Core Viewpoint - The article emphasizes the importance of laboratory safety management and introduces a comprehensive course designed to enhance safety management capabilities in laboratories through various learning formats [1][9]. Group 1: Course Content - The course consists of five major modules aimed at locking down safety risks: 1. Overview of safety management to establish a global understanding of laboratory safety [1]. 2. In-depth analysis of the "Safety Standards for Testing Laboratories" to ensure compliance [2]. 3. Practical methods for implementing safety management from policy to execution [3]. 4. Step-by-step guidance on meeting safety requirements for laboratory hardware and processes [4]. 5. Real case studies to analyze common safety hazards and learn effective problem-solving [5]. Group 2: Learning Outcomes - Participants will gain the following skills: 1. A deep understanding of the importance of laboratory safety management to strengthen the safety mindset [7]. 2. The ability to accurately identify and assess various hazards in laboratories to preemptively avoid risks [7]. 3. Knowledge of operational methods to meet safety requirements, ensuring structured and lawful laboratory management [7]. 4. Enhanced safety management levels to reduce risks and protect personnel and property [7]. Group 3: Target Audience - The course is designed for: 1. Laboratory management personnel from research institutions, universities, government, enterprises, and third-party testing units [6]. 2. Dedicated laboratory safety management staff [6]. 3. Quality management personnel and other staff related to laboratory work [8]. Group 4: Authority Endorsement - The course is backed by SGS, a leading global inspection, verification, testing, and certification company, ensuring the content is both professional and practical, making it an essential course for laboratory safety management [9].

UL SOLUTIONS INC. March 2026 Investor Presentation Disclaimer This presentation and related discussion are being presented by UL Solutions Inc. ("UL Solutions," the "Company," "we," "us" and "our") solely for informational purposes. This presentation and accompanying statements contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation may be forward-looking statement ...

Group 1 - Bureau Veritas (BVVBY) is a world leader in inspection and certification services with a long-standing reputation [1] - The company focuses on providing high-quality ideas in the small-cap space, emphasizing capital gains and dividend income for continuous cash flow [1] - The investment group European Small Cap Ideas offers exclusive access to actionable research on appealing Europe-focused investment opportunities [1] Group 2 - The investment strategy includes a mixture of dividend and growth stocks, with two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio [1] - Weekly updates and educational content are provided to enhance understanding of European investing opportunities [1] - An active chat room is available for discussions on the latest developments of the portfolio holdings [1]

Core Insights - UL Solutions has launched a plug-in solar system testing and certification program to facilitate safer adoption of this energy generation technology [1][3] - The program is based on UL 3700, which outlines construction, performance, and labeling criteria specifically for plug-in solar systems [2] Industry Impact - The certification program aims to provide clarity for manufacturers and consumers, promoting confidence in the use of plug-in solar systems [3] - UL 3700 addresses safety risks associated with plug-in solar systems, such as overloads and reverse current flow, making it suitable for renters and homeowners [4] Regulatory Environment - Recent policy changes, such as Utah allowing up to 1.2 kW plug-in solar systems without utility approval, have increased interest in this technology [5] - Other states are considering similar legislation, and UL 3700 can support these efforts by providing a clear safety framework [5] Future Outlook - The introduction of UL 3700 is seen as a significant advancement in reducing regulatory uncertainty, making plug-in solar a viable option for consumers across the U.S. [6] - This initiative is expected to complement larger rooftop systems and contribute to a more reliable energy future [6]

Group 1 - Bureau Veritas has appointed Mr. Geoffroy Roux de Bézieux as Lead Independent Director, Chairman of the Nomination & Compensation Committee, and Vice-Chairman of the Board of Directors, effective December 13, 2025, replacing Mr. Pascal Lebard [2][3][4] - Mr. Pascal Lebard will remain a member of the Nomination & Compensation Committee, the Strategy Committee, and the CSR Committee after his tenure as an independent director ends [4] - The Board of Directors now consists of 12 members, with an independence rate of 58% [5] Group 2 - The independence rates for the Board Committees are as follows: 80% for the Audit & Risk Committee, 60% for the Nomination & Compensation Committee, and 50% for both the Strategy Committee and the CSR Committee [8] - Bureau Veritas operates globally with 84,000 employees across 140 countries, focusing on quality, health and safety, environmental protection, and sustainability [6]

