Financial Data and Key Metrics Changes - In Q3, revenues were $329.1 million, down from $335.4 million in the prior year period, reflecting a decrease of approximately 1% [20] - Adjusted operating loss was $24.3 million compared to $20.9 million in the prior year, while adjusted EBITDA was approximately break even compared to $6 million in the prior year [20] - Net loss was $3.5 million compared to a net loss of $1.3 million in the prior year period, with adjusted loss per diluted share increasing to $0.15 from $0.05 [21] Business Line Data and Key Metrics Changes - Children's Book Publishing and Distribution revenues decreased 3% to $197.6 million, with adjusted operating profit improving to $8.9 million from $7.6 million [21] - Book Fairs revenue increased 2% to $113.3 million, driven by higher revenue per fair [22] - Trade Publishing revenues were $69.7 million, down 10% from $77.4 million in the prior year, reflecting timing of major releases [23] - Education segment revenues were $56.1 million, down 2% from $57.2 million, but adjusted operating loss improved to $5.2 million from $6.9 million [25] Market Data and Key Metrics Changes - International segment revenues were $58.7 million, down from $59.3 million a year ago, with a decline attributed to publication timing [26] - Demand for English language learning materials continues to expand globally, representing a long-term opportunity [18] Company Strategy and Development Direction - The company completed sale leaseback transactions generating over $400 million in net proceeds, optimizing the balance sheet and enhancing shareholder value [4][19] - A new $300 million share repurchase authorization was announced, including a $200 million modified Dutch auction tender offer [5][29] - The company aims to return to growth in the education segment by fiscal 2027, focusing on improving product alignment with district needs [16] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed fiscal 2026 adjusted EBITDA guidance of $146 million-$156 million, including a partial year impact from sale-leaseback transactions [31] - The company expects a return to profitability in Q4, driven by improved performance in Book Fairs and Education segments [32] - Management expressed confidence in achieving flat revenue for the full fiscal year, with expectations of 2% growth in Q4 [36][38] Other Important Information - The company established long-term net leverage targets of 2x-2.5x Adjusted EBITDA, balancing balance sheet strength with investment opportunities [28] - Free cash flow in Q3 was $407 million, reflecting proceeds from sale leaseback transactions [27] Q&A Session Summary Question: Confidence in achieving 2% growth in Q4 - Management highlighted Book Fairs as a major factor for revenue growth, with positive initial indications [37][38] Question: Sales pipeline for education solutions - Management noted improvements in the sales pipeline, particularly for summer reading and supplemental materials [42] Question: Adjusted EBITDA guidance and factors influencing it - Management indicated confidence in Q4 profitability due to cost mitigation actions and expected performance in the Entertainment segment [46][48] Question: Performance of the Book Fairs business - Management reported an increase in the number of fairs and revenue per fair, with fewer cancellations compared to the prior year [56] Question: Adjustments to revenue guidance - Management clarified that the adjustment was related to dynamics in the Trade business and not solely the Education segment [60][68]

Financial Data and Key Metrics Changes - In Q3, revenues were $329.1 million, down from $335.4 million in the prior year period, reflecting a decrease of approximately 1% [20] - Adjusted operating loss was $24.3 million compared to $20.9 million in the prior year, while adjusted EBITDA was approximately break even compared to $6 million in the prior year [20] - Net loss was $3.5 million compared to a net loss of $1.3 million in the prior year period, with adjusted loss per diluted share increasing to $0.15 from $0.05 [21] Business Line Data and Key Metrics Changes - Children's Book Publishing and Distribution revenues decreased 3% to $197.6 million, with adjusted operating profit improving to $8.9 million from $7.6 million [21] - Book Fairs revenue increased 2% to $113.3 million, driven by higher revenue per fair, while Book Clubs revenues were relatively flat at $14.6 million [22] - Trade Publishing revenues were $69.7 million, down 10% from $77.4 million, reflecting the timing of major releases [23] - Entertainment segment revenues increased by $3.2 million to $16 million, driven by increased episodic deliveries [23] - Education segment revenues were $56.1 million, down 2% from $57.2 million, but adjusted operating loss improved to $5.2 million from $6.9 million [25] Market Data and Key Metrics Changes - International segment revenues were $58.7 million, down from $59.3 million, with a decline primarily driven by publication timing [26] - Demand for English language learning materials continues to expand globally, representing a long-term opportunity [18] Company Strategy and Development Direction - The company completed sale leaseback transactions generating over $400 million in net proceeds, optimizing the balance sheet and enhancing shareholder value [4] - A new $300 million share repurchase authorization was announced, including a $200 million modified Dutch auction tender offer [5] - The company aims to return to growth in the education segment by fiscal 2027, focusing on aligning products with district and school needs [17] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed fiscal 2026 adjusted EBITDA guidance of $146 million-$156 million, despite the impact of sale leaseback transactions [31] - The company expects a return to profitability in Q4, driven by improved performance in Book Fairs and Education segments [32] - Management expressed confidence in achieving a 2% revenue growth target for Q4, supported by positive trends in Book Fairs and education solutions [37][38] Other Important Information - The company established long-term net leverage targets of 2-2.5 times Adjusted EBITDA, balancing balance sheet strength with growth investments [28] - Free cash flow in Q3 was $407 million, reflecting proceeds from sale leaseback transactions [27] Q&A Session Summary Question: Confidence in achieving 2% growth target for Q4 - Management indicated that Book Fairs are a major factor for revenue growth, with positive initial indications [37] Question: Sales pipeline for education solutions - Management expects strong performance in summer reading and other educational products, with improving sales pipeline each quarter [42] Question: Adjusted EBITDA guidance for Q4 - Management expressed confidence in achieving the guidance due to cost mitigation actions and the typical profitability of Q4 [46] Question: Performance of the entertainment segment - Management noted an increase in green lighting activity and expects steady growth in the entertainment market [48] Question: Revenue guidance adjustment for the year - Management clarified that the adjustment was related to trade dynamics and not solely the education segment [60]

Columbia Banking System Conference Call Summary Company Overview - Columbia Banking System is headquartered in Tacoma, Washington, with over 350 locations across 8 western states, primarily in California, Oregon, and Washington [2][3] - Recently completed the acquisition of Pacific Premier Bank, enhancing the company's franchise and operational capabilities [2][3] Strategic Focus - The company is now focused on fine-tuning its operations after integrating three large banks over the past few years, aiming to streamline processes and leverage technological advancements [3][4] - Emphasis on optimizing the balance sheet and improving profitability rather than merely increasing asset size [44][48] Economic and Market Conditions - General optimism about the economic climate, particularly in the intermountain states, despite some challenges in coastal areas [5][8] - Notable concerns regarding the business environment in Portland and Seattle, particularly due to recent tax increases and regulatory changes [10][14][15] - The company is monitoring the potential impact of businesses relocating from high-tax states [10][12] Growth Opportunities - The company is optimistic about growth prospects, particularly in Southern California, where it has expanded its presence through the Pacific Premier acquisition [29][31] - Focus on maintaining strong relationships with clients and enhancing service offerings to drive growth [28][30] Financial Performance - Total loan portfolio stands at approximately $48 billion, with a focus on transitioning from transactional loans to core relationship lending, which is expected to yield higher returns [34][35] - Anticipated loan portfolio adjustments will lead to improved net interest margins (NIM), projected to be around 3.90-3.95% for Q1 [59][60] Capital Management - The company has announced a $700 million share buyback program and plans to return approximately $1.1 billion to shareholders through dividends and buybacks [60][64] - There is a focus on optimizing the liability side of the balance sheet, with a strong deposit base and plans to reduce reliance on higher-cost wholesale funding [49][54] Credit Quality - The transactional loan portfolio is considered low-risk, with no significant credit concerns reported [74] - Continuous monitoring of the agricultural sector due to its inherent volatility [75] M&A Strategy - The company has no immediate plans for further acquisitions, focusing instead on internal growth and operational improvements [69][70] Conclusion - Columbia Banking System is positioned for growth with a strong focus on optimizing its operations, enhancing profitability, and maintaining a healthy balance sheet while navigating economic challenges and opportunities in its markets [31][60]

