Full Year 2025 Financial Results and Business Update Disclaimer A Leading Specialty Vaccine Company This presentation does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, Valneva SE shares to any person in the USA or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Valneva is a European company. Information distributed is subject to European disclosure requirements that are different from those of the United States. Financial sta ...

Financial Data and Key Metrics Changes - The company reaffirmed its guidance for fiscal 2026, indicating a significant step-up in financial performance expected in Q4 [3][4] - The company has seen improvements in household penetration, baseline volume, distribution, and market shares, which are critical for sustainable growth [4][6] - The company expects meaningful improvements in both top line and bottom line performance in Q4 and beyond [5][6] Business Line Data and Key Metrics Changes - In North America Retail, investments in brand remarkability are resonating with consumers, leading to improved household penetration and baseline growth [4][6] - The Pet segment is also experiencing growth, particularly in the cat feeding portfolio, with efforts to accelerate growth through the Love Made Fresh initiative [4][6] - The company is maintaining competitiveness in North America Foodservice and International markets, although challenges remain [4][6] Market Data and Key Metrics Changes - The company is focusing on enhancing margins and prioritizing resources on brands with the strongest growth potential, as evidenced by the decision to sell its Brazil business [5][6] - The international segment will concentrate on key global platforms, including super premium ice cream and pet food, which have better growth prospects [5][6] Company Strategy and Development Direction - The company is committed to improving organic sales results while maintaining industry-leading margins and efficiency through transformation initiatives [6][7] - The strategy includes a focus on innovation and renovation of core products, particularly in North America Retail and Pet segments [7][8] - The company aims to improve dollar share performance in North America Retail as pricing investments stabilize [7][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while there is still work to be done, the current strategy is yielding positive results and confidence in future performance is high [4][6] - The company anticipates stable to growing volume as a key enabler for restoring margins, with expectations for improved price mix and productivity from transformation initiatives [39][44] - Management noted that consumer stress levels are higher than pre-COVID, impacting promotional activity and pricing dynamics [35][36] Other Important Information - The company has successfully achieved its goal of over 5,000 coolers for the Love Made Fresh product line and is focusing on improving on-shelf availability and product turns [27][29] - The company is experiencing a high single-digit decline in the snacks segment, primarily driven by challenges in the hot snacks category, particularly with the Totino's brand [60][62] Q&A Session Summary Question: Expectations for volume growth in fiscal 2027 - Management aims to increase competitiveness in dollar terms in fiscal 2027, with a focus on innovation and improved marketing [12] Question: Competitive landscape and pricing dynamics - The company has seen positive price mix trends and expects to close price gaps with competitors, particularly in the Pillsbury and cereal categories [18] Question: Performance of new products - New product innovation is tracking at about 25% growth in North America Retail, with strong consumer response to recent launches [22][24] Question: Food service segment performance - The food service segment has seen volume declines, particularly in bakery flour, but management remains confident in overall competitiveness [53][55] Question: Inflation and cost pressures - Management anticipates inflation pressures to remain in line with the current year, with labor being a significant component of cost structure [43][44] Question: Retailer inventory adjustments - The company has seen fluctuations in retailer inventories, particularly in the Pet segment, but expects a neutral impact in Q4 [69][70]