Core Insights - TIC Solutions is a service company focused on testing, inspection, certification services, and engineering, formed from the merger of Acuren and NV5 Global [1] - The investment strategy emphasizes companies that offer healthy dividends and have potential for capital appreciation, particularly those that are temporarily undervalued compared to fundamentals, peers, or historical levels [1] - The analysis highlights the importance of both technical and fundamental factors that indicate high odds for capital appreciation, ideally driven by foreseeable catalysts [1] Company Overview - TIC Solutions combines the strengths of Acuren and NV5 Global to provide comprehensive service offerings in the testing and inspection sector [1] - The company is positioned to reward shareholders through dividends and capital appreciation, aligning with the investment focus on shareholder value [1] Investment Focus - The investment approach seeks to identify undervalued companies with strong fundamentals and a history of rewarding shareholders [1] - The analysis often includes HVAC-related stocks, reflecting the analyst's previous professional involvement in that industry [1]

Core Insights - Bureau Veritas has appointed Santiago Arias Duval as Executive Vice-President for the Americas region, effective November 17, 2025, aligning with the company's new operating model initiated on September 1, 2025 [2][4]. Company Structure and Strategy - The restructuring of the executive committee aims to enhance organizational alignment and empower regional operations with scalable product lines, facilitating global solutions development and cross-selling opportunities [3][4]. - The Americas region is established to capitalize on rapidly developing market opportunities across North, Central, and South America, with a focus on expanding leadership across product lines and creating strongholds in high-growth markets [4]. Leadership and Experience - Santiago Arias Duval will report to Hinda Gharbi, the CEO of Bureau Veritas, and will be part of the Group Executive Committee [5]. - Hinda Gharbi expressed confidence in Santiago's ability to drive growth and performance in the Americas, leveraging his extensive industrial experience and proven business achievements [6]. - Santiago has a strong background, having served as Senior Vice President and General Manager at Ingersoll Rand, where he was responsible for strategy, operations, and commercial performance across various industries [7][8]. Educational Background - Santiago holds an MBA from the Massachusetts Institute of Technology (MIT) and a Bachelor of Science in Electrical Engineering from the Georgia Institute of Technology [10]. Company Overview - Bureau Veritas is a global leader in inspection, certification, and laboratory testing services, with a mission to ensure responsible progress and support customers in navigating change [12]. - Established in 1828, the company employs 84,000 people and operates in 140 countries, addressing challenges in quality, health and safety, environmental protection, and sustainability [13].

