Fourth Quarter Fiscal 2025 Earnings Teleconference November 21, 2025 Joseph C. Bartolacci President and Chief Executive Officer Steven F. Nicola Chief Financial Officer and Treasurer www.matw.com | Nasdaq: MATW DISCLAIMER Any forward-looking statements contained in this presentation are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, belie ...

Fiscal 2025 Earnings Presentation November 21, 2025 About This Presentation This presentation contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements use forward-looking words such as "believe," "plan," "anticipate," "continue," "estimate," "expect," "may," or other similar words and terms of similar meaning, although not all fo ...

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Q3 2025 This presentation has been prepared by Auna S.A. ("Auna" or the "Company") solely for use at this presentation. This presentation is confidential to the recipient. Accordingly, any attempt to copy, summarize or distribute this presentation or any portion hereof in any form to any other party without the Company's prior written consent is prohibited. This presentation contains forward-looking statements. Forward-looking statements convey our current expectations or forecasts of future events. These s ...

Société Générale (OTCPK:SCGL.F) Conference November 21, 2025 04:30 AM ET Speaker0All right. Good morning, everyone. Thank you for attending this session. I'm Delphine Lee from the European Banks team at J.P. Morgan. I have the pleasure to have Leopoldo Alvear today, CFO of Société Générale, with us. Thank you, Leo, for coming.Speaker2Pleasure's all mine. Thank you very much for having me over.Speaker0Great. So maybe we dive directly to capital and distribution, if you don't mind.Speaker2Okay.Speaker0I mean, ...

Summary of Commerzbank Conference Call Company Overview - **Company**: Commerzbank - **CFO**: Carsten Key Points Strategic Focus - Commerzbank is fully focused and unified in its strategy, which was announced at the beginning of the year, targeting growth and transformation by 2028 [2][3] Economic Outlook - The bank anticipates a **1.2% GDP growth** in Germany for the next year, with **0.8%** of this growth expected to be fueled by the government stimulus package [4][5] Net Interest Income (NII) - Guidance for NII has been increased to **EUR 8.4 billion** for 2026, up from an initial target of **EUR 7.7 billion** at the start of the year [6][9] - The bank expects **EUR 8.2 billion** for the current year, indicating a stable and upward trajectory for NII [9][11] Lending Growth - Corporate lending has shown strong growth at **13% year-on-year**, while mortgage growth is recovering from a depressed market [14][16] - The bank expects continued strong loan growth, particularly in the corporate segment, as stimulus packages take effect [17][19] Deposit Growth - Commerzbank has successfully attracted deposits, collecting **EUR 8 billion** through promotional offers [26] - The bank is guiding for a **43% beta** in Q4, with an average of around **40%** for the year [28] Asset Quality - The bank maintains a stable credit book with no significant concerns, expecting a risk guidance of **25 basis points** by 2028 [52][54] Capital Management - Commerzbank's capital ratio is strong at **14.7%**, with a target of **100% payout ratio** by 2028 [56][57] Fee Income - The bank is targeting a **7% annual growth** in commission income, already running at **7%** this year [38][41] Structural Hedge - The structural hedge is currently at **EUR 147 billion**, with potential to increase based on deposit growth [35] Competition and Market Dynamics - The bank acknowledges a competitive environment for deposits but has a strong depositor base and effective channels for attracting funds [62][63] Future Outlook - Commerzbank is optimistic about the impact of government stimulus on economic activity and its own business growth, particularly in lending and fee income [44][54] Additional Insights - The bank is transforming its branch setup, reducing the number of branches significantly while focusing on advisory services [50] - There is a growing trend in Germany for retail deposit collection to be price-led, but Commerzbank has managed to maintain a relatively high level of customer retention even after promotional rates expire [62][63]

