Product Development - The full-scale prototype is preparing for its first flight at Embraer's test facility[2, 9] - Embraer has been selected to supply the landing gear[3, 13] - The Iron Bird (ground prototype) is operational, expediting certification and reducing costs[4, 16, 17] Ecosystem and Customer Engagement - The company is actively engaging with investors, media, regulators, and customers through various events and agreements[20] - Landmark framework agreement with Bahrain to launch eVTOL operations in the region[20] - The company has secured pre-orders for approximately 2,800 eVTOLs[24] - The firm orders and Letters of Intent (LOIs) are valued at approximately $14 billion based on the current list price[25] Financial Performance and Position - The company raised $230 million in equity capital[27] - The company's cash position is $534 million, providing liquidity for approximately 2.5 years, assuming a cash burn of approximately $200 million per year[29, 31] - For 3Q25, Research & Development (R&D) expenses were $44.9 million, and Selling, General & Administrative (SG&A) expenses were $7.0 million[32]

Financial Performance & Divestment - HUTCHMED reported profits of $455 million in H1 2025, driven by a $477.5 million gain from the partial divestment of SHPL[15] - The company divested a 45% equity interest in SHPL, retaining 5%, resulting in gross proceeds of $609 million[13] - HUTCHMED's cash, cash equivalents, and short-term investments totaled $1,364.5 million as of June 30, 2025[12] - Oncology revenue was $143.5 million in H1 2025, a decrease from $168.7 million in H1 2024[15] - The company revised its 2025 Oncology Revenue Guidance to $270 million - $350 million, down from the previous guidance of $350 million - $450 million[20] Commercial Product Performance - FRUZAQLA® in-market sales grew by 25% to $162.8 million in H1 2025[10, 22] - ELUNATE® in-market sales decreased by 29% to $43.0 million in H1 2025[22] - ORPATHYS® in-market sales decreased by 41% to $15.2 million in H1 2025[22] - SULANDA® in-market sales decreased by 50% to $12.7 million in H1 2025[22] Pipeline & Development - The company is developing an Antibody-Targeted Therapy Conjugate (ATTC) platform with multiple drug candidates, with the first candidate US + China clinical trial initiation expected in H2 2025[10] - Savolitinib received China NMPA approval in June 2025 for 2L NSCLC MET amplification[10, 36, 46]

Rezdiffra Sales Performance - Rezdiffra's net sales for 3Q25 reached $287.3 million[13], annualizing at over $1 billion[9, 13] - From 2Q25 to 3Q25, Rezdiffra experienced a quarter-over-quarter growth of 35%[13] - Over 29,500 patients are currently on Rezdiffra[9, 16] - More than 10,000 healthcare providers have prescribed Rezdiffra to date[9, 19] Market and Pipeline Expansion - Madrigal is advancing Rezdiffra in a compensated MASH cirrhosis (F4c) trial, aiming to be first to market[11] - The company completed the transaction of oral GLP-1 (MGL-2086)[11] - Data from the MAESTRO-NASH OUTCOMES trial (F4c) is expected in 2027[37], and MAESTRO-NASH (F2/F3) data is expected in 2028[37] - MGL-2086/resmetirom combo is expected to enter clinic in the first half of 2026[37] - Rezdiffra has broad first-line access with no step edit requirements and improvements in utilization management criteria[31] Financial Position - Madrigal reported $1.1 billion in cash, cash equivalents, restricted cash, and marketable securities as of September 30, 2025[46] - Net product revenue for 3Q25 was $287.268 million, compared to $62.175 million in 3Q24[44] - The net loss for 3Q25 was ($114.190) million, compared to ($106.964) million in 3Q24[44]

Third Quarter Earnings November 4, 2025 Charlotte Simonelli Executive Vice President and Chief Financial Officer 1 Management Presenters Tom Hudson Vice President, Investor Relations 2 Ryan Schneider Chief Executive Officer and President Forward-Looking Statements This presentation contains "forward-looking statements," within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "believes", "exp ...

