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Investor Presentation For personal use only Important Notice and Disclaimers The information contained in this presentation (the "Presentation") has been prepared by NOVONIX Limited (ACN 157 690 830) ("the Company" or "NOVONIX") solely for information purposes and the Company is solely responsible for the contents of this Presentation. It is intended to be a summary of certain information relating to the Company as at the date of the Presentation and does not purport to be a complete description of NOVONIX ...

Financial Data and Key Metrics Changes - Grupo Financiero Galicia reported a net loss of ARS 87.7 billion for the quarter, primarily due to losses from Banco Galicia, NaranjaX, and Galicia Seguros, partially offset by profits from Galicia Asset Management [5] - The net operating income decreased by 23%, with net interest income down by 10% and loan loss provisions up by 26% [7][9] - The return on equity (ROE) for the quarter was -4.7%, while the accumulated annualized figures for the fiscal year reached 4.7% [5][12] Business Line Data and Key Metrics Changes - Banco Galicia's extraordinary expenses amounted to ARS 101.1 billion, negatively impacting financial margins due to high interest rates and increased non-performing loans [6] - Peso-denominated loans to the private sector averaged ARS 79.3 trillion, showing a 105.4% year-over-year increase, while dollar-denominated loans reached $18.3 billion, a 153.4% annual increase [4] - Net interest income decreased by 10% compared to the previous quarter, driven by a 35% increase in interest expenses [8] Market Data and Key Metrics Changes - The Argentine economy recorded a 5% year-over-year increase in economic activity during September, with a primary surplus of 0.5% of GDP [2] - The exchange rate averaged ARS 1,400 per dollar in September 2025, reflecting a 15.6% devaluation compared to June 2025 [3] - Private sector deposits in pesos averaged ARS 94.1 trillion, increasing by 53% year-over-year [4] Company Strategy and Development Direction - The company aims to improve profitability in the fourth quarter and next year, with expectations of an ROE in the low teens range for 2026 [15][16] - The focus will be on maintaining liquidity and solvency metrics while navigating high political effects and monetary volatility [12][13] - The company anticipates a peak in non-performing loans (NPLs) around March next year, with expectations of improvement thereafter [17][38] Management's Comments on Operating Environment and Future Outlook - Management noted that margins were low due to high interest rates but are expected to improve in November and December [15][66] - The company is optimistic about the economic outlook, with anticipated growth in lending and market share [35][36] - Management highlighted the importance of monitoring economic conditions and adjusting strategies accordingly, especially regarding loan origination and asset quality [108] Other Important Information - The restructuring expenses associated with the merger with HSBC Argentina amounted to ARS 105.3 billion [5] - The bank's total regulatory capital ratio decreased to 22.1%, while the tier one ratio was 21.8% [12] - The company expects to maintain a comfortable capital level, with a minimum appetite to operate at 13% to 13.5% [24] Q&A Session Summary Question: Capital ratio and ROE expectations - Analyst inquired about the capital ratio and how it relates to ROE targets, especially in light of expected peaks in NPLs [21] - Management responded that the capital ratio was impacted by bond valuations but is now stabilizing, with a comfortable capital level projected [23][24] Question: Loan origination and maturity - Analyst asked about the current state of loan origination and maturity compared to earlier in the year [22] - Management indicated a slowdown in consumer lending due to portfolio quality but expects to see longer-term commercial lending as the market stabilizes [27][28] Question: Long-term growth expectations - Analyst sought clarity on long-term growth expectations and potential private investments in Argentina [31] - Management projected a 25% growth in lending in real terms, with a focus on commercial lending and consumer lending improvements [35][36] Question: Asset quality and NPLs - Analyst questioned the confidence in the peak of NPLs and the expected cost of risk [32] - Management explained that the peak is anticipated around March, with expected improvements in asset quality driven by better origination practices [38][109] Question: Economic assumptions for inflation and interest rates - Analyst requested economic assumptions regarding inflation and interest rates for the upcoming year [88] - Management provided estimates of 30% inflation for this year and 18% for next year, with GDP growth projected at 4% for this year [89] Question: Integration costs from HSBC acquisition - Analyst inquired about any remaining integration costs from the HSBC acquisition [81] - Management confirmed that most restructuring costs have been booked, with only minor expenses expected in the fourth quarter [82]

