2Q 2025 Investor Presentation January 2025 © Cal-Maine Foods. All rights reserved. 2 Forward-looking statements and use of non-GAAP financial measures Forward‐Looking and Cautionary Statements This report contains numerous forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") relating to our shell egg and egg products business, including estimated future production data, ex ...

Investor Presentation November 2023 © Cal-Maine Foods. All rights reserved. SECTION 1 Company Overview CAL-MAINE FOODS | INVESTOR PRESENTATION | NOVEMBER 2023 2 Forward-looking statements and use of non-GAAP financial measures Forward‐Looking and Cautionary Statements This report contains numerous forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") relating to our shell e ...

Key Takeaways CALM's $60M expansion will add 1.1M cage-free hens and 250K pullets by end of fiscal 2025. Three recent acquisitions boosted CALM's cage-free hen count by nearly 4M since 2022. Cage-free eggs made up 29.5% of CALM's FY24 shell egg sales, supporting premium pricing and growth.Cal-Maine Foods (CALM) is moving ahead with its $60 million expansion plan, aimed at expanding capacity for 1.1 million cage-free layer hens and 250,000 pullets by end of 2025. This is part of CALM’s multi-year strategy ...

Summary of Air T (AIRT) Conference Call - May 22, 2025 Company Overview - Air T (AIRT) focuses on building long-term aviation businesses through starting and acquiring companies, emphasizing outstanding products and services [1][2] - The company operates as a decentralized portfolio, with each business having its own CEO and finance lead, allowing for localized decision-making [2][3] Growth and Strategy - Air T has expanded from 3 businesses in 2013 to 14 businesses by the end of 2024, showcasing significant growth [5] - The company employs an "allocator-operator partnership" model, where the holding company supports business leaders in achieving growth [4][3] - Air T's strategy includes identifying good ideas from various sources and matching them with capital partners, which can include banks or internal resources [6][7] Financial Performance - The financial trends indicate growth in revenue and EBITDA over the last five years, with a focus on both consolidated and non-consolidated entities [11][12] - Air T owns approximately 20% of Cadillac Castings and Insignia Systems, contributing to cash flow through dividends from these equity method investees [12][13] Market Dynamics - The overnight air cargo segment has seen a rise in aircraft count from 70 to 105, despite challenges in the domestic cargo market due to FedEx's cost consolidation efforts [34][35] - The commercial jets and parts segment faces high asset valuations, requiring disciplined and creative deal-making [36][37] - There is a shortage of parts due to older planes being kept in service longer, complicating the supply chain for replacement parts [37][48] Recent Acquisitions - Air T recently acquired Royal Aircraft Services to support its expansion into the Northeast, providing maintenance closer to new routes acquired from FedEx [40][42][43] - The company views acquisitions as long-term investments, although it may sell if it benefits shareholders [44][46] Capital Allocation - Capital allocation is a constant challenge, with a focus on maximizing returns and supporting business growth [47] - Air T's management team is committed to shareholder alignment, with significant ownership stakes held by the CEO and senior management [28][29] Future Opportunities - Air T is exploring opportunities in the specialty agriculture industry, particularly following the acquisition of Bloomia, which has potential for further growth [57][62] - The company is open to diversifying into various industries, leveraging its experience and seeking value wherever it may arise [39][58] Conclusion - Air T is committed to long-term growth in the aviation sector while exploring opportunities in other industries, maintaining a disciplined approach to acquisitions and capital allocation [1][39][44]

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:GeneDx Holdings Corp. (WGS) : This genomics-related diagnostic and information services company has seen the Zacks Consensus Estimate for its current year earnings increasing 12.4% over the last 60 days.NatWest Group plc (NWG) : This banking and financial services company has seen the Zacks Consensus Estimate for its current year earnings increasing 5.6% over the last 60 days.Herbalife Nutrition Ltd. (HLF) : This company that offers hea ...