Financial Data and Key Metrics Changes - The company's overall net operating income (NOI) for Q4 2025 was $10.9 million, an increase from $7 million in the prior quarter [10] - Core Funds from Operations (FFO) was negative $5.9 million, compared to negative $7 million in the prior year [24] - The overall FFO was negative $7.1 million, or negative $4.49 per diluted share, an improvement from negative $8.7 million, or negative $23.21 per diluted share in the prior year [23][24] Business Line Data and Key Metrics Changes - Office segment NOI increased to $6.4 million in Q4 2025 from $5.2 million in Q4 2024, driven by higher occupancy and rental rates [20][21] - Hotel segment NOI for Q4 2025 was $2.1 million, consistent with the prior year [22] - Multifamily segment NOI decreased to a loss of $870,000 in Q4 2025, compared to income of $855,000 in the prior year, primarily due to unrealized losses on investments [22] Market Data and Key Metrics Changes - In Oakland, multifamily occupancy improved to 88.4% at year-end 2025, a 370 basis point increase from the end of Q3 2025 [17] - The office segment occupancy reached 88.5% at the end of 2025, a 190 basis point improvement from Q3 2025 and a 680 basis point improvement year-over-year [18] - Rent growth in downtown San Francisco was 7.6% in 2025, the highest in over 25 years, with the vacancy rate declining to its lowest levels in 15 years [16] Company Strategy and Development Direction - The company is focusing on premier multifamily assets, strengthening its balance sheet, and improving liquidity [4] - Actions taken since September 2024 include financing on nine assets and the sale of the lending division, which generated approximately $31.2 million in net cash proceeds [5][6] - The company plans to continue evaluating asset sales to enhance liquidity and optimize its balance sheet [7] Management's Comments on Operating Environment and Future Outlook - Management sees opportunities to improve cash flow in 2026, supported by improving net operating income across all segments [7] - The company anticipates lower interest expenses due to a potentially more favorable rate environment and plans to refinance the hotel following renovations [9] - Management expressed confidence in the strategic plan and the positive trends in operating performance across the portfolio [4] Other Important Information - The company is redeeming approximately 2 million shares of Series A preferred stock, which is expected to improve annual funds from operations by approximately $16 million [5] - The company has completed renovations at the Sheraton Grand Sacramento, which is expected to significantly impact profitability in 2026 [19] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is not applicable.

Q4 2025 Investor Update March 2026 NASDAQ: NEXT Delivering Energy for What's NEXT Disclaimer Statement This Presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this presentation, including statements regarding the future results of operations and ...

Financial Data and Key Metrics Changes - The company generated $25 million of GAAP net income in 2025, including $3.4 million in Q4, marking a significant improvement of $104 million year-over-year [5] - Adjusted EPS grew by 89% in 2025, reaching $1.36, towards the high end of the $1.30-$1.40 expectation [15] - The annualized net charge-off rate was 12.3% in Q4, at the better end of the guidance range [6] - Q4 operating expenses were $84 million, below the $92 million expectation, marking the lowest quarterly spend as a public company [6][18] - Full-year 2025 GAAP operating expenses totaled $362 million, a reduction of $49 million or 12% from 2024 [6] Business Line Data and Key Metrics Changes - Originations grew by 10% during full year 2025, exceeding prior expectations for high single-digit growth [10] - Secured personal loans (SPL) originations increased by 51% in 2025, with the secured portfolio growing 39% year-over-year to $226 million [11] - Customer acquisition costs declined by 6% to an average of $117, reflecting strong loan demand and improved cost efficiency [10] Market Data and Key Metrics Changes - The company expects mid-single-digit originations growth for 2026, with a cautious outlook due to macroeconomic factors affecting low to moderate-income consumers [12][14] - The anticipated annualized net charge-off rate for 2026 is projected at 11.9% ±50 basis points, reflecting a slight year-over-year improvement [28] Company Strategy and Development Direction - The company is focused on three strategic priorities: improving credit outcomes, strengthening business economics, and identifying high-quality originations [7] - Plans to reintroduce risk-based pricing above 36% APRs for select higher-risk segments on shorter-term loans, aiming to enhance unit economics and profitability [9] - The company aims to achieve GAAP ROEs of 20%-28% annually by reducing annualized net charge-offs to 9%-11% and lowering operating expenses to 12.5% of its own portfolio [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about consumer resilience despite macroeconomic challenges such as inflation and uneven job creation [12][41] - The company anticipates a cautious environment for low to moderate-income consumers, with expectations for modest incremental profitability in 2026 [12][33] - Management expects full-year profitability to improve across all metrics in 2026, despite additional credit tightening [32] Other Important Information - The company completed a $485 million ABS transaction with a sub 6% funding cost and a AAA rating on the senior notes [7] - The CEO announced plans to step down by April 3rd, with a commitment to support a smooth transition [33][34] Q&A Session Summary Question: Can you provide more color on the macro environment and signs for loosening credit? - Management noted consumer resilience and expected larger tax refunds, but highlighted concerns over low wage growth and rising fuel prices [41][42] Question: What data points support the expectation for a decrease in net charge-off rates? - Management indicated confidence based on delinquency trends, expecting a decrease in losses starting in Q2 [50][51] Question: Can you elaborate on operating expenses and the flat guidance for 2026? - Management explained that while they will continue to seek reductions, there will be incremental investments in risk-based pricing and secured personal lending [52][55] Question: What are the goals for corporate debt reduction in 2026? - Management confirmed ongoing efforts to pay down high-cost corporate debt, with plans for additional payments throughout the year [71][72]

Financial Data and Key Metrics Changes - The company generated $25 million of GAAP net income in 2023, including $3.4 million in Q4, marking a significant improvement of $104 million year-over-year [5] - Adjusted EPS grew by 89% in 2023, reaching $1.36, towards the high end of the $1.30-$1.40 expectation [15] - Q4 operating expenses were $84 million, below the $92 million expectation, marking the lowest quarterly spend as a public company [6][18] - The annualized net charge-off rate was 12.3% in Q4, at the better end of the guidance range [6][22] Business Line Data and Key Metrics Changes - Originations for the full year 2023 grew by 10%, with Q4 originations of $495 million down 5% year-over-year due to credit tightening actions [10][16] - Secured personal loans (SPL) originations increased by 51% in 2023, with the secured portfolio growing 39% year-over-year to $226 million [11] - The risk-adjusted net interest margin ratio improved by 55 basis points year-over-year to 15.8% [8] Market Data and Key Metrics Changes - The company noted that inflation above Federal Reserve targets and declining wage growth create a cautious environment for low to moderate-income consumers [12][13] - The outlook for 2024 assumes mid-single-digit originations growth and a slight decline in average daily principal balance [14] Company Strategy and Development Direction - The company is focused on three strategic priorities: improving credit outcomes, strengthening business economics, and identifying high-quality originations [7] - Plans to reintroduce risk-based pricing above 36% APRs for select higher-risk segments on shorter-term loans to enhance profitability and expand access to responsible credit [9] - The company aims to achieve GAAP ROEs of 20%-28% annually by reducing annualized net charge-offs and lowering operating expenses [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about consumer resilience despite macroeconomic challenges, including lower GDP growth and wage growth for the lowest quartile [41] - The company expects full-year profitability to improve across all metrics in 2024, projecting adjusted EPS growth of 16% at the midpoint of guidance [14][32] - Management anticipates that Q1 2024 will represent the peak quarterly net charge-off rate for the year, with moderation expected in subsequent quarters [22][27] Other Important Information - The company completed a $485 million ABS transaction with a sub 6% funding cost, marking its fourth consecutive issuance [7] - The CEO announced plans to step down by April 3rd, with a commitment to support a smooth transition [33][34] Q&A Session Summary Question: Can you provide more color on the macro environment and signs for loosening credit? - Management noted consumer resilience and expectations for larger tax refunds, but highlighted concerns over low wage growth and rising fuel prices [41][42] Question: What data points support confidence in a decrease in net charge-off rates? - Management indicated that delinquencies, particularly 30-plus delinquencies, are showing positive trends, supporting expectations for lower losses in Q2 and beyond [50][51] Question: Can you elaborate on operating expenses and the flat guidance for 2024? - Management explained that while there will be some incremental investments, overall discipline in expense management will keep operating expenses flat [52][56] Question: What are the goals for corporate debt reduction in 2024? - Management confirmed ongoing efforts to pay down high-cost corporate debt, with plans for additional payments throughout the year [71][72]

