THE NEXT GROWTH CHAPTER INVESTOR DAY 2026 ADVANC:TB 6 February 2026 DISCLAIMER: Please be informed that this meeting is being recorded. By participating in this meeting, you have allowed AIS to collect, use, or disclose any personal data shared during this meeting by any means. Please do not copy, edit, or modify any content shared during this meeting for any purpose. 1 Agenda PRATTHANA LEELAPANANG Chief Executive Officer 3 AIS2028 – The Next Growth Chapter STRENGTHS WE BUILD FROM Telecom Connectivity Leade ...

Core Insights - Linde's backlog is approximately $10 billion, with about two-thirds supporting contracted clean energy projects, and the company expects $2.5 to $3 billion of projects to commence in 2026 [3][18] - The CEO described the economic environment for 2025 as divided, with strong investment in AI and digital infrastructure contrasted by weakness in traditional industrial markets [2] - Linde's 2026 earnings guidance projects EPS of $17.40 to $17.90, reflecting 6% to 9% growth, with flat underlying volumes assumed at the midpoint [4][12] Financial Performance - In Q4, Linde reported sales of $8.8 billion, a 6% increase year-over-year, with an operating profit of $2.6 billion and a margin of 29.5% [5][6] - The company increased share repurchases to $1.4 billion in Q4, capital expenditures rose by 17% to support the backlog, and operating cash flow exceeded $3 billion [8][9][10] - Full-year investments for growth reached about $6 billion, with $7.4 billion returned to shareholders through dividends and repurchases [11] Market Dynamics - The company noted regional demand disparities, with Europe experiencing broad-based weakness, while the U.S. market showed resilience [15][16] - In APAC, Linde observed signs of recovery in China, with strong growth in India, although the ASEAN region remained stable [17] - The company is targeting a rebuild of its "sale of gas backlog" towards $7 billion, with expectations for significant project startups in 2026 [18] Strategic Initiatives - Linde is undertaking additional restructuring actions to improve its cost position, primarily affecting headcount and engineering [14] - The company sees a secular growth opportunity in the commercial space sector, with over $500 million invested in rocket propellants for contracted space launches [19][20] - Helium and rare gases are projected to be a 1% to 2% EPS headwind in 2025, with ongoing pricing challenges in the helium market [21]

Financial Data and Key Metrics Changes - Sales for the fourth quarter reached $8.8 billion, a 6% increase year-over-year and a 2% sequential increase [10] - Operating profit was $2.6 billion, up 4% from the prior year, resulting in a 29.5% margin [10] - EPS increased by 6% to $4.20, driven by a lower share count [11] - Operating cash flow exceeded $3 billion in the fourth quarter, supported by stronger collections and inventory management [12] Business Line Data and Key Metrics Changes - Underlying sales increased by 3%, driven by 2% pricing and 1% volume growth [10] - Volume growth was primarily attributed to project startups in the Americas and APAC, while base volume growth in the Americas was offset by industrial softness in EMEA [10] - CAPEX grew by 17%, reflecting spending for the record project backlog [11] Market Data and Key Metrics Changes - The economic environment in 2025 showed a divergence, with strong investment in AI and digital infrastructure contrasting with weakness in traditional industrial markets [3] - EMEA continues to experience broad-based weakness, with pricing growth slowing to +1% in Q4 [18] - The Americas market showed resilience, with sales up across almost every end market, particularly in electronics and commercial space [24] Company Strategy and Development Direction - The company aims to balance stakeholder needs while delivering long-term value creation through safety, environmental stewardship, financial performance, and future growth [4] - A record project backlog of $10 billion positions the company for future growth, with significant investments in clean energy projects [7] - The company is focused on restructuring actions to better position itself for 2026, expecting benefits primarily in the second half of the year [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the recovery in certain regions, particularly in the U.S. manufacturing sector [72] - The company anticipates continued investment in the space sector and expects to capture a significant share of this growing market [42] - Management remains vigilant about the economic landscape, emphasizing the unpredictability of macroeconomic conditions [15] Other Important Information - The company achieved a 24.2% return on capital, leading the industry and validating its disciplined capital allocation policy [6] - The company has made substantial progress in reducing its environmental footprint, with a 23% increase in low-carbon power sourcing [5] Q&A Session Summary Question: Are there signs of progress in Europe? - Management noted continued broad-based weakness in Europe, with some optimism in Northern Europe and Germany, but no substantial recovery catalysts are evident [18] Question: What are the growth expectations across different regions? - Management expressed a slightly more positive outlook for industrial activity, particularly in the U.S. and India, while cautioning about the ongoing challenges in Europe and ASEAN [24][64] Question: What is the expected trajectory of gas backlog sales? - Management expects to return to a backlog closer to $7 billion, with significant project startups anticipated in 2026 [34] Question: How will restructuring impact margins? - Management indicated that restructuring actions typically yield a payback period of about two years, with expectations of margin expansion in 2026 [38] Question: What is the impact of helium on financial performance? - Helium is expected to remain a low single-digit business, with a headwind of 1%-2% on EPS for 2025, and no significant changes anticipated for 2026 [74][76]