Financial Data and Key Metrics Changes - Backlog reached a record $19.9 million, an increase of $12.4 million and 165% year-over-year [10] - Pipeline expanded to $163.9 million, up $74.7 million and 84% year-over-year [10] - Revenue for Q3 2026 was $0.5 million, down from $0.8 million in Q3 2025; revenue for the nine months ended January 31, 2026, was $2.1 million, down from $4.5 million in the same period last year [11] - Gross profit for Q3 2026 was a loss of $0.8 million, compared to a gross profit of $0.2 million in Q3 2025 [12] - Net losses for Q3 2026 were $11.4 million, compared to $6.7 million in Q3 2025 [13][14] Business Line Data and Key Metrics Changes - Significant portion of the pipeline is associated with defense and security programs, indicating a strategic focus on these areas [4] - The company is advancing its integrated autonomous docking and charging solution, transitioning from prototype to full-scale build [5] - The operational data accumulated from real-world maritime environments is enhancing mission readiness and informing product improvements [7] Market Data and Key Metrics Changes - The company is expanding its global operational footprint, with shipments to Greece and ongoing customer operations in international defense and commercial markets [5] - Approximately half of the backlog is from North America, with the remainder split between Latin America and parts of the Middle East [20] Company Strategy and Development Direction - The company aims to enable autonomous systems to operate persistently offshore, supporting long-duration missions without traditional logistics [5] - The strategy focuses on building a global maritime autonomy infrastructure layer, positioning the company as a platform provider rather than just a product provider [8] - Continued engagement with government and commercial customers is expected to drive future growth [15] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand signals across core markets, with backlog and pipeline levels significantly higher than a year ago [15] - The organization is aligned to support growth, focusing on execution, reliability, and delivering consistent solutions [16] Other Important Information - The company has a cash position of $7.2 million as of January 31, 2026, compared to $6.9 million at the beginning of the fiscal year [14] - Operating expenses increased due to higher non-cash stock-based compensation and increased headcount to strengthen competitive position [12][13] Q&A Session Summary Question: Visibility on backlog delivery cadence and categorization by geography or customer type - Management confirmed that a portion of the $19.9 million backlog is due for immediate delivery, with contracts for the Department of Homeland Security expected to start recognizing revenue soon [18][19] Question: Prospects for contracts in UAE waters - Management stated that assets are in the country and local staff are working on supporting shipping and safe port operations [22] Question: Inclusion of recurring revenues from Merrows in backlog - Management clarified that while there are no specific Merrows contracts, the Homeland Security contract utilizes the Merrows platform for data streaming [23][24] Question: Expectations for positive gross margins going forward - Management indicated that improvements in gross margins are expected as larger scale deployments are initiated [26] Question: Competition for potential orders and confidence in pipeline conversion - Management expressed confidence in the conversion of the $164 million pipeline to backlog, citing a well-positioned team and less competition in their market segment [27][28] Question: Status of defense engagements in Latin America - Management reported ongoing exercises in Latin America and discussions for deploying buoys for surveillance operations [33][34] Question: Inventory strategy and pre-build activity - Management confirmed that inventory growth reflects pre-building buoys to accelerate delivery and that this strategy will continue [35] Question: Expansion beyond Coast Guard into other DHS components - Management highlighted that their team’s clearance enables participation in discussions with various DHS components, positioning them for future opportunities [36]

Common Stock: Series A 10% Preferred Stock: Nasdaq: STRR Nasdaq: STRRP A Diversified Holding Company Creating Shareholder Value through Organic Growth, Acquisitions, and Share Repurchases Q4 2025 Earnings Call March 18, 2025 www. s ta requi ty.com 1 Forward-Looking Statements "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains statements that the Company believes to be "forward-looking statements" within the meaning of Section 27A of the Securities ...

Kimball Electronics Conference Call Summary Company Overview - **Company**: Kimball Electronics (NasdaqGS:KE) - **Industry**: Electronics Manufacturing, specifically in automotive, industrial, and medical sectors - **History**: Established over 65 years ago, spun out from Kimball International 11 years ago to become a publicly traded company [2][3] Core Markets - **Automotive**: Focus on steering and braking systems - **Industrial**: Climate controls and off-highway equipment, referred to as the "green and clean" vertical - **Medical**: Full assembly of medical devices, including drug delivery systems and surgical instruments; recently opened a state-of-the-art CMO facility in Indianapolis [3][4][5] Strategic Focus - **Shift to Healthcare**: Two years ago, Kimball made a strategic decision to focus more on the healthcare sector, leveraging its electronics and plastics molding capabilities to enhance supply chain stickiness and improve positioning with customers [6][7] - **Investment in Facilities**: The company is investing in state-of-the-art facilities to support its medical strategy, including a new facility in Indianapolis with cold chain and cleanroom capabilities [8][48] Financial Performance - **Q2 Results**: Reported a 15% growth in the medical segment, with growth across all geographies and multiple programs; other segments, particularly automotive, faced challenges due to the loss of a large program [21][22][23] - **Revenue Guidance**: Raised revenue guidance for the full year to approximately $1.4 billion, driven by growth in the medical vertical [26][25] - **Margin Improvement**: Gross margin improved due to operational efficiencies and cost management, with adjusted operating income margins expected to rise from 4%-4.5% to potentially 6%-7% in the long term [27][56][59] Competitive Differentiation - **Full Assembly Capability**: Kimball offers full and final assembly for medical customers, which is attractive as many customers prefer to focus on R&D rather than manufacturing [17][18] - **Unique Product Offerings**: Examples include auto-injectors with integrated electronics that provide user prompts, showcasing vertical integration and innovation [19][20] Key Growth Areas - **Drug Delivery Systems**: Significant growth potential in the auto-injector market, particularly with the rise of GLP-1 medications; the company sees opportunities beyond current known drugs [38][39] - **Microfluidics and Surgical Instruments**: Interest in smaller, more efficient medical devices that require advanced manufacturing capabilities [40] Customer Relationships - **Customer Concentration**: Philips is a key customer, contributing over 10% of revenue through multiple divisions; Kimball aims to maintain long-term relationships and expand offerings to existing customers [42][44] - **New Customer Acquisition**: The goal is to add approximately five new customers annually to refresh the portfolio and drive growth [44] Facility Expansion - **New Facility**: The recently opened 300,000 sq ft facility in Indianapolis is designed to support growth and demonstrate capabilities to customers, with options for further expansion [48][49][50] M&A Strategy - **Acquisition Criteria**: Focus on expanding geographies and adjacencies that complement existing capabilities; looking for opportunities that enhance the portfolio and customer relationships [52][53] Conclusion - **Long-term Outlook**: The company is optimistic about achieving higher operating income margins and overall growth, driven by strategic investments in healthcare and operational efficiencies [56][59]

