Investor Day 2026 Tony Riter Vice President, Investor Relations 2 nVent 2026 Investor Day March 18, 2026 Agenda | Agenda | | | | | --- | --- | --- | --- | | Time (EST) | Topic | Speaker | | | 9:30 a.m. | Welcome | Tony Riter VP, Investor Relations | | | | Inventing the Electrified Future | Beth Wozniak Chair and Chief Executive Officer | | | | Innovation & Digital Driving Growth | Aravind Padmanabhan Chief Technology Officer | | | | Systems Protection | Sara Zawoyski President, Systems Protection | | | | El ...

Financial Data and Key Metrics Changes - Net income for 2025 increased by 38.2% year-over-year to $6.3 million, with net cash inflow from operations reaching $3.2 million [5][29] - Total revenue for 2025 was $81.4 million, a decrease from $91.6 million in 2024, while revenue from services increased by 1.8% year-over-year to $60 million [27][28] - Gross margin improved to 52.4% in 2025 from 48.4% in 2024, with service gross margin at 58% compared to 56.8% in 2024 [28][29] Business Line Data and Key Metrics Changes - GlocalMe Life business saw average daily active users (DAUs) increase by 409.1% year-over-year, while average daily active terminals (DATs) surged by 897.9% [8][19] - GlocalMe IoT and GlocalMe SIM also reported significant growth, with average MATs increasing by 127.5% and 133.8% respectively [18][26] - The GlocalMe SIM business line's average daily active terminals increased by 180.8% year-over-year, indicating strong market traction [12] Market Data and Key Metrics Changes - In Q4 2025, Japan contributed 43.6% to total revenue, while Mainland China contributed 26.8%, North America 11.2%, and other regions 18.4% [22] - The average daily data usage per terminal was 1.59 GB in December 2025, reflecting user engagement trends [17] Company Strategy and Development Direction - The company is focused on overcoming the digital divide through innovative connectivity solutions and has invested in three new business lines: GlocalMe IoT, GlocalMe SIM, and GlocalMe Life [6][14] - The introduction of the PetPogo ecosystem aims to bridge the emotional digital divide between pets and their owners, showcasing a strategic shift towards AI and big data connectivity [10][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant macroeconomic challenges in 2025 but emphasized the resilience of their core strategy and the potential for growth in 2026 [5][14] - For Q1 2026, the company expects total revenue to be between $15 million and $17 million, representing a decrease of 9.1% to 14.4% compared to Q1 2025 [14][15] Other Important Information - The company had 206 patents as of December 31, 2025, with 181 approved and 25 pending [21] - Total operating expenses, excluding share-based compensation, were reduced to $9.4 million in Q4 2025 from $13.9 million in Q4 2024 [23] Q&A Session Summary Question: What product lines or geographic areas are expected to drive growth in 2026? - Management indicated that the main growth drivers will be GlocalMe IoT, GlocalMe SIM, GlocalMe Life, and the newly separated PetPogo business line [34][36] Question: Can you provide more information about GlocalMe IoT's growth? - The IoT business is expected to see growth in sectors such as security cameras and in-car infotainment, with significant partnerships established [37][38] Question: Can you elaborate on the PetPogo ecosystem and its expected impact on sales? - The PetPogo ecosystem aims to enhance communication and safety between pets and owners, with strong market interest noted during recent exhibitions [41][44] Question: Will the decline in R&D expenses impact product development? - Management stated that R&D efficiency has improved, and investments will continue in new business lines, particularly the platform business [47][49] Question: What are the reasons for the decline in product sales, and will it continue? - The decline in product sales was attributed to external economic factors, but management believes that service revenue will recover as user engagement increases [58][60]

