Santa Ynez Unit (SYU) Asset Overview - SYU is a massive oil-weighted resource with three offshore platforms and wholly-owned onshore production treatment facilities[7] - SYU produced at a rate of 45,000 BOE/D at shut-in in 2015 and restarted production on May 15, 2025[7] - The asset has a significant production history, with over 671 MMBoe produced between 1981 and 2014[24] - The remaining total net estimated contingent resources are 646 MMBoe[22] Operational Plans and Options - Sable is pursuing two options to extract value from SYU: purchasing an Offshore Storage and Treating Vessel (OS&T) or utilizing the Las Flores Canyon and Pipeline System[14] - Option 1 (OS&T) is estimated to require approximately $450 million in capital[32] - Option 1 (OS&T) is projected to achieve cost savings of approximately $10/BOE relative to Option 2, potentially saving over $175 million annually assuming 50 MBOE/D of net production[56] - Option 2 (Pipeline) could potentially increase California domestic crude supply by approximately 15%[32] Financial Guidance and Projections - Under the OS&T option, Sable projects net average daily production of 45,000-55,000 BOE/D by Q1 2027[56] - Under the Pipeline option, Sable projects net average daily production of 45,000-55,000 BOE/D by Q1 2026[56] - Total Capex for Option 1 (OS&T) in FY2026 is estimated to be $425-$475 million[56] - Total Capex for Option 2 (Pipeline) in FY2026 is estimated to be $240-$270 million[56]

Financial Performance - GAAP net income attributable to Ares Management Corporation was $288.9 million for the quarter ended September 30, 2025[1] - After-tax realized income was $425.8 million for the quarter ended September 30, 2025[2] - Fee related earnings were $471.2 million for the quarter ended September 30, 2025[2] - Total assets under management reached $595.7 billion as of September 30, 2025, a 28% year-over-year increase[9,3] - Total fee paying AUM was $367.6 billion as of September 30, 2025, a 28% year-over-year increase[3,37] Fundraising and Capital Deployment - Ares expects to exceed its previous annual fundraising record of $93 billion this year[3] - The company raised $30.9 billion in Q3 2025, with net inflows of capital of $28.5 billion[25] - Capital deployment reached $41.7 billion, including $20.2 billion by drawdown funds[25] - Available capital stood at $150 billion at the end of the third quarter[3] Dividends - Ares declared a quarterly dividend of $1.12 per share of Class A and non-voting common stock[4] - Ares declared a quarterly dividend of $0.84375 per share of its 6.75% Series B mandatory convertible preferred stock[5]

Q3 2025 Financial Highlights - Revenue reached $1.55 billion, a 6% increase quarter-over-quarter[15] - Gross margin was 38.0%, a 40 bps increase quarter-over-quarter[15] - Operating margin was 19.2%, a 190 bps increase quarter-over-quarter[15] - Diluted EPS was $0.63, a $0.10 increase quarter-over-quarter[15] - Last Twelve Months (LTM) Free Cash Flow (FCF) margin was 21.9%, an 815 bps increase year-over-year[15] Revenue Breakdown by Market - Automotive revenue was $787 million, a 7% increase quarter-over-quarter[15] - Industrial revenue was $426 million, a 5% increase quarter-over-quarter[15] - Other revenue was $337 million, a 2% increase quarter-over-quarter[15] Q4 2025 Guidance - Revenue is projected to be between $1.48 billion and $1.58 billion (GAAP and Non-GAAP)[27] - GAAP gross margin is expected to be between 36.9% and 38.9%, while Non-GAAP gross margin is expected to be between 37.0% and 39.0%[27] - GAAP EPS is projected to be between $0.56 and $0.66, while Non-GAAP EPS is projected to be between $0.57 and $0.67[27] Financial Targets - The company is targeting revenue growth at approximately 3 times the semiconductor industry growth rate[92] - The company is targeting a gross margin of 53%[45, 92] - The company is targeting free cash flow margin between 25% and 30%[46, 92]

