Investor Relations Update As of February 3, 2026 Safe Harbor Statement Except for historical information contained herein, the matters set forth in this presentation contain forward-looking statements, including industry market projections; our revenue growth opportunities; our ability to fuel product and application diversification; our ability to maintain our leadership position in smartphone audio; our ability to increase HPMS content in smartphones; our ability to leverage our strength in audio and HPMS ...

Industry Overview - The Zacks Multiline Insurance industry includes companies that provide bundled insurance coverage for various needs, enhancing customer retention and offering lower premium payments compared to individual policies [3] - The industry is characterized by diversified product portfolios, which help lower concentration risk and improve revenue generation [4] Key Trends - Product diversification is aiding multiline insurers in reducing concentration risk and improving retention ratios, with better pricing and prudent underwriting expected to benefit major players like AIG, Prudential, Markel, Principal Financial, and Everest Group [1] - The increasing acceptance of embedded insurance is projected to drive industry growth, with global premiums from embedded insurance expected to exceed $722 billion by 2030 [1] - The transition to green energy and the rise of cyber insurance due to increased AI adoption are identified as growth opportunities [4] Mergers and Acquisitions - The solid capital levels of multiline insurers are anticipated to fuel M&A activities, with a focus on diversifying operations into new business lines and geographies [2][5] - Consolidation is expected to rise in 2025, driven by technology-driven deals, particularly in the insurance technology sector [5] Technological Adoption - The industry is experiencing significant digitalization, utilizing technologies such as blockchain, AI, and advanced analytics to enhance operations and reduce costs [6] - Insurers are focusing on improving data and analytics capabilities to optimize premium calculations and risk management [6] Financial Performance - The Zacks Multiline Insurance industry currently holds a Zacks Industry Rank of 95, placing it in the top 39% of 243 Zacks industries, indicating positive earnings outlook [8][9] - The industry's earnings estimates have been revised upward by 6.7% for the current year, reflecting a positive trend [9] Stock Performance - Over the past year, the Multiline Insurance industry has underperformed compared to the Finance sector and the Zacks S&P 500 composite, with a collective gain of 1.2% [10] - The industry is currently trading at a trailing 12-month price-to-book (P/B) ratio of 2.63X, lower than the S&P 500's 8.66X and the sector's 4.32X [13] Company Highlights - **American International Group (AIG)**: Expected to benefit from strategic business de-risking and acquisitions, with a consensus estimate for 2026 earnings indicating a 10.7% year-over-year increase [19][20] - **Prudential Financial (PRU)**: Positioned for growth through its asset-based businesses and strategic initiatives, with a projected core adjusted operating EPS growth of 5% to 8% through 2027 [23][24] - **Markel Group (MKL)**: Aims to double its insurance operations to achieve $10 billion in annual premiums, targeting a $1 billion annual underwriting profit [26][27] - **Principal Financial Group (PFG)**: Continues to leverage its strong position in retirement and long-term savings, with a consensus estimate for 2026 earnings indicating a 13.4% year-over-year increase [30][31] - **Everest Group (EG)**: Set to benefit from product diversification and international expansion, with a consensus estimate for 2026 earnings indicating a 24.1% year-over-year increase [34][35]

Core Insights - Beyond Meat has announced the development of a new range of plant-based protein beverages called Beyond Immerse, which are currently available for a limited time on its direct-to-consumer site [1][2] - The drinks are made from pea protein, tapioca fiber, and electrolytes, aimed at promoting muscle health, gut health, and immune function [2] - The launch reflects a growing consumer interest in diverse protein sources beyond traditional meat products, indicating a potential shift in market demand [3] Company Developments - Beyond Meat is testing the market for its new beverage line, but has not confirmed plans for a wider rollout, indicating a cautious approach to product expansion [3] - The company is responding to consumer trends that favor plant-based protein options, which offer additional health benefits such as fiber and antioxidants [3] - The introduction of Beyond Immerse is part of a broader trend among plant-based meat suppliers to diversify their product offerings in response to sales pressures in the sector [3] Industry Trends - Impossible Foods is also expanding its product range by collaborating with Equii to introduce high-protein, grain-based bread and pasta, highlighting a trend towards integrating protein into various food categories [4] - The industry is recognizing that protein sources should extend beyond traditional meat products, with companies exploring innovative ways to enhance nutritional value in their offerings [5]

