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 ...

An MSR-Focused REIT Fourth Quarter Earnings Call Presentation February 3, 2026 Safe Harbor Statement FORWARD-LOOKING STATEMENTS This presentation of Two Harbors Investment Corp., or TWO, includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of ...

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 ...

Summary of Elite Material Conference Call Company Overview - **Company**: Elite Material (Ticker: 2383.TW) - **Industry**: Technology, specifically in the PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) sector - **Products**: CCLs and PP, with applications in communication devices, networking infrastructure, and 5G communication products [11][12] Key Points and Arguments Market Outlook - **AI PCB/CCL Shortage**: Anticipated shortages in the AI PCB/CCL sector starting from Q2 2026, driven by increased demand for new AI architectures [1][2] - **Earnings Forecast**: Earnings for 2026 and 2027 have been raised by 11.1% and 17.1% respectively, reflecting the expected growth in peripheral PCB/CCL content in new AI platforms [1][2] - **Target Price Increase**: Target price raised to TWD 2,330 from TWD 1,680, indicating a potential upside of approximately 34% [1][4] Growth Drivers - **Content Growth**: New CPU and scale-up switch boards for AI platforms are expected to drive an additional 30-50% content growth beyond mainboard growth starting from H1 2026 [2] - **Google's New Platforms**: Google's Ironwood platform, utilizing TPU v6p and new ASIC Axion CPU boards, is expected to significantly benefit Elite Material due to its large scale and expansion capabilities [2] - **Supply Chain Dynamics**: Google has provided strong forecasts for TPU demand for 2027-28, which is expected to positively impact all suppliers, including Elite Material [2] Competitive Position - **CCL Supply Shortage**: A severe shortage of T-glass CCL in ABF substrates presents an opportunity for Elite Material and other manufacturers to become alternative suppliers, as over 90% of current supply comes from Resonac [2] - **Capacity Expansion**: Elite Material plans to increase its CCL capacity significantly, with expansions in Taiwan and China, aiming for a total capacity of 8,100 k sheets/month by 2027 [15] Financial Performance - **Revenue Growth**: Projected revenues for FY25, FY26, and FY27 are TWD 94,242 million, TWD 128,360 million, and TWD 164,263 million respectively, reflecting substantial growth [3][16] - **Net Profit**: Expected net profits for FY25, FY26, and FY27 are TWD 14,450 million, TWD 22,062 million, and TWD 30,582 million respectively [3][16] - **EPS Growth**: Normalized EPS is projected to grow from TWD 41.21 in FY25 to TWD 86.29 in FY27, indicating strong profitability [3][16] Valuation Metrics - **P/E Ratio**: Current trading at 20x 2027F P/E, with a target multiple of 27x based on historical ranges [1][12] - **Dividend Yield**: Expected dividend yield to increase from 1.4% in FY25 to 3.0% in FY27 [3][12] Additional Important Insights - **Risks**: Potential risks include fluctuations in smartphone demand, slower progress in high-speed CCL/RCC, and unexpected share losses in AI server/switch markets [12] - **Sustainability Commitment**: Elite Material emphasizes sustainability in its operations, focusing on minimizing environmental impact and recycling materials [13] This summary encapsulates the critical insights from the conference call, highlighting the company's growth potential, market dynamics, and financial outlook.

Xero Investor Briefing Summary Company Overview - **Company**: Xero (OTCPK:XROL.F) - **Date**: February 02, 2026 - **Focus**: AI strategy, payment strategy, and overall business growth Key Points Industry and Market Dynamics - **AI Opportunity**: Xero sees itself as a potential net winner in the AI space, with a belief that AI can significantly expand the Total Addressable Market (TAM) for SaaS companies, with Gartner forecasting a 4x TAM expansion [2][3] - **U.S. Payments Market**: The U.S. SMB payments market represents a $29 billion TAM, with accounts payable alone being a $14 billion opportunity expected to grow to $19 billion by 2030 [40] Core Business Strategies - **AI Strategy**: Xero's AI strategy is built on four pillars: 1. Automating actions and workflows across accounting, payments, and payroll [9] 2. Providing actionable insights to help customers manage their businesses better [9] 3. Reimagining SaaS applications to be more intelligent and user-friendly [10] 4. Ensuring high accuracy in financial management systems, leveraging decision data and context graphs [11][12] - **Melio Acquisition**: The acquisition of Melio is seen as a strategic fit to combine accounting and payments, addressing critical needs for U.S. SMBs [37][38] Product Innovations - **AI Features**: - Small businesses save an average of 22 hours per month using automated actions [14] - Over 97% of help sessions are resolved without a support ticket due to AI-enabled tools [14] - The JAX chatbot has seen a 61% increase in user messages in the last three months [14] - **Bank Reconciliation Agent**: The new bank reconciliation agent automates the reconciliation process, reducing the workload from hundreds of items to just a few [19][20] - **Insights Agent**: The JAX Insights agent provides deep analysis and actionable insights, achieving over 90% accuracy [26] Customer Engagement and Feedback - **Customer Testimonials**: Customers report significant time savings and increased value in their roles as trusted advisors due to Xero's AI features [31][32] - **Subscriber Growth**: Xero has around 2 million subscribers benefiting from AI features, with over 300,000 subscribers adopting new features launched in FY 2026 [33] Monetization Strategy - **Monetization Framework**: Xero plans to bundle features across plans, provide add-ons for AI capabilities, and experiment with consumption-based pricing to align monetization with the value delivered [34][35] Future Outlook - **Focus for FY 2027**: Xero aims to embed AI features across its offerings, broaden access through add-ons, and deepen the value provided to customers with new AI agents [36] Additional Insights - **Market Friction**: The U.S. payment system is characterized by significant friction, with 20% of accounts payable volume still processed through paper checks and cash, creating opportunities for digitization [41][42] - **Melio's Role**: Melio's platform is designed to simplify bill capture and approval workflows, enhancing flexibility and choice for SMBs [43][44] This summary encapsulates the key insights from Xero's investor briefing, highlighting the company's strategic focus on AI and payments, product innovations, customer engagement, and future growth plans.

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]