FINANCIAL RESULTS Q3 2025 November 2025 Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, identified by words such a ...

3Q2025 RESULTS PRESENTATION November 2025 Customary note regarding forward- looking statements This presentation release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among ...

GOLUB CAPITAL BDC, INC. EARNINGS PRESENTATION QUARTER ENDED SEPTEMBER 30, 2025 Confidential | for discussion purposes only Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: our future operating results; our business prospects and the prospects of our portfolio companies, incl ...

Summary of Alterity Therapeutics Conference Call Company Overview - **Company**: Alterity Therapeutics (NasdaqCM:ATHE) - **Focus**: Clinical stage company developing a novel drug candidate for multiple system atrophy (MSA) [1][2] Key Points Industry Context - **Disease**: Multiple system atrophy (MSA) is a serious neurodegenerative disorder with no approved therapies [3][4] - **Market Potential**: Significant market opportunity due to the lack of effective treatments, with an estimated peak sales potential of $2.4 billion globally for MSA treatment [15][28] Drug Development Progress - **Phase Two Trial**: Completed with results indicating that the drug (ATH-434) significantly slowed the decline of symptoms in MSA patients [1][5] - **Efficacy Data**: - Patients in the active treatment groups experienced a 30%-48% slower decline compared to placebo over 12 months [11] - Clinically meaningful treatment effects were observed, exceeding the threshold of 1.5 points on the Unified MSA Rating Scale [12][26] - **Safety Profile**: No significant safety signals were reported; adverse events were similar between active and placebo groups [13][14] Regulatory Designations - **Orphan Drug Designation**: Received in both the US and Europe, indicating the drug's potential to treat a rare disease [5] - **Fast-Track Designation**: Granted by the FDA, allowing for priority review and closer interaction with regulatory authorities [6] Future Development Plans - **Phase Three Preparation**: The company is actively preparing for the phase three trial, including completing non-clinical studies and engaging with the FDA [17][18] - **Timeline**: Anticipated end of phase two meeting with the FDA in the first quarter of next year [21] Commercial Insights - **Market Size**: Up to 50,000 patients in the US with MSA, though estimates vary [27] - **Physician Sentiment**: Over 70% of surveyed physicians expressed a strong likelihood to prescribe the drug if phase three data is positive [15][29] Financial Position - **Cash Reserves**: The company has over $50 million in cash, which is expected to support clinical and manufacturing activities leading up to phase three [30] Intellectual Property - **Patents Filed**: New patents filed to protect dosing ranges and clinical endpoints, as well as a patent related to the physical structure of the drug [31][32] Additional Insights - **Orthostatic Hypotension**: Recognized as a significant symptom of MSA, with the drug showing potential to stabilize or improve this condition [24][25] - **Unified MSA Rating Scale**: Considered crucial for assessing treatment efficacy, focusing on multiple domains affected by MSA [10][26] This summary encapsulates the critical aspects of Alterity Therapeutics' recent conference call, highlighting the company's advancements in drug development, regulatory progress, market potential, and financial health.

Summary of Topgolf Callaway Brands Conference Call Company and Industry - **Company**: Topgolf Callaway Brands (NYSE: MODG) - **Industry**: Golf Equipment and Entertainment Core Points and Arguments 1. **Majority Stake Sale**: Topgolf Callaway Brands announced the sale of a 60% stake in its Topgolf and Toptracer businesses to Leonard Green & Partners, valuing Topgolf at approximately $1.1 billion, with net proceeds of about $770 million expected at closing [4][5][9]. 2. **Strategic Focus**: The transaction allows Topgolf Callaway to concentrate on its core competencies in golf equipment and active lifestyle, improving capital allocation and simplifying its structure [5][8]. 3. **Retained Stake**: The company will retain a 40% equity stake in Topgolf and maintain a strategic marketing agreement, continuing as Topgolf's exclusive golf equipment partner [5][8]. 4. **Financial Performance**: Topgolf has transitioned to being free cash flow positive in 2023, with venue-level margins increasing by approximately 400 basis points [6][7]. 5. **Future Growth**: The partnership with Leonard Green is expected to accelerate Topgolf's growth, including unit expansion and improvements in same-venue sales [6][19]. 6. **Capital Allocation Strategy**: Post-transaction, the company plans to prioritize reinvestment in its business, significant debt reduction, and returning capital to shareholders [8][17]. 7. **Debt Position**: The remaining company (Remainco) is expected to have a minimal net debt position after the transaction, allowing for a strong capital position [12][33]. Other Important Content 1. **Evaluation Process**: The decision to sell rather than pursue a tax-free spinoff was based on the speed, certainty, and significant cash proceeds from the sale, along with the opportunity to participate in Topgolf's future upside [45]. 2. **Operational Changes**: The separation of Topgolf is anticipated to simplify the Remainco business, allowing for a more focused approach on golf equipment and active lifestyle [24][29]. 3. **Regulatory Approval**: The transaction is expected to close in the first quarter of 2026, pending regulatory approvals [9]. 4. **Leonard Green's Role**: Leonard Green & Partners is recognized for its success in helping high-growth companies reach their potential, making them an ideal partner for Topgolf's next chapter [5][6]. 5. **Cash Management**: Topgolf will have its own financing and liquidity post-transaction, with no significant cash transfer from Callaway [32][36]. This summary encapsulates the key points discussed during the conference call, highlighting the strategic direction and financial implications of the transaction for Topgolf Callaway Brands.

