(Nasdaq: VITL) • February 2026 Corporate Presentation Vital Farms, Inc. Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not required by or presented in accordance with generally accepted accounting principles in the United States ("GAAP"). We believe that these measures, when taken together with our financial results presented in accordance with GAAP, provide meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our histori ...

COPENHAGEN, Denmark – February 26, 2026. Novonesis delivered strong organic sales growth of 7% and an adjusted EBITDA margin of 37.1% in 2025. The company expects a good start to 2026 and a good year overall. Ester Baiget, President & CEO: “In 2025, we continued to deliver strong organic sales growth. We achieved 7% growth, an adjusted EBITDA margin of 37.1% and a strong cash flow – despite currency headwinds. Growth was broad-based across sales areas and markets, with particularly strong performance in ...

Income3,589,7172,804,945(21.9)Majority Net Income3,414,5812,713,713(20.5)Earnings per Share (in pesos)11.38199.0457(20.5)Earnings per ADS (in US$)6.32295.0251(20.5)Capex2,532,6983,899,34454.0Cash & Cash Equivalents20,083,45711,116,335(44.6)Net Debt(6,724,001)16,370,228(343.5)Net Debt/ LTM EBITDA(0.3)0.8(338.5)Operational HighlightsPassenger TrafficMexico10,105,37010,114,3320.1San Juan3,199,5453,100,354(3.1)Colombia4,433,3794,684,9685.71Unless otherwise stated, all financial figures are unaudited and prepare ...

Financial Data and Key Metrics Changes - In Q4 2025, revenues grew by 7.3%, driven by better-than-expected contributions from pricing, volume, and M&A, despite headwinds from foreign exchange [12] - Adjusted EBITDA for the full year reached $1.985 billion, with Q4 margins at 30.2%, marking the highest Q4 margin in the company's history [13][14] - Adjusted Free Cash Flow for Q4 was $425 million, totaling $756 million for 2025, ahead of plan due to EBITDA outperformance [14] Business Line Data and Key Metrics Changes - Pricing increased by 6.4% for Q4 and 6.1% for the year, exceeding original expectations [12] - Adjusted EBITDA margins expanded by 175 basis points in the Canadian segment and increased in the U.S. segment, excluding the impact of prior year hurricane volumes [13] - C&D-related volume remained soft, but the company is positioned for recovery when the broader economy improves [12] Market Data and Key Metrics Changes - Q4 volumes were 70 basis points ahead of plan, attributed to unanticipated special waste activity [12] - The pricing environment remains constructive, with expectations for continued pricing above internal cost of inflation [6] - Commodity prices decreased by 33% year-over-year, impacting margins, but underlying consolidated margins improved by over 150 basis points from the prior year [13][17] Company Strategy and Development Direction - The company aims to achieve low- to mid-30s margins by 2028, with a focus on operational efficiency and capital allocation strategy [7][10] - The sale of the ES segment has simplified the business into a pure-play solid waste leader, enhancing equity value [8] - The relocation of the executive headquarters to the U.S. is expected to increase visibility with investors and broaden the shareholder base [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet and potentially exceed 2026 guidance, citing multiple avenues for upside [10][11] - The macro environment remains challenging, but there are signs of recovery in capital spending from large customers, which could lead to increased volume [92] - The company is committed to maintaining leverage in the low to mid-3s range while pursuing M&A opportunities [22] Other Important Information - The company completed $3 billion in share repurchases in 2025, with an additional $750 million deployed in the second half of the year due to favorable stock pricing [9] - Adjusted Free Cash Flow conversion improved to 38%, with expectations for further growth in 2026 [19] - The company plans to provide more detailed disclosures regarding the performance of GIP and ES in future quarterly releases [77] Q&A Session Summary Question: Does the leverage guidance assume no incremental M&A and buyback? - Management confirmed that the leverage guidance is based on exiting 2026 in the low to mid threes, with potential increases if M&A and buybacks occur [22] Question: Can you break down the EBITDA bridge for 2026? - Management acknowledged the components affecting EBITDA, including M&A rollover benefits and FX impacts, indicating organic EBITDA growth in the mid- to high single digits is achievable [24][25] Question: What is the outlook for incremental growth CapEx investments? - Management indicated that growth CapEx is front-end loaded, with expectations for significant contributions from EPR in Q1, tapering off through the year [30][32] Question: How are volumes expected to perform in 2026? - Management anticipates modestly positive volumes, with potential upside from EPR and market conditions improving [33][35] Question: How does the company balance M&A and share buybacks? - Management stated that while the stock is undervalued, they will continue to evaluate both M&A opportunities and share buybacks based on market conditions [37][38] Question: What is the expected cadence of pricing in 2026? - Management expects a strong start in Q1 with pricing tapering down throughout the year, indicating high visibility into pricing for 2026 [41][42] Question: How did GIP and ES perform in 2025? - Management reported that both businesses performed in line with expectations, with GIP primarily driven by government contracts [45] Question: Is there a plan for more disclosure on GIP and ES? - Management confirmed plans to provide more detailed disclosures on these businesses in future reports [77]