Financial Data and Key Metrics Changes - Revenue for the year ended December 31, 2025, was $22 million, a decrease of approximately 14% from $25.7 million in 2024 [18] - Gross profit increased to $8.4 million or 38.2% of revenue compared to $8.2 million or 32% of revenue in 2024 [20] - Operating loss narrowed by 33% to $19.7 million in 2025 compared to $29.3 million in 2024 [22] - Net loss narrowed by 31% to $19.9 million in 2025 compared to $28.9 million in 2024 [22] - Operating cash usage reduced by 23% to $16.8 million in 2025 compared to $21.7 million in 2024 [23] Business Line Data and Key Metrics Changes - Revenue from ReWalk Personal Exoskeleton was relatively flat at $8.5 million in 2025 compared to $8.9 million in 2024, with units sold increasing by 22% year-over-year [18] - Revenue from MyoCycle FES bike declined by 50% to $600,000, reflecting a strategic focus on core products [19] - Revenue from AlterG products and services was $12.9 million, a decline of 18% from 2024, primarily due to lower international sales [19] Market Data and Key Metrics Changes - ReWalk achieved reimbursement coverage with three largest Medicare Advantage insurers in the U.S., representing over 16 million covered lives [13] - International distribution for ReWalk expanded, with Germany as the primary test market [13] Company Strategy and Development Direction - The company is executing a strategy to build a diversified biomedical innovation company with multiple technology platforms [3] - A strategic transaction with Oramed is expected to strengthen the financial foundation and support growth initiatives [4] - The acquisition of technology from Skelable aims to enhance the upper extremity rehabilitation market [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about growth in the core med tech business and improvements in operating expenses driving the company toward positive cash flow [16] - The company is focused on expanding reimbursement coverage and building a stronger payer engagement capability [11] Other Important Information - The company will not provide guidance at this time due to significant transformations and pending transactions [15] - The strategic agreement with Oramed is expected to close soon, providing additional capital support [23] Q&A Session Summary Question: How does the Oramed POD technology align with the company's commercial infrastructure? - Management indicated that the integration of Oramed's technology will drive synergies across med tech and biotech, enhancing the company's decentralized approach to commercialization [27] Question: What is the timeline for the upper extremity robotic assistance product? - Management stated that the product could be 510(k) exempt and expects to complete the necessary studies within 18-24 months [31][32] Question: How does the company plan to address competition in the upper extremity market? - Management acknowledged the presence of competitors but emphasized the unique approach and simplicity of their product [36] Question: Can the company quantify the backlog entering 2026? - Management noted that while the pipeline is growing, specific numbers are not available at this time, but there is a focus on the 22% growth in units year-over-year [51]

Financial Data and Key Metrics Changes - Net revenue for Q2 was $8.3 billion, exceeding expectations, with core operating income of $436 million and a core operating margin of 5.3% [5][4] - GAAP diluted earnings per share was $2.08, while core diluted earnings per share for Q2 was $2.69, reflecting results above expectations [5][4] - Adjusted free cash flow for Q2 was $360 million, with a full-year expectation of over $1.3 billion [7][8] Performance by Business Segment - Regulated Industries generated $3 billion in revenue, up 10% year-over-year, with a core operating margin of 4.8% [6][5] - Intelligent Infrastructure revenue was $4 billion, up 52% year-over-year, with a core operating margin of 5.7%, reflecting broad-based growth [6][5] - Connected Living and Digital Commerce revenue was $1.2 billion, down 8% year-over-year, with a core operating margin of 4.9% [6][5] Market Data and Key Metrics Changes - In regulated industries, revenue was driven mainly by automotive and renewables, with automotive showing signs of recovery [4][19] - Intelligent Infrastructure growth was supported by demand in cloud and data center infrastructure, networking, and communications [4][12] - Connected Living and Digital Commerce showed stability, with growth in robotics and automation partially offsetting declines [6][21] Company Strategy and Development Direction - The company is focused on margin expansion, capital efficiency, and sustained cash generation, with a diversified portfolio driving growth [11][22] - The outlook for Intelligent Infrastructure has been raised to approximately $16.5 billion, driven by growth in all end markets [14][22] - The company is committed to returning capital to shareholders through share repurchases and maintaining an investment-grade credit profile [8][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance and momentum entering Q3, with expectations for continued growth across segments [11][12] - The company noted that while there are uncertainties in the geopolitical landscape, it remains optimistic about the recovery in automotive and renewables [19][20] - The outlook for fiscal 2026 has been raised to approximately $34 billion in revenue and $12.25 in diluted earnings per share, reflecting strong demand and operational execution [22][26] Other Important Information - The company repurchased $300 million of shares during Q2 under its existing share repurchase authorization [8] - Inventory days were reported at 75, with a net of inventory deposits from customers at 60 days, consistent with targeted ranges [7][6] Q&A Session Summary Question: What are the growth opportunities in Intelligent Infrastructure? - Management indicated that growth was broad-based across cloud, networking, and capital equipment, with significant increases in revenue across these areas [28][29] Question: What factors are influencing operating margins? - Management noted that while margins are currently at 5.7%, there is potential for improvement due to a favorable mix of business and operational efficiencies [34][35] Question: How is the company planning to allocate cash and manage capital expenditures? - The company plans to allocate 80% of free cash flow to share buybacks, with CapEx expected to be in the 1.5%-2% range of revenue [41][42] Question: What is the status of new customer acquisitions in the data center and AI market? - Management confirmed ongoing discussions with a third hyperscaler and positive momentum in expanding facilities to meet demand [46][47] Question: How is the company addressing supply chain constraints? - Management acknowledged supply chain constraints but expressed confidence in their ability to manage these challenges effectively [50][51]

