FOURTH-QUARTER & FULL-YEAR 2025 FINANCIAL RESULTS Forward-looking statements American Airlines Group Inc. January 27, 2026 1. See GAAP to non-GAAP reconciliation at the end of this presentation. 2. Total debt includes debt, finance and operating lease liabilities and pension obligations. 3 • Record fourth-quarter revenue of $14.0 billion and record full-year revenue of $54.6 billion. • On a GAAP basis, fourth-quarter net earnings per diluted share of $0.15 and full- year net earnings per diluted share of $0 ...

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Core Viewpoint - TELUS Corporation successfully completed the redemption of C$600 million 3.75% Notes, demonstrating its commitment to balance sheet management and financial stability [1][2]. Group 1: Financial Management - The redemption was funded through proceeds from TELUS' December 2025 offering of Fixed-to-Fixed Rate Junior Subordinated Notes, which raised C$2.9 billion for debt repayment [1]. - TELUS has undertaken a broader balance sheet management initiative, including the early redemption of seven series of discounted notes totaling C$1.0 billion [2]. - The company aims to reduce its net debt to adjusted EBITDA ratio to approximately 3.3 times or lower by year-end 2026 and around 3.0 times by the end of 2027 [3]. Group 2: Strategic Priorities - The company's proactive management of its debt maturity profile is intended to create greater financial flexibility to support capital allocation priorities and enhance long-term shareholder value [2]. - TELUS is committed to a deleveraging trajectory that is progressing ahead of plan, with a projected net debt to adjusted EBITDA of approximately 3.4 times for 2025 [3].

Core Thesis - Driven Brands Holdings Inc. (DRVN) is positioned for significant upside following a strategic portfolio transformation, particularly after divesting its U.S. car wash business, which has allowed the company to focus on high-margin maintenance and repair services [2][4][5] Financial Performance - As of January 12th, DRVN's share price was $15.70, with trailing and forward P/E ratios of 114.64 and 11.25 respectively, indicating a potential undervaluation compared to peers [1] - The divestiture has simplified operations and redirected capital towards the rapidly growing Take 5 Oil Change brand, which is gaining market share in the oil change sector [3] Operational Strategy - The company’s mature franchise brands, including Meineke, Maaco, and CARSTAR, provide stable, recurring revenue from non-discretionary maintenance services, supporting growth investments [3] - The balance sheet reset has improved leverage and cash conversion, positioning DRVN for multiple re-ratings and potential asset sales that could further enhance shareholder value [4][5] Growth Potential - Roark Capital, the majority owner with a 61% stake, is motivated to realize value after a long-term hold, aligning interests towards value creation [5] - The accelerating growth of Take 5 and a more resilient portfolio mix suggest that DRVN is trading at a discount to peers, with a price target of approximately $29.50, representing over 100% upside from current levels [5]

Core Viewpoint - Compass Diversified (CODI) has returned to compliance with reporting requirements and is focusing on deleveraging while navigating macroeconomic uncertainties and operational challenges following the Lugano investigation [4][7][15]. Financial Performance - Q3 net sales reached $472.6 million, reflecting a 3.5% year-over-year increase, while year-to-date consolidated net sales totaled $1.4 billion, up 8.6% or 6.1% excluding Lugano's impact [6][12]. - The company reported a GAAP net loss of $87.2 million in Q3, which included over $37 million in one-time Lugano-related costs [11][12]. - Year-to-date subsidiary-adjusted EBITDA, excluding Lugano, was $257 million, an increase of 5.8% [6][17]. Operational Updates - CEO Elias Sabo highlighted organizational changes, including the retirement of key personnel and the appointment of Zach Sawtelle as COO [2][3]. - The company is expected to generate $50 million to $100 million in free cash flow in 2026 after interest, preferred dividends, and capital expenditures [5][20]. Strategic Focus - Management emphasized deleveraging as a top priority, with a projected year-end leverage of approximately 5.3x, excluding Lugano [5][15]. - The company plans to tighten its expected subsidiary-adjusted EBITDA range for 2025 to $335 million to $355 million, excluding Lugano [16]. Market and Business Insights - Sabo noted macroeconomic uncertainties, including geopolitical risks and tariff fluctuations, affecting business performance [8]. - Specific business segments showed varied performance, with double-digit EBITDA growth in Sterno and low single-digit growth in the consumer vertical [8][10][17]. - The industrial vertical experienced a 10.5% sales increase, driven by Altor's acquisition of Lifoam, despite challenges in the rare earth supply chain affecting Arnold [8][19].

