Financial Data and Key Metrics Changes - The company ended the financial year 2025 with a cash and term deposit balance of AUD 129.7 million, providing a cash runway through to the end of calendar year 2026, indicating strong financial management [12][31] - The latest figures for cash and cash equivalents at the end of September 2025 were close to AUD 110 million, reflecting a solid balance sheet [31] Business Line Data and Key Metrics Changes - The lead immuno-oncology candidate, eftilagimod alpha (EFTI), advanced into the TACTI-004 KEYNOTE F59/1 phase III trial in first-line non-small cell lung cancer, with over 170 patients enrolled, surpassing the number needed for a futility analysis [6][40] - The INCITE-003 trial showed a high 62.7% objective response rate and a 90.2% disease control rate across all PD-L1 expression levels, particularly impressive in patients with PD-L1 expression below 50% [9] Market Data and Key Metrics Changes - The company was added to the S&P/ASX 300 Index in September 2024, indicating increased investor confidence and visibility in the market [12][58] - The company continues to face challenges from supply chain disruptions and geopolitical instability, affecting market access and investment flows [13] Company Strategy and Development Direction - The company aims to maintain its leadership in LAG-3 immunotherapy, focusing on clinical trials for EFTI in oncology and autoimmune diseases [5][11] - The strategic collaboration with Merck for the TACTI-004 trial is a critical component of the company's strategy to address high unmet medical needs in first-line non-small cell lung cancer [30][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complex challenges in the biotechnology sector but expressed confidence in navigating these hurdles through strong clinical data and operational skills [12][13] - The company anticipates continued momentum in clinical trials and updates on various studies, including TACTI-004 and APEX-003, in the upcoming financial year [14][59] Other Important Information - The company received positive feedback from the FDA regarding the late-stage clinical development of EFTI in head and neck squamous cell carcinoma patients with low PD-L1 expression [8] - The first-in-human phase I trial of IMP761 showed a promising 80% reduction in T cell activity, supporting its potential in autoimmune diseases [11] Q&A Session Summary Question: Are there copies of the annual report here? - Yes, copies of the annual report are available [16] Question: Any other questions regarding the financial and other reports? - No further questions were submitted regarding the financial and other reports [60]

Financial Data and Key Metrics Changes - The company ended the financial year 2025 with a cash and term deposit balance of AUD 129.7 million, providing a cash runway through to the end of calendar year 2026 [12] - Cash and cash equivalents at the end of September 2025 were close to AUD 110 million, indicating strong cash reserves for research and development [31] Business Line Data and Key Metrics Changes - The lead immuno-oncology candidate, eftilagimod alpha (efti), advanced into the TACTI-004 KEYNOTE F9/1 phase III trial in first-line non-small cell lung cancer, with over 170 patients enrolled [6][36] - The multicenter INSIGHT-003 trial showed a high 62.7% objective response rate and 90.2% disease control rate across all PD-L1 expression levels [9] - The phase II AIPAC-003 trial in metastatic breast cancer completed enrollment, with updates expected at the San Antonio Breast Cancer Symposium in December 2025 [10] Market Data and Key Metrics Changes - The company was added to the S&P/ASX 300 Index in September 2024, reflecting investor confidence in its growth trajectory [12] - The company is conducting trials in 24 countries, with over 100 clinical sites open for enrollment [7][40] Company Strategy and Development Direction - The company aims to develop and commercialize innovative immunotherapies targeting cancer and autoimmune diseases, with a focus on eftilagimod in combination with KEYTRUDA and chemotherapy [14][30] - The strategy includes navigating challenges in the biotechnology sector, such as supply chain disruptions and geopolitical instability, while maintaining a focus on clinical trial execution [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the changing global regulatory environment and emphasized the importance of timely execution of clinical trials [12][13] - The company anticipates meaningful progress in financial year 2026, with continued momentum for TACTI-004 and updates from other trials [14] Other Important Information - The company received positive feedback from the FDA regarding the late-stage clinical development of efti for head and neck cancer patients with low PD-L1 expression [8] - The company was granted 17 new patents across 10 territories for both efti and IMP761 during the financial year 2025 [11] Q&A Session Summary Question: Are there copies of the annual report here? - Yes, copies of the annual report are available [16] Question: Any questions or comments on the management of the company? - No questions were submitted in advance, and no further questions were raised during the meeting [60]

