Financial Data and Key Metrics Changes - Gross asset value (GAV) as of December 31, 2025, was approximately $5.3 billion, with Indofood contributing over one-third and MPIC valued at $1.3 billion [2] - Turnover increased by 2% to just over $10 billion, driven by higher revenue at Indofood and MPIC, while PLP experienced a decline [4] - Recurring profit rose by 10% to $740 million, up from $673 million in 2024, and net profit also increased by 10% to a record high of $661 million [5][6] - The interest coverage ratio improved to 4.5x in 2025, up from 4x the previous year, indicating strong financial health [8] Business Line Data and Key Metrics Changes - Indofood achieved record sales with core profit up 1%, while MPIC reported record high earnings with core profit increasing by 15% [10][12] - PLDT, the largest telecommunications firm in the Philippines, saw service revenues and EBITDA reach record highs, with a core profit increase of 1% [13] - PLP's earnings and sales slightly declined, maintaining a market share of 9.6% [14] Market Data and Key Metrics Changes - The exchange rates of the rupiah and peso decreased by approximately 11% and 14% respectively from 2018 to 2025, highlighting currency volatility [9] - CPO prices increased by 10% in 2025, affecting Indofood's cost structure [34] Company Strategy and Development Direction - The company remains cautiously optimistic about its defensive business nature, which is consumer-facing, allowing it to weather uncertainties in the short to medium term [72] - There is ongoing evaluation of strategic options for potential divestitures or IPOs to unlock asset values, particularly for Maya, which has shown significant growth [66][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Indofood's outlook despite geopolitical uncertainties, noting a good supply of wheat and stable raw material costs [27][34] - The company is preparing for refinancing its $350 million bond due in September 2027, actively seeking proposals while monitoring market conditions [54][56] Other Important Information - The company approved a final distribution of HK$0.14 per share, bringing the total annual distribution to HK$0.27, the highest ever on a per-share basis [5] - The Philex Mining's Silangan Project is expected to contribute positively to the company, with higher grades of gold and copper compared to existing operations [17] Q&A Session Summary Question: Dividend growth and outlook - The regular final dividend increased by 3%, but total distribution growth is 10% when including special dividends from Maynilad [20][24] Question: Indofood's dividend payout ratio - Discussions regarding Indofood's dividend will consider last year's growth and current outlook, with management remaining constructive [21][27] Question: Impact of Middle East on raw material costs - Indofood has sufficient wheat supply and does not foresee significant pressure from raw material prices due to the Middle East situation [30][34] Question: PLP project budget and timeline - The PLP project is expected to start in 2029, with CapEx spread over the next few years [38] Question: Maynilad's tariff adjustments - A 4% tariff adjustment is expected for Maynilad in 2026, following a 10% increase last year [46] Question: FP Natural Resources loss contribution - Losses diminished due to the cessation of sugar operations and ongoing discussions for selling residual assets [50] Question: Refinancing head office borrowings - The company is preparing for refinancing its bond due in 2027, considering both bond and bank loan options [54][56] Question: Optimal debt structure - The current fixed-rate debt ratio is deemed comfortable, with management monitoring the volatile interest rate environment [62]

Core Points - Core & Main, Inc. announced changes to its board of directors and executive chair, effective April 1, 2026, as part of its long-term succession planning [1][9] Board Changes - M. Susan Hardwick was appointed as a director and member of the talent and compensation committee, bringing extensive leadership experience from her previous role as CEO of American Water Works Company [2][4] - Stephen LeClair retired as executive chair and chair of the board, with James Castellano appointed as the new chair of the board [3][4] - James Hope was named chair of the audit committee, and Robert Buck was appointed as a member of the audit committee [3] Leadership Insights - The CEO of Core & Main, Mark Witkowski, emphasized that Hardwick's experience in the water industry will be instrumental in executing the company's growth strategy [4] - Hardwick expressed her honor in joining the board and her commitment to contributing her experience to support the company's success [4] - Castellano acknowledged LeClair's significant contributions to the company since its independence in 2017 and wished him well in retirement [4] Board Composition - With Hardwick's appointment, there are now nine independent directors on Core & Main's ten-member board [4]

