HALF-YEAR 2025 RESULTS BRIEFING For personal use only 19 August 2025 www.woodside.com investor@woodside.com Disclaimer, important notes and assumptions Information • This presentation may contain industry, market and competitive position data that is based on industry publications and studies conducted by third parties as well as Woodside's internal estimates and research. While Woodside believes that each of these publications and third-party studies is reliable and has been prepared by a reputable source, ...

Core Insights - Tian Ruixiang Holdings Limited (TIRX) is transitioning from a traditional insurance broker to a technology-driven health insurance innovator, highlighted by its recent acquisition of Ucare for $150 million in stock [1][2]. Group 1: Market Opportunity - TIRX's acquisition of Ucare positions the company to tap into China's expanding health insurance market, projected to grow from approximately $126 billion today to $280 billion by 2030 [2]. - The domestic healthcare IT market in China is expected to reach around $35 billion by 2030, growing at a CAGR of approximately 15.6%, providing a favorable environment for TIRX's business model [4]. Group 2: Business Model and Revenue Generation - Ucare's cloud-native platform, supported by over 4,000 hospital relationships, allows TIRX to scale with minimal incremental costs, achieving gross margins above 90% and generating recurring subscription-based revenue [3]. - The integration of Ucare's AI-driven analytics enhances TIRX's revenue growth prospects, complementing its existing brokerage commission income [3][5]. Group 3: Growth Projections - TIRX is projected to achieve a revenue CAGR of 35% through FY28 on a pro forma basis, driven by the adoption of its enhanced AI-brokerage business model [4]. - The company is also exploring expansion opportunities beyond Mainland China, starting with its entry into the Hong Kong market [4]. Group 4: Valuation - TIRX's valuations are currently below most selected comparables on both a Price and EV basis, indicating potential for upside as revenue growth prospects improve [5].

Core Insights - CDW Corporation reported second-quarter 2025 non-GAAP EPS of $2.60, exceeding the Zacks Consensus Estimate of $2.49, with a year-over-year increase of 3.9% [1][9] - Net sales for the quarter reached $5.98 billion, reflecting a solid 10.2% year-over-year growth, with a 9.8% increase on a constant currency basis [2][9] Financial Performance - The Corporate segment's net sales were $2.6 billion, up 17.6% year-over-year, while the Small Business segment reported $431 million in net sales, a 12.6% increase [7] - The Public segment generated $2.3 billion in revenues, representing a 2.2% growth, driven by a 24.1% increase in Healthcare and a 2.7% increase in Government, offset by a 10.9% decline in Education [7] - Gross profit grew 4.9% year-over-year to $1.24 billion, but gross margin declined from 21.8% to 20.8% due to pricing pressures [11] - Non-GAAP operating income increased 1.8% year-over-year to $519.7 million, with non-GAAP operating margin falling to 8.7% from 9.4% [11] Market Dynamics - Growth was supported by strong demand in IT lifecycle services, device refresh cycles, and international markets [9] - CDW's customer-focused approach and extensive product portfolio are crucial for addressing complex technology needs across the IT stack [4] Future Outlook - CDW aims to outpace U.S. IT market growth by 200–300 basis points on a constant currency basis, focusing on trends like cloud modernization and cybersecurity [5] - The company announced a quarterly dividend of 62.5 cents, payable on September 10, 2025 [5] Share Performance - Following strong demand across core commercial and international markets, CDW's shares rose 4.3% in pre-market trading on August 6 [6] - Over the past year, CDW's shares have declined by 21%, compared to a 3.1% decline in the Zacks Computers-IT Services industry [6] Balance Sheet and Cash Flow - As of June 30, 2025, CDW had $481 million in cash and cash equivalents, with long-term debt remaining at $5.623 billion [13] - For the first half of 2025, CDW generated $443.1 million in cash flow from operating activities, down from $589.9 million a year ago [13]

EXPOSURE MANAGEMENT REDUCING RISK IN A CLOUD-FIRST WORLD Forward-Looking Statements This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words "anticipate," believe," "continue," "estimate," "expect," "intend," "may," "will ...

