DEEP DIVE BNP Paribas Asset Management 17 March 2026 Deep Dive Asset Management – 17 March 2026 | 1 DISCLAIMER The figures included in this presentation are unaudited. As a reminder, on 16 March 2026, BNP Paribas published quarterly series for 2025, restated to reflect, among other things,. This presentation reflects this restatement. Figures in this presentation, include a restated presentation of IPS business lines for 2025 to include IPS Investments and Real Estate Services (excluding BNP Paribas Real Es ...

Summit Midstream Corporation Fourth Quarter and Full-Year 2025 Results & 2026 Guidance March 16, 2026 Forward-Looking Statements, Legal Disclaimers & Use of Non-GAAP Investors are cautioned that certain statements contained in this presentation are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, any statement that may project, i ...

RESULTS 4Q25 AND 2025 SAFE HARBOR STATEMENT This presentation does not contain projections or estimates of future events. However, it may include forward-looking statements that indicate potential trends related to Sabesp, based on the reasonable expectations, beliefs, and assumptions of the Company's management. The use of expressions such as "projects," "estimates," "anticipates," "foresees," "plans," "expects," and similar terms shall not be construed as forecasts or guidance for purposes of applicable r ...

Full-Scale Prototype 1st Flight on Dec.19, '25 4 Q 2 5 & F Y 2 0 2 5 U P DAT E M a r c h 1 6 , 2 0 2 6 This information belongs to Eve and cannot be used or reproduced without written permission from the Company. LATEST PRODUCT DEVELOPMENT ACHIEVEMENTS Flight Campaign Intensifying High engagement with authorities / suppliers This information belongs to Eve and cannot be used or reproduced without written permission from the Company. This information belongs to Eve and cannot be used or reproduced without wr ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $179 million, with full-year revenue reaching $688 million, marking significant growth [3][10] - The company produced 1,718.3 Bitcoin in Q4 and 6,595.6 Bitcoin for the full year [3][11] - The net loss attributable to shareholders for 2025 was $622 million, primarily due to transformation costs and impairment losses [4][13] Business Line Data and Key Metrics Changes - Revenue from the Bitcoin mining business in Q4 was $172.4 million, with an average cost to mine Bitcoin of $84,552 per coin [10][11] - Revenue from the automobile trading business was $4.8 million in Q4 and $9.8 million for the full year, indicating limited growth compared to Bitcoin mining [11] Market Data and Key Metrics Changes - The company captured approximately 4%-5% of the global Bitcoin network hash rate, with a hash rate of 50 exahash per second [5] - The average cost to mine Bitcoin increased to $84,000 in Q4 2025 due to market pressures [5] Company Strategy and Development Direction - The company transitioned from traditional auto finance to Bitcoin mining, optimizing its listing structure and enhancing its competitive edge [2][3] - A new subsidiary, EcoHash, was established to focus on AI computing, leveraging existing infrastructure for high-performance computing [8][9] - The company aims to optimize operations by phasing out older mining machines and relocating computing power to regions with lower electricity costs [7][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by market volatility but emphasized long-term opportunities in AI and Bitcoin mining [9] - The company is focused on maintaining balance sheet strength and financial flexibility amid market fluctuations [20][21] Other Important Information - The company completed a $10.5 million capital injection and secured an additional $65 million in funding to support operations [7] - A strategic decision was made to sell 4,451 Bitcoin to reduce debt and enhance liquidity [6][25] Q&A Session Summary Question: How does EcoHash position itself in the AI compute market? - EcoHash focuses on targeted opportunities in AI inference rather than replacing traditional data centers, leveraging existing energy networks for faster deployment [16][17] Question: What drives the decision to sell Bitcoin holdings? - The shift reflects a focus on maintaining balance sheet strength amid market volatility, moving towards strategic monetization [19][20] Question: How will the company fund AI development amid Bitcoin price volatility? - The company plans to use proceeds from Bitcoin sales and new capital injections to support AI initiatives while maintaining a disciplined investment strategy [24][25] Question: What is the expected timeline for the AI compute network? - The AI pilot in Georgia is expected to take 