4Q and FY2025 Financial Highlights NYSE: STT January 16, 2026 1 4Q25 and FY2025 highlights All comparisons are to corresponding prior year period unless otherwise noted. | Ex-notablesA | | | | --- | --- | --- | | Total revenue | $3.7B | $14.0B | | | ▲7% | ▲7% | | Fee revenue | $2.9B | $11.0B | | | ▲8% | ▲9% | | Total expenses | $2.5B | $9.8B | | | ▲6% | ▲5% | | Operating leverage | 105bps | 219bps | | Fee operating leverage | 109bps | 396bps | | Pre-tax margin | 30.7% | 29.2% | | ROTCE | 21.5% | 19.6% | | E ...

Financial Performance - Net income available to common shareholders was $514 million in 4Q25[4], a decrease of 6.2% QoQ but an increase of 1.2% YoY[59] - Total revenue was $1.921 billion in both 4Q25 and FY25[4] - Adjusted non-interest expense was $1.112 billion in 4Q25[4], and $4.331 billion for FY25[4] - Pre-tax pre-provision income was $823 million in 4Q25[4] - The efficiency ratio was 56.8% in 4Q25[4] Loan and Deposit Trends - Average business loans decreased by 1% QoQ in 4Q25[11] - Average consumer loans decreased by 0.4% QoQ in 4Q25[11] - Ending deposit balances increased by 0.6% QoQ in 4Q25[15] Net Interest Income (NII) and Margin (NIM) - NII increased 2% QoQ, reaching $1.294 billion in 4Q25[16] - NIM increased 11bps to 3.70% in 4Q25[16] - Interest-bearing deposit cost was 1.85% in 4Q25[20] Outlook - The company expects full-year 2026 NII to grow between 2.5% and 4%[21] - The company expects FY26 adjusted non-interest income to grow 3% – 5%[28] - The company expects FY26 adjusted non-interest expense to be up 1.5% – 3.5%[33] - The company expects FY26 net charge-offs to be between 40 and 50 bps[41]

The Honey Pot Company Overview - The Honey Pot Company emerged in 2012 as a leading holistic feminine care brand powered by herbs[8] - The company addresses unmet needs in the feminine care industry, such as the lack of a human-first approach, inclusivity, transparency, and efficacy[9] - The brand offers a complete feminine care system powered by herbs, focusing on efficacy, community, and normalizing the normal[10] Product Portfolio and Strategy - The Honey Pot Co has 31 SKUs in personal care, 11 SKUs in menstrual needs, and 20 SKUs in consumer health & sexual wellness[13,15,17] - The company uses plant-derived ingredients and formulas designed for efficacious results, supported by clinical testing[11,19] - The brand employs a retailer-first strategy, with a strong presence in mass retail and whitespace opportunity in grocery, drug, club, and eCommerce[20] Market Position and Financials - The Honey Pot Co is an innovation leader in the growing "better-for-you" feminine wellness market[24] - The company estimates to have only 4.5% household penetration[25,28] - The company has approximately $121 million in gross sales and approximately $29 million of adjusted EBITDA[33] - The company has experienced approximately 54% gross sales CAGR since 2020[34] Transaction Details - CODI will acquire The Honey Pot Co at a $380 million enterprise value, with $347 million funded by CODI[39]

Financial Performance - Full Year 2025 - Net income reached $7.0 billion, resulting in diluted earnings per share of $16.59[7] - Total revenue increased by 7% year-over-year, driven by record net interest income (NII) and noninterest income[8] - Pretax, pre-provision earnings (PPNR) increased by 15% year-over-year (non-GAAP)[8] - The company achieved 5% positive operating leverage due to well-controlled expenses[8] Balance Sheet and Credit Quality - Total loans averaged $327.9 billion, a 3% increase year-over-year[9] - Total deposits averaged $439.5 billion, a 3% increase year-over-year[9] - The net loan charge-off ratio was 0.20%[8] FirstBank Acquisition - The acquisition of FirstBank closed on January 5, 2026, with a total consideration of $4.2 billion[8, 27] - FirstBank brings $16 billion in total loans and $23 billion in total deposits[28] Outlook for 2026 - Average loans are expected to increase by approximately 8%[31] - Net interest income is projected to increase by around 14%[31] - Total revenue is forecasted to increase by about 11%[31]

Financial Performance - Full Year 2025 (GAAP) - Revenues reached $9690 million, an increase from $9279 million in 2024[26] - Net income was $2851 million, up from $2588 million in the previous year[26] - Diluted EPS increased by +16% year-over-year (YoY)[28] - Return on Assets increased +12 bps YoY to 135%[28] - Return on Common Equity increased +73 bps YoY to 1027%[28] Financial Performance - Fourth Quarter 2025 (GAAP) - Revenues were $2475 million, compared to $2385 million in 4Q24[30] - Diluted EPS increased +21% YoY[33] - Return on Assets increased +13 bps YoY to 141%[30] - Return on Common Equity increased +112 bps YoY to 1087%[30] Balance Sheet - Average loans increased by +$11 billion QoQ[44] - Average deposits increased by +$24 billion QoQ[51] - CET1 capital ratio decreased to 1084%[85]

Wipro (NYSE:WIT) Q3 2026 Earnings call January 16, 2026 06:00 AM ET Company ParticipantsShruti Achar - Senior Digital Content CreatorSrini Pallia - CEO and Managing DIrectorSaurabh Govil - CHROAparna C. Iyer - CFONisha Chandrasekaran - Head of Investor RelationsConference Call ParticipantsUma Kannan - AnalystNone - Analyst 4None - Analyst 3None - Analyst 1None - Analyst 6None - Analyst 5None - Analyst 2Nisha ChandrasekaranWelcome, everyone, to Wipro's third quarter earnings press conference. For those of us ...