Core Insights - The company reported a fourth-quarter gross margin of 27.1%, an increase of 50 basis points year over year, driven by higher private label penetration and disciplined purchasing and pricing execution [1] - Fourth-quarter net sales decreased by 7% to $1.58 billion, attributed to one fewer selling week compared to the previous year, although average daily net sales increased by about 1% [2] - Fiscal 2025 marked the company's 16th consecutive year of sales growth, with net sales totaling $7.65 billion and adjusted EBITDA of $931 million [5] Financial Performance - Adjusted EBITDA for the fourth quarter was $167 million, down 7%, while the adjusted EBITDA margin improved by 10 basis points to 10.6% [1] - The company ended fiscal 2025 with net debt of nearly $1.95 billion and leverage of 2.1x, within its target range of 1.5x to 3x [14] - For fiscal 2026, the company guided net sales of $7.8 billion to $7.9 billion and adjusted EBITDA of $950 million to $980 million [15] Market Dynamics - The company experienced organic above-market growth of 3 points in fiscal 2025, driven by sales initiatives and geographic expansion [3] - Municipal volumes increased low- to mid-single digits, while residential lot development declined low double digits [4] - The company expects overall end markets to be roughly flat for fiscal 2026, with confidence in municipal demand but caution around private construction [16] Strategic Initiatives - Key growth initiatives include meters, treatment plant solutions, and geographic expansion, with meters growing at a low double-digit rate year after year [7][8] - The company opened 10 new branches during and after fiscal 2025, with plans to open 7 to 10 additional locations in fiscal 2026 [10] - Private label sales represented about 5% of total sales in fiscal 2025, with a target to reach at least 10% over time [11] M&A and Capital Allocation - Fiscal 2025 included 2% growth from acquisitions, with the company evaluating over 50 opportunities annually [12][13] - The company returned $155 million to shareholders through share repurchases during fiscal 2025, reducing share count by about 3.2 million [14] Pricing and Cost Dynamics - Pricing was generally positive across product categories in the fourth quarter, except for PVC, which saw a decline of about 15% in fiscal 2025 [17] - Rising fuel and resin costs could lead to increases in certain categories, with management indicating potential neutral to positive impacts depending on market developments [17]

Fiscal 2025 Fourth Quarter and Full-Year Results MARCH 24, 2026 CAUTIONARY STATEMENTS Cautionary Note Regarding Forward-Looking Statements This presentation and accompanying discussion may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, all statements other than statements of historical or current facts contained in this presentation including statements relating to our intentions, belief ...

Investment Rating - The report does not explicitly state an investment rating for the Samoa Water Supply and Investment Masterplan 2025-2035 Core Insights - The Masterplan aims to enhance Samoa's water security and resilience by improving water quality, securing supply, strengthening infrastructure, and identifying priority areas for investment [70] - The total investment required over the next decade is approximately ST278 million (around $102 million) [28] - The Masterplan is developed by the Samoa Water Authority (SWA) with support from the Asian Development Bank (ADB) and the Ireland Trust Fund [14][70] Summary by Sections Overview - The Masterplan serves as a strategic guide for investments in the water sector over a 10-year horizon (2025-2035) [12] - It addresses key challenges such as population growth, climate change, and increased groundwater salinity [13] Current Situation and Challenges - SWA supplies drinking water to approximately 89% of the population through its reticulated network [18] - The water supply faces challenges including nonrevenue water (NRW) due to leaks in aging infrastructure and climate impacts [20][22] Strategic Vision and Objectives - The vision is to be a sustainable water and wastewater utility provider, founded on excellence [25] - The mission focuses on effectively managing the provision of safe, reliable, and sustainable water services [26] Key Investments - Priority investments valued at around ST278 million (approximately $102 million) are identified to address urgent challenges in water quality, demand, and climate resilience [28] - The Masterplan outlines six categories of infrastructure investment, including major and minor works, pipeline upgrades, and supplementary boreholes [29][30] Digitalization and Efficiency - The Masterplan emphasizes the need for digitalization to improve management systems and operational efficiency [50] - Recommendations include adopting SCADA systems, smart metering, and enhancing customer management systems [52] Financial Analysis and Investment Plan - The investment plan outlines 109 projects with a total projected investment of ST278 million (approximately $102 million) [61] - The financial analysis indicates a challenging situation for SWA, necessitating a strong financial strategy to meet operational and maintenance obligations [66][67]

Core Insights - The rural water supply project in Weinan City has achieved a coverage rate of 71.48%, surpassing the national average [1] - The city has implemented four special actions to enhance rural water supply and has achieved a tap water penetration rate of 99.68% [1] - During the 14th Five-Year Plan, several key water supply projects have been completed, including the Huazhou Daming Water Plant and the Tongguan County drinking water drought-resistant water source [1] Investment and Financing - Weinan City has broadened its investment and financing channels, securing a total of 14.303 billion yuan for water conservancy construction [1] - Key water source projects such as the Dongjiayu Reservoir and Longshou Dam Reservoir have commenced construction, while preliminary work on the Fuli Reservoir is progressing steadily [1] Agricultural Irrigation - The city has reinforced its agricultural irrigation infrastructure by implementing modernization projects in 17 medium and large irrigation areas, resulting in the lining of 463.17 kilometers of channels and improving irrigation over 964,000 acres [1] Future Plans - Weinan City aims to ensure water security by promoting coordinated governance of water resources, water environment, water ecology, water safety, and water value [1] - The city plans to accelerate the construction of a "four vertical and four horizontal" water network layout to provide reliable water conservancy support for high-quality economic and social development [1]