Core Insights - Chewy, Inc. (CHWY) is progressing towards its long-term adjusted EBITDA margin target of 10%, showing consistent year-over-year profitability improvement, particularly in the third quarter of fiscal 2025 [1][5] Financial Performance - Adjusted EBITDA for Chewy increased by 30% year-over-year to $180.9 million in the fiscal third quarter, with the adjusted EBITDA margin expanding by 100 basis points to 5.8% [2][9] - Chewy's fiscal 2025 adjusted EBITDA margin is expected to be between 5.6% and 5.7%, with initiatives like Chewy Vet Care and Chewy+ membership aimed at enhancing customer engagement and supporting long-term margin growth [3][4] Margin Expansion Strategy - Management indicated that less than 450 basis points of margin expansion is needed to reach the long-term target of 10%, with approximately half of this expected from gross margin improvements and the rest from operating expense efficiencies [4][5] Competitive Landscape - Petco Health & Wellness Company, Inc. (WOOF) reported a 3.1% year-over-year decline in net sales to $1.5 billion, but its adjusted EBITDA rose by $17.3 million to $98.6 million due to effective cost management [6] - BARK, Inc. (BARK) reported revenue of $107 million, a 15.2% year-over-year decline, with an adjusted EBITDA loss of $1.4 million [7] Market Position - Chewy's shares have decreased by 25.2% over the last six months, contrasting with an 8.1% rise in the industry [8] - Chewy trades at a forward price-to-earnings ratio of 21.14, which is lower than the industry average of 24 [11] Earnings Estimates - The Zacks Consensus Estimate indicates year-over-year earnings growth of 22.1% for the current fiscal year and 23.3% for the next fiscal year [13]

