Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-sales (P/S) ratio, can identify opportunities with strong upside potential, especially for unprofitable or early-stage growth companies [1][2] Valuation Metrics - The P/S ratio provides a clearer picture of value when earnings are minimal or volatile, making it particularly valuable for assessing companies in recovery or growth phases [2][5] - A P/S ratio below 1 indicates a good bargain, as investors pay less than a dollar for each dollar of revenue generated [6] - The P/S ratio is preferred over the price-to-earnings (P/E) ratio due to the difficulty of manipulating sales figures compared to earnings [7] Investment Opportunities - Low P/S stocks can offer compelling opportunities, often trading below intrinsic value, making them attractive for investors seeking upside potential [3] - Companies with low P/S ratios and strong fundamentals, such as Hamilton Insurance Group, Macy's Inc., G-III Apparel Group, California Water Service Group, and UFP Industries, are highlighted as having potential for higher returns [4][12] Company Profiles - **Hamilton Insurance Group, Ltd. (HG)**: A specialty insurance and reinsurance company benefiting from strong execution and disciplined capital management, with gross premiums written rising significantly [12][13] - **Macy's Inc. (M)**: Undergoing a transformation with its "Bold New Chapter" program, focusing on digital initiatives and omnichannel retailing, currently holds a Zacks Rank 1 and Value Score of A [14][15] - **G-III Apparel Group (GIII)**: Focuses on product differentiation and international expansion, with owned brands generating higher margins, currently holds a Value Score of A and Zacks Rank 2 [16][17] - **California Water Service Group (CWT)**: One of the largest investor-owned water utilities in the U.S., focusing on expansion through acquisitions and high-quality service delivery, currently holds a Value Score of B and Zacks Rank 2 [18][20] - **UFP Industries (UFPI)**: A holding company benefiting from long-term business plans and product innovation, with a focus on acquisitions to solidify its product portfolio, currently holds a Value Score of A and Zacks Rank 2 [21][22]

AXIS CAPITAL HOLDINGS LIMITED INVESTOR FINANCIAL SUPPLEMENT FOURTH QUARTER 2025 AXIS CAPITAL HOLDINGS LIMITED 29 Richmond Road Pembroke HM 08 Bermuda Contact Information: Cliff Gallant Investor Contact (415) 262-6843 investorrelations@axiscapital.com Website Information: www.axiscapital.com This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securi ...