A Strategic Acquisition in South Korea François Jackow, Chief Executive Officer Jérôme Pelletan, Chief Financial Officer Ronnie Chalmers, Group VP, Head of Asia-Pacific Paris, August 22, 2025 1 A Strategic Acquisition in South Korea - August 22, 2025 A Timely Strategic Growth Acquisition Highly complementary Profitable growth Positioned on growth markets 2 THIS DOCUMENT IS PUBLIC A Strategic Acquisition in South Korea - August 22, 2025 A Timely Strategic Growth Acquisition Positioned on growth markets Korea ...

Core Insights - BioSyent Inc. reported strong financial performance for Q2 and H1 2025, with overall sales growth of 14% and net profit growth of 28% [1][5] - The Canadian Pharma segment saw a 9% increase in sales, while the International Pharma segment experienced a significant 183% increase in Q2 2025 [1][5] - The company aims for long-term value creation through portfolio diversification and profitable growth [1] Financial Performance - Total Company Sales for Q2 2025 reached CAD 10,179,296, a 14% increase compared to Q2 2024, and CAD 21,158,256 for H1 2025, reflecting a 27% increase from H1 2024 [5][9] - Net Income After Taxes for Q2 2025 was CAD 2,018,171, up 28% from Q2 2024, and CAD 4,338,104 for H1 2025, a 30% increase from H1 2024 [5][9] - EBITDA for Q2 2025 was CAD 2,760,149, representing a 35% increase year-over-year, and CAD 5,961,796 for H1 2025, a 40% increase [5][9] Balance Sheet Highlights - As of June 30, 2025, total assets increased to CAD 43,495,489, a 5% rise from December 31, 2024 [7][10] - Cash, cash equivalents, and short-term investments rose by 28% to CAD 20,364,392 [7] - Trade and other receivables increased by 67% to CAD 4,867,796, while inventory decreased by 9% to CAD 4,860,613 [7] Shareholder Returns - The company repurchased 19,500 common shares during H1 2025 under a Normal Course Issuer Bid [5] - Quarterly cash dividends of CAD 0.05 per common share were paid on March 14, 2025, and June 13, 2025, with a subsequent dividend declared for September 15, 2025 [5]

Core Insights - Dave Inc.'s profitability expanded significantly with adjusted net income increasing 233% year over year to $45.7 million in Q2 2025, and adjusted EBITDA rising 236% to $50.9 million, indicating strong operational improvements and scalability [1][4][7] - Management raised revenue guidance for 2025 to $505-$515 million from a previous estimate of $460-$475 million, and adjusted EBITDA guidance to $180-$190 million from $155-$165 million, reflecting confidence in effective cost management [2][4][7] - Despite improved margins, there are concerns regarding rising credit loss provisions due to an increase in delinquency rates to 2.4%, which may limit future margin expansion [3][4][7] Financial Performance - The stock price of Dave Inc. surged 394.9% over the past year, outperforming the industry growth of 63.9% and the S&P 500's rise of 15.5% [5] - The company trades at a forward price-to-earnings ratio of 16.55X, which is lower than the industry average of 26.07X, indicating potential valuation attractiveness [9] Market Position and Outlook - The Zacks Consensus Estimate for Dave's earnings for 2025 and 2026 has increased by 11.2% and 8.1%, respectively, over the past 60 days, suggesting positive market sentiment [11] - The company currently holds a Zacks Rank 4 (Sell), indicating a cautious outlook despite recent performance improvements [12]

Core Insights - Allot Ltd. (ALLT) is set to report its Q2 2025 results on August 14, with earnings expected to be breakeven compared to a loss of 2 cents in the same quarter last year [1] - The revenue consensus estimate for the upcoming quarter is $22.9 million, reflecting a 3.3% year-over-year increase [1][2] - The company has seen strong demand for its Smart and Tera III products, driven by multi-million-dollar agreements with tier-1 customers, which is expected to boost revenue and margins [6][8] Financial Estimates - The Zacks Consensus Estimate for Q2 2025 revenues is $22.9 million, with a year-over-year growth estimate of 3.34% [2] - For the next quarter (Q3 2025), the revenue estimate is $25.9 million, indicating an 11.45% growth [2] - The current year revenue estimate stands at $98.6 million, with a year-over-year growth of 6.95%, while the next year is projected at $125.7 million, reflecting a 27.48% increase [2] Earnings Projections - The earnings consensus for Q2 2025 is expected to be flat at $0.00, compared to a loss of $0.02 in the same quarter last year [3] - For the current year, the earnings estimate is $0.10, with a significant year-over-year growth of 150% expected for the next year at $0.28 [3] Market Performance - ALLT's stock has increased by 28% year-to-date, significantly outperforming the industry growth of 19% [10] - The current valuation metrics indicate that ALLT is trading at a trailing EV-to-EBITDA of 71.63X, which is considerably higher than the industry average of 35.85X [11] Strategic Positioning - The company is benefiting from rising high-margin recurring revenues from its SECaaS offerings, which are expected to grow around 50% year-over-year [8] - Partnerships, such as Verizon's integration of SECaaS into mobile plans, are enhancing recurring revenue visibility and long-term growth potential [6][13] - The competitive landscape includes companies like Radware and Ceragon Networks, which are also focusing on subscription-based services and recurring revenue strategies [9]