Core Viewpoint - The proposed acquisition of the PoDu white tea beverage brand is expected to enhance Oriental Rise's ready-to-drink product portfolio, strengthen its white tea value chain, and expand health-oriented consumption scenarios [1][2]. Group 1: Proposed Transaction Details - Oriental Rise has entered into a non-binding letter of intent to acquire the PoDu brand and related assets, which focuses on high-altitude white tea from Fujian Province [1][2]. - The transaction aims to extend the value chain of the white tea category into ready-to-drink products, diversify product formats, and enhance brand reach [2][5]. - Due diligence will be conducted on the PoDu brand, and negotiations for a definitive agreement will proceed if results are satisfactory [2]. Group 2: Product Characteristics - The PoDu beverage line is made from aged Shoumei white tea and includes botanical ingredients like vine tea, monk fruit, and dried citrus peel, featuring a profile of zero sucrose, zero fat, zero artificial coloring, and zero preservatives [3]. - The product is designed for various consumption scenarios, including family gatherings, restaurant dining, and business entertainment [3]. Group 3: Strategic Benefits - The acquisition is expected to complement Oriental Rise's existing tea garden resources and advance its strategy of expanding across the tea value chain, from cultivation to consumer product development [4][5]. - The transaction is anticipated to generate strategic benefits by combining Oriental Rise's public company platform and distribution network with PoDu's product format, leading to a more diversified product mix and improved ability to capture health-oriented demand trends [5][6]. Group 4: Management Perspective - The CEO of Oriental Rise emphasized that expanding into ready-to-drink formats is crucial for strengthening long-term competitiveness and earnings quality, highlighting the alignment of PoDu's product concept with Zherong white tea [7].

Core Insights - Interactive Brokers Group, Inc. (IBKR) possesses unmatched global market access, allowing clients to trade across over 160 markets and various asset classes from a single platform [1][10] - The firm's expansion into emerging markets and diverse product offerings positions it as a preferred choice for sophisticated investors and international clients [2][3] Global Expansion Efforts - IBKR has enhanced its global presence by allowing clients outside Brazil to trade Brazilian equities and introducing UAE equities through leading exchanges [5] - The company launched zero-commission U.S. stock trading in Singapore and NISA accounts for Japanese investors, expanding its reach [6] - Recent initiatives include the introduction of Plan d'Epargne en Actions accounts for French clients and the IBKR GlobalTrader app for global stock trading [7] Product Diversification - IBKR has launched the Karta Visa card for global purchases linked to IBKR accounts and introduced the Connections feature for discovering trading opportunities [9] - The company has pioneered nearly 24-hour overnight trading on U.S. stocks and ETFs, along with commission-free IBKR Lite and the Impact Dashboard for sustainable investing [11] Technological Excellence - IBKR maintains low compensation expenses relative to net revenues, which supports solid growth [12] - The company has seen a compound annual growth rate (CAGR) of 21.8% in total net revenues from 2019 to 2024, with continued upward momentum [12][13] Financial Performance and Valuation - IBKR shares have gained 47.2% over the past year, outperforming the industry and S&P 500 Index [19] - The stock is currently trading at a trailing 12-month price-to-tangible book (P/TB) ratio of 1.51, below the industry's 3.13 [21] - The Zacks Consensus Estimate for IBKR's revenues in 2025 and 2026 is $5.94 billion and $6.27 billion, indicating year-over-year growth of 13.7% and 5.7% respectively [13][14] Earnings Growth Potential - Analysts have revised earnings estimates upward, reflecting year-over-year growth rates of 17.1% and 8.1% for 2025 and 2026 [26] - Supported by fundamental strength and earnings growth prospects, IBKR stock is viewed as an attractive investment option [27]

