Financial Data and Key Metrics Changes - As of December 31, 2025, the company held approximately EUR 230.9 million in cash equivalents and short-term deposits, bolstered by significant financing events in 2025, including EUR 108 million from structured financing and EUR 139.4 million from a public offering [13][14] - R&D expenses for the full year were EUR 87 million, reflecting the prioritization of the pipeline, while G&A expenses totaled EUR 47.9 million, including EUR 20.3 million in non-cash share-based compensation [14][15] Business Line Data and Key Metrics Changes - The company has focused all resources on lanifibranor and MASH, selling global rights to odiparcil for up to $90 million in potential milestone payments and royalties [4] - The NATiV3 trial, a pivotal phase III clinical trial, completed enrollment in April 2025 with over 1,000 patients, exceeding original targets [12] Market Data and Key Metrics Changes - An estimated 18 million people in the U.S. live with MASH, with only about 10% diagnosed, a 25% increase from 2024 estimates [6] - Among those diagnosed with clinically actionable F2 or F3 disease, only around 40% are currently under the care of a treating physician [6] Company Strategy and Development Direction - The company aims to advance lanifibranor towards approval for patients with MASH, with a top-line readout expected in Q4 2026 [3] - The strategic decision to concentrate resources on lanifibranor is expected to enhance the company's operational focus and market readiness [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that if the NATiV3 trial replicates the 18% fibrosis improvement seen in phase II, lanifibranor could be positioned as a leading oral therapy for MASH [7] - The company is preparing for commercialization in anticipation of potential approval, with a focus on addressing the unmet medical needs in the MASH patient population [5][16] Other Important Information - The company has strengthened its leadership team to align with the demands of the opportunity presented by lanifibranor [5] - The anticipated top-line readout in Q4 2026 is viewed as a significant inflection point for both the company and patients with MASH [16] Q&A Session Summary Question: Can you update us on the performance of the trial in terms of dropouts? - The dropout rate is below 30%, which was the threshold set for the trial, and the trial is well-powered to detect the primary endpoint [22][24] Question: How are you thinking about the performance of the 800 versus the 1200 milligram dose? - The 800 mg dose may catch up to the 1200 mg dose over time, and both doses are expected to have strong efficacy with potentially different tolerability profiles [25][26] Question: What are your expectations for the overall market interest? - The company believes that replicating an 18% effect on fibrosis would provide a strong market opportunity, especially in the F3 diabetic patient population [20] Question: What quality control protocols are in place for analyzing biopsy samples? - The clinical team has extensive experience in NASH trials, ensuring quality control at various stages of the biopsy process [31][33] Question: What is the expected effect size for the primary endpoint in NATiV3? - The trial is powered to over 90% on a primary endpoint of composite fibrosis improvement and MASH resolution, with a conservative view on effect size compared to phase II data [38][39] Question: How do you view the overlap of MASH and type 2 diabetes? - There are approximately 18 million patients with undiagnosed MASH in the U.S., with a significant portion also having diabetes, indicating a robust market opportunity [72][73] Question: What steps are being taken for regulatory and commercial readiness? - The regulatory team is fully staffed, and the company is focused on strategic commercial execution, preparing for a potential launch following positive trial data [105][106]

Investor Presentation March 2026 Safe harbor statement Statements in this presentation regarding TD SYNNEX that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from TD SYNNEX expectations as a result of a variety of fact ...

