Forward Thinking Future Focused Investor Presentation November 2025 Forward Looking Statement This presentation contains "forward-looking information" or may be "forward-looking statements" for the purposes of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements may be identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "plan", "project", "should", "believe", "intend", or similar expressions concerning matters ...

Core Insights - Canacol Energy Ltd. reported financial and operational results for the three and nine months ended September 30, 2025, highlighting a decrease in revenues and production volumes compared to the same periods in 2024 [1][2]. Financial Highlights - Total revenues for the three months ended September 30, 2025, decreased by 21% to $69.5 million, and for the nine months, it decreased by 18% to $207.0 million compared to 2024 [5][6]. - Adjusted EBITDAX fell by 43% to $49.1 million for the three months and by 31% to $152.7 million for the nine months compared to the previous year [5][6]. - Adjusted funds from operations decreased by 20% to $46.1 million for the three months and by 22% to $122.2 million for the nine months compared to 2024 [5][6]. - Net income increased to $18.7 million for the three months and $64.3 million for the nine months, compared to a net income of $10.3 million and a net loss of $7.3 million in 2024, primarily due to a non-cash deferred income tax recovery [5][6]. Operational Highlights - Natural gas and LNG production decreased by 23% to 127.5 Mcfpd for the three months and by 20% to 128.5 Mcfpd for the nine months compared to 2024 [6][7]. - Realized contractual natural gas sales volume decreased by 24% to 121.7 Mcfpd for the three months and by 21% to 123.1 Mcfpd for the nine months compared to the same periods in 2024 [5][7]. - The Corporation is focused on completing exploration and development drilling, with plans to mobilize to the Kantana-2 development well and spud the Monstera-1 exploration well before the end of 2025 [3]. Capital Expenditures and Liquidity - Net cash capital expenditures increased by 63% to $39.1 million for the three months and by 57% to $146.6 million for the nine months compared to 2024, mainly due to drilling activities [5][6]. - As of September 30, 2025, the Corporation had $36.5 million in cash and cash equivalents and a working capital deficit of $29.9 million [5][6].

Financial Performance Highlights - Third-quarter net sales reached $2.6 billion, a 6% increase year-over-year on a reported basis and a 5% increase in constant currency[16] - Third-quarter core diluted EPS was $0.79[12] - The company's free cash flow for the first nine months of the year was $1.2 billion[15] Segment Performance - Surgical net sales in the third quarter were $1.42 billion, up 6% on a reported basis and 5% in constant currency[23] - Vision Care net sales in the third quarter were $1.169 billion, up 6% on a reported basis and 5% in constant currency[24] - For the first nine months of 2025, Vision Care accounted for 45% ($3.4 billion) and Surgical accounted for 55% ($4.2 billion) of the company's $7.6 billion in sales[22] Profitability Metrics - Third-quarter IFRS operating margin was 12.8%, a decrease of 80 basis points year-over-year[16] - Third-quarter core operating margin was 20.2%, a decrease of 40 basis points year-over-year[14] - For the first nine months of 2025, the IFRS operating margin was 13.7%[32] - For the first nine months of 2025, the core operating margin was 20.0%[45] Outlook - The company maintained its full-year 2025 net sales outlook of $10.3 to $10.4 billion, representing a 4% to 5% increase in constant currency[57] - The company maintained its full-year 2025 core diluted EPS outlook of $3.05 to $3.15, representing a 0% to +2% increase in constant currency[57]

Financial Performance Overview - Ferrovial achieved strong performance across all business divisions in 9M 2025[7] - The company's net debt ex-infrastructure projects was -€706 million[7] - Revenue increased to €6,911 million, a 6.2% like-for-like (LfL) increase compared to 9M 2024[47] - Adjusted EBITDA reached €1,031 million, a 4.8% LfL increase compared to 9M 2024[47] - Adjusted EBIT amounted to €691 million, a 6.0% LfL increase compared to 9M 2024[47] Highways Division - US Highways revenue increased by 16.4% LfL compared to 9M 2024[12] - US Highways adjusted EBITDA increased by 15.1% LfL compared to 9M 2024[12] - North American assets contributed €312 million in dividends[12] - 407 ETR's revenue increased by 19.3% to CAD 1,511 million in 9M 2025[15] - 407 ETR's EBITDA increased by 15.8% to CAD 1,283 million in 9M 2025[15] - A Q4 dividend of CAD 1.05 billion was approved for distribution from 407 ETR, a 50% increase compared to CAD 700 million in Q4 2024[21] Construction Division - Construction revenue reached €5,420 million, a 4.6% LfL increase compared to 9M 2024[40] - The construction division's order book stood at €17,168 million, a 9.1% LfL increase[45]