Financial Data and Key Metrics Changes - Q3 net sales grew over 8% year-over-year to $3.12 billion, primarily driven by unit volume growth, not price [7][12] - Gross margin expanded roughly 50 basis points year-over-year to 29.8% [9][12] - Adjusted EBITDA reached $181 million, up 30% year-over-year, with an adjusted EBITDA margin of 5.8%, representing a 100 basis points year-over-year expansion [9][14] - Free cash flow for the quarter was approximately $176 million, up nearly $70 million sequentially [9][14] Business Line Data and Key Metrics Changes - Autoship customer sales increased 13.6% to $2.61 billion, outpacing total company growth [7] - Active customers reached 21.2 million, up nearly 5% year-over-year, with improvements across every part of the active customer funnel [8] - Net sales per active customer reached $595, up nearly 5% year-over-year [8] Market Data and Key Metrics Changes - The company continues to outperform the pet category and expand market share, with profits growing faster than sales [6] - Marketing efficiency continues to strengthen, attracting high-quality customers and improving LTV to CAC ratios [8] Company Strategy and Development Direction - The company aims for a long-term objective of a 10% adjusted EBITDA margin, with ongoing investments in automation and health services [6][21] - Chewy Vet Care (CVC) is driving strong utilization and customer loyalty through high-margin services, with plans to open 8-10 locations this fiscal year [10] - The acquisition of Smart Equine is expected to enhance Chewy's premium health and nutraceutical assortment and strengthen its position in high-value wellness categories [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver consistent, durable EBITDA expansion over the next several years, with a focus on disciplined, customer-centric growth [20][21] - The company expects 2026 to be characterized by structural unit volume growth, with potential pricing benefits slightly larger than in 2025 [43][45] Other Important Information - The company repurchased approximately 1.5 million shares for $55 million during the quarter [15] - The company ended Q3 with approximately $675 million in cash and cash equivalents, remaining debt-free [15] Q&A Session Summary Question: How does the team continue to evolve learnings about the lifetime value of customers? - Management discussed the strong intersection between Autoship, Chewy Plus, and CVC, emphasizing their complementary nature in driving customer retention and profitability [26][27] Question: Can you talk about the drivers of active customer growth? - Management noted that active customer growth was driven by improvements in customer acquisition and retention, with higher direct traffic and better conversion rates [33][34] Question: What is the outlook for demand in 2026? - Management views 2026 similarly to 2025, expecting low single-digit industry growth and stable pricing dynamics [43][44] Question: How should we think about gross margins going forward? - Management indicated that gross margin expansion opportunities remain, with several levers expected to contribute to growth [61][62] Question: What changes have been observed in retention after raising the Chewy Plus fee? - Management reported that conversion has remained strong post-price increase, with paid Chewy Plus members delivering gross margins in line with the overall enterprise [70][71]

Financial Performance - The company achieved a revenue growth of 20% in Q3 2025, marking the 19th consecutive quarter of double-digit growth [4][5] - Organic growth was reported at 4.8%, with adjusted EBITDA growing by 22% and adjusted EBITDA margins expanding by 26 basis points [5][11] - GAAP EPS was $1.76, while adjusted EPS was $2.87, which would have been $0.22 higher if adjusted for intra-quarter revenue seasonality [5][11] Brokerage Segment Performance - The brokerage segment reported a revenue growth of 22%, with organic growth at 4.5% [6][11] - Within retail operations, property and casualty organic growth was 5%, with U.S. growth exceeding 7% [6][7] - Employee benefits showed around 1% organic growth, while wholesale and specialty businesses delivered 5% organic growth [7][11] Risk Management Segment Performance - The risk management segment, Gallagher Bassett, saw an 8% revenue growth, including 6.7% organic growth [11][12] - Adjusted EBITDA margin for this segment was reported at 21.8%, slightly better than previous expectations [12][21] Market Dynamics - The global insurance renewal premium changes showed property down 5% and casualty lines up 6% overall, indicating a mixed pricing environment [8][9] - The company noted a bifurcation in renewal premium changes by client size, with smaller clients seeing a 3% increase while larger clients experienced a 1% decrease [9][10] - The reinsurance market remains healthy with adequate capacity, and the company anticipates stable conditions for January 1 renewals [10][11] Strategic Direction and M&A Activity - The company is focused on a two-pronged revenue growth strategy involving organic growth and mergers & acquisitions (M&A) [4][12] - Since acquiring AssuredPartners, the company has completed five new mergers, contributing approximately $40 million in estimated annualized revenue [12][13] - The company has a pipeline of about 35 term sheets signed or being prepared, representing around $400 million of annualized revenue [13][25] Management Commentary on Future Outlook - Management expressed confidence in the company's positioning for growth despite economic uncertainties, with expectations of around 5% organic growth in Q4 [10][11] - The company anticipates full-year margins around 21% for Gallagher Bassett, indicating a strong performance outlook [12][21] - Management highlighted the importance of maintaining a client-centric culture and leveraging proprietary data and analytics for competitive advantage [11][14] Q&A Session Summary Question: Regarding AssuredPartners and new business - Management clarified that revenue synergies from AssuredPartners will be credited to their P&Ls, while broader base contingent commissions impacting legacy Gallagher will be included in organic growth [29] Question: Organic growth outlook for 2026 - Management indicated that 2026 could resemble 2025, with strong performance expected in reinsurance and property & casualty businesses [30] Question: M&A pipeline post-AssuredPartners acquisition - Management noted that it is still early to assess the full impact of AssuredPartners on the M&A pipeline, but there is optimism for future opportunities [31][32] Question: Market conditions and pricing dynamics - Management acknowledged that while casualty pricing remains stable, there is a mixed environment with property pricing showing some relief [60][62] Question: Employee benefits and new business acquisition - Management expects strong performance in employee benefits due to rising medical costs and a competitive labor market, which will drive new business opportunities [72][74]

