2H 2025 Results Lard Friese Duncan Russell Chief Executive Officer Chief Financial Officer February 19, 2026 2 2 Key messages 1. Operating capital generation (OCG) before Holding funding and operating expenses Distribution WFG licensed agents (number in thousand) 36 FY24 37 FY25 86 96 Multi-ticket agents Transamerica's market share 66% Savings & Investments Net deposits mid-sized plans FY24 FY25 0.6 1.1 Protection Solutions New individual life sales 473 617 FY24 FY25 3 1. Refers to WFG sales in the US for L ...

Financial Data and Key Metrics Changes - The company reported gross revenues of BRL 19.5 billion in 2025, an 8% increase year-over-year [9][33] - Adjusted net income for Q4 2025 was BRL 1.3 billion, and BRL 5.2 billion for the full year, representing a 15% expansion year-over-year [10][38] - The return on equity (ROE) reached 23.9% in 2025, a 94 basis points increase compared to 2024 [11][40] - The year-end BIS ratio was 20.4%, indicating a strong capital position [11][41] Business Line Data and Key Metrics Changes - Retail revenues totaled BRL 3.9 billion in Q4 2025, up 8% year-over-year, and BRL 14.6 billion for the full year, also an 8% increase [33][34] - Corporate and issuer services revenue reached BRL 895 million in Q4 2025, a 49% increase year-over-year, and BRL 2.7 billion for the full year, up 19% compared to 2024 [35][36] - The wholesale bank has become a key pillar of the company's strategy, integrating investment banking and institutional access [27][28] Market Data and Key Metrics Changes - Total client assets, including AUM and AUA, reached BRL 2.1 trillion, representing a 22% growth year-over-year [21] - Retail net new money was BRL 20 billion, while corporate and institutional net new money totaled BRL 12 billion, amounting to BRL 32 billion for the period [21][22] - The company faced challenges with small and medium enterprises withdrawing BRL 3 billion in investments, but individual client inflows totaled BRL 23 billion [22] Company Strategy and Development Direction - The company aims to become Brazil's leading investment platform by 2033, focusing on market share and democratizing wealth planning for retail clients [51][52] - A third wave of strategy is being implemented to enhance service models and client segmentation, moving away from a product-driven approach [52][54] - Continued investments in technology and advisor training are expected to drive growth and improve service quality [18][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing future opportunities despite a challenging environment for 2026 [7][22] - The company is focused on maintaining strong returns while expanding its credit offerings and addressing the needs of small and medium enterprises [29][45] - Concerns were raised regarding recent irregularities in the financial system, with a commitment to support structural improvements [46][48] Other Important Information - The company returned BRL 2.4 billion to shareholders through dividends and buybacks in 2025 [39] - Adjusted EPS for Q4 was BRL 2.56, growing 15% year-over-year, and for the full year, it reached BRL 9.81, an 18% increase [40][41] - The company is launching new products, including a proprietary dollar-backed stablecoin and expanding its insurance offerings [23][24] Q&A Session Summary Question: Ambition to become Brazil's leading investment platform by 2033 - The company aims for market share leadership by 2033, with plans indicating the ability to achieve this in seven years through democratizing wealth planning and enhancing service models [51][52] Question: Impact of entry into the controlling group - The CEO stated that there is no change in management style or operations, emphasizing stronger alignment among executives [54] Question: Impact of CVM's recommendation on RLP business - Management views the removal of caps on orders as positive for the RLP business, enhancing market-making capabilities [60][62] Question: Tax increases and their relation to revenue mix - The CFO clarified that the increase in taxes is due to the revenue mix, particularly from corporate and issuer services, and not related to structural changes [63][64] Question: Strategy to capture volumes from Banco Master reimbursements - The company is seeing a significant inflow from Banco Master, retaining over 85% of the funds, and will disclose net new money figures in Q1 [68][69]