Acquisition - Alcon will acquire STAAR Surgical for \$28 per share in cash, representing a ~59% premium to STAAR's 90-day volume-weighted average price[15] - The acquisition represents a total equity value of approximately \$1.5 billion and is expected to be funded through short- and long-term credit facilities[15] - The acquisition is expected to be accretive to core diluted EPS in year two[15] Financial Highlights (Q2 2025) - Net sales reached \$2.6 billion, a 4% increase year-over-year on a reported basis and a 3% increase in constant currency[21] - Core operating margin was 19.1%, a decrease of 70 basis points[21] - Core diluted EPS was \$0.76, compared to \$0.74 in Q2 2024[20] Financial Highlights (1H 2025) - Net sales reached \$5.0 billion[26] - Free cash flow was \$681 million[20] Product Mix (1H 2025 Sales) - Vision Care accounted for 45% (\$2.2 billion) of sales, while Surgical accounted for 55% (\$2.8 billion)[27] - Within Vision Care, contact lenses represented 62% of sales[27] - Within Surgical, consumables represented 53% of sales[27] FY 2025 Outlook (Updated) - Net sales are projected to be between \$10.3 to \$10.4 billion[64] - Core operating margin is expected to be between 19.5% to 20.5%[64] - Core diluted EPS is maintained at \$3.05 to \$3.15[64]

Core Insights - The company anticipates record revenue and adjusted EBITDA growth for Q3 2025, exceeding analyst forecasts, driven by a projected 7.4% increase in same-store sales, the fastest growth rate in two years [1][3][12] Financial Guidance - Revenue is expected to be between CAD 147.0 million and CAD 150.0 million, reflecting a quarter-over-quarter increase of 7% to 9% and a year-over-year increase of 12% to 14% [2] - Gross margin is projected to be between CAD 38.5 million and CAD 40.0 million, with a quarter-over-quarter increase of 9% to 13% and a year-over-year increase of 9% to 13% [2] - Adjusted EBITDA is expected to range from CAD 9.6 million to CAD 10.6 million, indicating a quarter-over-quarter increase of 19% and a year-over-year increase of 0% to 10% [2] Strategic Expansion - The company is expanding its operations internationally, notably through the acquisition of a majority stake in Remexian Pharma GmbH in Germany, positioning itself as a global cannabis powerhouse [3][10] Upcoming Events - Full financial and operational results for Q3 2025 will be released on September 15, 2025, followed by a conference call on September 16, 2025 [4][5]

Core Insights - illumin Holdings Inc. reported a solid revenue growth of 13% year-over-year for Q2 2025, reaching $33.1 million, driven by strong performance in Exchange service revenue and steady growth in Self service revenue [3][4] Financial Performance - Revenue for Q2 2025 was $33.1 million, a 13% increase from $29.2 million in Q2 2024, with Exchange service revenue increasing by 114% to $13.0 million [4][19] - Self service revenue was $9.2 million, accounting for 28% of total revenue, reflecting a 5% increase compared to the previous year [4][19] - Managed service revenue decreased by 24% year-over-year to $10.9 million, attributed to challenges in new client acquisition and reduced spending from existing clients [4][19] - Gross margin stood at 43%, with net revenue (Gross Profit) of $14.4 million, up 3% from $14.0 million in the prior year [4][19] - Adjusted EBITDA showed a loss of $1.0 million, compared to a profit of $0.5 million in Q2 2024, primarily due to higher operating costs [4][19] - The net loss for the quarter was $5.8 million, compared to a loss of $1.0 million in Q2 2024, influenced by lower Adjusted EBITDA and a net foreign exchange loss [4][19] Strategic Initiatives - The company onboarded 31 new Self service clients during the quarter, indicating successful sales initiatives targeting higher-spend clients [3][4] - A new AI forecasting tool was launched for Self service customers, generating strong interest with over 60% of existing users testing it [4] - The company is implementing cost reduction and restructuring initiatives, including a 10% reduction in the North American workforce and a decrease in real estate footprint [5] Market Positioning - The company is focused on a clear product differentiation strategy and client acquisition, aiming to enhance profitability while navigating a shifting market [3][5] - The strong growth in Exchange service revenue is attributed to targeted investments in technology and sales, which have strengthened the company's competitive position [3][5]

