Fourth Quarter and Full-Year 2025 Earnings Presentation February 20, 2026 Disclosure Statement Statements made in the course of this presentation that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward -looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward -looking statements. Additional information concerning factors that could cause actual results to diffe ...

LINCOLN ELECTRIC HOLDINGS, INC. Lincoln Electric Holdings, Inc. Q4 & FullYear 2025 Earnings & 2030 Targets Q4 & FY2025 Earnings & 2030 Targets February 12, 2026 February 12, 2026 Safe Harbor and Regulation G Disclosures Forward-Looking Statements: Statements made during this presentation which are not historical facts may be considered forward-looking statements. Forward- looking statements involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or ...

Financial Performance - IBM reported a net income of $5.6 billion for Q4 2025, a 93.1% increase from $2.9 billion in Q4 2024 [1] - The company's revenue for Q4 2025 was $19.7 billion, marking a 12% increase compared to $17.6 billion in Q4 2024 [1] - For the full year 2025, IBM's net income reached $10.6 billion, a 76.7% increase from $6 billion in 2024 [1] - IBM's total revenue for 2025 was $67.5 billion, an 8% rise from $62.7 billion in 2024 [1] Cash Flow and Projections - IBM's net cash from operating activities in 2025 was $13.2 billion, with free cash flow of $14.7 billion [2] - The company anticipates more than 5% revenue growth at constant currency for 2026, with free cash flow projected to rise by approximately $1 billion year-over-year [2] Segment Performance - The Software segment reported revenues of $9 billion in Q4 2025, a 14% increase, driven by Hybrid Cloud (10% growth), Automation (18% increase), Data (22% surge), and Transaction Processing (8% rise) [3] - The Consulting segment achieved revenues of $5.3 billion, reflecting a 3% growth, with Strategy & Technology increasing by 2% and Intelligent Operations growing by 5% [4] - IBM's Infrastructure segment reported revenues of $5.1 billion, a 21% increase, largely fueled by a 29% rise in Hybrid Infrastructure and a 67% growth in IBM Z [4] Cash Position - IBM generated $4 billion in net cash from operating activities during Q4 2025, with free cash flow at $7.6 billion [5] - At the end of Q4 2025, IBM held $14.5 billion in cash and marketable securities, with total debt at $61.3 billion [5] Strategic Focus - IBM's CEO highlighted the company's robust performance in 2025, emphasizing a 6% revenue growth and significant achievements in free cash flow [6] - The company is strategically advancing as a software-led hybrid cloud and AI platform, with software now constituting 45% of its business, up from 25% in 2018 [7] - IBM's strategy aligns with structural trends in technology investments, focusing on hybrid cloud, AI, and mission-critical infrastructure as essential platforms for business operations [8]

