Introducing Global Ship Lease Investor Presentation January 2026 January 2026 1 Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation r ...

Core Insights - The automotive industry is facing a potential supply chain disruption due to a shortage of dynamic random-access memory (DRAM) chips, which could lead to material downside risks for global vehicle production [1][8]. Industry Impact - The demand for higher-end memory chips is increasing, driven by the data center boom, which is causing significant price hikes exceeding 100% [8]. - Automakers and parts manufacturers rely on older, less advanced memory chips compared to those used in AI servers and data centers, both of which are affected by a constrained supply of silicon wafers [8]. Company-Specific Risks - Major DRAM manufacturers, including Samsung Electronics Co., SK Hynix Inc., and Micron Technology Inc., are prioritizing the more profitable data center segment over automotive applications, which could exacerbate supply issues for car manufacturers [5][8]. - Companies more exposed to advanced driver-assistance systems and electronic components, such as Visteon Corp. and Aumovio SE, are identified as being at higher risk, with Tesla Inc. and Rivian Automotive Inc. facing more downside compared to Ford Motor Co. and General Motors Co. [6][8]. Historical Context - Previous semiconductor shortages during the Covid-19 pandemic resulted in car manufacturers losing output of millions of vehicles [7]. - Recent production idling by manufacturers like Honda Motor Co. has been linked to disruptions involving Nexperia BV, a chipmaker that was recently taken from its Chinese owner by a Dutch court [7][8].

Core Viewpoint - The recent military actions by the U.S. against Venezuela are a manifestation of geopolitical competition and resource contention, particularly affecting the markets for non-ferrous and precious metals, as well as the associated cost impacts on industry [1]. Group 1: Geopolitical Risk Transmission Mechanism - Venezuela's metal resources are highly concentrated, with the Orinoco iron ore belt holding 92% of the country's total iron ore reserves, estimated at 21 billion tons, with an average grade of 45%-65% [2]. - The country has significant gold resources, with production concentrated in Bolívar state, accounting for 60%-70% of national output, but extraction costs are 23% higher than the global average due to depths exceeding 300 meters [2]. - U.S. sanctions have historically disrupted supply chains, with recent expansions affecting nickel, aluminum, and palladium, leading to a 42% drop in Venezuela's metal exports in 2023 [6]. Group 2: Key Metal Supply and Demand Analysis - The risk of supply interruption for bauxite and alumina is significant, as Venezuela's aluminum industry has severely contracted due to economic collapse and sanctions, with only one operational aluminum plant remaining [9][10]. - Copper production in Venezuela has not yet shown significant output changes, but regional instability could lead to supply disruptions, exacerbating raw material shortages [13]. - Nickel resources in Venezuela are abundant, but political instability has halted exports, reshaping the global nickel market dynamics [15]. Group 3: Regional Market Differentiation Trends - The geopolitical situation is expected to impact logistics channels, with increased transportation costs and disruptions in shipping routes affecting metal prices, particularly for copper and nickel [7][8]. - The operational stability of key ports in Venezuela is declining, which could restrict exports of copper products to China [8]. Group 4: Corporate Emergency Strategy Matrix - Companies should establish safety thresholds for raw material inventories to mitigate supply chain disruptions [4]. - Long-term contracts should include force majeure clauses to protect against unforeseen geopolitical risks [4]. - A combination of futures hedging tools should be optimized to manage price volatility in the metal markets [4].

Group 1 - Oil prices increased in early Asian trading due to disruptions in the supply chain [1]

Financial Data and Key Metrics Changes - Operating revenue for Q3 2025 was $114.3 million, a 24.9% increase compared to Q3 2024 [11] - Adjusted operating ratio improved to 96.3%, up 250 basis points from 98.8% in Q3 2024 [11] - Units delivered totaled 605,341, representing a 21% increase year-over-year [11] - Free cash flow from operations was approximately $11.5 million during the quarter, contributing to a reduction in debt [13] Business Line Data and Key Metrics Changes - OEM contract business generated approximately 93% of total transportation revenue, consistent with previous quarters [12] - Dedicated fleet business revenue was $4.2 million, aligning with the expected run rate for 2025 [12] - Sister hauls or load sharing increased to 11% of revenue from 9% in the prior quarter, enhancing asset utilization [9] Market Data and Key Metrics Changes - July auto sales and deliveries were stronger than expected, with SAR finishing at 16.4 million units [5] - October SAR slowed to 15.3 million, with forecasts for the remainder of the year in the high 15 to low 16 million range [7] - The pricing environment remains weak, with excess supply impacting revenue per unit [33] Company Strategy and Development Direction - The company aims for sustainable profitability and reinvestment while pursuing new business opportunities [6] - Focus on controlling costs and advancing targeted cost savings initiatives to produce sustainable benefits [8] - Plans to continue strategic objectives for margin expansion, market share gains, and acquisitions [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth and margin expansion despite market complexities [6] - Anticipated a modestly lower revenue outcome for Q4 compared to Q3, but similar adjusted operating ratio and cash flow [8] - The company is well-positioned to operate profitably with strong cash flow and respond quickly to market improvements [10] Other Important Information - A restructuring charge of $1.9 million was recognized, expected to yield over $3 million in annual savings starting in 2026 [8] - Cash and equivalents increased to $14.5 million, while aggregate debt decreased to approximately $79.2 million [12] Q&A Session Summary Question: Clarification on revenue growth for the full year - Revenue growth for the full year is expected to be 10-12% based on a pro forma base of $388.8 million [19] Question: Update on systems transition - The company has fully transitioned to a unified operating platform across all operating companies [21] Question: Update on OEM contracts - Several OEM contracts are still awaiting awards, with no material results impacting overall revenues yet [26] Question: Expectations for CapEx and cash flow - CapEx is expected to increase in 2026, with a target of $15 million to $20 million as the fleet expands [50] Question: Impact of regulatory changes on capacity - Regulatory changes are not expected to materially impact Proficient, but may affect smaller carriers [53] Question: EV demand impact on quarterly results - The company does not track EV versus internal combustion engine volumes, but EVs may affect load factors [56]