ORLADEYO Performance and Outlook - ORLADEYO revenue continues strong growth, with a 37% year-over-year increase in Q3 2025[15] - The FY25 guidance range for ORLADEYO revenue has been raised to $590-600 million[17] - Market research reaffirms a strong outlook for ORLADEYO, with an estimated patient LTP share of 24% in 2034[19] - BioCryst anticipates a sustainable $1 billion peak revenue opportunity for ORLADEYO, with a contribution margin exceeding 80%[14] Astria Acquisition and HAE Portfolio Expansion - BioCryst is set to acquire Astria for approximately $700 million TEV, aiming to strengthen its presence in the HAE market[30] - The acquisition is expected to transform BioCryst's revenue profile, projecting a 10+ year double-digit portfolio CAGR[30] - Post-transaction, BioCryst anticipates maintaining profitability (non-GAAP) and positive cash flow[31] - By 2029, the company expects a cash balance of over $1 billion, providing flexibility for future growth opportunities[32] Pipeline Development - Navenibart presents an opportunity to target 5,000+ patients in the US[34] - BCX17725, a targeted KLK5 inhibitor, is under development for Netherton syndrome, with initial Phase 1 data expected by the end of Q1 2026[59]

Q3 2025 Financial Performance - Revenue reached $1,105 million, with a reported growth of +13% and organic growth of +12%[1] - Operating profit was $355 million[1] - Diluted earnings per share (EPS) stood at $3.40, reflecting a reported growth of +21% and comparable growth of +15%[1] - CAG (Companion Animal Group) revenue was $1,013 million, showing a reported growth of +14% and organic growth of +12%[1] - Water revenue reached $54 million, with a reported growth of +8% and organic growth of +7%[1] - LPD (Livestock, Poultry and Dairy) revenue was $34 million, demonstrating a reported growth of +17% and organic growth of +14%[1] 2025 Outlook - Revenue is projected to be between $4,270 million and $4,300 million, with a reported growth of 9.6% - 10.3% and organic growth of 8.8% - 9.5%[6,7] - Operating margin is expected to be 31.6% - 31.8%, with a reported margin expansion of 260 bps - 280 bps and comparable margin expansion of 80 bps - 100 bps[6,7] - EPS is forecasted to be $12.81 - $13.01, representing a reported growth of 20% - 22% and comparable growth of 12% - 14%[6,7] U.S. Companion Animal Practice Growth - As of September 30, 2025, U S total visits include clinical and non-clinical visits, there were an estimated ~330 million U S total visits in 2024[8,10] - Q3 2025 year-over-year growth in clinical visit was 2.0%[9] - Q3 2025 year-over-year growth in practice revenue was 4.5%[9]

VYJUVEK Launch and Revenue - Since launch, VYJUVEK has generated over $623 million in net revenue[10] - Q3 2025 VYJUVEK product revenue reached $97.8 million, compared to $83.8 million in Q3 2024[35] - The company has secured over 615 reimbursement approvals for VYJUVEK in the U S[14] European and Japanese Expansion - VYJUVEK launched in Germany in late August, with over 10 prescribing centers and prescriptions for an estimated 20 DEB patients[15] - VYJUVEK launched in Japan in October, targeting over 500 estimated DEB patients[17, 18] - The company is building a specialty distributor partner network to reach thousands of potential DEB patients in rest-of-world markets[20] Pipeline Development - The FDA granted Platform Technology Designation for KB801, potentially accelerating its path to market[21] - The company expects to report molecular data from the KB407 Phase 1 trial for Cystic Fibrosis by year-end[28] - KB111 is entering clinical trials for the treatment of Hailey-Hailey disease, targeting an estimated 10,000-15,000 patients in the U S and Europe[34] Financial Performance - The company's cash and investments totaled $864.2 million as of September 30, 2025[35] - Net income for Q3 2025 was $79.4 million, compared to $27.2 million in Q3 2024[35] - Non-GAAP R&D and SG&A expense guidance for full year 2025 is updated to $145 million to $155 million[36]

