SEB Q4 2025 Pre-Close Call Summary Company Overview - **Company**: SEB (OTCPK:SVKE.F) - **Date of Call**: December 17, 2025 - **Speaker**: Paul Wyszyski, Head of Investor Relations Key Points Macro Environment - Average three-month STIBOR is lower in Q4 compared to Q3, with the Swedish central bank lowering the policy rate by 25 basis points effective October 1st [1] - SEB adjusted some lending and deposit rates in Sweden following the rate cuts [1] - The European Central Bank kept the deposit facility rate unchanged, affecting Baltic operations primarily on the deposit side [2] Interest Rate Sensitivity - SEB's equity is approximately SEK 220 billion, with private and corporate transaction accounts and savings accounts totaling around SEK 370 billion, and Baltic transaction accounts around SEK 200 billion, leading to a total of roughly SEK 800 billion sensitive to rate changes [2] - Net interest income (NII) is expected to bottom out three to six months after the last rate cut, influenced by balance sheet dynamics [3] Profit and Loss Overview - The P&L and balance sheet are impacted by FX movements; a stronger SEK results in lower income and costs, while a weaker SEK has the opposite effect [4] - The SEK strengthened marginally against the euro compared to Q3, resulting in a smaller headwind on the P&L [4] - NII increased slightly despite downward trending interest rates due to higher day count, positive FX effects, lower deposit insurance fees, and reduced short-term funding costs [6] Division Performance - Business and retail banking NII declined by around SEK 100 million compared to the previous quarter due to lower interest rates on deposit margins [6] - Baltic division's NII remained largely unchanged as lower rates were offset by higher lending and deposit volumes [6] - Treasury NII benefited from favorable yield curve and funding conditions [7] Net Fee and Commission Income - A significant portion of net fee and commission income is linked to assets under management, which correlates with stock market performance [7] - Advisory and securities-related fees were seasonally softer in Q3, with no larger transactions reported in Q4 [8] Expenses and Credit Losses - Total expenses target for 2025 is SEK 33 billion, with potential for acceleration in cost implementation programs [9] - Net expected credit losses reported at three basis points, with an additional SEK 100 million in portfolio overlays [10] Capital and Risk Exposure - Current share buyback program amounts to SEK 2.5 billion, expected to conclude by January 27, 2026 [10] - CET1 capital ratio is affected by share buybacks, with a dividend payout ratio target of around 50% [11] - Remaining impact from the risk exposure amount (REA) increase in the Baltics is around 70 basis points, expected to phase in over the next three quarters [12] Additional Notes - The call concluded with a reminder of the silent period starting January 1, with the Q4 2025 interim report scheduled for publication on January 29, 2026 [13] Conclusion - SEB is navigating a challenging macro environment with interest rate adjustments and FX movements impacting its financial performance. The bank is focused on managing its capital effectively while preparing for upcoming financial disclosures.

Summary of Coursera and Udemy Conference Call Industry and Companies Involved - **Industry**: Online Education and Learning Platforms - **Companies**: Coursera and Udemy Core Points and Arguments 1. **Combination Announcement**: Coursera has entered into a definitive agreement to combine with Udemy, aiming to create a leading technology platform for skills discovery and development [2][4][12] 2. **Market Needs**: The World Economic Forum estimates that 39% of key skills will change in the next five years, highlighting the need for agile learning platforms [5] 3. **Learner Focus**: 86% of learners come to Coursera to transform their careers, indicating a strong demand for career-oriented learning solutions [5] 4. **Platform Capabilities**: The combination aims to unite Coursera's verified learning ecosystem with Udemy's dynamic marketplace, enhancing value and choice for learners and organizations [6][8] 5. **Innovation Acceleration**: The merger is expected to accelerate AI-native innovation, allowing for faster development of personalized learning experiences [9][10] 6. **Global Reach**: Coursera added 7.7 million new registered learners in Q3, bringing the total to 191 million, while Udemy has over 17,000 enterprise customers and generates more than 60% of its revenue outside North America [11][12] 7. **Financial Profile**: The combined pro forma annual revenue exceeds $1.5 billion, with identified cost synergies of $115 million expected to be realized within 24 months [12][19] 8. **Transaction Structure**: This is an all-stock transaction where Udemy stockholders will receive 0.8 shares of Coursera Common Stock for each share of Udemy Common Stock [20] 9. **Regulatory Perspective**: The companies believe the combination will deliver better value across the education value chain, although they will need to navigate regulatory approvals [38][39] Additional Important Content 1. **Instructor Opportunities**: The merger will provide instructors access to a larger learner base, enhancing their distribution and monetization opportunities [31][32] 2. **Content Strategy**: Both companies will maintain their content strategies, leveraging their strengths to create a more comprehensive offering [40] 3. **Geographic Expansion**: The combination is expected to enhance Coursera's reach outside North America, capitalizing on Udemy's international presence [44][45] 4. **Future Vision**: The goal is to create a platform that keeps pace with technological changes, ensuring learners gain essential skills for career advancement [22][23] This summary encapsulates the key points discussed during the conference call regarding the strategic combination of Coursera and Udemy, focusing on their market positioning, operational synergies, and future growth potential.