4-6 months for validation, with potential revenue generation anticipated within the year [36][40] Question: How much of the hash rate is considered inefficient? - The classification of inefficient capacity is complex, but the company aims to optimize its mining fleet while prioritizing AI investments [41][42] Question: What is the outlook for the automobile trading business? - The automobile trading business is expected to grow organically, but no additional capital will be allocated to it as focus shifts to AI initiatives [45][46]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $179 million, with full-year revenue reaching $688 million, marking significant growth [3][10] - The company produced 1,718.3 Bitcoin in Q4 and 6,595.6 Bitcoin for the full year [3][11] - The net loss attributable to shareholders for 2025 was $622 million, primarily due to transformation costs and impairment losses [4][13] Business Line Data and Key Metrics Changes - Revenue from the Bitcoin mining business in Q4 was $172.4 million, while for the full year it was $675.5 million [10][11] - The automobile trading business generated $4.8 million in Q4 and $9.8 million for the full year, indicating limited growth compared to Bitcoin mining [11] Market Data and Key Metrics Changes - The company captured approximately 4%-5% of the global Bitcoin network hash rate, with a hash rate of 50 exahash per second [5] - The average cost to mine Bitcoin in Q4 was $84,552 per coin, with an all-in cost of $106,251 per coin [10] Company Strategy and Development Direction - The company transitioned from traditional auto finance to Bitcoin mining, establishing a global distributed mining network [2][3] - A new subsidiary, EcoHash, was created to focus on AI computing, leveraging existing infrastructure for high-performance computing [8][19] - The company aims to optimize operations by phasing out older mining machines and relocating computing power to regions with lower electricity costs [7][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by market volatility but emphasized long-term opportunities in AI and Bitcoin mining [9] - The company is focused on maintaining balance sheet strength and reducing financial leverage in response to market conditions [21][22] Other Important Information - The company completed a $10.5 million capital injection and secured an additional $65 million in funding [7][28] - A strategic decision was made to sell 4,451 Bitcoin to reduce debt and enhance liquidity [6][27] Q&A Session Summary Question: How does EcoHash position itself in the AI compute market? - EcoHash focuses on targeted opportunities in AI inference rather than replacing traditional data centers, leveraging existing energy networks for faster deployment [18][19] Question: What drives the decision to sell Bitcoin holdings? - The shift reflects a focus on maintaining balance sheet strength amid market volatility, moving towards strategic monetization [21][22] Question: How will the new funding be allocated between mining and AI initiatives? - The company plans a phased investment strategy, with initial funding for AI coming from internal capital and later phases supported by structured financing [27][28] Question: What is the expected timeline for the AI compute network? - The AI pilot in Georgia is expected to take 4-6 months for validation, with potential revenue generation anticipated within the year [41][42] Question: How much of the hash rate is considered inefficient? - The classification of inefficient capacity depends on mining machine models and power prices, with a focus on optimizing operations rather than immediate capital investment [43][44] Question: What is the outlook for the automobile trading business? - The company expects organic growth in the auto trading sector but will not allocate further capital to it, focusing instead on AI initiatives [46][47]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $179 million, with full-year revenue reaching $688 million, marking significant growth [3][10] - The company produced 1,718.3 Bitcoin in Q4 and 6,595.6 Bitcoin for the full year, indicating strong operational performance [3][11] - The net loss attributable to shareholders for 2025 was $622 million, primarily due to transformation costs and impairment losses [4][13] Business Line Data and Key Metrics Changes - Revenue from the Bitcoin mining business in Q4 was $172.4 million, while for the full year it was $675.5 million [10][11] - The automobile trading business generated $4.8 million in Q4 and $9.8 million for the full year, showing limited growth compared to Bitcoin mining [11] Market Data and Key Metrics Changes - The company captured approximately 