Financial Data and Key Indicators Changes - Grupo Financiero Galicia reported a net loss of ARS 87.7 billion for the quarter, primarily due to losses from Banco Galicia, NaranjaX, and Galicia Seguros, partially offset by profits from Galicia Asset Management [5] - The net operating income decreased by 23%, with net interest income down by 10% and loan loss provisions up by 26% [7][9] - The return on equity (ROE) for the quarter was -4.7%, while the accumulated annualized figures for the fiscal year reached 4.7% [5][12] Business Line Data and Key Indicators Changes - Banco Galicia's results included ARS 101.1 billion in extraordinary expenses, negatively impacted by increased cost of risk and a decrease in financial margin due to high interest rates [6] - Peso-denominated loans to the private sector averaged ARS 79.3 trillion, showing a 9.7% quarterly increase and a 105.4% year-over-year increase [4] - Private sector dollar-denominated loans amounted to $18.3 billion, recording a 15.8% quarterly growth and a 153.4% annual increase [4] Market Data and Key Indicators Changes - The Argentine economy recorded a 5% year-over-year increase in economic activity during September, with a primary surplus of 0.5% of GDP [2] - The exchange rate averaged ARS 1,400 per dollar in September 2025, reflecting a 15.6% devaluation compared to June 2025 [3] - Private sector deposits in pesos averaged ARS 94.1 trillion in September, increasing by 5.6% during the quarter and 53% year-over-year [4] Company Strategy and Development Direction - The company aims to improve profitability in the fourth quarter and next year, with expectations of an ROE in the low teens range for 2026 [15][16] - The focus will be on maintaining liquidity and solvency metrics while navigating high political effects and monetary volatility [12][13] - The company anticipates a peak in non-performing loans (NPLs) around March next year, with expectations of improvement thereafter [17][39] Management's Comments on Operating Environment and Future Outlook - Management noted that margins were low due to high interest rates but are expected to improve in November and December [15][67] - The company is optimistic about the economic environment post-elections, with expectations of increased private investments in sectors like oil and gas, mining, and agriculture [37][39] - Management expressed confidence in maintaining a healthy capital ratio and does not foresee constraints on loan growth [24][95] Other Important Information - The restructuring expenses associated with the merger with HSBC Argentina amounted to ARS 105.3 billion [5] - The bank's estimated market share of loans to the private sector was 14.8%, and the market share of deposits was 16.4% [11] Q&A Session Summary Question: Capital ratio and origination - Analyst inquired about the capital ratio and how it relates to origination and risk-taking levels, especially in light of expected peaks in NPLs [20][21] Answer: Capital management - Management explained that the capital ratio was impacted by bond valuations but is now stabilizing, with a minimum appetite to operate at 13% [23][24] Question: Long-term expectations for lending - Analyst asked about lending expectations for the next year and potential private investments in Argentina [32][33] Answer: Growth projections - Management projected a 25% growth in lending in real terms, with a focus on commercial lending and consumer lending improvements [36][37] Question: Asset quality and NPLs - Analyst sought clarification on asset quality dynamics and expected NPL levels [73] Answer: NPL expectations - Management indicated that NPLs are expected to peak around March next year, with a target range of 4-4.5% by the end of 2026 [78] Question: Integration costs from HSBC acquisition - Analyst asked about any remaining integration costs from the HSBC acquisition [82] Answer: Integration costs - Management confirmed that most restructuring costs were booked in the third quarter, with only minor costs expected in the fourth quarter [83] Question: Economic assumptions for inflation and interest rates - Analyst requested economic assumptions for inflation and interest rates for the upcoming year [90] Answer: Economic outlook - Management provided estimates of 30% inflation for this year and 18% for next year, with GDP growth projected at 4% for this year and 3.7% for next year [90]

