Q3 2025 Performance Highlights - Sales increased by 2% to $10462 million compared to Q3 2024[32,40] - Adjusted EBIT increased by 3% to $613 million with a margin of 59%, a 10 bps increase[30,35,40] - Adjusted Diluted EPS increased by 4% to $133[30,40] - Free Cash Flow increased by $398 million to $572 million[30,45] Updated 2025 Outlook - Sales are projected to be in the range of $411 billion to $421 billion[23] - Adjusted EBIT Margin is expected to be between 54% and 56%[23] - Capital spending is now expected to be approximately $15 billion, which is about 36% of sales[12] - Free cash flow outlook raised by $200 million, now expected to be between $10 billion and $12 billion[12,23] Segment Performance - Seating sales increased by 10% with EBIT margin up 40 bps[42] - Power & Vision sales increased by 3% with EBIT margin up 60 bps[42] - Body Exteriors & Structures sales remained flat, but EBIT margin decreased by 120 bps[42] - Complete Vehicles sales decreased by 6% with EBIT margin up 40 bps[42] Other Key Points - The company expects the leverage ratio to be below 17x by the end of 2025[12] - Magna has been awarded new complete vehicle assembly business with China-based OEMs, including XPENG[13,14] - Phil Fracassa was named CFO in September[24]

Acquisition Overview - Fresnillo plc will acquire all outstanding common shares of Probe Gold Inc via a Plan of Arrangement[11] - The consideration is C$3.65 per share of Probe, payable in cash, totaling an equity value of approximately C$780 million (US$560 million)[11] - This represents a 24% premium based on Probe's 30-day VWAP[11] - The transaction is funded with Fresnillo's cash on hand, which was US$1.8 billion as of June 30, 2025[11] Probe Gold Inc Assets - Probe Gold Inc has a large resource base of 10 million ounces of gold, including 8 million ounces at its flagship asset Novador[10] - Novador has the potential to produce over 200,000 ounces of gold per annum over 10+ years[10] - Novador's total resources are 7,955 Koz Au (kilounces of gold) with a tonnage of 208 Mt (million tonnes) at 1.19 g/t (grams per tonne)[26] - Other Deposits total resources are 2,050 Koz Au with a tonnage of 31 Mt at 2.10 g/t[26] Strategic Rationale - The acquisition provides Fresnillo with a strategic entry into Canada, specifically the Val d'Or mining camp in Quebec[10] - Probe Gold Inc has a large, underexplored land package of approximately 1,798 km2[10] - The acquisition is expected to generate strong returns for Fresnillo and adds a high-quality development project to its pipeline[10]

IR Day 2025 Autumn Opening Remarks October 31, 2025 Market Landscape and Our Business Rising expectations for great-tasting, high-quality food The distinction between QSR and convenience is blurring Consumers are seeking more convenient, better quality food Demand for more convenient shopping Global shifts in consumer behavior A clear shift toward value Consumers' demand for better quality at lower price continues Value-conscious shopping is reshaping the retail sector globally Consumers expect to be able t ...

Project Overview - Rhyolite Ridge is a rare lithium and boron deposit in Nevada, poised to produce high-purity, refined chemicals on-site[14] - The project boasts strong economics with a levered NPV of $2.3 billion and an IRR of 23.2%[20] - The project has a substantial ore reserve of 265Mt, supporting a 77-year mine life with a Phase 1 operation processing 3.4mtpa[20] - The project is fully permitted, shovel-ready, has secured offtakes, and benefits from low-cost US government debt[20] Financial Performance - The project anticipates average annual revenue of $790 million during years 1-25 and $608 million over the Life of Mine (LOM)[22] - Average annual EBITDA is projected at $563 million for years 1-25 and $417 million over the LOM[22] - Capital costs are estimated at $1,683 million[22] - The project's unlevered NPV is $2,237 million, with an unlevered IRR of 18.0%[22] Operational Efficiency - The project aims for an all-in sustaining cash cost of US$4,628 per tonne of Lithium Carbonate Equivalent (LCE), placing it in the bottom quartile of the global lithium cost curve[20] - The project's C1 OPEX is projected at $2,933 per LCE tonne for years 1-25[28] - The Life of Mine (LOM) AISC OPEX is $5,216 per LCE tonne[30] Expansion and Resources - The project has a proven expansion potential with a 549Mt Mineral Resource[20] - The total Proved & Probable Ore Reserve is 265,531 kt with a Li grade of 1,443 ppm and a B grade of 5,112 ppm, containing 2,039 kt of Li2CO3 equivalent and 7,761 kt of H3BO3 equivalent[23]