Core Insights - Century Aluminum Company (CENX) has divested its Hawesville, KY facility to TeraWulf Inc., which plans to develop a large-scale digital infrastructure campus focused on high-performance computing and AI applications [1][7] - CENX will retain a non-controlling minority ownership stake in the project, allowing it to benefit from the long-term upside and community impact [2][7] - The redevelopment is expected to stimulate local economic growth through construction activities and the creation of permanent, skilled jobs [2] Company Developments - The Hawesville site has over 250 buildable acres for compute capacity, with significant power advantages including direct access to high-voltage transmission and approximately 480 megawatts of existing capacity [3] - TeraWulf's project aligns with its goal to expand its 2.8 GW energy-efficient digital infrastructure to meet the increasing demand for AI and data centers, while also supporting CENX's broader U.S. investment strategy [3] - CENX announced investments last year that will more than double its total U.S. domestic aluminum production, including the expansion of its Mt. Holly smelter and a new 750,000MT smelter in Inola, OK, in partnership with Emirates Global Aluminium [4] Market Performance - CENX shares have increased by 173.6% over the past year, significantly outperforming the industry average rise of 51.4% [4]

Core Insights - Data center investments are a significant growth driver for Blackstone, particularly through its acquisition of QTS, which has become the largest contributor to the company's portfolio gains in 2025 [2][6] - The firm reported a total of $239 billion in inflows for the year, the highest since 2021, largely driven by investor interest in artificial intelligence [3] - Blackstone's infrastructure platform, bolstered by data center appreciation, grew by 40% to $77 billion, with returns of 8.4% for the quarter and 23.5% for the year [4] Investment Performance - Blackstone Real Estate Income Trust (BREIT), valued at $54 billion, achieved an 8.1% return, significantly outperforming its sector benchmark, and is heavily invested in QTS [5] - Real estate investments overall were the weakest segment, with opportunistic strategies showing a 0.6% loss and core assets gaining 3% [5] Strategic Focus - Blackstone plans to continue investing in digital infrastructure, including data centers and private credit, as part of its broader investment strategy [6][7] - The firm has invested in AI developers and energy providers to support the growing demand for AI infrastructure, including a notable $11.5 billion acquisition of TXNM Energy [10] Financial Metrics - Blackstone reported $14.5 billion in revenue for the year, reflecting a 9% increase, and $4.4 billion for the quarter, marking a 42% rise [11] - The private credit portfolio increased by 30% to $130 billion, although there were concerns about redemption upticks related to default risks [8]

Marsh & McLennan Companies (NYSE:MMC) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsBrian Meredith - Managing DirectorDean Klisura - CEO of Guy CarpenterGregory Peters - Managing DirectorJohn Doyle - President and CEOMark McGivney - CFOMartin South - CEO of Marsh RiskMeyer Shields - Managing DirectorNick Studer - CEO of Marsh Management ConsultingPat Tomlinson - CEO of MercerConference Call ParticipantsDavid Motemaden - Managing Director and Senior Equity Research AnalystJimmy Bhull ...

