Financial Performance & Guidance - Net sales increased by 20%[18] - Organic sales increased by 04%, led by oral care, including a 08% negative impact from lower private label pet sales[18] - The company returned $21 billion to shareholders year to date[31] - Net sales growth is expected to be up low single digits, including a flat to low-single-digit negative impact from foreign exchange[24] - Organic sales growth is now expected to be 1% to 2%, roughly in line with year-to-date organic sales growth of 12%, including an approximately 70 basis point impact from exit from private label pet sales[25] - The company expects approximately $75 million in tariff costs for 2025[26] Strategic Initiatives - The company announced a new three-year productivity program to drive future top and bottom line growth and support the Company's 2030 strategy[20] - The Strategic Growth and Productivity Program is projected to result in cumulative pre-tax charges totaling between $200 and $300 million over the course of the three-year program[21] - Colgate Bright Smiles, Bright Futures achieved a new milestone - reaching approximately 2 billion children and their families worldwide since 1991[18] Market Share - Global toothpaste market share was up 10 basis points on a volume basis year to date[18] - Global manual toothbrush market share was up 50 basis points on a volume basis year to date[18]

Financial Performance - Q3 2025 - Net sales for Q3 2025 were $493.8 million, a 6.8% increase compared to $462.3 million in Q3 2024[12] - Non-GAAP earnings per diluted share for Q3 2025 were $2.08, a 10.1% increase compared to $1.89 in Q3 2024[12] - Adjusted EBITDA for Q3 2025 was $82.9 million, with adjusted EBITDA margins of 16.8%[12, 18] Financial Performance - YTD 2025 - Net sales for YTD 2025 reached $1.42 billion, a 1.8% increase compared to $1.3956 billion in YTD 2024[11, 12] - Non-GAAP earnings per diluted share for YTD 2025 were $5.37[11, 12] - Adjusted EBITDA for YTD 2025 was $227.4 million[11, 12] Leverage and Liquidity - The company's net debt stood at $703 million as of September 30, 2025[23] - The leverage ratio was 2.4x as of September 30, 2025, operating well within the bank's maximum permitted leverage of 4.0x[11, 23] - The company had cash and cash equivalents of $172 million[23] Sales Volume - Sales volumes increased by 3% year-over-year in Q3 2025, driven by new business wins across all regions[15]

Financial Performance - Net sales decreased by 8.8% to $383.7 million in Q3 2025 compared to $420.9 million in Q3 2024[33] - Gross profit decreased by 7.5% to $126.6 million in Q3 2025 compared to $136.9 million in Q3 2024[33] - Adjusted earnings per share decreased by 8.7% to $0.21 in Q3 2025 compared to $0.23 in Q3 2024[33] - For the nine months ended September 30, 2025, net sales decreased by 10.0% to $1095.9 million compared to $1218.1 million in 2024[33] - The company reaffirms its 2025 full year outlook[16] Cost Reduction Program - The company is executing on a $100 million multi-year cost reduction program, with over $50 million realized since inception[16, 29, 31] - Approximately $10 million in savings was achieved in Q3 2025 from the cost reduction program[31] - SG&A costs were down year-over-year due to cost savings and lower incentive compensation expense[16] Capital Structure and Cash Flow - Gross debt decreased by $37 million year-over-year[43, 56] - The company repatriated $47 million from Brazil and paid down debt[43] - The consolidated leverage ratio was 4.1x at the end of Q3 2025[43, 56] - Year-to-date adjusted free cash flow was $42 million[50, 60] Segment Performance - ACCO Brands Americas sales decreased by 12.2% to $227.6 million in Q3 2025 compared to $259.1 million in Q3 2024[37] - ACCO Brands International sales decreased by 3.5% to $156.1 million in Q3 2025 compared to $161.8 million in Q3 2024[37]