INVESTOR PRESENTATION Sidoti March 2026 Small-Cap Conference March 18, 2026 Information included or incorporated by reference in this presentation may contain forward-looking statements. This information may involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different than the future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involv ...

Summary of General Motors Conference Call Company Overview - **Company**: General Motors (GM) - **Key Speaker**: Paul Jacobson, Chief Financial Officer Core Industry Insights - **Focus on Digital Revenue**: GM is emphasizing the growth of its OnStar digital platform, which is seen as a significant long-term opportunity for revenue expansion [1][4] - **Connected Vehicles**: The company is transitioning from traditional vehicle sales to a model that includes ongoing revenue from connected services, targeting not just initial sales but also subsequent owners of vehicles [7][8] - **Software Margins**: The margins from software services in the connected business are expected to surpass those from traditional vehicle sales over time [9] Financial Highlights - **Deferred Revenue Growth**: GM anticipates that its deferred revenue will approach $7.5 billion by 2026, with a significant portion already locked in from subscriptions [22][27] - **Recognized Revenue**: The company expects to recognize approximately $3 billion in revenue this year, with a focus on converting prepaid customers to subscription services [27][22] - **Customer Engagement**: Over 50% of customers are upgrading from the basic OnStar package to premium offerings, indicating strong customer engagement and revenue potential [14][15] Strategic Initiatives - **Expansion of OnStar Services**: The OnStar platform is evolving to include features like remote vehicle control, security services, and AI-driven functionalities, enhancing customer experience and engagement [12][13][30] - **Autonomous Driving Strategy**: GM is preparing for the launch of Level 3 autonomy with the Cadillac Escalade IQ in 2028, which is expected to create significant revenue opportunities [45][47] - **Global Expansion**: The company is expanding its services internationally, with a focus on markets like South Korea, the Middle East, and Europe [26] Market Conditions - **Regulatory Environment**: GM is adapting to changes in U.S. regulations, including the rollback of emission standards, which allows for a focus on higher-margin internal combustion engine (ICE) vehicles [53][56] - **Demand Environment**: Despite concerns about consumer demand due to higher gas prices, GM reports stable sales and a strong product portfolio that includes affordable vehicles [62][63] Capital Allocation - **Investment Strategy**: GM plans to increase capital expenditures to $10 billion-$12 billion for 2026 and 2027, focusing on product investment and manufacturing improvements [71][75] - **Shareholder Returns**: The company is actively repurchasing shares, viewing its stock as undervalued compared to historical and industry benchmarks [80] Additional Insights - **Customer Retention**: The company has seen a 30%-40% renewal rate for its Super Cruise subscription, with factors influencing non-renewals including local driving habits and limited highway use [41][42] - **AI Integration**: GM is exploring AI applications across various business functions to enhance efficiency and reduce costs [50][51] This summary encapsulates the key points discussed during the conference call, highlighting GM's strategic focus on digital revenue, customer engagement, and market adaptability.

