Business Strategy and Portfolio Repositioning - Vermilion Energy is focused on growing excess free cash flow (EFCF) by allocating capital to global gas assets, with approximately 85% of the 2026-2030 exploration & development (E&D) capital expenditures planned for these assets[6] - The company is repositioning its portfolio towards global gas assets, expecting a greater than 40% increase in production (mboe/d) and a greater than 30% decrease in cost structure and capex/flowing boe from 2024 to 2026e[44] - Vermilion aims to increase production per share by approximately 40% over five years, driven by an 8-10% annual production per share growth rate[50] Asset Performance and Outlook - The company anticipates cumulative EFCF of approximately $1.7 billion over the next five years, with annual capital expenditures between $600-630 million[50] - Vermilion's European gas assets are expected to grow organically by approximately 5,000 boe/d from 2026 to 2030, offsetting a decline of approximately 2,000 boe/d in Ireland[124] - The Montney asset is projected to reach a target production rate of 28,000 boe/d in 2028, transitioning to EFCF generation with approximately 8 wells per year to maintain production[156, 158] Financial Position and Capital Allocation - Vermilion plans a quarterly dividend of $0.135/share in 2026[8] - The company is committed to reducing net debt to FFO ratio to less than 10x, allocating 60% of EFCF to debt repayment[233, 239] - Vermilion has $11 billion of undrawn credit capacity on its revolving credit facility[205]

Financial Highlights - The company has a strong balance sheet with $698 million in cash, inventory, and equities as of October 31, 2025[12] - The company holds 136 million pounds of U₃O₈ in inventory[16] - A $234 million equity offering was completed to accelerate the advancement of UR&C[16, 17] Production and Operations - Total cost per pound was $3435, including a cash cost per pound of $2990 and a non-cash cost per pound of $445 on 68,612 pounds of precipitated uranium and dried and drummed U₃O₈[9] - Approximately 199,000 pounds of precipitated uranium and dried and drummed U₃O₈ have been produced from Christensen Ranch as of October 31, 2025[25] - The company plans to expand its U S warehoused inventory by another 300,000 pounds through December 2025 via purchase contracts at $3705/lb[12] Development and Expansion - Irigaray plant upgrades have been completed to support 24/7 operations[9] - Six additional header houses are under construction at Christensen Ranch[9] - Burke Hollow nears operational status, setting the stage for initial operations at America's next ISR mine[9] - The Ludeman satellite project has 97 million lbs Measured and Indicated Resources, and 13 Million lbs Inferred resources[28] Strategic Initiatives - The company launched United States Uranium Refining & Conversion Corp (UR&C) to become the only vertically integrated U S company from U3O8 to UF6[9, 17]

Azetukalner Efficacy and Safety - Azetukalner demonstrated a 90.9% median percent change (MPC) reduction in monthly focal onset seizure (FOS) frequency after 48 months in the open-label extension (OLE) [92] - A subset of patients receiving 1-2 anti-seizure medications (ASMs) at double-blind period (DBP) baseline experienced a 100% monthly reduction in FOS frequency [92] - 38% of patients treated with azetukalner for at least 48 months achieved seizure freedom for one year or longer [92] - Azetukalner's safety and tolerability profile in the OLE remained consistent with the DBP [92, 73] - In the Phase 2b X-TOLE study, azetukalner showed statistically significant and dose-dependent seizure reduction, with up to a 52.8% median percent change from baseline [34] Commercial Opportunity and Market Insights - Xenon Pharmaceuticals has $555.3 million in cash, cash equivalents, and marketable securities as of September 30, 2025, with anticipated cash runway into 2027 [18] - An estimated 2.6 million adults in EU4 + UK, 3.0 million in Japan, and 0.8 million in the U.S have diagnosed epilepsy [95] - Focal onset seizures (FOS) represent the largest segment of the epilepsy population [95] - Up to 50% of epilepsy patients may require additional treatment options, presenting a significant commercial opportunity [102, 97] Clinical and Patient Burden - Depression is a significant burden for patients with FOS, highlighting the need for therapeutics that do not exacerbate mood disorders [92, 79] - Titration of anti-seizure medications (ASMs) poses a significant burden for both patients and healthcare professionals (HCPs), underscoring the need for simplified or no-titration ASMs [92, 87]

