Financial Data and Key Metrics Changes - Total revenue reached $6 billion, representing a 38% year-on-year growth, while adjusted EBITDA grew by 68% to $874 million [4][33] - Shopee's GMV increased by over 28% year-on-year, with gross orders rising by 28% to $3.6 billion [4][33] - Digital financial services revenue grew by 61% year-on-year to $990 million, with adjusted EBITDA increasing by 37% to $258 million [20][34] - Digital entertainment bookings rose by 51% year-on-year to $841 million, with adjusted EBITDA up 48% to $466 million [27][37] Business Line Data and Key Metrics Changes - E-commerce: Shopee achieved record highs in GMV, gross order volume, and revenue, with a significant increase in ad revenue by over 70% [5][34] - Digital Financial Services: The loan book expanded by 70% year-on-year to $7.9 billion, with a stable 90-day NPL ratio at 1.1% [21][36] - Digital Entertainment: Garena's performance was bolstered by successful campaigns, leading to a 51% increase in bookings [27][37] Market Data and Key Metrics Changes - In Brazil, Shopee's GMV growth outpaced the market, with delivery speed improving significantly, allowing for expansion into higher-value product categories [19][20] - In Taiwan, Shopee's GMV showed double-digit growth year-on-year, with a strong logistics network enhancing delivery capabilities [10][17] Company Strategy and Development Direction - The company aims to enhance logistics and fulfillment capabilities as core pillars of its strategy, focusing on improving service quality and price competitiveness [6][11] - Continued investment in AI to enhance consumer retail experiences and improve monetization through smarter search and personalized content [15][16] - The Shopee VIP membership program has gained traction, with a 75% increase in members, indicating strong user engagement [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitable growth across all business lines, with expectations for Shopee's full-year GMV growth to exceed 25% [20][32] - The competitive landscape remains stable, with the company gaining market share in Southeast Asia and Taiwan [53][54] - Future investments will focus on logistics and fulfillment to strengthen competitive advantages without significant capital expenditure [62][64] Other Important Information - The company is exploring opportunities in Argentina while winding down operations in Chile and Colombia to focus resources on key priorities [52] - The standalone ShopeePay app is gaining traction, with over 20% of monthly transacting users utilizing it [25] Q&A Session Summary Question: Growth guidance for 2025 and margin trends - Management indicated that the growth guidance reflects current market momentum and competitive landscape, with expectations for a 2-3% EBITDA margin improvement over time [41][42] Question: New market entry strategy and market shares - The rationale for closing cross-border operations in some regions was to focus on key business priorities, with confidence in gaining market share in ASEAN and Taiwan [46][53] Question: Competitive landscape in Southeast Asia - Management noted a stable competitive landscape, with no significant changes in market dynamics impacting growth [56][60] Question: Logistics fulfillment and Garena's outlook - More than half of orders are fulfilled by SPX, with continuous improvements in delivery speed and cost contributing to growth [67][68] - Garena remains optimistic about Free Fire's growth, with plans for new IP collaborations and game launches [71][76] Question: VIP membership unit economics and AI investments - The VIP program is in early stages, with strong growth in user sign-ups and retention rates being closely monitored [80][81] - AI investments will focus on practical applications to enhance user experience and operational efficiency, avoiding large capital expenditures [89][90]

Advanced Noninvasive Neurostimulation Treatments for Mental Health Disorders Investor Deck November 2025 Nasdaq/TASE: BWAY Investor Deck | November 2025 Safe Harbor and Non-GAAP/IFRS Financial Measures This presentation does not constitute an offer orinvitation to sell orissue, or any solicitation of an offerto subscribe for or acquire, any securities ofthe Company, norto participate in any investment. This presentation shall not constitute advertising or be construed as commercial or promotional in nature. ...