Financial Data and Key Metrics Changes - Revenue for fiscal year 2025 was $229 million, up 72% year-over-year [28] - Operating loss for fiscal year 2025 was $150 million, compared to an operating loss of $28 million in 2024 [28] - Net loss for 2025 was $209 million, or $0.38 loss per share, compared to a net loss of $7 million, or $0.02 loss per share in 2024 [28] - Adjusted EBITDA for 2025 was $29 million, down from $31 million in 2024 [29] Business Line Data and Key Metrics Changes - The company has shifted focus entirely to North American HPC infrastructure development, moving away from Bitcoin mining [4][5] - The decision to focus on colocation rather than GPU rental was made based on increased customer demand for leasing megawatts [8][39] Market Data and Key Metrics Changes - The company has secured over 2 gigawatts in its pipeline, positioning itself as a regional leader in high-demand markets [6][13] - The demand for power and land for AI infrastructure is expected to remain high, with significant barriers to entry in the markets of Pennsylvania, Washington, and Quebec [13][14] Company Strategy and Development Direction - The company is rebranding as Keel Infrastructure, emphasizing its role as an infrastructure developer for HPC and AI [5][11] - The strategy includes a disciplined exit from Bitcoin mining, with plans to reinvest capital into HPC and AI infrastructure [12][23] - The company aims to complete permitting and lease execution in 2026, with revenue generation expected to commence in 2027 [12][84] Management's Comments on Operating Environment and Future Outlook - Management believes that the demand for power will remain a structural bottleneck for AI infrastructure deployment in the coming years [15] - The company is confident in its ability to execute its development plans and deliver value to shareholders [24][35] Other Important Information - The company successfully raised $588 million in a convertible offering, significantly enhancing its liquidity [30] - The current cash position stands at $520 million, providing flexibility for advancing development projects [32] Q&A Session Summary Question: What were the major drivers for the decision to focus on colocation instead of GPU rental? - The decision was based on increasing customer conversations indicating that the best opportunity is to remain a pure play infrastructure developer and owner [39] Question: Can you update on the lease execution strategy and potential timing? - The strategy remains consistent, focusing on securing the best terms for leases to maximize shareholder value [40][41] Question: What permits are still pending at the various sites? - Permitting is a complex process with progress being made across multiple sites, with expectations to achieve full permitted status in the coming months [46][47] Question: Can you clarify the sequencing between notice to proceed and lease execution? - Customers are likely to want notice to proceed before committing to a lease, particularly investment-grade counterparties [56] Question: What is the timeline for data center construction and revenue generation? - Revenue generation is expected to commence in 2027, with all three projects anticipated to come online and start delivering megawatts [84]

Copyright © 2026 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only 2 Copyright © 2026 FactSet Research Systems Inc. All rights reserved. FactSet Business Use Only 2 Forward-Looking Statements and Non-GAAP Measures FactSet reports its financial results in accordance with U.S. GAAP. This presentation and oral statements made in connection with this presentation reference non- GAAP financial measures, including organic revenues, adjusted operating income, adjusted operating margin, E ...

Financial Data and Key Metrics Changes - As of December 31, 2025, cash equivalents and short-term investments increased to $59.9 million from $44.1 million in 2024, while current liabilities decreased slightly to $5.1 million from $5.4 million [16] - Net cash used in operating activities rose to $29.1 million in 2025 from $22.1 million in 2024, primarily due to an increase in net loss [17] - Research and development expenses increased to $24.6 million in 2025 from $19.1 million in 2024, driven by the continuation and global expansion of the ReMEDy2 clinical trial [17][18] Business Line Data and Key Metrics Changes - The preeclampsia program showed significant progress with positive interim results from a phase II trial, indicating DM199's potential to reduce blood pressure and improve blood flow to the placenta [5][6] - The stroke program, ReMEDy2, achieved nearly 70% enrollment of the required 200 participants for interim analysis, with 61 active sites globally [12][13] Market Data and Key Metrics Changes - The company is expanding its clinical trials into the U.K. and Europe, indicating a broader market reach for DM199 [13][10] - Regulatory clearance from Health Canada for a global phase II clinical trial of DM199 in early onset preeclampsia marks a significant milestone for the company [9] Company Strategy and Development Direction - The company aims to position DM199 as a first-in-class disease-modifying therapy for preeclampsia and other vascular-related conditions, focusing on improving patient outcomes through innovative treatment approaches [5][7] - Plans to initiate a global phase II study for early onset preeclampsia are underway, with a focus on patient safety and efficacy [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the cash position, anticipating it will fund clinical studies and operations through the end of 2027 [16] - The management highlighted the importance of DM199's safety profile, which is expected to facilitate broader use in community hospitals and academic centers upon approval [48] Other Important Information - The company is evaluating alternative animal models for reproductive toxicology studies in response to FDA requests, indicating ongoing regulatory engagement [11][26] - A recent publication in the Journal of Hypertension underscores the need for new treatment approaches for resistant hypertension, further validating DM199's potential [14] Q&A Session Summary Question: Update on rabbit preclinical trials for U.S. IND approval - Management is in discussions with the FDA regarding appropriate preclinical models and will provide updates once discussions are finalized [21][26] Question: Key learnings for early onset preeclampsia cohort - Management plans to use subcutaneous administration for early onset studies and is focused on selecting sites experienced in managing preeclampsia [27][28] Question: Risk of DM199 crossing the placental barrier - Management believes DM199 will not cross the placental barrier based on previous studies, with the protein size being significantly larger than the threshold for crossing [33] Question: Enrollment challenges in the ReMEDy2 trial - Enrollment has been slower due to staffing challenges at certain sites, but recent support and hiring are expected to accelerate enrollment [40] Question: Commercialization access for DM199 - Management believes the safety profile of DM199 will facilitate broad use in both small community hospitals and large academic centers [48]

2025 Sustainability Performance Diana SCHILLAG, Executive Committee Member, Group General Secretary, notably supervising Sustainability and Healthcare Louis-François RICHARD, Group VP Head of Sustainability Guillaume DE SMEDT, Deputy Group VP Sustainability Paris, March 31, 2026 ©Air Liquide - Adrien Daste THIS DOCUMENT IS PUBLIC 2025 Sustainability Performance - March 31, 2026 Agenda Q&A 2 THIS DOCUMENT IS PUBLIC 2025 Sustainability Performance - March 31, 2026 Environment: all objectives reached or exceed ...

Financial Data and Key Metrics Changes - In Q4 2025, total company sales were $138.4 million, down 3.1% compared to Q4 2024, with comparable sales decreasing 4.8% driven by the retail channel [15][16] - Gross profit for Q4 was $87.3 million, down from $94.8 million last year, resulting in a gross margin of 63.1%, a decline of 320 basis points year-over-year [16][17] - Adjusted EBITDA for Q4 was $7.2 million, compared to $14.5 million in Q4 2024, with adjusted net income per diluted share showing a loss of $0.02 compared to earnings of $0.32 per share in the prior year [18][19] - The company generated $23.2 million in free cash flow for fiscal 2025 and maintained a solid gross margin rate of 68.7% despite incurring approximately $7.5 million in incremental net tariff costs [12][13] Business Line Data and Key Metrics Changes - Store sales in Q4 were down 9% versus Q4 2024, driven by soft traffic and conversion, although partially offset by stronger average unit retails and transaction values [16] - Direct sales as a percentage of total sales were 53.5% in Q4, up 2.6% year-over-year, driven by markdown sales benefiting from ship-from-store capabilities [16] - The company opened 4 net new stores in fiscal 2025, ending the year with 256 stores, a net increase of 4 [13][20] Market Data and Key Metrics Changes - The company faced a 3% decline in comparable sales for the year due to a slowdown in customer shopping behavior, attributed to external headwinds including tariff impacts [14] - The tariff policy enacted in April created unprecedented operational complexity, contributing to the decline in sales [14] Company Strategy and Development Direction - The company is undergoing a strategic evolution focused on expanding its customer file, modernizing product offerings, and enhancing operational capabilities [3][4] - Key strategic pillars include evolving the product, enhancing the customer journey, and operational improvements, with a focus on testing and learning to validate new concepts [6][9] - The company plans to rebalance