Summary of Dow's 2026 Conference Call Company Overview - **Company**: Dow (NYSE:DOW) - **Date of Conference**: March 18, 2026 - **CEO**: Jim Fitterling, CEO since 2018, with a long tenure at Dow since 1984 Key Market Insights - **Macroeconomic Landscape**: Dow is focused on internal actions amidst geopolitical tensions, particularly in the Middle East, and is adapting to changing macroeconomic conditions for 2026 [2][3] - **Self-Help Actions**: Ongoing self-help measures are yielding positive results, with a focus on cost structure and business transformation [3][4] - **Polyethylene Market**: January saw record high sales volumes for polyethylene, with a global price increase of $0.10 per pound announced in March, and an additional increase of $0.15 per pound in North America [4][5] Supply Chain and Pricing Dynamics - **Supply Constraints**: Up to 50% of polyethylene supply is offline or constrained due to Middle East events, leading to historically low inventory levels across the value chain [5][6] - **Feedstock Prices**: Rising feedstock prices, particularly naphtha in Asia, are impacting the global cost curve and leading to operating rate reductions in high-cost assets [4][5] - **Logistics Uncertainty**: Global logistics have become uncertain, affecting supply chains and pricing strategies [5][6] Financial Performance and Projections - **EBITDA Improvement**: Targeted actions are expected to deliver approximately $3 billion in EBITDA uplift over the next few years, with $500 million in cost savings anticipated by the end of 2026 [7][8] - **Transform to Outperform Initiative**: This initiative aims for at least $2 billion in near-term EBITDA improvements, with $500 million expected this year [8][9] - **Cash Flow Management**: Dow aims for $5 billion in EBITDA generation, with a conservative estimate of 50% translating to cash flows, maintaining CapEx at $2.5 billion [131][132] Strategic Initiatives - **Operational Efficiency**: Dow is consolidating executive roles to unify working capital ownership and enhance innovation [9][10] - **Customer Partnerships**: Upgrading commercial fundamentals and raw material sourcing to better meet customer needs [10][11] - **Sustainable Growth**: Evaluating target sites for additional productivity and growth improvements [10][11] Regional Market Dynamics - **Europe vs. Asia**: The competitive landscape in Europe is improving due to higher co-product values, while Asia's demand post-Lunar New Year remains uncertain but traditionally strong [6][60] - **Ethylene Production**: Dow's integrated ethylene production in the Americas is a significant advantage, with 25 billion pounds of advantaged ethylene capacity [71][72] Specialty Plastics Outlook - **Volume Growth**: Specialty plastics, particularly in wiring and cable applications, are expected to see good volume growth, while housing-related elastomers may face slower demand [85][91] Challenges and Risks - **Middle East Conflict**: The ongoing conflict is causing significant supply chain disruptions and uncertainty in pricing and logistics [12][30] - **Sadara Operations**: Dow's Sadara facility is experiencing reduced rates due to inventory constraints, with a focus on managing financial responsibilities with Aramco [138][145] Conclusion - **Long-Term Resilience**: Dow is committed to maintaining operational and financial discipline while navigating current market challenges to enhance shareholder value [10][11]