Financial Performance & Estimates - The brokerage segment's foreign currency impact on revenues is estimated to be approximately $52 million for full year 2025[11] - The brokerage segment's amortization of intangibles is estimated at $828 million pretax for full year 2025[11] - The risk management segment's EBITDAC margin, as adjusted, is expected to be approximately 21% for full year 2025[11] - Net after-tax cash flow from clean energy investments is estimated to be greater than $180 million in 2025 and greater than $200 million in 2026 and beyond[22] AssuredPartners Acquisition - AssuredPartners' estimated revenue for the fourth quarter of 2025 is $710 million[36] - AssuredPartners' estimated adjusted EBITDAC margin is 33% for FY 2026[36] - Gallagher expects to achieve approximately $260 to $280 million of annual run-rate synergies from the AssuredPartners acquisition by early 2028[37] Acquisition Rollover Revenues (Excluding AssuredPartners) - Brokerage segment acquisition rollover revenues are estimated to be $79 million for the fourth quarter of 2025[29] - Brokerage segment acquisition rollover revenues are estimated to be $99 million for the first quarter of 2026[29] - Risk management segment expects approximately $16 million of rollover revenue (before reimbursements) during fourth quarter 2025[30] Corporate Segment - Adjusted Full Year 2025 Net Earnings Attributable to Controlling Interests is estimated to be $(573.7) million[18]

Company Overview - Hub Group is a leading supply chain solutions provider, offering Intermodal transportation and Logistics services [7] - The company's strategy focuses on customer service, core business investment, service diversification, technology advancement, and shareholder value [15] - In FY 2024, total revenue was $4 billion, with Intermodal & Transportation Solutions contributing 55% and Logistics 45% [17] - In FY 2024, adjusted operating income was $157 million, with Intermodal & Transportation Solutions contributing 38% and Logistics 62% [21] Q3 2025 Performance - Q3 2025 revenue reached $934 million [51] - Adjusted diluted earnings per share (EPS) for Q3 2025 was $0.49 [51] - Adjusted operating income for Q3 2025 was $41 million, representing 4.4% of revenue [51] - Intermodal & Transportation Solutions (ITS) revenue for Q3 2025 was $561 million with adjusted operating income of $16 million, or 2.9% of revenue [57, 58] - Logistics revenue for Q3 2025 was $402 million with adjusted operating income of $25 million, or 6.1% of revenue [62, 63] Financial Position - As of September 30, 2025, Hub Group had $147 million in cash and equivalents [72] - Net Debt/Adjusted EBITDA was 0.4x [51] Future Outlook - The company projects 2025 revenue of $3.6 to $3.7 billion and EPS of $1.80 to $1.90 per share [86]

Q3 2025 Financial Performance - Revenue increased to $669.9 million, a growth of $68.9 million compared to Q3 2024[23] - Core sales growth was 9.4%, a 1470 bps increase compared to the -5.3% in Q3 2024[14, 23] - Adjusted EBITDA reached $97.1 million, up by $42.2 million, with a margin of 14.5%, a 540 bps increase[23, 25] - Adjusted diluted EPS was $0.32, a 167% year-on-year increase[14, 26] - Free cash flow was $67.9 million, an increase of $4.6 million[23, 26] Business Segment Performance - Specialty Products & Technologies core sales grew by 10.6%[31] - Equipment & Consumables core sales grew by 7.3%[33] - Spark aligner business achieved profitability and shipped its 1 millionth case[19, 21] FY25 Guidance Update - Core sales growth guidance was updated to approximately 4%[14, 35, 38] - Adjusted EPS guidance was updated to a range of $1.10 to $1.15[14, 35, 38] - Adjusted EBITDA margin guidance was maintained at approximately 14%[14, 35, 38]