Financial Data and Key Metrics Changes - The company reported gross revenues of $19.5 billion in 2025, an 8% increase year-over-year [8][31] - Adjusted net income for Q4 2025 was BRL 1.3 billion, with a full-year total of BRL 5.2 billion, representing a 15% expansion year-over-year [9][36] - The return on equity (ROE) reached 23.9% in 2025, a 94 basis points increase compared to 2024 [10][38] - The BIS ratio at year-end was 20.4%, indicating a strong capital position even after significant capital returns [10][39] Business Line Data and Key Metrics Changes - Retail revenues in Q4 2025 totaled BRL 3.9 billion, up 8% year-over-year, with full-year retail gross revenue reaching BRL 14.6 billion [31][32] - Corporate and issue services revenues in Q4 2025 were BRL 895 million, a 49% increase year-over-year, with full-year revenues totaling BRL 2.7 billion, up 19% compared to 2024 [32][33] - The wholesale bank has become a key pillar of the company's strategy, integrating investment banking and institutional access, and has seen strong results [25][26] Market Data and Key Metrics Changes - Total client assets, including AUM and AUA, reached BRL 2.1 trillion, representing a 22% growth year-over-year [20] - Retail net new money for Q4 2025 was BRL 20 billion, while corporate and institutional net new money totaled BRL 12 billion, bringing the total to BRL 32 billion for the period [20][21] - The company faced challenges with small and medium enterprises withdrawing BRL 3 billion in investments, but individual client inflows totaled BRL 23 billion [21] Company Strategy and Development Direction - The company aims to democratize wealth services, focusing on a holistic approach to client needs and enhancing service models [6][7] - Investments in technology and governance are central to the growth strategy, with a focus on improving advisor productivity and client satisfaction [15][17] - The company plans to expand its credit offerings and deepen relationships with small and medium enterprises, leveraging its advisor network [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing future opportunities despite a challenging environment for 2026, emphasizing a disciplined approach to growth [5][21] - The company is committed to maintaining strong returns while navigating market dynamics, with a focus on sustainable growth [42][43] - Concerns were raised regarding recent irregularities in the financial system, with management supporting structural improvements to prevent future issues [44][46] Other Important Information - The company celebrated the fifth anniversary of its wholesale bank, highlighting its growth and integration within the financial ecosystem [4] - A new proprietary dollar-backed stablecoin is set to launch in 2026, aimed at diversifying client offerings and enhancing liquidity [22][23] Q&A Session Summary Question: Ambition to become Brazil's leading investment platform by 2033 - Management clarified that the goal is based on market share and internal plans indicate that achieving this by 2033 is feasible through ongoing investments and changes in service models [49][50] Question: Impact of CVM's recommendation on RLP business - Management views the recommendation positively, as it allows for broader asset inclusion and is expected to enhance revenues from market-making activities [59][60] Question: Performance related to Banco Master reimbursements - Management indicated that the company is well-positioned to capture inflows from Banco Master, with a retention rate above 85% [66][69] Question: Decline in NPS - The decline in NPS was attributed to specific events affecting client sentiment, but management expects improvements as these issues are resolved [68]

Group 1 - Equitable Holdings (NYSE:EQH) is recognized as one of the best financial pure plays under $100, with a bullish rating initiated by Mizuho Securities analyst Yaron Kinar, who set a price target of $66, indicating over 37% upside potential from current levels [1] - Kinar's positive outlook is attributed to a strong preference for life insurance businesses, where Equitable Holdings has a significant presence through a comprehensive suite of products, including Variable Universal Life, Indexed Universal Life, Term Life insurance, and Annuities [2] - As of December 30, Equitable Holdings received coverage from 8 analysts, with 6 assigning Buy ratings and 2 giving Hold ratings, leading to a median 1-year price target of $63, which implies nearly 31% upside from the current market price [3] Group 2 - Equitable Holdings is a leading financial services firm in the United States, providing retirement plans, wealth management, insurance, and protection services, along with a diverse array of products [4]

