CAPITAL MARKETS PRESENTATION 1Q 2026 SAFE HARBOR COMMENTS AND FORWARD-LOOKING STATEMENTS 2 This presentation contains "forward-looking" statements related to O-I Glass, Inc. ("O-I Glass" or the "Company") within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncer ...

Core Insights - Credit Acceptance Corporation reported consolidated net income of $122.0 million, or $10.99 per diluted share, for Q4 2025, showing a sequential growth despite declines in loan volumes and performance [1][29] - Adjusted net income for the same period was $126.0 million, or $11.35 per diluted share, indicating stability in adjusted performance metrics [1][30] - The company emphasized its commitment to maximizing intrinsic value and enhancing customer lives, despite challenges in loan performance [1][2] Financial Performance - GAAP net income decreased by 19.7% compared to Q4 2024, primarily due to increased operating expenses and legal contingencies [29][32] - Adjusted net income remained stable year-over-year, reflecting effective management of operational costs and capital [30] - The average balance of the loan portfolio was reported at $7.9 billion, with a consumer loan assignment unit volume of 71,731 and a dollar volume of $821.3 million [5][24] Consumer Loan Metrics - The forecasted collection rates for Consumer Loans showed a moderate decline, impacting net cash flows from the loan portfolio by $34.2 million, or 0.3% [5][7] - The company utilized a statistical model to estimate expected collection rates, which improved for loans assigned in 2025 but declined for those assigned in 2023 and 2024 [4][6] - The forecasted collection rates for 2025 Consumer Loans were 67.2%, reflecting a positive variance from initial forecasts [11][19] Dealer Relationships and Product Initiatives - The company enrolled 1,207 new dealers, bringing the total to 9,863 active dealers, indicating growth in dealer relationships [5][24] - Recent product initiatives aimed at enhancing dealer and consumer experiences included digital credit applications and AI-powered call-center agents, which have shown promising adoption rates [2][5] - The average volume per active dealer decreased by 6.4%, highlighting challenges in maintaining dealer performance amidst market fluctuations [24][23] Legal and Operational Challenges - The company recognized a contingent loss of $35.8 million related to ongoing legal matters, which significantly impacted operating expenses [5][32] - An increase in general and administrative expenses was noted, primarily due to legal costs, which rose by 162.7% [32] - The provision for credit losses increased by 5.0%, reflecting slower forecasted net cash flow timing and a decline in Consumer Loan performance [32]

Summary of Kimball Electronics (KE) 2025 Conference Call Company Overview - **Company Name**: Kimball Electronics (KE) - **Industry**: Global electronics manufacturing and contract manufacturing - **Headquarters**: Jasper, Indiana - **Fiscal Year 2025 Revenue**: Approximately $5 billion - **Employees**: 5,700 worldwide - **Public Trading**: NASDAQ traded, publicly listed for 11 years as a spinout of Kimball International [5][2] Core Business and Strategy - **Business Focus**: Kimball Electronics operates in three distinct verticals: automotive, medical, and industrial, avoiding non-commodity products like computers and consumer electronics [3][4] - **Customer Relationships**: Over 70% of customers have been with the company for more than ten years, enhancing business stability [4] - **Competitive Advantages**: Strong balance sheet with $374 million in liquidity, global consistency through a single SAP system, and Lean Six Sigma practices across facilities [7][8][9] Market Position and Growth Opportunities - **Market Ranking**: Ranked sixth in automotive, seventh in medical, and twenty-second in industrial sectors [19] - **Megatrends**: Focus on the electronification of vehicles and the growing demand for medical devices due to an aging population and better healthcare access [21][23] - **New Product Introduction (NPI)**: Provides end-to-end solutions from design to aftermarket support, positioning as a contract manufacturing partner [13][14] Financial Performance - **Fiscal Year 2025 Highlights**: - Cash generated from operating activities reached nearly $185 million, a record for the company [29] - Revenue growth of 35% in FY 2023 followed by declines in the subsequent two years [31] - Inventory reduced by nearly 20% year-over-year [29] - **Guidance for Fiscal Year 2026**: - Expected net sales between $1.35 billion and $1.45 billion, a decrease of approximately 5% compared to FY 2025 [35] - Adjusted operating income margin expected to remain in line with the prior year [35] Capital Allocation and Investments - **Capital Expenditures**: Planned investments of $50 to $60 million primarily for a new facility in Indianapolis focused on the CMO and medical space [36][41] - **Share Repurchase Strategy**: Active in repurchasing shares to support share price and lower EPS [16] Challenges and Risk Management - **Loss of Programs**: Experienced a loss of two significant programs worth $200 million due to external factors, impacting revenue [30][31] - **Employee Reduction**: Reduced global workforce by 2,000 employees in response to softening demand [32] Future Outlook - **Strategic Focus**: Emphasis on expanding the medical CMO segment, leveraging existing customer relationships, and enhancing manufacturing capabilities [48][49] - **Market Positioning**: Aiming to differentiate from traditional EMS players by focusing on the CMO market, which presents significant growth opportunities [48][49] Additional Insights - **Global Footprint**: Facilities located in North America, Asia, and Europe, with a focus on maintaining high standards of regulatory compliance [10][15] - **Innovation in Automotive**: Significant involvement in steering technologies, including steer-by-wire and advanced driver-assistance systems [25][27] This summary encapsulates the key points discussed during the Kimball Electronics conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Investment Rating - The report assigns a 12-month rating of Neutral to Swiss Prime Site (SPS) with a price target of CHF104.00, while the current price is CHF113.90 [6][30]. Core Insights - Swiss Prime Site has undergone significant transformation over the past five years, focusing on a two-pillar strategy that has increased the earnings contribution from direct real estate from 45% to 87%, with EBITDA margins improving from 52% to 79% [4]. - The Swiss commercial real estate market shows a positive outlook, with prime yields widening to an attractive 200 basis points and low availability of office space in prime locations [3]. - The company has a robust acquisition pipeline of CHF600 million, expecting a rental income contribution of over CHF25 million, with most projects currently in due diligence [4]. Financial Metrics - The net rental income is projected to be CHF391 million for 2025, with EBITDA expected at CHF413 million [7]. - The forecasted EPS for 2025 is CHF3.57, with a dividend per share (DPS) of CHF3.45 [7]. - The company is trading at a 12% premium to its FY24 NAV, while the sector averages a 1% premium [11]. Growth Potential - SPS aims to grow its assets under management (AuM) from CHF13 billion to CHF16 billion by 2027, driven primarily by net contributions from pension funds [9]. - Management sees a potential for approximately 10% additional rent reversion across the portfolio, with new acquisitions expected to yield unlevered returns of 3.5-3.8% [10]. - The company anticipates around 10% growth in funds from operations (FFO) and similar dividend potential, maintaining a payout policy of 80-90% of FFO [10].