Financial Data and Key Metrics Changes - The company reported a year-over-year revenue growth of 6%, excluding the impact of Germany, marking the highest growth rate since early 2021 [8] - Adjusted EBITDA margin was over 6%, indicating significant leverage in the business model [8] - Net revenue grew 5% year-over-year, with the U.S. business up over 5% and international segment growing over 3% [28][29] - Free cash flow in the second quarter was $230 million, the strongest since 2020, driven by approximately 20% quarter-over-quarter revenue growth [38] Business Line Data and Key Metrics Changes - Specialty retail brands and Perigold outperformed, with Wayfair Professional posting double-digit growth [11] - Average order value (AOV) growth was driven primarily by product mix, with modest growth in average items per order [10][11] - The introduction of Wayfair Verified and Wayfair Rewards programs has led to improved customer engagement and conversion rates [12][13] Market Data and Key Metrics Changes - The overall market is described as flat to down low single digits, indicating a stabilization after previous declines [50] - The higher-end market is performing better than the mass market, reflecting a trend in consumer behavior [50] Company Strategy and Development Direction - The company aims to balance investing for future growth while maximizing EBITDA and free cash flow [7] - The logistics network, CastleGate, is a key competitive advantage, with a 40% year-over-year increase in total volume using CastleGate forwarding offerings [19][20] - The company is expanding its physical retail presence, with plans for new stores in key markets [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the structural strength of the business, with momentum building from Q1 to Q2 and continuing into Q3 [51] - The focus on improving core elements such as price, selection, availability, and speed of delivery has been a driver of market share gains [51] - The company anticipates continued revenue growth in the mid-single digits for the upcoming quarter, despite challenges from the exit of the German market [40] Other Important Information - The company has a clean balance sheet with $1.4 billion in cash and short-term investments, and $1.8 billion in total liquidity [38] - The adjusted EBITDA margin is expected to be in the 5% to 6% range for Q3 [43] Q&A Session Summary Question: Can you talk about how you think the market grew and how your share gains have shaped up over the past year? - Management noted that the market is better than the last three years but still flat to down low single digits, with no signs of consumer pull forward related to tariffs [47][48][50] Question: How do you think about the long-term profitability ladder? - Management expressed confidence in achieving adjusted EBITDA margins north of 10%, emphasizing the importance of optimizing contribution margin to drive profitability [59][60] Question: Are we at a new normal for flow-through margins? - Management indicated that the current contribution margin is sustainable and reflects the disciplined cost management and revenue growth strategies implemented over the years [68][70] Question: Could you unpack the impact of marketing investments on customer acquisition? - Management highlighted the success of emerging channels like influencers and TikTok, while also trimming ineffective ad spend to improve overall advertising efficiency [72][74] Question: Could you help us understand the progression of revenue growth through the quarter? - Management noted solid revenue growth in Q2, with ongoing customer engagement and order volume building momentum into Q3 [80] Question: Can you comment on revenues from repeat customers versus new customers? - Management confirmed that both new and repeat customer orders are trending positively, contributing to overall share gains [91]

