First Quarter 2026 H.B. Fuller Earnings Conference Call 1200 Willow Lake Blvd, St Paul, Minnesota 55110 www.hbfuller.com March 26, 2026 Disclosure Safe Harbor Statement Certain matters discussed today are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect our current expectations, and actual results may differ as they are subj ...

Company Overview - Life Time Group Holdings, Inc. provides health, fitness, and wellness experiences in the United States and Canada, operating in the premium segment with large, comprehensive clubs [3] - The company differentiates itself by integrating extensive training areas with pools, tennis courts, group classes, spa offerings, and broader lifestyle services, positioning itself as an all-in-one wellness destination [3] Business Strategy - Instead of aggressive unit expansion, the company focuses on maximizing productivity at its approximately 170 existing locations, driving growth through higher membership pricing, improved utilization rates, and increased ancillary spending per member [4] - This strategy targets a higher-income demographic, resulting in a revenue increase of approximately 19.4% over the past three years, alongside significant margin expansion, indicating competitive advantages and pricing power [5] Market Context - The fitness market encompasses a wide range of concepts, from low-cost gyms catering to price-sensitive customers to premium, experience-driven platforms like Life Time that appeal to affluent, lifestyle-oriented members [5] - The industry is segmented, with premium operators monetizing engagement and experience, while budget chains compete on accessibility and affordability, addressing distinct customer priorities [6]

Core Insights - Unum Group operates in a stable insurance market, focusing on health, disability, and benefits coverage, resulting in a stock price increase of 180% over the past five years, outperforming the S&P 500's 75% return [1] Group 1: Company Performance - Unum's recent fourth-quarter 2025 earnings report revealed performance below expectations, leading to a stock decline of approximately 6% year-to-date [2] - Despite a temporary setback, the company is considered solid, presenting potential investment opportunities if certain conditions are met [3] Group 2: Future Growth Strategies - Unum plans to return 100% of projected free cash flow to shareholders in 2026 through buybacks and dividends, which may indicate that leadership views the stock as undervalued and could support share prices [4] - The strategy of buybacks is expected to enhance earnings per share (EPS) by reducing the outstanding share count, potentially attracting more investors [5] Group 3: Premium Growth Expectations - In 2025, Unum reported core premium growth of 4.4%, consistent with the previous year's 4.5% growth, and anticipates a growth range of 4% to 7% for 2026 [6] - Achieving premium growth above 7% could lead to increased revenue beyond analyst expectations, prompting positive revisions in ratings and price targets, which may attract more buyers [7]

Core Viewpoint - Humana Inc. has been downgraded by Morgan Stanley to "Underweight" from "Equal Weight," despite showing interest from various investors [1][5]. Group 1: Company Overview - Humana Inc. is a significant player in the health insurance sector, competing with major insurers such as UnitedHealth Group and Anthem [1]. - The company's current stock price is $195.20, reflecting a slight decrease of 0.75% or $1.47 [3][5]. Group 2: Investor Activity - Tejara Capital Ltd acquired 7,200 shares of Humana, valued at approximately $1.87 million, indicating confidence in the company despite the downgrade [2]. - Other hedge funds, including Elevation Point Wealth Partners LLC and Mather Group LLC, have initiated new positions in Humana, valued at around $32,000 and $34,000, respectively [2]. - Private Wealth Management Group LLC increased its holdings in Humana by 47.5% during the third quarter, now owning 149 shares valued at $39,000 [3]. Group 3: Stock Performance - Humana's stock has experienced fluctuations, with a daily low of $192.40 and a high of $197.34 [4]. - Over the past year, the stock has seen a high of $315.35 and a low of $191.39 [4]. - The company's market capitalization is approximately $23.48 billion, with a trading volume of 3,220,371 shares on the NYSE [4].

