FOURTH QUARTER 2025 EARNINGS PRESENTATION February 19, 2026 SAFE HARBOR STATEMENT This presentation includes "forward-looking" statements that involve risks and uncertainties that are generally identifiable through the use of words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "should," "will," "may," "outlook," and other words and similar expressions and include projections of earnings. The forward-looking statements in this presentation are made pursuant to the safe h ...

Company Overview - Dover Corporation (DOV) has a market cap of $31.6 billion and operates as a diversified global manufacturer, providing equipment, components, consumables, software, digital solutions, and support services across various industrial and commercial markets [1] Stock Performance - Over the past 52 weeks, DOV stock has increased nearly 14%, outperforming the S&P 500 Index, which returned 11.8% during the same period [2] - Year-to-date, DOV shares are up 18.3%, while the S&P 500 Index has experienced a slight decline [2] - However, DOV has lagged behind the State Street Industrial Select Sector SPDR ETF (XLI), which returned 26.4% over the past 52 weeks [3] Financial Results - Dover Corporation reported strong Q4 2025 results, achieving 5% organic revenue growth and a 10% increase in bookings for the quarter [6] - The adjusted EPS for Q4 2025 was $9.61, reflecting a 14% year-over-year increase and exceeding prior guidance [6] - Management has guided for 2026 adjusted EPS to be between $10.45 and $10.65, indicating double-digit growth at the midpoint [6] Analyst Expectations - For the fiscal year ending December 2026, analysts project Dover's EPS to grow 10.1% year-over-year to $10.58 [7] - Dover has a promising earnings surprise history, having topped consensus estimates in the last four quarters [7] - Among 18 analysts covering the stock, the consensus rating is a "Moderate Buy," with 11 "Strong Buy" ratings and seven "Holds" [7] Price Target and Ratings - On February 3, Seaport Research raised its price target on Dover Corporation to $245 while maintaining a "Buy" rating [8] - The stock is currently trading above the mean price target of $227.53, with the highest price target of $256 suggesting a potential upside of 9.8% from current levels [8]

Loomis Sayles, an investment management company, released its “Global Growth Fund” investor letter for the fourth quarter of 2025.  A copy of the letter can be downloaded here. The Fund prioritizes investments in high-quality companies that possess a lasting competitive advantage and long-term growth drivers, capable of generating attractive cash flow and sustained value for investors. The Fund returned -3.05% in Q4 2025 compared to 3.29% for the MSCI ACWI Index Net. As a patient investor, the firm maintain ...

Group 1 - The core idea is to enhance the development capability of the Chengdu-Chongqing economic circle by establishing the Chengdu main axis economic corridor, the Cheng (Mian) Nan Da Wan economic belt, and the Minjiang-Changjiang upstream economic belt [1][2] - The government report emphasizes the importance of improving the comprehensive transportation system between Chengdu and Chongqing, and advancing the construction of the Chengdu-Chongqing high-speed rail and highway expansion projects [1][2] - The establishment of a regional technology innovation center in the Chengdu-Chongqing area aims to strengthen advanced manufacturing clusters in electronics and biomedicine [1][2] Group 2 - The discussion among representatives highlights the need to amplify Chengdu's radiating and driving role, which is seen as a crucial step in constructing a new pattern of regional coordinated development [2][3] - Collaboration between Chengdu and other cities, such as Mianyang and Nanchong, is essential for strengthening industrial cooperation and leveraging local resources [2][3] - The focus on infrastructure connectivity is underscored, with plans to enhance waterway transport and other major infrastructure projects to improve regional integration [3][4]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Group 1 - Dover Corporation (NYSE:DOV) is recognized for manufacturing equipment, components, and software solutions across various sectors including industrial, energy, imaging, and climate applications [2] - The company is viewed positively by analysts, with Jim Cramer highlighting its strong performance and management under Rich Tobin, indicating a favorable outlook for the stock [2] - The stock has experienced volatility, with a recent increase of five points followed by a decline, leading to a cautious approach before the upcoming quarterly report [1] Group 2 - There is a belief that while DOV has investment potential, certain AI stocks may present greater upside potential and lower downside risk, suggesting a competitive landscape for investment opportunities [3]

