Transaction Overview - USA Compression Partners LP (USAC) 将以 8.6 亿美元收购 J-W Power Company (J-W)[2] - 交易对 J-W 的估值约为调整后 EBITDA 的 5.8 倍[3, 5] - USAC 将支付 4.3 亿美元现金，并通过发行约 1830 万股 USAC 普通股支付剩余部分[3] - J-W 拥有并运营超过 80 万马力 (HP) 的压缩设备[3] Strategic Rationale - 收购后，USAC 的有效马力将增加到约 440 万[5] - J-W 约 90% 的 2026 年预计调整后 EBITDA 与合同压缩业务相关[8] - J-W 的客户群非常多元化，与客户建立了超过 25 年的长期合作关系[3] - J-W 的前十大客户贡献了约 40% 的有效马力和收入[8] Geographic Footprint - J-W 的业务遍及美国主要盆地，其中 USGC/Mid-Con 占 34%，Permian 占 28%，Northeast 占 21%，Rockies 占 17%[7] - 收购后，USAC 在 USGC/Mid-Con 的业务占比为 74%，Permian 为 13%，Rockies 为 7%，Northeast 为 6%[11]

Financial Performance - Q3 2025 TCE income was USD 247 million, with a year-to-date (YTD) 9M 2025 figure of USD 6969 million[15] - Adjusted EBITDA for Q3 2025 reached USD 1505 million, and YTD 9M 2025 stood at USD 4097 million[15] - Net profit for Q3 2025 was USD 915 million (USD 018 per share), while YTD 9M 2025 amounted to USD 230 million (USD 046 per share)[15] - Dividends declared for Q3 2025 totaled USD 732 million (USD 01470 per share), representing 80% of the net profit[15] - Net LTV at the end of Q3 2025 improved to 205%[28] Fleet and Market Dynamics - As of November 14, 2025, 71% of the fleet's total earning days were covered for Q4 2025 at USD 25610 per day[16] - Approximately 88% of coated LR2 newbuilds have migrated into the Aframax dirty trading segment YTD 2025[43] - The effective increase in clean trading supply is only around 11 million DWT, equivalent to 05% clean trading supply growth after factoring in LR2 migration and sanctioned vessels[50] - Clean tonnage growth from 2025-2028 is projected to be around 11%, with nearly half of this increase expected in 2026[54] Strategic Initiatives - Hafnia entered into a joint venture with Cargill to create Seascale Energy, a stronger bunker procurement entity[21, 113] - The company has invested in several dual-fuel newbuilds, including LR2 LNG dual-fueled vessels and Chemical IMO-II MR Methanol dual-fueled vessels[114]

Transaction Overview - Associated Banc-Corp (ASB) will acquire American National Corporation (ANC) in a 100% stock transaction[16] - The aggregate consideration to ANC is $604 million[16] - Associated will issue 36250 ASB shares for each ANC share[16] - Pro forma ownership will be 88% Associated and 12% American National[16] Financial Impact - The deal is expected to result in 20% EPS accretion in 2027E[15] - TBVPS dilution at close is projected to be 12% with a 225-year earn-back period[15] - Cost savings of 25% of ANC's noninterest expense base are anticipated[15,46] - The transaction is expected to be accretive to CET1 at close[15] Strategic Rationale - The acquisition provides entry into the Omaha MSA with the 2 deposit market share rank[15] - It strengthens presence in the Minneapolis / St Paul MSA with 10 combined deposit market share rank[15] - American National has $53 billion in assets and $47 billion in deposits as of 9/30/2025[19,21] - American National's deposit base consists of 21% NIB-Demand, 45% Savings & MMA, 16% IB-Demand, 4% Brokered CDs and 14% Other Time deposits[21]

Investor Presentation December 2025 Cautionary Statements Forward-Looking Statements: This presentation includes "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words like "will," "may," "could," "should," " ...