marketing investments to build broader brand awareness and capture new customers [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging start to Q1 2026, driven by continued price sensitivity, particularly in the direct channel, but noted encouraging performance in stores [10] - The outlook for 2026 reflects a year of deliberate investment, with expectations for gradual improvement in performance as new assortments are introduced [21][24] - Management remains realistic about the current consumer environment and the impact of tariffs, indicating that the evolution will take time and should not be expected to be linear [5][10] Other Important Information - The company expects to incur approximately $15 million in total tariff load for 2026, compared to about $7.5 million in 2025 [23] - Capital expenditures for fiscal 2026 are expected to be about $25 million, focused on new stores and a new merchandise planning and allocation system [26] Q&A Session Summary Question: How much of the softness in Q1 is due to macro factors? - Management indicated that Q1's challenging start was amidst a tough macro backdrop, particularly affecting the direct channel, but noted better performance in stores [30][31] Question: What changes are being made for Mother's Day marketing? - The marketing team is focused on timing for catalog launches and digital marketing, with a product drop planned shortly before Mother's Day [30][32] Question: What is changing in the product assortment? - The company is adopting a more modern aesthetic and focusing on versatile wardrobe pieces that appeal to both new and existing customers [34][35] Question: What categories performed well in Q4? - Newness and novelty drove the business, with success seen in travel capsules and expanded outerwear categories, while repeat programs were soft [60]

INVESTOR DAY M AR C H 3 1 S T 2026 Welcome & Introduction Kip Rupp, CFA, IRC Vice President, Investor Relations 2 Welcome And Introduction QUANTA IS NORTH AMERICA'S PREMIER CRITICAL INFRASTRUCTURE SOLUTIONS PROVIDER – DELIVERING CERTAINTY +25% 10-year Adjusted EPS CAGR $44.0B Total Backlog at +69K # of employees ending 2025 $6.0B Aggregate capital deployed¹ from 2022-2025 +80% of our work is self-performed Largest and preferred employer of Craft-skilled labor in the industry Industry leading operating model ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $90.9 million, an increase from $86.9 million in 2024, driven primarily by the drone segment [26] - Fourth quarter revenue was $48.3 million, up from $39.7 million in Q4 2024, reflecting strong execution particularly in the drone and training segments [24] - EBITDA for the full year was $24.7 million compared to -$13.1 million in 2024, indicating a significant improvement in financial performance [28] Business Line Data and Key Metrics Changes - Drones accounted for approximately 87% of total revenue in 2025, highlighting their role as the primary growth driver for the company [8] - The training division secured a $1.9 million contract to support U.S. Navy training programs, enhancing naval readiness [16] - The avionics segment continued to perform well, with advancements in product development and foreign military engagement [20] Market Data and Key Metrics Changes - The company has a strong order pipeline with approximately $150 million in drone segment backlog as of March 31, 2026, providing visibility into future revenue [29] - Demand for combat-proven ISR systems remains strong across NATO-aligned nations and allied defense customers [9] - The macro environment is supportive, with sustained increases in defense spending across NATO and allied nations driven by modernization requirements [18] Company Strategy and Development Direction - The company is focused on building a differentiated, integrated aerospace and defense platform, emphasizing medium-lift, multi-role unmanned platforms [5] - Strategic joint ventures were announced to expand the deployment of unmanned aerial systems across the U.S., Ukraine, and NATO defense markets [12] - The company is shifting away from passenger eVTOL concepts to focus on multi-role, medium-lift drones, aligning with immediate demand and procurement cycles [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on increasing defense spending and evolving threat profiles [18] - The outlook for full year 2026 revenue growth is projected at 15%-25%, not including potential contributions from joint ventures [30] - The company is well-positioned to meet customer demands and enhance operational capabilities through ongoing investments in R&D and manufacturing [31] Other Important Information - The company successfully went public in 2025, strengthening its balance sheet and expanding its manufacturing footprint [6] - Cash on the balance sheet as of December 31, 2025, was $74.4 million, providing substantial resources for growth investments [28] - The