Q3 2025 This presentation has been prepared by Auna S.A. ("Auna" or the "Company") solely for use at this presentation. This presentation is confidential to the recipient. Accordingly, any attempt to copy, summarize or distribute this presentation or any portion hereof in any form to any other party without the Company's prior written consent is prohibited. This presentation contains forward-looking statements. Forward-looking statements convey our current expectations or forecasts of future events. These s ...

Core Insights - Corpay, Inc. (CPAY) is a global leader in corporate payments with a market cap of $19.4 billion, serving over 800,000 clients worldwide and providing modern payment solutions to manage expenses efficiently [1] Performance Overview - CPAY shares have underperformed the broader market, decreasing 24.9% over the past 52 weeks, while the S&P 500 Index has increased by 10.5% [2] - Year-to-date, CPAY stock is down 18.1%, compared to the S&P 500's return of 11.2% [2] - The company's shares also lagged behind the Financial Select Sector SPDR Fund's 3.2% rise over the past 52 weeks and a 5.8% YTD gain [3] Recent Financial Results - Following Q3 2025 results on November 5, CPAY shares rose 6.2% after reporting adjusted EPS of $5.70 and revenue of $1.17 billion, reflecting a 14% increase [4] - The company achieved 11% organic revenue growth, driven by a 17% increase in the Corporate Payments segment, and a 14% rise in adjusted EBITDA to $676.7 million [4] - Management raised its full-year 2025 outlook, projecting adjusted net income of $1.50 billion to $1.52 billion and adjusted EPS of $21.14 to $21.34, supported by recent acquisitions and investments [4] Analyst Expectations - For the fiscal year ending December 2025, analysts forecast CPAY's EPS to grow 13.8% year-over-year to $20.18 [5] - The company's earnings surprise history shows it beat consensus estimates in three of the last four quarters [5] - Among 16 analysts covering the stock, the consensus rating is a "Moderate Buy," with eight "Strong Buy" ratings, two "Moderate Buys," and six "Holds" [5] Price Target Insights - On November 6, JPMorgan reduced its price target on Corpay to $350 while maintaining an "Overweight" rating [6] - The mean price target of $353.54 indicates a 27.5% premium to CPAY's current price levels [6] - The highest price target of $440 suggests a potential upside of 58.7% [6]

Core Insights - Post Holdings, Inc. reported a 11.8% increase in net sales for the fourth fiscal quarter, reaching $2,247.0 million, compared to $2,010.1 million in the prior year period [5] - The company experienced a decrease in net earnings by 37.5%, totaling $51.0 million, down from $81.6 million in the previous year [7] - Adjusted EBITDA for the fourth quarter was $425.4 million, reflecting a 22.0% increase compared to $348.7 million in the prior year [8] Financial Performance - **Fourth Quarter Results**: - Net sales increased to $2,247.0 million, up $236.9 million from the previous year [5] - Gross profit was $602.1 million, representing 26.8% of net sales, an increase of 4.6% from the prior year [5] - SG&A expenses rose to $350.1 million, or 15.6% of net sales, an increase of 2.5% compared to the previous year [6] - Operating profit decreased to $168.4 million, down 11.8% from $190.9 million in the prior year [6] - **Fiscal Year 2025 Results**: - Total net sales reached $8,158.1 million, an increase of $235.4 million from $7,922.7 million in the prior year [9] - Gross profit was $2,339.4 million, or 28.7% of net sales, a slight increase from the previous year [9] - SG&A expenses decreased to $1,308.6 million, or 16.0% of net sales, down from 16.8% in the prior year [10] - Operating profit was $799.3 million, a marginal increase of 0.7% from the previous year [10] Segment Performance - **Post Consumer Brands**: - Fourth quarter net sales were $1,158.8 million, a 10.6% increase, but volumes decreased by 11.5% excluding acquisitions [15] - Fiscal year net sales were $4,024.6 million, a decrease of 2.1% from the prior year [16] - **Weetabix**: - Fourth quarter net sales increased to $145.0 million, a 3.6% rise, while fiscal year sales were $542.2 million, a slight decrease of 0.2% [18][19] - **Foodservice**: - Fourth quarter net sales reached $718.0 million, a 20.4% increase, with fiscal year sales at $2,641.0 million, up 14.5% [20][21] - **Refrigerated Retail**: - Fourth quarter net sales were $228.2 million, a modest increase of 0.8%, while fiscal year sales decreased to $953.3 million, down 0.9% [22][23] Acquisitions and Divestitures - Post completed the acquisition of 8th Avenue Food & Provisions on July 1, 2025, and plans to sell its pasta business by December 2025 [3][12] - The acquisition of Potato Products of Idaho was completed on March 3, 2025, contributing to the Refrigerated Retail and Foodservice segments [4] Shareholder Actions - In the fourth quarter, Post repurchased 2.5 million shares for $273.8 million, and for the fiscal year, 6.4 million shares were repurchased for $708.5 million [29]