Financial Performance - Q3 2025 revenue was $152.5 million[6], down 11.2% year-over-year[14] - Adjusted EBITDA increased 7% year-over-year to $4.6 million[14] - Adjusted EPS was ($0.14) per diluted share[6] - Adjusted gross margin improved to 12.1%, up 10 bps sequentially from Q2 2025 and 370 bps from Q4 2024[6] - Year-to-date free cash flow was $25 million, an improvement of $14 million over the prior year[6] Segment Performance - Global Seating revenue decreased 10% year-over-year in Q3 2025 to $68.7 million[16], but adjusted operating income increased by $3.7 million[22] - Global Electrical Systems revenue increased 6% year-over-year in Q3 2025 to $49.5 million[24], and adjusted operating income increased by $1.6 million[30] - Trim Systems and Components revenue decreased 29% year-over-year in Q3 2025 to $34.3 million[32], with an adjusted operating income decline of $4.4 million[35] Outlook and Strategy - The company expects free cash flow of at least $30 million in 2025[50] - The company is targeting a $30 million improvement in working capital in 2025[48] - The company updated its fiscal 2025 outlook, projecting net sales of $640-$650 million and adjusted EBITDA of $17-$19 million[49]

Financial Data and Key Metrics Changes - Q3 net investment income per share was $0.45, representing an annualized yield on book value of 10.3%, exceeding the regular quarterly dividend by 7% [5] - Q3 earnings per share were $0.29, reflecting an annualized return on book value of 6.6% [5] - Net asset value (NAV) per share was $17.40, a decline of $0.16 from the prior quarter [5][22] - Total investment income for Q3 was $67.2 million, down from $71 million in the previous quarter [20] - Net investment income for the quarter was $29.2 million, or $0.45 per share, compared to $30.6 million, or $0.47 per share for the prior quarter [21] Business Line Data and Key Metrics Changes - Gross originations in Q3 were $340 million, with 36% to new companies and 64% to existing companies [14][15] - First lien senior secured loans comprised 89% of new investments, with a weighted average spread of approximately 550 basis points [15][16] - The investment portfolio at fair value totaled approximately $2.5 billion across 195 portfolio companies [17] Market Data and Key Metrics Changes - The weighted average yield on the investment portfolio at amortized cost and fair value was 11.1% and 11.2%, respectively, down from 11.4% [18] - Median net leverage across borrowers was 4.7 times, down from 4.9 times in the prior quarter [18] - Non-accrual investments represented 1.5% and 0.7% of the total investment portfolio at amortized cost and fair value, respectively [19] Company Strategy and Development Direction - The company focuses on the core middle market, leveraging its industry expertise to identify attractive investment opportunities [6][9] - The strategy includes maintaining a disciplined approach to terms and structure, with an emphasis on downside management [9][16] - The company aims to maintain its regular dividend level while exploring growth levers to offset potential headwinds from a lower interest rate environment [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that the current economic indicators such as inflation and unemployment remain elevated but stable, providing clarity for new deal activity [6] - The company believes it is well-positioned to continue delivering attractive results for shareholders, with a compelling stock price valuation relative to credit fundamentals [13] - Management expressed confidence in maintaining dividend coverage despite potential refinancing pressures and lower interest rates [11][35] Other Important Information - The board declared a fourth quarter dividend of $0.42 per share, with total dividends for Q4 amounting to $0.45 per share [6] - The company has a strong liquidity position totaling $570 million, including undrawn capacity on its revolving credit facility [23] Q&A Session Summary Question: Discussion on risk associated with increased spreads and leverage - Management emphasized a focus on maintaining on-balance sheet leverage ratios and highlighted the importance of diversification to mitigate risks [26][28] Question: Inquiry about aircraft valuations and potential expansion - Management acknowledged a small write-down on aircraft but stated it does not reflect a change in underwriting thesis, indicating ongoing interest in asset-backed investments [29][31] Question: Concerns regarding NII earnings and refinancing impacts - Management expressed confidence in their ability to maintain earnings coverage for dividends despite potential refinancing pressures [34][35] Question: Potential for improvement in joint venture financing - Management confirmed ongoing discussions with banking partners to optimize financing arrangements and mentioned successful refinancing efforts [36][37] Question: Opportunities in junior capital investments - Management indicated that junior capital remains a viable option when appropriate, emphasizing a cautious approach to risk [38][39]