Wipro (NYSE:WIT) Q3 2026 Earnings call January 16, 2026 06:00 AM ET Company ParticipantsShruti Achar - Senior Digital Content CreatorSrini Pallia - CEO and Managing DIrectorSaurabh Govil - CHROAparna C. Iyer - CFONisha Chandrasekaran - Head of Investor RelationsConference Call ParticipantsUma Kannan - AnalystNone - Analyst 4None - Analyst 3None - Analyst 1None - Analyst 6None - Analyst 5None - Analyst 2Nisha ChandrasekaranWelcome, everyone, to Wipro's third quarter earnings press conference. For those of us ...

Financial Data and Key Metrics Changes - IT services revenue for Q3 2026 was $2.64 billion, reflecting a sequential growth of 1.4% in constant currency and 0.2% year-on-year in reported currency [3][10] - Operating margins improved to 17.6%, an increase of 40 basis points from Q2 and 10 basis points year-on-year, marking one of the best margin performances in recent years [10][11] - Adjusted net income for the quarter was INR 33.6 billion, with adjusted EPS at INR 3.21, representing a 3.5% sequential increase and flat year-on-year [11] Business Line Data and Key Metrics Changes - BFSI sector grew 2.6% sequentially and 0.4% year-on-year, while healthcare grew 4.2% sequentially and 1% year-on-year [12] - Consumer sector saw a sequential growth of 0.7% but a decline of 5.7% year-on-year, indicating mixed performance [12] - Technology and communication sectors grew 4.2% sequentially and 3.5% year-on-year, while EMR declined 4.9% sequentially and 5.8% year-on-year [12] Market Data and Key Metrics Changes - Americas 1 market unit grew 1.8% sequentially and 2.8% year-on-year, while Americas 2 declined 0.8% sequentially and 5.2% year-on-year [11] - Europe experienced a sequential growth of 3.3% but a year-on-year decline of 4.6% [11] - APMEA region grew 1.7% sequentially and 6.6% year-on-year, driven by strong performance in India, the Middle East, and Southeast Asia [12] Company Strategy and Development Direction - The company is positioning itself for an AI-first world, focusing on AI-led transformation across industries [2][3] - Strategic pillars include industry platforms and solutions, delivery platforms for AI adoption, and the Wipro Innovation Network to foster partnerships and innovation [5][6] - The company aims to maintain operational rigor and margin performance while integrating the Harman DTS acquisition to enhance engineering and AI capabilities [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted a strong pipeline of opportunities, with AI becoming central to client strategies for modernization and efficiency [19][20] - The guidance for Q4 projects IT services revenue growth of 0-2% in constant currency, factoring in the Harman DTS acquisition and fewer working days [9][15] - Management expressed confidence in maintaining margins despite challenges from large deal ramp-ups and pricing pressures [40][41] Other Important Information - The board declared an interim dividend of INR 6 per share, with total cash distributed to shareholders exceeding $1.3 billion for the financial year [15] - The company recorded two one-off charges impacting net income: INR 302 crores for graduate expenses and INR 263 crores for restructuring [13] Q&A Session Summary Question: Insights on client spending and AI revenue - Management indicated a strong pipeline and secular growth across sectors, with AI becoming a focal point for client projects [17][19] Question: Reasons for TCV decline and outlook - Management clarified that TCV bookings were strong year-to-date, with a healthy pipeline despite quarterly fluctuations [25][26] Question: Impact of geopolitical uncertainties on client decisions - Management noted that while geopolitical uncertainties exist, they do not significantly impact client decision-making at this time [31] Question: Recruitment plans and AI skills - The company is focusing on building AI skills through partnerships with universities and plans to ramp up campus recruitment [32][34] Question: Discretionary spending outlook - Management is closely monitoring discretionary spending as clients finalize budgets, with a strong pipeline expected to drive future growth [23][24]