Q3 2025 Performance - Revenue decreased by $3.9 million, a -0.5% decline, with organic revenue declining by -4.5%[7] - Non-GAAP EPS decreased by -25% to $0.45[7] - Non-GAAP operating margin decreased by -260 bps to 12.3%[7] Q3 2025 YTD Performance - Revenue increased by $72.5 million, a 3.0% increase, driven by M&A, while organic revenue declined by -3.1%[9] - Non-GAAP EPS decreased by -25.5% to $1.23, including a -$0.09 FX headwind[9, 43] - Non-GAAP operating margin decreased by -290 bps to 11.4%[9] FY 2025 Outlook - Revenue is projected to be between $3.41 billion and $3.44 billion, representing a growth of +1% to +2%[49] - Organic revenue is expected to decline by -4% to -5%, with M&A contributing approximately +3.5%[49] - Non-GAAP EPS is projected to be between $1.85 and $1.90, a decline of -21% to -23%[49]

Company Overview - AMG has ~$804 billion in Assets Under Management [2] - AMG partners with ~40 independent Affiliates [2] - Liquid Alternatives AUM is ~$205 billion, Differentiated Long-Only AUM is ~$451 billion, and Private Markets AUM is ~$148 billion [5] Financial Performance & Growth - AMG's LTM EBITDA contribution by strategy shows Differentiated Long-Only at 48%, Alternatives at 52% (Liquid Alternatives 29% and Private Markets 23%) [7] - The company has a mid-teens annualized long-term earnings growth opportunity [10] - The company has returned ~$28 billion in excess capital over the last 5 years [54] - The company has repurchased ~10% of shares annually over the last 5 years at an average repurchase price of $146 [54] - Adjusted EBITDA increased from $795 million in 2020 to $973 million in 2024 [57] - Economic Earnings Per Share increased from $1330 in 2020 to $2136 in 2024 [57] Investment Performance - 91% of products outperformed benchmarks over 3 years, 99% over 5 years, and 89% over 10 years [15] - Private Markets IRR for the latest vintage is 86%, and for the last three vintages is 84% [15]

Financial Performance - Q3 2025 - Net sales increased by 06% YoY to $1383 million, driven by Infrastructure growth of 44%, while Rail decreased by 22%[18] - Adjusted EBITDA decreased by 79% YoY to $114 million, with lower margins partially offset by lower SG&A[18, 23] - Net income attributable to L B Foster Company decreased by 879% YoY to $44 million, primarily due to a $300 million tax benefit in the prior year[23, 24] - New orders, net increased by 196% YoY to $1148 million, resulting in a Q3 TTM book-to-bill ratio of 108:100[19] - Backlog increased by 184% YoY to $2474 million, with a $384 million increase supporting an expected ~$32 million increase in sales in Q4[19, 23] Financial Position - Net cash provided by operations increased by $44 million YoY to $292 million[18, 23] - Net debt decreased by $101 million YoY, with a Gross Leverage Ratio of 16x, down 03x YoY[18] - Funding capacity stood at $945 million[48] Segment Performance - Rail, Technologies, and Services: Net sales decreased by 22%, while new orders, net increased by 639% and backlog increased by 582%[32, 33, 35] - Infrastructure Solutions: Net sales increased by 44%, while new orders, net decreased by 344% and backlog decreased by 109%[38, 39, 41] 2025 Guidance - Revenue is projected to be between $535 million and $545 million[13, 19] - Adjusted EBITDA is expected to be between $40 million and $42 million[13, 19] - Free cash flow is anticipated to be between $15 million and $20 million[13, 19]

YUTREPIA Adoption and Usage - Over 600 physicians are prescribing YUTREPIA [4] - More than 2,000 unique patient prescriptions have been written for YUTREPIA [4] - Over 1,500 patients have started on YUTREPIA [4] - Approximately 75% of patients starting YUTREPIA are new to treprostinil [5] - Around 10% of PAH prescriptions represent switches from oral therapies [5] Financial Performance - Liquidia Corporation's ending cash and cash equivalents for 3Q 2025 were $157.5 million [6] - Net product sales for 3Q 2025 were $51.669 million [6] - Total revenue for 3Q 2025 was $54.342 million [6] - Operating income for 3Q 2025 was $1.767 million [6] - Adjusted EBITDA for 3Q 2025 was $10.142 million [13]