Financial Data and Key Metrics Changes - The company ended FY 2025 with a cash and term deposit balance of AUD 129.7 million, providing a cash runway through to the end of calendar year 2026 [12] - The latest figures for cash and cash equivalents at the end of September 2025 were close to AUD 110 million, indicating a strong balance sheet [25] Business Line Data and Key Metrics Changes - The lead immuno-oncology candidate, eftilagimod alpha (EFTI), advanced into the TACTI-004 KEYNOTE F59/1 phase III trial in first-line non-small cell lung cancer, with over 170 patients enrolled [6][34] - The INCITE-003 trial showed a high 62.7% objective response rate and a 90.2% disease control rate across all PD-L1 expression levels [9] - The phase II trial for IMP761, a first-in-class LAG-3 agonist antibody, showed an 80% reduction in T cell activity in skin tissue at the highest dose tested [11] Market Data and Key Metrics Changes - The company has opened over 100 clinical sites for enrollment across 24 countries for the TACTI-004 trial [7] - The company was added to the S&P/ASX 300 Index in September 2024, indicating strong investor confidence [12] Company Strategy and Development Direction - The company aims to develop and commercialize innovative immunotherapies targeting cancer and autoimmune diseases, with a focus on executing clinical trials [14] - The collaboration with Merck for the TACTI-004 trial is a strategic move to address high unmet medical needs in oncology [24][28] - The company is navigating challenges in the biotechnology sector, including supply chain disruptions and geopolitical instability, while maintaining a focus on clinical trial execution [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory challenges and operational hurdles while maintaining strong clinical data [13] - The company anticipates continued momentum in FY 2026 with updates from various clinical trials, including TACTI-004 and APEX-003 [14] - Management highlighted the importance of the upcoming futility analysis for the TACTI-004 trial as a de-risking event [52] Other Important Information - The company received positive feedback from the FDA regarding the late-stage clinical development of EFTI in head and neck cancer patients with low PD-L1 expression [8] - The company was granted 17 new patents across 10 territories for both EFTI and IMP761 during FY 2025 [11] Q&A Session Summary Question: Are there copies of the annual report here? - Yes, copies of the annual report are available [16] Question: Any questions from the floor about the remuneration report? - No questions were submitted regarding the remuneration report [17] Question: Are there any questions from the floor about the resolution concerning the reelection of Mr. Pete Myers? - No questions were raised regarding Mr. Myers' reelection [18] Question: Are there any questions from the floor about the resolution concerning performance rights to Mr. Pete Myers? - No questions were submitted regarding this resolution [19] Question: Are there any questions from the floor about the resolution concerning performance rights to Dr. Russell Howard? - No questions were raised regarding Dr. Howard's performance rights [20] Question: Are there any questions or comments on the management of the company? - No questions were submitted in advance of the meeting [53]

Financial Data and Key Metrics Changes - Grupo Financiero Galicia reported a net loss of ARS 87.7 billion for the quarter, primarily due to losses from Banco Galicia, NaranjaX, and Galicia Seguros, partially offset by profits from Galicia Asset Management [5] - The net operating income decreased by 23%, with net interest income down by 10% and loan loss provisions up by 26% [7][9] - The return on equity (ROE) for the quarter was -4.7%, while the accumulated annualized figures for the fiscal year reached 4.7% [5][12] Business Line Data and Key Metrics Changes - Banco Galicia's extraordinary expenses amounted to ARS 101.1 billion, negatively impacting financial margins due to high interest rates and increased non-performing loans [6] - Peso-denominated loans to the private sector averaged ARS 79.3 trillion, showing a 105.4% year-over-year increase, while dollar-denominated loans reached $18.3 billion, a 153.4% annual increase [4] - Net interest income decreased by 10% compared to the previous quarter, driven by a 35% increase in interest expenses [8] Market Data and Key Metrics Changes - The Argentine economy recorded a 5% year-over-year increase in economic activity during September, with a primary surplus of 0.5% of GDP [2] - The exchange rate averaged ARS 1,400 per dollar in September 2025, reflecting a 15.6% devaluation compared to June 2025 [3] - Private sector deposits in pesos