Financial Data and Key Indicators Changes - The net loss for the quarter amounted to ARS 87.7 billion, primarily due to losses from Banco Galicia, NaranjaX, and Galicia Seguros, partially offset by profits from Galicia Asset Management [4] - The quarter included extraordinary restructuring expenses associated with the merger with HSBC Argentina amounting to ARS 105.3 billion [4] - Net operating income decreased by 23%, with net interest income down by 10% and loan loss provisions increasing by 26% [6][8] Business Line Data and Key Indicators Changes - Banco Galicia's results included ARS 101.1 billion of extraordinary expenses, negatively affected by increased cost of risk and a decrease in financial margin [5] - Private sector dollar-denominated loans amounted to $18.3 billion, recording a 15.8% quarterly growth and a 153.4% annual increase [3] - Time deposits in pesos rose by 13.1% during the quarter and 76.3% year-over-year [3] Market Data and Key Indicators Changes - The average exchange rate was ARS 1,400 per dollar in September 2025, reflecting a 15.6% devaluation compared to June 2025 [2] - Private sector deposits in pesos averaged ARS 94.1 trillion in September, increasing by 5.6% during the quarter and 53% year-over-year [3] - The estimated market share of loans to the private sector was 14.8%, while the market share of deposits was 16.4% [10] Company Strategy and Development Direction - The company expects an improvement in profitability during the fourth quarter and next year, with a projected ROE of around 4% for 2025 and between 11% and 12% for 2026 [12][13] - The focus will be on improving margins and managing costs, with a significant reduction in headcount due to restructuring [15] - The company anticipates a peak in non-performing loans (NPLs) around March next year, followed by improvement as new, better-quality loans gain weight in the portfolio [15][27] Management's Comments on Operating Environment and Future Outlook - The management noted that the third quarter was marked by high political effects and monetary volatility, negatively affecting margins and asset quality [11] - There is an expectation of a gradual recovery in asset quality, with new origination performing better than older loans [56] - The company is optimistic about the economic environment post-elections, anticipating increased investment and lending opportunities [25][27] Other Important Information - The total regulatory capital ratio reached 22.1%, decreasing 160 basis points from the previous quarter, while the tier one ratio was 21.8% [11] - The company is monitoring liquidity and capital needs closely, with a minimum capital appetite of 13% to 13.5% [19] - The company has seen a significant reduction in dollar purchases from customers post-elections, indicating a stabilization in demand [51] Q&A Session Summary Question: Capital ratio and ROE expectations - The capital ratio was down 120 basis points from the second quarter, with expectations for ROE to improve gradually [16][30] Question: NPL peak and asset quality - The management expects NPLs to peak around March next year, with a range of 6-7% anticipated [27][28] Question: Economic assumptions for inflation and interest rates - The company forecasts GDP growth of 4% for this year and 3.7% for next year, with inflation expected to end this year at 30% and next year at 18% [47][48] Question: Loan-to-deposit ratio and liquidity - The loan-to-deposit ratio is around 99-100%, and the company is comfortable with this level, expecting deposit growth to continue [48] Question: Future funding and market conditions - The company is exploring potential debt in the market but prioritizes deposit growth as a stable funding source [34][35]

Financial Data and Key Metrics Changes - BBVA Argentina's inflation-adjusted net income for Q3 2025 was ARS 38.1 billion, a decrease of 39.7% quarter-over-quarter, resulting in a quarterly ROE and ROA of 4.7% [8][9] - The capital ratio decreased by 170 basis points to 16.7%, primarily due to the temporary impact of sovereign debt valuation, yet remains at ample levels to support growth [7][15] - The liquidity ratio reached 44.3% of deposits, down from 48.7% in the previous quarter [16] Business Line Data and Key Metrics Changes - Total loans to the private sector grew by 6.7% in real terms, with a consolidated market share of 11.39% [6][13] - Deposits increased by 10.2% in real terms, with market share rising to 10.09% [7][14] - Non-performing loan (NPL) ratio for private loans was 3.28%, below the system average, reflecting effective credit risk management [7][13] Market Data and Key Metrics Changes - Deposit rates surged from 30% in July to peaks of 70% in September due to political uncertainty and monetary policy changes [4] - The demand for exchange rate hedging increased, leading to some dollarization of deposits [4] Company Strategy and Development Direction - The company focuses on operational efficiency through strict expense control and active pricing strategies to navigate a volatile interest rate environment [3][5] - BBVA Argentina aims to maintain growth in credit and operational efficiency while managing risks associated with high NPLs [17] Management Comments on Operating Environment and Future Outlook - Management indicated that the high interest rates have negatively impacted intermediation margins and increased provisions for loan losses, but they expect a recovery in 2026 [5][35] - The company anticipates a gradual return of retail loan demand, while commercial loans, particularly in US dollars, are expected