Financial Performance - Uber's Q3 2025 revenue reached $13467 million, a 19% increase year-over-year in constant currency[61],[62] - Adjusted EBITDA for Q3 2025 was $2256 million, representing a 33% increase year-over-year[64],[67] - Gross Bookings grew by 21% year-over-year in constant currency, reaching $49740 million in Q3 2025[55],[57],[58] Segment Highlights - Mobility Gross Bookings saw a 19% year-over-year increase in constant currency, reaching $25111 million[71],[73] - Delivery Gross Bookings experienced a 24% year-over-year increase in constant currency, totaling $23322 million[76],[81] - Freight revenue remained relatively flat year-over-year, with $1308 million in Q3 2025[84] Operational Metrics - Monthly Active Platform Consumers (MAPCs) increased by 17% year-over-year[49] - Total Trips grew by 22% year-over-year[50] - Monthly Platform Frequency increased by 27% after Grocery & Retail (G&R) integration, reaching 61 trips[43] Strategic Initiatives - Grocery & Retail (G&R) expands Delivery's addressable market by ~$2 trillion[21] - G&R is driving Delivery audience growth, with 7% of first-time Delivery users acquired through G&R[39] - G&R is generating ~$12 billion Gross Bookings run-rate[44],[45]

Q3 2025 Performance Highlights - Strong organic revenue growth of 9.7% was supported by all three operating segments[9, 27, 31] - Accelerated operating income growth of 28% at constant currency led to a step-change in margin expansion to 11.7%[9, 29, 31] - FME25+ savings of EUR 47 million continued momentum[9] - The company repurchased 3.6 million shares, representing 1.2% of share capital, for EUR 151 million[9, 56] Segment Performance - Care Delivery: Revenue increased by 3.6% at constant currency, with U S organic growth of 5.8% driven by favorable rate/mix effects[36, 39] Operating income increased by 14.4% at constant currency[37] - Value-Based Care: Revenue increased by 42.1% at constant currency, driven by a significantly higher number of member months[41, 42] - Care Enablement: Revenue increased by 4.6% at constant currency[47] Operating income increased by 38.1% at constant currency, with margin expansion to 7.6%[49] Financial Position - Total net debt and lease liabilities decreased to EUR 9,218 million compared to EUR 9,831 million in Q3 2024, a decrease of 6%[52] - Net leverage ratio improved to 2.6x, compared to 2.9x at FY 2024 and 3.41x in Q3 2024[54] - Operating cash flow was EUR 742 million, a decrease of 25% compared to EUR 985 million in the prior year, which was inflated by around EUR 400 million following the cyber incident at Change Healthcare[52, 55] Outlook - The company confirmed its FY 2025 outlook, expecting revenue to grow positively to a low-single digit percent and operating income to grow in the high-teens to high-twenties percent, both on a constant currency basis and excluding special items[58, 59] The implied Group operating income margin is expected to be around 11% to 12%[59]

Financial Performance & Growth Strategy - Edenred achieved €30 billion in Total Revenue in 2025[11], aiming for €5+ billion by 2030 through organic growth and M&A[73] - The company targets an annual EBITDA LFL growth of +8-12% from 2027 to 2028[77], with a rebasing year in 2026 showing +2-4% growth due to regulatory changes in Italy[374] - Edenred aims for a FCF/EBITDA conversion rate of ≥65% annually[77] Business Diversification & Market Penetration - Edenred generates 70% of its Operating Revenue in countries where it holds the 1 market position[11, 81] - The company is focused on a vastly underpenetrated market with less than 40% penetration in core markets[46, 81] - Diversification efforts have led to 40%+ of Operating Revenue coming from Beyond solutions[52] Digital Transformation & Innovation - Edenred invests >€500 million annually in product and technology[28], with ~€18 billion investment planned over the next 3 years[28, 190] - The company is increasing its focus on Data & AI, with a planned x6 increase in annual investment by 2028 compared to 2024[180, 190] Benefits & Engagement - The Benefits & Engagement sector has a Total Addressable Market of >€1100 billion, with ~35% penetration in core markets[220] - Edenred aims to increase the average number of solutions per client from 15 in 2025 to ~25 by 2028 in Benefits & Engagement[237] Mobility - Edenred's Mobility sector achieved €06 billion in Operating Revenue in 2024[267]

