Core Viewpoint - Castellum, Inc. has made significant progress in its strategic transition from a start-up phase to a focus on organic growth, enhancing its capabilities and competitive position in the cybersecurity and defense sectors [2][4][8]. Group 1: Company Progress and Strategy - Since July 1, 2024, Castellum has transitioned from a start-up phase to a Phase 2 strategy focused on organic growth and strengthening its foundational platform [2][3]. - The company has integrated its operations across all business functions, emphasizing business development and enhancing its opportunity pipeline [3][4]. - Castellum has raised over $16 million through public offerings and warrant exercises, reducing long-term debt to less than $5 million [5]. Group 2: Achievements and Capabilities - Castellum won its largest prime contract in history, valued at $103.3 million, for Special Missions support of the Naval Air Systems Command [5]. - The company has established a new subsidiary focused on advanced technology products, complementing its tech-enabled services [5][8]. - Castellum has received consistent "best in industry" contractor performance assessment reports from government customers, indicating high-quality service [5]. Group 3: Future Outlook - The company aims to enhance shareholder value and strengthen national defense through strategic acquisitions and contract wins [9]. - Castellum is committed to increasing the volume and quality of proposals, likening its strategy to taking more swings at the right pitches in baseball [5]. - The leadership team has been restructured to include greater industry and technology experience, positioning the company for future growth [5][6].

Core Insights - Happy Belly Food Group Inc. has expanded its franchise agreement with an existing multi-unit franchisee in Alberta from 10 to 15 units for its Heal Wellness brand, which specializes in fresh smoothie bowls and smoothies [1][3][5] - The expansion reflects strong organic support from the franchisee base, indicating a growing interest in multi-unit ownership among existing operators [3][5] - Heal Wellness is recognized as Canada's first national smoothie bowl brand, with a scalable, asset-light model that supports its growth and enhances value for franchise partners and investors [5][6] Company Overview - Happy Belly Food Group Inc. is a leader in acquiring and scaling emerging food brands across Canada [9] - The company has a total of 616 retail locations under contract, which includes development, construction, and operational stages, indicating a robust franchise pipeline [5][6] Brand Performance - Heal Wellness has seen significant growth since its initial five-unit agreement in October 2023, doubling to 10 units by May 2024, and now expanding to 15 units [3][5] - The brand is experiencing increasing brand awareness and customer loyalty, contributing to its expanding national footprint with additional units under construction in Alberta, Ontario, and Prince Edward Island [5][6] Strategic Growth - The company is focused on a strategic blend of organic growth and targeted acquisitions to accelerate the momentum behind Heal Wellness and its broader portfolio [5][6] - By aligning with experienced operators and securing prime real estate, Happy Belly aims to strengthen its long-term fundamentals and deliver sustained growth through 2026 and beyond [6]

Core Insights - Northern Trust Corporation (NTRS) successfully passed the Federal Reserve's 2025 stress test, maintaining a 2.5% Stress Capital Buffer, indicating a strong capital position and resilience against severe economic downturns [1][3] - Analysts have revised earnings growth estimates for NTRS upward for 2024 and 2025, reflecting optimism about the company's financial performance [2] Financial Performance - The Zacks Consensus Estimate for NTRS's earnings per share (EPS) for 2025 is projected at $8.18, with a year-over-year growth estimate of 6.23% [12] - Over the past three to five years, NTRS's EPS has increased by 3.1%, with a projected growth rate of 6.2% in the near term [8][11] - The company reported a return on equity (ROE) of 13% in the first quarter of 2025, indicating consistent profitability and operational efficiency [16] Dividend and Share Repurchase - Following the stress test, NTRS plans to increase its quarterly dividend by 7% to $0.80 per share starting in Q3 2025, subject to board approval, with a current dividend yield of 2.34% [4] - NTRS has an active share repurchase program, having repurchased $287 million worth of shares in Q1 2025, with $25 million authorized for buybacks [6] Growth Drivers - The company has experienced a compound annual growth rate (CAGR) of 7.8% in total revenues from 2020 to 2024, supported by increases in net interest income (NII) and non-interest income [12][14] - Loan and lease balances grew at a CAGR of 6.7% during the same period, with expectations for a rebound in loan activity as the client base expands [13][14] - The launch of Family Office Solutions in April 2025 aims to attract ultra-high-net-worth clients, enhancing revenue potential [14] Cost Management - Northern Trust is implementing cost optimization measures, including disciplined headcount management and process automation, to enhance productivity and achieve financial objectives [15] - The company has maintained a solid liquidity position, with deposits totaling $52 billion compared to total debt of $12 billion, supporting its financial flexibility [7] Market Performance - Over the past year, NTRS shares have increased by 53.1%, outperforming the industry growth of 28.6% [17] - NTRS currently holds a Zacks Rank of 2 (Buy), indicating positive market sentiment [20]