Summary of B.O.S. Better Online Solutions Conference Call Company Overview - **Company Name**: B.O.S. Better Online Solutions (NASDAQ: BOSC) - **Industry**: Supply Chain Technologies, specifically in Defense and Aerospace sectors - **Key Executives**: Eyal Cohen (CEO) Core Points and Arguments Business Segments - **Robotic Division**: Automates inventory processes, replacing manual labor with robotic solutions [2][5] - **RFID Division**: Focuses on inventory tracking and end-of-line automation, providing comprehensive supply chain automation technologies [3][4] - **Supply Chain Division**: Integrates electromechanical components into clients' products, generating long-term OEM revenues [2][3] Growth Strategy - **Component Integration**: Growth driven by the number of components embedded in client products; engineering team doubled and manufacturers tripled over two years [3][10] - **Defense Sector Focus**: 90% of backlog in defense; major clients include Elbit Systems and Israel Aerospace Industries [7][19] - **International Expansion**: Targeting markets like India for wire and connector assembly, with international revenue growing by 24% year-over-year [10][24] Financial Performance - **Revenue Growth**: Revenue increased by 28% year-over-year to $38 million; net income grew by 54% to $2.8 million [10][11] - **Strong Balance Sheet**: Cash and equivalents rose to $7.3 million; shareholders' equity at $25 million, representing 66% of the balance sheet [10][11] - **Backlog**: $24 million backlog covering approximately 50% of annual revenues [11] Market Dynamics - **Defense Budget Increase**: Global defense budget growth expected to positively impact B.O.S.'s growth [12][19] - **Geopolitical Conditions**: Stabilization in the Middle East may benefit the Israeli civil market and RFID division [12][21] Competitive Advantages - **Integrated Solutions**: Synergy between robotics and RFID divisions enhances competitive positioning [8][9] - **Specialization**: Focus on electromechanical components and partnerships with global industry leaders [8] Challenges and Mitigation - **Foreign Exchange Impact**: U.S. dollar depreciation against the Israeli shekel created $500,000 in additional costs; strategic price adjustments and operational efficiencies being implemented [22][23] - **Margin Management**: Gross margins reached nearly 25%; expected to stabilize between 25% to 30% due to product mix [23] Future Outlook - **Revenue Guidance**: Upgraded financial outlook for 2025, expecting revenue between $45-$48 million and net income between $2.6-$3.1 million [11] - **M&A Strategy**: Targeting acquisitions valued up to $10 million, focusing on companies with strategic fit and strong management [14][18] Additional Important Points - **Investor Relations**: Increased market exposure through improved investor relations strategy; average daily trading volume increased to 130,000 shares [15][16] - **Operational Efficiency**: Ongoing digitization and AI integration to enhance operational activities [23] - **Market Opportunities**: Growth potential identified in U.S. and European markets through existing client relationships [24]

Summary of Conference Call Notes on China Pharmacy Sector Industry Overview - **Industry**: China Pharmacy Sector - **Key Insights**: The sector is experiencing opportunities from industry consolidation and product diversification, drawing parallels with Japan's drugstore sector [4][8]. Core Points and Arguments Industry Consolidation - **Consolidation Trend**: The consolidation in Japan's drugstore sector has been ongoing for over a decade, with the concentration ratio (CR7) increasing from 67% in FY14 to 81% in FY24 [2]. - **Expansion Methods**: Initially, drugstore chains expanded through store openings, but as larger regional chains emerged, the focus shifted to mergers and acquisitions (M&A) [2]. - **M&A Examples**: Notable mergers include Matsumotokiyoshi and Cocokara Fine, and Welcia and Tsuruha, which are aimed at improving margins [2]. - **Goodwill Impairment Risk**: There is currently limited risk of goodwill impairments for drugstores that have relied on M&A for expansion, with reasonable acquisition valuations around 8-10x EV/EBITDA [2]. Product Diversification - **Growth Strategy**: Drugstores in Japan have diversified into food sales to increase store traffic and customer visits, despite food being a lower-margin product [3]. - **Market Share Gains**: Successful drugstores have gained market share from smaller competitors and supermarkets by adopting a discount-store approach [3]. - **Focus Areas**: Some chains are also increasing their exposure to prescription drugs, cosmetics, and OTC drugs to differentiate their offerings [3]. Implications for China Pharmacies - **Early Stages of Consolidation**: The Chinese pharmacy sector is still in the early stages of consolidation and product diversification, with leading chains expected to increase their market share [4]. - **Current CR10**: The concentration ratio for pharmacies in China was 33% in 2024, up from 14% in 2014, indicating room for consolidation [8]. - **Expansion Flexibility**: Listed pharmacies have limited geographical overlap and can utilize various expansion methods, including self-operated stores, M&A, and franchising [8]. Valuation Insights - **Preferred Companies**: Yifeng and Dashenlin are identified as industry leaders that have completed internal adjustments and are now focusing on outward expansion and product diversification [5]. - **Valuation Metrics**: Current valuations for Yifeng and Dashenlin are at historical lows, with forward P/E ratios of 14x and 15x, respectively [5]. - **Growth Potential**: There is potential for growth driven by accelerating store expansion and improvements in same-store sales growth (SSSG) [5]. Risks Identified - **Industry Policies**: Changes in state medical insurance policies could impact drugstore traffic and margins, while regulatory requirements could affect expansion plans and operating costs [11]. - **Operational Management**: Non-compliance with regulations could lead to severe consequences, including disqualification from state insurance payments [11]. - **Competitive Landscape**: Accelerating consolidation may lead to increased competition among regional leaders, affecting cross-region expansion [11]. - **Shift to Online Channels**: The rise of pharmaceutical e-commerce could divert traffic from offline drugstores [11]. Additional Important Points - **Revenue Exposure**: Listed pharmacies in China currently have only about 20% revenue exposure to products outside of traditional drugs, with plans to expand into FMCG and functional foods [9]. - **Cost Management**: Leading chains expect minimal incremental costs when expanding non-traditional product sales, allowing competitive pricing against supermarkets [9]. This summary encapsulates the key insights and implications for the China pharmacy sector based on the conference call notes, highlighting both opportunities and risks in the evolving landscape.