Summary of ARM's Conference Call Company Overview - **Company**: ARM Technology - **Industry**: Semiconductor and AI technology Key Points and Arguments AI and Chip Development - ARM is collaborating with Meta to optimize AI algorithms for ARM chips, with plans to potentially launch its own silicon-based chips by 2026, currently in decision-making phase [2][5][11] - Demand for AI and edge device chips is significantly unmet, contrasting with the internet bubble 25 years ago; current data center GPU and accelerator utilization is at 100% [2][6] - The development of edge AI is expected to accelerate, with more algorithms migrating from data centers to edge devices, leading to higher TOPS (trillions of operations per second) capabilities [2][9] Financial Performance - In Q3 2025, ARM's revenue reached $1 billion, a 34% year-over-year increase, with licensing revenue growing by 56% [3] - The growth was driven by enhanced design services for SoftBank and high-value licensing agreements with major companies, including a Chinese firm [3] - ARM raised its annual guidance by $100 million, while keeping EPS unchanged due to increased R&D investments in AI [3] Market Trends and Strategies - The trend in chip design is moving towards breaking down large complex chips into multiple chiplets, which can be packaged into super chips [4][12] - ARM plans to sell different functional chiplets to customers for custom assembly, avoiding direct competition and helping clients reduce time to market [13] - ARM does not foresee significant revenue decline in China due to geopolitical factors, as ARM China aims for technology localization, with a recent 20% year-over-year growth in licensing revenue [10] Collaboration and Future Outlook - ARM's partnership with OpenAI involves a $3 billion annual investment to access technology and insights crucial for developing next-generation CPUs [11] - The company is exploring the need for a complete semiconductor solution, which could enhance revenue but may lower profit margins [14][15] - ARM is focused on ensuring that future AI algorithms can run on ARM architecture, which is a core strategic direction for the coming years [20] Competitive Landscape - ARM believes that the collaboration between Intel and NVIDIA will not significantly impact its market share, as ARM chips offer lower power consumption and cost-effectiveness compared to x86 chips [19] - ARM's position in the Windows PC market is currently limited, but there are expectations for more companies to enter this space in the near future [20] Emerging Technologies - New chiplet technology has potential in the Chinese market, with TSMC leading the process, while challenges remain in energy-sensitive products like smartphones [16] - ARM is committed to addressing the technical challenges of cross-application data access for AI functionalities in edge devices [9] Conclusion - ARM is strategically positioned to capitalize on the growing demand for AI and edge computing, with strong partnerships and a focus on innovative chip design and technology localization in key markets.