Financial Performance Outlook - The company projects full year 2025 revenue between $2.76 billion and $2.82 billion[6] - Adjusted EBITDA is expected to be in the range of $376 million to $382 million[6] - The company anticipates adjusted net income between $81 million and $85 million[6] - Adjusted EPS is projected to be between $1.02 and $1.07[6] Key Financial Metrics - Interest expense is estimated to be between $104 million and $107 million[6] - Gross capital expenditures are expected to be between $205 million and $215 million[6] - Net capital expenditures are projected to be between $135 million and $145 million[6] - The adjusted effective tax rate is expected to be between 29.5% and 30.5%[6] Important Considerations - The company's outlook includes forward-looking statements subject to risks and uncertainties, and actual results may differ materially[2] - The presentation includes non-GAAP financial measures used by management to evaluate performance, but these should not be considered substitutes for GAAP measures[3, 5]

Financial Performance - Q3 2025 - Net sales for Q3 2025 were $211.2 million, a 34% decrease year-over-year[9] - Gross profit for Q3 2025 was $67.6 million, down from $108.8 million in Q3 2024, a 38% decrease[9, 45] - Operating income for Q3 2025 was $29.4 million, compared to $68.1 million in Q3 2024, a 57% decrease[9] - Adjusted EBITDA for Q3 2025 was $36.5 million, compared to $74.4 million in Q3 2024[9] - Adjusted net income attributable to common stockholders for Q3 2025 was $20.6 million ($1.80 per diluted share), compared to $54.0 million ($4.79 per diluted share) in Q3 2024[9] Financial Performance - Year to Date (9 Months) - Net sales year-to-date were $443.6 million, a 21% decrease year-over-year[9] - Gross profit year-to-date was $145.7 million, down 18% compared to $177.5 million in the first nine months of 2024[9] - Operating income year-to-date was $22.8 million, compared to $54.4 million in the first nine months of 2024[9] - Adjusted EBITDA for the first nine months of 2025 was $39.2 million, compared to $69.4 million in 2024[9] - Adjusted net income attributable to common stockholders year-to-date was $20.6 million ($1.79 per diluted share), down from $50.0 million ($4.50 per diluted share) in 2024[9] Sales by Category - Toys/Consumer Products net sales for Q3 2025 were $156.1 million, a 41% decrease year-over-year[13] - Costumes net sales for Q3 2025 were $55.1 million, a 4% decrease year-over-year[17]

Financial Performance - Net income available to A&B common shareholders for Q3 2025 was $143 million, or $020 per diluted share[1] - Commercial Real Estate (CRE) operating profit for Q3 2025 was $227 million[1] - Funds From Operations (FFO) for Q3 2025 was $214 million, or $029 per diluted share[6] - FFO related to CRE and Corporate for Q3 2025 was $217 million, or $030 per diluted share[6] Commercial Real Estate Operations - CRE Same-Store Net Operating Income (NOI) increased by 06%[6] - Leased occupancy as of September 30, 2025, was 956%[6] - Comparable blended leasing spreads for the improved portfolio were 44%[6] - The company executed 49 improved-property leases totaling approximately 163800 sq ft of GLA, representing $33 million of annualized base rent[12] - The company recognized selling profit of $26 million in connection with a tenant exercising its option to purchase three subdivided units at Kaka'ako Commerce Center[13] Future Outlook - The company is raising FFO guidance for the full year 2025[3]