Summary of Liberty Global Conference Call - November 12, 2025 Company Overview - **Company**: Liberty Global (NasdaqGS:LBTY.A) - **Revenue**: $22 billion across four core markets [2][3] - **Market Position**: Claims to be undervalued compared to peers, with a leverage ratio of 5.5 times [2][3] Core Strategic Pillars 1. **Liberty Telecom**: - Focus on telecom assets across Europe, with a history of buying and building telcos [2][3] - Significant opportunities for value creation despite current low stock valuation [3] 2. **Liberty Growth**: - Valued at $8-$9 per share, primarily from media and sports infrastructure assets [3][4] - Generated over $600 million in revenue from tech and financial services platforms [4] 3. **Liberty Services and Corporate**: - Corporate spend guidance reduced from $200 million to $100 million, indicating improved efficiency [4][51] - Headcount reduced by 40% year-over-year, contributing to cost savings [51] Value Creation Initiatives - **Spin-off of Sunrise**: - Successfully spun off Swiss operation, which now trades at 8 times EBITDA, unlocking significant value [7][10] - The market cap of Sunrise is larger than Liberty Global's current market cap [7] - **Belgium and Netherlands Operations**: - Belgium's market is rational with three core operators, and Liberty Global is building fiber off-balance sheet [11][12] - Dutch operations are showing signs of turnaround with improved performance and investment in brand [23][24] - **Formula E Investment**: - Liberty Global sees potential in motorsports, particularly in electric racing, with a focus on global reach and sustainability [46][49] Competitive Landscape - **UK Market**: - Highly competitive with aggressive MVNOs and AltNets impacting pricing and broadband net adds [16][17] - Liberty Global is focusing on retention strategies and enhancing service offerings [17] - **Regulatory Environment**: - Positive changes anticipated in the EU and UK regarding merger controls and spectrum allocation [19][20] - Liberty Global advocates for a favorable regulatory environment to support growth [21][66] Financial Performance and Guidance - **2025 EBITDA Guidance**: - Mid to high single-digit decline expected in EBITDA for the Netherlands, but signs of recovery are evident [23][24] - Focus on generating free cash flow and maintaining a strong cash position [44][65] - **Share Buybacks**: - Consistent share buybacks have reduced share count by 65% since 2017, enhancing shareholder value [57][58] Additional Insights - **Corporate Efficiency**: - Significant reductions in corporate spending and headcount are expected to continue, with potential for further cost savings [51][52] - Liberty Bloom initiative aims to create a separate revenue stream from back-office solutions [53][54] - **Long-term Vision**: - The focus remains on delivering value to shareholders rather than the company's structural form [74] - Liberty Global is positioned to leverage its assets for future growth and value creation opportunities [66][70] This summary encapsulates the key points discussed during the Liberty Global conference call, highlighting the company's strategic focus, financial performance, and market positioning.

Financial Performance - Total sales reached $1.9 billion, a 6% year-over-year increase, with specialties-driven sales up by 3%[5] - Adjusted EBITDA increased by 4% year-over-year to $398 million[5] - Specialties-driven sales amounted to $1.5 billion, with an EBITDA of $251 million[5] Segment Performance - **Industrial Products:** Sales were $295 million, and EBITDA was $67 million, with a 23% EBITDA margin[8] - **Potash:** Sales increased to $453 million, and EBITDA reached $169 million, with a 37% EBITDA margin; average potash CIF price was $353 per ton[13, 16] - **Phosphate Solutions:** Sales were $605 million, and EBITDA was $134 million, with a 22% EBITDA margin; Phosphate Specialties sales were $348 million with $51 million EBITDA, while Phosphate Commodities sales were $257 million with $83 million EBITDA[19, 21] - **Growing Solutions:** Sales were $561 million, and EBITDA was $50 million, with a 9% EBITDA margin[23] Financial Position - Available cash resources totaled $1.5 billion[40] - Net debt to adjusted EBITDA ratio was 1.4x[40] - Quarterly dividend was $62 million, resulting in an annual yield of 2.8%[40] Guidance - The company maintains its full-year 2025 guidance for specialties-driven EBITDA between $0.95 billion and $1.15 billion[45] - Potash sales volumes are expected to be between 4.3 million metric tons and 4.5 million metric tons[45]