Financial Data and Key Metrics Changes - Total net revenue for Q3 was RMB 5.21 billion, slightly down from RMB 5.22 billion in Q2 but up from RMB 4.37 billion a year ago [16] - Non-GAAP net income reached RMB 1.51 billion in Q3, compared to RMB 1.85 billion in Q2 [21] - Non-GAAP net income per fully diluted ADS was RMB 11.36 in Q3, down from RMB 13.63 in Q2 [21] - The effective tax rate for Q3 was 20.9%, higher than the typical rate of approximately 15% due to withholding tax provisions [21] Business Line Data and Key Metrics Changes - Revenue from credit-driven services was RMB 3.87 billion in Q3, up from RMB 3.57 billion in Q2 [16] - Revenue from platform services was RMB 1.34 billion in Q3, down from RMB 1.65 billion in Q2 [17] - The average internal rate of return (IRR) for loans originated was 20.9%, compared to 21.4% in Q2 [17] Market Data and Key Metrics Changes - The number of new credit line users grew by 9% to 1.95 million in Q3, while the average cost per credit line user declined by 8% [8] - The 90-day delinquency rate increased to 2.09% in Q3 from 1.97% in Q2 [18] - The provision coverage ratio remained near historical high at 613% in Q3 [21] Company Strategy and Development Direction - The company is focusing on risk management and enhancing AI capabilities to better serve inclusive finance needs [4] - The strategy includes optimizing the user mix by increasing the proportion of high-quality borrowers [6] - The company aims to strengthen its competitive edge through technology solutions and AI-driven initiatives [10] Management's Comments on Operating Environment and Future Outlook - The management acknowledged persistent headwinds in the consumer finance sector and the need for regulatory adjustments [4] - They expect the competitive environment to become healthier in the long run, despite short-term impacts on market size and profitability [27] - The company plans to maintain a cautious approach in business planning for the next few quarters, focusing on risk control [23] Other Important Information - The company issued RMB 4.5 billion in asset-backed securities (ABS) during Q3, up 29% year-over-year [8] - Total cash and cash equivalents were RMB 14.35 billion in Q3, compared to RMB 13.34 billion in Q2 [22] - The company plans to resume its share repurchase program after the earnings call [33] Q&A Session Summary Question: Impact of new loan facilitation rules on business model and take rates - Management indicated that the new rules will require time for adjustment, impacting market size and profitability in the near term [26] - They expect a take rate of 3%-4% in Q4 due to pricing and risk impacts, with a focus on optimizing risk strategies and improving collection efficiency [28] Question: Shareholder return and buyback plans - The company plans to resume its share repurchase program after the earnings call, with a goal to gradually increase dividend payouts [33][34] Question: Asset quality trends and expectations - Management noted early signs of stabilization in asset quality, with no further upward trend in delinquency rates observed in November [39] - They expect improvements in overall portfolio risk to take a few more months to materialize [43] Question: Implications of potential APR regulations - Management assessed that while direct impacts are limited, there may be indirect effects on liquidity and risk volatility [49] - They emphasized the importance of serving higher-quality users and optimizing pricing to maintain a balanced risk profile [50] Question: Drivers behind technology solutions loan volume growth - The technology solutions business saw significant growth due to increased collaboration with financial institutions and strong demand for AI agents [55] - The company is upgrading its technology offerings to enhance customer acquisition and risk management [56] Question: Capital heavy vs. capital light business mix outlook - In the short term, the company may lean towards capital light models due to market volatility, but expects to maintain a balanced mix over the long term [60]

Financial Data and Key Metrics Changes - Total net revenue for Q3 was RMB 5.21 billion, slightly down from RMB 5.22 billion in Q2 but up from RMB 4.37 billion a year ago [16] - Non-GAAP net income reached RMB 1.51 billion in Q3, compared to RMB 1.85 billion in Q2 [21] - Non-GAAP net income per fully diluted ADS was RMB 11.36 in Q3, down from RMB 13.63 in Q2 [21] - The effective tax rate for Q3 was 20.9%, higher than the typical rate of approximately 15% due to withholding tax provisions [21] Business Line Data and Key Metrics Changes - Revenue from credit-driven services was RMB 3.87 billion in Q3, up from RMB 3.57 billion in Q2 [16] - Revenue from platform services was RMB 1.34 billion in Q3, down from RMB 1.65 billion in Q2 [17] - The average internal rate of return (IRR) of loans originated was 20.9% in Q3, compared to 21.4% in Q2 [17] Market Data and Key Metrics Changes - The number of new credit line users grew by 9% to 1.95 million in Q3, while the average cost per credit line user declined by 8% [8] - The 90-day delinquency rate increased to 2.09% in Q3 from 1.97% in Q2 [18] - The day-one delinquency rate rose to 5.5% in Q3 from 5.1% in Q2 [18] Company Strategy and Development Direction - The company aims to prioritize risk management and enhance AI capabilities to better serve inclusive finance needs [4] - The focus will be on high-quality customers and optimizing the user mix to improve unit economics and user lifetime value [9] - The company is exploring international opportunities and believes its fintech capabilities are among the best globally [14] Management's Comments on Operating Environment and Future Outlook - The management noted persistent headwinds in China's economy and consumer finance sector, with a decline in short-term consumer loans [4] - The company expects the new regulatory environment to impact market size, risk levels, and profitability in the near term but believes it will lead to a healthier competitive landscape in the long run [27] - For Q4, the company expects non-GAAP net income between RMB 1 billion and RMB 1.2 billion, reflecting a cautious approach due to economic uncertainty [23] Other Important Information - The company issued RMB 4.5 billion in asset-backed securities (ABS) during Q3, up 29% year-over-year [8] - Total cash and cash equivalents were RMB 14.35 billion in Q3, compared to RMB 13.34 billion in Q2, indicating a strong financial position [22] - The company has executed a share repurchase program, purchasing approximately 7.3 million ADSs for $281 million [23] Q&A Session Summary Question: Impact of new loan facilitation rules on business model and take rates - Management indicated that the new rules will require time for adjustment, impacting market size and profitability in the near term, but will lead to a healthier competitive environment in the long run [26][27] Question: Shareholder return and buyback plans - The company plans to resume its $450 million share repurchase program after the earnings call, with a focus on gradually increasing dividends [33][34] Question: Asset quality trends and expectations - Management noted early signs of stabilization in asset quality, with a focus on optimizing risk strategies and improving collection efficiency [39][43] Question: Implications of potential APR regulations - Management stated that while direct exposure to consumer finance companies is limited, there may be indirect impacts on liquidity and risk volatility, leading to adjustments in risk management [46][48] Question: Drivers behind technology solutions loan volume growth - The technology solutions business saw a 200% increase in loan volume due to ramping partnerships and expanding collaboration methods with financial institutions [52][55] Question: Capital heavy vs. capital light business mix outlook - The company anticipates a flexible adjustment in the mix between capital heavy and capital light businesses, with a potential shift towards more capital light in the short term [56][57]