Core Insights - The article emphasizes the importance of flexible financial planning for retirement, highlighting strategies to manage spending, investments, and tax implications effectively [1][4][5]. Group 1: Financial Planning Strategies - Stoy Hall, CEO of Black Mammoth, discusses the significance of adjusting spending according to income and market conditions, advocating for a flexible withdrawal strategy rather than adhering to fixed percentage rules [1]. - Derrick Kinney suggests a practice-retirement budget 12–18 months before actual retirement to assess living expenses, which can lead to earlier retirement or extended working years based on individual financial situations [2]. - Stephanie McCullough emphasizes the need to differentiate between long-term and short-term money as retirement approaches, recommending that funds needed within the next five years should be kept in low-risk investments [6]. Group 2: Tax Management in Retirement - Carolyn McClanahan points out that retirees often delay withdrawals from retirement plans until required distributions, which can lead to higher tax brackets later on, stressing the importance of early tax planning [4]. - The article advises retirees to utilize the 10% and 12% tax brackets effectively in the early years to minimize future tax burdens and potentially delay Social Security benefits [5]. Group 3: Healthcare and Long-term Care Planning - Hall recommends pre-funding a Health Savings Account (HSA) before retirement to cover healthcare costs tax-free, and planning for long-term care either through self-funding or insurance [8]. - The article discusses the financial benefits of aging in place, suggesting that downsizing can reduce home maintenance costs and long-term care expenses [7][8]. Group 4: Legacy Planning - Bill Perkins' philosophy, as mentioned by McCullough, encourages making substantial gifts to beneficiaries during one's lifetime rather than prioritizing a legacy at death, which can be uncertain [9].

Financial Data and Key Metrics Changes - The company reported total client assets of BRL 1.9 trillion, reflecting a 16% year-over-year growth [4] - Gross revenues reached BRL 4.9 billion, representing a 9% growth year over year [19] - Earnings Before Tax (EBT) increased by 10% year over year to BRL 1.3 billion [23] - The company achieved a Return on Equity (ROE) of 23%, remaining flat year over year [7] - Diluted Earnings Per Share (EPS) grew by 13% year over year, reaching BRL 2.47 [25] Business Line Data and Key Metrics Changes - Retail revenues amounted to BRL 3.7 billion, showing a 6% growth year over year [19] - Corporate and industry services achieved a record revenue of BRL 729 million, with a 32% year-over-year growth [21] - Life insurance retail premiums grew by 25% year over year [14] - Credit revenues posted an 11% growth year over year, reaching BRL 83 million in Net Interest Income (NII) [14] Market Data and Key Metrics Changes - The company reported BRL 20 billion in retail net new money, which was three times higher than the previous quarter but BRL 5 billion lower than last year [8] - The company maintained a 10% market share in capital markets distribution [15] - The wholesale banking segment showed strong performance, with expectations for continued growth in the fourth quarter [31] Company Strategy and Development Direction - The company aims to become the leader in investments in Brazil by enhancing client service and introducing new products [3] - A focus on high-quality wealth planning services for clients with varying asset levels is part of the strategy [10] - The company is transitioning to a fee-based model, which currently accounts for 21% of total retail Assets Under Custody (AUC) [11] - The company is committed to investing in technology and expanding its sales force to enhance client experience [22] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges faced in 2025 but emphasized the commitment to evolving the business for growth and profitability [4] - The management expressed confidence in achieving a target of around BRL 20 billion in retail net new money per quarter [8] - The company anticipates a volatile market in 2026, which may present opportunities for growth [70] Other Important Information - The company repurchased BRL 2 billion in shares in 2025, with a new buyback program of BRL 1 billion announced [24] - A dividend of BRL 500 million is planned for 2025, representing a 50% payout ratio based on net income [24] Q&A Session Summary Question: Expectations for wholesale business performance in Q4 - Management expects continued strong performance in the wholesale banking segment for Q4, with a focus on high-quality assets [31][33] Question: Clarification on corporate revenues and hedging strategy - Corporate revenues are tied to debt issuance and hedging solutions, with expectations for continued strength due to low credit spreads [76] Question: Insights on retail revenue growth and fixed income performance - Fixed income revenues contracted due to a shift in product mix towards lower take rates, while retail revenues grew overall [43][46] Question: Impact of new hires on advisor numbers - The company is hiring more internal advisors while converting some independent financial advisors (IFAs) to employees, focusing on quality over quantity [52] Question: Financial expenses and borrowing reductions - The reduction in financial expenses is attributed to a geographic shift in debt management, resulting in lower overall costs [53] Question: Guidance on EBT margin and revenue expectations - Management remains optimistic about achieving medium-term guidance for EBT margins, despite potential shortfalls in revenue growth [84]

