Kidney Program Updates at the American Society of Nephrology Kidney Week 2025 November 8, 2025 ©2025 Vertex Pharmaceuticals Incorporated ©2025 Vertex Pharmaceuticals Incorporated Presentation intended for the investment community Agenda Welcome Susie Lisa, CFA, Senior Vice President, Investor Relations, Vertex Pharmaceuticals Kidney portfolio Reshma Kewalramani, M.D., President and Chief Executive Officer, Vertex Pharmaceuticals RUBY-3 late breaking data recap James A. Tumlin, M.D., Professor of Medicine in ...

Financial Performance - Viasat reported Q2 FY2026 revenue of $1.141 billion, a 2% increase compared to $1.122 billion in Q2 FY2025[20, 23] - Adjusted EBITDA for Q2 FY2026 was $385 million, a 3% increase compared to $375 million in Q2 FY2025[21, 23] - The company generated $69 million in free cash flow during the quarter, a $58 million improvement year-over-year[22] - For the twelve months ended September 30, 2025, Viasat generated $147 million in free cash flow[22] - Operating cash flow increased by 18% YoY, from $239 million to $282 million[23] Segment Performance - Communication Services (CS) revenue grew 1% YoY, reaching $837 million in Q2 FY26[23, 27] - Defense and Advanced Technologies (DAT) segment revenues grew 3% YoY, reaching $304 million in Q2 FY26[23, 39] - CS segment Adjusted EBITDA increased 6% YoY to $337 million[23, 29] - DAT segment Adjusted EBITDA declined 15% YoY to $48 million[23, 41] Awards and Backlog - Total awards increased 17% YoY to $1.498 billion[19, 23] - CS segment awards increased 35% YoY to $1.031 billion[23, 26] - DAT awards declined 9% YoY to $467 million[23, 37] - DAT segment backlog grew 31% to a record $1.2 billion[23, 36, 45]

Financial Performance - HEI's GAAP income from continuing operations for 3Q 2025 was $30.7 million, or $0.18 EPS[15] - Excluding Maui wildfire expenses ($3.4 million) and Pacific Current gain on sale (negative $1.3 million), Core earnings were $32.8 million, or $0.19 EPS[15] - As of the end of 3Q, the HoldCo and Utility had $40 million and $504 million of unrestricted cash on hand, respectively[26] Wildfire Tort Litigation and Risk Reduction - Definitive settlement agreements signed in November of 2024, consistent with key terms announced in August of 2024[11] - The company expects to make its first payment under the settlement no sooner than early 2026[11] - The company replaced or upgraded 3,628 wood poles[14] - The company replaced 36 miles of overhead copper conductor with stronger aluminum conductor[14] - The company replaced 10,361 expulsion fuses with firesafe fuses[14] Capital Investment and Strategy - The company anticipates investing nearly $400 million in capital between 2025 and 2027 to reduce wildfire risk, with approximately $120 million invested in 2025[39] - The company successfully executed a $500 million Utility senior unsecured notes offering in September[26] Regulatory and Legislative Actions - Governor Green signed legislation into law in July 2025, appropriating the State's contribution to the settlement[11] - Act 301 ensures the State of Hawaii's $807 million obligation is fully funded[37]

Company Strategy & Growth - Endeavour Silver aims to become a leading senior silver producer through organic growth and strategic acquisitions [17] - The company targets production of 30 million ounces of silver equivalent (AgEq) by 2030, dubbed "30 by 30" [16] - Endeavour Silver strategically acquires key assets, exemplified by the acquisition of the Kolpa mine in Peru [14, 24] Production & Operations - YTD 2025 production reached 74 million ounces AgEq [19] - Guanaceví contributed 52% to YTD 2025 metal sales quantity, followed by Kolpa at 20% and Bolañitos at 28% [20] - Terronera mine commenced commercial production on October 1, 2025, with average daily production of 1,841 tonnes in July [18, 43, 52] Kolpa Mine Acquisition - The Kolpa mine acquisition is expected to increase Endeavour's annual production profile by approximately 50 million ounces AgEq [25] - Since May 1, 2025, Kolpa has produced 209 million ounces AgEq [22] - In Q3 2025, Kolpa produced 598,689 ounces of silver, 5,664 tonnes of lead, 3,666 tonnes of zinc, and 120 tonnes of copper [29] Pitarrilla Project - Endeavour Silver is advancing an economic study for the Pitarrilla project, one of the world's largest undeveloped silver deposits [18, 60] - In 2025, an estimated $257 million is allocated for Pitarrilla, including $166 million for feasibility study, development, and exploration [18] - Pitarrilla's resource mix is 60% silver and 40% lead/zinc [59]