Summary of Key Points from the Conference Call on 800 VDC Shift Industry Overview - The report focuses on the **data center industry** and the transition to **800 VDC (Volts Direct Current)** architecture, driven by the increasing power demands of AI training and inference workloads [2][12][56]. Core Insights and Arguments 1. **Adoption Timeline**: - 800 VDC adoption is expected to begin with NVIDIA's new platforms, Rubin Ultra and Feynman, launching in **2027 and 2028** respectively. It is projected that **10%** of AI training additions will adopt 800 VDC in **2027**, increasing to **80%** in **2028**, and reaching **100%** from **2029** onwards [3][4]. 2. **Market Impact**: - By **2030**, it is estimated that **15%** of global data center capacity and **25%** of GW additions will feature 800 VDC. The adoption will phase in as follows: **5%** in **2027**, **35%** in **2028 & 2029**, and **45%** in **2030** [4][39]. 3. **Electrical Content Changes**: - The transition will involve three phases of electrical content change, significantly reducing reliance on legacy AC equipment. Phase 1 will see a **-40%** reduction in AC PDUs by **2030**, Phase 2 will reduce UPS for IT loads by **-60%**, and Phase 3 will replace switchgear and transformers with solid-state transformers, leading to reductions of **-25%** and **-80%** respectively [5][27]. 4. **Growth Opportunities**: - Despite the challenges, three growth opportunities are identified: - New 800 VDC equipment, including sidecars and solid-state transformers. - Liquid cooling systems that scale with power density. - Automation technologies that enhance power, thermal, and compute management [6][10]. 5. **UPS Market Outlook**: - The UPS market is expected to grow at a low double-digit CAGR over the next five years, despite a **-60%** reduction in the total addressable market (TAM) for UPS related to IT loads by **2030**. UPS for thermal loads linked to liquid cooling distribution units is projected to grow at approximately **30%** per annum [7][10]. 6. **Net Impact on Growth**: - The overall impact of the 800 VDC shift is projected to be modestly negative, with a **<2pp** annual headwind to growth by **2030**. The shift is expected to result in a **-12%** reduction in TAM, equating to **-$0.65B/GW** from an all-in **$5.5B/GW** [8][40]. Additional Important Insights 1. **Investment Implications**: - Companies with exposure to liquid cooling and UPS businesses, such as **Schneider**, **Eaton**, and **Vertiv**, are viewed positively. Automation is also highlighted as a critical area for growth due to the increasing complexity of AI data centers [10][45]. 2. **Key Players Affected**: - Companies like **Schneider**, **Eaton**, and **ABB** are expected to be significantly impacted by the 800 VDC transition, with a need to develop solid-state transformer capabilities to remain competitive [10][50]. 3. **Market Dynamics**: - The report emphasizes the importance of understanding the evolving landscape of data center architecture and the potential for new entrants and technologies to disrupt traditional suppliers [10][50]. 4. **Safety and Regulatory Considerations**: - The transition to 800 VDC presents operational and safety risks, necessitating new certifications and standards, which could impact the speed of adoption [83][84]. 5. **Future Projections**: - The report anticipates that the 800 VDC architecture will become increasingly relevant for inference workloads post-2030, primarily due to efficiency gains rather than immediate power density requirements [92][93]. This summary encapsulates the critical insights and projections regarding the shift to 800 VDC in the data center industry, highlighting both the challenges and opportunities that lie ahead.

Core Insights - Walmart has returned a total of $132 billion to its investors over the past ten years through dividends and buybacks, ranking it as the 13th highest in shareholder returns in history [2][3] - The company has achieved this while expanding revenue, investing in e-commerce, automation, and logistics, and maintaining a conservative balance sheet [3] - Dividends and share repurchases indicate management's confidence in financial stability and sustainable cash flows [4] Financial Metrics - Walmart's revenue growth stands at 4.3% for the last twelve months (LTM) and an average of 5.4% over the past three years [8] - The company has a free cash flow margin of approximately 2.2% and an operating margin of 4.1% LTM [8] - Walmart's stock trades at a price-to-earnings (P/E) ratio of 41.7 [8] Market Position - The total capital returned to shareholders as a percentage of market cap appears inversely related to growth potential for reinvestments, with companies like Meta and Microsoft showing faster growth but returning a smaller portion to shareholders [5] - High capital returns raise questions about potential compromises in growth and fundamentals [6]

Core Viewpoint - Inno Holdings Inc. has announced an At-the-Market equity offering sales agreement to sell shares of its Common Stock valued up to $50 million, with proceeds intended for general working capital and corporate purposes [1][3]. Group 1: Offering Details - The Company may sell shares through its sales agent, Aegis Capital Corp., at prevailing market prices, with the timing and volume of sales determined at the Company's discretion [1][2]. - The offering will be conducted under the existing effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) [3]. Group 2: Company Overview - Inno Holdings Inc. focuses on building technology and electronic products trading, aiming to revolutionize the construction industry with proprietary cold-formed steel framing, AI-driven design, and automation [7]. - The Company is expanding its sales and distribution network to create greater commercial value for its business partners and enhance its own enterprise value [7].