Financial Data and Key Metrics Changes - Total net revenue for Q3 was RMB 5.21 billion, slightly down from RMB 5.22 billion in Q2 but up from RMB 4.37 billion a year ago [16] - Non-GAAP net income reached RMB 1.51 billion in Q3, compared to RMB 1.85 billion in Q2 [20] - Non-GAAP net income per fully diluted ADS was RMB 11.36 in Q3, down from RMB 13.63 in Q2 [20] - The effective tax rate for Q3 was 20.9%, higher than the typical rate of approximately 15% due to withholding tax provisions [20] Business Line Data and Key Metrics Changes - Revenue from credit-driven services was RMB 3.87 billion in Q3, up from RMB 3.57 billion in Q2 [16] - Revenue from platform services was RMB 1.34 billion in Q3, down from RMB 1.65 billion in Q2 [17] - The average internal rate of return (IRR) for loans originated was 20.9%, compared to 21.4% in Q2 [17] Market Data and Key Metrics Changes - The number of new credit line users grew by 9% to 1.95 million in Q3, while the average cost per credit line user declined by 8% [9] - The 90-day delinquency rate increased to 2.09% in Q3 from 1.97% in Q2 [18] - The day-one delinquency rate rose to 5.5% in Q3 from 5.1% in Q2 [18] Company Strategy and Development Direction - The company aims to prioritize risk management and enhance AI capabilities to better serve inclusive finance needs [4] - The focus will be on onboarding high-quality users and optimizing the overall user mix, supported by AI-driven data models [10] - The company is exploring international expansion opportunities while maintaining a commitment to shareholder returns [15] Management Comments on Operating Environment and Future Outlook - The management noted persistent headwinds in China's economy and consumer finance sector, with a decline in short-term consumer loans [4] - The company expects the competitive environment to become more sustainable and healthier in the long run due to regulatory changes [26] - For Q4, the company anticipates generating non-GAAP net income between RMB 1 billion and RMB 1.2 billion [23] Other Important Information - The company issued RMB 4.5 billion in asset-backed securities (ABS) during Q3, up 29% year-over-year [9] - The total cash and cash equivalents and short-term investments amounted to RMB 14.35 billion in Q3, compared to RMB 13.34 billion in Q2 [21] - The company has executed a share repurchase program, purchasing approximately 7.3 million ADSs for a total of $281 million [23] Q&A Session Summary Question: Impact of new loan facilitation rules on business model and take rates - Management indicated that the new rules will impact market size, risk levels, and profitability in the near term, but will lead to a healthier competitive environment in the long run [25][26] Question: Competitive landscape after loan facilitation rules - Management noted a major shakeout in the high-pricing segment, with expectations of reduced competition for traffic and potential market consolidation benefiting the company [28][29] Question: Shareholder return and buyback plans - Management confirmed the resumption of the share repurchase program after the earnings call, with a goal of gradually increasing dividend payouts [31][32] Question: Asset quality trends and expectations - Management observed early signs of stabilization in asset quality, with a focus on optimizing risk strategies and improving collection efficiency [33][34] Question: Implications of potential APR regulations - Management assessed that while direct impact from APR regulations is limited, there may be indirect effects leading to increased liquidity pressure and risk volatility [37][39]

November 2025 inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company's growth strategies, changes in laws, rules and regulatory environments, the recognition of the Company's brand, market acceptance of the Company's products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech ...