Quarterly Supplement Q4 2025 NYSE: MTG Forward-Looking Statements As used below, "we," "our" and "us" refer to MGIC Investment Corporation's consolidated operations or to MGIC Investment Corporation, as the context requires, and "MGIC" refers to Mortgage Guaranty Insurance Corporation. This presentation may contain forward looking statements. Our actual results could be affected by the risks affecting the company which can be found in the risk factors included in our 8-K filing for the quarter ended Decembe ...

February 2026 Investor Presentation Fiscal 2026 First Quarter Financial Results Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many ...

NXP Investor Presentation Fourth Quarter 2025 February 2026 | Public | NXP and the NXP logo are trademarks of NXP B.V. All other product or service names are the property of their respective owners. © 2024 NXP B.V. Forward Looking Statements + + This document includes forward-looking statements which include statements regarding NXP's business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking st ...

3 February 2026 For personal use only Sukhinder Singh Cassidy Chief Executive Officer Claire Bramley Chief Financial Officer Diya Jolly Chief Product and Technology Officer Matan Bar Xero US CEO & Melio Co-founder Xero Limited INVESTOR BRIEFING Xero UK partner Tyler Trew, founder of Highlight Accounting and his client Rebecca Shoobert, owner of Oh Happy Creative in Leigh-on-Sea— ohhappycreative.com 1 1 IMPORTANT NOTICE This presentation is given on behalf of Xero Limited (Xero) (ASX:XRO) (Company number NZ ...

Financial Data and Key Metrics Changes - Rambus achieved record revenue and earnings for fiscal year 2025, with product revenue reaching $348 million, a 41% increase year-over-year [12][8] - Cash from operations for 2025 was $360 million, up 56% from 2024, indicating strong financial health [12][5] - Fourth quarter revenue was $190.2 million, exceeding expectations, with product revenue of $96.8 million, reflecting 32% year-over-year growth [13][12] Business Line Data and Key Metrics Changes - Product revenue for the full year was $348 million, driven by gains in DDR5 market share and new product contributions [12][8] - Silicon IP is focused on delivering solutions for AI hardware, with increasing design wins for high-speed memory and interconnect technologies [9][10] - The company reported strong traction in new products, with expectations for double-digit contributions to total product revenue in 2026 [40][41] Market Data and Key Metrics Changes - The AI and traditional server markets remained strong, driving demand for higher compute and memory performance [6][10] - Rambus increased its market share in DDR5 RCDs to the mid-40% range, reflecting growth in the DDR5 segment [30][66] - The company anticipates that the ongoing expansion of AI will reshape memory and interconnect requirements, positioning Rambus to grow faster than the market in 2026 [10][11] Company Strategy and Development Direction - Rambus aims to capitalize on trends in AI and memory technology, focusing on high-performance memory and interconnect solutions [6][10] - The company is committed to investing in its product roadmap and expanding market opportunities to drive long-term growth [5][12] - Rambus plans to maintain a diversified portfolio, with a focus on patent licensing and Silicon IP to address the accelerating demand for AI solutions [18][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to strong growth in Q2 after resolving a supply chain issue that impacted Q1 revenue [11][24] - The company expects to grow faster than the market in 2026, despite challenges in the supply chain [11][30] - Management highlighted the importance of quality management and collaboration with suppliers and customers in addressing operational challenges [57][58] Other Important Information - The company experienced a one-time supply chain issue affecting product revenue for Q1, but corrective actions have been implemented [11][22] - Rambus anticipates Q1 revenue between $172 million and $178 million, with expectations for recovery in subsequent quarters [15][16] - The company maintains a gross margin target of 60%-65%, with expectations to remain in the low 60% range moving forward [95][96] Q&A Session Summary Question: Will there be catch-up in Q2 for the revenue loss in Q1 due to the supply chain issue? - Management confirmed that the supply chain issue has been resolved and expects strong growth in Q2, with the lower Q1 revenue not changing the business trajectory [21][24] Question: What was the estimated revenue impact from the supply chain issue? - The estimated impact was around low double-digit million dollars, with expectations to recover inventory by the end of Q1 [25][59] Question: How did the RCD market share finish for 2025? - Management indicated that the company ended the year with a mid-40% share in DDR5 RCDs, with expectations to continue growing faster than the market in 2026 [30][66] Question: What is the expected contribution of PMIC to total product revenue? - PMIC is expected to grow from upper single digits in Q4 to about double-digit contributions in 2026, driven by strong customer demand [40][41] Question: How is the company positioned in the client market? - The client market contribution remains minimal, with a long-term goal of achieving 20% share, but the focus remains on the data center space [75][76] Question: Are there signs of a slowdown in new chip design starts impacting the IP business? - Management expressed optimism about the IP business, expecting continued growth in line with demand for AI solutions [81][82]

