Q4 Earnings Conference Call January 20, 2026 Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Legal Disclaimers This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry, and the economy generally. Words such as "anticipates," "believes," "e ...

Financial Performance & Production - TRX Gold achieved record quarterly gold production of 6,597 ounces and sales of 6,492 ounces in Q1 2026, a 35% increase over Q1 2025[13] - The company realized an average gold price of approximately $3,860/oz in Q1 2026, up from $2,653/oz in Q1 2025[13] - Q1 2026 revenue reached $25.1 million with an adjusted EBITDA of $13.2 million, demonstrating improved cash flow and margins[13, 18] - The company's cash balance increased to $9.2 million, up $1.4 million from Q4 2025[13] Operational Growth & Expansion - The company is on track to achieve its fiscal 2026 guidance of 25,000 – 30,000 ounces of gold at an average cash cost of $1,400 - $1,600/oz[13, 19] - The company is expanding its processing facility, featuring a 3,000+ tpd sulphide processing circuit and a 1,000 tpd oxide/transition circuit[14] - The company's ROM stockpile increased from 15,162 ounces at August 31, 2025, to 19,698 ounces as of November 30, 2025[13] Future Outlook & Exploration - The company anticipates capital expenditures of $15 – $20 million focused on plant upgrades and expansion[19] - The company plans exploration expenditures of $3 – $5 million, including resource drilling on the Main Zone and exploration drilling on Stamford Bridge and Eastern Porphyry[19, 53] - A robust 2025 PEA outlines an underground expansion with an average of approximately 62,000 oz Au per year over 17.6 years, and an after-tax NPV 5% of $1.2 billion at $4,000/oz Au[11, 30]

Financial Performance - Total revenue reached $13.9 billion, or $14.0 billion ex-notables, marking a 7% increase[4, 11] - Fee revenue totaled $11.0 billion, up 8%, or 9% ex-notables, demonstrating broad-based strength[4, 11] - Net interest income (NII) amounted to $3.0 billion, a 1% increase, driven by an 11% growth in average interest-earning assets, partially offset by a 10bps decline in net interest margin (NIM)[11] - Expenses totaled $10.2 billion, up 7%, or $9.8 billion ex-notables, up 5%, primarily due to business and technology investments[11] - Diluted EPS, excluding notable items, reached $10.30, a 19% increase[4, 7] Business Segments - Record Assets Under Custody and/or Administration (AUC/A) of $53.8 trillion at quarter-end[4, 18] - New servicing fee revenue wins in FY2025 totaled $333 million[4, 18] - Record Assets Under Management (AUM) of $5.7 trillion at quarter-end, with total net inflows of $181 billion in FY2025[4] - Foreign exchange (FX) trading volumes increased by 14%, and securities on loan increased by 17% in FY2025[4] Capital and Liquidity - Capital return of $635 million to common shareholders, resulting in a total payout ratio of 92%[56] - Standardized CET1 ratio at quarter-end was 11.7%, a 0.4%pts increase QoQ[56]

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]

Financial Performance & Outlook - Ondas' Q4 2025 revenue is estimated between $27 million and $29 million, a 51% upside compared to the prior target of $18.5 million[21] - The company's FY 2025 revenue is projected between $47.6 million and $49.6 million, a 23% increase from the previous target of $39.5 million[21] - Backlog reached $65.3 million by Q4 2025, a 180% increase from $23.3 million on November 13, 2025[25] - Ondas anticipates revenue between $170 million and $180 million in 2026, compared to a prior target of $140 million[27] Strategic Growth & Capital Allocation - Ondas has a pro forma cash balance exceeding $1.5 billion as of Q4 2025, adjusted for a $1 billion equity offering[25] - The company intends to use its capital to accelerate team growth, supply chain improvements, customer delivery, strategic programs, and overall ecosystem scaling[29] - Ondas Capital plans to deploy $150 million to accelerate the transition of unmanned and dual-use technologies into U S and European production[168] Market & Technology - The company estimates a global Total Addressable Market (TAM) of approximately $117 billion and a Serviceable Available Market (SAM) of around $7.5 billion for C-UAS, UAS, and UGV markets[47] - Ondas is involved in a $1 Billion DoW program to rapidly field small attack UAS at industrial scale[135, 140] - The company aims to create a unified "Systems of Systems" architecture integrating ISR, counter-UAS, robotics, and sensing into scalable, autonomous defense solutions[35]

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]

Rockdale Site Acquisition - Riot acquired 200 acres of land in Rockdale for $96 million, funded by selling 1,080 bitcoin[8, 10] - The acquisition unlocks the ability to fully utilize Rockdale's 700 MW power capacity for data center leasing[10, 11] - Eliminating the ground lease saves approximately $130 million[8, 11] AMD Data Center Lease - Riot executed a data center lease with AMD for an initial capacity of 25 MW, expandable to 200 MW[8, 13] - The contract value is $311 million over the initial 10-year term[8, 13] - The initial 25 MW will be delivered in two phases, starting in January 2026 and completed in May 2026[8, 13, 15] - The lease is expected to generate $25 million in annual NOI[13] Financial Position and Funding - Riot has $406 million in total cash and 18,005 bitcoin valued at $1.7 billion as of late 2025/early 2026[19] - The company plans to fund data center initiatives primarily through the sale of bitcoin[21] - An illustrative 3,134 BTC held on the balance sheet are required to be sold for project equity financing for current developments[21] Data Center Growth and Valuation - Riot is building a 1 GW+ critical IT leasing pipeline[25, 26] - The total portfolio NOI range is estimated at $1.6-2.1 billion[27] - Riot currently trades among the lowest EV/MW multiples in the sector[31]

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]

Acquisition Overview - Worthington Steel will acquire Kloeckner & Co for €11 per share in cash[11, 40, 57] - The implied enterprise value of the acquisition is $2.4 billion[40] - Approximately 42% of Kloeckner shares are already committed to accepting the offer[16, 39, 51] Strategic Rationale - The acquisition is expected to deliver $150 million in annual run-rate synergies by the end of FY 2028[13, 39, 47, 51, 59] - The combined company's sales are projected to be $9.5 billion, with an EBITDA margin of 70% including run-rate synergies[39, 43] - The acquisition creates the second-largest service center in North America[13, 34, 59] Financial Impact - The transaction is expected to be substantially accretive to Worthington Steel's EPS within the first full year of operation[14, 39, 44] - The expected pro forma net leverage at closing is approximately 40x[39, 51, 53, 56] - The target net leverage is approximately 25x within 24 months[13, 39, 53, 56, 59] Kloeckner's Business - Kloeckner has TTM sales of $63 billion and TTM shipments of 42 million tons[16] - Kloeckner's net debt was $12 billion as of September 30, 2025[16] - Distribution share in sales mix reduced from approximately 37% in 2021 to approximately 13% in 2025[22]

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]