Supply Chain Disruption - Cyberattack crippled the supply chain of Japan's largest brewer more than a month ago [1] - The disruption occurred during Japan's busiest beer-drinking season [1] Company Performance - The largest brewer in Japan is struggling [1]

Core Insights - The supply chain is experiencing pressure due to lower import volumes, higher fees, and regulatory changes impacting various sectors [1][2][4] - The international container market's weakness is leading to tighter assessments of accessorial fees as ports aim to maximize revenue during peak seasons [2] - Regulatory changes regarding non-domiciled commercial driver licenses are causing financial strain on carriers, increasing the risk of insolvency [2][3] Industry Impact - The drayage market is facing downward pressure, which could create challenges for shippers in both the short and long term [3] - A federal and state crackdown on non-domiciled CDLs is resulting in a rise in bankruptcies among small- and mid-size carriers, with several major providers ceasing operations [3][4] - The overall financial challenges for companies are expected to worsen in a rate environment that is unfavorable to operating costs, leading to reduced capacity and potential impacts on terminal and port operations [4] Future Outlook - In the near term, new regulations are anticipated to remove capacity from the market, causing disruptions [5] - Long-term effects may drive many carriers out of business due to regulatory pressures and a freight recession that has lowered rates to unsustainable levels [5] - The National Retail Federation projects a decline in U.S. import volumes, with September's volume at 2.12 million TEUs, down from 2.28 million TEUs in August, marking a 6.8% year-over-year decrease [5]

Production & Distribution Impact - Asahi Super Dry beer可能面临短缺，因为网络攻击瘫痪了朝日啤酒的生产和分销 [1] Retail Sector Alert - 日本零售商警告顾客可能出现朝日超爽啤酒短缺 [1]

Company Overview - Once Upon a Farm, an organic baby-food manufacturer based in Berkeley, California, has registered for an IPO on the New York Stock Exchange under the ticker symbol OFRM, a decade after its establishment in 2015 [1] - The company was co-founded by Cassandra Curtis and Ari Raz, and John Foraker, former CEO of Annie's, joined as chief executive in 2017 [2] Financial Performance - In 2024, Once Upon a Farm reported sales revenue of $156.8 million, an increase from $94.3 million in 2023. For the first half of 2025, sales reached $110.6 million, up from $65.8 million in the same period the previous year [4] - The company recorded a net loss of $23.8 million for the year ending December 31, compared to a loss of $17.6 million the previous year. In the first half of 2025, the net loss was $28.5 million, significantly higher than the $4.2 million loss in the same period a year earlier [3][4] Operational Challenges - Once Upon a Farm faces operational challenges, including uncertainty in the macroeconomic environment due to geopolitical and economic instability, which could disrupt its supply chain [5] - The company sources a significant portion of its fruit and vegetable ingredients from Mexico and South America, and potential tariffs or trade barriers could lead to shortages and increased procurement costs [6] - All products are marketed as organic, non-GMO, with no added sugar, and free from artificial flavors, colors, and preservatives [6]

Core Insights - Mission Produce, Inc. reported a 28% increase in revenue to $380.3 million for Q2 fiscal 2025, but gross profit fell by 8.3% to $28.4 million, indicating a margin squeeze due to supply challenges and unique costs [1][9] - The gross margin decreased to 7.5%, down 290 basis points year-over-year, primarily due to falling per-unit margins on avocados [1] - Management indicated that some pressures are situational rather than permanent, with sourcing adjustments helping to improve margins towards the end of the quarter [2] Financial Performance - Mission Produce's gross profit declined despite record revenue growth, highlighting vulnerabilities in its business model when supply dynamics tighten [1][9] - The company faced unique costs, including $1.1 million in tariffs and $1.5 million related to Canadian facility closures, which further pressured profitability [1] - The Zacks Consensus Estimate suggests a year-over-year earnings decline of 20.3% for both fiscal 2025 and 2026, with estimates remaining unchanged over the past week [11] Competitive Landscape - Mission Produce faces stiff competition from Dole Plc and Fresh Del Monte Produce Inc., both of which have demonstrated different margin dynamics [5] - Dole has maintained resilient margins despite sourcing and shipping challenges, benefiting from strong pricing and demand in key markets [6] - Fresh Del Monte's gross profit increased to $120.1 million, with a gross margin expansion to 10.2%, driven by strong demand for proprietary products [7] Market Dynamics - Avocado pricing and supply remain volatile, making Mission Produce reliant on global sourcing agility to protect margins [3] - The upcoming Peruvian harvest is expected to be significantly stronger than last year, which will be a critical test for margin normalization [4] - Mission Produce's stock has gained 15% over the last three months, outperforming the industry growth of 6.6% [8] Valuation Metrics - Mission Produce trades at a forward price-to-earnings ratio of 29.93X, which is significantly above the industry average of 14.86X [10]