Financial Data and Key Metrics Changes - In Q4 2025, overall revenue surged 70% year-over-year, marking the highest growth rate as a public company [4] - The Rule of 40 score reached 127, up 46 points year-over-year and 13 points quarter-over-quarter [4][17] - Full-year 2025 revenue grew 56% year-over-year, with guidance for full-year 2026 revenue at $7.190 billion, representing 61% growth year-over-year [17][29] - Adjusted operating income for Q4 was $798 million, representing a 57% margin, exceeding prior guidance by 500 basis points [18][26] - Full-year adjusted free cash flow was $2.3 billion, representing a 51% margin and 82% growth year-over-year [18] Business Line Data and Key Metrics Changes - U.S. commercial business grew 137% year-over-year and 28% sequentially, while U.S. government business grew 66% year-over-year and 17% sequentially [4][18] - Fourth quarter commercial revenue grew 82% year-over-year to $677 million, with full-year commercial revenue growing 60% year-over-year to $2.073 billion [21] - Fourth quarter government revenue grew 60% year-over-year to $730 million, with full-year government revenue growing 53% year-over-year to $2.402 billion [23] Market Data and Key Metrics Changes - U.S. revenue in Q4 grew 93% year-over-year to $1.076 billion, with full-year U.S. revenue growing 75% year-over-year to $3.320 billion [19] - International commercial revenue grew 8% year-over-year in Q4 to $171 million, while full-year international commercial revenue grew 2% year-over-year to $608 million [22] - Fourth quarter international government revenue grew 43% year-over-year to $160 million, with full-year international government revenue growing 47% year-over-year to $547 million [24] Company Strategy and Development Direction - The company focuses on delivering real-world value through AI, positioning itself as a leader in enterprise software that maximally leverages AI models [5][10] - The strategy includes moving customers from AI adopters to AI-native enterprises, emphasizing the importance of speed to production and transformational scale [8][10] - The company is committed to investing in product development and elite technical talent while maintaining GAAP profitability [26][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with strong momentum, highlighting the convergence of two decades of development into current success [9] - The management noted that the demand for advanced software solutions is growing, particularly in the U.S. government sector, driven by global threats and budgetary pressures [9][41] - There is a recognition of the challenges in international markets, particularly in Europe, where adoption of advanced products is lagging [41][42] Other Important Information - The company closed its highest-ever quarter of TCV bookings at $4.3 billion, up 138% year-over-year [19][24] - Customer count grew 34% year-over-year to 954 customers, with revenue from the top 20 customers increasing 45% year-over-year to $94 million per customer [20][24] - The company ended Q4 with $11.2 billion in total remaining deal value, an increase of 105% year-over-year [25] Q&A Session Summary Question: How is the company thinking about its international business and potential reacceleration? - Management indicated that the challenge lies in the ability of allies to recognize the need for advanced products, with a focus on the U.S. market due to high demand [41][42] Question: Has there been a change in corporate hesitancy to implement AI? - Management noted that there is a shift towards customers recognizing the value of AI, with more serious inquiries and a willingness to engage in larger projects [47][51] Question: Is there potential for developing additional operational systems like ShipOS? - Management confirmed that there is interest in expanding the operational systems to other military applications, indicating a broad scope for future developments [58]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were $332 million, representing a 3% sequential improvement per billing day [10] - Fiscal 2025 revenues were approximately $1.33 billion, a decrease of roughly 5% year-over-year [21] - GAAP earnings per