Core Insights - Corero Network Security has been recognized as both a Leader and an Emerging Innovator in the 2025 SPARK Matrix for DDoS Mitigation, indicating strong market demand for its solutions [1][2] - The company's improved ranking from 2024 reflects increased customer impact, broader market adoption, and stronger global partnerships [2][3] - Corero's SmartWall ONE and CORE solutions provide enhanced protection across layers 3 through 7, offering real-time traffic analytics and improved security for critical applications [2][3] Company Strategy and Performance - Corero's strategy focuses on intelligent traffic inspection and in-line threat prevention, ensuring low latency and high precision in DDoS protection [3] - The integration of AI-driven analytics and a robust channel strategy has positioned Corero as a trusted provider in the DDoS mitigation space [3][4] - The CEO emphasized that the recognition validates the company's customer-centric approach and innovative solutions that address real challenges without adding operational complexity [4] Market Position and Offerings - Corero specializes in automatic detection and protection solutions against DDoS threats, ensuring service availability in complex environments [5] - The company operates from its centers in Marlborough, Massachusetts, and Edinburgh, UK, and is listed on both the London Stock Exchange's AIM market and the US OTCQX Market [5]

Industry Overview - The fintech sector is experiencing a transformation through technology and finance, with innovations such as digital wallets, blockchain platforms, and AI analytics [1] - As consumer behaviors and technology evolve, leading fintech companies have the potential to deliver significant returns [1] Company: Interactive Brokers - Interactive Brokers (IBKR) provides an electronic trading platform focused on tech-savvy investors, offering a variety of products including stocks, options, futures, currencies, bonds, mutual funds, ETFs, event contracts, and cryptocurrencies [3][4] - The company is distinguished by its highly automated platform, which allows it to offer the lowest-cost trading in the industry, attracting active investors seeking optimal trade prices [4] - With a senior management team primarily composed of software engineers, Interactive Brokers leverages proprietary technology for high-speed trade execution at low commission rates [5] - The company boasts an adjusted pretax profit margin of 72% in 2024, indicating industry-leading margins that surpass both traditional financial and fintech companies, making it a solid growth stock [6] Company: SoFi Technologies - SoFi Technologies has transitioned from a student loan provider to a full-service digital bank, offering loans, investing, banking, and tools for other companies to create financial products [7] - The company expanded its deposit base to $27.3 billion following the acquisition of Golden Pacific Bancorp in 2022 [7] - SoFi's technology platform supports multiple products and provides essential back-end services to other fintech companies, diversifying its revenue through business-to-business offerings [8] - In Q1 2025, technology platform accounts reached over 158 million, reflecting a 5% year-over-year increase, and the company continues to see strong demand for personal loans [9] Company: Tradeweb Markets - Tradeweb Markets offers an electronic marketplace for professional investors and traders, facilitating trading across four primary asset classes: rates, credit, equities, and money markets [10] - Founded in 1996, Tradeweb was the first to provide web-based electronic trading for institutional traders in U.S. Treasuries, addressing inefficiencies in price transparency and manual trading [11] - The company's Automated Intelligent Execution (AiEX) tool allows clients to execute large volumes of trades quickly using pre-programmed rules, with adoption increasing from 23% in 2019 to over 40% in 2024 [12] - Tradeweb achieved a record trading volume of $164.5 trillion in Q1 due to market volatility, indicating its strong performance amid uncertainty and its growing market share across various asset classes [14]