averaged ARS 94.1 trillion, increasing by 53% year-over-year [4] Company Strategy and Development Direction - The company aims to improve profitability in the fourth quarter and next year, with expectations of an ROE in the low teens range for 2026 [15][16] - The focus will be on maintaining liquidity and solvency metrics while navigating high political effects and monetary volatility [12][13] - The company anticipates a peak in non-performing loans (NPLs) around March next year, with expectations of improvement thereafter [17][38] Management's Comments on Operating Environment and Future Outlook - Management noted that margins were low due to high interest rates but are expected to improve in November and December [15][66] - The company is optimistic about the economic outlook, with anticipated growth in lending and market share [35][36] - Management highlighted the importance of monitoring economic conditions and adjusting strategies accordingly, especially regarding loan origination and asset quality [108] Other Important Information - The restructuring expenses associated with the merger with HSBC Argentina amounted to ARS 105.3 billion [5] - The bank's total regulatory capital ratio decreased to 22.1%, while the tier one ratio was 21.8% [12] - The company expects to maintain a comfortable capital level, with a minimum appetite to operate at 13% to 13.5% [24] Q&A Session Summary Question: Capital ratio and ROE expectations - Analyst inquired about the capital ratio and how it relates to ROE targets, especially in light of expected peaks in NPLs [21] - Management responded that the capital ratio was impacted by bond valuations but is now stabilizing, with a comfortable capital level projected [23][24] Question: Loan origination and maturity - Analyst asked about the current state of loan origination and maturity compared to earlier in the year [22] - Management indicated a slowdown in consumer lending due to portfolio quality but expects to see longer-term commercial lending as the market stabilizes [27][28] Question: Long-term growth expectations - Analyst sought clarity on long-term growth expectations and potential private investments in Argentina [31] - Management projected a 25% growth in lending in real terms, with a focus on commercial lending and consumer lending improvements [35][36] Question: Asset quality and NPLs - Analyst questioned the confidence in the peak of NPLs and the expected cost of risk [32] - Management explained that the peak is anticipated around March, with expected improvements in asset quality driven by better origination practices [38][109] Question: Economic assumptions for inflation and interest rates - Analyst requested economic assumptions regarding inflation and interest rates for the upcoming year [88] - Management provided estimates of 30% inflation for this year and 18% for next year, with GDP growth projected at 4% for this year [89] Question: Integration costs from HSBC acquisition - Analyst inquired about any remaining integration costs from the HSBC acquisition [81] - Management confirmed that most restructuring costs have been booked, with only minor expenses expected in the fourth quarter [82]

Financial Data and Key Indicators Changes - Grupo Financiero Galicia reported a net loss of ARS 87.7 billion for the quarter, primarily due to losses from Banco Galicia, NaranjaX, and Galicia Seguros, partially offset by profits from Galicia Asset Management [5] - The net operating income decreased by 23%, with net interest income down by 10% and loan loss provisions up by 26% [7][9] - The return on equity (ROE) for the quarter was -4.7%, while the accumulated annualized figures for the fiscal year reached 4.7% [5][12] Business Line Data and Key Indicators Changes - Banco Galicia's results included ARS 101.1 billion in extraordinary expenses, negatively impacted by increased cost of risk and a decrease in financial margin due to high interest rates [6] - Peso-denominated loans to the private sector averaged ARS 79.3 trillion, showing a 9.7% quarterly increase and a 105.4% year-over-year increase [4] - Private sector dollar-denominated loans amounted to $18.3 billion, recording a 15.8% quarterly growth and a 153.4% annual increase [4] Market Data and Key Indicators Changes - The Argentine economy recorded a 5% year-over-year increase in economic activity during September, with a primary surplus of 0.5% of GDP [2] - The exchange rate averaged ARS 1,400 per dollar in September 2025, reflecting a 15.6% devaluation compared to June 2025 [3] - Private sector deposits in pesos averaged ARS 94.1 trillion in September, increasing by 5.6% during the quarter and 53% year-over-year [4] Company Strategy and Development Direction - The company aims to improve profitability in the fourth quarter and next year, with expectations of an ROE in the low teens range for 2026 [15][16] - The focus will be on maintaining liquidity and solvency metrics while navigating high political effects and monetary