Acquisition Overview - Parker Hannifin Corporation is acquiring Filtration Group Corporation [1] - The transaction consideration is $9.25 billion on a cash-free, debt-free basis [10] - The acquisition is expected to close within six to twelve months [10] Financial Impact and Synergies - Filtration Group is expected to have $2 billion in sales in CY2025 with a 23.5% adjusted EBITDA margin [9, 10] - The acquisition is expected to be accretive to organic growth, synergized EBITDA margin, adjusted EPS, and cash flow [9, 10] - $220 million of cost synergies are expected by the end of year three, leveraging "The Win Strategy" [9, 10, 19] - The company is targeting >30% adjusted EBITDA margin expected by end of year three [10] Market Expansion and Portfolio Transformation - The acquisition expands Parker's presence in Life Sciences (28%), HVAC/R (23%), and In-Plant & Industrial (20%) market verticals [9, 12] - It increases Parker Filtration aftermarket sales by 500 bps [9, 13] - Post-acquisition, the proforma FY26 sales are estimated to be ~$23 billion [21]

P r o p r i e t a r y & C o n f i d e n t i a l | 1‹#› Disclaimer This presentation has been prepared by Ceragon Networks Ltd. ("Ceragon" or the "Company") for informational purposes only. This presentation and the information contained herein are proprietary to the Company and may not be reproduced (in whole or in part) nor summarized, used, distributed, disseminated and/or copied without the prior written consent by the Company. Ceragon Networks® and FibeAir® are registered trademarks of Ceragon in the Un ...

Company Strategy & Highlights - Ambac sold its Legacy Financial Guarantee business for $420 million in cash[4] - Ambac acquired ArmadaCare, a specialty A&H MGA, for $250 million in cash and new debt[4] - Ambac converted its investment in Pivix Specialty Insurance Services, Inc to a controlling equity stake[4] - Ambac repurchased 3,142,554 shares in October 2025, representing 6.5% of basic weighted average shares outstanding[4] - Ambac launched 1889 Specialty, an MGA specializing in management liability and professional lines for financial institutions[5] Financial Performance (Q3 2025) - Premium production was up 32% to $343 million[6] - Insurance distribution premiums produced were up 69% to $245 million[7] - Everspan gross premium written of $97 million were down 16% due to the non-renewal of certain programs in 2024[7, 8] - Insurance Distribution Revenue was up 80%[7] - Organic growth of Insurance Distribution was 40%[7]