4%-5% of the global Bitcoin network hash rate, with a hash rate of 50 exahash per second [5] - The average cost to mine Bitcoin in Q4 was $84,552 per coin, with an all-in cost of $106,251 per coin, reflecting rising operational costs [10] Company Strategy and Development Direction - The company has transitioned from traditional auto finance to Bitcoin mining, establishing a global distributed mining network [2][3] - A new subsidiary, EcoHash, has been created to focus on AI computing, leveraging existing infrastructure for high-performance computing [7][8] - The strategy includes optimizing operations by phasing out older mining machines and relocating computing power to regions with lower electricity costs [6][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by market volatility but emphasized long-term opportunities in AI and Bitcoin mining [9] - The company plans to maintain a focus on efficiency rather than scale in 2026, aiming to strengthen its balance sheet and operational resilience [33][35] Other Important Information - The company completed a $10.5 million capital injection and secured an additional $65 million in funding to support its initiatives [6][14] - A significant portion of Bitcoin holdings was sold to reduce debt and enhance financial flexibility amid market volatility [5][21] Q&A Session Summary Question: How does EcoHash position itself in the AI compute market? - EcoHash focuses on targeted opportunities in AI inference rather than replacing traditional data centers, leveraging existing energy networks for faster deployment [17][18] Question: What drives the decision to sell Bitcoin holdings? - The decision was made to maintain balance sheet strength amid market volatility, shifting from a pure accumulation strategy to strategic monetization [20][21] Question: How will the company fund AI development amid Bitcoin price volatility? - The company plans to use proceeds from Bitcoin sales and new capital injections to support AI initiatives while maintaining a disciplined investment strategy [26][27] Question: What is the expected timeline for the AI compute network? - The AI pilot in Georgia is expected to take 4-6 months for validation, with some revenue anticipated within the calendar year [40][41] Question: How much of the hash rate is considered inefficient? - The classification of inefficient capacity is complex, but the company aims to phase out older machines and optimize operations [42][43] Question: What is the outlook for the automobile trading business? - The automobile trading business is expected to grow organically, but no additional capital will be allocated to it as focus shifts to AI initiatives [46][47]

Financial Data and Key Metrics Changes - Full-year group revenue reached RMB 13.6 billion, an increase of 3.8% year-over-year, while net profit rose to RMB 2.5 billion, a 6.6% increase from the previous year [11] - Full-year transaction volume was RMB 200 billion, down 2.9% year-over-year, reflecting regulatory uncertainty in China [12] - International business volume increased by 38.6%, with revenue rising by 32.0% year-over-year, contributing 31% of revenue for the quarter, up from 21% a year ago [12][13] Business Line Data and Key Metrics Changes - In China, loan origination volume moderated to CNY 38.7 billion, with an outstanding loan balance of CNY 68.3 billion in Q4 [17] - Vintage loss for new loan origination stabilized at 3.0%, while the outstanding loan portfolio risk increased, with CM2 rising from 0.61% to 0.77% for the quarter [18] - International markets, including Indonesia and the Philippines, achieved full-year profitability, contributing over $15 million in combined operating profit [20] Market Data and Key Metrics Changes - In Indonesia, transaction volume reached a historical high of $0.3 billion, reflecting a 10% growth quarter-over-quarter [39] - The unique borrower base in international markets grew to 3.8 million, a 133.8% increase year-over-year [39] - In the Philippines, total transaction volume reached $0.2 billion, a 64% growth year-over-year, with embedded e-commerce partnerships contributing 43% of the country's volume [42][70] Company Strategy and Development Direction - The company aims to grow international revenue to 50% by 2030, leveraging a "LEGO+" strategy to integrate capabilities across markets [13][31] - The recent acquisition of Fundo in Australia is part of the strategy to enter developed markets, which are seen as ripe for digital transformation [75][78] - The focus for 2026 includes sharpening risk models, refining operations, and optimizing funding costs to improve unit economics [79] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in navigating