Core Insights - Palomar Holdings reported Q3 CY2025 revenue of $244.7 million, exceeding analyst expectations by 10.2% and reflecting a year-on-year growth of 64.8% [1][6] - The company's non-GAAP profit was $2.01 per share, which was 24.8% above consensus estimates [1][6] Financial Performance - Adjusted operating income reached $67.14 million, representing a 27.4% margin and a year-on-year growth of 74.4% [6] - Operating margin improved to 27.4%, up from 25.9% in the same quarter last year [6] - Market capitalization stands at $3.39 billion [6] Business Strategy and Growth - Management attributed strong performance to product diversification, disciplined underwriting, and robust premium growth across various product lines [3][5] - The company plans to integrate the Gray Casualty and Surety Company acquisition and expand specialty lines, with a focus on strategic partnerships and technology investments [4] - The goal is to double adjusted net income every 3 to 5 years, maintaining a strong return on equity [4] Product Diversification - All major product groups, except for fronting, experienced double-digit premium growth, with new lines like crop and surety contributing significantly [7] - The residential earthquake franchise grew by 11% year-on-year, supported by new business production and high policy retention [7] - Crop insurance premiums doubled year-on-year due to favorable market conditions and new talent, while builders risk products also saw strong expansion [7] Risk Management - The company maintains a conservative reserving approach, particularly in its casualty business, with over 80% of reserves held as incurred but not reported (IBNR) [8]

Company Overview - Cirrus Logic was founded in 1984 and is listed on NASDAQ: CRUS[5] - The company's FY25 revenue was $1.90 billion[5] - Cirrus Logic has approximately 1,664 employees worldwide[5] Growth Strategy - The company's three-pronged strategy includes maintaining its leadership in smartphone audio, increasing HPMS (High-Performance Mixed-Signal) content in smartphones, and leveraging its strengths to expand into additional applications and markets[22] - Cirrus Logic is expanding its SAM (Serviceable Available Market) in a vast mixed-signal market, projecting the audio and high-performance mixed-signal market to reach $8.5 billion by 2029, compared to $6.8 billion in 2025[24] - The company aims to capture more PC SAM, which is estimated to be ~$1.2 billion in 2029, by increasing value per device and expanding its footprint across different laptop segments[37, 38] Financial Performance - The company's Q2 FY26 revenue was $561.0 million with a gross margin of 52.5% and combined R&D/SG&A expenses of $149.6 million[48] - The guidance for Q3 FY26 projects revenue between $500 million and $560 million, a gross margin between 51% and 53%, and combined R&D/SG&A expenses between $151 million and $157 million[48] - At the end of Q2 FY26, total cash and investments were $896 million, up from $848 million in the previous quarter[58] - In Q2 FY26, the company repurchased approximately 362,000 shares for $40 million at an average price of $110.55[58]

Core Insights - NIKE Inc.'s collaboration with SKIMS aims to blend sport performance with pop-culture appeal, targeting a broader consumer base, particularly women who value both function and form in activewear [1][2][8] - The partnership's debut collection features 58 silhouettes that merge NIKE's performance expertise with SKIMS' aesthetic, indicating strong early consumer response [2][8] - This collaboration could serve as a catalyst for growth, expanding NIKE's reach into the premium athleisure market and enhancing its appeal among younger, style-conscious consumers [3] Competitive Landscape - NIKE faces strong competition from adidas AG and lululemon athletica inc. in the global market [4] - adidas is rebuilding momentum through its "Own the Game" strategy, focusing on direct-to-consumer growth and sustainability, while revitalizing classic products [5] - lululemon has evolved into a global performance and lifestyle brand, expanding its offerings and capturing consumers seeking both style and performance [6] Financial Performance - NIKE shares have lost 8.7% year to date, compared to the industry's decline of 11.4% [7] - The company trades at a forward price-to-earnings ratio of 34.92X, higher than the industry average of 29.37X [9] - The Zacks Consensus Estimate for NIKE's fiscal 2026 earnings implies a year-over-year decline of 23.6%, while fiscal 2027 indicates growth of 50.5% [10]