Financial Data and Key Metrics Changes - Total revenue grew 10% to $27 billion, with underlying revenue growth of 4% [4] - Adjusted operating income increased 11% to $7.3 billion, following 11% growth in 2024 [4] - Adjusted EPS grew 9% [4] - Free cash flow increased by 25% [5] - Adjusted operating margin improved by 30 basis points, marking 18 consecutive years of margin expansion [4] Business Line Data and Key Metrics Changes - Risk and Insurance Services (RIS) revenue was $4 billion, up 9% year-over-year, with 2% underlying growth [18] - Marsh Risk revenue was $3.7 billion, up 10% from a year ago, or 3% on an underlying basis [18] - Guy Carpenter's revenue in the quarter was $215 million, up 7%, or 5% on an underlying basis [20] - Consulting segment revenue was $2.6 billion, up 8% or 5% on an underlying basis [20] - Mercer revenue was $1.6 billion, up 9% or 4% on an underlying basis [21] Market Data and Key Metrics Changes - Primary commercial insurance rates decreased 4% in Q4, following a 4% decline in Q3 [10] - Global property rates decreased 9% year-over-year [10] - Global financial and professional liability rates were down 4%, while cyber rates decreased 7% [10] - Global casualty rates increased 4%, with U.S. excess casualty up 19% [10] Company Strategy and Development Direction - The company aims to be the most impactful professional services firm globally, focusing on risk, reinsurance, capital, health, and management consulting [7] - The Thrive program is expected to provide greater financial flexibility and organizational agility over the next three years [7] - Investments are being made in digital infrastructure, healthcare, private capital, and energy [7][9] - The new Marsh brand was launched to simplify the value proposition for clients [8] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a complex operating environment characterized by geopolitical tensions and economic challenges [15] - Despite headwinds from lower interest rates and decreasing insurance pricing, the company is well-positioned for solid growth in 2026 [14][26] - The company expects underlying revenue growth in 2026 to be similar to 2025 [14][26] Other Important Information - The company repurchased $2 billion in shares, the largest annual amount in its history [5] - Total debt at the end of the quarter was $19.6 billion [24] - The adjusted effective tax rate for 2025 was 25.3%, down from 25.9% in 2024 [23] Q&A Session Questions and Answers Question: Impact of AI and digital infrastructure investments on long-term revenue outlook - The company expects approximately $3 trillion of investment in digital infrastructure over the next five years, which is a significant focus area [30] Question: Reinsurance market rate reductions and organic revenue growth - Management acknowledges that while rate reductions in property cat pricing may pose challenges, there are still areas of demand and new business opportunities [44][50] Question: AI's impact on headcount and revenue in management consulting - Thrive will fuel efficiency and investment in market-facing talent, with ongoing development of productivity tools to enhance efficiency [54][56]

Core Insights - Broad Peak Investment Advisers has acquired a new position in Riot Platforms, purchasing 1.41 million shares valued at $17.86 million, reflecting a significant investment in the company [1][2]. Company Overview - Riot Platforms is a leading U.S.-based Bitcoin mining and infrastructure company, focusing on digital asset production and specialized engineering services [6]. - The company operates large-scale Bitcoin mining facilities and provides engineered power distribution solutions for institutional clients [9]. - As of January 28, Riot's share price was $17.55, with a market capitalization of $6.53 billion, and revenue for the trailing twelve months (TTM) was $637.16 million, with a net income of $164 million [4]. Financial Performance - In the third quarter, Riot reported record revenue of $180.2 million, driven by higher Bitcoin prices and increased mining output, with net income reaching $104.5 million [11]. - The company ended the quarter with over $330 million in unrestricted cash and held approximately 19,300 Bitcoin on its balance sheet, indicating strong financial health and optionality [11]. Strategic Positioning - Riot Platforms represents 3.2% of Broad Peak's 13F reportable assets under management (AUM) after the recent trade, indicating a strategic investment focus [3]. - The company is evolving its business mix by leaning into data center development and power infrastructure, moving towards a more integrated role in high-density computing rather than solely a commodity play [12]. - The investment in Riot is framed as a move towards industrial leverage in digital infrastructure, rather than mere speculation in cryptocurrency [10].