Core Insights - Natural Grocers by Vitamin Cottage, Inc. reported record sales and earnings for fiscal year 2025, with a strong performance in the fourth quarter, driven by consumer demand for high-quality natural and organic products [3][6][10]. Financial Performance - Fourth quarter net sales increased by $13.5 million, or 4.2%, to $336.1 million compared to the same quarter in fiscal 2024, attributed to a $13.3 million rise in comparable store sales [4][6]. - Fiscal year net sales rose by $89.3 million, or 7.2%, to $1.33 billion, with comparable store sales increasing by $86.1 million [10][11]. - Net income for the fourth quarter increased by 31.0% to $11.8 million, with diluted earnings per share of $0.51, compared to $9.0 million and $0.39 per share in the prior year [9][14]. - Adjusted EBITDA for the fourth quarter was $24.4 million, a 7.7% increase from the previous year, while for the fiscal year, it rose by 17.5% to $97.9 million [6][33]. Cost Management - Gross profit for the fourth quarter increased by $3.7 million, or 3.8%, to $99.0 million, with a slight decrease in gross margin to 29.5% [5][11]. - Store expenses decreased by 0.2% to $72.5 million in the fourth quarter, resulting in a reduction of store expenses as a percentage of net sales to 21.6% [7][12]. - Administrative expenses rose by 6.1% to $10.9 million, maintaining a consistent percentage of net sales at 3.2% [8][13]. Growth Strategy - The company plans to open six to eight new stores in fiscal 2026, reinforcing its commitment to store growth [3][19]. - The company ended fiscal 2025 with 169 stores across 21 states, having opened two new stores during the year [17][21]. Dividend Announcement - A quarterly cash dividend of $0.15 per common share was declared, representing a 25% increase from the previous dividend, to be paid on December 10, 2025 [16][20]. Outlook for Fiscal 2026 - The company anticipates daily average comparable store sales growth of 1.5% to 4.0% and diluted earnings per share in the range of $2.00 to $2.15 for fiscal 2026 [19].

Core Viewpoint - Pyxis Tankers Inc. reported a significant decline in revenues and net income for the third quarter of 2025 compared to the same period in 2024, primarily due to weaker charter rates in both the product tanker and dry-bulk sectors [2][3][12]. Financial Performance - For the three months ended September 30, 2025, net revenues were $9.7 million, a decrease of 29.7% from $13.8 million in the same period of 2024 [12]. - Net income attributable to common shareholders was $1.2 million, down from $3.6 million in Q3 2024, resulting in a net income per common share of $0.11 compared to $0.34 in the prior year [12][40]. - Adjusted EBITDA for Q3 2025 was $4.2 million, a decrease of $2.5 million from $6.7 million in Q3 2024 [2][12]. Market Conditions - The product tanker sector experienced a decline in time charter equivalent (TCE) revenues, which were $8.9 million, down $2.7 million or 23.5% from the comparable period in 2024 [2][3]. - The average TCE rate for MR tankers was $21,085 per day, which is 29% lower than the same period last year [4][12]. - In the dry-bulk market, the average daily TCE rate was $13,513, a slight decrease of 2.4% compared to Q3 2024, but an increase of about $700 per day from the second quarter of 2025 [5][12]. Operational Insights - As of November 20, 2025, 93% of MR available days were booked for Q4 2025 at an estimated TCE of $20,700 per day [4]. - The dry-bulk fleet's average daily TCE rate improved to $17,150 per day, with 78% of available days booked for Q4 2025 [5]. Future Outlook - The company anticipates a firm chartering environment for both product tankers and dry-bulk carriers, with modest growth in global demand for seaborne cargoes expected through 2026 [6]. - The International Monetary Fund revised its global growth forecast to approximately 3.1% through 2026, which is expected to correlate with demand growth for refined petroleum products and dry-bulk commodities [7]. - The company plans to maintain a disciplined approach to operational and financial management while seeking growth opportunities in expanding its fleet of eco-efficient vessels [9][10]. Shareholder Actions - The Board of Directors has authorized a new common stock repurchase program of up to $3.0 million through open-market transactions for a period of up to one year, reflecting the belief that the current share price does not reflect the company's value proposition [10].