Group 1: Capital One's Business Strategy - Capital One Financial Corporation (COF) has decided to wind down the home equity lending business acquired from Discover Financial, following a strategic review [1][2][11] - The company will stop new originations but will continue servicing the existing portfolio and explore options for sale and servicing [2][11] - The decision to exit this business was made to better align with Capital One's overall business portfolio [2] Group 2: Acquisition Details - Capital One acquired Discover Financial Services for $35 billion in May 2025, significantly reshaping the credit card industry [4] - The acquisition allows Capital One to capture a larger share of card spending and compete more effectively with major card issuers [5] - The deal faced regulatory scrutiny but received final approval in April 2025, with conditions to address enforcement issues related to Discover Financial [6][7] Group 3: Financial Performance and Outlook - Capital One's revenues have been driven by acquisitions, with a five-year compound annual growth rate of 6.5% projected from 2019 to 2024 [9] - The company has seen a 22.3% increase in share price this year, outperforming the industry growth of 21.9% [10] - The acquisition of Discover Financial is expected to enhance revenue prospects due to strong credit card and online banking businesses [9]

Group 1 - Bernstein Private Wealth Management is expanding its ultrahigh-net-worth (UHNW) services through inorganic growth strategies, including targeted recruiting and selective acquisitions of registered investment advisors (RIAs) [2][3] - The firm has appointed three new leaders: Craig Storch as Senior Managing Director for Growth Strategies, Neel Ray as Senior National Director, and Marshall Butler as Head of Marketing, all reporting to Aaron Bates [2][3][5] - Bernstein's UHNW segment is experiencing notable momentum, and the firm aims to leverage its global asset management resources to enhance advisor practices and client outcomes [3][4] Group 2 - The new hires and acquisitions will be based on cultural fit and fiduciary mindset, aligning with Bernstein's long-standing commitment to organic talent development [3][4] - Bernstein continues to introduce tailored solutions for UHNW clients, including family offices, and has opened a new office in Hudson Yards, New York City [6] - As of May 31, 2025, AllianceBernstein manages $803 billion in assets, positioning Bernstein among the largest investment managers globally [7]

Core Viewpoint - Quipt Home Medical Corp. has acquired a durable medical equipment provider owned by Ballad Health, marking a strategic milestone that enhances its partnerships with healthcare systems and expands its service offerings in respiratory care [1][2]. Acquisition Details - The acquisition includes a purchase price of $1.6 million, with the Acquiree reporting unaudited revenue of $6.6 million for the fiscal year ended June 30, 2025, serving over 12,500 patients annually [1][5]. - The Acquiree operates four branch locations across East Tennessee and Southwest Virginia, providing a comprehensive portfolio of respiratory, oxygen, mobility, and home medical products [2][5]. Strategic Implications - The acquisition is expected to facilitate seamless post-acute care coordination through a Preferred Provider Agreement with Ballad Health, integrating Quipt into the care delivery model [2][4]. - Management anticipates that the transaction will establish a scalable playbook for future partnerships with health systems nationwide, enhancing organic growth and reducing patient readmissions [4][5]. Financial Outlook - The management expects the Acquiree's Adjusted EBITDA margin to align with Quipt's historical range within two quarters, driven by operational efficiencies [5]. - The acquisition was completed using cash on hand, maintaining a conservative balance sheet and allowing for future financial flexibility [4][5]. Market Context - The service area of the Acquiree is experiencing a rapidly growing senior population, with the 65+ age cohort expected to grow by 10.2% by 2028, indicating a strong demand for home medical services [5].

