield the expected positive results for investors [1] - The investment strategy employed focuses on a value-oriented approach while incorporating reasonably valued growth stocks, emphasizing the importance of buying quality companies at fair prices [1] - The portfolio has shown significant performance variations over the years, with a total return of 4,114% since inception in 2016, and an internal rate of return (IRR) of 51.54% per year [1] Portfolio Performance Summary - 2016: Portfolio return of 1.28%, compared to NASDAQ's 7.50%, resulting in a delta of -6.22% [1] - 2017: Portfolio return of 49.40%, NASDAQ at 28.23%, delta of +21.17% [1] - 2018: Portfolio return of 84.91%, NASDAQ at -3.88%, delta of +88.79% [1] - 2019: Portfolio return of -1.08%, NASDAQ at 35.23%, delta of -36.31% [1] - 2020: Portfolio return of 173.62%, NASDAQ at 43.63%, delta of +129.99% [1] - 2021: Portfolio return of 37.84%, NASDAQ at 21.40%, delta of +16.44% [1] - 2022: Portfolio return of 20.93%, NASDAQ at -33.10%, delta of +54.03% [1] - 2023: Portfolio return of 87.60%, NASDAQ at 43.42%, delta of +44.18% [1] - 2024: Portfolio return of 77.98%, NASDAQ at 29.83%, delta of +48.15% [1]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The service offers a Free Two-Week Trial for potential investors to explore exclusive income-focused portfolios [1] Group 2 - The article emphasizes the importance of defensive stocks for medium- to long-term investment horizons [2]

Group 1 - The market has recently shown a solid recovery, with many stocks trading at or above their levels from early April [2] - The focus is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] Group 2 - The article emphasizes a defensive investment strategy with a medium- to long-term horizon [2] - There is a beneficial long position in shares of specific companies, indicating a positive outlook on their performance [3]

Company Performance - DXP Enterprises (NASDAQ: DXPE) reported solid double-digit growth in its topline as it entered 2025, primarily driven by nearly 39% growth in its Innovative Pumping Solutions (IPS) segment [1] Growth Outlook - The growth momentum in the IPS segment is expected to continue, indicating a positive outlook for the company's future performance [1]

Investment Rating - The report maintains a neutral position on equities, indicating a cautious outlook on the market [12]. Core Viewpoints - The report suggests that the current market downturn is likely event-driven rather than structural, with strong fundamentals supporting high equity valuations [5][12]. - Recent tariff announcements and trade deals have improved market sentiment, reducing recession risks and leading to upward revisions in growth forecasts [7][8]. - Despite positive developments, the report warns that risks remain, particularly with high valuations and potential economic slowdowns [12][15]. Summary by Sections Bear Market Analysis - The report categorizes bear markets into structural, cyclical, and event-driven types, with the current situation being assessed as event-driven [1][5]. - The S&P 500 and Nasdaq experienced declines of just under 20% and 23% respectively, indicating a bear market phase [1]. Economic Forecasts - The US growth forecast for 2025 has been raised by 0.5 percentage points to 1% Q4/Q4, with a reduced probability of recession at 35% [8]. - In China, GDP growth forecasts for 2025 and 2026 have been increased to 4.6% and 3.8% respectively [8]. Market Performance and Valuations - The report highlights that while US equities have rebounded, European markets have shown stronger performance, with Italy and Germany up over 27% in USD terms [20]. - The S&P 500 EPS forecasts for 2025 and 2026 are revised to $262 and $280, reflecting a year-on-year growth of 7% [8]. Risk Assessment - The report emphasizes that despite recent positive news, the effective tariff rates remain higher than pre-crisis levels, contributing to inflationary pressures [12]. - The report notes that high valuations and market concentration pose ongoing risks, particularly if hard data deteriorates [15][17]. Investment Strategy - The report advocates for diversification across sectors and geographies, suggesting that a broader mix of investments may yield better risk-adjusted returns [20][31]. - It highlights the importance of focusing on alpha rather than beta, recommending quality growth companies and value stocks that can compound returns over time [31].

Interim Management Statement covering Q3 2024/25 The Board of Directors of Rovsing A/S has today reviewed and approved the Interim Management Statement for the third quarter (1 January 2025– 31 March 2025) of the financial year 2024/25. Q3 highlights In Q3 2024/25, the revenue amounted to DKK 7.5 million (Q3 2023/24: DKK 9.5 million). EBITDA in Q3 amounted to DKK -0.4 million (Q3 2023/24: DKK 0.8 million).Order intake in Q3 amounted to DKK 9.3 million. During Q3 and to date, the Company signed new contracts ...