Financial Data and Key Metrics Changes - For Q3 2025, net sales were $472.6 million, an increase of 3.5% year-over-year. Year-to-date consolidated net sales reached $1.4 billion, up 8.6% over the prior year, or 6.1% excluding the impact of Lugano [13][14] - The GAAP net loss for the quarter was $87.2 million, which includes expenses related to the Lugano investigation and operations [13] - Year-to-date subsidiary-adjusted EBITDA was $257 million, an increase of 5.8% over 2024 [15] Business Line Data and Key Metrics Changes - In the consumer vertical, sales grew 3.1%, driven by strong growth at The Honeypot, while BOA's sales declined slightly due to exiting a lower-value business in China [14][15] - The industrial vertical saw a 10.5% increase in sales, primarily due to Altor's acquisition of Lifoam, although Arnold faced near-term headwinds from geopolitical uncertainties [14][15] Market Data and Key Metrics Changes - The consumer market experienced low single-digit growth, while the industrial market delivered mid-single-digit growth [9][10] - The rare earth magnetics market faced disruptions due to export restrictions from China, impacting Arnold's performance but creating long-term growth opportunities [10][11] Company Strategy and Development Direction - The company is focused on reducing leverage to mitigate risk and ensure long-term financial flexibility while also aiming to return capital to shareholders [12] - There is a commitment to executing strategic transactions, including potential divestitures, to maximize shareholder value [30] Management's Comments on Operating Environment and Future Outlook - The management noted that 2025 was marked by uncertainty due to geopolitical risks and a fluid tariff environment, but they expect to return to growth in 2026 [8][40] - Management expressed confidence in the long-term growth potential of Arnold, particularly as customers seek more stable supply chains for rare earth materials [73] Other Important Information - The company has restored compliance with SEC filings and credit facility requirements, allowing for a return to normal operations [4] - The management team has undergone changes, with Zach Sawtelle stepping into the COO role following Pat Maciariello's retirement [5][6] Q&A Session Summary Question: Performance of The Honeypot - Management indicated that The Honeypot is outperforming expectations due to increased shelf space and successful product launches in new categories [24][26] Question: Asset Divestiture Strategy - Management stated that all businesses are available for sale if the valuation is attractive, emphasizing a disciplined approach to divestments [28][30] Question: Economic Outlook - Management acknowledged a slowdown in growth but remains optimistic about future performance, expecting to achieve organic growth and free cash flow in 2026 [36][42] Question: Supply Chain Disruptions at Arnold - Management noted that supply chain disruptions from China are beginning to normalize, with expectations for improved performance in 2026 [71][73] Question: Free Cash Flow Expectations - Management anticipates generating between $50 million and $100 million of free cash flow in 2026, a significant improvement from previous years [83]

Core Viewpoint - Carnival Corporation is a leading cruise operator with a positive financial outlook, supported by improved balance sheet metrics and strategic initiatives aimed at growth [1][2][6] Financial Performance - Carnival's financial guidance for fiscal year 2026 includes a net yield growth of 2.5% year-over-year, an adjusted EBITDA of $7.63 billion, and an adjusted EPS of $2.48, driven by strong booking trends at higher prices [3][6] - The company has achieved significant improvement in revenue flow-through, with operating income per berth day reaching its highest level in nearly two decades, bolstered by higher occupancy rates and increased pricing [4] Stock Performance - Carnival's stock is currently trading at $31.69, reflecting a decrease of 1.39% or $0.45, with a 52-week range of $15.07 to $32.89 and a market capitalization of approximately $41.56 billion [5] - UBS has maintained a "Buy" rating for Carnival, raising the price target from $37 to $38, while the stock trades at a forward 12-month P/E ratio of 12.94x, lower than the industry average of 17.18x [1][3][6] Strategic Initiatives - The company aims for a deleveraging target of below three times and has reinstated dividends, indicating a strong financial position [2][6] - Carnival is engaging in opportunistic share repurchases and has implemented cost controls to protect its margins despite challenges like cost inflation and regulatory costs [2][5]