share for Q4 2025 was $0.30, while adjusted earnings per share was $0.43, falling below guidance due to higher healthcare costs [22] - Overall gross margins were 27.2%, down 50 basis points sequentially but up 20 basis points year-over-year [22][23] Business Line Data and Key Metrics Changes - Flex revenues in the technology business grew sequentially by 3% and in the finance and accounting (F&A) business by 5.7% in Q4 [10] - Flex revenues in the F&A business declined 2.4% year-over-year but saw 5.7% sequential growth in Q4 [16] - The average bill rate in the technology business remained steady at approximately $90 per hour over the past three years [14] Market Data and Key Metrics Changes - Sequential growth was observed in eight of the top ten industries served by the company [11] - The company noted a significant increase in demand for consulting-oriented engagements, which typically command higher bill rates [15] Company Strategy and Development Direction - The company is focusing on strategic initiatives such as the implementation of Workday for HCM and Financials, and enhancing offshore delivery capabilities in India [4] - The integrated approach to service delivery across various technologies and skill sets is a key driver of success [12] - The company aims to achieve approximately 8% operating margin when annual revenues return to $1.7 billion, which is more than 100 basis points higher than in 2022 [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recent operating trends, suggesting a return to more typical cyclicality in demand for flexible talent solutions [5][6] - The company anticipates that clients may increasingly pursue flexible talent models due to economic uncertainty and the evolving landscape of AI [7] - Management highlighted the importance of change management in successfully implementing AI initiatives, noting that many organizations are still in the early stages of adapting to these technologies [34] Other Important Information - The company announced further refinements in headcount and organizational structure to align with current revenue levels [18] - Operating cash flows were $19.7 million, and the return on equity remains at approximately 30% [26] Q&A Session Summary Question: Can you elaborate on the sequential improvement in revenue per billing day and the impact of AI? - Management noted that the positive trend in temporary and contract employment began in August 2025, coinciding with the company's sequential improvements [31] Question: What were the end-of-year dynamics observed from clients? - Clients maintained more consultants on staff towards the end of the year, leading to a stronger start in Q1 2026 compared to previous years [38] Question: How do you expect margins to hold up in 2026? - Management expects operating margins to improve in 2026 even without significant revenue growth, driven by cost efficiencies and a favorable mix of business [66]

Financial Data and Key Metrics Changes - The company reported record real estate funds from operations (FFO) of $4.8 billion, or $12.73 per share, reflecting strong financial performance [6] - Real estate FFO for the fourth quarter was $3.49 per share, a 4.2% increase from $3.35 in the prior year [11] - Domestic property net operating income (NOI) grew 4.8% year-over-year for the quarter and 4.4% for the year [11] - Portfolio NOI, including international properties at constant currency, grew 5.1% for the quarter and 4.7% for the year [11] - The company returned approximately $3.5 billion in cash to shareholders through stock repurchases and dividends [6] Business Line Data and Key Metrics Changes - The company signed over 1,300 leases totaling over 4.4 million square feet during the quarter, with more than 4,600 leases for over 17 million square feet for the year [8] - Approximately 30% of annual leasing volume consisted of new deals, indicating strong demand across the portfolio [8] - Average base minimum rents increased by 4.7% year-over-year for malls and premium outlets, with the addition of TRG properties contributing approximately 250 basis points to this growth [12] Market Data and Key Metrics Changes - Malls and premium outlets ended the year with an occupancy rate of 96.4%, while mills reached 99.2% [11] - Retailer sales per square foot for malls and premium outlets were $799 for the year, with total sales volumes growing approximately 4% in the fourth quarter and 3% for the full year [12] Company Strategy and Development Direction - The company acquired $2 billion of high-quality retail properties and completed over 20 major redevelopment projects [5][6] - The development pipeline now exceeds $4 billion, with a blended yield of 9% [10] - The company plans to enhance the merchandise mix and invest in capital upgrades at former TRG assets [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong occupancy, shopper traffic growth, and healthy retail