Q1 2025 Investor Presentation Roni Giladi, CFO Yaffa Cohen-Ifrah, CMO and Head of IR May 8, 2025 Forward Looking Statements Certain matters discussed in this presentation, that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as i ...

Summary of Graham Corporation Conference Call Company Overview - **Company Name**: Graham Corporation (GHM) - **Industry**: Mission critical fluid, power, vacuum, and heat transfer solutions - **Founded**: 1936 - **Headquarters**: Batavia, New York - **Market Cap**: $487 million with a 21% CAGR since 2021 strategy unveiling [5][29] - **Employee Count**: 600 globally [4] Core Markets - **Segments**: Defense, Energy, and Process in Space - **Installed Product Base**: Over $1 billion globally [4] - **Backlog**: $412 million, indicating strong future revenue visibility [5][32] Financial Performance - **Fiscal Year 2025 Revenue**: $209.9 million, a 13% increase year-over-year [29] - **Quarterly Revenue Growth**: 21% to $59.3 million [29] - **Defense Market Growth**: 28% for the quarter and 23% for the full year [29] - **Adjusted EPS**: Increased by 97% to $1.24 [31] - **Adjusted EBITDA**: Increased by 69% to $22.4 million, with a margin of 10.7% [31] - **Gross Margin**: Improved by 330 basis points to 25.2% [30] Strategic Focus - **Growth Strategy**: Transitioning from a stabilized phase to an improving growth phase, with a focus on new product introductions and operational efficiencies [17][20] - **Investment in Facilities**: New facility in Batavia funded by a $13.5 million customer grant to enhance production capabilities [12][21] - **R&D Investment**: Plans to increase R&D spending to 1-2% of revenue to foster innovation [36] Market Dynamics - **Defense Sector**: 80% of Graham's portfolio is sole-sourced, primarily linked to naval nuclear submarines and weapon systems, with a long-term revenue opportunity of approximately $1.7 billion [8][12] - **Energy and Process Market**: Focus on both conventional and emerging applications, including hydrogen processing and lithium battery extraction [13][14] - **Space Market**: Represents 7% of the portfolio, growing due to geopolitical tensions and advancements in launch capacity [15][16] Future Outlook - **Fiscal Year 2026 Guidance**: Revenue expected between $225 million and $235 million, representing a 10% increase [37] - **Long-term Targets**: Aiming for low to mid-teen EBITDA margins by fiscal year 2027 [39] - **M&A Opportunities**: Actively exploring acquisitions that align with core markets and enhance product lifecycle [28] Leadership Transition - **New Leadership**: Transition to Matt Malone as CEO has been seamless, with Dan Thorin moving to Executive Chairman [43][44] - **Leadership Stability**: The existing leadership team remains intact, ensuring continuity in strategic direction [46] Additional Insights - **Cryogenic Facility in Florida**: Nearing completion, expected to support high demand for testing space products [40][41] - **Operational Efficiency**: Focus on improving product flow and throughput through new facilities and technology [21][22] This summary encapsulates the key points from the Graham Corporation conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Summary of ICF International Conference Call Company Overview - **Company Name**: ICF International - **Ticker**: ICFI - **Business Focus**: Global solutions and technology provider, primarily in consulting and advisory services, with a strong emphasis on energy, environment, and infrastructure [6][7] Key Financial Metrics - **Revenue CAGR**: 6.4% over the past five years - **Non-GAAP EPS CAGR**: 12.4% over the past five years [7] Business Segments and Growth Expectations - **Non-Federal Government Business**: Expected to grow by approximately 15% [9] - **Client Portfolio**: About half of revenues come from commercial clients, including energy utilities and state/local governments [8] Energy Sector Insights - **Energy Efficiency Programs**: Evolving to include nontraditional programs such as electrification and flexible load management [12] - **Renewable Energy Demand**: Anticipated faster growth in energy demand in the U.S. over the next 10-30 years, driven by peak hour demand and the need for renewable energy [14] - **Impact of IRA and Tax Incentives**: Uncertainty around tax incentives is affecting project timelines, but many renewable projects are still moving forward [15][16] Disaster Recovery and Management - **Growth Area**: Disaster management is expected to see more RFPs due to federal funding allocations [21][22] - **Federal to State Transition**: The federal government is shifting disaster recovery responsibilities to states, which could create more opportunities for ICF [23][25] Federal Government Work - **Revenue Losses**: Approximately $115 million in revenue lost due to contract terminations, primarily from USAID [29] - **Contract Modifications**: Some previously discontinued contracts are being reinstated, indicating a potential recovery in federal work [34][35] IT Modernization and Digital Transformation - **Focus Area**: About half of federal work involves IT modernization and digital transformation, with a projected decline in revenues due to procurement slowdowns [42][45] - **Contract Structure**: Majority of contracts are firm fixed price, aligning with the current administration's preferences [44][49] Health and Human Services - **Campaign Alignment**: The "Make America Healthy Again" campaign aligns well with ICF's expertise in health services [54] - **CMS Budget Stability**: Initial indications suggest that the budget for CMS will remain intact, providing a stable revenue source [57] Adjusted EBITDA Margins - **Margin Stability**: Expected to remain similar to the previous year despite uncertainties, with actions taken to align cost structure with revenue production [63][66] - **Contract Mix**: Shift towards more profitable commercial work is expected to enhance margins [66] Conclusion - ICF International is well-positioned to capitalize on growth opportunities in energy efficiency, disaster recovery, and health services, while navigating challenges in federal contracts and IT modernization. The company's diversified portfolio and strong client relationships are key strengths in a changing market environment [41][68]

