7 January 2026 | 6:21AM SGT Portfolio Strategy Research Sunil Koul +44(20)7051-4931 | sunil.koul@gs.com Goldman Sachs International Bruce Kirk, CFA +81(3)4587-9950 | bruce.kirk@gs.com Goldman Sachs Japan Co., Ltd. Amorita Goel, CFA +65-6654-5445 | amorita.goel@gs.com Goldman Sachs (Singapore) Pte ASIA-PACIFIC PORTFOLIO STRATEGY 2026 Outlook: Room to run, but a tighter leash Our positive stance on Asian equities rests on mid-teen earnings-driven returns. Higher starting valuations point to a good year, albei ...

Company Vision & Strategy - Terraform Industries aims to reinvent American industry by tiling the United States in solar panels to generate rocket fuel and clean water for tens of millions of people [1] - The company focuses on synthetic fuels, developing prototypes to achieve its vision [2][3] - Terraform Industries is exploring desalination to support new mega-cities, indicating a long-term vision beyond fuel production [3] Technology & Innovation - Terraform Industries is innovating in the area of solar to hydrocarbons conversion, focusing on scaling the technology [3] - The company's founder, Casey Handmer, previously worked at NASA and JPL, seeking to address inefficiencies and lack of innovation in traditional institutions [2] Geopolitical & Economic Context - The interview highlights the geopolitical stakes in the space race between the US and China, framing it as a competition for lunar dominance [1][3] - The discussion touches on energy geopolitics and the potential for US reindustrialization through innovative energy solutions [3] Talent & Culture - Terraform Industries values ambition, self-awareness, curiosity, and practical experience in its hiring and talent development philosophy [2][3] - The company's culture emphasizes hands-on building and a practical approach to problem-solving [3]

Group 1 - MP Materials is gaining significance due to geopolitical tensions, presenting an opportunity for expansion [1] - The company is positioned to transition into a more prominent role in the market [1] Group 2 - The article reflects the author's personal opinions and does not represent any financial advice [2][3]