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Note: (1) Consolidated figures includes 100% BVN, 100% La Zanja and 100% El Brocal. (2) Net Income attributable to owners of the parent. 3 2Q25 Earnings Results Conference Call Cautionary Statement This presentation contains certain information that may constitute forward-looking information under applicable U.S. securities legislation, including but not limited to information about costs applicable to sales, general and administrative expenses; production volumes; current expectations on the timing, extent ...

Market Trends & Global Financial System - Investors are wary of longer-dated debt due to market volatility [1][4] - The financial system is repricing from a unipolar to a multipolar system [2] - Central banks are prioritizing financial stability over price stability, leading to higher inflation [3] Investment Strategies & Asset Allocation - Investors should consider hard assets like gold and private credit [3][4] - It's better to stay closer to home and position for upside in markets like equities or commodities [5] US Economic Outlook & Fiscal Policy - Tariffs won't generate enough capital to sustain the deficit [2] - The US may face austerity measures, including spending cuts, potentially starting in 2026 [2][5] - Voters are showing less tolerance for fiscal profligacy [6] - The US can continue spending at a clip of 6-7%, but eventually needs to find ways to fund the Treasury, cut spending, or depreciate the currency [7]

how we're going to look back on 2025. Yeah. How will historians look back on this year.Is it pivotal. Uh it's clearly an important it's an important year. There's uh there's a lot going on, you know, with trade and uh I think I'm hopeful that we'll look back on it as a as a year that where we sign signific successfully challenged some significant economic changes and you know our job is to make sure that that is the case.you you get attacked by by the president a lot on a personal basis. Does it make your j ...

Monetary Policy Goals - The Fed aims to achieve price stability, maximum employment, and financial stability [1] - The primary concern is whether the current path will lead to achieving these goals [1] Leadership Transition - The current chair has a little more than 10 months left in their term [1] - The goal is to hand over a healthy economy to the successor [1] Future Plans - No information is available regarding the chair's plans after the term expires [1]

Core Viewpoint - Pfizer's stock has declined approximately 25% from its 52-week high, primarily due to pipeline setbacks and management concerns regarding R&D spending and acquisitions [1][2][11] Valuation - Pfizer's current price-to-sales (P/S) ratio is 2.1, compared to 3.0 for the S&P 500, indicating it is slightly undervalued [8] - The price-to-free cash flow (P/FCF) ratio stands at 9.5 versus 20.5 for the S&P 500, and the price-to-earnings (P/E) ratio is 16.8 compared to 26.4 for the benchmark [8] Revenue Performance - Pfizer's revenues have seen a marginal decline over recent years, with an average shrinkage of 9.0% over the last three years, while the S&P 500 experienced a growth of 5.5% [8] - However, revenues grew by 11.7% from $60 billion to $64 billion in the last 12 months, outperforming the S&P 500's growth of 5.5% [8] Profitability - Pfizer's profit margins are around the median level for companies in the Trefis coverage universe, with an operating margin of 24.3% compared to 13.2% for the S&P 500 [8] Financial Stability - The company's balance sheet is considered weak, with a debt figure of $61 billion and a poor debt-to-equity ratio of 46.2% compared to 19.9% for the S&P 500 [13] - Cash and cash equivalents amount to $17 billion, yielding a cash-to-assets ratio of 8.3% versus 13.8% for the S&P 500 [13] Downturn Resilience - Pfizer's stock has historically underperformed the S&P 500 during market downturns, with a peak-to-trough decline of 57.3% from a high of $61.25 to $26.13 [14][15] - The stock has not yet recovered to its pre-crisis high, currently trading around $23 [14] Future Outlook - Despite current challenges, Pfizer has a robust pipeline, particularly in oncology, with potential blockbuster drugs that could enhance future revenues [12] - The acquisition of Seagen is beginning to positively impact sales and earnings, although it has not fully offset the revenue loss from COVID-19 products [10][12]

