Welcome to Skanska's Capital Markets Day Skanska in the USA Richard Kennedy, EVP The Eight Bellevue WA USA November 18, 2025 Capital Markets Day 2 Skanska in the USA Foundation built on growth 1971 - 2004 17 acquired companies nationwide Nielsons Gottlieb Slattery Underpinning & Foundations W.J. Barney Beacon Baugh E.L. Yeager BFW Beers A.J Etkin Barclay White Karl Koch – NJ Sordoni – NJ Bayshore – VA Tidewater – VA James Davidson – VA/Carolinas November 18, 2025 Capital Markets Day 3 Skanska in the USA Nat ...

1 8 N o v e m b e r 2 0 2 5 Disclaimer This presentation contains forward-looking statements regarding Crédit Agricole S.A. and the Crédit Agricole Group, including market trends. Such information may encompass financial projections, underlying assumptions on which these projections are based, statements concerning projects, objectives and expectations related to future transactions, products and services, as well as considerations regarding future performance. These elements are derived from scenarios buil ...

Core Insights - BD (Becton, Dickinson and Company) has appointed Robert Huffines and Jacqueline Wright to its board of directors, effective December 1, 2025, enhancing the board's expertise in healthcare, technology, digital transformation, and finance [1][2][5]. Group 1: Board Appointments - Robert Huffines brings over 30 years of experience in healthcare strategy, mergers and acquisitions, and financing, previously serving as global chairman of investment banking at J.P. Morgan [2][3]. - Jacqueline Wright has more than 30 years of experience in technology and digital transformation, having served as the first chief technology and platform officer at McKinsey & Company and held various roles at Microsoft [5][6]. - The addition of these directors reflects BD's commitment to strong corporate governance and regular board refreshment, with three new independent directors added in 2025 [1]. Group 2: Company Strategy and Vision - The appointments are aimed at advancing BD's strategy as a scaled pure-play innovative medical technology company, focusing on unlocking value for shareholders and improving patient care [1][5]. - Both Huffines and Wright expressed their eagerness to support BD in shaping the future of medical technology and enhancing healthcare delivery globally [1][5].

Core Insights - Cognizant Technology Solutions (CTSH) is enhancing its AI capabilities through the acquisition of 3Cloud, a leading Microsoft Azure service provider, which will add over 1,000 Azure experts and 1,500 Microsoft certifications to its workforce [1][11] - The acquisition will expand Cognizant's Azure portfolio and client base across various sectors, including banking, healthcare, and technology [2][11] - Cognizant's recent acquisitions have contributed significantly to its revenue growth, with an expected inorganic growth impact of 250 basis points for 2025 [3][11] Financial Performance - Cognizant's revenue growth for the trailing nine months of 2025 was 7.6% year over year, reaching $1.12 billion, with recent acquisitions adding approximately 350 basis points to this growth [3] - The company anticipates fourth-quarter 2025 revenues to be between $5.27 billion and $5.33 billion, reflecting a growth of 3.8-4.8% on a reported basis [8] - The Zacks Consensus Estimate for fourth-quarter 2025 revenues is $5.31 billion, indicating a year-over-year growth of 4.43% [9] Strategic Partnerships and AI Integration - Cognizant's expanding partner ecosystem, including companies like Anthropic and Rubrik, is a key driver for its growth, enabling the integration of advanced AI tools into client operations [5] - The company has embedded AI across more than 150 use cases, enhancing productivity and decision-making processes [7] Market Position and Stock Performance - Cognizant's shares have appreciated by 8.9% over the past month, outperforming the Zacks Computers – IT Services industry, which declined by 3% [4] - The company is currently ranked 2 (Buy) by Zacks, indicating a positive outlook in the market [12]

Core Insights - Itron, Inc. has signed a definitive agreement to acquire Locusview, Ltd. for $525 million, which will be funded through cash on hand, with the transaction expected to close in January 2026 [1][2]. Group 1: Acquisition Details - The acquisition of Locusview aims to enhance Itron's Resiliency Solutions offerings, providing a scalable SaaS-based platform for digital construction management [2]. - Locusview's platform is designed to improve productivity and management of construction projects for critical infrastructure providers, addressing the need for increased grid build-out and operational efficiency [2]. Group 2: Strategic Vision - Itron's CEO emphasized the potential of the combined capabilities to empower utilities to plan smarter, build faster, and operate safer, leveraging real-time data for decision-making [2]. - Locusview's co-founder highlighted the acquisition as a pivotal moment for scaling operations and supporting the critical needs of infrastructure providers globally, aligning with Itron's vision for a connected and sustainable network [2][5]. Group 3: Company Background - Itron focuses on transforming the management of energy, water, and city services through intelligent infrastructure solutions that enhance efficiency and resilience [3]. - Locusview's mission is to empower infrastructure providers by optimizing capital investments and automating data capture in real-time, bridging the gap between design and operational systems [5].