Vertiv (NYSE: VRT) 2026 Conference Summary Industry Overview - The discussion revolves around the data center infrastructure industry, particularly focusing on AI and cooling technologies, as well as the impact of geopolitical situations on supply chains and market dynamics [1][2]. Key Points and Arguments Market Resilience and Geopolitical Impact - Vertiv operates in the EMEA market, including the Middle East, and has built supply chain resilience over the years. The actual impact of geopolitical situations is still uncertain, but there is confidence in market resilience [2]. Demand for AI and Technological Evolution - There is a significant demand for AI technologies, confirmed by both NVIDIA and Vertiv. The evolution of silicon and IT systems is crucial, leading to more cost-efficient AI operations [6][7]. - Vertiv is involved in NVIDIA's Omniverse DSX infrastructure, aimed at optimizing data center designs and deployments [7][8]. Prefabrication and Integrated Infrastructure - The company sees opportunities in prefabrication and integrated infrastructure, which can increase value and capture more market share. The focus is on delivering tailored systems that optimize performance [15][20]. Industry Growth and Adoption of AI - The industry is still in the early stages of AI adoption, with a long growth trajectory ahead. There is strong demand, and the company does not foresee any immediate risks or air pockets in the market [25][36]. Bottlenecks and Challenges - Power supply remains a key bottleneck, but it is being managed effectively. Labor and construction complexities are also challenges, which prefabrication aims to alleviate [31][35]. Customer Selection and Long-term Relationships - Vertiv is selective in choosing projects and focuses on long-term relationships with customers to ensure stability and ongoing revenue from services [48][49]. Cooling Technologies - Liquid cooling is becoming ubiquitous, with a shift from air cooling. The company is adapting its systems to be more efficient and effective, depending on geographical and climatic conditions [91][96]. Services and Lifecycle Management - The complexity of new cooling systems creates opportunities for service growth. The company is focused on lifecycle services, which are expected to grow steadily as equipment comes off warranty [115][122]. Financial Performance and Margins - The company aims for a gross margin of 30%-35% in the long term, with current margins impacted by investments and tariffs. There is a focus on optimizing productivity and managing raw material costs [142][145]. Cash Management and Strategic Investments - Vertiv maintains a strong balance sheet and is cautious about spending. The focus is on R&D and CapEx for immediate returns, rather than stock buybacks or dividends [163][164]. Future Outlook - The company anticipates continued growth in both the cooling and power markets, with synchronous growth rates expected. The enterprise market is also showing signs of growth, particularly in private data and AI applications [102][107][110]. Additional Important Insights - The company emphasizes the importance of being server agnostic in its thermal infrastructure strategy, allowing flexibility in serving various server types [167]. - The transition to 800-volt DC technology is seen as a significant change, with confidence in its future coexistence with traditional powertrain designs [70][168]. This summary encapsulates the key discussions and insights from the Vertiv conference, highlighting the company's strategic focus, market dynamics, and future growth opportunities.