Financial Data and Key Metrics Changes - The company raised its net profit forecast from JPY 380 billion to JPY 440 billion, reflecting strong performance across all business categories [4][14] - Net income for the first half reached JPY 271.1 billion, a record high and an increase of 48% year-on-year [13][14] - ROE for the first half was annualized at 12.7%, up from 8.8% in the previous fiscal year [20][14] - The four-year ROE forecast was increased to 10.3%, up by 1.3% compared to the previous year [16][14] Business Line Data and Key Metrics Changes - Finance segment profit increased by 8% year-on-year to JPY 99.6 billion, driven by strong gross investment income [18][14] - Operation segment profit rose by 9% year-on-year to JPY 114.9 billion, benefiting from inbound tourism demand [18][14] - Investment segment profit surged by 117% year-on-year to JPY 194.9 billion, largely due to the sale of Greenko Energy and other assets [19][14] Market Data and Key Metrics Changes - Total group AUM reached JPY 88 trillion, moving closer to the medium-term target of JPY 100 trillion [10][16] - The company reported a significant increase in financial income from leases and loans in Asia and Australia [18][14] Company Strategy and Development Direction - The company aims to achieve a long-term vision of 15% ROE and JPY 1 trillion in net profit by March 2035 [3][4] - A new PE fund was established in collaboration with the Qatar Investment Authority, targeting investments in Japanese companies [5][4] - The Osaka Integrated Resort project is set to open around fall 2030, with construction costs revised upwards due to inflation [8][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving midterm business plans and long-term vision through disciplined portfolio management and capital recycling [11][4] - The company is closely monitoring the impact of rising interest rates and inflation on its operations and asset management [52][14] Other Important Information - The share buyback program was expanded from JPY 100 billion to JPY 150 billion, with JPY 78 billion already repurchased [15][14] - The company is transitioning to an asset-light portfolio to enhance corporate value and improve capital efficiency [10][14] Q&A Session Summary Question: Inquiry about joint investment with QIA - Management explained that the joint PE fund with QIA was established after two years of negotiation, aiming to leverage third-party funds for larger projects without significantly bloating the balance sheet [40][42][44] Question: ROE target and initiatives to achieve it - Management acknowledged the need for initiatives to achieve the 11% ROE target, emphasizing the importance of monitoring interest rates and capital management [49][52] Question: Outlook for next year's profit forecast - Management indicated that while the current year has seen significant one-off gains, they expect to maintain a steady profit growth trajectory moving forward [56][60][75] Question: Capital recycling forecast and segment profit balance - Management clarified that the capital gain forecast for the year is on track, with expectations for solid performance in the real estate market and private equity portfolio [64][66] Question: Concerns about potential impairments and next year's business plan - Management reassured that while there may be fluctuations in profit, they do not foresee significant impairments and are optimistic about next year's performance [70][72][75]

Financial Data and Key Metrics Changes - The company raised its net profit forecast from JPY 380 billion to JPY 440 billion, reflecting strong performance across all business categories [4] - Net income for the first half reached JPY 271.1 billion, a record high and an increase of 48% year-on-year [13] - ROE for the first half was 12.7%, up from 8.8% in the previous fiscal year [20] Business Line Data and Key Metrics Changes - Finance segment profit increased by 8% year-on-year to JPY 99.6 billion, driven by strong gross investment income [18] - Operation segment profit rose by 9% year-on-year to JPY 114.9 billion, benefiting from inbound tourism demand [18] - Investment segment profit surged by 117% year-on-year to JPY 194.9 billion, largely due to the sale of Green Corps Energy and other assets [19] Market Data and Key Metrics Changes - Total group AUM reached JPY 88 trillion at the end of the first half, moving closer to the medium-term target of JPY 100 trillion [10] - The company aims to achieve 11% ROE and JPY 100 trillion in AUM by the fiscal year ending March 2028 [5] Company Strategy and Development Direction - The company is focusing on alternative investments and business solutions, with a long-term vision to achieve JPY 1 trillion in net profit by March 2035 [3] - A joint PE fund with the Qatar Investment Authority was established to enhance asset management capabilities [5] - The Osaka Integrated Resort project is set to open around fall 2030, with construction costs revised upwards due to inflation [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving midterm business plans and long-term vision through disciplined portfolio management and capital recycling [11] - The company is closely monitoring the impact of rising interest rates and inflation on its operations and asset management strategies [58] Other Important Information - The share buyback program was expanded from JPY 100 billion to JPY 150 billion, reflecting the company's commitment to shareholder returns [15] - The company has begun utilizing a dashboard for detailed visualization of its business portfolio status [9] Q&A Session Summary Question: Inquiry about joint investment with QIA - Management explained that the joint PE fund with QIA was established after two years of negotiation, aiming to leverage third-party funds for larger projects without significantly bloating the balance sheet [42][44] Question: ROE target and initiatives to achieve it - Management acknowledged the need for initiatives to achieve the 11% ROE target, emphasizing the importance of monitoring interest rates and their impact on profitability [50][52] Question: Outlook for next year's profit forecast - Management indicated that while the current year has seen significant one-off gains, they aim for sustainable profit growth and will begin discussions on next year's plans early next year [60][75] Question: Capital recycling forecast and segment profit balance - Management clarified that the capital gain forecast of JPY 200 billion is on track, with expectations for solid performance in the real estate market and private equity portfolio [66] Question: Concerns about significant impairment losses - Management reassured that while the second half's pre-tax profit forecast is lower, it is not due to expected significant losses but rather a return to regular profit levels [72][74]