Core Viewpoint - Nabors Industries Ltd. reported a wider-than-expected adjusted loss in Q1 2025, primarily due to lower operating income from its U.S. Drilling segment, despite beating revenue estimates driven by international operations [1][2]. Financial Performance - The adjusted loss per share was $7.5, compared to the Zacks Consensus Estimate of a loss of $2.64 and a loss of $5.16 in the same quarter last year [1]. - Operating revenues were $736.2 million, exceeding the estimate of $718 million but down from $743.9 million year-over-year [1]. - Adjusted EBITDA decreased to $206.3 million from $221 million a year ago, missing the model estimate of $221.6 million [2]. Segmental Performance - U.S. Drilling revenues were $230.7 million, down 15.2% from $272 million year-ago, but above the estimate of $221.6 million. Operating profit was $31.6 million, down from $50.5 million [7]. - International Drilling revenues increased to $381.7 million from $349.4 million year-ago, beating the estimate of $357.1 million. Operating profit rose to $33 million from $22.5 million [8]. - Drilling Solutions segment revenues totaled $93.2 million, up 23.3% from $75.6 million year-ago, exceeding the estimate of $78.7 million. Operating income increased to $32.9 million from $26.9 million [9]. - Rig Technologies revenues were $44.2 million, down 11.9% from $50.2 million year-ago, missing the estimate of $47.6 million. Operating profit was $4.3 million, slightly up from $4.2 million [10]. Strategic Developments - Nabors finalized the acquisition of Parker Wellbore, enhancing its portfolio with complementary assets and expected to be accretive to free cash flow in 2025 [3]. - The SANAD joint venture deployed new rigs, expected to significantly boost adjusted EBITDA and support natural gas development [4]. - A strategic alliance with Corva AI was expanded to integrate AI-driven analytics into Nabors' RigCLOUD platform, enhancing operational performance [5]. Financial Position - Total costs and expenses decreased to $670.6 million from $736.9 million year-ago, below the prediction of $711.4 million [12]. - As of March 31, 2025, Nabors had $404.1 million in cash and short-term investments, with long-term debt of approximately $2.7 billion [12]. Guidance and Outlook - For Q2 2025, Nabors expects U.S. Drilling rig count to range from 63-64 rigs with a daily adjusted gross margin of about $14,100 [14]. - International rig count is anticipated to be 85-86 rigs, with a daily adjusted gross margin of approximately $17,700 [15]. - Capital expenditures for Q2 2025 are projected to be between $220 million and $230 million, with full-year expectations of $770-$780 million [17]. - Adjusted free cash flow for the full year is expected to be around $80 million, with SANAD consuming about $150 million [18]. - The SANAD Joint Venture's 2025 EBITDA is expected to exceed $300 million, with plans for an IPO under review [19].

Core Viewpoint - Hanesbrands Inc. (HBI) is pursuing long-term growth through cost-saving initiatives, supply-chain optimization, and debt reduction, which has positively impacted its stock performance [1][11]. Group 1: Strategic Initiatives - The company is focusing on operational efficiency and financial stability through cost-saving initiatives, including the sale of the Global Champion business, which aims to streamline operations and reduce fixed costs [5]. - By the end of Q4 2024, Hanesbrands generated $264 million in operating cash flow and paid down over $1 billion in debt, significantly reducing its leverage [5]. - HBI is modernizing its technology platform for improved analytics and forecasting, optimizing its supply chain for better efficiency, and cutting non-revenue-generating SG&A expenses [6]. Group 2: Market Positioning - Hanesbrands has strengthened relationships with key retail partners, enhancing brand visibility and accessibility, particularly in mass retail and e-commerce [7]. - The company is leveraging a global go-to-market strategy to capture demand in growing international markets, especially in Mexico and Australia, where sales momentum is improving [7]. - Advanced AI-driven analytics are being utilized to enhance demand forecasting, inventory optimization, and personalized marketing strategies, expected to improve efficiency and drive revenue growth [8]. Group 3: Financial Outlook - Despite a challenging macroeconomic environment, Hanesbrands expects net sales for 2025 to be between $3.47 billion and $3.52 billion, remaining flat year over year [9]. - The company anticipates a $60 million impact from currency fluctuations, with minimal growth expected in the U.S. market [9]. - In Q4 2024, foreign exchange fluctuations created a 110-basis-point headwind to sales, highlighting the risks associated with its international presence [10].