Summary of Air Products and Chemicals Conference Call Company Overview - **Company**: Air Products and Chemicals (NYSE: APD) - **CEO**: Eduardo Menezes, with a background at Linde and Praxair - **CFO**: Melissa Schaeffer - **Industry**: Chemicals, specifically industrial gases Key Points Impact of Regional Conflicts - The ongoing conflict in Iran has created a hectic environment for Air Products, particularly affecting operations in the Middle East, where the company has a significant presence [2][3] - Operations include 100% owned facilities in Saudi Arabia, Oman, Qatar, UAE, Bahrain, Egypt, and Israel, as well as joint ventures in Saudi Arabia [2][3] - Main concern is the safety of employees and assets, with minimal direct impacts on business aside from minor plant closures [4] Energy Prices and Inflation - Energy prices in Europe have surged, with natural gas prices rising from $15 to $18 per MMBtu due to the conflict [6][12] - Air Products has mechanisms in place to pass through energy cost increases to customers, particularly in hydrogen and air separation businesses [10][13] - The company is monitoring the situation closely to manage inflationary pressures on operations [6][12] Helium Market Dynamics - The helium market has become more volatile, particularly due to the closure of QatarEnergy's LNG operations, which affects global helium supply [5][20] - Air Products has its own helium production and storage strategies, including caverns in Texas, but does not control the entire market supply [20][50] - Helium prices have reportedly increased by 20% to 40% since the conflict began, although Air Products' long-term contracts mitigate immediate impacts [60][67] NEOM Project Update - The NEOM project, focused on renewable energy and hydrogen production, has not been significantly affected by the conflict, although travel restrictions pose challenges [102][104] - Construction is progressing well, with power generation sites nearing completion and commissioning of the air separation plant underway [105][106] - Expected production capacity is around 1.1 million tons of ammonia, with plans to sell at a premium compared to gray ammonia prices [110][118] Market Outlook and Pricing - Air Products has seen strong volume growth in the Americas, particularly in the HyCO business, despite broader market uncertainties [75][86] - Non-helium pricing has remained strong in the Americas and Europe, while Asia has seen flat pricing [90][92] - The company anticipates potential improvements in helium contract renewals due to current market conditions [93][98] Strategic Partnerships - Air Products is engaged in strategic partnerships, such as with Yara, to enhance hydrogen production capabilities and project feasibility [141][143] - The focus is on long-term collaboration rather than short-term gains, with ongoing assessments of project viability [143][145] Additional Insights - The company is committed to maximizing shareholder value and adapting to market conditions, including potential shifts in ammonia and hydrogen demand [136][138] - Air Products is positioned well for long-term success in the renewable energy sector, particularly with its NEOM project and strategic partnerships [122][123]