regulatory changes in China and emphasized a focus on high-quality operations and customer acquisition [55][56] - The company anticipates a decline in full-year 2026 group revenue between 5% and 15% year-over-year due to regulatory impacts [46] - Management highlighted the importance of maintaining a proactive customer acquisition strategy and adapting to market conditions [58] Other Important Information - The company accelerated its buyback program, repurchasing $107 million worth of shares in 2025, with a commitment to meaningful shareholder returns [29][45] - The company launched an emergency humanitarian response in Indonesia, reflecting its commitment to ESG efforts [28] Q&A Session Summary Question: Shareholder return policy and sustainability of buyback momentum - The company plans to maintain buyback momentum despite regulatory uncertainties, with $40.7 million repurchased in Q1 2026 [51][52] Question: Update on operational targets for the domestic market - The focus will be on high-quality operations, with expectations for lower transaction volume in Q1 due to seasonal factors [54][55] Question: Trends in delinquency rates and credit cycle outlook - Day one delinquency has trended down to around 5%, with early risk indicators showing signs of recovery [63] Question: Revenue contribution from overseas markets and customer acquisition strategies - International revenue is expected to account for roughly 30% of total revenue in 2026, with systematic customer acquisition strategies in place [65][66]

Financial Data and Key Metrics Changes - Full-year group revenue reached RMB 13.6 billion, an increase of 3.8% year-over-year, while net profit rose to RMB 2.5 billion, a 6.6% increase from the previous year [11] - Full-year transaction volume was RMB 200 billion, down 2.9% year-over-year, reflecting regulatory uncertainty in China [12] - International business volume increased by 38.6%, with revenue rising by 32.0% year-over-year, contributing 31% of revenue for the quarter, up from 21% a year ago [12][13] Business Line Data and Key Metrics Changes - In China, loan origination volume moderated to CNY 38.7 billion, with an outstanding loan balance of CNY 68.3 billion in the fourth quarter [17] - Vintage loss for new loan origination stabilized at 3.0%, while the outstanding loan portfolio risk increased, with CM2 rising from 0.61% to 0.77% for the quarter [18] - International markets, including Indonesia and the Philippines, achieved full-year profitability, contributing over $15 million in combined operating profit [20] Market Data and Key Metrics Changes - In Indonesia, transaction volume reached a historical high of $0.3 billion, reflecting a 10% growth quarter-over-quarter [39] - The unique borrower base in international markets grew to RMB 3.8 million, a 133.8% increase year-over-year [38] - In the Philippines, total transaction volume reached $0.2 billion, a 64% growth year-over-year, with embedded e-commerce partnerships contributing 43% of the country's volume [42][68] Company Strategy and Development Direction - The company aims to grow international revenue to 50% by 2030, focusing on a balanced geographic portfolio to hedge against market volatility [13][45] - The recent acquisition of Fundo in Australia is part of the strategy to enter developed markets, leveraging existing capabilities and regulatory experience [22][76] - The company is committed to refining risk models and optimizing funding costs to improve unit economics [78] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in navigating regulatory changes in China and emphasized a focus on high-quality operations and sustainability [53][54] - The company anticipates a decline in full-year 2026 group revenue between 5% and 15% year-over-year due to regulatory impacts [45] - Management highlighted the importance of maintaining a proactive customer acquisition strategy and adapting to changing market conditions [56] Other Important Information - The company accelerated its buyback program, repurchasing $107 million worth of shares in 2025, with a commitment to meaningful shareholder returns [29][44] - The company launched an emergency humanitarian response in Indonesia following severe flooding, reflecting its commitment to ESG efforts [28] Q&A Session Summary Question: Shareholder return policy and sustainability of buyback momentum - Management confirmed the acceleration of buybacks, with $40.7 million in the first quarter and a total of $107 million for 2025, indicating attractive opportunities despite regulatory headwinds [50][52] Question: Update on operational targets for the domestic market - Management stated that the focus for 2026 will be on