to grow significantly [45][55] Other Important Information - The bank's total operating expenses decreased by 3.4% quarter-over-quarter, attributed to proactive efficiency measures [10][11] - The bank continued dividend payments corresponding to the 2024 financial year, reflecting a commitment to shareholder value [17] Q&A Session Summary Question: Guidance on loan and deposit growth - Management confirmed maintaining guidance of 45%-50% real loan growth and 30%-35% deposit growth, with ROE expectations in the high single digits [22][23] Question: Loan growth authenticity amid economic stagnation - Management believes the loan growth is genuine, primarily driven by US dollar loans to companies, while personal loans have seen no growth due to high NPLs [23] Question: Impact of reserve requirements on liquidity and NIM - Management noted recent changes in reserve requirements that will improve liquidity and profitability, expecting NIM to stabilize and potentially increase in Q4 2025 [32][38] Question: Asset quality outlook amid rising NPLs - Management expects NPLs to rise slightly in Q4 but anticipates a decrease in 2026 as the economic environment stabilizes [34][35] Question: Optimal capital level and future capital strategy - Management aims for a capital ratio around 17% for 2025, with a comfortable minimum level slightly below 13% for future growth [46][47] Question: Risks in credit expansion post-election - Management does not foresee issues related to capital or liquidity but emphasizes caution regarding retail NPLs [54] Question: Coverage ratios and cost of risk outlook - Management is comfortable with current coverage ratios of 98%-100% for 2025, projecting improvements in 2026 [62]

Financial Data and Key Metrics Changes - In fiscal year 2025, net sales and revenues decreased by 12% to $45.7 billion, while net sales for equipment operations fell by 13% to $38.9 billion [8][12] - Net income attributable to Deere & Company was $5 billion, or $18.50 per diluted share [8][12] - For the fourth quarter, net sales and revenues increased by 11% to $12.4 billion, and net sales for equipment operations rose by 14% to $10.6 billion [8][12] - Net income for the fourth quarter decreased to $1.1 billion, or $3.93 per diluted share [8][12] Business Segment Data and Key Metrics Changes - Production and Precision Ag segment saw net sales of $4.74 billion, up 10% year-over-year, with an operating margin of 12.7% [9] - Small Ag and Turf segment reported net sales of $2.57 billion, up 7% year-over-year, but operating profit declined to $25 million due to higher costs [10] - Construction and Forestry segment's net sales increased by 27% year-over-year to $3.382 billion, with an operating margin of 10.3% [13] Market Data and Key Metrics Changes - Industry sales of large equipment in the U.S. and Canada are expected to decline by 15%-20% in fiscal year 2026, while small ag and turf demand is estimated to be flat to up 5% [10][11] - In Europe, the industry is projected to be flat to up 5%, with robust dairy sector margins [11][46] - South America is expected to see flat industry sales, with Brazilian demand tempered by high interest rates and strong global crop yields [11][12] Company Strategy and Development Direction - The company aims to manage inventory carefully and avoid oversupply while focusing on used inventory reduction [37] - Deere is committed to advancing its smart industrial journey, emphasizing technology and innovation across all production systems [19][23] - The company anticipates growth in small ag and turf, as well as construction and forestry, while entering North American large ag with lean production [67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in certain segments and geographies, despite challenges in large ag [7][8] - The company highlighted strong crop use and supportive government payments as potential upside factors [10][41] - Management acknowledged the resilience of the organization amidst a challenging market backdrop, with a focus on long-term customer value [19][67] Other Important Information - The company expects full-year net income for fiscal year 2026 to be in the range of $4 billion to $4.75 billion, with an effective tax rate between 25%-27% [17] - Cash flow from equipment operations is projected to be between $4 billion and $5 billion [17] - The company plans to resume normal capital allocation activities in 2026 after pausing buybacks in Q4 due to market uncertainty [67] Q&A Session Summary Question: How is the company thinking about offsetting the $1.2 billion tariff headwind in 2026? - The company expects to capture back some of the incremental exposure through price-cost positive expectations and will continue to execute activities to mitigate the impact [73][74] Question: Can you provide insights on the production plans and product mix implications for seasonality? - The company anticipates lower than normal seasonal production to start the year, with flexibility to adjust to demand in subsequent quarters [51][44]