Summary of Canadian Pacific Kansas City (CPKC) Conference Call Company Overview - **Company**: Canadian Pacific Kansas City (NYSE: CP) - **Date**: March 18, 2026 - **Participants**: President and CEO Keith Creel, VP of IR Maeghan Albiston Key Points Industry Performance and Company Strategy - CPKC has maintained operational momentum into 2026, focusing on improving terminal dwell, network fluidity, and cost control [6][8] - The company has successfully integrated operations and created differentiated results despite macroeconomic challenges [7] - CPKC is strategically positioned to connect Canada, Mexico, and the U.S., leveraging its network for growth [7] Financial Performance - The first quarter of 2026 is expected to be challenging due to comparisons with last year's performance, but CPKC anticipates growth and is on track to meet full-year guidance [8] - Fuel prices have increased, impacting earnings by approximately CAD 0.04, but surcharges are expected to mitigate this in the next quarter [10] Market Dynamics - The ongoing conflict in the Middle East is not expected to have a long-term impact on CPKC's operations, although there are concerns about bunker fuel availability [14] - CPKC has a strong relationship with Hapag-Lloyd, which is pursuing an acquisition of Zim; this is expected to be beneficial for CPKC as it will increase traffic through its network [16][17] Trade Relationships and Opportunities - CPKC is optimistic about the USMCA renegotiations, believing that a good relationship between the U.S. and Mexico will enhance trade opportunities [19][20] - The company is seeing increased traffic through Lázaro Cárdenas, with a 15% growth rate last year, indicating a recovery in reliability and trust in the supply chain [25] Infrastructure and Service Enhancements - CPKC is investing in infrastructure to improve service reliability, including a new service from Atlanta to Monterrey that will significantly reduce transit times [28] - The company is focused on converting truckloads to rail, with a target of removing 64,000 trucks from the road annually, currently at 40% of that goal [72][73] Regulatory Environment - The STB's recent ruling on the Meridian Speedway is seen as a positive outcome for CPKC, affirming its operational strategy and clarifying the importance of factual evidence in regulatory decisions [48][54] - Concerns about potential mergers in the industry, particularly between UP and NS, are highlighted, with CPKC advocating for careful consideration of competition and market balance [62][66] Future Outlook - CPKC anticipates continued growth in cross-border trade, with traffic between Mexico and Canada increasing from 2% to over 3% of revenue, contributing nearly half a billion dollars in new revenue over the past two years [80] - The company is optimistic about diversifying markets and expanding its service offerings, particularly in light of recent trade uncertainties [79] Additional Insights - CPKC emphasizes the importance of reliability and security in its operations, particularly in regions affected by political and cartel-related violence, which has not significantly impacted its core network [31][34] - The company is exploring further co-location opportunities with partners like Americold to enhance service offerings and operational efficiency [45][46] This summary encapsulates the key insights and strategic directions discussed during the conference call, reflecting CPKC's commitment to growth and operational excellence in the rail industry.

Macy’s (NYSE:M) Q4 2026 Earnings call March 18, 2026 08:00 AM ET Company ParticipantsBlake Anderson - VP of Equity ResearchDana Telsey - CEO and Chief Research OfficerJay Sole - Managing DirectorMarni Shapiro - Co-Founder and Managing Partner of Consumer and Retail IndustryPamela Quintiliano - VP of Investor RelationsTom Edwards - COO and CFOTony Spring - Chairman and CEOConference Call ParticipantsBrooke Roach - Managing Director and Senior Equity Research AnalystMatthew Boss - Managing Director and Senior ...

Yuanbao (NasdaqGM:YB) Q4 2025 Earnings call March 18, 2026 08:00 AM ET Company ParticipantsHuirui Wan - CFOJiqi Sun - Legal CounselRui Fang - Chairman and CEOStella Liu - Investor Relations and Strategy Associate DirectorThomas Wang - Executive Director of Global Investment ResearchConference Call ParticipantsAmy Chen - Equity Research AnalystXiaoyue Ding - AnalystXintao Chen - AnalystYingying Xu - AnalystYue Xu - AnalystOperatorLadies and gentlemen, good day, and welcome to Yuanbao Inc.'s fourth quarter an ...

Yuanbao (NasdaqGM:YB) Q4 2025 Earnings call March 18, 2026 08:00 AM ET Company ParticipantsHuirui Wan - CFORui Fang - Chairman and CEOStella Liu - Investor Relations and Strategy Associate DirectorThomas Wang - Executive Director of Global Investment ResearchConference Call ParticipantsAmy Chen - Equity Research AnalystJiqi Sun - AnalystXiaoyue Ding - AnalystXintao Chen - Research AnalystYingying Xu - AnalystYue Xu - Sell-Side Equity Research AnalystOperatorLadies and gentlemen, good day, and welcome to Yua ...