Core Insights - Bureau Veritas reported robust revenue performance in Q3 2025, with total revenue of EUR 1,583.7 million, reflecting a 2.3% year-on-year increase and a strong organic growth of 6.3% [10][8][11] - The company reaffirmed its full-year 2025 outlook, supported by a solid backlog and a strong opportunities pipeline, with an organic growth rate of 6.6% for the first nine months of the year [4][5][21] - The LEAP | 28 strategy continues to drive the company's growth, with targeted acquisitions contributing to revenue and expanding capabilities in key sectors [6][14] Q3 2025 Key Figures - Revenue of EUR 1,583.7 million, up 2.3% year-on-year and up 6.3% organically [10][8] - Organic growth rates by segment: Marine & Offshore (+16.2%), Buildings & Infrastructure (+7.1%), Industry (+6.9%), Certification (+5.9%), Consumer Products Services (+3.5%), and Agri-Food & Commodities (+2.5%) [11][8] - Negative currency impact of 4.8% due to the euro's appreciation against most currencies [8][11] Financial Position - As of September 30, 2025, the company had net financial debt higher than in June 2025, with over EUR 0.5 billion in available cash and EUR 600 million in undrawn committed credit lines [12] - A EUR 700 million bond was successfully issued with a 3.375% coupon, maturing in October 2033, rated A3 by Moody's [13][12] Strategic Acquisitions - Bureau Veritas signed agreements for two acquisitions in October 2025, expected to generate approximately EUR 32 million in annualized revenue, enhancing its leadership in Buildings & Infrastructure and expanding its Renewables capabilities [6][14] - A total of eight acquisitions have been signed or closed year-to-date, adding EUR 92 million of annualized revenue [6][14] Regional Performance - Revenue growth by region: Europe (+5.2% organically), Asia-Pacific (+8.6% organically), Americas (+1.9% organically), and Africa & Middle East (+15.7% organically) [15] - Strong performance in Southern Europe and France, with double-digit growth in South and Southeast Asia [15] Business Segment Highlights - **Marine & Offshore**: Revenue of EUR 136.6 million, with a strong organic growth of 16.2% driven by new construction and core in-service activities [23][24] - **Agri-Food & Commodities**: Revenue of EUR 284.5 million, with organic growth of 2.5%, supported by strong performance in Metals & Minerals [27][29] - **Industry**: Revenue of EUR 337.7 million, with organic growth of 6.9%, driven by Oil & Gas and Power & Utilities segments [33][35] - **Buildings & Infrastructure**: Revenue of EUR 495.0 million, with organic growth of 7.1%, led by strong demand in the US and Asia-Pacific [41][42] - **Certification**: Revenue of EUR 131.7 million, with organic growth of 5.9%, reflecting strong demand for QHSE & Specialized Schemes solutions [46][48] - **Consumer Products Services**: Revenue of EUR 198.2 million, with organic growth of 3.5%, driven by strong performance in Healthcare and Supply Chain & Sustainability services [52][56]

Core Insights - UL Solutions and GCC Technical Services Company (TS Co.) have significantly enhanced their strategic partnership to advance fire safety in the Gulf region, with TS Co. now recognized as part of the UL Witness Test Data Program for fire safety [2][3][4] Partnership Details - TS Co. will conduct critical fire safety tests at its laboratories in Dammam, Saudi Arabia, under the supervision of UL Solutions engineers, which will streamline the testing and certification process [4][6] - This localized approach eliminates the need for international shipping of product samples, significantly accelerating time-to-market for manufacturers in the region [5] Regional Impact - The partnership is crucial as Saudi Arabia advances its Vision 2030, which includes significant projects like NEOM and the New Murabba project, representing over $1.5 trillion in investment and requiring high international fire safety standards [8] - TS Co. supports major manufacturing in the Gulf Cooperation Council (GCC) region, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, by providing testing and certification services [7][11] Strategic Value - The collaboration combines UL Solutions' global leadership in safety science with TS Co.'s regional expertise, creating a strong value proposition for the market [9] - The partnership aims to ensure that construction projects in the region meet the highest international safety standards, thereby enhancing overall fire safety and conformity services [6][9]

Core Insights - The Fund underperformed the MSCI World ex USA Index for the quarter but has outperformed the benchmark since inception [5] - Consumer discretionary and materials sectors were the largest contributors to performance, while industrials and communication services were the largest detractors [5] - Geographically, the portfolio is heavily weighted towards Europe ex U.K. (68.4%), followed by the U.K. (11.5%) and Asia ex Japan (9.3%) [5] Performance Analysis - Kering was the top contributor during the quarter, driven by leadership changes and improving revenue trends [7] - CNH Industrial was the top detractor, facing weak results and soft demand, particularly in the U.S., but management expects a rebound in 2025 [8] Portfolio Activity - Six new positions were added to the Fund, while nine were exited during the quarter [9] - New purchases included Bunzl, which is expected to return to stable growth despite recent execution issues [10] - Dassault Systèmes, a leader in virtual twin technology, is viewed as a high-quality investment opportunity despite a nearly 40% decline in share price [11] Company Highlights - FEMSA, a diversified Latin American conglomerate, is well-positioned for growth through strategic divestments and share buybacks [12] - Hexagon has upgraded its management team and is expected to see improvements in return on capital employed and cash flow [13] - Siemens Healthineers is positioned for profitable growth in medical technology, with a favorable product cycle and turnaround in its diagnostics business [16] Investment Returns - The Fund's average annualized total returns show strong performance across various time frames, with the Institutional Class returning 26.51% year-to-date [18]