NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 6 NOVEMBER 2025Regulated Information Paris, 14 November 2025 Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations. DateNumber of shares composing current share capitalTotal number ofvoting rights6 November 2025766,894,786 Gross: 853,534,087 Press contacts: Jean-Baptiste Froville_+33 1 58 98 68 00_ jea ...

⭐ Research Conference - Understanding #InvestmentFunds: developments and risks in the EU fund industry🗓️ 25 Nov🗣️ Topics: financial stability, innovation developments, #ESG investment, costs of investing in UCITS & AIFs⏳ Register by 14 Novhttps://t.co/CIniqapGr8 https://t.co/kE44Weroii ...

Company Overview - Advanced Drainage Systems is a leading manufacturer of stormwater and onsite wastewater solutions, with a focus on plastic drainage products made from high-density polyethylene (HDPE) and polypropylene [1][4] - The company operates through three primary segments: Pipe (56% of FY25 revenue), Allied Products (26%), and Infiltrator (18%), with a total addressable market of $15 billion and a market share of 75% to 95% across its segments [4][5] Financial Performance - The company has demonstrated strong growth, with earnings per share increasing almost 10 times since its IPO and a compound annual growth rate of 28% [5] - Advanced Drainage Systems has consistently achieved returns on invested capital above 20% and has a history of increasing dividends and share buybacks [5] Market Dynamics - Despite a 3% decline in construction spending year-to-date, the company's revenue is expected to remain stable due to several factors, including the increasing market share of plastic pipes, which have grown from 20% in 2010 to over 40% [7][8] - The company has enhanced its exposure to the residential repair and remodel market through acquisitions, positioning itself to benefit from the current low levels of existing home sales [9] Margin Management - Concerns about margin compression due to construction spending weakness are being addressed by the company's strategic diversification into higher-margin Allied Products and Infiltrator offerings [11] - Advanced Drainage Systems has a unique approach to managing input costs, toggling between recycled and virgin resins based on oil prices, which allows for better margin management [12] Future Outlook - Impactive Capital projects that Advanced Drainage Systems will return to mid-teens EPS growth, with a base case three-year total return of 69% and an internal rate of return of 19% [13]

Research Conference - Understanding #InvestmentFunds: Developments and risks in the EU fund industry🗓️ 25 November 2025✨ Topics: financial stability, innovation developments, #ESG investment, costs of investing in UCITS and AIFs⏳ Register by 14 Novhttps://t.co/CIniqaqegG https://t.co/sQmtjf6wkY ...

Core Insights - The recent tech stock selloff is attributed to deeper structural issues rather than just "AI spending concerns" [1][25][27] - Major sovereign wealth funds are strategically repositioning their portfolios, indicating a shift in investment focus from mature tech stocks to emerging technologies [3][4][5] Group 1: Institutional Investment Trends - Saudi Arabia's Public Investment Fund reduced its U.S. equity exposure from $25.5 billion to $23.8 billion by divesting from companies like Meta and Alibaba [3] - Norway's wealth fund executed a portfolio rotation, increasing positions in Nvidia, Apple, TSMC, and Tesla while trimming holdings in Microsoft and Alphabet [4] - Private equity firms are actively taking companies private, indicating a belief that public market valuations are inadequate [22][24] Group 2: Regulatory and Geopolitical Factors - Brazil's executive order on September 18, 2025, offers tax breaks for data centers while imposing scrutiny on tech companies, reflecting a global trend of emerging economies demanding local regulations [6][7] - U.S. tech companies face challenges in adapting to diverse regulatory frameworks across different countries, impacting their market strategies [7] Group 3: Environmental and Technical Challenges - The environmental impact of AI infrastructure is becoming a significant concern, with data centers consuming energy equivalent to small cities and increasing scrutiny from ESG-focused funds [9][10][11] - Companies are accumulating technical debt as they rush to integrate AI, diverting resources from new product development to address these issues [20][21] Group 4: Supply Chain Vulnerabilities - The semiconductor supply chain is facing critical vulnerabilities, with TSMC and ASML being key players, creating systemic risks for AI infrastructure [17][19] - U.S.-China tensions are exacerbating supply chain issues, leading to increased costs and inventory challenges for tech companies [19] Group 5: Future Technological Disruptions - Quantum computing advancements pose a potential threat to current AI infrastructure investments, as they may render existing technologies obsolete [12][13] - The Federal Reserve's comments on equity valuations are influencing market sentiment, contributing to a cooling effect on tech stock prices [14][15]