Financial Performance - Consolidated revenues decreased by 5% year-over-year to $4.4 billion[11] - Industrial Activities net sales decreased by 7% year-over-year to $3.7 billion[11] - Industrial Activities adjusted EBIT decreased by 69% year-over-year to $104 million[11] - Net income decreased by 78% year-over-year to $67 million[11] - Adjusted diluted EPS decreased by $0.16 to $0.08[11] Segment Results - Agriculture net sales decreased by 10% year-over-year to $2.963 billion[28] - Agriculture adjusted EBIT decreased by $200 million to $136 million[28] - Construction net sales increased by 8% year-over-year to $739 million[30] - Construction adjusted EBIT decreased by $26 million to $14 million[31] - Financial Services Q3 retail originations decreased by $0.2 billion year-over-year to $2.7 billion[34] - Financial Services managed portfolio decreased by $0.5 billion year-over-year to $28.5 billion[34] Outlook - Agriculture industry retail demand forecast is expected to decrease by 13%-11% year-over-year[39] - Agriculture net sales are expected to be $14.0 billion[39] - Construction industry retail demand forecast is expected to decrease by 5%-3% year-over-year[41] - Construction net sales are expected to be $3.1 billion[41]

AUM and Flows - Ending AUM was $16612 billion, a decrease of 1% compared to the prior year[7,9,11] - Long-term inflows increased 78% year-over-year to $3439 billion[7,48] - Long-term net outflows were $974 billion, compared to $326 billion in the prior year[7] - Excluding Western Asset Management, long-term net inflows were $445 billion, compared to $160 billion in the prior year[7] - ETF AUM increased by 56% to $491 billion with $137 billion of net inflows[7] - Retail SMA AUM increased by 13% to $1645 billion with $27 billion in net inflows[7] - Canvas® AUM increased by 71% to $163 billion with $47 billion of net inflows[7] Financial Performance - Adjusted revenue increased 21% year-over-year to $67011 million[9,11,12] - Adjusted operating income decreased 43% year-over-year to $16402 million[9,11,12] - Adjusted net income decreased 63% year-over-year to $11958 million[9,11,12] - Adjusted diluted EPS decreased 75% year-over-year to $222[9,11,12] Alternatives - Alternative AUM increased to $2639 billion after $139 billion in realizations and distributions[7] - Fundraised $262 billion in alternatives, including $229 billion in private markets[7,17] Capital Management - Returned $930 million to shareholders through dividends ($690 million) and share repurchases ($240 million)[15] - Cash and investments totaled $674 billion[10,12]

Financial Performance - Revenue increased by 1% to $209 million in 3Q25, with 10% growth outside U S credit[3] - Services revenue increased by 9% to a record $29 million[3] - Earnings per share declined by 3% to $1 84[3] - TTM free cash flow generation was $385 million[3] Operational Updates - ADV across credit products (ex U S credit) increased by 14%[3] - Client-Initiated Channel: Block trading ADV grew by 10%, including 20% growth in emerging markets and 58% growth in eurobonds[3] - Portfolio Trading Channel: Total portfolio trading ADV increased by 20% to $1 4 billion, with U S credit portfolio trading ADV reaching a record $1 1 billion, representing a 16% increase, with U S high-yield estimated market share of 22 6%[3] - Dealer-Initiated Channel: Dealer-initiated ADV increased by 18%[3] Expense & Capital Management - Expenses increased by 3%[5] - Total cash, cash equivalents, corporate bond and U S Treasury investments amounted to $631 million as of September 30, 2025[5] - The company repurchased 595K shares for $120 million year-to-date through October 2025, including 239K shares repurchased in 3Q25 for $45 million[5] Global Credit Trading - Growth in global credit trading volume by client location shows a 4% increase in U S Credit Products and a 14% increase in Other Credit Products[14] - North America accounts for 64% and Rest of World for 36% of global credit trading volume by client location YTD 3Q 2025[15] New Initiatives Driving Growth - Client-Initiated Channel: Block Trading ADV grew by 23% to $332 billion[22] - Portfolio Trading Channel: Trading ADV increased by 50% to $1 719 billion[22] - Dealer-Initiated Channel: Trading ADV grew by 34% to $1 379 billion[22] - Automation: Total Credit Trading Volume increased by 19% to $1 090 billion[22]