Union Pacific (NYSE:UNP) 2026 Conference Summary Company Overview - **Company**: Union Pacific - **Date**: March 18, 2026 - **Speakers**: Jim Vena (CEO), Jennifer Hamann (CFO) Key Points Industry and Company Performance - Union Pacific ended the year as the safest Class I railroad based on Federal Railroad Administration (FRA) statistics, with a focus on safety and service improvements [12][13] - The railroad industry had its best year in 2025, with Union Pacific achieving a 24% reduction in the number of trains operated while handling increased traffic [13] - Union Pacific's terminal capacity has improved, with the Englewood terminal in Houston increasing from 2,200 to over 3,000 cars capability [13] Operational Metrics - Freight car velocity has improved, leading to reduced inventory needs for customers [15] - The operating ratio has been optimized, reflecting strong workforce productivity and operational efficiency [16] - In the first quarter of 2026, Union Pacific reported flat car loadings, with intermodal and automotive segments facing challenges, while industrial loads increased by 4% [18][19] Financial Insights - Fuel prices have risen from an expected $2.35 to approximately $2.70 per gallon, impacting expenses for the quarter [20] - The company anticipates about $30 million in merger costs for the quarter [21] - Capital expenditures for the year are projected at $3.3 billion, reflecting a strategic approach to investment [52] Merger and Strategic Outlook - Union Pacific is in the process of merging with Norfolk Southern, with a strong focus on enhancing service levels and operational efficiency [23][58] - The merger is expected to provide a competitive advantage, allowing for improved service and cost efficiency [23][58] - The company is committed to addressing regulatory concerns and stakeholder feedback during the merger review process [55][56] Market Conditions and Demand - Demand for industrial products is showing positive growth, particularly in the Texas Gulf Coast region, while residential housing construction remains weak [19] - The company is optimistic about maintaining service quality and customer communication to support business growth [48] Environmental Considerations - Union Pacific emphasizes its environmental efficiency, stating that rail transport is 70% more greenhouse gas efficient than trucking [83] - The anticipated increase in traffic due to the merger is not expected to significantly impact communities, as operational efficiencies have already reduced the number of trains [84][86] Cultural Integration - The merger with Norfolk Southern is expected to bring together two strong cultures focused on service and safety [90] - Union Pacific management has engaged with Norfolk Southern employees to ensure a smooth integration process [92] Additional Insights - The company is prepared to address competitive pressures from other major railroads, emphasizing the strength of its network and operational capabilities [80] - Union Pacific is open to reciprocal switching and committed gateways to enhance service offerings and competition [74][75] This summary encapsulates the key discussions and insights from the Union Pacific conference, highlighting the company's operational performance, strategic initiatives, and market outlook.

Summary of Dow Chemical's 2026 Conference Call Company Overview - **Company**: Dow Chemical (NYSE: DOW) - **CEO**: Jim Fitterling, CEO since 2018, with a long tenure at Dow since 1984 Key Industry Insights - **Market Dynamics**: The underlying demand conditions remain largely unchanged, but supply situations are evolving positively, impacting order books favorably [3][4] - **Polyethylene Pricing**: A $0.10 per pound price increase for polyethylene was announced globally in March, with an additional increase planned for April [4] - **Inventory Levels**: Industry inventory is below the five-year average, indicating strong working capital discipline and three years of destocking [4][21] - **Global Logistics**: Up to 50% of polyethylene supply is offline or constrained due to the Middle East conflict, leading to historically low inventory levels across the value chain [5] Financial Performance and Projections - **EBITDA Improvement**: Targeting approximately $3 billion of EBITDA uplift over the next few years, with $500 million in cost savings expected by the end of the year [8][9] - **Transform to Outperform Initiative**: Expected to deliver at least $2 billion in near-term EBITDA improvements, with $500 million anticipated this year [9][10] - **Cost Structure**: The completion of cost efforts and asset actions is projected to provide a $1 billion EBITDA improvement in 2026 [9] Strategic Actions - **Self-Help Measures**: Ongoing self-help actions are progressing well, focusing on cost structure and growth strategies [2][3] - **Operational Efficiency**: Plans to shut down high-cost upstream assets to strengthen competitive positioning [9] - **AI and Automation**: Implementing AI and automation to redesign workflows and improve operational efficiency [10][11] Customer and Market Engagement - **Customer Demand**: Strong demand from Asian customers, with Dow's order books booked out as much as possible [46][55] - **Regional Dynamics**: The company is monitoring demand post-Lunar New Year in Asia, which typically sees strong demand [57] Challenges and Risks - **Middle East Conflict**: The ongoing conflict has created significant supply chain pressures, with potential long-term impacts on operations and pricing [14][28] - **Naphtha Pricing**: Rising naphtha prices are affecting high-cost producers, which could lead to margin restoration in Europe [35][42] Future Outlook - **Volume Growth**: Limited volume growth expected in specialty plastics due to slower housing demand, but strong demand in electrical infrastructure and telecommunications is anticipated [81][87] - **Cash Flow Management**: Aiming for $5 billion in EBITDA generation, with a conservative estimate of 50% translating to cash flows [127] Conclusion - Dow Chemical is focused on navigating current market challenges while implementing strategic initiatives to enhance operational efficiency and financial performance. The company remains optimistic about future demand and pricing dynamics, particularly in the context of ongoing geopolitical tensions and evolving supply chain conditions.