Core Insights - Alithya Group inc. reported a 4.0% increase in revenues for Q4 2025, reaching $125.3 million compared to $120.5 million in Q4 2024, with a sequential increase of 8.3% from Q3 2025 [3][4][9] - The company achieved a record gross margin of 36.8% in Q4 2025, up from 32.1% in Q4 2024, driven by increased efficiencies and a higher value-added business mix [3][14][19] - Net earnings for Q4 2025 rose to $8.0 million, or $0.08 per share, compared to $2.3 million, or $0.02 per share, in the same quarter last year [3][19][21] Financial Performance - Revenues for the fiscal year 2025 totaled $473.5 million, a decrease of 3.6% from $491.1 million in fiscal 2024 [3][28] - Adjusted EBITDA for Q4 2025 increased by 71.8% to $18.0 million, with an Adjusted EBITDA margin of 14.4%, compared to 8.7% in Q4 2024 [3][22][38] - Selling, general and administrative expenses for Q4 2025 were $29.7 million, a slight increase of 0.4% from $29.6 million in Q4 2024, but as a percentage of revenues, it decreased to 23.7% from 24.6% [3][18][28] Client and Market Activity - The company signed 22 new clients in Q4 2025 and reported a backlog representing approximately 16 months of trailing twelve-month revenues as of March 31, 2025 [3][10][23] - Fiscal 2025 bookings reached $420.7 million, resulting in a Book-to-Bill ratio of 0.89, which would have been 1.00 excluding revenues from two long-term contracts [10][23][24] Strategic Developments - Alithya acquired eVerge Interests, Inc. on May 31, 2025, enhancing its Salesforce capabilities and Oracle expertise [3][8][10] - The company aims to leverage its industry knowledge and global delivery model to target higher value IT segments by the end of fiscal year 2027 [29][30][31]

Core Insights - Sprouts Farmers Market, Inc. (SFM) has established a strong position in the fresh and organic grocery market, leading to impressive financial performance and differentiation in a competitive landscape [1][6] - The stock has gained 27.4% year-to-date, outperforming the industry average of 15.8%, but remains below its 52-week high of $182 [2][6] Stock Performance - SFM shares closed at $161.88, reflecting a significant year-to-date increase [1] - The company has outperformed peers such as Farmer Bros. Co. (FARM), SpartanNash Company (SPTN), and Performance Food Group Company (PFGC) [1] Valuation Metrics - SFM currently trades at a forward 12-month price-to-sales (P/S) multiple of 1.72X, significantly higher than the industry average of 0.26X [3][4] - This premium valuation is notable compared to peers, with Farmer Bros. at 0.10, SpartanNash at 0.06, and Performance Food at 0.21 [4] Growth Drivers - The market for natural and organic food at home is estimated at $290 billion, with SFM's private-label products accounting for 24% of total sales [7] - SFM reported net sales of $2.24 billion in Q1 2025, with comparable store sales growth of 11.7% [7] Customer Engagement Initiatives - SFM has launched a new loyalty program, which has shown positive early results, with a broader rollout planned for the second half of 2025 [8] - The company has begun self-distributing fresh meat and seafood, enhancing supply chain efficiency and freshness [8] Expansion Plans - SFM plans to open at least 35 new stores in 2025, targeting approximately 10% unit growth [9] - New stores are projected to generate $13 million in first-year sales, with growth rates of 20-25% over the next four years [9] E-commerce Strategy - SFM has made significant investments in digital infrastructure, with e-commerce now accounting for 15% of total sales and growing 28% year-over-year [10] Financial Outlook - The company expects net sales growth of 12% to 14% for the full year 2025, with comparable store sales growth of 5.5% to 7.5% [11] - Analysts have raised earnings estimates for SFM, projecting year-over-year increases of 35.5% and 12% for the current and next fiscal years, respectively [12]