Financial Data and Key Metrics Changes - The company raised its net profit forecast from JPY 380 billion to JPY 440 billion, reflecting strong performance across all business categories [4] - First-half net income reached JPY 271.1 billion, a record high and an increase of 48% year-on-year [11] - ROE for the first half was annualized at 12.7%, up from 8.8% in the previous fiscal year [19] Business Line Data and Key Metrics Changes - Finance segment profit increased by 8% year-on-year to JPY 99.6 billion, driven by strong gross investment income [17] - Operation segment profit rose by 9% year-on-year to JPY 114.9 billion, benefiting from inbound tourism demand [17] - Investment segment profit surged by 117% year-on-year to JPY 194.9 billion, largely due to significant asset sales [18] Market Data and Key Metrics Changes - Total AUM reached JPY 88 trillion, moving closer to the medium-term target of JPY 100 trillion [10] - The company noted growing inbound demand in the Osaka Kansai area, indicating a positive trend in tourism [8] Company Strategy and Development Direction - The company aims for a long-term vision of achieving 15% ROE and JPY 1 trillion in net profit by fiscal year 2035 [3] - A new PE fund was established with the Qatar Investment Authority to enhance asset management capabilities [5] - The company is focusing on disciplined portfolio management and capital recycling to optimize its capital structure [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midterm business plan and long-term vision through various strategic measures [11] - The company is monitoring the impact of rising interest rates and is prepared to adjust its strategies accordingly [46] Other Important Information - The company announced an increase in its share buyback program from JPY 100 billion to JPY 150 billion [4] - The Osaka IR project has seen cost increases due to inflation, but management believes profitability will not be significantly impacted [8] Q&A Session Summary Question: Inquiry about joint investment with QIA - Management explained that the joint PE fund with QIA was established after two years of negotiation, focusing on domestic PE investments while maintaining existing portfolios [39][40] Question: ROE target and net assets balance - Management acknowledged the need for initiatives to achieve the 11% ROE target, especially in light of rising interest rates [43][45] Question: Outlook for next year's profit forecast - Management indicated that while this year's profits may be volatile, they expect to maintain a positive outlook for next year, focusing on sustainable profit growth [49][55]

Financial Performance & Forecast - ORIX revised its FY26.3 net income forecast upward to 440 Billion JPY, a 15.8% increase from the previous forecast of 380 Billion JPY[6, 14] - The company increased its share buyback program to 150 Billion JPY, a 50% increase from the initial 100 Billion JPY program[6, 10] - H1 net income reached 271.1 Billion JPY, achieving 71% of the original full-year target and 62% of the revised forecast[13] - The company expects a full-year ROE in the 10% range, with H1 ROE hitting 12.7%, up 3.9 percentage points from the end of FY25.3[13, 21] Capital Recycling & Investment - Capital gains for H1 FY26.3 reached 157.1 Billion JPY, with expectations of further gains in H2[27] - The company launched its first domestic PE fund with a total size of 2.5 Billion USD[6] - ORIX sold stakes in Greenko, Ormat, ORIX Asset Management and Loan Services Corp, and Nissay Leasing[6] Segment Performance - Segment profits increased by 42% YoY to 409.4 Billion JPY[35] - Environment and Energy segment profits increased sharply by 117.3 Billion JPY due to the Greenko exit, which included a 95 Billion JPY gain on sale/valuation gains[34] - Insurance segment saw higher investment income, contributing to overall profit growth[35] Shareholder Returns - The company increased the full-year dividend forecast to 153.67 JPY per share, a 16.3% increase[6, 14] - The company anticipates a full-year total payout ratio of 73%[15]