Financial Performance - The company reported a net income of $45.9 million for the nine months ended September 30, 2025, compared to $37.5 million for the same period in 2024, representing an increase of 22.5% [7][12][13] - For the third quarter of 2025, net income was $18.7 million, up from $15.1 million in the same quarter of 2024, marking a 23.8% increase [13][21] - Adjusted EBITDA for the third quarter was $27.6 million, a decrease of 4.5% from $28.9 million in the same quarter of 2024 [19][12] Revenue and Utilization - Voyage revenues for the third quarter of 2025 were $38.9 million, slightly down from $39.1 million in the same quarter of 2024, a decrease of 0.5% [15][12] - The fleet maintained a utilization rate of 99.1% for the third quarter of 2025, compared to 100% in the same period of 2024 [17][12] - The Time Charter Equivalent (TCE) rate was $67,094 per day, which exceeded the cash breakeven of approximately $47,500 per day [8][12] Cash Flow and Distributions - The company generated net cash from operating activities of $26.5 million for the third quarter of 2025, an increase of 3.5% from $25.6 million in the same quarter of 2024 [24][12] - A quarterly cash distribution of $0.050 per common unit was declared, representing an annualized distribution yield of approximately 5.7% [9][12] Fleet and Contracts - The company has an estimated contracted revenue backlog of $0.88 billion, with an average remaining contract term of 5.4 years [27][12] - As of September 30, 2025, the company had 100% contracted time charter coverage for its fleet for the years 2025, 2026, and 2027 [27][12] Recent Events - The company fully redeemed 2,200,000 Series B Preferred Units on July 25, 2025, for a total payment of $55 million, funded by internal cash reserves [5][26] - The company continues to monitor the impact of geopolitical events, particularly sanctions related to the ongoing conflict in Ukraine, but currently reports no material effects on its operations [32][33]

Core Insights - Real Matters Inc. demonstrated resilience and competitive strength in 2025, launching 10 new clients and expanding market share, particularly in the U.S. Title segment, which has become a key growth engine for the company [2][3] Financial Performance - Consolidated revenues for Q4 2025 were $46.0 million, a 1% increase year-over-year, driven by growth in U.S. refinance origination revenues and Canada, despite lower activity in the U.S. purchase market [3][8] - The U.S. Title segment achieved a 28% year-over-year net revenue growth in Q4, while the Adjusted EBITDA margins increased in both U.S. Appraisal and U.S. Title segments [3][8] - For fiscal year 2025, consolidated revenues totaled $169.7 million, down 2% year-over-year, primarily due to a weaker U.S. purchase mortgage origination market [8][9] Client and Market Expansion - The company launched six new clients in Q4, including a Tier 1 lender in U.S. Title and a top-15 mortgage lender in U.S. Appraisal, contributing to a more than doubled daily order run rate in U.S. Title compared to the start of the year [2][8] - The U.S. Title refinance origination revenues increased by 41% year-over-year, attributed to net market share gains and higher refinance origination market volumes [8][9] Consumer Trends - A recent Consumer Mortgage Survey indicated that 40% of potential buyers plan to purchase within the next two years, and 50% of existing mortgage holders intend to refinance when rates ease, highlighting significant growth opportunities in mortgage origination volume [4][8] Adjusted Financial Metrics - The company reported a net loss of $17.9 million in Q4 2025, primarily due to the derecognition of U.S. deferred tax assets amounting to $17.1 million, compared to a net loss of $0.2 million in Q4 2024 [7][8] - Adjusted Net Loss for Q4 2025 was $1.6 million, a decline from an Adjusted Net Income of $0.9 million in Q4 2024 [7][8]

