Financial Performance & Outlook - The company's Year-to-Date (YTD) 2025 adjusted EPS is $2.66, showing an increase compared to 2024, with confidence in achieving the full-year target[27] - The full-year 2025 adjusted EPS guidance is $3.56 - $3.60, trending towards the higher end of the range[27] - The annual dividend per share is $2.11, an increase of $0.11[27] - The full-year 2026 adjusted EPS guidance is $3.80 - $3.87, also trending towards the higher end[27] - The long-term adjusted EPS growth is projected at +6% to +8%[27] Capital Investments & Financings - The utility capital plan is $20 billion[27] - Planned financings include $1.125 billion in Consumers Energy First Mortgage Bonds[34] - New debt issuances for CMS Energy are planned at $1.27 billion[34] - Planned equity issuance for CMS Energy is up to $500 million[34] Regulatory Environment - Constructive regulatory outcomes and forward-looking visibility are provided by Michigan's regulatory environment[16] - A gas case order was approved for $157.5 million with a 9.8% ROE[15] - A revised electric case order was approved for $423 million with a 10.25% ROE[15] Infrastructure & Growth - The company has an expansive economic development effort with a 9 GW pipeline[17,18] - The current customer investment plan (2025-2029) is $20 billion[20]

3Q25 Earnings Conference Call October 30, 2025 Building Rewarding Relationships FlushingBank.com Safe Harbor Statement "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Presentation relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litiga ...

Financial Performance - The company reported net income of $71.4 million, or $0.69 per share for Q3 2025[19] - Net interest margin (NIM) was 3.34%, with an adjusted FTE NIM of 3.30%, a 4 basis points increase from the previous quarter[19] - The efficiency ratio was 61.7% for the third quarter of 2025[19] Balance Sheet & Capital - Total assets reached $27.3 billion[8] - Loans held for investment (LHFI) totaled $15.8 billion[8], decreasing by $519.0 million from the second quarter of 2025[19] - Deposits amounted to $22.6 billion[8], a decrease of $25.6 million from the second quarter of 2025[19] - The company's loan-to-deposit ratio was 70% in Q3 2025[18] - CET1 was 13.90% and total RBC was 16.62% for Q3 2025[19] - The company repurchased approximately 1.8 million shares for approximately $57.2 million through October 28, 2025[18] Asset Quality - Non-performing loans (NPLs) decreased 6.1% from the second quarter of 2025, to $182.2 million, representing 1.15% of LHFI[19] - Net charge-offs (NCOs) were $2.3 million, or an annualized 6 basis points of average loans outstanding during Q3 2025[19] - Criticized loans decreased 3.2%, or $38.9 million, from the second quarter of 2025, to $1,164.1 million, representing 7.4% of LHFI[19] Strategic Initiatives - The company closed the sale of Arizona and Kansas branches in October 2025[18] - The company announced the pending sale of 11 Nebraska branches[18]

Q3 2025 Financial Performance - Net sales increased to $3591 million from $3449 million in Q3 2024[11] - Organic sales increased by approximately 2.1%[11, 33] - Adjusted EPS increased by approximately 14% from $1.09 to $1.24[11] - Free cash flow improved by approximately 32% from $201 million to $266 million[11] - Adjusted operating margin increased from 10.1% to 10.7%[11, 35] 2025 Outlook - Full-year net sales outlook is $14300 million[38] - Adjusted operating margin is expected to be between 10.3% and 10.5%[38, 39] - Adjusted diluted EPS is projected to be between $4.60 and $4.75[39] - Free cash flow is expected to be between $850 million and $950 million[39] - Organic growth is forecasted to be between -1% and 0%[39]

3Q25 EARNINGS CONFERENCE CALL OCTOBER 30, 2025 © 2025 Tradeweb Markets LLC. All rights reserved. 113 112 115 239 178 30 167 101 115 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 Disclaimers The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsi ...