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved a net revenue increase of nearly 50% year-over-year, reaching RMB 795 million, with total shipments of 441,398 units, up 229% year-over-year [4][15] - The company reported a record quarterly GAAP net income of RMB 256 million, exceeding its full-year target of RMB 200-350 million ahead of schedule [5][17] - Gross margin remained healthy at 42%, supported by economies of scale and improved manufacturing productivity [16] Business Line Data and Key Metrics Changes - The ADAS market saw significant growth, with LiDAR becoming a standard feature in vehicles, achieving 100% adoption from top ADAS customers for their 2026 models [6][7] - The robotics business is also expanding, with strong demand from autonomous driving fleets and new deals signed with companies like Pony.ai and JD Logistics [10][11] Market Data and Key Metrics Changes - The company captured a 46% market share in the long-range automotive LiDAR market as of August 2025, significantly outpacing competitors [4] - The introduction of new regulations in China for higher-level autonomous driving is expected to drive demand for LiDAR systems [8] Company Strategy and Development Direction - The company aims to evolve into a full-spectrum technology infrastructure builder, focusing on innovation and capturing new market opportunities [12] - The successful dual primary listing on the Hong Kong Stock Exchange is seen as a pivotal moment, enhancing the company's financial foundation for future growth [14][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the LiDAR market, anticipating strong demand for ADAS LiDAR in passenger vehicles and robotics applications [24][25] - The company expects to ship 2-3 million LiDAR units in 2026, driven by the adoption of L3 vehicles and expanding global partnerships [24][25] Other Important Information - The company has integrated AI across its operations, leading to significant cost savings and improved efficiency [16] - The company is exploring new growth engines beyond LiDAR, including advanced sensing technologies and AI capabilities [72][73] Q&A Session Summary Question: Pricing strategy and volume expectations for next year - Management indicated that Q4 revenues are expected to reach RMB 1.0 to RMB 1.2 billion, with a full-year revenue increase of nearly 50% anticipated [22][23] Question: Competition and product advantages - Management acknowledged strong competition but emphasized the superior performance and reliability of their products, particularly the ATX LiDAR [30][32] Question: Level 3 legislation and product improvements - Management highlighted the rapid evolution of regulations in China and Europe, which are expected to drive demand for higher-level autonomous driving solutions [41][42] Question: Robotics business growth and shipment expectations - Management noted that the robotics segment is expected to see significant growth, with shipments anticipated to double in 2026 compared to 2025 [56][58] Question: Key customers and demand scale for ADAS products - Management identified key OEMs such as BYD and Li Auto as major customers, with expectations for increased LiDAR adoption across their vehicle lines [62][63] Question: Updates on overseas projects and contributions - Management confirmed ongoing projects with top European OEMs and expressed optimism about future contributions from international markets [65][68]

Financial Data and Key Metrics Changes - Gogoro generated over $25.7 million in operating cash flow, nearly doubling last year's level, and achieved approximately $21 million in operating expense savings compared to the same period in 2024 [4] - Adjusted EBITDA grew to $47 million over the first nine months of the year, a 25% increase over last year, with an adjusted gross margin of 19.3%, improving by 4.3 percentage points from 2024 [4] - Gross margin improved significantly to 12.2%, up from 5.4% in the same quarter last year, with non-IFRS gross margin reaching 22.2%, up 5.9 percentage points year over year [17] Business Line Data and Key Metrics Changes - Battery swapping service revenue grew 11.5% year over year to $38.9 million, driven by a subscriber base of 657,000 riders, up 5% year over year [13] - Hardware and other revenue was $38.7 million, down 25.5% year over year, primarily due to a 43.7% decline in vehicle sales volume [14] Market Data and Key Metrics Changes - Taiwan's overall two-wheeler market contracted to 196,000 units, the lowest third-quarter level in a decade, with motorcycle retail sales down roughly 9% year over year [16] - Consumer confidence is at its lowest point since early 2024, impacting discretionary spending [16] Company Strategy and Development Direction - Gogoro is focusing on operational efficiency, cost optimization, and product innovation to strengthen its foundation for future growth [4][8] - The company plans to launch three vehicle models in 2026, addressing multiple market segments and exceeding customer expectations [10] - Gogoro aims to achieve Energy network profitability in 2026, generate positive free cash flow from the Energy network business in 2027, and deliver sustained company-wide profitability in 2028 [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the current market but emphasizes the structural shift towards electrification and the company's readiness to capture future growth [17] - The company is confident in its ability to navigate near-term headwinds while executing for long-term value [8] - Management remains focused on delivering strong operational execution, continued cost discipline, and healthy cash generation [19] Other Important Information - Gogoro's product roadmap is expanding with the launch of the Easy and Easy 500 models, which are expected to lead their categories and contribute to sales volume and margin [6] - The company is developing a new generation of battery packs that will have greater density and lower costs, benefiting customers in cost-sensitive markets [11] Q&A Session Summary Question: What does Henry's appointment as official CEO mean for Gogoro's vision and priorities? - Henry emphasized the importance of fundamentals like products, technology, and execution, and expressed confidence in Gogoro's potential and the need for operational resilience [21][22] Question: What is the company's view on the stock decline following the reverse stock split? - Bruce noted that the decline is a near-term technical reaction and does not reflect the underlying fundamentals of the business, emphasizing the company's focus on long-term value and operational discipline [24][25]