Fiscal Year 2025 Highlights - REV Group returned $120.5 million cash to shareholders in Fiscal Year 2025[7, 30] - The company achieved record consolidated free cash flow[7, 30] - Fire & ambulance throughput & efficiency gains were realized[7, 25] - REV Group continues to invest in its facilities[7, 30] - Consolidated adjusted EBITDA margin expansion was achieved[7] - A strategic merger with Terex Corporation was announced[7] Fiscal Year 2025 Consolidated Results - Net sales were $2,464 million, compared to $2,380 million in FY'24[9], excluding Bus Manufacturing Businesses, net sales were $2,217 million[9] - Adjusted EBITDA was $229.5 million, compared to $162.8 million in FY'24[10], excluding Bus Manufacturing Businesses, adjusted EBITDA was $145.2 million with a margin of 6.5%[10] Fourth Quarter Fiscal 2025 Consolidated Results - Net sales were $664.4 million, compared to $597.9 million in Q4'24[16], excluding Bus Manufacturing Businesses, net sales were $588.1 million[16] - Adjusted EBITDA was $69.7 million, compared to $49.6 million in Q4'24[17], excluding Bus Manufacturing Businesses, adjusted EBITDA was $49.9 million with a margin of 8.5%[17] Fourth Quarter Fiscal 2025 Specialty Vehicles Results - Net sales were $507.4 million, compared to $439.9 million in Q4'24[23], excluding Bus Manufacturing Businesses, net sales were $430.1 million[23] - Adjusted EBITDA was $70.5 million, compared to $50.2 million in Q4'24[23], excluding Bus Manufacturing Businesses, adjusted EBITDA was $50.5 million with a margin of 11.7%[23] - The backlog is $4.4 billion, reflecting solid order revenue for fire apparatus and ambulances[24] Fourth Quarter Fiscal 2025 Recreational Vehicles Results - Net sales were $157.2 million, compared to $158.1 million in Q4'24[27] - Adjusted EBITDA was $9.0 million, compared to $8.1 million in Q4'24[27]

Financial Performance & Production - TRX Gold achieved record quarterly gold production of 6,404 oz and sales of 6,977 oz in Q4 2025, a 37% increase over Q3 2025[15] - Fiscal Year 2025 gold production was 18,935 oz[14,16,18] - Fiscal Year 2025 revenue reached $57.6 million[14,18,19] - Adjusted EBITDA for Fiscal Year 2025 was $22.0 million, with a 38.2% margin[14,18,19] Growth & Expansion - The company is expanding the Buckreef Gold Project, targeting an average of 62,000 oz Au per year over 17.6 years through underground expansion[13,30] - A Preliminary Economic Assessment (PEA) projects a pre-tax NPV 5% of $1.9 billion and a post-tax NPV 5% of $1.2 billion at $4,000/oz Au[13,30] - Growth capital of $89 million is planned over the next 4 years for expansion[13,30] - The company is commencing build-out of a larger processing facility than contemplated in the PEA, funded from internal cash flow over the next 18–24 months[16] Resources & Exploration - The Buckreef Gold Project has Measured & Indicated Resources of 893,000 oz Au at 2.57 g/t Au and Inferred Resources of 726,000 oz Au at 2.47 g/t Au[13,35,67] - Exploration upside includes the Stamford Bridge Zone, with drill results including 37 m @ 6.86 g/t Au from 130 m[30,55,56]

TRiM BBB Platform Overview - The TRiM BBB platform facilitates subcutaneous administration for delivering siRNA to the central nervous system by crossing the blood-brain barrier[20] - The platform utilizes a TfR-targeting ligand conjugated to siRNA through a stable, non-reversible covalent linkage, ensuring stability in circulation[20] - The conjugation process is economical, using equimolar amounts of ligand and oligo, achieving a 75-80% yield consistently[26] - Cryo-EM structure shows the TRiM BBB ligand binds to the apical domain of TfR1 without interfering with endogenous Tf binding[28] Efficacy and Target Engagement - In transgenic mice expressing human Transferrin receptor, siRNA quantitation shows over 50x difference between Tg and control group, demonstrating BBB crossing[31] - Two doses of 1.5 mpk achieved ≥75% knockdown across CNS regions in mice, including deep brain[39] - In NHP, therapeutically relevant siRNA accumulation in the brain was achieved, with 0.5-1.5 µg/g across the brain on day 29[42] - ARO-MAPT achieved 70-80% MAPT mRNA reduction across all brain regions in NHP at 3 x 3 mpk, including brain stem and deep brain, with up to 85% knockdown in some cortex regions[53] Durability and Dosing - ARO-MAPT maintains ≥50% knockdown over 3 months in CNS regions in NHP, including deep brain[63] - Tau protein reduction was maintained at 50-60% up to 5 months with single 3 mpk monthly dose in NHP[67] - PK/PD modeling projects quarterly dosing of ARO-MAPT to maintain 50-70% knockdown[70]