Core Insights - ACI Worldwide will participate in three major investor conferences to discuss payment modernization trends, fraud management evolution, and digital transformation in the global payments ecosystem [1][2][3] Group 1: Investor Conferences - ACI Worldwide executives will present at Citi's 14th Annual FinTech Conference on November 18 and at Stephens Annual Investment Conference on November 20, including a fireside chat [2] - The UBS Global Technology and AI Conference will take place on December 2-3, where ACI executives will also engage in one-on-one meetings with registered investors [3] Group 2: Company Overview - ACI Worldwide is a leader in real-time payments software, providing solutions to thousands of financial institutions and merchants globally, with a focus on modernizing payment infrastructures [1][4] - The company has 50 years of experience in payments technology, emphasizing intelligent payments orchestration to enhance payment experiences [4]

Industry Overview - The Zacks Investment Management industry is experiencing growth driven by asset growth, digital transformation, evolving investment vehicles, deeper personalization, and strategic scale [1] - Investment managers, also known as asset managers, manage various financial investments for clients, providing diversification and reducing volatility impacts [3] Key Trends - Continued asset inflows are expected to drive AUM growth, with equity markets performing well and institutional interest increasing [4] - There is a notable rise in inflows into alternative investments, including index funds, private credit funds, and ETFs, alongside the growth of tokenized assets [5] - Mergers and acquisitions (M&As) are being utilized by firms to expand scale, cut costs, and enhance product diversification [6][7] - Elevated expenses due to regulatory compliance and technology upgrades are anticipated to impact profits, although investments in AI and digital platforms may improve margins in the long run [9][10] Industry Performance - The Zacks Investment Management industry ranks 58, placing it in the top 24% of 243 Zacks industries, indicating positive near-term prospects [11][12] - The industry's earnings estimates have been revised upward by 1.9% since April 2025, reflecting growing analyst confidence [13] Comparative Analysis - Over the past two years, the industry has underperformed the S&P 500 Index, gaining 33.9% compared to the S&P 500's 52% increase [15] - The industry's trailing 12-month price-to-tangible book (P/TB) ratio is 3.35X, significantly lower than the S&P 500's 12.55X, indicating a discount compared to the broader market [18][19] Company Highlights - **Ameriprise Financial (AMP)**: As of September 30, 2025, AMP's total AUM was $1.66 trillion, with a CAGR of 5.9% in net revenues over the last five years [27][28]. The company has been restructuring to improve profitability and has a Zacks Rank of 2 (Buy) [31] - **Invesco (IVZ)**: IVZ's AUM reached $2.1 trillion as of September 30, 2025, with a CAGR of 8.5% over the last five years [34]. The company has undertaken initiatives to improve efficiency and has a Zacks Rank of 1 (Strong Buy) [38] - **Affiliated Managers Group (AMG)**: AMG's total AUM was $803.6 billion as of September 30, 2025, with a recent shift towards private markets and liquid alternatives to counter revenue challenges [41][43]. The company also holds a Zacks Rank of 1 [45]

Core Insights - Walmart's digital transformation is proving effective, with e-commerce being a significant contributor to its fiscal second quarter results [1] - The company is set to report third-quarter earnings on October 20, with investor focus on sustaining momentum amid cost pressures and cautious consumer behavior [1] Q2 Performance: E-Commerce Takes Center Stage - Walmart's global revenue for Q2 reached $177.4 billion, a 5.6% increase from $169.3 billion the previous year [2] - The e-commerce segment saw a remarkable 25% year-over-year growth, significantly outpacing the overall sales growth rate of 4.8% [3] E-Commerce Growth Dynamics - E-commerce growth was broad-based, with U.S. operations (Walmart and Sam's Club) achieving 26% year-over-year growth, while international e-commerce grew by 22% [4] - In China, over half of total sales now come from online channels, highlighting the strength of e-commerce in that market [4] Market Share and Customer Base Expansion - CEO Doug McMillon noted that increased transaction volumes and units sold indicate Walmart's success in capturing market share across various income levels, particularly among upper-income households [5] Profitability Inflection Point - Walmart achieved its first profitable quarter for e-commerce operations globally in May 2025, with continued profitability growth in Q2 [6] - Key factors driving profitability include a nearly 50% increase in delivery from stores and a 46% year-over-year growth in the advertising business, which provides a high-margin revenue stream [6]

AI-Powered Marketing Technology Solutions Q3 2025 Financial Results Conference Call November 14, 2025 NASDAQ: BNZI Disclaimers Basis of Presentation This Presentation (this "Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential investment in Banzai International, Inc. ("Banzai" or the "Company") and for no other purpose. By accepting, reviewing or reading this Presentation, you will be deemed t ...

Core Viewpoint - The article discusses a bearish options strategy involving Palo Alto Networks (PANW) stock, suggesting that the stock is unlikely to rise above $225 in the near term, making a bear call spread a potentially profitable trade [1][2]. Summary by Sections Bear Call Spread Strategy - A bear call spread is proposed for Palo Alto Networks, assuming the stock will not exceed $225 in the coming week, with a 52-week high of $223.61 [2]. - The strategy involves selling an out-of-the-money call and buying a further out-of-the-money call, allowing for profit if the stock trades lower, sideways, or slightly higher, as long as it remains below the short call at expiration [2]. Financial Details of the Trade - The bear call spread with a November 21 expiration uses strike prices of $225 to $230, sold for approximately $0.50 per share, yielding a maximum gain of $50 on a 100-share contract, with a maximum loss of $450 [3][4]. - The maximum profit occurs if PANW closes below $225 on November 21, allowing the trader to keep the $50 option premium [4]. Risk Management - This bear call spread is defined as a risk-defined trade, with known worst-case scenarios. A stop loss can be set if PANW trades above $217 or if the spread value increases from $0.50 to $1 [5]. - The trade is seen as a way to generate income while the stock remains in a downtrend [5]. Company Overview - Palo Alto Networks is a global leader in cybersecurity, providing advanced firewall, cloud security, and AI-driven threat detection solutions to over 70,000 organizations worldwide [7]. - The company serves various industries, including finance, healthcare, energy, and government, and supports digital transformation through platforms like Prisma Cloud and Cortex XDR [7]. Ratings and Earnings - Investor's Business Daily rates Palo Alto Networks with a Composite Rating of 96 out of 99, an Earnings Per Share Rating of 98, and a Relative Strength Rating of 72, ranking 47th in its group [6]. - The company is scheduled to report earnings on November 19, which introduces earnings risk if the options trade is held until expiration [6].