Financial Data and Key Metrics Changes - Total revenue increased by 20% in Q2 2025, reaching $63.2 million, with gross margin expanding over 400 basis points to 74% [4][12] - Adjusted EBITDA rose by 112% year-over-year to over $13.4 million, representing 21% of revenue, an increase of more than 900 basis points compared to the previous year [4][17] - Net loss narrowed to $600,000 or $0.01 per share, an improvement of over $4 million compared to the prior year [17] Business Line Data and Key Metrics Changes - MACI generated record revenue of nearly $54 million in Q2, reflecting a 21% increase year-over-year and 15% sequential growth [4][12] - Epicel revenue was $8.6 million, representing an 11% growth year-over-year, with biopsies increasing nearly 40% compared to the prior year [12][14] - NexoBrid revenue reached $1.2 million, showing a 52% increase year-over-year, with strong growth in hospital unit orders [14] Market Data and Key Metrics Changes - MACI's performance was driven by strong growth in the surgeon base and biopsy volumes, with the second highest number of MACI biopsies recorded since launch [5][6] - The treatment of small femoral condyle defects increased by 40% year-over-year, indicating potential for significant growth in this segment [6][10] - Epicel's biopsies were the highest in any quarter since 2023, with a strong start in Q3 [9][10] Company Strategy and Development Direction - The company plans to expand its MACI sales force from 76 to approximately 100 territories to support anticipated high volumes in Q4 2025 [8][10] - FDA clearance for the Phase III MACI Ankle clinical study was received, representing a substantial long-term growth driver for MACI [10][11] - The company is also on track to initiate commercial manufacturing for MACI in a new facility next year [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong underlying business fundamentals and growth drivers for MACI and burn care products [4][20] - The company is well-positioned for a strong second half of the year, with expectations for continued revenue and profitability growth [10][20] - Management acknowledged challenges in predicting Epicel quarterly revenue due to patient health-related issues but remains optimistic about future performance [38][40] Other Important Information - The company ended Q2 with approximately $164 million in cash and investments and no debt, enhancing its financial profile [17] - The guidance for MACI revenue growth for the full year remains in the low 20% range, with updates to burn care revenue guidance reflecting recent run rates [18][19] Q&A Session Summary Question: What is impacting MACI growth guidance? - Management noted that Q2 revenue was slightly below expectations but emphasized strong underlying indicators and expected acceleration in growth moving forward [24][25] Question: How many arthrobiopsies have converted to MACI? - Management stated they do not disclose specific conversion rates but indicated that trends are in line with expectations [28][29] Question: What is the new reality for Epicel guidance? - Management explained that while biopsies were up significantly, patient health issues have impacted revenue, leading to a more conservative guidance approach [32][34] Question: Can you comment on international expansion opportunities? - The company is prioritizing Europe for expansion and expects to have a roadmap for international opportunities by the end of the year [83][84] Question: What is the BARDA RFP about? - The RFP involves procurement for stockpiling and includes multiple funding opportunities, with proposals due in late August [92][93]

Financial Performance & Guidance - H1 2025 revenue reached €3,086 million, showing a +0.9% organic growth[17, 199] - The company is on track to deliver upgraded guidance for FY25[15, 197] - H1 2025 EBITA was €246 million[17, 200] - Cash Flow From Operations (CFFO) for FY25 is guided to be greater than €500 million[20, 201] - Free Cash Flow (FCF) is expected to be above €370 million in FY25[44] Strategic Priorities & Initiatives - The company focuses on profitable contracts, activities, and retail customer segments[22, 27] - The company aims to improve profitability in Europe through cost reductions, including a redundancy plan affecting 250 employees and 150 external contractors[22, 31, 33] - The company is working to resolve outstanding tax issues, potentially avoiding close to €100 million in negative cash outlay[23, 37] - The company is enhancing in-house production capabilities with STUDIOCANAL, achieving global box office revenue of $213 million and local box office revenue of $136 million[52, 59, 61, 63] Subscriber Base - The company's subscriber base saw a slight decrease of -1.2%, with 25.7 million subscribers in H1 25 compared to 26.0 million in H1 24[208, 210]