Core Viewpoint - The city is prioritizing water supply safety during the Spring Festival, implementing comprehensive measures to ensure stable water supply amidst the challenges posed by returning residents and adverse weather conditions [1][2] Group 1: Emergency Preparedness - The city has formed 74 emergency repair teams and is maintaining round-the-clock readiness to address any water supply issues [1] - A total of 67 emergency water delivery vehicles have been allocated for town and village levels to ensure timely response [1] - The city has stockpiled essential materials, including 19,050 water meters, 12,530 insulation covers, 53,200 meters of anti-freeze pipes, and 5,580 sets of repair parts to ensure adequate emergency supplies [1] Group 2: Risk Mitigation and Monitoring - A comprehensive inspection of rural water supply systems has been conducted, identifying and rectifying 453 potential hazards across 88 townships [2] - The city is enhancing wastewater management to prevent water quality issues, ensuring stable supply operations and compliance with safety standards [2] - An "online + offline" service system has been established to facilitate communication regarding water supply, including the distribution of payment cards and the establishment of public notice boards [2] Group 3: Technical Support and Customer Service - The city has set up an emergency expert support mechanism to provide technical guidance and repair assistance for sudden water supply incidents [2] - A rapid response mechanism for complaints has been implemented, ensuring prompt handling, verification, and follow-up on water supply issues raised by residents [2]

Core Insights - The water supply in Jiaxing City reached a historical high of 169 million tons in 2024, marking a 2.4% increase from the previous year, with the highest daily supply also reaching a record of 539,500 tons [1] - The Jiaxing Water Company aims to enhance water supply infrastructure and ensure water quality, with a target of 100% compliance in water quality from the Shijuyang and Guanjinggang water plants in 2025 [1][2] - The company is actively addressing water pressure issues in rural areas by constructing booster pump stations and upgrading existing water supply networks [2][3] Water Supply Infrastructure - The Jiaxing Water Company is investing approximately 344 million yuan in the renovation and enhancement of the existing water supply network, completing 17 project segments to improve the resilience of the supply system [2] - In 2025, the company has planned the construction of booster pump stations in areas like Honghe Town to resolve the pressure discrepancies between residential buildings and the water supply network [2] Water Quality and Monitoring - The company has installed 2,172 noise monitoring devices and 5,777 flow monitoring devices to enhance water quality and supply safety, achieving comprehensive coverage in the main urban area [3] - The installation of smart water meters has reached 101,311 units, enabling real-time monitoring and leak detection, thereby ensuring a more efficient water supply management system [3] Future Goals - The Jiaxing Water Company aims to continue its commitment to providing satisfactory services to the public and achieving the goal of becoming the "best water supply city" by 2026 [3]

Fourth Quarter 2025 Financial Results February 4, 2026 2 . 3 | | Fourth Quarter | | | CY 2025 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | $ in millions | 4Q 2025 | 4Q 2024 | Change | $ in millions | CY 2025 | CY 2024 | Change | | Net Sales | $407 | $371 | 10% | Net Sales | $1,696 | $1,567 | 8% | | Growth from: | | | | Growth from: | | | | | Core (1) | | | 10% | Core (1) | | | 8% | | Adjusted EBITDA(1) | $104 | $91 | 14% | Adjusted EBITDA(1) | $442 | $390 | 13% | | % of Sales | 25.6% | 24.6% ...

Core Viewpoint - Badger Meter's stock has declined 10% following a disappointing Q4 earnings report, with sales falling short of Wall Street expectations, leading to a year-over-year decline of approximately 30% in stock value [1][2]. Financial Performance - For the full year, Badger Meter reported revenue growth of 11%, earnings per share (EPS) growth of 13%, and free cash flow (FCF) growth of 19% [1]. - In Q4, the company achieved $221 million in sales, which was $11 million below expectations, representing an 8% increase year-over-year and only a 2% increase on an organic basis [2][1]. Future Outlook - CEO Kenneth Bockhorst indicated that revenue growth may remain subdued until the second half of 2025, as several awarded projects are expected to begin multi-year turnkey deployments [3]. - The company anticipates that the current dynamics will persist through the first half of 2026 [3]. Valuation - Badger Meter's valuation has decreased from an average of 43 times FCF over the last five years to a more reasonable 26 times FCF, suggesting a potential buying opportunity for long-term investors [4]. Strategic Developments - The company is shifting towards tech-focused solutions, with Smart Cover, a 2025 acquisition, experiencing a 25% sales growth [6]. - Software-as-a-Service sales have increased by 27% and now account for nearly 10% of total sales [6].