Summary of Shanghai Henlius Biotech FY Conference Call Company Overview - **Company Name**: Shanghai Henlius Biotech (SEHK: 02696) - **Industry**: Biopharmaceuticals - **Key Products**: Four products approved by the U.S. FDA, seven by China NMPA, and four by EU EMA - **Clinical Trials**: Over 30 ongoing clinical trials and more than 50 early-stage assets - **Global Workforce**: Approximately 4,000 employees - **Manufacturing Capacity**: 80,000 liters facility in China - **Patient Impact**: Products have benefited over 950,000 patients globally [2][3][26] Core Competencies - **Clinical Operations**: In-house team operating across China, U.S., Australia, Japan, with 1,000 clinical research centers in 20 countries [3] - **R&D Capabilities**: 50+ early-stage molecules, with 70% aimed to be first best in class and 15% first in class [3] - **Regulatory Affairs**: 66 NDA approvals globally, including four BLA approvals by FDA last year [3] - **Manufacturing**: More than 1,150 commercial GMP batches certified by multiple regulatory authorities [3] Product Pipeline Highlights - **Serplulimab**: Approved for small cell lung cancer in China and EU, with ongoing studies for additional indications [4][5] - **Clinical Data**: Four-year overall survival (OS) rate of 21.9 months compared to standard care of 7.2 months [5] - **HELIX-22**: A novel HER2 mAb with a dual epitope strategy, currently in global phase three trials [7][9] - **Safety Profile**: Better safety compared to competitors, with ongoing recruitment of 600 patients [9] - **HELIX-43**: PD-L1 ADC targeting solid tumors, with significant efficacy data reported [10][11] - **Efficacy Rates**: ORR of 47.4% for EGFR wild type patients and 70% for cervical cancer at 3.0 mg/kg [11] Upcoming Milestones - **Regulatory Approvals**: Expecting accelerated approval for perioperative gastric cancer and additional indications for non-small cell lung cancer in the EU [14][15] - **Clinical Trials**: Initiating global phase 3 trials for various non-small cell lung cancer indications [12][16] - **Data Readouts**: Anticipated data from multiple studies at ASCO, including non-small cell lung cancer and ovarian cancer [17] Strategic Focus - **Next Generation Immuno-Oncology**: Emphasis on improving clinical responses to immunotherapy-resistant diseases [18][19] - **AI Technology**: Investment in generative AI for toxicity prediction and efficient screening [19] - **Biosimilars and Innovative Compounds**: Plans for 10 biosimilar launches and five innovative compound launches in the next five years [26][27] Financial Outlook - **Revenue Growth**: Projected double-digit growth with $0.7 billion in revenue for 2024 [26] - **Global Expansion**: Vision to launch over 20 products globally by 2030, with overseas revenue expected to exceed domestic contributions [26][27] Funding Strategies - **Revenue Utilization**: Leveraging sales revenue from biosimilars to fund innovative compound trials [27] - **Partnerships**: Open to licensing discussions and new collaborations to support development [27][28]

Financial Data and Key Metrics Changes - For Q4 2025, revenue decreased by 2% year-over-year, while operating income improved by 19%, and diluted earnings per share increased by 24% compared to the prior year period [11] - For the fiscal year 2025, revenue declined by 1%, while operating income increased by 4% [12] - The company executed over $25 million in tracked savings in Q4, achieving a run rate of over $100 million in annualized cost savings [15] Business Line Data and Key Metrics Changes - Intermodal volumes were down 2% year-over-year in Q4, with transcontinental volumes down 6% and eastern loads up 5% [33] - The final mile business experienced soft market demand, particularly in furniture, exercise equipment, and appliances, with expectations of a $90 million revenue headwind in 2026 due to the loss of legacy appliance-related business [21][22] - The dedicated business maintained flat operating income compared to 2024 results despite a lower fleet count, with strong new truck sales in Q4 [26] Market Data and Key Metrics Changes - Demand in Q4 aligned with expectations, with a tightening market observed around Thanksgiving [17] - Customers are consolidating logistics providers, leading to the highest customer retention since 2017 [18] - The freight market is perceived as fragile, with limited elasticity in supply, which could lead to significant changes with even small upticks in demand [41] Company Strategy and Development Direction - The company is focused on disciplined growth through operational excellence, leveraging investments in people, technology, and capacity [9] - The strategy includes repairing margins to drive long-term value for shareholders and maintaining a strong balance sheet [13] - The company aims to convert highway truckload shipments to intermodal, enhancing its competitive advantage [32] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the fragility of the freight market, indicating that small changes in demand could have larger impacts [41] - There is optimism about the potential for growth in 2026, driven by operational excellence and customer demand [19] - Management is preparing for various scenarios regarding Class 1 rail consolidation and its impact on intermodal services [31] Other Important Information - The company spent $575 million on capital reinvestment in 2025 and executed a record $923 million in share repurchases [12][13] - The company is committed to maintaining an investment-grade balance sheet while supporting dividend growth and opportunistically repurchasing shares [13] Q&A Session Summary Question: Can you elaborate on the freight market being fragile? - Management indicated that the supply side has not changed significantly since Thanksgiving, and small demand upticks could create larger market ripples due to limited elasticity [41][42] Question: What is the opportunity for cost savings in 2026? - Management expressed confidence in exceeding the $100 million cost savings target, citing successful execution of various cost initiatives [50] Question: How does the recent tighter capacity freight market impact expectations for dedicated sales? - Management noted that while it is too early to see significant changes, there is optimism due to strong new customer acquisitions and a robust sales pipeline [73]