Core Insights - CMB.TECH's diversified business model spans multiple sectors, including dry bulk, tankers, containers, and offshore wind, with over 250 vessels post-merger with Golden Ocean, aiming for long-term growth and sustainability [3][8] - The company emphasizes the importance of stability and a long-term vision in an industry often focused on short-term gains, with leadership prioritizing sustainable growth over immediate profits [5][6] - CMB.TECH is addressing the valuation gap between net asset values (NAV) and market valuations by focusing on earnings potential and strategic positioning rather than just liquidation value [6][7] Business Strategy - The merger with Golden Ocean is expected to increase CMB.TECH's free float from 8% to 38%, enhancing liquidity and attractiveness to institutional investors [7][8] - Post-merger, CMB.TECH will have a fleet of 253 vessels with an average age of 6.1 years, a contract backlog of $3 billion, and capex commitments of $2.2 billion, targeting a leverage of 50% [8] - The company plans to invest in ammonia and hydrogen as future fuels, aligning with emissions targets and focusing on sustainable growth [9][10] Newbuilding Program - CMB.TECH is overseeing an ambitious newbuilding program with 46 vessels on order, including ammonia-capable ships scheduled for delivery starting in 2026 [11] - All newbuilds will be equipped to operate on alternative fuels, except where engine technology is not commercially available, ensuring cost-effectiveness [11] Infrastructure and Regulatory Strategy - The company acknowledges challenges in developing bunkering networks for ammonia but believes existing infrastructure for industrial ammonia can support initial phases of adoption [12] - CMB.TECH's strategy does not rely solely on regulatory support, emphasizing the need for a self-sustaining business model that can thrive without subsidies [13] Market Outlook - Mr. Saverys expresses a bullish outlook on Africa, highlighting its potential due to population growth, technology adoption, and emerging trade routes [14][15] - The company believes that success in shipping will require a strategic focus on Africa, leveraging its unique economic models and sustainable practices [15]

Core Viewpoint - Monolithic Power Systems (MPWR) has demonstrated resilience in a challenging technology sector, achieving a total return of approximately +8% in 2025, contrasting with the Technology Select Sector SPDR Fund's return of -8% [2][4]. Financial Performance - The company reported a 39% increase in total revenues, reaching nearly $638 million, surpassing analyst expectations by about 1% [4]. - Adjusted earnings per share (EPS) rose by almost 44% to $4.04, also exceeding forecasts by approximately 1% [4]. - For Q2, the company provided revenue guidance indicating a growth of 28% at the midpoint, which is nearly 3% above expectations [4]. Market Dynamics - Monolithic's stock experienced a 9% increase following its February earnings release and nearly 6% after the May 1 earnings report, although it still trades about 34% below its 52-week high [3]. - The company is facing challenges due to a decline in revenue from its Enterprise Data segment, which dropped 11% year-over-year and 31% from Q4 2024, largely attributed to its relationship with NVIDIA [5][6]. Diversification Strategy - Monolithic's revenue is diversified, with the Enterprise Data segment accounting for only 33% of total revenue, while other segments grew by over 40% year-over-year [6]. - The company continues to secure design wins in the Enterprise Data market and anticipates revenue recovery in the latter half of the year [6]. Supply Chain and Tariff Management - The company expects no significant impact from tariffs, as approximately 37% of its revenue is derived from China, supported by a "China for China" supply chain strategy [7]. Analyst Outlook - Analysts project a 12-month price target for Monolithic at $779.83, indicating a potential upside of 22.10% from the current price of $638.67 [9]. - Despite mixed updates from Wall Street regarding price targets, the average indicates a solid upside potential of 14% [8][9]. Long-Term Investment Perspective - The semiconductor industry is characterized by cyclicality, making future stock performance uncertain; however, Monolithic's long-term investment case remains strong due to the increasing demand for advanced chips [10][11].

The only exception to this is diversification, which is commonly referred to as the only true freeOne of the core principles in investing is that in order to achieve greater returns, the risk level has to be increased.Roberts Berzins has over a decade of experience in the financial management helping top-tier corporates shape their financial strategies and execute large-scale financings. He has also made significant efforts to institutionalize REIT framework in Latvia to boost the liquidity of pan-Baltic ca ...