Company Overview - One Stop Systems, Inc. (OSS) is a leader in AI-enabled solutions for edge computing, designing and manufacturing enterprise-class compute and storage products for rugged applications [5][7] - OSS's products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software, utilized across various industries such as autonomous trucking, farming, and defense [6][7] Recent Achievement - OSS's subsidiary, BRESSNER Technology GmbH, has been awarded Digi International's 2024 EMEA Growth Partner of the Year, recognizing its leadership and contributions to connected technologies [1][2][3] - The award highlights BRESSNER's commitment to providing advanced hardware solutions for demanding applications [3] Industry Context - Digi International's Global Channel Awards celebrate impactful channel partners that demonstrate innovation and a customer-first mindset, contributing to the expansion of IoT and infrastructure management [2][3] - The recognition of BRESSNER reflects the growing importance of partnerships in driving digital transformation across various industries [3] Product and Service Offerings - BRESSNER offers a wide range of industrial hardware solutions, including tailored solutions for machine automation, logistics, and AI applications [4] - OSS's solutions address the entire AI workflow, from data acquisition to deep learning and large-scale inference, positioning the company in the fast-growing edge computing market [7]

Core Insights - Dai-ichi Life Group and Capgemini have signed a multi-year agreement to establish a Global Capability Center (GCC) in India, aimed at accelerating Dai-ichi Life's global digital transformation [1][2] - The GCC will leverage India's skilled workforce to enhance Dai-ichi Life's IT and digital strategies, focusing on building in-house capabilities in critical areas such as AI, data, and cybersecurity [1][3] Company Overview - Dai-ichi Life Group, founded in 1902, is Japan's first mutual life insurance company and has expanded its operations globally, managing approximately USD 430 billion in consolidated assets and serving over 50 million customers [6][7] - Capgemini is a global business and technology transformation partner with a workforce of 340,000 across more than 50 countries, reporting global revenues of €22.1 billion in 2024 [5] Strategic Collaboration - The partnership will initially focus on Japan, the United States, and Australia, with plans to expand based on market needs, emphasizing advanced software development, infrastructure modernization, AI & data solutions, and cybersecurity [2][4] - The collaboration aims to enhance customer service and operational efficiency by combining Dai-ichi Life's industry knowledge with Capgemini's technology transformation expertise [4]

Financial Data and Key Metrics Changes - Full year revenue grew approximately 13% to $210 million, with adjusted EBITDA increasing 69% to $22.4 million, representing 10.7% of sales [6][31] - Record backlog reached $412 million as of March 31, up 7% sequentially, with a book to bill ratio of 1.1, marking the fifth consecutive year above 1.0 [7][36] - Fourth quarter net income was $4.4 million, compared to $1.3 million in the prior year, equating to $0.40 per share on a GAAP basis [31] Business Line Data and Key Metrics Changes - Defense market sales grew by $7.7 million or 28% year-over-year, driven by existing programs and improved execution [28] - Energy and process sales increased by $1.8 million, supported by higher capital equipment sales to the Middle East and Asia [28] - Aftermarket sales for energy and process and defense markets totaled $12.1 million, up 3% from the prior year [28] Market Data and Key Metrics Changes - The defense sector remains a key focus, with significant contracts awarded, including a $136.5 million contract for the Virginia class submarine program [7][8] - The energy and process market is seeing continued demand, with innovative solutions driving customer interest [9] Company Strategy and Development Direction - The company is transitioning into a growth phase, focusing on product life cycle expansion, commercialization, global reach, and digital transformation [23][26] - Investments in automation and facility expansion are aimed at enhancing operational efficiency and throughput [21][22] - The strategic plan includes a target of 8% to 10% organic revenue growth and low to mid-teens adjusted EBITDA margins by fiscal 2027 [14][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on opportunities in the defense and energy sectors, supported by a robust backlog and strategic investments [14][39] - The leadership transition is expected to ensure continuity in strategic vision and operational execution [12][13] Other Important Information - The company has secured a $50 million credit facility to support future growth initiatives [22] - Capital expenditures for fiscal 2025 were $19 million, with expectations to maintain CapEx at 7% to 10% of sales in the coming years [10][38] Q&A Session Summary Question: Inquiry about guidance and gross margin outlook - Management indicated that the gross margin outlook is primarily affected by tariffs and the absence of a training grant, with process improvement initiatives in place to offset these factors [45][46] Question: Details on the investment in radiographic equipment - The new X-ray equipment will enhance the evaluation of complex welds, improving efficiency and quality in production [47][48] Question: Update on M&A opportunities - The M&A pipeline is robust, with opportunities arising from aging ownership groups, and valuations are seen as favorable for strategic acquisitions [51][52] Question: Changes in contract terms for Navy orders - Management confirmed that there are protective clauses in contracts to mitigate commodity price volatility, ensuring stability in pricing [58][59] Question: Status of welder training program and future needs - The welder training program has been successful, with a 10% increase in welders year-over-year, supporting growth in both defense and energy sectors [62][63] Question: Utilization of the cryogenic facility - The cryogenic facility is on track to be operational soon, with strong demand anticipated based on customer inquiries [67][70] Question: Progress on NextGen nozzle and potential clients - The NextGen nozzle design is complete, with ongoing discussions with existing clients for upgrades during maintenance turnarounds [75][76]

