Investor Presentation Fourth Quarter 2025 February 10th, 2026 Safe Harbor This presentation contains forward-looking statements. These statements may relate to, but are not limited to, expectations of future operating results or financial performance of BlackLine, Inc. ("BlackLine" or the "Company"), the calculation of certain key financial and operating metrics, capital expenditures, introduction of new solutions or products, expansion into new markets, plans for growth and future operations, technological ...

Core Insights - Bitget, the world's largest unified exchange (UEX), reported significant growth in its 2025 annual review, highlighting its expansion in cryptocurrency, on-chain markets, and tokenized traditional assets [2][3] Group 1: Trading Volume and Market Position - In 2025, Bitget ranked fourth in the cryptocurrency derivatives market with a total trading volume of $8.17 trillion, averaging $25.2 billion daily [2] - Institutional trading in spot markets increased from 39.4% in January 2025 to 82% by December, while the share of institutional market makers in futures trading rose from 3% to 60% during the same period [2] Group 2: On-chain and Tokenized Financial Growth - Bitget Onchain launched in April 2025, achieving over $2.4 billion in trading volume by year-end, supported by connections to major networks and on-chain tools designed for actionable market signals [3] - Tokenized stock futures on the Bitget platform exceeded $15 billion in total trading volume in 2025, with daily trading volumes quickly surpassing $2 billion following the launch of traditional financial markets [3] Group 3: Product Expansion and User Engagement - The GetAgent feature surpassed 500,000 users in 2025, facilitating 2 million conversations focused on portfolio strategies [4] - The Bitget Wallet Card saw a 28-fold increase in spending across over 50 markets, while the Stablecoin Earn Plus reached a total locked value (TVL) of $80 million within a month of launch, expanding the overall Earn product scale tenfold [4] Group 4: Future Focus and Strategic Directions - Bitget's CEO, Gracy Chen, emphasized the potential of integrating global markets through a single platform, with 2026 priorities including expanding compliance in tokenized markets, enhancing AI-driven workflows, and broadening UEX across asset classes [4]

Core Viewpoint - The "2025 China Investment and Wealth Management Company TOP 30 Voting List" aims to protect financial consumers' rights and promote a people-centered financial service approach through public voting and evaluation of investment firms [1]. Group 1: Selection Process - The candidate list for the 2025 China Investment and Wealth Management Companies is based on public and official big data, along with reports from licensed evaluation agencies [1]. - Investors are invited to participate in a "commentary-style" voting process to select their preferred investment firms, culminating in the publication of the final list [1]. Group 2: Evaluation Criteria - The final list, to be published by December 30, 2025, considers factors such as licensing status, overall strength, assets under management (AUM), long-term historical performance (including risk-adjusted returns), and the absence of significant regulatory penalties or negative public sentiment [1]. Group 3: Industry Trends - Industry concentration is increasing, with leading institutions in various segments solidifying their positions by leveraging brand, channels, and research capabilities to attract funds [4]. - Compliance and risk control are paramount, with "licensed operation" and "absence of significant risks" becoming essential criteria for survival and inclusion [5]. - Competition and collaboration are intensifying, particularly between bank wealth management subsidiaries and public funds in fixed-income sectors, as well as among leading third-party sales platforms, brokerages, and private banks [6]. - The integration of technology is deepening, with AI becoming a standard feature in investment research, risk control, and customer service, significantly contributing to the overall strength of leading institutions [7].

Core Viewpoint - OneStream, a leading enterprise finance management platform, has entered into a definitive agreement to be acquired by Hg for approximately $6.4 billion, with shareholders receiving $24.00 per share in cash, representing a 31% premium over the closing share price on January 5, 2026 [1][2] Transaction Details - The transaction values OneStream at approximately $6.4 billion in equity value and is expected to close in the first half of 2026, subject to regulatory approvals [1][4] - OneStream shareholders will receive $24.00 per share, which is a 31% premium to the closing share price on January 5, 2026, and a 27% premium to its volume-weighted average share price over the preceding 30 trading days [2] - Hg will become the majority voting shareholder, with General Atlantic and Tidemark as significant minority investors [1][2] Company Strategy and Vision - The acquisition is seen as a pivotal moment for OneStream, positioning it to advance its AI-first go-to-market strategy and expand its finance AI capabilities [3] - OneStream aims to be the operating system for modern finance, unifying financial and operational data while embedding AI for improved decision-making [8][9] - The partnership with Hg, General Atlantic, and Tidemark is expected to accelerate OneStream's growth and innovation in the finance sector [3][12] Leadership and Operations - Tom Shea will continue as CEO, and the current leadership team will remain in place, with OneStream maintaining its headquarters in Birmingham, Michigan [5] - The transaction has been unanimously approved by OneStream's Board of Directors, and no further approval from stockholders is required [4][5] Financial Advisors - J.P. Morgan Securities LLC and Centerview Partners LLC are acting as financial advisors to OneStream, while Goldman Sachs & Co. LLC is the exclusive financial advisor to Hg [7]