Core Viewpoint - Happy Belly Food Group Inc. is expanding its presence in Canada with the opening of its 26th Heal Wellness location, indicating strong growth and a strategic focus on scaling emerging food brands [1][3]. Company Expansion - The new Heal Wellness location is situated in Aurora, Ontario, and will officially open on July 5, 2025 [1]. - The company has experienced significant growth, with more locations under construction and scheduled to open throughout 2025 [3][4]. - Happy Belly has secured 195 units under development agreements across Canada, positioning itself for continued expansion as Heal aims to become a national smoothie bowl brand [4][6]. Franchise Development - Happy Belly has a robust franchise pipeline with 606 retail locations under contract, which includes projects in various stages of development [6]. - The company emphasizes careful selection of partners and prime real estate to maintain growth momentum through 2026 [6]. Product Offering - Heal Wellness focuses on providing quick, fresh wellness foods, including a diverse range of smoothie bowls and smoothies made with superfood ingredients [7].

Financial Performance - Zenvia's net revenues increased from BRL 213 million in Q1 2024 to BRL 296 million in Q1 2025[4] - G&A expenses decreased from BRL 31 million in Q1 2024 to BRL 24 million in Q1 2025[4] - Non-GAAP adjusted gross profit decreased from BRL 93.6 million in Q1 2024 to BRL 74.2 million in Q1 2025[10] - Non-GAAP adjusted gross margin consolidated decreased from 44% in Q1 2024 to 25.1% in Q1 2025[4] - EBITDA decreased from BRL 23 million in Q1 2024 to BRL 20 million in Q1 2025[4] - EBITDA minus CAPEX decreased from BRL 11.2 million in Q1 2024 to BRL 10.1 million in Q1 2025[16] Business Segments - CPaaS revenue increased from BRL 136 million in Q1 2024 to BRL 215 million in Q1 2025[7] - SaaS revenue increased from BRL 77 million in Q1 2024 to BRL 81 million in Q1 2025[7] - Non-GAAP adjusted gross margin for SaaS decreased from 56.4% in Q1 2024 to 53.7% in Q1 2025[4] - Non-GAAP adjusted gross margin for CPaaS decreased from 37% in Q1 2024 to 14.3% in Q1 2025[10]

Financial Performance & Growth - The company experienced consistent long-term growth with a 9.3% EBITDA CAGR from 2015 to 2020[6] - EPS also saw significant growth, with a 16.7% CAGR from 2015 to 2020[6] - The company's ROIC improved from 5.5% in 2015 to 8.8% in 2020[6] - YTD Operating Revenues as of June 30, 2021, were $2.65 billion, up from $2.56 billion in 2020[8] - YTD EBITDA from continuing operations as of June 30, 2021, was $382.6 million, compared to $345.1 million in 2020[10] - YTD Net Income as of June 30, 2021, was $152.3 million, an increase from $124.8 million in 2020[11] - The company projects a total EBITDA between $875 million and $925 million for 2021[83] - The company projects EPS between $2.00 and $2.15 for 2021[83] Business Segment Performance - Construction Services reported record second-quarter earnings of $28.9 million[39] - Construction Materials reported earnings of $51.4 million for the second quarter[52] - Electric and Natural Gas Utility reported earnings of $9.6 million for the second quarter[69] - Pipeline reported earnings of $9.2 million for the second quarter[80] Strategic Positioning & Opportunities - The company has a balance of cyclical and counter-cyclical businesses, with a 2020 EBITDA mix of 56% Construction and 44% Regulated Energy Delivery[6] - The company sees a significant opportunity in US infrastructure, citing a >$1 trillion spending gap[6] - The company's Construction Services segment has a record backlog of $1.32 billion as of June 30, 2021[39]

Diversified Resilient Dynamic This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any of its affiliates nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or in connection with any other contract or commitment whatsoever. This presentation does not constitute a ...