Core Viewpoint - Eightco Holdings Inc. is focusing on capital deployment into the refurbished Apple products business while prioritizing financial stability for long-term growth [1][2]. Financial Performance - For the first quarter of 2025, Eightco reported revenues of $9.9 million, a 25% increase from $8.0 million in the same quarter of 2024 [5][6]. - The gross profit for the first quarter of 2025 was $0.8 million, down from $1.4 million in the first quarter of 2024, resulting in a gross profit margin of 8.2%, compared to 17.5% in the prior year [6][3]. - Operating losses improved by 55%, with a loss of $1.4 million in the first quarter of 2025 compared to a loss of $3.2 million in the first quarter of 2024 [5][6]. - Selling, general, and administrative (SG&A) expenses decreased by 29% to $2.2 million in the first quarter of 2025 from $3.1 million in the same quarter of 2024 [6][3]. Strategic Focus - The company is committed to reducing operating costs and addressing selling and administrative expenses to enhance long-term shareholder value [2][3]. - Eightco's current operations are positioned to scale revenues significantly with a modest increase in expenses, particularly in the refurbished Apple products sector [2][3]. Operational Insights - The reallocation of capital back into the refurbished Apple products business has been a key driver of revenue growth [3][5]. - The absence of restructuring and severance expenses in the first quarter of 2025 contributed to the reduction in operating losses [5][6]. Overall Financial Summary - Total operating expenses for the first quarter of 2025 were $2.2 million, down from $4.5 million in the first quarter of 2024 [4][6]. - The net loss attributable to Eightco Holdings Inc. was $2.5 million in the first quarter of 2025, compared to a net income of $1.9 million in the same quarter of 2024 [7][6].

Financial Data and Key Metrics Changes - Fourth quarter revenue increased to $20.2 million from $15.7 million year-over-year, primarily due to higher revenues from the NJR acquisition [30] - Full year 2024 GAAP revenue was $82.1 million compared to $79.9 million in 2023 [30] - GAAP net loss attributable to stockholders was $5.9 million for the quarter [31] - Operating EBITDA for the fourth quarter was $10.8 million, down from $11.3 million in the prior year [32] - Total cash at the end of the fourth quarter was approximately $109.1 million, with unrestricted cash at $72.8 million [34] Business Line Data and Key Metrics Changes - The company owns and manages approximately 85,000 home solar assets and customer contracts, with a gross portfolio value of $910 million, up from $749 million without the NJR transaction [10][14] - Portfolio O&M expense decreased to $5.3 million in the fourth quarter from $5.6 million in the prior year [30] - SG&A expense increased to $15.5 million in the fourth quarter from $12 million in the prior year, impacted by professional services related to the NJR acquisition [30][31] Market Data and Key Metrics Changes - The NJR acquisition expanded Spruce's presence in New Jersey, now the company's second largest market with approximately 16,000 customers [12][13] - Customer satisfaction (CSAT) score rose to 83% in 2024, up from 74% in 2023 [15] Company Strategy and Development Direction - The corporate strategy is built on three pillars: acquiring portfolios of installed systems, maximizing return on assets through the Spruce Pro channel, and expanding subscription-based solutions for distributed energy [19][20][23] - The company prioritizes long-term financial stability over short-term sales growth, focusing on operational efficiency and shareholder value creation [24][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the residential solar market but emphasized Spruce Power's stability and predictability compared to peers [8][27] - The company plans to implement cost optimization strategies in 2025, particularly focusing on reducing O&M costs [25][26] - Management decided not to provide financial guidance due to the volatile residential solar environment and macroeconomic factors [33] Other Important Information - The company successfully launched its third-party servicing channel, Spruce Pro, which is gaining traction with a significant agreement with ADT Solar [17][18] - All long-term debt is non-recourse and serviced by customer collections, with a total principal balance of $730.6 million at the end of the fourth quarter [35] Q&A Session Summary Question: No questions were asked during the session - There were no questions from participants during the Q&A session [37]