Financial Data and Key Metrics Changes - The company generated $25 million of GAAP net income in 2025, including $3.4 million in Q4, marking a significant improvement of $104 million year-over-year [5] - Adjusted EPS grew by 89% in 2025, driven by growth in originations and improved credit performance [5] - The annualized net charge-off rate was 12.3% in Q4, at the better end of the guidance range [6] - Q4 operating expenses were $84 million, below the $92 million expectation, marking the lowest quarterly spend as a public company [6][18] - Full-year 2025 GAAP operating expenses totaled $362 million, a reduction of $49 million or 12% from 2024 [6] Business Line Data and Key Metrics Changes - Originations in Q4 were $495 million, down 5% year-over-year due to credit tightening actions [16] - Secured personal loan (SPL) originations increased by 51% in 2025, with the secured portfolio growing 39% year-over-year to $226 million [12] - The risk-adjusted net interest margin ratio improved by 55 basis points year-over-year to 15.8% [9] Market Data and Key Metrics Changes - The company expects mid-single-digit originations growth for 2026, with a cautious outlook due to macroeconomic factors affecting low to moderate-income consumers [13][27] - The anticipated annualized net charge-off rate for 2026 is 11.9% ±50 basis points, reflecting a slight year-over-year improvement [27] Company Strategy and Development Direction - The company is focused on three strategic priorities: improving credit outcomes, strengthening business economics, and identifying high-quality originations [8] - Plans to reintroduce risk-based pricing above 36% APRs for select higher-risk segments on shorter-term loans to enhance unit economics and profitability [10] - The company aims to achieve GAAP ROEs of 20%-28% annually by reducing annualized net charge-offs and lowering operating expenses [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about consumer resilience despite macroeconomic challenges such as inflation and uneven job creation [13] - The company anticipates a cautious environment for low to moderate-income consumers, with expectations for modest incremental profitability in 2026 [30] - Management highlighted the importance of monitoring economic indicators such as job growth and tax season performance to inform credit policy adjustments [40][41] Other Important Information - The company completed a $485 million ABS transaction with a sub 6% funding cost, marking its fourth consecutive issuance at this rate [7] - The CEO announced plans to step down by April 3rd, with a commitment to support a smooth transition [31][32] Q&A Session Summary Question: Insights on macroeconomic conditions and potential loosening of credit - Management noted consumer resilience and expected larger tax refunds, but highlighted concerns over low wage growth and rising fuel prices [39][40] Question: Confidence in net charge-off rate reduction - Management indicated confidence based on delinquency trends, expecting a decrease in charge-offs starting in Q2 [47][48] Question: Clarification on operating expenses for 2026 - Management confirmed flat operating expenses for 2026, with continued discipline and some incremental investments planned [49][50] Question: Goals for corporate debt reduction in 2026 - Management reiterated a commitment to pay down high-cost corporate debt while funding profitable growth [66][67]

Summary of Citizens Financial Group Conference Call Company Overview - **Company**: Citizens Financial Group (NYSE: CFG) - **Date**: February 10, 2026 - **Key Speakers**: Don McCree (Chair of Commercial Banking), Ted Swimmer (Head of Commercial Banking) Key Points Company Evolution and Strategy - Citizens Financial Group has evolved significantly since its IPO, focusing on building a comprehensive commercial banking platform that includes leveraged finance, industry verticals, and boutique M&A acquisitions [5][6][12] - The bank has expanded its geographical reach beyond the Mid-Atlantic and New England to include Florida, California, and New York City, enhancing its middle-market banking capabilities [9][10] - The strategy includes a focus on private equity and capital markets, with investments in Treasury Solutions and Merchant Services, positioning the bank as a dominant player in these sectors [11][12][15] Market Outlook - The bank anticipates a positive trajectory for 2026, with signs of increased M&A activity and a more favorable banking environment compared to the previous sluggish years [14][15] - There is a narrowing bid-ask spread in the market, indicating that transactions are expected to increase in 2026, particularly for top-tier companies [22][25] - Citizens Financial Group is optimistic about its pipelines, indicating a strong potential for growth in capital markets and advisory revenues [36][38] Private Equity and Capital Markets - The bank has shifted its approach to view relationships with private equity firms holistically, providing comprehensive services that include financing, equity, and advisory [27][30] - The acquisition of JMP in 2021 has enhanced the bank's capabilities in equity research and private capital, allowing it to better serve clients in the growing private equity market [77][78] Expansion Markets - Citizens is strategically expanding into Florida, California, and New York, leveraging its brand and comprehensive service