Financial Performance & Targets - FY25 Net Sales were approximately $32 billion[21], with Natural, Conventional, and Retail segments contributing 49%, 44%, and 7% respectively[21] - FY25 Adjusted EBITDA was approximately $552 million[21], resulting in a 1.7% Adjusted EBITDA Margin Rate[21] - The company aims for Low-Single Digit (LSD) Average Annual Net Sales Growth and Low-Double Digit (LDD) Average Annual Adjusted EBITDA Growth through FY28[13] - The company targets approximately $33 billion in Net Sales and approximately $800 million in Adjusted EBITDA by FY28[34] - The company projects approximately $300 million in annual Free Cash Flow through FY28[13] - The company aims to increase the Adjusted EBITDA Margin Rate to approximately 2.4% by FY28, a +65 bps increase[34] Operational Improvements & Strategy - The company reduced its net leverage ratio from 4x to 3.3x in FY25[31] - The company is implementing Lean practices across the business to improve effectiveness and efficiency[31] - The company is focused on adding value for customers and suppliers while improving effectiveness and efficiency[25] - The company is working to improve throughput in distribution centers, projecting a >13% increase from FY24 to FY26E[223]

NASDAQ: VBNK | TSX: VBNK Dial-In to Ask Questions For those wishing to ask questions during the Q&A, please access today's call through the telephone dial-in: Toll-free: 1-888-699-1199 (Canada/US) Local: 416-945-7677 Advisory The Bank occasionally makes forward-looking statements about its objectives, operations and targeted financial results. These statements may be written or verbal and may be included in such things as press releases, corporate presentations, annual reports and other disclosure documents ...

Transaction Overview - WTW will acquire Newfront to enhance its footprint in key markets and sectors, bringing innovative technology and agentic AI capabilities[10] - The purchase price is $105 billion at closing, with up to $250 million of contingent consideration[11] - The net purchase price represents approximately 12x Newfront's 2026E pro forma adjusted EBITDA, inclusive of cost synergies[11] Newfront Overview - Newfront is a tech-native, specialty-focused broker primarily serving middle market clients[12] - Newfront's 2024A pro forma revenue is $234 million, with an organic revenue growth CAGR of 20% from 2018 to 2024[13] - Newfront's 2025E pro forma revenue is approximately $250 million, and 2026E pro forma revenue is approximately $275 million[13] - Newfront's 2026E pro forma Adjusted EBITDA margin is approximately 26%[13] Synergies and Financial Impact - Approximately $35 million of run-rate cost synergies are expected by the end of 2028[11, 30] - One-time cash transaction and integration costs are estimated at approximately $125 million over the next 3 years[29, 30] - The transaction is expected to be approximately $010 dilutive to Adjusted EPS in 2026 and accretive to Adjusted EPS in 2027[29]

Strategic Partnership with Apollo Funds - Capital Power and Apollo Funds are forming a US$3 billion investment partnership to acquire U S natural gas generation assets[1,6,7] - Apollo Funds may commit up to US$225 billion in equity and Capital Power up to US$750 million[8] - Capital Power will operate acquired assets and receive management and performance fees[8] - The partnership aims for a 50% cumulative increase in U S capacity or approximately 35 GW[7] Financial Targets and Guidance - The company targets a 13-15% annual Total Shareholder Return (TSR)[7] - The company targets an 8-10% annual AFFO per-share growth[7] - The company aims to maintain a 2-4% annual dividend growth target[7] - 2026 Adjusted EBITDA is projected to be between $1565 million and $1765 million[18] - 2026 AFFO is projected to be between $890 million and $1010 million[18] - 2026 Sustaining Capital is projected to be between $290 million and $330 million[18] Powering AI in Alberta - Capital Power has a binding MOU with a data center developer for a 250 MW Electricity Supply Agreement (ESA) in Alberta[7,9] - The ESA has a term of 10+ years and is expected to start in 2028[9]