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved a net revenue of RMB 795 million (approximately $112 million), representing a 47% year-over-year increase [15] - The total shipments reached 441,398 units, up 229% year-over-year [15] - The company reported a record quarterly GAAP net income of RMB 256 million (approximately $36 million), bringing the nine-month total to RMB 283 million (approximately $40 million) [17] - The gross margin remained healthy at 42%, driven by economies of scale and manufacturing productivity [16] Business Line Data and Key Metrics Changes - The ADAS market saw significant progress, with LiDAR becoming a standard feature in vehicles, achieving 100% adoption from top ADAS customers for their 2026 models [6] - The robotics business is also growing, with shipments of robotics LiDAR increasing 14-fold year-over-year [15] - The company expects to ship approximately 600,000 units in Q4 2025, with the ATX LiDAR accounting for roughly 80% of total deliveries [23] Market Data and Key Metrics Changes - The company captured a 46% market share in the long-range automotive LiDAR market as of August 2025, significantly outpacing competitors [4] - Regulatory developments in China, such as the introduction of conditional approval for L3 vehicle production, are expected to drive demand for higher-level autonomous driving systems [7] Company Strategy and Development Direction - The company aims to evolve into a full-spectrum technology infrastructure builder, focusing on redefining how vehicles and robots perceive and interact with the world [12] - The strategy includes leveraging AI across operations to enhance efficiency and reduce costs, with a target of RMB 100 million in operating expense savings by 2025 [17] - The company is exploring new growth engines beyond LiDAR, including advanced sensing technologies and AI capabilities [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the LiDAR market, anticipating strong demand for ADAS LiDAR in passenger vehicles, with shipments expected to reach 2-3 million units in 2026 [24] - The company raised its full-year GAAP net income guidance for 2025 to a range of RMB 350 million to RMB 450 million [17] - Management highlighted the importance of safety redundancy in higher-level autonomous driving systems, emphasizing the irreplaceable value of LiDAR technology [41] Other Important Information - The company successfully completed its dual primary listing on the Hong Kong Stock Exchange, raising $614 million, marking a significant milestone in its growth trajectory [12][14] - The company has signed new supply agreements with leading global autonomous driving companies, indicating strong international expansion [11][66] Q&A Session Summary Question: Pricing strategy and volume expectations for next year - Management indicated that Q4 revenues are expected to reach RMB 1.0-1.2 billion, driven by the rapid adoption of LiDAR in passenger vehicles [22] - The ATX LiDAR is expected to account for a significant portion of Q4 deliveries, with a market price around $200 [23] Question: Competition and technology advancements - Management acknowledged strong competition but emphasized the company's structured timeline for product releases and the superior performance of its products [31][32] - The company is exploring SPAD technology for LiDAR, focusing on addressing challenges related to noise and false triggering [35][36] Question: Level 3 legislation and product improvements - Management expressed optimism about the regulatory environment in China and Europe, noting strong customer demand for L3 applications [41][43] - The number of LiDAR units per vehicle is expected to increase significantly as L3 adoption accelerates [42] Question: Robotics business growth and shipment expectations - The robotics segment is expected to see significant growth, with shipments anticipated to double in 2026 compared to 2025 [58] - The company holds a dominant market share in the robotaxi segment, supplying major players in the industry [55] Question: Key customers and demand scale for ADAS products - Management identified key OEMs such as BYD, Li Auto, and Xiaomi as major customers for ADAS products, with strong momentum in LiDAR adoption [62]