Core Viewpoint - Dover Corporation is recognized as one of the best dividend stocks to consider for investment in 2026, with a positive outlook driven by various supportive themes in the multi-industry sector [1]. Group 1: Analyst Ratings and Price Target - RBC Capital has raised its price target for Dover Corporation to $199 from $198, maintaining a Sector Perform rating, reflecting an improved multi-industry setup heading into 2026 [2]. - The analyst highlights a favorable environment characterized by multi-year secular drivers, megaproject activity, and strong demand in data centers, alongside an attractive valuation backdrop for the sector [2]. Group 2: Economic Environment - The current economic landscape is described as a "two-speed economy," where demand related to data centers is growing in the mid-teen percentage range, while other industrial categories are experiencing sluggish growth [3]. - Despite uneven demand across sectors, the long-term outlook remains positive due to secular tailwinds associated with electrification, reshoring, energy transition, and data center expansion [3]. Group 3: Company Strategy and Positioning - Dover Corporation is strategically focusing on areas with more durable demand, enhancing its digital offerings, improving operational efficiency, and investing in high-growth markets such as clean energy, biopharma process solutions, and data center technologies [4]. - The company's diversified business model is seen as a significant advantage, allowing it to manage its portfolio actively, innovate, and maintain resilience during economic slowdowns while capturing long-term growth trends [4]. Group 4: Company Overview - Dover Corporation is a diversified global industrial manufacturer and solutions provider, offering a range of equipment, components, software, and services across various markets, including vehicle aftermarket, aerospace and defense, and other industrial end users [5].

Core Insights - Westinghouse Air Brake Technologies Corporation (WAB) has a market capitalization of $38.7 billion and is a global provider of technology-based solutions for the freight rail and passenger transit industries [1] Financial Performance - WAB is expected to report an adjusted EPS of $2.07 for fiscal Q4 2025, reflecting a 23.2% increase from $1.68 in the same quarter last year [2] - For fiscal 2025, analysts predict an adjusted EPS of $8.95, which represents an 18.4% growth from $7.56 in fiscal 2024 [3] - In Q3 2025, WAB reported sales growth of 8.4% to $2.89 billion and an adjusted EPS of $2.32, while raising its full-year 2025 adjusted EPS guidance to a range of $8.85 to $9.05 [5] Stock Performance - Over the past 52 weeks, WAB shares have increased by 19.9%, slightly outperforming the S&P 500 Index's gain of 19.7%, but lagging behind the State Street Industrial Select Sector SPDR ETF's return of 23.4% [4] Analyst Ratings - The consensus view on WAB stock is cautiously optimistic, with a "Moderate Buy" rating. Among 13 analysts, eight suggest a "Strong Buy" and five recommend a "Hold" [6] - The average analyst price target for WAB is $233.83, indicating a potential upside of 2.7% from current levels [6]

Core Insights - Applied Materials, Inc. (AMAT) is a leading player in the semiconductor industry, providing essential equipment, services, and software for semiconductor chip manufacturing, and serves major tech companies globally [1] Investment Sentiment - Susquehanna has set a price target of $400 for AMAT, indicating a potential upside of approximately 32.81% from its current trading price of $301.18, reflecting increased confidence in the company's future performance [2][6] - FengHe Fund Management Pte. Ltd. has acquired 97,500 shares of AMAT, valued at approximately $19.96 million, making AMAT about 1.8% of its investment portfolio [3][6] - Parnassus Investments LLC increased its stake in AMAT by 12.6%, acquiring an additional 422,231 shares, bringing its total to 3,761,185 shares valued at $770 million, while MASTERINVEST Kapitalanlage GmbH expanded its holdings by 8.8%, indicating strong institutional support for AMAT [4][6] Stock Performance - AMAT's stock is currently priced at $301.18, reflecting a 6.94% increase or $19.54, with a trading range today between $286.50 and $302.75, and a 52-week high of $302.78 and a low of $123.74 [5] - The market capitalization of AMAT is approximately $239.93 billion, with a trading volume of 9,427,640 shares, maintaining its significance on the NASDAQ exchange [5]

Group 1 - Halliburton Company (NYSE:HAL) is recognized for its potential in the oil and gas sector, particularly in the context of rebuilding efforts in regions like Iraq and Venezuela [1] - The stock has seen significant price increases, leading to concerns about overvaluation, as investors may face losses if they entered at high prices [1] - The timeframe for realizing profits from Halliburton's potential is expected to be long-term, spanning years rather than days [1] Group 2 - Halliburton provides essential equipment, technologies, and services for oil and gas exploration, drilling, completion, and production [2] - There is a belief that certain AI stocks may offer better investment opportunities with higher upside potential and lower downside risk compared to Halliburton [3]