Business Performance and Outlook - Spire Global's remaining performance obligation exceeded $200 million as of September 30, 2025 [5] - The company anticipates over 30% revenue growth in 2026, excluding the divested maritime business, driven by secured contracts [16, 21] - Q4 2025 revenue is projected to grow sequentially by approximately $3 million at the midpoint of guidance [15] - Full year 2025 revenue guidance is between $70.5 million and $72.5 million [21] Contracts and Expansion - Spire Global secured a $2.5 million NOAA contract for satellite weather data [6] - EUMETSAT renewed a €3 million contract with Spire Global for satellite weather data [6] - Spire Global was awarded an $11.2 million NOAA contract for satellite weather data [6] - The company was selected as an awardee on the Missile Defense Agency's SHIELD IDIQ, with a shared ceiling of $151 billion [12] Investments and Technology - NATO member states are increasing defense and security investment to 5% of GDP by 2035 [12] - Germany plans to invest €35 billion through 2030 to strengthen space-based capabilities [12] - The European Space Agency has agreed to raise space spending to over €22 billion over the next three years [12]

Financial Performance - Record revenue reached $2.3 billion, a 5.4% increase[10, 15] - Organic revenue growth was 5%[10] - Adjusted EBITDA was $124.2 million[10] - Adjusted EPS reached $0.88[10] - Free cash flow was $112.7 million, a significant increase from the previous year[10] Segment Performance - Business & Industry revenue increased by 2.3% to $1,048.8 million[23, 24] - Aviation revenue increased by 7.3% to $296.7 million[25] - Manufacturing & Distribution revenue increased by 7.7% to $417.4 million[28] - Education revenue increased by 1.6% to $233.7 million[29, 30] - Technical Solutions revenue increased by 16% to $298.7 million[14, 32] Fiscal Year 2026 Outlook - The company anticipates organic revenue growth of 3%-4%[39] - Total revenue growth is projected to be 4%-5%[39] - Adjusted EPS is expected to be in the range of $3.85-$4.15[39]

Financial Performance - Consolidated net sales reached $327 million, a 19% increase year-over-year, driven by higher volumes in Building Products and contributions from Elgen[7] - Building Products achieved Adj EBITDA of $53 million in Q2, up from $47 million in the prior year, with a 25.5% Adj EBITDA margin[7] - Consumer Products reported Adj EBITDA of $15 million in Q2, flat compared to the prior year, with a 12.7% Adj EBITDA margin[7] - Free cash flow for Q2 was $39 million, with $12 million in capex spend, including $6 million related to facility modernization projects[7] - Adjusted EBITDA reached $60 million with a margin of 18.5% compared to $56 million with a margin of 20.5% in Q2 FY25[8] - Adjusted EPS was $0.65 compared to $0.60 in Q2 FY25[8] Capital Allocation - The company repurchased 250 thousand shares of common stock during Q2 for $14 million, at an average purchase price of $54.87, with 5.0 million shares remaining on the repurchase authorization as of November 30, 2025[7] - A dividend of $0.19 per share was declared, payable in March 2026[7] Strategic Initiatives - An agreement was made to acquire LSI Group, a manufacturer of commercial metal roof clips, accessories, and retrofit systems, for approximately $205 million, expected to close in January 2026[7] - The company's net sales are $1.3 Billion, with Adjusted EBITDA of $284 million[86]

Financial Performance - Q1 FY26 - Net revenue reached $8305 million, a 19% increase year-over-year[6] - U S GAAP operating income was $283 million, compared to $197 million in the previous year[6] - Core operating income (non-GAAP) amounted to $454 million, up from $347 million[6] - Core diluted earnings per share (non-GAAP) were $2 85, an increase from $2 00[6] Cash Flow Highlights - Q1 FY26 - Net cash provided by operating activities was $323 million[10] - Adjusted free cash flow (non-GAAP) reached $272 million[10] - Core EBITDA (non-GAAP) totaled $600 million[10] - Share repurchases amounted to $300 million[10] FY26 Outlook - The company anticipates net revenue of $32 4 billion and a core operating margin of 5 7%[26, 30] - Core EPS is projected to be $11 55, with free cash flow exceeding $1 3 billion[26, 30]