GenScript Biotech Corporation Overview - GenScript Biotech Corporation aims to be a leading global CDMO, known for cutting-edge technology, and a creator of solutions for a better life through bio-innovation[6] - The company's growth framework is built on innovation in DNA synthesis & design, protein design & engineering, and cell design & engineering[7] - The group's cash position is $966.6 million[11] - GenScript has a global presence, serving over 100 countries and regions with 200,000+ customers[14] Business Strategy and Financial Goals - By 2035, GenScript aims for $3 billion in revenue with over 20% operating margin, $3 billion accumulated licensing revenue, 50% revenue from products, and over 80% revenue from high-margin markets[20, 46] - The company is focusing on high-quality growth with better profitability[20] - GenScript is leveraging core technology advantages to accelerate products and high-value licensing, building a new growth engine with AI and digital engine[20] GenScript Life Science Group (LSG) - GenScript LSG has over 239,500 customers and 3,300+ employees, with 10% in R&D[59] - Accumulated citations of GenScript services & products in customer research publications exceed 112,200[65] - TurboCHOTM can produce antibodies from sequence in 5 days[98] ProBio (Biologics CRDMO) - ProBio aims to be a leading global CDMO, enabling customers to deliver life-changing therapies[6, 127] - The company has $371.1 million in cash position[137] - The biologics CDMO market is projected to be a $16 billion market with a 12% CAGR, while the CGT CDMO market is at $5.6 billion[166] - In vivo CAR-T trial starts grew 220% from 2024 to 2025[166] Bestzyme (Industrial Synthetic Biology) - Bestzyme's vision is to be the creator of solutions for a better life, powered by leading bio-innovation[6, 224] - The company has over 40% of staff in R&D, 60+ granted patents, and 130+ patent applications[233] - Bestzyme has a 23% revenue CAGR and 22% gross profit CAGR in 2022-2024[233]

Financial Data and Key Metrics Changes - Total revenue for the second quarter reached $7 million, an increase of $1.1 million, or 19.3%, year over year [4] - Gross profit rose to $2.4 million, with a gross margin of 34.3%, up from $1.5 million and 25.3% in the same quarter last year, reflecting a nine-point margin expansion [4] - Operating income was $190,000, compared to an operating loss of $975,000 in the same quarter of the prior fiscal year [4] - Net income for the current quarter was $1,000, or $0.00 per diluted share, compared to a net loss of $1.2 million, or $0.16 loss per diluted share in the same period of the prior year [5] - Cash at the end of the period was $649,000, down from $780,000 in the prior year, while working capital decreased to $39,000 from $550,000 [5] Business Line Data and Key Metrics Changes - The increase in total revenue was driven by higher bulk sales and strong performance in online channels [3] - Continued gains in production efficiency contributed to the improvement in gross margin [4] Market Data and Key Metrics Changes - Tariffs impacted contract extraction competitiveness, but the company maintained focus on operational excellence and cost control [3] Company Strategy and Development Direction - The company is focused on building a stronger, more resilient business position for long-term success, emphasizing operational excellence and disciplined cost control [3] - There is a commitment to improving profitability trends and maintaining momentum across brands despite challenging market conditions [3] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positive direction, citing continued momentum in sales growth and profitability [3] - The management highlighted the importance of adapting to market challenges while focusing on operational improvements [3] Other Important Information - The company has not received any questions during the call, indicating a lack of immediate investor inquiries [6] Q&A Session Summary - No questions were posed during the call, and thus there are no responses to summarize [6]