Financial Data and Key Metrics Changes - Q4 2025 bookings reached a record $342 million, up 20% year over year, with a book-to-bill ratio of 1.25, resulting in a record backlog of $1.4 billion [7][18] - Q4 revenue was $273 million, reflecting a 9.9% increase year over year, while full year revenue totaled $912 million, up 9.2% year over year [7][22] - Q4 adjusted EBITDA was $51 million, a 65% increase year over year, with an adjusted EBITDA margin of 18.8% [20][12] - Full year adjusted EBITDA was $119 million, significantly up from the previous year, with adjusted earnings per share of $0.64 compared to a loss per share of $0.69 in the prior year [24][20] - Free cash flow for Q4 was $34 million, while full year free cash flow reached a record $119 million, compared to $26 million in the prior year [20][25] Business Line Data and Key Metrics Changes - Significant contract awards in Q4 included $36.9 million for ground-based radar programs and a $22 million contract for sensor processing subsystems [10][11] - The company recognized $4.7 million of net adverse EAC changes in Q4, indicating ongoing improvements in program management and operations [8][12] - The focus on accelerating customer deliveries contributed approximately $30 million of revenue and $15 million of adjusted EBITDA planned for FY 2026 [9][12] Market Data and Key Metrics Changes - The backlog grew by 6% year over year, reflecting solid execution across the company's production and development programs [7][18] - The company noted a positive market backdrop with increased defense budgets and demand for technology capabilities, particularly in the U.S. and European markets [82][103] Company Strategy and Development Direction - The company is focused on four priorities: performance excellence, driving organic growth, expanding margins, and improving free cash flow [5][6] - The strategy includes simplifying and optimizing operations to achieve targeted adjusted EBITDA margins in the low to mid-twenty percent range [12][16] - The company aims to allocate factory capacity to programs with unbilled receivable balances to drive free cash flow, although this may have little impact on revenue [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's leadership position and the expected ability to deliver results in line with target profiles of above-market growth and margin expansion [15][17] - For FY 2026, the company anticipates low single-digit revenue growth, with the first half expected to be relatively flat year over year [15][16] - Management highlighted the importance of ongoing discussions with customers regarding increased production quantities and acceleration of deliveries [82][103] Other Important Information - The company ended Q4 with $309 million in cash, driven by strong cash flow from operations [25] - Net working capital decreased by approximately $90 million year over year, demonstrating progress in reversing a multi-year trend of growth in working capital [27][28] Q&A Session Summary Question: Regarding factory capacity allocation tied to unbilled receivables - Management indicated that while this allocation is beneficial for free cash flow, it has little impact on revenue, and they expect to work through this headwind in FY 2026 [35][36] Question: Normalized level for net working capital - Management stated that a normalized level could be in the 35% range, with ongoing efforts to reduce working capital further [38][39] Question: Acceleration of revenues into Q4 - Management attributed the acceleration to improved execution and customer demand, emphasizing the importance of supply chain management [44][45] Question: Margin expectations for FY 2026 - Management expects adjusted EBITDA margins to approach mid-teens in FY 2026, with potential for expansion in the second half of the year [16][92] Question: Rationale behind not providing annual guidance - Management cited the need to quantify ongoing discussions and potential accelerations before providing specific guidance for FY 2026 [80][81] Question: Demand by product category and end market - Management noted strong demand across various segments, including land, sea, and space, with positive conversations with both domestic and European primes [102][103]