Group 1: Herbalife Nutrition Ltd. (HLF) - Herbalife Nutrition has a Zacks Rank of 1 and a 9.8% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [1] - The company has a price-to-earnings ratio (P/E) of 3.83, compared to the industry average of 5.20 [1] - Herbalife possesses a Value Score of A [1] Group 2: Cal-Maine Foods, Inc. (CALM) - Cal-Maine Foods also carries a Zacks Rank of 1, with a significant 46.2% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [2] - The company has a P/E ratio of 4.08, lower than the industry average of 5.50 [2] - Cal-Maine holds a Value Score of A [2] Group 3: Euroseas Ltd. (ESEA) - Euroseas has a Zacks Rank of 1 and an 8% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [3] - The company’s P/E ratio stands at 2.24, significantly lower than the industry average of 6.20 [3] - Euroseas also possesses a Value Score of A [3]

Core Viewpoint Cal-Maine Foods, Inc. (CALM) has reported significant financial improvements in the third quarter of fiscal 2025, driven by high demand and elevated egg prices, despite challenges posed by avian influenza outbreaks affecting supply. Financial Performance - Earnings per share (EPS) reached $10.38, a substantial increase from $3.00 in the same quarter last year [1] - Total sales surged to $1.42 billion, reflecting a 102% year-over-year increase due to higher net average selling prices and increased volumes sold [3] - Gross profit was approximately $716 million, marking a 228% increase from the previous year, with a gross margin of 50.5%, up from 31.1% [7] Pricing and Sales Volume - The net average selling price per dozen eggs was $4.06, an 80.7% increase year-over-year, with conventional eggs seeing a 121.5% rise to $4.766 per dozen [4] - Cal-Maine sold a record 331.4 million dozen shell eggs, a 10% increase from the previous year, with conventional egg sales up 11% and specialty egg sales up 9% [5] Cost and Margin Analysis - Farm production costs per dozen decreased by 5.7% year-over-year, while feed costs per dozen fell by 9.6% [6] - Operating profit was reported at $636 million, compared to $163 million in the prior year, with an operating margin of 44.8% [8] Cash Position and Shareholder Returns - The company ended the quarter with cash and cash equivalents of $1.24 billion, up from $812 million at the end of fiscal 2024 [9] - A $500 million share repurchase program was approved, and a cash dividend of $3.46 per share was declared [9][10] Industry Challenges - Ongoing outbreaks of highly pathogenic avian influenza (HPAI) have led to significant depopulation of commercial laying hens, impacting overall supply [12] - The USDA reported the table-egg layer flock at approximately 285 million as of March 1, 2025, the lowest level since September 2015 [12] Growth Initiatives - Cal-Maine is investing $60 million in capital projects to expand cage-free capacity, including the addition of new layer houses [14] - The company is acquiring Echo Lake Foods for $258 million, which is expected to enhance its presence in the value-added food segment [16][17] Stock Performance - Cal-Maine shares have increased by 44.7% over the past year, contrasting with a 19.8% decline in the industry [18]

Group 1: CalMaine Foods (CALM) - The company is primarily engaged in the production, grading, packing, and sale of fresh shell eggs, including conventional, cage-free, organic, and nutritionally-enhanced eggs [1] - The Zacks Consensus Estimate for its current year earnings has increased by 46.2% over the last 60 days [1] Group 2: Avista (AVA) - The company is involved in the production, transmission, and distribution of energy, as well as other energy-related businesses [2] - The Zacks Consensus Estimate for its current year earnings has increased nearly 4.4% over the last 60 days [2] - The company has a dividend yield of 4.8%, compared to the industry average of 3.1% [2] Group 3: Potlatch (PCH) - The company is a certified forest practices leader, committed to providing superior returns to stockholders through long-term stewardship of its forest resources [3] - The Zacks Consensus Estimate for its current year earnings has increased nearly 5.3% over the last 60 days [3] - The company has a dividend yield of 4.5%, compared to the industry average of 1.2% [3]