Core Insights - Robinhood is significantly expanding its prediction markets, moving beyond experimental phases to a more established product line [2][3] - The introduction of new NFL player-performance contracts and "preset combo" contracts indicates a diversification of trading options [2][3] - Prediction markets are identified as the fastest-growing revenue line for Robinhood, with plans for custom-built combos to be rolled out in 2026 [3] Industry Trends - The prediction market sector is experiencing rapid growth, with expectations of increasing adoption and trading volumes potentially reaching trillions of contracts annually [4] - Major players like Robinhood and Coinbase are heavily investing in prediction markets, indicating a broader trend among financial companies to adopt or develop strategies around these markets [4][6] - The current limitations in deep liquidity and market scale are acknowledged, but the involvement of significant companies like Robinhood is expected to address these challenges [7]

Core Insights - Lazard is intensifying its focus on the Financial Advisory segment, which represented nearly 58% of total operating revenues as of September 30, 2025 [1][11] - The firm is expanding its advisory capabilities through targeted senior hiring, new specialized services, and a greater emphasis on high-growth verticals such as Private Capital Advisory [1][3] Financial Advisory Expansion - Lazard plans to add 10-15 net new managing directors (MDs) to its Financial Advisory division each year while maintaining high standards of excellence [2] - Average revenues per MD reached $8.6 million in 2024, climbing to nearly $9 million per MD since then, with a target to surpass $10 million by 2028 [2] Private Capital Advisory - The firm is deepening its connectivity to private capital markets, aiming for private-capital-related activity to account for 50% of total advisory revenues [3] Geographic Expansion - Lazard is broadening its global footprint by adding new offices and expanding its presence in key growth regions, including Europe and the Middle East [4] - This enhanced geographic reach allows access to a wider and more diversified client base, strengthening sector coverage [4] Technology and Productivity - The company is investing in proprietary AI tools, including LazardGPT, to deepen client insights and streamline internal processes [4] - By scaling its MD base and deploying advanced AI tools, Lazard is positioning itself for sustained growth and improved profitability into 2030 [5] Competitive Landscape - Lazard's peers, T. Rowe Price and Federated Hermes, are also strengthening their advisory businesses, with T. Rowe Price's investment advisory revenue constituting 77% of net revenues as of September 30, 2025 [6][7] - Federated Hermes' net investment advisory fees comprised 67.2% of total revenues, supported by a large AUM base and diversified investment strategies [8] Performance Metrics - In the past six months, Lazard shares have gained 24.6%, contrasting with the industry's decline of 3% [9]

Core Insights - UP Fintech achieved record-high revenue and profit in Q3 2025, with total revenue of US$175.2 million, a 73.3% increase YoY and 26.3% QoQ [1] - Non-GAAP net income attributable to shareholders surged to US$57.0 million, up 28.2% QoQ and 2.8 times YoY [1] - Funded accounts increased by 31,500, totaling 1.22 million, representing an 18.5% YoY growth [1] Financial Performance - Total client assets reached US$61.0 billion, a 17.3% increase QoQ and 49.7% YoY [1] - Q3 trading volume rose to US$209.4 billion, up 28.5% YoY [1] - Commission revenue was US$72.9 million, up 76.9% YoY, while interest-related income rose to US$76 million, a 49.7% increase YoY [7] Client Acquisition and Market Expansion - The company met its full-year target of adding 150,000 newly funded clients [2] - Average net asset inflows per newly funded client in Singapore and Hong Kong were US$62,000 and US$30,000, respectively [2] - New account openings in Hong Kong increased by 60.3% QoQ, with total trading volume more than tripling YoY [4] Product and Service Enhancements - The company launched its first Japan market derivatives product, Nikkei futures, in Hong Kong [4] - In New Zealand, cryptocurrency trading was introduced, allowing users to trade major cryptocurrencies [6] - The TigerAI investment research assistant saw rapid adoption, with its user base growing nearly fivefold YoY [7] Investment Banking and Wealth Management - Investment banking revenue reached US$26.3 million, up 110% QoQ and 189.1% YoY, with significant participation in IPOs [11] - Wealth management assets under custody (AUC) soared 123.1% YoY, with "Tiger Vault" AUC in Hong Kong surging 339% YoY [9] - The number of wealth clients increased by 50.5%, reflecting strong growth in the high-net-worth segment [9]

X Financial Digital Lending Marketplace Disclaimer | | Certain statements in this presentation, and other statements that the Company may m | | --- | --- | | | forward-lookingstatements within the meaning of Section 27A of the Securities Act and | | | 21E of the Securities Exchange Act of 1934, as amended. These statements reflect the | | | intent, beliefs or current expectations about the future. These statements can be recogn | | s or | use of words such as "expects," "plans," "will," "estimates," "projec ...