volatility [12][13] - The company anticipates a peak in non-performing loans (NPLs) around March next year, with expectations of improvement thereafter [17][39] Management's Comments on Operating Environment and Future Outlook - Management noted that margins were low due to high interest rates but are expected to improve in November and December [15][67] - The company is optimistic about the economic environment post-elections, with expectations of increased private investments in sectors like oil and gas, mining, and agriculture [37][39] - Management expressed confidence in maintaining a healthy capital ratio and does not foresee constraints on loan growth [24][95] Other Important Information - The restructuring expenses associated with the merger with HSBC Argentina amounted to ARS 105.3 billion [5] - The bank's estimated market share of loans to the private sector was 14.8%, and the market share of deposits was 16.4% [11] Q&A Session Summary Question: Capital ratio and origination - Analyst inquired about the capital ratio and how it relates to origination and risk-taking levels, especially in light of expected peaks in NPLs [20][21] Answer: Capital management - Management explained that the capital ratio was impacted by bond valuations but is now stabilizing, with a minimum appetite to operate at 13% [23][24] Question: Long-term expectations for lending - Analyst asked about lending expectations for the next year and potential private investments in Argentina [32][33] Answer: Growth projections - Management projected a 25% growth in lending in real terms, with a focus on commercial lending and consumer lending improvements [36][37] Question: Asset quality and NPLs - Analyst sought clarification on asset quality dynamics and expected NPL levels [73] Answer: NPL expectations - Management indicated that NPLs are expected to peak around March next year, with a target range of 4-4.5% by the end of 2026 [78] Question: Integration costs from HSBC acquisition - Analyst asked about any remaining integration costs from the HSBC acquisition [82] Answer: Integration costs - Management confirmed that most restructuring costs were booked in the third quarter, with only minor costs expected in the fourth quarter [83] Question: Economic assumptions for inflation and interest rates - Analyst requested economic assumptions for inflation and interest rates for the upcoming year [90] Answer: Economic outlook - Management provided estimates of 30% inflation for this year and 18% for next year, with GDP growth projected at 4% for this year and 3.7% for next year [90]

Financial Data and Key Indicators Changes - The net loss for the quarter amounted to ARS 87.7 billion, primarily due to losses from Banco Galicia, NaranjaX, and Galicia Seguros, partially offset by profits from Galicia Asset Management [4] - The quarter included extraordinary restructuring expenses associated with the merger with HSBC Argentina amounting to ARS 105.3 billion [4] - Net operating income decreased by 23%, with net interest income down by 10% and loan loss provisions increasing by 26% [6][8] Business Line Data and Key Indicators Changes - Banco Galicia's results included ARS 101.1 billion of extraordinary expenses, negatively affected by increased cost of risk and a decrease in financial margin [5] - Private sector dollar-denominated loans amounted to $18.3 billion, recording a 15.8% quarterly growth and a 153.4% annual increase [3] - Time deposits in pesos rose by 13.1% during the quarter and 76.3% year-over-year [3] Market Data and Key Indicators Changes - The average exchange rate was ARS 1,400 per dollar in September 2025, reflecting a 15.6% devaluation compared to June 2025 [2] - Private sector deposits in pesos averaged ARS 94.1 trillion in September, increasing by 5.6% during the quarter and 53% year-over-year [3] - The estimated market share of loans to the private sector was 14.8%, while the market share of deposits was 16.4% [10] Company Strategy and Development Direction - The company expects an improvement in profitability during the fourth quarter and next year, with a projected ROE of around 4% for 2025 and between 11% and 12% for 2026 [12][13] - The focus will be on improving margins and managing costs, with a significant reduction in headcount due to restructuring [15] - The company anticipates a peak in non-performing loans (NPLs) around March next year, followed by improvement as new, better-quality loans gain weight in the portfolio [15][27] Management's Comments on Operating Environment and Future Outlook - The management noted that the third quarter was marked by high political effects and monetary volatility, negatively affecting margins and asset quality [11] - There is an expectation of a gradual recovery in asset quality, with new origination performing better than older loans [56] - The company is optimistic about the economic environment post-elections, anticipating increased investment and lending opportunities [25][27] Other