Core Insights - YXT.com Group Holding Limited has partnered with Siemens to deploy its AI-powered Radnova Learning Platform in China, aimed at addressing workforce training challenges during Siemens' transformation into a unified technology organization [1][4] - The Radnova platform integrates seamlessly with Siemens' existing learning management systems, providing access to a variety of learning resources and eliminating data silos [1][2] Company Overview - YXT.com specializes in AI-enabled enterprise productivity solutions, focusing on enhancing workforce training and development through technology [6] - The company has established a significant presence in the AI-powered workforce solutions market, particularly targeting large industrial enterprises undergoing digital transformations [4][6] Product Features - The Radnova platform offers personalized learning paths for blue-collar workers, facilitating curriculum design, deployment, and performance analytics [2] - Specialized microlearning and mentorship features are included to improve operational effectiveness and streamline HR processes [3] Market Position - The partnership with Siemens highlights the growing market opportunity for YXT.com in providing AI-driven upskilling solutions for manufacturing companies [4] - YXT.com aims to expand its client base, which already includes thousands of enterprise clients, by focusing on large-scale industrial customers [4][6]

Industry Overview - The Zacks Food – Meat Products industry is experiencing strong growth due to increasing consumer demand for high-protein foods and a focus on health and wellness [1] - The industry includes companies that manufacture, process, market, and distribute a wide range of meat products, including chicken, pork, beef, and plant-based meats [3] - Major trends include increased protein demand and the rise of plant-based alternatives, driven by health consciousness and dietary preferences [4] Company Performance - Leading companies like Tyson Foods, Hormel Foods, and Pilgrim's Pride are well-positioned for long-term growth despite challenges such as rising input costs and operational expenses [2] - Tyson Foods has a diversified multi-protein strategy and is leveraging digital transformation to optimize supply chain efficiency [16] - Hormel Foods is focusing on innovation and operational efficiency through its Transform and Modernize initiative [20] - Pilgrim's Pride is enhancing profitability through strategic investments and effective cost management strategies [24] Market Trends and Challenges - The industry is facing significant cost-related challenges, including rising prices for feed, raw materials, and labor, which are impacting profit margins [6] - Consumer behavior is shifting, with shoppers making more frequent store visits but purchasing less per trip due to tighter household budgets [6] - The industry's performance has underperformed the broader Zacks Consumer Staples sector and the S&P 500 over the past year, declining 7.8% compared to the sector's growth of 3% and the S&P 500's rise of 11.6% [10] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 12.50X, compared to the S&P 500's 21.83X and the sector's 17.80X [13] - Over the past five years, the industry's P/E ratio has ranged from a high of 21.76X to a low of 12.24X, with a median of 16.55X [13] Future Outlook - The Zacks Industry Rank for the Food – Meat Products industry is 93, placing it in the top 38% of over 250 Zacks industries, indicating encouraging near-term prospects [7][8] - Analysts are gaining confidence in the earnings growth potential of the industry, as evidenced by positive earnings estimate revisions [9]