Financial Highlights - RELX achieved underlying revenue growth of +7%[7, 10] - The company saw underlying adjusted operating profit growth of +9%[7, 11] - Adjusted EPS growth at constant currency was +10%[7, 11] - Full year dividend growth was +7%[7] - Revenue reached £94 billion[8] - Adjusted operating profit was £32 billion[8] Segment Performance (H1 2025 Underlying Revenue Growth) - Risk segment grew by +8%[35] - Scientific, Technical & Medical (STM) segment grew by +5%[35] - Legal segment grew by +9%[35] - Exhibitions segment grew by +8%[35] Revenue Breakdown (H1 2025) - Electronic format accounted for 84% of revenue[15] - Subscription-based revenue made up 54% of the total[15] - North America contributed 60% of the revenue[15] Strategic Direction - RELX focuses on developing sophisticated information-based analytics and decision tools[20] - The company prioritizes organic growth, supplemented by targeted acquisitions[20]

Energy Demand and Inflows - System gross demand is expected to grow by 1.7% from 2024 to 2025[22] - The Compound Annual Growth Rate (CAGR) for gross demand over the last 5 years is 4.1%[23] - Natural energy inflow in October 2025 was 67% of the Long-Term Average (LTA), with November 2025 recovering to 75% LTA[27] - The expected natural energy inflow for 2025 is 79.6% of the LTA[27] - From 2016 to 2025, the average inflow was 84% LTA, the lowest in history[33] Generation and Storage - Peak storage level for 2025 reached 70%, similar to 2024, with a minimum expected storage of 44% by 2025[36] - Distributed Generation (DG) is developing faster than centralized solar generation[39] Spot Prices and Market Prices - Average spot price in the Southeast region since January 1st is 219 BRL/MWh[44, 51] - Average spot price in the Northeast region since January 1st is 167 BRL/MWh[44, 51] Curtailment - Wind curtailment reached 39.9% for some producers, averaged from December 2024 to November 2025[59] - Solar curtailment reached 44.8% for some producers, averaged from December 2024 to November 2025[61] - The industry's current curtailment forecast is more negative, anticipating an average of 20% to 25%[70] TAG (Gas Transportation) - Market opening has led to a 2,660% increase in the number of contracts and a 106% increase in active chargers among the three main carriers between 2022 and 2025[93] - Market opening brought new gas suppliers, with 71% of the volume contracted by distributors in the Northeast Region in 2024 coming from private suppliers[99] - Relative savings in TAG's area due to market opening is R$7 billion[99]

Financial Performance - Total net revenues reached RMB3,208.3 million[17] in 2025Q3, compared to RMB1,444 million[52] in 2023Q3 and RMB3,541 million[52] in 2024Q3 - Non-GAAP net income was RMB502.8 million[18] in 2025Q3, versus RMB306 million[55] in 2023Q3 and RMB503 million[55] in 2024Q3 - As of September 30, 2025, cash and cash equivalents, restricted cash, and time deposits amounted to RMB9,142 million[74] - Net cash provided by operating activities for the three months ended September 30, 2025, was RMB456 million[74] Store Expansion - The company's global teahouse footprint reached 7,338 teahouses[19] by the end of 2025Q3 - There was a net increase of 300 teahouses[19] (QoQ) - Teahouses in Greater China increased by 246[23] (QoQ), while those outside Greater China increased by 54[23] (QoQ) - Expansion included new markets, with 8 teahouses in Vietnam[23] and 3 in the Philippines[23] Customer Engagement - Cumulative registered members reached 222.0 million[37] as of September 30, 2025, representing a 36.7%[36] YoY increase and a 15.0 million[36] net increase QoQ - Third-party delivery platform GMV mix was 57.8%[36] for the three months ended September 30, 2025 Revenue Breakdown - In 2025Q3, franchised teahouses contributed RMB2,812 million[65] to total net revenues, while company-owned teahouses contributed RMB397 million[65]