Financial Data and Key Metrics Changes - Total revenue increased by $4.9 million to $9.2 million for the quarter, with net income at $66.7 million and earnings per share at $1.21, all attributed to the performance of the Solana treasury [16] - The company recognized unrealized gains of approximately $78 million during the quarter, significantly impacting reported financials [16] Business Line Data and Key Metrics Changes - The consumer brand business continues to perform as expected, while digital asset revenue generated over $6 million in fiscal Q1, with current daily additions exceeding $75,000 [10][16] - The treasury has generated approximately $7.1 million and 37,742 Solana tokens since inception, with staking revenue contributing $6.1 million to the quarter's increase [16] Market Data and Key Metrics Changes - The company currently owns 2.1 million SOL valued in excess of $327 million, with an average purchase price of $155.57 per token [8][16] - The company has purchased approximately 2,029,100 tokens through direct purchases and swap transactions [16] Company Strategy and Development Direction - The company has adopted a Solana Treasury strategy, pivoting from being a consumer Amazon brand owner to investing in digital assets due to favorable regulatory changes in the U.S. [4][5] - The strategy includes large-scale capital raises and innovative financial instruments, such as a $100 million equity private placement and a $200 million raise with an in-kind convertible note issuance [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Solana as a high-performance blockchain and highlighted its potential to revolutionize financial infrastructure [11][12] - The company is optimistic about the passing of comprehensive digital asset legislation in the U.S., which could significantly accelerate institutional adoption of digital assets [14][15] Other Important Information - The management team emphasizes a risk-prudent strategy, limiting credit risk leverage to 20% and avoiding aggressive on-chain trading [19] - The company has increased adjusted SOL per share in SOL terms by 47% and in U.S. dollar terms by 82% [20] Q&A Session Summary Question: Impact of high-profile crypto investors on the company - Management noted that feedback from the advisory committee has been positive, focusing on market presentation and positioning, with no current plans for revenue generation outside of Solana [23][24] Question: Effective yield and enhancement opportunities - Management indicated that yield has been built step by step, with expectations for improvement in the next quarter as more assets are staked [26][28] Question: Addressing potential deep discounts in trading - Management stated that if the company trades at a discount, it has options such as share buybacks and maintaining low expenses to warrant a premium [31][34]

Financial Data and Key Metrics Changes - Total third-quarter revenue was $2 million, down 52.5% from Q3 2024 and down 45% compared to Q2 2025 [22] - Non-GAAP gross margin in Q3 was a negative 11.9%, compared to 65.3% in Q3 2024 and 31% in Q2 2025 [23] - Non-GAAP net loss was $3.2 million or $0.19 per diluted share, compared to a loss of $0.9 million or $0.06 per diluted share in Q3 2024 [24] Business Line Data and Key Metrics Changes - New product revenue in Q3 was $1 million, down 73.1% from Q3 2024 and down 67.3% compared to Q2 2025 [22] - Mature product revenue was $1.1 million, up from $0.7 million in Q3 2024 and up from $0.8 million in Q2 2025 [22] Market Data and Key Metrics Changes - The company is targeting total revenue of $6 million for Q4, with a significant portion dependent on a nearly $3 million contract forecasted to be awarded late in the quarter [26][27] - If the contract is awarded late, total revenue for Q4 could be as low as $3.5 million [27] Company Strategy and Development Direction - The company is focusing on expanding its served available market to include very high-density eFPGA hard IP designs targeting advanced fabrication nodes [6] - The strategic initiative includes the development of an SRH FPGA test chip to secure design wins and accelerate storefront business [10][12] - The company anticipates that storefront revenue could represent about 10% of total revenue in 2026, driven by increased demand from defense industrial base (DIB) customers [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the rebound of U.S. government strategic radiation hard FPGA programs despite potential delays due to government shutdowns [38] - The company expects to see a significant increase in revenue recognition from government contracts in Q4 and 2026 [14][33] Other Important Information - Total cash at the close of Q3 was $17.3 million, down from $19.2 million at the close of Q2 2025 [25] - The company raised approximately $2 million using its existing ATM in October, preparing for potential delayed payments associated with U.S. government contracts [29] Q&A Session Summary Question: What impact is the government shutdown having on your business? - Management noted that while there are delays in some projects, existing contracts are not seeing delays, and they anticipate a rebound once funding resumes [38][39] Question: Can you size the range of storefront revenue expected in 2026? - Management indicated that storefront revenue could be significant, potentially around 10% of total revenue, with expectations for notable growth compared to 2025 [41] Question: How do the opportunities with GlobalFoundries 12LP compare to other foundries? - Management believes the 12LP opportunity is larger due to its strategic rad-hard FPGA and IP licensing potential, which could lead to hundreds of millions in revenue [52][56] Question: What is the expected share count for 2025? - The expected ending share count for 2025 is approximately 17 million shares [80] Question: What caused the significant revenue decline forecasted for 2025? - Management explained that the decline is due to the timing of large IP contracts, which if not recognized in the current fiscal year, significantly impacts revenue percentages [82]