Summary of Veolia Environnement Conference Call Company and Industry - **Company**: Veolia Environnement (OTCPK: VEOE.F) - **Industry**: Hazardous waste management and environmental services Key Points and Arguments Acquisition of Clean Earth - Veolia announced the acquisition of Clean Earth, a significant player in the U.S. hazardous waste sector, which will double Veolia's U.S. hazardous waste operations, positioning it as the number two in the U.S. market with projected revenues of $2 billion from hazardous waste activities [1][3][7] - The acquisition is expected to enhance Veolia's global hazardous waste revenue to approximately $6 billion [3][9] - The deal is fully cash financed, with an expected leverage ratio of around three times in 2026 and below three times in 2027 [2][18] Financial Aspects - The acquisition was secured at a multiple below 10x 2026 EV/EBITDA, with anticipated synergies of $120 million from operational efficiencies [2][18] - The integration is projected to be accretive to net income by the second year post-acquisition [2][18] - Clean Earth has shown organic annual revenue growth of nearly 7% and an EBITDA margin improvement to 17% [7][9] Strategic Importance - The acquisition aligns with Veolia's Green Up strategy, focusing on high-growth areas and enhancing its portfolio transformation towards dynamic markets [3][20] - Clean Earth provides a comprehensive network of 46 transfer stations and 90 treatment facilities across the U.S., significantly expanding Veolia's operational capabilities [6][9] - The acquisition is expected to create a nationwide complementary network, enhancing service offerings and operational efficiencies [9][23] Market Demand and Growth Potential - The U.S. hazardous waste market is experiencing sustained demand due to regulatory pressures and the need for advanced waste treatment solutions, particularly in sectors like healthcare, pharmaceuticals, and semiconductors [4][11] - Veolia anticipates mid to high single-digit revenue growth in hazardous waste, supported by megatrends such as reshoring and environmental compliance [10][28] Asset Rotation and Divestment Plans - Veolia plans to execute at least EUR 2 billion in asset disposals within two years, focusing on mature activities to streamline its portfolio [2][20] - Since the launch of the Green Up strategy, Veolia has already completed EUR 4 billion in asset rotations, with a target of EUR 8.5 billion by 2030 [20][21] Integration and Synergies - The integration of Clean Earth is expected to unlock significant operational synergies, particularly in waste disposal and transportation optimization [13][18] - The anticipated synergies are based on a detailed analysis of operational efficiencies and logistics improvements [14][82] Long-term Outlook - The combination of Veolia and Clean Earth is projected to enhance the EBITDA growth profile of the hazardous waste business to above 10% per year [10][18] - The acquisition is seen as a transformative step in Veolia's growth trajectory, reinforcing its position as a leader in the hazardous waste market [23][67] Other Important Content - The call emphasized the importance of sustainability and environmental responsibility in the hazardous waste sector, highlighting the need for modern, high-capacity solutions to meet regulatory demands [11][16] - The integration process is expected to foster a unified culture focused on excellence and long-term value creation for stakeholders [16][19]

Acquisition Highlights - Veolia is acquiring Clean Earth for an Enterprise Value of $3.0 billion (approximately €2.6 billion), which is 9.8x EBITDA 2026e post run-rate synergies[3] - The acquisition is expected to generate $120 million (approximately €105 million) in run-rate cost synergies by Year 4[3] - The transaction is expected to be EPS accretive from Year 2[3] - Veolia will fund the cash transaction through existing financial resources and debt, alongside accelerated portfolio rotation with over €2 billion disposals of mature assets[3] Strategic Impact - The acquisition doubles Veolia's size in the US Hazardous Waste sector, making it the 2 player in the US[3, 5] - Clean Earth has a network of 82 specialized sites and 700 permits across all US states[5, 9] - Clean Earth's 2022-2024 Revenue CAGR was +6.8%[9] - Veolia's US revenue will reach approximately $6.3 billion, representing 12% of Veolia Group[21] Financial Performance - Clean Earth's 2024A Revenues were $1.03 billion with $200 million EBITDA[9] - Clean Earth's FCF/EBITDA conversion is over 60%[9] - Veolia anticipates €5.2 billion (approximately $6 billion) in Revenue and €0.9 billion in EBITDA from Hazardous Waste in 2025E[16] - Veolia expects EBITDA Growth of >+10% CAGR from GreenUp 24-27[16]

Financial Data and Key Metrics Changes - For the first quarter of fiscal year 2026, consolidated revenue grew just under 1% year over year to $1.16 billion, with service revenue increasing just under 1% and purchased vehicle sales increasing nearly 2% [17] - Net income was $404 million, up 11.5% versus last year, and earnings per diluted share increased 10.8% to $0.41, driven by revenue growth and margin expansion [18] - Gross profit increased 4.9% to $537 million, with gross margin improving 184 basis points to 46.5% [17][18] Business Line Data and Key Metrics Changes - Total global units sold decreased 6.7%, with global insurance units declining 8.1% and global non-insurance units declining 1.5% [16] - In the U.S., total units sold declined 7.9%, with U.S. insurance volumes declining 9.5% [18] - U.S. purchased vehicle sales increased 10.9%, reflecting higher average sale prices which increased over 50% from the prior year period [20] Market Data and Key Metrics Changes - International revenue increased 1.6% year over year to $202 million, with international service revenues increasing 7.9% [24] - The average selling price for international insurance units declined 2.4% from the prior year period [24] - International buyers purchased vehicles that are 38% higher in value than comparable U.S. buyers [11] Company Strategy and Development Direction - The company is focusing on expanding its non-insurance vehicle business, leveraging rising total loss frequency to draw buyers for repairable vehicles [7][8] - Investments in technology, storage capacity, and logistics infrastructure are aimed at supporting long-term international growth [25] - The company continues to prioritize organic growth while remaining open to strategic acquisitions if compelling opportunities arise [73] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in insurance unit volumes is tied to changes in consumer behavior and market share shifts among insurance carriers [31] - The long-term trend of total loss frequency is expected to continue upward, despite short-term fluctuations [34] - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties and maintain operational efficiency [25][70] Other Important Information - The company ended the quarter with liquidity of approximately $6.5 billion, including cash and cash equivalents of $5.2 billion and no debt [25] - The company is focused on disciplined capital allocation to support growth while generating robust free cash flow [25] Q&A Session Summary Question: Concerns about the larger than expected decline in unit volumes - Management attributed the decline to changes in insurance coverage and consumer behavior rather than a shift in market share among competitors [31] Question: Insights on total loss frequency trends - Management indicated that total loss frequency is expected to continue its long-term upward trend, despite recent fluctuations [34] Question: Impact of ADAS technology on accident claims - Management acknowledged that safety technologies have historically reduced accident rates, but total loss frequency remains a more significant factor [42] Question: Handling of vehicles involved in severe accidents without insurance - Management confirmed that the company can capture such vehicles through its consumer business, although it is less efficient than institutional relationships [43] Question: Disparity between international and U.S. bidders - Management clarified that international buyers tend to purchase higher value vehicles, leading to a 38% higher average selling price compared to U.S. buyers [50] Question: Future capacity investments - Management stated that while capacity needs have decreased, they will continue to invest in areas where growth is projected [55] Question: Share repurchase strategy - Management emphasized a focus on capital deployment for long-term value creation, with share repurchases being a potential avenue in the future [84][87]