4D-710 Phase 1 Interim Data Key Takeaways - 4D-710 was well-tolerated with 4 to 24 months follow-up[14] - 4D-710 demonstrated clinically meaningful activity in lung function (FEV1, LCI2.5) and quality-of-life (CFQ-R-R)[14] - 4D-710 has durable CFTR transgene expression through at least 1 year[14] - Phase 2 enrollment is underway at Cohort 4 dose level[14] Cystic Fibrosis (CF) Market & 4D-710 Design - The CFTR modulator market size is approximately $11 billion in 2024[17] - 4D-710 is designed as a durable, redosable, variant-agnostic, disease-modifying therapy for CF lung disease[30] - 4D-710 utilizes aerosol delivery of a novel A101 vector invented with directed evolution[25] - The A101 vector enhances transduction of airway cells and overcomes potential barriers[26] Clinical Trial Results & Next Steps - In the Phase 1 trial, the 2.5E14 vg dose (Cohort 4) met the target expression profile of approximately 10-25% airway cells for CFTR RNA[63] - Durable expression of CFTR was observed with levels consistent with non-CF samples over 1 year[142] - The Cystic Fibrosis Foundation (CFF) has provided approximately $31 million in financial support for 4D-710 development[146] - The company expects to complete Phase 2 enrollment in H1 2026 and provide a program update in H2 2026[152]

+ Empowering the Global Workforce with Skills for the AI Era Non-GAAP financial measures This presentation con tains non-GAAP measures (includ ing non-GAAP gross p rofit, Adjust ed EBITDA, and cost synergies) used by our man agement to help us an alyze our fin ancial results, estab lish budgets and operational goals for man aging our business, evaluate our performan ce, an d make strategic decisions. We believe these pro vide useful supplemen tal information for investors to an alyze our core results and be ...

Transaction Overview - Each Udemy share will be exchanged for 0.800 Coursera shares[10] - Pro-forma ownership: Approximately 59% Coursera shareholders / 41% Udemy shareholders[10] - The transaction is expected to close by the second half of 2026[10] Strategic Rationale - The combination aims to deliver greater value to millions of learners and thousands of enterprise, university, and government customers[12, 31] - The merger brings together a comprehensive ecosystem of world-class instructors, industry leaders, and global subject matter experts[12, 32] - The combined company anticipates annual run-rate cost synergies of $115 million within 24 months of closing[15, 35] Financial Profile - Combined revenue over the last twelve months is $1.536 billion[27, 28] - Combined non-GAAP gross profit is $935 million with a margin of 61%[27] - Combined adjusted EBITDA is $155 million with a margin of 10%[27]

Financial Data and Key Metrics Changes - Reported net sales for Q2 were $4.9 billion, down 7%, with a 6-point headwind from divestitures and acquisitions; organic net sales were down 1% [24] - Adjusted operating profit was $848 million, down 20% in constant currency, primarily due to lower volume and higher input costs [25] - Adjusted diluted earnings per share totaled $1.10, down 21% in constant currency [25] Business Line Data and Key Metrics Changes - North America Retail organic net sales were down 3%, driven by unfavorable price mix, but organic volume growth modestly outpaced Nielsen measured retail volume growth [26] - North America Pet segment net sales were up 11%, with organic net sales up 1%, driven by favorable price mix [27] - North America Foodservice organic net sales were flat, with growth in frozen baked goods and cereal offset by a decline in bakery flour [28] - International segment organic net sales were up 4%, driven by growth in Brazil, China, India, and North Asia [29] Market Data and Key Metrics Changes - In North America Retail, the company held or grew pound share in eight of its top 10 U.S. categories, with Nielsen measured pounds up 1% in Q2 [8][26] - The North America Pet segment saw mid-single-digit growth in cat feeding, while dog feeding results were mixed [16][27] - Internationally, dollar share was held or grown in 54% of priority businesses, led by Häagen-Dazs and Nature Valley [29] Company Strategy and Development Direction - The company is focused on strengthening brand remarkability to restore organic sales growth, with investments in product innovation and brand building [3][4] - Key priorities include returning North America retail to volume growth, accelerating North America pet growth, and driving efficiencies to fund these investments [5][6] - The Remarkable Experience Framework guides brand investment decisions, focusing on product, packaging, brand communications, omnichannel execution, and value [6][10] Management's Comments on Operating Environment and Future Outlook - Management noted a change in consumer behavior, with lower and middle-income consumers increasingly making food purchases on promotion due to economic pressures [9] - The company expects to drive further improvement in organic sales growth in the second half of fiscal 2026, reaffirming its fiscal guidance [4][33] - Management anticipates Q3 operating profit to be down more than previously expected, but expects strong profit growth in Q4 [33] Other Important Information - The adjusted gross margin was 34.8% of net sales, down 150 basis points year-over-year, primarily due to higher input costs [30] - The company plans to launch several new products in the second half of fiscal 2026, focusing on consumer trends such as better-for-you benefits and bold flavors [13][15] Q&A Session Summary Question: What are the expectations for organic net sales in the second half of fiscal 2026? - The company expects improved organic net sales driven by the expanded impact of remarkability investments and trade timing benefits in Q4 [33] Question: How is the company addressing the challenges in the North America retail segment? - The company is focused on delivering more value to consumers and amplifying elements of the remarkability framework to improve competitiveness [10] Question: What are the growth prospects for the North America pet segment? - The company is confident in its plans for the North America pet segment, expecting further acceleration in organic sales growth in the second half of fiscal 2026 [18]