Financial Performance - Aon achieved 7% organic revenue growth in Q3 2025, consistent with Q3 2024[8, 9] - Adjusted operating margin expanded by 170 basis points to 26.3%[8, 9, 15] - Adjusted earnings per share (EPS) grew by 12%[8, 9] - Free cash flow increased by 13% to $1.079 billion in Q3 2025[8, 9] Segment Performance - Commercial Risk Solutions and Reinsurance Solutions both experienced organic revenue growth of 7% and 8% respectively[10, 24] - Health Solutions saw organic revenue growth of 6%, while Wealth Solutions grew by 5%[10, 24] Capital Allocation - The company remains disciplined in capital allocation, balancing strategic investments with capital return to shareholders[8] - Capital return to shareholders included $161 million in dividends and $411 million in share repurchases in Q3 2025[19] Guidance and Outlook - Aon is on track to achieve its full-year 2025 financial commitments and expects to enter 2026 with strong momentum[8] - The company anticipates mid-single-digit or greater organic revenue growth for the full year 2025[12, 20]

Company Overview - Tiptree was founded in 2007 with a focus on long-term value creation for shareholders [24] - The company has a flexible capital allocation model and aligned management incentives [16] - Insider ownership is at 34% [24] Financial Performance - Tiptree has $24 billion of realized investments representing a 28x MOIC and 22% IRR since inception [24] - $177 million of capital has been returned to shareholders through share repurchases, tax-deferred distributions, and common dividends [17] - The company's realized investment IRR is 22% [30] Recent Transactions - Tiptree agreed to sell Fortegra in an all-cash transaction for $165 billion, with $112 billion in gross proceeds to Tiptree [13] - The Fortegra valuation is 23x book value (39x tangible book value) and 107x LTM net income [13] - The estimated gross return on the Fortegra sale is 141x MOIC and 227% IRR, with an anticipated closing in mid-2026 [13] - Tiptree agreed to sell Reliance First Capital for 935% of tangible book value at closing, or $51 million of estimated gross proceeds as of September 30, 2025 [13] - The estimated gross return on the Reliance sale is 29x MOIC and 135% IRR, with an anticipated closing in the first quarter of 2026 [13] - Pro-forma book value as of September 30, 2025, is estimated to be $930 million, net of estimated taxes and transaction expenses for both transactions [13]

Q3 2025 Performance Highlights - Adjusted EBITDA grew 51% outpacing revenue growth of 27%[9] - Record consolidated Adjusted EBITDA Margin of 21.8%, up 340 basis points[9] - Aggregates pricing up 9% and volume increase of 18% leading to 17% cash unit profitability gain[9] - Q3 operating cash flow up 19% and Free Cash Flow up 25%[9] Strategic Transformation - Construction Products Adjusted EBITDA decreased from 56% in 2018 to 34% in Q3 2025, while Engineered Structures increased from 33% to 38% and Transportation Products decreased from 29% to 10%[15] Q3 2025 Consolidated Results - Revenues increased by 27% from $626.8 million to $797.8 million[19] - Adjusted EBITDA increased by 53% from $114.0 million to $174.2 million[19] - Net income increased by 340% from $16.6 million to $73.0 million[19] 2025 Outlook - Revenue is projected to increase by 16% to a range of $2.86 billion to $2.91 billion[9, 37] - Adjusted EBITDA is projected to increase by 32% to a range of $575 million to $585 million[9, 38] - Adjusted EBITDA Margin expansion of 240 basis points[9]