Financial Data and Key Metrics Changes - The company reported total client assets of BRL 1.9 trillion, reflecting a 16% year-over-year growth [4] - Gross revenues reached BRL 4.9 billion, representing a 9% growth year over year [5][18] - EBIT increased by 10% year over year to BRL 1.3 billion [5] - The return on equity (ROE) was 23%, remaining flat year over year [6] - Diluted EPS grew by 13% year over year, reaching BRL 2.47 per share [24] Business Line Data and Key Metrics Changes - Retail revenues amounted to BRL 3.7 billion, showing a 6% growth year over year [18] - Corporate and industry services achieved a record BRL 729 million in revenues, marking a 32% growth year over year [18] - Life insurance retail premiums grew by 25% year over year [13] - Credit revenues increased by 11% year over year, reaching BRL 83 million in net interest income [13] Market Data and Key Metrics Changes - Retail net new money was BRL 20 billion, a decrease of BRL 5 billion compared to the previous year but three times higher than the last quarter [7] - The company maintained a 10% market share in capital markets distribution [15] - The wholesale bank maintained a leadership position with a 17% market share [16] Company Strategy and Development Direction - The company aims to become the leader in investments in Brazil by enhancing client service and introducing new products [3][10] - A focus on high-quality wealth planning services for clients with varying asset levels is being emphasized [10] - The company is transitioning to a fee-based model, which currently accounts for 21% of total retail assets under custody [11] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges faced in 2025 but expressed commitment to evolving the business for growth and profitability [4] - The company anticipates continued growth in retail net new money, targeting around BRL 20 billion per quarter [9] - Management highlighted the importance of maintaining a conservative risk profile despite strong performance in wholesale banking [25] Other Important Information - The company repurchased BRL 2 billion in shares in 2025, with a new buyback program of BRL 1 billion announced [23] - A dividend of BRL 500 million is planned for 2025, representing a 50% payout ratio based on net income [23] Q&A Session Summary Question: Expectations for wholesale business performance in Q4 - Management expects good performance in Q4, with stronger results anticipated compared to the first half of the year [26][27] Question: Details on the strategy to increase the warehousing book - The strategy involves holding high-quality assets and managing credit spread volatility effectively [27] Question: Clarification on corporate revenue increase - Corporate revenues are closely tied to debt issuance and hedging solutions, with strong performance expected to continue [30][44] Question: Insights on retail revenue growth despite fixed income contraction - The contraction in fixed income revenues is attributed to a shift in product mix and shorter durations affecting take rates [31][33] Question: Impact of workdays on revenues - Business days positively impacted floating and trading volumes, offsetting declines in equities and fixed income [49] Question: Use of AI in client advisory services - The company is leveraging AI to enhance advisor productivity and improve client service, particularly for lower-income clients [51]