Company Overview - Golden Entertainment focuses on casino and branded tavern operations in Nevada[6,8] - The company owns real estate with excess land, providing potential development opportunities[11,12] - The company has an experienced management team aligned with shareholders[6] Market Position - Golden Entertainment operates 8 Nevada casinos with approximately 4,400 slots and 99 tables[7] - The company also operates 72 Nevada taverns with approximately 1,100 slots[7,26] - The company's loyalty program, True Rewards, includes over six million players[30] Financial Performance - As of June 30, 2025, the company's net debt was $385 million[32] - Since July 2023, the company has returned $216 million of capital to shareholders[33] - The company has $392 million in 1st lien term loans and $40 million drawn on a revolver as of June 30, 2025[36,37] Nevada Market - Nevada's total gaming Gross Gaming Revenue (GGR) in 2024 was $156 billion[17] - Las Vegas Strip GGR in 2024 was $88 billion, while Nevada locals GGR was $36 billion[17] - Las Vegas visitation reached 425 million in 2024[18]

Financial Data and Key Metrics Changes - The company achieved consolidated revenue of $1,675,000,000 for the quarter, which is 9.5% ahead of the prior year pro forma for divestitures [14] - Adjusted EBITDA margin for the second quarter was 30.7%, reflecting a 230 basis point increase over the prior year and 60 basis points ahead of guidance [16] - Adjusted free cash flow was approximately $137,000,000, better than planned due to adjusted EBITDA outperformance [18] Business Line Data and Key Metrics Changes - The company completed three small tuck-in acquisitions during the quarter and anticipates closing three more soon, maintaining a robust M&A pipeline [12] - Volume growth was positive across both U.S. and Canadian geographies, with U.S. volume growth accelerating by over 200 basis points sequentially [15] - The company expects pricing to be between 5.5% and 5.75% for the full year, an increase of 25 basis points from the original guidance [19] Market Data and Key Metrics Changes - Canadian volume growth was reported at 6.3% for the quarter, with EPR-related activities contributing positively [47] - U.S. volume growth turned positive despite a slowdown in industrial and construction-oriented sectors, indicating resilience in the business model [46] - The company noted that exposure to cyclical end markets is low overall, positioning it well for potential recovery in the macroeconomic environment [11] Company Strategy and Development Direction - The company is focused on densifying existing markets where it has underutilized post-collection assets, aiming for the highest returns on invested capital [42] - The strategic growth investments in EPR and the positive underlying trends from market selection are expected to offset demand-side pressures [11] - The company is increasing its adjusted EBITDA target by $50,000,000 or 2.6% for the year, reflecting confidence in its operational resilience [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver industry-leading financial performance despite external headwinds [23] - The operational resiliency demonstrated in the quarter reinforces the belief that the company is uniquely positioned for value creation [23] - Management anticipates a modest working capital investment for the year, with net CapEx expected to be approximately $750,000,000 [21] Other Important Information - The company is experiencing a lower current year contribution from M&A activity but expects a larger rollover amount into 2026, setting up for exceptional growth [13] - The company is reaffirming its adjusted free cash flow expectation of $750,000,000 despite increased CapEx [21] Q&A Session Summary Question: Update on GIP business options - Management is in the final stages of concluding the process with two bidders and expects a favorable result, which will lead to a significant rebase of equity [28][29] Question: Margin improvements and self-help levers - Management highlighted improvements in pricing, labor turnover, and synergy realization as key contributors to margin expansion [31][35] Question: M&A pipeline visibility - The company is on track to achieve its M&A spending target of $700,000,000 to $900,000,000 for the year, with a focus on tuck-in acquisitions [40][41] Question: Volume performance specifics - EPR is contributing positively to volume growth, with Canadian volume growth reported at 6.3% for the quarter [46][55] Question: Impact of bonus depreciation on free cash flow - Bonus depreciation is expected to provide a $25,000,000 tailwind this year, with a potential increase in free cash flow conversion by 100 to 200 basis points [60][63] Question: Fleet conversion status - Approximately 20% to 25% of the fleet is currently CNG, with plans to increase this to 50% to 55% over the next few years [104]