Financial Data and Key Metrics Changes - Global units sold decreased by 6.7% in Q1 FY2026, with fee units down 6.3% [16] - Consolidated revenue grew just under 1% year-over-year to $1.16 billion, with service revenue increasing just under 1% and purchased vehicle sales increasing nearly 2% [17] - Gross profit increased by 4.9% to $537 million, with gross margin improving by 184 basis points to 46.5% [17] - Net income rose by 11.5% to $404 million, and earnings per diluted share increased by 10.8% to $0.41 [18] Business Line Data and Key Metrics Changes - Global insurance units declined by 8.1%, or 5.6% adjusted for catastrophic events, while global non-insurance units decreased by 1.5% [16] - U.S. insurance volumes declined by 9.5%, or 7.3% excluding catastrophic events [18] - U.S. non-insurance business performed well, with dealer unit sales increasing by 5.3% [18] - U.S. purchased vehicle sales increased by 10.9%, reflecting higher average sale prices which increased over 50% from the prior year [20] Market Data and Key Metrics Changes - Total loss frequency in the U.S. was reported at 22.6%, an increase of 80 basis points year-over-year [4] - International buyers purchased vehicles at a value 38% higher than U.S. buyers, indicating strong international demand [11][50] - International revenue increased by 1.6% year-over-year to $202 million, with service revenues up 7.9% [24] Company Strategy and Development Direction - The company is focusing on expanding its non-insurance vehicle business and enhancing auction returns for insurance clients [3][8] - Investments in technology, storage capacity, and logistics infrastructure are aimed at supporting long-term international growth [25] - The company continues to prioritize organic growth while remaining open to strategic acquisitions if compelling opportunities arise [73] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer behavior is shifting towards reduced insurance coverage, impacting total loss processes [7] - The company remains confident in the long-term upward trend of total loss frequency despite recent fluctuations [34] - Management highlighted the importance of maintaining a strong balance sheet and disciplined capital allocation to support growth [25][85] Other Important Information - The company ended the quarter with liquidity of approximately $6.5 billion, including cash and cash equivalents of $5.2 billion and no debt [25] - The company is experiencing a decline in inventory levels, down over 17% from the previous year, while processing capacity is increasing [21] Q&A Session Summary Question: Concerns about the larger than expected decline in unit volumes - Management attributed the decline to changes in insurance coverage and consumer behavior rather than market share shifts [31] Question: Insights on total loss frequency trends - Management indicated that total loss frequency is expected to continue its long-term upward trend despite recent stability [34] Question: Impact of ADAS technology on accident claims - Management confirmed that safety technologies have historically reduced accident rates, but total loss frequency remains a more significant factor [41] Question: Handling of vehicles involved in severe accidents without insurance - Management stated that the company can capture these vehicles through its Cash for Cars platform, albeit less efficiently [43] Question: Disparity between international and U.S. bidders - Management clarified that international buyers tend to purchase higher value vehicles, leading to a significant price differential [50] Question: Future capacity investments - Management indicated that while capacity needs have decreased, they will continue to invest in areas with projected growth [55] Question: Market share dynamics with competitors - Management noted that the insurance industry is dynamic, with different players gaining and losing share over time [58] Question: Cash on the balance sheet and buyback strategy - Management emphasized a disciplined approach to capital allocation, prioritizing investments that create long-term value [83][87]