sales, despite potential headwinds from tariffs affecting retailers [25][42] - The company expects real estate FFO of $13-$13.25 per share for 2026, with domestic property NOI growth of at least 3% [14] - Management noted that the retail demand remains strong, with a 15% increase in the leasing pipeline compared to the previous year [18] Other Important Information - The company completed approximately $9 billion in financing activities during 2025, maintaining a strong balance sheet with over $9 billion in liquidity [13] - The company paid more than $3.2 billion in common stock dividends and repurchased over 1.2 million shares [14] Q&A Session Summary Question: Details on leasing side and rent comparisons - Management indicated that new rents on leases are approximately $65 per square foot, with a 15% increase in the leasing pipeline year-over-year [17][18] Question: Early observations on the Simon Plus loyalty program - Management reported positive adoption and engagement from customers and brands, with expectations for continued growth in 2026 [20][22] Question: Insights on tenant credit and bad debt - Management acknowledged tariff pressures affecting retailers, with cautious expectations for tenant credit in 2026 [24][25] Question: Expected NOI or FFO from redevelopment projects - Management projected about $30 million contribution in 2026 from projects that are expected to stabilize [34] Question: Factors driving FFO guidance range - Management noted that sales growth could provide significant upside, with a conservative approach to budgeting [57][58] Question: Institutional appetite for higher productivity malls - Management indicated a status quo in partner investments, with no rush to buy in or out [100] Question: Expectations for luxury retail demand - Management noted mixed signals from luxury brands, with some showing growth while others are more cautious [104][106]

Financial Data and Key Metrics Changes - The company reported a record revenue of $1.13 billion for the second quarter, representing a 36% increase year-over-year and a 16% increase from the prior quarter [5][9] - Non-GAAP EPS reached a new record of $3.36 per share, exceeding guidance despite foreign exchange headwinds [5][11] - Gross margin improved to 12.4%, a 10 basis point increase from Q1, while operating margin reached 10.9%, up 30 basis points from both Q1 and the previous year [11][12] Business Line Data and Key Metrics Changes - Optical Communications revenue grew 29% year-over-year and 11% sequentially, totaling $833 million [9][10] - Telecom revenue surged to a record $554 million, up 59% from last year and 17% from Q1, with DCI revenue increasing 42% year-over-year [9][10] - Non-Optical Communications revenue was $300 million, a 61% increase from a year ago and 30% from Q1, driven by high-performance computing products [10][11] Market Data and Key Metrics Changes - The company experienced strong demand in telecom, particularly in DCI modules, which saw a 42% year-over-year growth [6][10] - Datacom revenue showed a sequential increase of 2%, with a year-over-year decline narrowing to 7% as demand strengthens [6][10] - Automotive revenue grew 12% year-over-year but slightly declined sequentially, while industrial laser revenue increased by 10% year-over-year [6][11] Company Strategy and Development Direction - The company is focused on strategic capacity expansion, with the construction of Building 10, a 2 million sq ft facility, on track for completion by the end of 2026 [7][8] - The company is converting office space into manufacturing space at its Pinehurst campus to support anticipated growth [7][8] - The management is pursuing new opportunities across all business areas, with a strong emphasis on execution and capacity expansion [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth trends across all major business areas, with the exception of automotive [7][13] - The company anticipates revenue growth in telecom, datacom, and HPC, while expecting a modest decline in automotive revenue [13] - Management highlighted the importance of operational execution and strategic capacity expansion to meet increasing demand [8][13] Other Important Information - The company ended the quarter with cash and short-term investments of $961 million, with capital expenditures of $52 million reflecting ongoing construction and capacity enhancements [12] - The company repurchased over 12,000 shares at an average price of $387 per share during the quarter [12] Q&A Session Summary Question: HPC customer ramp and production lines - Management indicated they are a little over halfway to fully ramped volume, expecting revenue from the HPC program to exceed $150 million when fully ramped [15][16] Question: Co-packaged optics and optical circuit switches - Management is working on co-packaged optics programs with three different customers and is excited about the potential of