Important Information - The total regulatory capital ratio reached 22.1%, decreasing 160 basis points from the previous quarter, while the tier one ratio was 21.8% [11] - The company is monitoring liquidity and capital needs closely, with a minimum capital appetite of 13% to 13.5% [19] - The company has seen a significant reduction in dollar purchases from customers post-elections, indicating a stabilization in demand [51] Q&A Session Summary Question: Capital ratio and ROE expectations - The capital ratio was down 120 basis points from the second quarter, with expectations for ROE to improve gradually [16][30] Question: NPL peak and asset quality - The management expects NPLs to peak around March next year, with a range of 6-7% anticipated [27][28] Question: Economic assumptions for inflation and interest rates - The company forecasts GDP growth of 4% for this year and 3.7% for next year, with inflation expected to end this year at 30% and next year at 18% [47][48] Question: Loan-to-deposit ratio and liquidity - The loan-to-deposit ratio is around 99-100%, and the company is comfortable with this level, expecting deposit growth to continue [48] Question: Future funding and market conditions - The company is exploring potential debt in the market but prioritizes deposit growth as a stable funding source [34][35]

Financial Data and Key Metrics Changes - BBVA Argentina's inflation-adjusted net income for Q3 2025 was ARS 38.1 billion, a decrease of 39.7% quarter-over-quarter, resulting in a quarterly ROE and ROA of 4.7% [8][9] - The capital ratio decreased by 170 basis points to 16.7%, primarily due to the temporary impact of sovereign debt valuation, yet remains at ample levels to support growth [7][15] - The liquidity ratio reached 44.3% of deposits, down from 48.7% in the previous quarter [16] Business Line Data and Key Metrics Changes - Total loans to the private sector grew by 6.7% in real terms, with a consolidated market share of 11.39% [6][13] - Deposits increased by 10.2% in real terms, with market share rising to 10.09% [7][14] - Non-performing loan (NPL) ratio for private loans was 3.28%, below the system average, reflecting effective credit risk management [7][13] Market Data and Key Metrics Changes - Deposit rates surged from 30% in July to peaks of 70% in September due to political uncertainty and monetary policy changes [4] - The demand for exchange rate hedging increased, leading to some dollarization of deposits [4] Company Strategy and Development Direction - The company focuses on operational efficiency through strict expense control and active pricing strategies to navigate a volatile interest rate environment [3][5] - BBVA Argentina aims to maintain growth in credit and operational efficiency while managing risks associated with high NPLs [17] Management Comments on Operating Environment and Future Outlook - Management indicated that the high interest rates have negatively impacted intermediation margins and increased provisions for loan losses, but they expect a recovery in 2026 [5][35] - The company anticipates a gradual return of retail loan demand, while commercial loans, particularly in US dollars, are expected to grow significantly [45][55] Other Important Information - The bank's total operating expenses decreased by 3.4% quarter-over-quarter, attributed to proactive efficiency measures [10][11] - The bank continued dividend payments corresponding to the 2024 financial year, reflecting a commitment to shareholder value [17] Q&A Session Summary Question: Guidance on loan and deposit growth - Management confirmed maintaining guidance of 45%-50% real loan growth and 30%-35% deposit growth, with ROE expectations in the high single digits [22][23] Question: Loan growth authenticity amid economic stagnation - Management believes the loan growth is genuine, primarily driven by US dollar loans to companies, while personal loans have seen no growth due to high NPLs [23] Question: Impact of reserve requirements on liquidity and NIM - Management noted recent changes in reserve requirements that will improve liquidity and profitability, expecting NIM to stabilize and potentially increase in Q4 2025 [32][38] Question: Asset quality outlook amid rising NPLs - Management expects NPLs to rise slightly in Q4 but anticipates a decrease in 2026 as the economic environment stabilizes [34][35] Question: Optimal capital level and future capital strategy - Management aims for a capital ratio around 17% for 2025, with a comfortable minimum level slightly below 13% for future growth [46][47] Question: Risks in credit expansion post-election - Management does not foresee issues related to capital or liquidity but emphasizes caution regarding retail NPLs [54] Question: Coverage ratios and cost of risk outlook - Management is comfortable with current coverage ratios of 98%-100% for 2025, projecting improvements in 2026 [62]