Financial Data and Key Metrics Changes - Total revenue for fiscal 2025 was $562 million, with 53% derived from digital sources, indicating a significant shift towards digital reliance over legacy print business [4][11] - Digital-only subscription revenue reached $94 million, with a year-over-year growth of 16% on a same-store basis, despite challenges from a cyber incident [4][11] - Adjusted EBITDA showed growth for the second consecutive quarter, reflecting effective cost management and operational execution [6][15] Business Line Data and Key Metrics Changes - The digital marketing services business, Amplified Digital Agency, surpassed $100 million in revenue with a 5% growth on a same-store basis [5][10] - Digital subscription revenue growth was 32% annually over the last three years, significantly outpacing industry peers [8][12] - Total digital revenue for fiscal 2025 was $298 million, representing 53% of total company revenue, highlighting the successful transition to a digital-first model [11][12] Market Data and Key Metrics Changes - Digital revenue growth was 2% on a same-store basis, indicating solid momentum in the digital transformation strategy [10] - The company nearly doubled the number of clients valued at over $1 million annually, showcasing the effectiveness of its innovative solutions [10] - The digital advertising revenue from Amplified Digital Agency contributed $103 million to the total digital advertising revenue of $184 million [10][11] Company Strategy and Development Direction - The company aims to achieve $450 million in digital revenue by fiscal 2030, supported by a three-pillar digital growth strategy [5][8] - There is a focus on diversifying and expanding offerings for advertisers, with a goal of over $250 million in digital advertising revenue by 2030 [19][20] - The company is transitioning towards a predominantly digital model, with a target of 90% digital revenue by fiscal 2030 [12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive sustainable growth and deliver long-term value to shareholders, despite challenges faced in fiscal 2025 [7][15] - The company anticipates a positive lift in digital revenue and margin in 2026 as transformational projects come to fruition [15][17] - The upcoming $50 million common stock rights offering is expected to support digital transformation and deleveraging efforts [21] Other Important Information - The company executed a strategic termination of its fully funded defined benefit pension plan, enhancing balance sheet flexibility [17] - Cash costs decreased by 5% compared to the previous year, finishing at $524 million, reflecting disciplined cost management [16] - The company has identified $25 million of non-core assets for future monetization, which will improve liquidity [17] Q&A Session Summary Question: What was the total debt reduction in the fourth fiscal quarter and the full fiscal year? - The company reduced debt by $121 million since the credit agreement was launched in 2020. In fiscal 2025, excluding increases due to the cyber incident, debt was reduced by approximately $3.5 million [25] Question: No further questions were asked, and the call concluded with closing remarks from management [26]

Financial Data and Key Metrics Changes - For fiscal year 2025, net sales and revenues decreased by 12% to $45.7 billion, while net sales for equipment operations fell by 13% to $38.9 billion [8] - Net income attributable to Deere & Company was $5 billion, or $18.50 per diluted share [8] - In the fourth quarter, net sales and revenues increased by 11% to $12.4 billion, with net sales for equipment operations rising by 14% to $10.6 billion [8] - Net income attributable to Deere & Company for the fourth quarter decreased to $1.1 billion, or $3.93 per diluted share [8] Business Segment Data and Key Metrics Changes - Production and Precision Ag segment saw net sales of $4.74 billion, up 10% year-over-year, with an operating profit of $604 million and a 12.7% operating margin [9] - Small Ag and Turf segment reported net sales of $2.57 billion, up 7% year-over-year, but operating profit declined to $25 million due to higher costs [10] - Construction and Forestry segment's net sales increased by 27% year-over-year to $3.382 billion, with an operating profit of $348 million and a 10.3% operating margin [13] Market Data and Key Metrics Changes - Industry sales of large equipment in the U.S. and Canada are expected to decline by 15%-20% in fiscal year 2026, while small agriculture and turf demand is estimated to be flat to up 5% [10][11] - In Europe, the industry is projected to be flat to up 5%, with robust dairy sector margins and improving arable cash flows [11] - South America is expected to see flat industry sales, with Brazilian customer demand tempered by high interest rates and strong global crop yields [11] Company Strategy and Development Direction - The company aims to manage inventory carefully and avoid oversupply while focusing on used inventory reduction [37] - Deere is committed to advancing its Smart