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 totaled $1.34 billion, contributing to a record full-year adjusted EBITDA of $4.83 billion, reflecting sustained momentum from the business system and positive performance in Industrial and Energy Technology (IET) [4][5] - Adjusted earnings per share rose to $0.78, resulting in a full-year adjusted EPS of $2.60, a 10% increase from 2024 [4] - Adjusted EBITDA margins for Q4 rose 30 basis points year-over-year to a record 18.1% [4] - For the full year, company-adjusted EBITDA margins increased by 90 basis points to a record of 17.4% [5] Business Line Data and Key Metrics Changes - IET achieved strong fourth quarter order bookings of $4 billion, contributing to a record full-year total of $14.9 billion, exceeding guidance [5][31] - IET margins increased by 170 basis points to a historical high of 18.5% for the full year [5][33] - OFSE revenue declined by 8% for the full year, but margins remained resilient at 18.3% [35] Market Data and Key Metrics Changes - LNG demand increased by approximately 7% in 2025, with expectations of at least 75% growth by 2040, primarily driven by growth across Asia [13][14] - The global macro environment remains resilient despite geopolitical uncertainties, with modestly stronger GDP growth anticipated in 2026 [11][12] Company Strategy and Development Direction - The company is focused on expanding its power systems portfolio, targeting a market opportunity exceeding $100 billion by 2030 [20][21] - The strategy includes enhancing capabilities in power generation, grid stability, and energy management, with a strong emphasis on digital integration and lifecycle services [20][21] - The pending acquisition of Chart is expected to add thermal management capabilities and enhance the power generation portfolio [25][44] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued strong demand for power systems driven by digitization, AI, and electrification trends [12][18] - The company expects to achieve a net debt to adjusted EBITDA ratio of 1-1.5 times within 24 months following the Chart acquisition [29] - The outlook for global energy infrastructure investment remains positive, particularly in gas, LNG, and power generation [43][44] Other Important Information - The company generated robust free cash flow of $1.3 billion in Q4, contributing to a record annual free cash flow of $2.7 billion [6][28] - The company returned $1.3 billion to shareholders in dividends and share repurchases in 2025 [28] Q&A Session Summary Question: Can you elaborate on your strategy for further enhancing your current capabilities or sustaining growth from Power Systems? - Management highlighted a global power demand growth cycle, with expectations for power demand to double by 2040, driven by data centers and electrification [50][51] - The company sees significant opportunities in AI infrastructure and has identified a $100 billion annual market opportunity for Power Systems by 2030 [51][52] Question: Can you walk through some of the moving pieces within the IET order intake guide for 2026? - Management indicated strong pipelines in power systems and continued growth in LNG and gas infrastructure, with expectations for robust order levels [60][61] Question: Can you discuss the margin outlook for IET and OFSE? - Management expects IET margins to reach 20% in 2026, driven by higher-margin backlog conversion and productivity improvements [69][70] - OFSE margins are expected to remain resilient despite macro headwinds, with ongoing cost actions supporting stability [70][71]

Core Insights - Prologis, Inc. is a leading global logistics real estate company specializing in high-quality warehouses and distribution centers, playing a crucial role in the logistics and real estate market [1] Financial Performance - Prologis reported earnings per share (EPS) of $1.55, surpassing the estimated $1.44, indicating strong financial performance driven by increased demand for warehouses [2][6] - The company's revenue reached approximately $2.25 billion, exceeding the estimated $2.09 billion, reflecting a positive shift in the logistics and real estate market [2][6] - Core funds from operations (FFO) per share for Q4 2025 was $1.44, aligning with the Zacks Consensus Estimate but declining from $1.50 per share in the previous year [3] Market Trends - There has been a resurgence in demand for warehouses, leading to an increase in fourth-quarter revenue, following a prolonged period of weakness in the sector [4] - Rental revenues increased to $2.09 billion from $1.94 billion in the same quarter the previous year, although this was below the Zacks Consensus Estimate of $2.17 billion [3] Future Outlook - Prologis issued a 2026 core FFO guidance of $6.00 to $6.20, anticipating steady occupancy and mid-single-digit net operating income (NOI) growth [5] - The company signed a record 228 million square feet of leases throughout 2025, positioning it with strong momentum for 2026 [5][6] - The CEO emphasized the company's focus on integrating logistics, digital infrastructure, and energy on a global scale to meet customer demand [5]