Transaction Overview - Allwyn and OPAP are combining to unlock long-term value for OPAP shareholders, positioning them to benefit from industry trends and mitigate risks[22, 27] - The transaction aims to create the second largest listed lottery and gaming operator globally, with greater scale to seize opportunities[32] - The combined company is expected to have a pro forma LTM H1-25 Adjusted EBITDA of €1.9 billion, including PrizePicks and Novibet[28, 33] - The transaction is expected to be double-digit accretive in the first year post completion[28] Financial Highlights - Allwyn's pro forma Adjusted EBITDA margin is 37% of pro forma Net Revenue[50] - Allwyn's pro forma online NGR is 55%[50] - Allwyn has a strong track record of growth, with Net Revenue, Adjusted EBITDA, and Adjusted EBITDA – Capex all more than doubling since 2019[59] - Allwyn has distributed over €3.3 billion in capital to its and OPAP's shareholders since 2019[253] Growth Strategy - Allwyn has multiple organic and inorganic growth levers, including PrizePicks, IWG, and Betano[37] - Allwyn's medium-term growth will be driven by high-growth, market-leading assets, representing ~30% of pro forma LTM H1-25 Adjusted EBITDA[39] - The combined company will be highly diversified geographically and by product, with 57% of pro forma LTM H1-25 NGR from exclusive revenue[41]

Sustainability Management & Value Creation - Daiichi Sankyo defines sustainability management as contributing to the sustainable development of society through innovative pharmaceutical products [19] - Three key elements drive Daiichi Sankyo's value creation: Science & Technology, Human Resources, and Patient Centricity [20] - The company aims to enhance corporate value by strengthening human and intellectual capital [8] - Daiichi Sankyo is integrating sustainability initiatives based on double materiality into the 6th Medium-Term Business Plan [92] Human Capital & Innovation - Daiichi Sankyo is strengthening Science & Technology talent through recruitment, reskilling programs, and investments in research facilities [23, 25] - The company is driving company-wide transformation through advanced digital technologies with Project 4D [25] - Innovation, robust pipelines, and global challenge opportunities fuel the continuous attraction and development of top talent [27] Patient Centricity - Daiichi Sankyo is embedding Patient Centricity across the group through internal communications, training programs, and engagement with patient groups [37, 65] - The company is promoting patient-focused drug development (PFDD) to incorporate patient voices into the drug development process [66] - Daiichi Sankyo collaborates globally with over 900 patient advocacy groups annually [66] - Daiichi Sankyo Brazil (DSBR) and American Regent (ARI) collaborated to deliver antidotes to Brazil within four days to support patients with poisoning symptoms [44]

BlueScope Overview - BlueScope aims for an annual EBIT uplift of approximately $500 million by 2030 through growth initiatives and investments[16] - BlueScope has returned over $3.8 billion in dividends and buy-backs since FY2017[16] - BlueScope is positioning its 1,250ha property portfolio for strategic value realization[22] - BlueScope expects $179 million net proceeds after taxes and fees from sale of 50% stake in Tata BlueScope Steel (TBSL)[20] New Zealand and Pacific Islands (NZPI) Segment - The EAF project is expected to reduce NZ Steel's Scope 1 and 2 greenhouse gas emissions by up to one million tonnes, or approximately 55%[38] - The EAF project would have indicatively improved FY2025 EBIT by approximately $80 million if operational[39] - Construction segment accounts for approximately 70% of NZPI's end-use segments[49] - COLORSTEEL sales volume has grown at a CAGR of 5% indexed at FY2016[63] Climate and Sustainability - BlueScope has a 12% intensity reduction target for steelmaking GHG emissions since FY2018[179] - BlueScope has a 30% intensity reduction target for non-steelmaking GHG emissions since FY2018[179] - BlueScope estimates projects are estimated to take steelmaking emissions intensity below 1.3 tCO2-e per tonne by 2030[184] - BlueScope has completed 192 team-based HSE risk control improvement projects in FY2025[147]