company is preparing for new product launches in the first half of 2026, leveraging capabilities in artificial intelligence and edge computing [10] Q&A Session Summary Question: Strategy change on air mobility and R&D investments - Management confirmed that capital expenditure will drop off as the focus shifts to multi-role, medium-lift cargo vehicles, which are expected to add meaningful revenues post-2027 [36] Question: Mix of customer demand between U.S. and international - The backlog is approximately $150 million, with strong visibility on a significant portion converting to revenue over the next 12 months, primarily driven by international demand [37][38] Question: Details on drone backlog and orders - Management indicated that the backlog consists of firm orders, with confidence in converting this backlog into revenue, particularly from NATO countries [44] Question: U.S. sales outlook and potential growth - The company expects meaningful growth as the U.S. pipeline continues to build, with the Phoenix facility operational and capable of producing up to 100 units per month [50] Question: Financial impact of joint ventures - Joint ventures are expected to be accretive to financials, with contributions from ongoing conflicts and battlefield-proven drones enhancing revenue potential [62]

Financial Data and Key Metrics Changes - In 2025, total GMV reached RMB 31.6 billion, a 7.2% increase from RMB 29.5 billion in 2024 [22] - Fourth quarter total GMV was RMB 7,322.9 million, reflecting a challenging environment but strong growth overseas [22] - Fourth quarter net revenue was RMB 2,974.5 million, down from RMB 3,334.4 million in the same quarter of 2024 [24] - Same-store sales in the fourth quarter declined 25.5% year-over-year, marking a significant challenge for the company [19] Business Line Data and Key Metrics Changes - Franchisee teahouses accounted for 81.9% of total net revenues in the fourth quarter, with revenues of RMB 2,434.9 million [24] - Net revenue from company-owned teahouses was RMB 539.6 million, up 126.2% from RMB 238.6 million in the fourth quarter of 2024 [24] - Average monthly GMV per teahouse in Greater China was RMB 337 thousand in the fourth quarter [23] Market Data and Key Metrics Changes - Overseas GMV for the fourth quarter grew 84.6% year-over-year to RMB 371.9 million [24] - The company added a net 83 teahouses in overseas markets, bringing the total to 345 [54] - In 2025, the company entered four new markets: Indonesia, the United States, Vietnam, and the Philippines [55] Company Strategy and Development Direction - The core strategy for 2026 will focus on high-value brand positioning and consumer value, emphasizing brand upgrade, product innovation, scenario expansion, experience enhancement, and organizational improvement [10] - The company aims to moderate the pace of new openings and prioritize healthy operations at existing teahouses [38] - The transition to a new business model aims to create shared risk and reward with franchisees, enhancing collaboration and driving sustained GMV growth [47][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025, including intense competition and the impact of delivery platform price wars [35] - The company is committed to long-term principles and aims for a cycle of higher quality operations with same-store recovery as a top KPI [37] - Management expressed confidence in returning to steady operations and anticipates a healthier operational environment in the second half of 2026 [43] Other Important Information - The company completed major organizational adjustments to enhance efficiency and optimize operations [42] - Gross profit for the fourth quarter was RMB 1,581.9 million, resulting in a gross margin of 53.2%, an improvement from 51.6% the previous year [25] - The company ended the quarter with RMB 7,892.4 million in cash and cash equivalents, providing flexibility for growth investments [32] Q&A Session Summary Question: Can you provide an update on same-store sales performance? - Management noted that same-store sales reflect both external challenges and internal strategy adjustments, with a focus on premium brand positioning despite market pressures [34][35] Question: What are the concrete measures for cost reduction initiatives? - Management indicated that cost reduction efforts are part of a long-term strategy, focusing on organizational efficiency and stricter controls on expenses [63][66] Question: What is the status of the business model transition? - The transition aims to build a shared risk and reward partnership with franchisees, with a new GMV-based revenue sharing model being fully rolled out in 2026 [47][51] Question: What are the expansion plans for domestic and overseas markets? - Domestic expansion will focus on existing stores with about 300 net new openings planned, while overseas expansion targets about 200 new tea houses [56][57]