Company Overview - CMCO's Total Addressable Market (TAM) is estimated at $34 billion[11] - The company's TTM Net Sales are $978 million[11] - The company's TTM Adjusted EBITDA Margin is approximately 15%[11] - The company's TTM Free Cash Flow Conversion is greater than 100%[11] - Lifting Solutions account for 62% of the company's revenue[24] Kito Crosby Acquisition - Kito Crosby's 2024 Revenue is $1.1 billion[37] - Kito Crosby's revenue CAGR from 2021-2024 is 7%[37] - Lifting & Securement Consumables account for 54% of Kito Crosby's revenue[38] - North America accounts for 56% of Kito Crosby's revenue[37] Financial Performance - The company's Adjusted EBITDA is $142.047 million[52] - The company's Free Cash Flow (FCF) is $29.365 million[55]

Financial Performance - Ginkgo's Q3 2025 total revenue was $39 million, a decrease of 56% year-over-year compared to $89 million in Q3 2024[34] - Cell Engineering revenue in Q3 2025 was $29 million, a 61% decrease compared to $75 million in Q3 2024, which includes $45 million of non-cash deferred revenue from Motif[23, 34] - Biosecurity revenue in Q3 2025 was $9 million, a 32% decrease compared to $14 million in Q3 2024[34] - Total Adjusted EBITDA for Q3 2025 was $(56) million, compared to $(20) million in Q3 2024[34] - Ginkgo reaffirms its full year 2025 total revenue guidance of $167-187 million[43] - Ginkgo's cash, cash equivalents, and marketable securities remain strong at $462 million as of Q3 2025[17] - Quarterly cash burn continues to improve, with a 73% decrease from the prior quarter[14] Strategic Focus - Ginkgo is expanding its business model into life science tools and services[54, 96] - Ginkgo believes AI models will impact biotechnology in two ways and is well-positioned to provide tools in both[48, 51, 93, 115] - Ginkgo continues to offer research solutions on top of its in-house robotics, winning new deals in Agriculture and with the US Government[49, 52, 94, 116] - Ginkgo is expanding its frontier autonomous lab in Boston as a showcase[50, 53, 95, 117, 118]

Core Insights - Ranpak Holdings reported a net loss of $10.4 million for Q3 2025, compared to a net loss of $8.1 million in the same quarter of 2024 [1][3] - Net revenue for Q3 2025 increased by 8% year-on-year to $99.6 million, or 4.4% on a constant-currency basis, driven by automation, void-fill, and wrapping product lines [1][2] Revenue Breakdown - Cushioning revenue rose by 0.3%, void-fill increased by 4.8%, and wrapping grew by 9% [2] - Automation net revenue saw the largest gain, up 63%, attributed to a 4.5% rise in automated equipment sales [2] Cost and Earnings Management - Adjusted earnings before interest, taxation, depreciation, and amortisation improved by 8.1% year-on-year, or 3.5% on a constant-currency basis, due to top-line leverage and disciplined cost management [3] - The company closed the quarter with a cash balance of $49.9 million and no draws on its $50 million revolving credit facility, maturing in December 2029 [3] Strategic Partnerships - The CEO stated that the third quarter was a significant step towards achieving long-term growth, highlighted by a partnership and warrant agreement with Walmart [4] - The Walmart agreement is estimated to imply up to roughly $700 million in total spend over the life of the contract for full vesting, excluding the cost of paper [5]

Core Points - Ginkgo Bioworks Holdings, Inc. plans to host a presentation and Q&A session on November 6, 2025, to review its business performance for Q3 2025 [1][2] - The presentation will be accessible via Ginkgo's investor relations website, and a replay will be available afterward [2] - Ginkgo Bioworks focuses on making biology easier to engineer, offering customizable R&D solutions, laboratory automation, and biosecurity technologies [3] Company Overview - Ginkgo Bioworks builds tools for biological engineering, providing R&D packages that include protein engineering and nucleic acid design [3] - The company also offers modular laboratory automation to enhance scientists' productivity [3] - Ginkgo Biosecurity is developing infrastructure to address biological threats globally [3]