Core Insights - Agnico Eagle Mines Limited (AEM) is committed to financial discipline, reducing long-term debt by approximately $400 million to $196 million at the end of Q3, while maintaining a net cash position of nearly $2.2 billion [1][7] - The company generated about $1.2 billion in free cash flow during Q3, nearly doubling the previous year's figure of $620 million, driven by strong gold prices and operational results [2][7] - AEM's long-term debt-to-capitalization ratio stands at around 1.2%, indicating low financial risk and enhanced flexibility for funding growth and shareholder returns [3][7] Financial Performance - AEM's free cash flow generation has significantly improved, allowing for a healthy exploration budget and debt reduction [2][3] - The company's disciplined approach to deleveraging has strengthened its financial flexibility, enabling it to finance growth initiatives without heavy reliance on external funding [3] Peer Comparison - Kinross Gold Corporation (KGC) has also improved its leverage profile, with a record free cash flow of approximately $686.7 million in Q3, up 66% year-over-year [4] - Newmont Corporation (NEM) reduced its debt by about $2 billion in Q3, achieving a near-zero net debt position and maintaining robust liquidity of $9.6 billion [5] Market Performance - AEM's shares have increased by 57.8% over the past six months, compared to a 73.8% rise in the Zacks Mining – Gold industry, attributed to rising gold prices [6] - The Zacks Consensus Estimate for AEM's earnings in 2025 and 2026 suggests year-over-year increases of 86.1% and 22.5%, respectively [8] Valuation - AEM is currently trading at a forward 12-month earnings multiple of 19.27, which is approximately 32.2% higher than the industry average of 14.58 [10] - The stock carries a Zacks Rank 1 (Strong Buy), indicating strong market confidence [11]

Core Viewpoint - TELUS Corporation's leadership team and board members have demonstrated confidence in the company's value and growth prospects by acquiring additional shares, while the company is actively repurchasing shares as part of its normal course issuer bid (NCIB) to enhance shareholder value [1][3][4]. Group 1: Shareholder Actions - Several members of TELUS' board and executive leadership, including CEO Darren Entwistle, acquired a total of 357,090 TELUS shares in November and December, indicating strong confidence in the company's long-term growth [1]. - As of December 31, 2025, senior officers and board members collectively hold approximately 2.4 million TELUS common shares, with Darren Entwistle taking his entire salary in TELUS shares since 2024, reinforcing alignment with shareholder interests [2]. Group 2: Share Repurchase Program - TELUS has repurchased 2,299,753 common shares at an average price of $17.3932 per share, representing an 18% discount to the average share price over the past year, as part of a $500 million share buyback program initiated on December 17, 2025 [3][4]. - The share repurchases are part of TELUS' strategy to address the perceived undervaluation of its shares and are aligned with its deleveraging program, aiming for a net debt to adjusted EBITDA ratio of approximately 3.3 times by the end of 2026 [4]. Group 3: Financial Performance and Growth Targets - TELUS is committed to achieving a minimum 10% compounded annual growth rate in free cash flow through 2028, which supports its deleveraging efforts and overall financial health [4]. - The company is systematically stepping down its discounted dividend reinvestment plan (DRIP) starting in the first quarter of 2026, reflecting its strong operational and financial performance [4]. Group 4: Company Overview - TELUS operates in over 45 countries, generating more than $20 billion in annual revenue and serving over 20 million customer connections through its broadband services [7]. - The company is focused on leveraging technology for positive human outcomes and has made significant contributions to community initiatives, including over $6 million in bursaries to students in Canada [7].

Core Insights - Baxter International (BAX) is undergoing a transition after divesting its Kidney Care segment, facing near-term execution challenges while exploring long-term structural opportunities [2] - The company's shares have decreased by 37.1% over the past six months, contrasting with a 4.6% decline in the industry and a 9% increase in the S&P 500 Index [3] Positive Factors Driving Prospects - The Advanced Surgery business has shown strong performance, achieving 11% global growth in Q3 due to high demand for hemostats and sealants, alongside steady procedural volumes [4] - Healthcare Systems & Technologies reported a 30% year-over-year increase in U.S. capital orders, indicating robust demand for surgical solutions and a strong hospital presence [4] - Management's decision to significantly reduce dividends starting in 2026 aims to prioritize deleveraging, potentially freeing over $300 million annually to enhance financial flexibility [5] - The introduction of Baxter GPS, a growth and performance system, emphasizes operational discipline and continuous improvement across divisions [9] Key Challenges - The ongoing disruption related to the Novum IQ large-volume pump is a significant operational challenge, with delays expected to extend beyond 2025, impacting sales and customer confidence [10] - Demand for IV solutions in the U.S. remains below pre-Hurricane Helene levels due to fluid conservation practices, with gradual recovery anticipated, complicating near-term growth forecasts [11] - The Pharmaceuticals segment is experiencing margin pressure as growth shifts towards lower-margin compounding services, while higher-margin products face softness, particularly in the U.S. [12] Estimate Trend - The Zacks Consensus Estimate for 2025 revenues is projected at $11.07 billion, reflecting a 13.9% decline from the previous year [13] - The consensus estimate for adjusted earnings per share (EPS) is $2.36, indicating a 24.9% increase from the prior year [13]