Financial Data and Key Metrics Changes - Total revenue grew to over $178 million, up 7.5% year-over-year [28] - Non-GAAP operating margin was 21.4% and free cash flow margin was 32% [5][31] - Annual recurring revenue (ARR) was $685 million, up 7.3% [28] - Non-GAAP net income attributable to BlackLine was $38 million, representing a 21% non-GAAP net income margin [31] Business Line Data and Key Metrics Changes - Subscription revenue grew 7%, while services revenue grew 13% due to accelerated project delivery [28] - New customer bookings increased by 45%, with the average new deal size more than doubling by 111% [6] - Strategic products accounted for 36% of sales this quarter, up from 32% last year [30] Market Data and Key Metrics Changes - Customer count reached 4,424, reflecting a strategic resegmentation of the market [29] - Revenue renewal rate in Q3 was 93%, up from the prior year and quarter [29] - Net retention rate for the quarter was 103%, including a headwind from foreign exchange [29] Company Strategy and Development Direction - The company has re-architected its leadership team, go-to-market engine, and technology structures to drive revenue growth and margin expansion [5] - Focus on winning larger, more strategic platform deals against major competitors [6] - The transition to platform pricing is designed to decouple growth from seat count and align revenue with the value delivered [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering sustained, profitable growth, supported by a strong pipeline and operational improvements [27][33] - The macro environment is currently stable, with no significant impacts from tariffs observed [63] - The company expects gross bookings growth of approximately 20% next year, driven by larger enterprise deals [42] Other Important Information - The company has approximately $804 million in cash and cash equivalents, with $895 million in debt [31] - A record quarter for cash flow was reported, with operating cash flow at $64 million and free cash flow at $57 million [31] - The company returned approximately $113 million to shareholders through share repurchases [32] Q&A Session Summary Question: Impact of large customers pausing user ads - Management acknowledged that some deals slipped into Q4, costing a couple of million dollars in late deals at the end of Q3, but noted an increase in interest in AI offerings [36][37] Question: Automation and customer seat versus platform - Management confirmed that they are experiencing success-based attrition, where customers achieve efficiency with fewer licenses, which is a positive trade-off for long-term growth [40][45] Question: Factors driving booking strength into next year - Key drivers include changing conversations to higher organizational levels, deepened partner relationships, and product-led growth [52][55] Question: Competitive takeaways - Management noted an uptick in competitive wins, attributing this to the company's proven track record and improved implementation quality [56][57] Question: SAP relationship and pipeline opportunities - The health of the SAP relationship is solid, with ongoing joint proof of concept work and dedicated customer success teams to reduce attrition [60][61] Question: Macro environment characterization for 2026 - The macro environment is stable, with potential tailwinds from corporate job layoffs creating opportunities for efficiency discussions with customers [63]

Core Insights - Private equity firms are increasing investments but are more selective, focusing on resilient sectors like technology, health care, and energy [1] - CFOs of portfolio companies are under pressure to be "exit-ready" and to implement AI-enabled finance capabilities [1] Group 1: Exit Readiness - Exit readiness involves being strategically prepared for a sale or public offering, emphasizing strong performance and operational improvements [2] - 97% of sponsors expect CFOs to maintain an "always exit-ready" posture, but only 20% of CFOs report doing so [3] - Most CFOs only shift to exit mode when a sale opportunity arises, which can negatively impact valuation by one to three turns of the exit multiple [3] Group 2: Definition of Exit Readiness - Sponsors define exit readiness as a holistic approach, including active value-creation levers and credible equity stories, while CFOs focus on tactical tasks [4] - Only 32% of CFOs include value creation in their definition of exit readiness [4] Group 3: Preparation Timeline - Over 80% of sponsors prefer exit preparation to start 12–24 months before a sale, but half of CFOs begin only three to six months prior [5] - Compressed preparation is linked to lower deal multiples, with 39% of sponsors citing rushed exits as a reason for post-sale adjustments [5] Group 4: Importance of AI - 85% of buyers now consider AI-enabled finance when valuing companies, with CFOs who integrate AI in financial processes being twice as likely to achieve smoother exits and higher valuations [6] - The rising importance of AI in finance is a significant trend impacting exit readiness and valuation [6] Group 5: Challenges Faced by CFOs - CFOs face challenges such as bandwidth constraints, fragmented systems, and unclear sponsor expectations, which directly affect valuation [7]