Industrial journey, emphasizing technology and innovation to enhance customer value [20][23] - The company anticipates growth in small ag and turf, as well as construction and forestry, while entering fiscal year 2026 with lean production in North American large ag [67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in certain segments and geographies, despite challenges in large ag [7][8] - The company highlighted strong crop use and consumption, new trade agreements, and supportive government payments as potential growth drivers [11] - Management acknowledged the resilience of the organization in navigating a challenging market environment while maintaining strong performance levels [20][26] Other Important Information - The company expects full-year net income for fiscal year 2026 to be in the range of $4 billion to $4.75 billion, with an effective tax rate between 25%-27% [17] - Cash flow from equipment operations is projected to be between $4 billion and $5 billion [17] - The company plans to resume normal capital allocation activities in 2026 after pausing buybacks in the fourth quarter of fiscal 2025 [66] Q&A Session Summary Question: How is the company thinking about offsetting the $1.2 billion tariff headwind in 2026? - The company expects to capture back some of the incremental exposure this year and some from 2025, with a plan to continue executing activities to mitigate the impact [73][74] Question: Can you provide insights on the production plans and product mix implications for seasonality? - The company anticipates net sales in production precision ag to be close to the first quarter of 2025, but margins will be significantly lower due to a lean production plan [51]

Financial Data and Key Metrics Changes - Total revenue for fiscal 2025 was $562 million, with 53% derived from digital sources, indicating a significant shift towards digital reliance over legacy print business [4][11] - Digital-only subscription revenue reached $94 million, with a year-over-year growth of 16% on a same-store basis, despite challenges from a cyber incident [4][11] - Adjusted EBITDA showed growth for the second consecutive quarter, reflecting effective cost management and operational execution [6][15] Business Line Data and Key Metrics Changes - The digital marketing services business, Amplified Digital Agency, surpassed $100 million in revenue with a 5% growth on a same-store basis [5][10] - Digital subscription revenue growth was 32% annually over the last three years, significantly outpacing industry peers [8][12] - Total digital revenue for fiscal 2025 was $298 million, representing 53% of total company revenue, highlighting the successful transition to a digital-first model [11][12] Market Data and Key Metrics Changes - Digital revenue growth was 2% on a same-store basis, indicating solid momentum in the digital transformation strategy [10] - The company nearly doubled the number of clients valued at over $1 million annually, showcasing the effectiveness of its innovative solutions [10] - The transition from 21% digital revenue in 2020 to 53% in 2025 marks a critical revenue inflection point for the company [12] Company Strategy and Development Direction - The three-pillar digital growth strategy aims for $450 million in digital revenue by 2030, focusing on digital subscriptions and advertising [5][12] - The company is committed to achieving 90% digital revenue by fiscal year 2030, reducing reliance on print products [12][21] - Investments in content, branding, and consumer marketing are expected to drive digital subscription revenue to $175 million by fiscal 2030 [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive sustainable growth and deliver long-term value to shareholders, despite challenges faced in fiscal 2025 [7][15] - The company anticipates adjusted EBITDA growth in mid-single digits for fiscal 2026, supported by ongoing digital transformation efforts [17] - The upcoming $50 million common stock rights offering is expected to enhance balance sheet flexibility and support digital transformation [21] Other Important Information - The company executed a strategic termination of its defined benefit pension plan, improving balance sheet flexibility and eliminating long-term cost uncertainty [17] - The company identified $25 million in additional non-core assets for future monetization, enhancing liquidity [17][21] - The CFO, Tim Millage, will depart in early 2026, with management expressing gratitude for his contributions [22] Q&A Session Summary Question: What was the total debt reduction in the fourth fiscal quarter and the full fiscal year? - The company reduced debt by $121 million since the credit agreement was launched in 2020, with a reduction of approximately $3.5 million in fiscal 2025, excluding increases related to a cyber incident [25] Question: No further questions were asked, and the call concluded. - The call ended with management reiterating their focus on long-term transformation for the benefit of shareholders and stakeholders [26][27]