Financial Data and Key Metrics Changes - In fiscal year 2025, net sales and revenues decreased by 12% to $45.7 billion, while net sales for equipment operations fell by 13% to $38.9 billion [8][12] - Net income attributable to Deere & Company was $5 billion, or $18.50 per diluted share [8][12] - For the fourth quarter, net sales and revenues increased by 11% to $12.4 billion, and net sales for equipment operations rose by 14% to $10.6 billion [8][12] - Net income for the fourth quarter decreased to $1.1 billion, or $3.93 per diluted share [8][12] Business Segment Data and Key Metrics Changes - Production and Precision Ag segment saw net sales of $4.74 billion, up 10% year-over-year, with an operating margin of 12.7% [9] - Small Ag and Turf segment reported net sales of $2.57 billion, up 7% year-over-year, but operating profit declined to $25 million due to higher costs [10] - Construction and Forestry segment's net sales increased by 27% year-over-year to $3.382 billion, with an operating margin of 10.3% [13] Market Data and Key Metrics Changes - Industry sales of large equipment in the U.S. and Canada are expected to decline by 15%-20% in fiscal year 2026, while small ag and turf demand is estimated to be flat to up 5% [10][11] - In Europe, the industry is projected to be flat to up 5%, with robust dairy sector margins [11][46] - South America is expected to see flat industry sales, with Brazilian demand tempered by high interest rates and strong global crop yields [11][12] Company Strategy and Development Direction - The company aims to manage inventory carefully and avoid oversupply while focusing on used inventory reduction [37] - Deere is committed to advancing its smart industrial journey, emphasizing technology and innovation across all production systems [19][23] - The company anticipates growth in small ag and turf, as well as construction and forestry, while entering North American large ag with lean production [67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in certain segments and geographies, despite challenges in large ag [7][8] - The company highlighted strong crop use and supportive government payments as potential upside factors [10][41] - Management acknowledged the resilience of the organization amidst a challenging market backdrop, with a focus on long-term customer value [19][67] Other Important Information - The company expects full-year net income for fiscal year 2026 to be in the range of $4 billion to $4.75 billion, with an effective tax rate between 25%-27% [17] - Cash flow from equipment operations is projected to be between $4 billion and $5 billion [17] - The company plans to resume normal capital allocation activities in 2026 after pausing buybacks in Q4 due to market uncertainty [67] Q&A Session Summary Question: How is the company thinking about offsetting the $1.2 billion tariff headwind in 2026? - The company expects to capture back some of the incremental exposure through price-cost positive expectations and will continue to execute activities to mitigate the impact [73][74] Question: Can you provide insights on the production plans and product mix implications for seasonality? - The company anticipates lower than normal seasonal production to start the year, with flexibility to adjust to demand in subsequent quarters [51][44]

Financial Data and Key Metrics Changes - Total revenue for fiscal 2025 was $562 million, with 53% derived from digital sources, indicating a significant shift towards digital reliance over legacy print business [4][11] - Digital-only subscription revenue reached $94 million, with a year-over-year growth of 16% on a same-store basis, despite challenges from a cyber incident [4][11] - Adjusted EBITDA showed growth for the second consecutive quarter, reflecting effective cost management and operational execution [6][15] Business Line Data and Key Metrics Changes - The digital marketing services business, Amplified Digital Agency, surpassed $100 million in revenue with a 5% growth on a same-store basis [5][10] - Digital subscription revenue growth was 32% annually over the last three years, significantly outpacing industry peers [8][12] - Total digital revenue for fiscal 2025 was $298 million, representing 53% of total company revenue, highlighting the successful transition to a digital-first model [11][12] Market Data and Key Metrics Changes - Digital revenue growth was 2% on a same-store basis, indicating solid momentum in the digital transformation strategy [10] - The company nearly doubled the number of clients valued at over $1 million annually, showcasing the effectiveness of its innovative solutions [10] - The digital advertising revenue from Amplified Digital Agency contributed $103 million to the total digital advertising revenue of $184 million [10][11] Company Strategy and Development Direction - The company aims to achieve $450 million in digital revenue by fiscal 2030, supported by a three-pillar digital growth strategy [5][8] - There is a focus on diversifying and expanding offerings for advertisers, with a goal of over $250 million in