Financial Performance - Q3 2025 - Sales reached $448 million, compared to $404 million in the same period of 2024[9, 29] - Adjusted EBITDA stood at $92 million, resulting in an Adjusted EBITDA margin of 20.4%[9, 29] - Adjusted earnings per share (EPS) was $0.69[9, 29] - Adjusted Free Cash Flow was $72 million[9] - Net income was $55 million, with diluted earnings per share at $0.66[10, 29] Balance Sheet and Capital Allocation - The company has $618 million in liquidity[32] - Net Debt to Adjusted EBITDA ratio is 1.0x[32] - $30 million of share repurchases were executed in Q3 2025, with $61 million repurchased year-to-date[32] - The quarterly dividend was increased by 10% to $0.055 per share[32] 2025 Outlook - Sales are projected to be in the range of $1.72 billion to $1.745 billion[33] - Adjusted EBITDA margin is expected to be between 19.50% and 20.0%[33] - Adjusted earnings per share are forecasted to be $2.50 to $2.65[33]

Financial Performance - Revenues for Q3 2025 reached $21 million, a 44% increase compared to $14.6 million in Q3 2024[31] - Gross profit for Q3 2025 was $9.9 million, a 73% increase from $5.7 million in Q3 2024[31] - Net income for Q3 2025 was $7.7 million ($0.05 per share), a 559% increase compared to $1.2 million ($0.01 per share) in Q3 2024[31] - Adjusted earnings for Q3 2025 were $11.6 million ($0.07 per share), a 134% increase from $5.0 million ($0.04 per share) in Q3 2024[31] - Cash flow from operations for Q3 2025 was $8.3 million ($0.05 per share), a 101% increase from $4.1 million ($0.03 per share) in Q3 2024[31] - Free cash flow for Q3 2025 was $4.5 million, an 89% increase from $2.4 million in Q3 2024[31] Production and Costs - Mill throughput in Q3 2025 was 21% higher than in Q3 2024[23] - Cash cost per silver equivalent ounce sold in Q3 2025 was $17.09, a 14% increase compared to Q3 2024[37] - All-in sustaining cost per silver equivalent ounce sold in Q3 2025 was $24.06, a 9% increase compared to Q3 2024[37] Balance Sheet - The company had $57.3 million in cash and $50.8 million in working capital as of September 30, 2025[30]

Company Performance & Strategy - Granite Ridge aims to be the leading public investment platform for energy development in the United States, targeting 25% full-cycle returns and mid-teens annual growth[7] - The company's Q3 2025 production reached 31,925 Boe/d, with 51% oil and 49% gas[3] - Granite Ridge has achieved a 47% CAGR growth since 2017 while maintaining leverage below 10x Net Debt/Adjusted EBITDAX[31] - The company declared a quarterly dividend of $011 per share[89] Market Trends & Opportunities - The U S rig count is down approximately 30% since its peak, indicating industry under-investment in new supply[8, 9] - US Frac Spread Count is down approximately 45% compared to pre-COVID levels, potentially impairing future production growth[10, 11] - US shale productivity has peaked, requiring more capital for less output due to depleted Tier 1 inventory[17] - Private equity fundraising in US natural resources has declined by approximately 70%, creating an opportunity for Granite Ridge[40, 41] Capital Allocation & Investment - Granite Ridge has invested over $18 billion in the past 10 years, navigating multiple downturns[35] - The company expects to close over 50 deals in 2025, expanding inventory by over 74 net locations[73] - Non-Op investments account for 35% of the company's 2025 estimated capital allocation, while Operated Partnerships represent 65%[81]