Financial Performance - Net revenue increased to $4,759.3 million in Q3 2025 from $4,585.0 million in Q3 2024[4] - Gross profit decreased from $684.0 million in Q3 2024 to $659.4 million in Q3 2025[4] - Operating income decreased to $492.6 million in Q3 2025 from $508.4 million in Q3 2024[4] - Net income decreased slightly to $343.1 million in Q3 2025 from $350.0 million in Q3 2024[4] - Adjusted EBITDA decreased year-over-year, primarily due to lower pricing in Mexico and lower volume in Europe[6] - Adjusted EBITDA margin decreased from 14.4% to 13.3%[4] - Net interest increased from $19.5 million to $29.0 million due to lower YoY cash balance during Q3 2025, as a result of the $2 billion in dividends paid in 2025[4, 6] Segment Performance - U S net revenue was $2,836.6 million with an adjusted operating income of $403.7 million and a margin of 14.2%[5] - Europe net revenue was $1,392.5 million with an adjusted operating income of $71.3 million and a margin of 5.1%[5] - Mexico net revenue was $530.2 million with an adjusted operating income of $39.0 million and a margin of 7.4%[5] Production and Inventory - Pullet placements increased 0.4% year-over-year in Q3 2025[7] - Broiler layer flock decreased 2.3% year-over-year in Q3 2025[12] - Total chicken inventories ended Q3 up 4.3% year-over-year[21]

Financial Performance - The company's EBITDA increased by 3.3% in 3Q25[12] - The company's revenue per hl grew by 4.8% in 3Q25[13] - The company announced a share buyback program of $6 billion[12] - The company announced a debt redemption of $2 billion[12] - The company announced an interim dividend of €0.15 per share[12] - The company's underlying EPS (USD) increased by 1.0%[13] Regional Performance - North America's revenue decreased by 0.7%[17] - Middle Americas' revenue increased by 4.2%[17] - South America's revenue increased by 2.0%[17] - EMEA's revenue increased by 3.0%[17] - APAC's revenue decreased by 9.0%[17] Brand Performance - No-alcohol beer revenue increased by 27%[12] - Beyond Beer revenue increased by 27%[12] - BEES Marketplace quarterly GMV increased by 66%, approaching $1 billion[12]

Third-Quarter 2025 Sales and Earnings Merck & Co., Inc., Rahway, N.J., USA October 30, 2025 Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories Question & Answer Session 2 Agenda Agenda Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA This presentation of Merck & Co., ...

Non-GAAP Financial Measures Definitions - The company uses non-GAAP financial measures, but they should not be considered a substitute for GAAP measures[2] - Adjusted EPS excludes special items to evaluate operational performance and compare results across periods[3] - Adjusted operating cash flow excludes special items to evaluate the performance of continuing operations and compare cash flow results[4] - Free cash flow is adjusted operating cash flow minus maintenance capital expenditures, used to assess financial performance and strengthen the balance sheet[5] - Adjusted EBITDA is calculated per the credit agreement, excluding certain charges and credits, to measure financial performance and evaluate debt service ability[6] Q3 2025 vs Q3 2024 Performance - Net income attributable to common stockholders was $117.5 million in Q3 2025, compared to $117.8 million in Q3 2024[7] - Diluted EPS was $0.83 in Q3 2025, compared to $0.81 in Q3 2024[7] - Adjusted EPS was $0.87 in Q3 2025, compared to $0.79 in Q3 2024[7] - Free cash flow was $181.9 million in Q3 2025, compared to $185.0 million in Q3 2024[8] 2025 Financial Outlook - The company expects adjusted EPS to be between $3.80 and $3.90[9] - The company expects net cash provided by operating activities excluding special items to be between $910 million and $950 million[9]

THIRD QUARTER 2025 EARNINGS CALL October 30, 2025 1 SAFE HARBOR STATEMENTS Forward-Looking Statements Certain information set forth in this presentation, other than historical statements, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company's business, and management's beliefs about future operations, results, and financial position ...