Core Viewpoint - Reckitt Benckiser Group plc is a British manufacturer with over 200 years of history, focusing on health, hygiene, and nutrition products sold globally [1] Company Overview - Reckitt Benckiser Group plc operates in the health, hygiene, and nutrition sectors, indicating a diversified product portfolio [1] - The company is characterized by its long-standing history, being established for more than two centuries [1] Investment Perspective - The investment strategy emphasizes identifying undervalued stocks with promising potential, balancing risk and reward [1] - The belief is that the best investment ideas are often the simplest, and a contrarian approach may yield better results [1]

Core Insights - Shares of Willis Towers Watson Public Limited Company (WTW) have increased by 4.8% over the past year, outperforming the industry's decline of 27.4% [1] - The company has a market capitalization of $31.43 billion, with an average trading volume of 0.6 million shares over the last three months [1] Financial Performance - WTW's earnings have surpassed estimates in three of the last four quarters, with an average beat of 2.39% [2] - The shares are currently trading above the 200-day moving average, indicating a bearish trend [2] Valuation Metrics - WTW shares are trading at a forward price-to-earnings multiple of 17.49X, which is lower than the industry average of 21.4X, the Finance sector's 17.07X, and the Zacks S&P 500 Composite's 23.46X [3] Growth Projections - The Zacks Consensus Estimate projects a 13.9% increase in earnings per share and a 4.8% increase in revenues for 2026 compared to 2025 [9] - The average price target from 19 analysts is $366.68 per share, suggesting a potential upside of 14.4% from the last closing price [10] Analyst Sentiment - Recent analyst activity shows one analyst has raised estimates for 2025, and two have raised estimates for 2026 in the past 30 days [12] - The consensus estimate for 2025 earnings has increased by 0.2%, while the estimate for 2026 has risen by 0.3% [12] Strategic Focus - WTW aims to improve operating margins, increase free cash flow, and drive sustainable revenue growth, particularly in Risk and Broking and Individual Marketplace [13] - The company has experienced revenue growth for 15 consecutive quarters, supported by strategic acquisitions and geographic diversification [16] Capital Management - WTW has been enhancing its liquidity and maintaining a solid balance sheet, which supports capital deployment for buybacks, dividends, and acquisitions [17] - The company plans to allocate approximately $1.5 billion for share repurchases in 2025, with a six-year CAGR of 5.7% for dividends from 2019 to 2025 [18] Challenges - Rising expenses, including higher salaries, operating costs, and consulting fees, have led to margin contraction [19] - WTW's trailing 12-month return on equity (ROE) is 21.4%, below the industry average of 23.3%, indicating inefficiency in utilizing shareholders' funds [20] Overall Assessment - WTW has a strong product portfolio and a solid track record of strategic acquisitions, with favorable growth estimates in its Health, Wealth & Career, and Risk & Broking segments [21]

Core Insights - Indian health-tech startup Healthify is seeking partnerships with additional weight-loss drug manufacturers to enhance its offerings in health, nutrition, and lifestyle coaching after recently signing a deal with Novo Nordisk's India unit [1] Company Developments - Healthify is actively pursuing collaborations with more weight-loss drugmakers to expand its service portfolio [1] - The recent agreement with Novo Nordisk's India unit marks a significant step in Healthify's strategy to integrate pharmaceutical solutions with health coaching [1] Industry Trends - The health-tech industry in India is increasingly focusing on integrating pharmaceutical products with lifestyle and nutrition services to address obesity and related health issues [1] - There is a growing demand for comprehensive health solutions that combine medication with personalized coaching and support [1]