digital advertising revenue by 2030 [19][20] - The company is transitioning towards a predominantly digital model, with a target of 90% digital revenue by fiscal 2030 [12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive sustainable growth and deliver long-term value to shareholders, despite challenges faced in fiscal 2025 [7][15] - The company anticipates a positive lift in digital revenue and margin in 2026 as transformational projects come to fruition [15][17] - The upcoming $50 million common stock rights offering is expected to support digital transformation and deleveraging efforts [21] Other Important Information - The company executed a strategic termination of its fully funded defined benefit pension plan, enhancing balance sheet flexibility [17] - Cash costs decreased by 5% compared to the previous year, finishing at $524 million, reflecting disciplined cost management [16] - The company has identified $25 million of non-core assets for future monetization, which will improve liquidity [17] Q&A Session Summary Question: What was the total debt reduction in the fourth fiscal quarter and the full fiscal year? - The company reduced debt by $121 million since the credit agreement was launched in 2020. In fiscal 2025, excluding increases due to the cyber incident, debt was reduced by approximately $3.5 million [25] Question: No further questions were asked, and the call concluded with closing remarks from management [26]

Financial Data and Key Metrics Changes - For fiscal year 2025, net sales and revenues decreased by 12% to $45.7 billion, while net sales for equipment operations fell by 13% to $38.9 billion [8] - Net income attributable to Deere & Company was $5 billion, or $18.50 per diluted share [8] - In the fourth quarter, net sales and revenues increased by 11% to $12.4 billion, with net sales for equipment operations rising by 14% to $10.6 billion [8] - Net income attributable to Deere & Company for the fourth quarter decreased to $1.1 billion, or $3.93 per diluted share [8] Business Segment Data and Key Metrics Changes - Production and Precision Ag segment saw net sales of $4.74 billion, up 10% year-over-year, with an operating profit of $604 million and a 12.7% operating margin [9] - Small Ag and Turf segment reported net sales of $2.57 billion, up 7% year-over-year, but operating profit declined to $25 million due to higher costs [10] - Construction and Forestry segment's net sales increased by 27% year-over-year to $3.382 billion, with an operating profit of $348 million and a 10.3% operating margin [13] Market Data and Key Metrics Changes - Industry sales of large equipment in the U.S. and Canada are expected to decline by 15%-20% in fiscal year 2026, while small agriculture and turf demand is estimated to be flat to up 5% [10][11] - In Europe, the industry is projected to be flat to up 5%, with robust dairy sector margins and improving arable cash flows [11] - South America is expected to see flat industry sales, with Brazilian customer demand tempered by high interest rates and strong global crop yields [11] Company Strategy and Development Direction - The company aims to manage inventory carefully and avoid oversupply while focusing on used inventory reduction [37] - Deere is committed to advancing its Smart Industrial journey, emphasizing technology and innovation to enhance customer value [20][23] - The company anticipates growth in small ag and turf, as well as construction and forestry, while entering fiscal year 2026 with lean production in North American large ag [67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in certain segments and geographies, despite challenges in large ag [7][8] - The company highlighted strong crop use and consumption, new trade agreements, and supportive government payments as potential growth drivers [11] - Management acknowledged the resilience of the organization in navigating a challenging market environment while maintaining strong performance levels [20][26] Other Important Information - The company expects full-year net income for fiscal year 2026 to be in the range of $4 billion to $4.75 billion, with an effective tax rate between 25%-27% [17] - Cash flow from equipment operations is projected to be between $4 billion and $5 billion [17] - The company plans to resume normal capital allocation activities in 2026 after pausing buybacks in the fourth quarter of fiscal 2025 [66] Q&A Session Summary Question: How is the company thinking about offsetting the $1.2 billion tariff headwind in 2026? - The company expects to capture back some of the incremental exposure this year and some from 2025, with a plan to continue executing activities to mitigate the impact [73][74] Question: Can you provide insights on the production plans and product mix implications for seasonality? - The company anticipates net sales in production precision ag to be close to the first quarter of 2025, but margins will be significantly lower due to a lean production plan [51]