high-quality operations, with expectations for lower transaction volume in the first quarter due to seasonal factors [53][54] Question: Trends in delinquency rates and credit cycle outlook - Management reported an increase in risk metrics but noted signs of stabilization, with day one delinquency trending down in January and February [62] Question: Revenue contribution from overseas markets and customer acquisition strategies - Management expects international revenue to account for roughly 30% of total revenue in 2026, with systematic customer acquisition strategies in place [64][66] Question: Strategic thinking behind entering developed markets - Management explained that entering developed markets like Australia allows the company to leverage its experience and build resilience against market volatility [72][74]

Financial Data and Key Metrics Changes - The company reported full-year revenue of RMB 13.6 billion, an increase of 3.8% year-over-year, and net profit rose to RMB 2.5 billion, a 6.6% increase from the previous year [7][8] - Full-year transaction volume was RMB 200 billion, down 2.9% year-over-year, reflecting regulatory uncertainty in China [8] - The international business saw significant growth, with volume increasing by 38.6% and revenue rising by 32.0% year-over-year, contributing 31% of revenue for the quarter, up from 21% a year ago [8][9] Business Line Data and Key Metrics Changes - In the mature market of China, loan origination volume moderated to CNY 38.7 billion, with an outstanding loan balance of CNY 68.3 billion in Q4 [11] - The vintage loss for new loan origination stabilized at 3.0%, while the CM2 increased from 0.61% to 0.77% for the quarter, indicating a trend in risk management [12] - The international markets, including Indonesia and the Philippines, achieved full-year profitability, contributing over $15 million in combined operating profit, with a unique user base doubling to 5.9 million [13] Market Data and Key Metrics Changes - The company operates in both developing and developed markets, with recent entry into Australia, which is characterized by high growth and scalable opportunities [10][11] - In Indonesia, transaction volume reached a historical high of $0.3 billion, reflecting a 10% growth quarter-over-quarter, while the Philippines saw a 64% growth year-over-year in total transaction volume [26][27] - The regulatory environment in Indonesia has provided clarity, allowing for increased customer acquisition investments [26] Company Strategy and Development Direction - The company aims to grow international revenue to 50% by 2030, leveraging a strategy that integrates operations across markets rather than treating each as a standalone effort [9][10] - The acquisition of Fundo in Australia is seen as a strategic move to enter a developed market with a mature regulatory framework, allowing for faster and more efficient growth [14][51] - The company is focusing on high-quality operations in China, emphasizing sustainability, compliance, and the use of AI to drive efficiencies [36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment in 2025 but expressed confidence in the company's strategic direction and resilience [7][21] - The company anticipates a phase of industry consolidation in China due to regulatory changes, positioning itself to seize opportunities [12] - For 2026, the company expects group revenue to decline between 5% and 15% year-over-year, while maintaining a focus on international growth [29] Other Important Information - The company accelerated its buyback program, repurchasing $107 million worth of shares in 2025, with a commitment to meaningful shareholder returns [20][29] - The company launched an emergency humanitarian response in Indonesia, reflecting its commitment to ESG efforts [19] Q&A Session Summary Question: Shareholder return policy and operational targets for the Chinese market - Management confirmed the continuation of the buyback momentum despite regulatory uncertainties, with a focus on high-quality operations and customer acquisition strategies in China [34][36] Question: Trends in delinquency rates and revenue contribution from overseas markets - Management reported an increase in early risk indicators but noted signs of stabilization, with expectations for international revenue to account for roughly 30% of total revenue in 2026 [40][43] Question: Strategic thinking behind entering developed markets and current competitive environment - Management explained that entering developed markets like Australia allows the company to leverage its experience in China and Southeast Asia, with a focus on building resilience and capturing growth opportunities [49][51]