Financial Performance - RE/MAX Holdings' revenue for Q3 2025 was $73.3 million, a decrease of $5.2 million or 6.7%, compared to $78.5 million in Q3 2024[6, 22] - Adjusted EBITDA for Q3 2025 was $25.8 million, down 5.6% compared to Q3 2024[6, 27] - Adjusted EBITDA margin increased by 40 basis points to 35.2% in Q3 2025[6, 27] - Adjusted Diluted EPS was $0.37[6] Agent Network - Total agent count increased 1.4% year-over-year to 147,547 agents as of September 30, 2025[6, 9] - Agent count in the U S and Canada combined decreased 5.1% to 74,198 agents[6] - Agents outside the U S and Canada increased 9.0% (+6,067 agents)[8] - Agents in Canada decreased 1.5% (-373 Agents)[8] - Agents in the U S decreased 6.9% (-3,630 Agents)[8] Expenses - Selling, operating, and administrative expenses decreased by $3.5 million, or 9.7%, to $32.5 million in Q3 2025, representing 58.9% of Revenue excluding Marketing Funds[23, 24] Outlook - For Q4 2025, the company expects revenue between $69.5 million and $73.5 million and Adjusted EBITDA between $19.0 million and $23.0 million[28] - For full year 2025, the company expects revenue between $290.0 million and $294.0 million and Adjusted EBITDA between $90.0 million and $94.0 million[28]

Financial Performance - Revenue decreased by 09% from $138 billion in 3Q24 to $137 billion in 3Q25[8, 43] - Adjusted EBITDA decreased by 15% from $56 billion in 3Q24 to $56 billion in 3Q25[8, 46] - Capital expenditures increased by 190% from $26 billion in 3Q24 to $31 billion in 3Q25[8] - Free cash flow remained relatively stable at $1621 billion in 3Q25 compared to $1619 billion in 3Q24[51] - LTM Free Cash Flow increased from $4334 billion to $5215 billion[51] Customer Metrics - Total customer relationships decreased by 20% from 317 million in 3Q24 to 311 million in 3Q25[34] - Internet customers decreased by 15% from 303 million in 3Q24 to 298 million in 3Q25[35, 38] - Mobile lines increased by 22% from 94 million in 3Q24 to 114 million in 3Q25[36, 37] - Video customers decreased by 35% from 130 million in 3Q24 to 126 million in 3Q25[36, 40] Mobile Business - Mobile service margin excluding SAC was 34% in 3Q25, up from 18% in 3Q22 and 0% in 3Q20[18, 20] - Spectrum Mobile customer data offload to Charter's Network is now 88%, up from 85% in 2022[13, 20]

Financial Performance & Guidance - Emerald is on track to achieve full-year objectives, delivering a 133% year-over-year growth in Revenue and a 324% year-over-year growth in Adjusted EBITDA year-to-date 2025[12] - For Q3 2025, Revenue grew by 67% and Adjusted EBITDA grew by 24%[12] - Full Year 2025 revenue guidance is updated to a range of $460-$465 million, and Adjusted EBITDA guidance is $1225 - $1275 million, reflecting the acquisition of Generis[12, 14, 17] Organic Revenue Analysis - Year-to-date 2025, reported Organic Revenue growth was 10% from the prior year period[12] - Without recent acquisitions, year-to-date Organic Revenue growth would have been 43%[12] - Reported Organic Revenue declined by 68% in Q3 2025; without recent acquisitions, the decline would have been 29%[12] Capital Allocation - The company repurchased 116,094 shares of common stock for $05 million at an average price of $487 per share in Q3 2025[12] - The Board of Directors declared a dividend of $0015 per share for the quarter ending December 31, 2025[12] - The company has bought back a total of 170 million shares of common stock for an aggregate of $700 million since the restart of the share repurchase program in 2021 through September 30, 2025[42] Market Position & Strategy - Emerald is the largest US-based B2B events platform, diversified across end markets, with Connections representing approximately 90% of revenue[18, 19] - B2B US Marketing spend for events and sponsorships is expected to grow by a CAGR of +7% through 2030[29] - The company has completed and integrated over 30 acquisitions over the last decade, deploying approximately $10 billion in capital[39]

Q3 2025 Earnings Presentation October 31, 2025 Forward-looking Statements and Non-GAAP Measures 2 • These slides may contain forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by thes ...