offerings to attract middle-market companies seeking more robust banking solutions [81][89] - The bank's approach in California focuses on new economy sectors, filling the void left by other banks, and emphasizing its private banking capabilities [89][90] Financial Performance and Projections - The bank expects loan growth of 3%-5% for the year, driven by increased utilization of revolvers and participation in M&A transactions [96][97] - Citizens Financial Group is focused on optimizing its balance sheet by reallocating resources to higher-return opportunities and leveraging AI for operational efficiency [16][17] Risk Management - The bank is monitoring sectors such as retail and biotech for potential risks but currently does not see significant concerns in its portfolio [99][100] - Regulatory changes and market volatility are ongoing considerations, but the bank feels well-positioned to navigate these challenges [105][106] Conclusion - Citizens Financial Group is poised for growth in 2026, with a strong focus on executing its strategies in private equity, capital markets, and expansion into new markets. The bank aims to leverage its comprehensive service offerings and industry expertise to capture a larger share of the market [110][112]

Financial Data and Key Metrics Changes - The company reported Q4 operating EPS of $7.75 per share, marking the second consecutive record quarter in earnings [6] - Adjusted operating return on equity (ROE) for the trailing 12 months was 15.7%, exceeding the intermediate-term target range of 13%-15% [6][18] - For the full year 2025, the company achieved record operating EPS and increased the value of in-force business margins by 18% [6][13] Business Line Data and Key Metrics Changes - In the U.S., favorable results were driven by management actions and variable investment income, with individual life mortality in line with expectations [7] - EMEA results showed strong volume growth and favorable experience, with full-year pre-tax earnings up 35% [11] - APAC region reported an 18% increase in pre-tax operating income, reflecting strong underlying growth and favorable underwriting experience [10] Market Data and Key Metrics Changes - Premium growth was 7.4% year-to-date on a constant currency basis, benefiting from strong growth across North America, EMEA, and APAC [19] - The U.S. healthcare business has approximately $400 million of annual premium, generating about $25 million of pre-tax run rate earnings in a typical year [43] Company Strategy and Development Direction - The company plans to exit the group healthcare lines of business after 2026, focusing on strategically aligned businesses [12][43] - The strategy includes optimizing the balance sheet, enhancing risk-adjusted investment returns, and maintaining a focus on capital stewardship [15][16] - The company aims for a balanced approach to capital deployment, targeting a total payout ratio of 20%-30% for buybacks and dividends [37][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet or exceed intermediate-term financial targets, citing strong momentum and a clear focus on strategy [16][33] - The company anticipates a more limited financial impact from in-force management actions in 2026 compared to recent years [24][91] - Management noted that higher interest rates are beneficial for overall earnings, given positive reinvestment cash flows [95] Other Important Information - The company deployed $2.5 billion of capital into in-force transactions for the full year, with $98 million in Q4 [19][20] - The effective tax rate for Q4 was 23.8%, with an expectation of 22%-23% for 2026 [20] - The company reported an estimated excess capital of $2.7 billion at the end of the quarter [30] Q&A Session Summary Question: Capital allocation and payout ratio - Management confirmed the target of a 20%-30% total payout ratio while maintaining flexibility for capital deployment [37] Question: Group health rate actions and business exit - Significant rate actions were taken, including a 40% average increase, and the decision to exit the group healthcare business was driven by strategic alignment [42][43] Question: Equitable block performance - The Equitable transaction is expected to generate $160 million-$170 million of earnings in 2026, with various factors contributing to economic upside [49] Question: Long-term care risk transfer deal performance - Management expressed satisfaction with the long-term care business performance, aligning with risk appetite and return expectations [62] Question: Investment portfolio exposure to software-related companies - The company has modest exposure to software lending, and AI impacts are actively monitored across the portfolio [67][68] Question: Regulatory changes in Europe and competition - Management noted no significant competitive threats arising from regulatory changes in Europe, focusing on opportunities with both asset and biometric risks [76][78] Question: Attractive regions or product lines for 2026 - The company highlighted a strong pipeline in Asia and the U.K. longevity market, with optimism about delivering attractive returns [81]