Financial Data and Key Metrics Changes - Net income for the quarter was approximately $69 million or $0.91 per share, exceeding consensus estimates of around $79 million [7] - Return on Assets (ROA) improved to 78 basis points from 68 basis points last quarter and 61 basis points a year ago [7] - Return on Equity (ROE) increased to 9.4%, up from 8.2% last quarter and 8% a year ago [7] - Net Interest Margin (NIM) expanded from 2.81% to 2.93%, reflecting a 12 basis point improvement [10][26] - Total non-interest income increased by $5.5 million, driven by growth in fee businesses [34] Business Line Data and Key Metrics Changes - Commercial loans grew by $68 million, with Commercial Real Estate (CRE) loans increasing by $267 million, while Commercial and Industrial (C&I) loans declined by $199 million [11][20] - The residential portfolio decreased as expected, with a decline of $160 million [21] - The average yield on loans increased to 5.55% from 5.48% last quarter [28] Market Data and Key Metrics Changes - The weighted average Loan-to-Value (LTV) of the CRE portfolio was 54%, with a debt service coverage ratio of 1.76, indicating strong portfolio health [22] - The total criticized and classified loans decreased by $156 million, marking one of the largest reductions in recent times [12] - Non-Performing Loans (NPLs) increased by $117 million, primarily due to office-related loans [13][33] Company Strategy and Development Direction - The company aims to maintain a safe and sound banking operation while focusing on responsible growth and profitability [15][16] - Expansion into new markets, including New Jersey and Charlotte, is part of the growth strategy [18][76] - The company has authorized a $100 million stock buyback program, reflecting confidence in its capital position [14][56] Management's Comments on Operating Environment and Future Outlook - Management noted a shift in the operating environment, with less uncertainty compared to the previous quarter, but acknowledged ongoing risks [16][17] - The company expects continued double-digit growth in Net Interest Income and deposits, with a focus on maintaining margin expansion [35][36] - Management remains cautious about the economic outlook, particularly regarding office loans, but believes the portfolio is well-positioned [88][90] Other Important Information - The company plans to redeem its outstanding senior bond maturing in November, with the redemption expected to occur later in August [38] - The Chief Financial Officer (CFO) succession plan was announced, with Leslie Lunak set to retire and Jim Mackie appointed as her successor [39][40] Q&A Session Summary Question: Regarding credit and office detail, what happens when loans move to non-performing status? - The company reappraises loans before they move to non-accrual status and updates LTVs and debt service coverage ratios accordingly [48][49] Question: Can you provide a breakdown of the provision for credit losses? - The provision for credit losses was $15.7 million, with specific reserves increasing by $33 million and net charge-offs totaling $12.7 million [31][51] Question: What is the outlook for deposits moving into the next quarters? - The company expects deposit balances to remain stable through the third quarter but may decline in the fourth quarter due to seasonality [52][54] Question: What is the company's target for normalized Net Interest Margin (NIM)? - The company targets a normalized NIM in the mid-threes, emphasizing the importance of pricing discipline and mix [94][96] Question: What is the company's stance on M&A activity? - While the company is not actively seeking M&A opportunities, it remains open to discussions if the right deal arises [116][117]

Core Insights - L.B. Foster Company (FSTR) has entered into a Fifth Amended and Restated Credit Agreement, extending the maturity date to June 27, 2030, increasing borrowing capacity to $150 million, and improving pricing and covenants [1][7] Group 1: Credit Agreement Details - The Credit Agreement can be utilized for working capital financing, capital expenditures, letters of credit, approved acquisitions, and general company purposes [2] - The terms of the agreement lower overall finance costs and reduce constraints, enhancing borrowing capacity, which aligns with the company's objectives for profitability and growth [2][7] Group 2: Growth Prospects - The company is optimistic about growth in its key platforms, Rail Technologies and Precast Concrete, and the new facility structure provides necessary flexibility and capacity for continued growth [3][7] Group 3: Market Performance - Shares of FSTR have increased by 7.3% over the past year, contrasting with a 29.3% decline in its industry [4]

Financial Targets & Growth Strategy - The company aims for approximately 6% CAGR (Compound Annual Growth Rate) in sustainable revenue growth from 2025 to 2028[29] - The company is targeting a Modified EBITDA margin of approximately 40% by 2028[29] - The company anticipates a ~$400 million increase in Free Cash Flow in 2028 compared to the projected 2025[30] - The company is targeting net total leverage to be less than 40x by the end of 2026[29] - The company projects net revenues of ~$38 billion in 2028[32] Synergies & Cost Savings - The company is targeting ~$180 million in synergies by the end of 2026[20, 29] - The company plans to achieve cost savings through headcount/labor reductions and non-headcount/labor reductions[194] Attendance & Guest Experience - The company aims to regain approximately 10 million visits through new rides, improved marketing, and a unified season pass strategy[21, 90, 91] - The company is focused on improving guest satisfaction to drive attendance at underpenetrated parks[22, 95, 97] - The company's strategy includes expanding low penetration parks to half of high penetration parks level, which would yield 10 million in new attendance[63] Market Position & Revenue Drivers - The company is the largest regional amusement park operator in North America, entertaining 50 million guests in 2024 on a combined basis[36] - The company aims to grow in-park revenue and expand attendance, targeting ~$38 billion in revenue by 2028[85]