Core Insights - Investview, Inc. reported its financial results for Q3 2025, highlighting operational progress and strategic initiatives across its diversified business units [1] Financial Performance - Gross Revenue decreased by 24.3% to $9.5 million for Q3 2025 compared to $12.6 million in Q3 2024 [5] - Net Revenue fell by 22.9% to $9.1 million for Q3 2025 from $11.7 million in the same period last year [5] - For the nine months ended September 30, 2025, Gross Revenue decreased by 28.7% to $30.6 million from $42.9 million in the prior year [5] - Net Revenue for the nine months decreased by 28.2% to $29.1 million from $40.5 million in the comparable prior year period [5] - The company reported a net loss from operations of $1.0 million for Q3 2025, compared to a net loss of $0.7 million in Q3 2024 [5] Cash Flow and Balance Sheet - Cash and cash equivalents decreased by 32.9% to $15.1 million as of September 30, 2025, down from $22.5 million at the end of 2024 [4] - Net cash used in operating activities was $3.1 million for the nine months ended September 30, 2025, compared to net cash provided of $13.0 million in the prior year [5] - Total assets decreased by 12.9% to $27.5 million, while total liabilities decreased by 24.6% to $10.8 million [12] Share Repurchase Program - The company has repurchased over 10.2 million shares at an average price of $0.0179 per share, representing a 40.3% discount to the market value [6] - The total number of common shares outstanding has been reduced by 0.55% to 1,848,994,024 shares as of November 7, 2025 [6] Business Segments Performance - The Financial Education and Technology Segment reported net revenue of $7.1 million for Q3 2025, down from $11.2 million in Q3 2024, attributed to a decrease in membership [7] - The Blockchain Technology and Crypto Mining Segment, SAFETek, reported net revenue of $0.92 million in Q3 2025, an increase from $0.57 million in Q3 2024, driven by rising Bitcoin prices [8] - Renu Laboratories, focusing on health and wellness products, reported $1.1 million in net revenue for Q3 2025, with ongoing investments improving production efficiency [14] Strategic Initiatives - The company is set to launch the myLife Wellness division, expanding its health and wellness product offerings, with a commercial launch planned for Q4 2025 [17] - The Opencash app, a mobile trading platform, is on track for launch in Q4 2025, aimed at providing low-cost, commission-free trading [19][20] - A recent investment of $1.25 million in an early-stage nuclear energy enterprise aligns with the company's long-term growth strategy in emerging sectors [24]

Core Insights - Reckitt Benckiser Group PLC is undergoing a strategic turnaround focused on growth and improved execution in the consumer goods sector, competing with Procter & Gamble and Unilever [1] Financial Performance - Deutsche Bank maintains a "Hold" rating for Reckitt Benckiser with a stock price of $15.74 and raised its price target to 5,700 GBp, indicating a cautiously optimistic outlook [2][6] - RBC Capital Markets increased its price target from £60 to £64, maintaining an outperform rating, supported by Reckitt's consistent mid-single-digit growth and the "Fuel for Growth" plan [3][6] - Reckitt's shares are currently valued at approximately 18 times earnings for 2026, compared to around 20 times for the broader European consumer sector, despite a 17% increase in share price this year [4][6] Growth Prospects - Emerging markets for Reckitt are expected to achieve double-digit organic growth in 2025, contributing positively to the company's outlook [4] - The divestment of the Essential Home and Mead Johnson Nutrition units is anticipated to enhance management's focus on core operations [5]

Core Insights - Chubb Limited (NYSE:CB) is recognized for significant revenue and dividend growth, making it one of the top stocks to buy and hold for a lifetime [1] Group 1: Partnership and Market Position - Chubb Limited has partnered with Endeavor to support high-impact company owners in developing nations, leveraging Endeavor's network of nearly 2,900 entrepreneurs who have generated over $88.5 billion in revenue [2] - The partnership aligns with Chubb's strategy of global expansion and digital distribution, which includes over 200 collaborations worldwide [3] Group 2: Financial Performance - Chubb Limited has demonstrated resilience in challenging market conditions, achieving an annual revenue of $57.5 billion through growth in property, casualty, and specialty insurance sectors, along with strong underwriting performance [3] - The company offers a wide range of insurance products, including health, life, accident, property, and liability insurance, across more than 50 countries [4] Group 3: Investment Potential - The partnership with Endeavor enhances Chubb's ability to provide scalable and innovative solutions, positioning the company for sustained growth in emerging markets [4]