Financial Performance - Fiscal Year 2025 - Diluted EPS was $6.02, while Adjusted EPS was $7.25, representing a 3% year-over-year increase[5] - Adjusted EBITDA increased to $804 million, with an Adjusted EBITDA Margin of 22%[12] - Operating Cash Flow was $665 million, supporting $96 million in dividends and $168 million in share repurchases[9] - Capital Expenditures totaled $274 million[16] - Free Cash Flow reached $391 million[16] Segment Performance - Fiscal Year 2025 - Reinforcement Materials segment EBIT decreased by 5%[7, 36] - Performance Chemicals segment EBIT increased by 18%[7, 42] Strategic Outlook - Fiscal Year 2026 - Adjusted EPS is expected to be in the range of $6.00 to $7.00[50, 65] - Capital Expenditures are projected to be between $200 million and $250 million[65] - Share repurchases are estimated to be between $100 million and $200 million[65] - The operating tax rate is forecasted to be in the range of 27% to 29%[34, 65]

Financial Performance - Total revenue was $3.8 billion, consistent with the prior year, as price (+5%) and currency (+1%) offset lower volume (-6%) [8, 10] - Adjusted gross margin was 31.6%, an increase of 110 basis points year-over-year, driven by pricing and supply chain transformation benefits [8, 10, 17] - Adjusted EPS was $1.43, inclusive of a tax rate benefit [8, 10] - Net cash from operating activities was $221 million, and free cash flow was $155 million [10] Guidance and Targets - The company revised its 2025 EPS planning assumption to $2.55 - $2.70 on a GAAP basis and is planning for 2025 Adjusted EPS of approximately $4.55 [10] - The company is targeting annual free cash flow of approximately $600 million [10, 19] - The company is committed to achieving 35% adjusted gross margin and a solid investment grade balance sheet [7] Segment Performance - Tools & Outdoor revenue was flat, with a 12.0% adjusted segment margin, up year-over-year [12] - Engineered Fastening revenue increased by 3%, with a 12.8% adjusted segment margin, down year-over-year but up 200 basis points sequentially versus 2Q'25 [12, 14] - Tools & Outdoor organic revenue decreased by 2%, while Engineered Fastening organic revenue increased by 5% [12] Cost Savings and Liquidity - The company achieved $120 million in pre-tax run-rate cost savings in the third quarter, with $1.9 billion program-to-date [8, 17] - The company has $0.3 billion in cash on hand and $2.1 billion in additional commercial paper capacity, resulting in $2.4 billion in total additional liquidity [30]

Financial Performance & Guidance - Rhythm Pharmaceuticals reported Q3 2025 product revenue of $51.3 million, compared to $33.3 million in Q3 2024[51] - The company experienced a 10% quarter-over-quarter growth in patients on reimbursed therapy globally[49] - Q3 2025 operating expenses totaled $98.5 million, including $18.8 million in stock-based compensation expense[52] - Rhythm anticipates non-GAAP operating expenses for 2025 to be between $295 million and $315 million, including R&D expenses of $150 million to $165 million and SG&A expenses of $145 million to $150 million[52] - As of September 30, 2025, Rhythm Pharmaceuticals held $416.1 million in cash, cash equivalents, and short-term investments[51] IMCIVREE & Pipeline Updates - Steady growth in global IMCIVREE sales in Q3 2025 was primarily driven by Bardet-Biedl syndrome (BBS)[10] - The FDA accepted the sNDA for setmelanotide in acquired hypothalamic obesity (HO) for Priority Review, with a PDUFA goal date of December 20, 2025[10] - A German investigator-led study showed that over 80% of BBS patients on setmelanotide exhibited either resolution of MASLD or stabilization at grade S1 after six months of therapy[12] - The same study showed 100% of patients (N=26) with both BBS and metabolic dysfunction-associated steatotic liver disease (MASLD) showed improvement[12] Strategic Initiatives & Market Access - Rhythm Pharmaceuticals estimates the U S prevalence of acquired hypothalamic obesity to be approximately 10,000 patients[15] - IMCIVREE is available in >25 countries outside the United States[36] - Rhythm estimates the European prevalence of acquired hypothalamic obesity to be approximately 10,000 patients[40] - Rhythm estimates the prevalence of acquired hypothalamic obesity in Japan to be approximately 5,000 to 8,000[43]