Core Insights - Subsea 7 S.A. reported strong financial results for Q3 2025, with significant growth in Adjusted EBITDA and a record backlog, indicating robust operational performance and future revenue potential [1][5][6]. Financial Performance - Revenue for Q3 2025 was $1.84 billion, slightly up from $1.83 billion in Q3 2024 [3]. - Adjusted EBITDA reached $407 million, a 27% increase year-on-year, with an Adjusted EBITDA margin of 22%, up from 18% in Q3 2024 [3][5][11]. - Net income for Q3 2025 was $109 million, compared to $98 million in the same period last year [3][11]. - The company’s backlog at the end of September 2025 was $13.9 billion, with a book-to-bill ratio of 2.1 times for the quarter [3][13]. Operational Highlights - The company maintained high vessel utilization rates across various global projects, including significant activities in Norway and Brazil [9][10]. - In the Renewables sector, the company successfully completed the installation of monopiles at Dogger Bank C in the UK, showcasing its operational capabilities despite market challenges [10]. Future Outlook - Full-year 2025 revenue is projected to be between $6.9 billion and $7.1 billion, with Adjusted EBITDA margins expected to range from 20% to 21% [5][14]. - The company anticipates continued positive momentum supported by a strong backlog and active tendering for future projects [8][14].

Core Insights - Magnera reported a strong performance in the fourth quarter of 2025, achieving net sales of $839 million, a 51% increase compared to the same quarter in 2024, driven by the Glatfelter merger and favorable foreign currency changes [3][6][5] - The company aims to improve reported earnings by approximately 9% in 2026 through cost improvement and capacity optimization initiatives [2][14] - Magnera's adjusted EBITDA for the fiscal year 2025 was $354 million, reflecting a 26% increase from the previous year [3][5] Financial Performance - For the September quarter, net sales reached $839 million, with an operating income of $10 million, compared to a loss of $167 million in the same quarter of 2024 [3][5] - The fiscal year 2025 net sales totaled $3.2 billion, up from $2.2 billion in 2024, while operating income improved to $5 million from a loss of $141 million [3][5] - Adjusted EBITDA for the September quarter was $90 million, a 36% increase year-over-year, and for the fiscal year, it was $354 million, a 26% increase [3][5][7] Segment Performance - In the Americas segment, net sales increased by $122 million due to the Glatfelter merger, although this was partially offset by a $28 million decrease in selling prices and a 3% organic volume decline [8][9] - The Rest of World segment saw a net sales increase of $206 million, aided by the Glatfelter merger and favorable foreign currency impacts, despite a 4% organic volume decline [10] Cash Flow and Debt Management - Magnera achieved record cash flow with cash from operations of $96 million in the fourth quarter and a post-merger adjusted free cash flow of $126 million, representing a yield of over 30% [5][12] - The company is focused on reducing leverage, ending the fiscal year with a leverage ratio of 3.8x and total net debt of $1.647 billion [13][11] Future Guidance - For fiscal year 2026, Magnera projects adjusted EBITDA between $380 million and $410 million, and free cash flow between $90 million and $110 million [14][27]

Financial Performance & Growth - PACS Group's 2025 revenue guidance is between $525 billion and $535 billion[10] - The company anticipates approximately 30% revenue growth compared to 2024 at the midpoint of the guidance[12] - Adjusted EBITDA for 2025 is projected to be between $480 million and $490 million[10] - For the nine months ended September 30, 2025, total revenue reached $39310 million[125], and Adjusted EBITDA was $3630 million[125] - Q3 2025 revenue was $13446 million, reflecting a year-over-year increase of approximately 310%[62,82] - Q3 2025 Adjusted EBITDA was $1315 million, a year-over-year increase of approximately 168%[62,82] - Last Twelve Months (LTM) revenue reached $514 billion, with LTM Adjusted EBITDA of $4569 million[81] Operational Metrics - The company operates 320 facilities across 17 states[15] - Mature facilities have an occupancy rate of 948%[22] - Mature facilities have an average skilled mix of 330%[22] - Mature facilities have an average CMS Quality Measure Star Rating of 43[22]