Core Viewpoint - Stocks priced between $10 and $50 present a balance of affordability and stability, but investors should be cautious as some may have weak business models [1] Group 1: Stocks to Sell - **Camping World (CWH)**: - Current share price is $12.12, with a forward P/E of 15.5x [2][4] - The company has faced challenges in attracting new customers to its physical locations, leading to poor same-store sales performance [8] - **Lincoln Financial Group (LNC)**: - Current share price is $40.84, trading at 0.8x forward P/B [5][7] - The company has seen a decline in book value per share, which fell by 14.9% annually over the last five years, indicating unfavorable trends in the insurance sector [9] Group 2: Stock to Buy - **Upwork (UPWK)**: - Current share price is $16.52 [10] - The company has experienced a 9.4% annual growth in average revenue per customer over the last two years, indicating successful monetization efforts [11] - Earnings per share have grown by 123% annually over the last three years, outpacing revenue growth and enhancing profitability [11] - Free cash flow margin has increased by 29.3 percentage points in recent years, providing the company with more financial flexibility [11]

Core Insights - Voya Financial reported Q2 2025 non-GAAP EPS of $2.46, exceeding analyst expectations of $2.05, marking a 12.8% increase from Q2 2024 [1][5] - Non-GAAP net revenue for the twelve months ended June 30, 2025, was $4.16 billion, while GAAP net income available to common shareholders decreased by 19.4% to $162 million due to investment losses and severance costs [1][5] - The company faced challenges in the Employee Benefits segment, with adjusted operating margin dropping to 3.7% from 19.1% year-over-year, and net revenues declining by 13.8% [1][9] Business Overview - Voya Financial operates in three main segments: Retirement, Investment Management, and Employee Benefits, focusing on financial planning, investment, and protection solutions [3] - The company aims to expand assets under management and integrate acquisitions, such as the OneAmerica retirement business, while maintaining operational discipline [4] Quarterly Highlights - The Retirement segment showed strong performance with pre-tax adjusted operating earnings rising from $214 million in Q2 2024 to $235 million in Q2 2025, and total client assets reaching $757 billion, a 30% increase year-over-year [6] - Investment Management reported pre-tax adjusted operating earnings of $51 million, with net inflows of $1.8 billion, surpassing $1 trillion in total assets managed and administered [7][11] - Employee Benefits saw a 15% increase in pre-tax adjusted operating earnings to $69 million, but faced a 13.8% decline in net revenues and a significant drop in adjusted operating margin [8][9] Operational Achievements - Voya surpassed $1 trillion in total assets managed and administered across Retirement and Investment Management, driven by successful asset gathering and favorable market conditions [11] - The company is investing $50 million in developing leave management solutions to adapt to evolving customer needs [12] Shareholder Returns - Voya returned $44 million to shareholders through dividends in Q2 2025, maintaining a capital-light, high free cash flow approach [13] Future Outlook - Management is focused on integrating the OneAmerica business, improving margins in Employee Benefits, and driving organic growth, without providing explicit forward guidance for revenue or profit [14][15]

Financial Performance - Non-GAAP operating earnings per share were $1.30, or $1.35 after adjusting for notable items[8] - Non-GAAP operating earnings were $421 million, or $434 million adjusted for notable items, a decrease of 3% year-over-year on a per share basis[16] - The company returned $335 million to shareholders, representing an 80% payout ratio[8] Business Segment Highlights - Asset Management operating earnings increased by 19% year-over-year[8] - Retirement saw net inflows of $1.6 billion, driven by strong RILA and Institutional sales[8] - Wealth Management advisory net inflows reached $2.0 billion, supported by 8% year-over-year growth in advisor productivity[8] - AB active net inflows were $2.7 billion, with Private Markets AUM up 20% year-over-year to $75 billion[8] - Protection Solutions experienced an operating loss of $17 million due to excess Individual Life mortality[8] Capital Management and Transactions - The company purchased approximately $760 million of AB Holding units through a tender offer, increasing ownership to approximately 69% effective April 1[8] - The Individual Life transaction with RGA is on track to close mid-2025, freeing over $2 billion of capital[8] - Post-close of the Individual Life transaction, the company plans to execute $500 million of additional share repurchases, above the 60-70% payout ratio target[14] Balance Sheet and Liquidity - The company had $1.1 billion in cash at Holdings after AB and Series B preferred equity tender offers, with a combined NAIC RBC ratio of approximately 425% as of year-end 2024[8]