optical circuit switches [19][22] Question: Datacom transceivers supply constraints - Management confirmed they have been supply-constrained in Datacom but are making progress with a second source for lasers to alleviate constraints [26][27] Question: Telecom revenue mix - Management noted that the growth in telecom was primarily driven by DCI, with satellite communications also contributing [30] Question: New customer opportunities in telecom - Management is pursuing both new and existing customers, focusing on transceivers for hyperscalers and merchant vendors [42][43] Question: Hyperscale business ramp and margins - Management expressed confidence in growing the business further, with multiple programs ramping and a strong performance expected [51][52] Question: Currency impact on EPS - Management indicated a similar impact from foreign exchange headwinds in the upcoming quarter, with expectations to offset through operating leverage [53][56] Question: Capacity additions and timelines - Management confirmed that the Pinehurst capacity addition is happening now, with significant demand from legacy customers [89][91]

Financial Data and Key Metrics Changes - Revenue for the second quarter reached a record $1.13 billion, representing a 36% increase year-over-year and a 16% increase from the prior quarter [5][10] - Non-GAAP EPS was $3.36, exceeding guidance despite a $3 million foreign exchange revaluation loss [10][12] - Gross margin improved to 12.4%, a 10 basis point increase from Q1, while operating margin reached 10.9%, up 30 basis points from both Q1 and the previous year [12] Business Line Data and Key Metrics Changes - Optical Communications revenue grew 29% year-over-year and 11% sequentially, totaling $833 million [10][12] - Telecom revenue surged 59% year-over-year and 17% from Q1, reaching $554 million, with DCI revenue increasing 42% year-over-year [5][10] - Non-Optical Communications revenue was $300 million, up 61% year-over-year and 30% from Q1, driven by high-performance computing products [11][12] Market Data and Key Metrics Changes - Demand in the telecom sector remains strong, particularly in DCI modules and Datacom, with expectations for continued growth [8][10] - Automotive revenue grew 12% year-over-year but saw a slight decline from Q1, while industrial laser revenue increased 10% year-over-year [7][12] Company Strategy and Development Direction - The company is focused on strategic capacity expansion, with the construction of a new 2,000,000 sq ft facility on track for completion by the end of 2026 [8][9] - Continued investment in high-performance computing and co-packaged optics is expected to drive future growth [22][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth trends across all major business areas, with expectations for continued strong performance in Q3 [9][15] - The company anticipates revenue growth in telecom, Datacom, and HPC, while expecting a modest decline in automotive revenue [15][92] Other Important Information - The company ended the quarter with cash and short-term investments of $961 million, with capital expenditures of $52 million reflecting ongoing capacity enhancements [13][14] - A share repurchase program remains active, with $169 million available under the program [14] Q&A Session Summary Question: HPC customer ramp and production lines - Management indicated they are a little more than halfway to fully ramped volume, expecting revenue from the HPC program to exceed $150 million when fully ramped [18][19] Question: Co-packaged optics and optical circuit switches - Management is working on co-packaged optics programs with three different customers and sees significant potential in optical circuit switches [22][25] Question: Supply constraints on Datacom transceivers - Management confirmed they have been supply-constrained but are making progress with a second source for lasers, which should alleviate some constraints [30][32] Question: Telecom revenue growth and satellite communications - Management noted that growth in telecom was primarily driven by DCI, with optimism about both satellite communications and DCI business [34][40] Question: New customer opportunities in telecom - Management is pursuing both existing and new customers, emphasizing their role as a pure contract manufacturer without competing products [46][47] Question: Timeline for transceiver designs for hyperscalers - Management indicated they are quarters away from meaningful revenue from new transceiver designs, having worked on them for over 18 months [49][50] Question: Currency impact on EPS - Management expects similar foreign exchange headwinds in Q3, with a projected 20-30 basis point impact on gross margin [58][60] Question: Capacity additions and Pinehurst campus - Management confirmed that the Pinehurst campus is converting office space into manufacturing space, adding about 120,000 sq ft of capacity [93][94]