Financial Performance - Cash flow from operations increased to $90.3 million in Q2 2025 [22], a 39% increase compared to $65 million in Q1 2025 [58] - Adjusted EBITDA increased to $82.7 million in Q2 2025 [23], a 31% increase compared to $63 million in Q1 2025 [59] - Adjusted net income per share was $0.46 [23] in Q2 2025, compared to $0.35 in Q1 2025 [59] - Available liquidity was $113.3 million [22] as of June 30, 2025 Operational Highlights - Caraíba Operations copper production increased approximately 25% quarter-over-quarter [37], with a 7% reduction in cash costs [37] - Tucumã Operation copper production increased approximately 25% quarter-over-quarter [45] - Xavantina Operations gold production increased 17% quarter-over-quarter [54] Strategic Objectives - The company aims to achieve commercial production at Tucumã [25] - The company aims to deleverage the balance sheet, with the net debt leverage ratio decreasing to 2.1x from 2.4x at the end of Q1 2025 [26] - The company aims to advance long-term growth initiatives, including the completion of the Furnas Phase 1 Drill Program in July 2025 [26] - The company aims to initiate returns to shareholders [26]

Core Insights - NFI Group Inc. reported improvements in revenue, gross margin, adjusted EBITDA, and liquidity, with a total backlog of $13.5 billion [1][5][6] Financial Performance - Deliveries in Q2 2025 were 1,076 equivalent units (EUs), down from 1,246 EUs in Q2 2024 [3] - Revenue for Q2 2025 was $868.2 million, a 2.0% increase year-over-year [5] - Gross profit increased to $116.2 million, reflecting a 14.6% rise from Q2 2024, with a gross margin of 13.4% [5] - The net loss for Q2 2025 was $160.8 million, compared to a net profit of $2.5 million in Q2 2024 [5][16] - Adjusted EBITDA rose to $70.8 million, a 19.2% increase year-over-year [5] - Total liquidity improved to $326.7 million, up $198.8 million from Q1 2025 [5] Operational Highlights - The company completed refinancing activities, including a new $700 million revolving credit facility and a $600 million second lien secured notes offering [6][11] - The total backlog increased by 14.4% year-over-year, with 35.3% of the backlog consisting of zero-emission buses (ZEBs) [5][12] - The return on invested capital (ROIC) improved to 7.9%, up from 3.5% in Q2 2024 [5][16] Market Outlook - Management anticipates continued improvements in revenue, gross profit, net earnings, adjusted EBITDA, free cash flow, and ROIC as the company executes its backlog and increases production [13][14] - The company expects to maintain its financial guidance for fiscal 2025, projecting revenue between $3.8 billion and $4.2 billion [15] Challenges and Strategic Actions - NFI is addressing challenges related to tariffs on imports of steel and aluminum, actively engaging with suppliers and customers to manage pricing impacts [19][20] - The company is implementing targeted cost reduction actions in the UK to enhance its competitive position while promoting domestic bus manufacturing [4][12]

Core Insights - BRP Inc. reported financial results for the three-month period ended April 30, 2025, showing a decrease in revenues and gross profit but a significant increase in net income compared to the same period last year [2][10][16]. Financial Performance - Revenues decreased by 7.7% to CAD 1,846.9 million from CAD 1,999.9 million in the same period last year [10][11]. - Gross profit fell by 24.3% to CAD 394.8 million, with a gross profit margin of 21.4%, down from 26.1% [13]. - Normalized EBITDA decreased by 34.7% to CAD 200.8 million [15]. - Net income increased by 278.8% to CAD 161.0 million, compared to CAD 42.5 million in the previous year [16][18]. Retail Sales and Market Trends - North American retail sales remained flat, with strong end-of-season sales in Snowmobile offset by a decline in Year-Round Products due to industry slowdown [8][12]. - Seasonal Products revenues decreased by 21.7% to CAD 419.2 million, while Year-Round Products revenues decreased by 4.5% to CAD 1,105.8 million [16]. Operating Expenses and Cash Flow - Operating expenses decreased by 9.2% to CAD 300.9 million, attributed to lower general and administrative expenses and cost optimization [14]. - Consolidated net cash flows from operating activities totaled CAD 214.5 million, an increase from CAD 141.4 million in the previous year [19]. Future Outlook - The company refrained from making financial projections due to uncertainty in the macro environment but expressed confidence in its product portfolio and inventory management for a potential rebound [4][7].