Ultra-Rapid, Durable Remission in TRD with Minimal Clinic Burden GH Research PLC (Nasdaq: GHRS) March 2026 2026© GH Research PLC 1 Disclaimer Regarding Forward-Looking Statements This presentation has been prepared by GH Research PLC ("GH Research"). Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or GH Research or any director, employee, agent, or adviser of GH Research. This presentation does not purport to be all-inclusive ...

Financial Data and Key Metrics Changes - In 2025, the company's revenue reached RMB 73.4 billion, representing a year-over-year increase of 26.3% [7][18] - Non-IFRS profit totaled RMB 6.5 billion, up 36.3% year-over-year, with a non-IFRS profit margin of 8.9% [8][25] - The fourth quarter revenue was RMB 21 billion, reflecting a year-over-year increase of 27.4% [7][18] Business Line Data and Key Metrics Changes - Direct sales revenue reached RMB 16.9 billion in 2025, up 24.8% year-over-year, accounting for 82.9% of total revenue [19] - Service revenue increased to RMB 12.6 billion, up 34.1% year-over-year, representing 17.1% of total revenue [19] - The company introduced over 100 new drugs in 2025, a significant increase from 13 in 2024 [8] Market Data and Key Metrics Changes - The annual active user accounts reached approximately 220 million, with an addition of 34 million compared to the previous year [18] - The company established over 300 self-operated pharmacies nationwide, integrating them with on-demand retail services [12] Company Strategy and Development Direction - The company aims to deepen its presence in key healthcare segments through an omnichannel approach and AI-powered healthcare services [6] - Future growth will focus on expanding partnerships with pharmaceutical companies and enhancing the user experience through innovative health solutions [9][15] - The company plans to leverage its supply chain strengths and direct sales capabilities to maintain leadership in the healthcare retail market [15] Management Comments on Operating Environment and Future Outlook - The management expressed confidence in the company's growth potential, citing a large market size of RMB 3 trillion-4 trillion for the pharmaceutical sector [30] - The company is committed to enhancing user experiences and improving cost efficiency through AI technologies [26] - Management highlighted the importance of a steady and cautious approach to offline business expansion, emphasizing the integration of AI in healthcare services [49] Other Important Information - The company achieved a growth margin of 24.8% in 2025, up 1.9 percentage points year-over-year [22] - The fulfillment expense ratio was 10.4%, and the selling and marketing expense ratio remained flat at 5.2% [23] - Cash flow from operating activities reached RMB 10.2 billion for the full year [25] Q&A Session Summary Question: Near term and three-year middle term prospects - Management indicated that the pharmaceutical sector, health products, and medical devices present significant growth opportunities, with plans to deepen engagement with pharmaceutical companies and enhance product offerings [29][30][34] Question: Competition landscape - Management expressed confidence in the company's ability to stand out among competitors by leveraging supply chain management and maintaining high product quality [40][41] Question: Plans for brick-and-mortar stores and M&A - Management clarified that there are no plans for large-scale M&A but emphasized the importance of offline practices and the integration of pharmacies to enhance user experiences [43][44][46]

Financial Data and Key Metrics Changes - In 2025, the company's revenue reached RMB 73.4 billion, representing a year-over-year increase of 26.3% [7][18] - Non-IFRS profit totaled RMB 6.5 billion, up 36.3% year-over-year, with a non-IFRS profit margin of 8.9% [8][25] - The fourth quarter revenue was RMB 21 billion, reflecting a year-over-year increase of 27.4% [7][18] Business Line Data and Key Metrics Changes - Direct sales revenue reached RMB 16.9 billion in 2025, a year-over-year increase of 24.8%, accounting for 82.9% of total revenue [19] - Service revenue was RMB 12.6 billion, up 34.1% year-over-year, representing 17.1% of total revenue [19] - The company introduced over 100 new drugs during the year, a significant increase from 30 in 2024 [8] Market Data and Key Metrics Changes - The annual active user accounts reached approximately 200 million, with an addition of 34 million compared to the previous year [18] - The company established more than 300 self-operated pharmacies nationwide, integrating them with on-demand retail services [12] Company Strategy and Development Direction - The company aims to deepen its presence across key healthcare segments through an omnichannel approach and AI-powered healthcare services [6] - Future growth will focus on expanding partnerships with pharmaceutical companies and enhancing the user experience through innovative health solutions [9][15] - The company plans to leverage its supply chain strengths and direct sales capabilities to maintain leadership in the healthcare retail market [15][26] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the company's growth potential, citing a large market size of RMB 3 trillion-4 trillion for the pharmaceutical sector [30] - The company is committed to enhancing user experiences and improving cost efficiency through AI-powered health service scenarios [26] - Management acknowledged the competitive landscape but emphasized the company's strengths in supply chain management and product quality [42] Other Important Information - The company has invested in AI technologies, with Dr. Dawei completing hundreds of millions of user interactions and achieving a 98% satisfaction rate [21][37] - The fulfillment expense ratio was 10.4%, and the selling and marketing expense ratio remained stable at 5.2% [23] Q&A Session Summary Question: Near term and three-year middle term prospects - Management highlighted the growth potential in the pharmaceutical sector and the importance of expanding product offerings and partnerships [29][34] Question: Competition landscape - Management expressed confidence in standing out among competitors due to strong supply chain management and product quality [42] Question: Plans for brick-and-mortar stores and M&A - Management clarified that there are no plans for large-scale M&A and emphasized a cautious approach to offline practices [48][52] Question: Progress of AI applications - Management discussed the positive outcomes from AI technologies and the potential for future commercialization [56][60]

Financial Data and Key Metrics Changes - In 2025, JD Health's revenue reached RMB 73.4 billion, representing a year-over-year increase of 26.3% [4][15] - Non-IFRS profit totaled RMB 6.5 billion, up 36.3% year-over-year, with a non-IFRS profit margin of 8.9% [5][21] - The fourth quarter revenue was RMB 21 billion, a 27.4% increase year-over-year, with net profit of RMB 1.1 billion, up 13.5% year-over-year [4][15] Business Line Data and Key Metrics Changes - Direct sales revenue reached RMB 16.9 billion in 2025, up 24.8% year-over-year, accounting for 82.9% of total revenue [16] - Service revenue increased to RMB 12.6 billion, up 34.1% year-over-year, accounting for 17.1% of total revenue [16] - The company introduced over 100 new drugs during the year, a significant increase from 13 in 2024 [5] Market Data and Key Metrics Changes - JD Health's annual active user accounts reached approximately 220 million, with an addition of 34 million compared to the previous year [15] - The healthcare market size is estimated to be around RMB 3 trillion to 4 trillion, indicating significant growth potential for JD Health [24] Company Strategy and Development Direction - JD Health aims to deepen its presence across key healthcare segments through an omnichannel approach and AI-powered healthcare services [4] - The company is committed to enhancing user experience and cost efficiency by leveraging AI technologies in healthcare services [12][20] - Future growth will focus on expanding partnerships with pharmaceutical companies and enhancing the product portfolio, particularly in innovative drugs and health supplements [26][27] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the company's growth potential, citing a strong market position and ongoing improvements in operational efficiency [22][31] - The company plans to continue investing in AI technologies and expanding its healthcare service offerings to meet evolving market demands [20][44] Other Important Information - JD Health's fulfillment expense ratio was 10.4%, and the selling and marketing expense ratio remained stable at 5.2% [19] - The company established over 300 self-operated pharmacies nationwide, integrating them with its on-demand retail business [10] Q&A Session Summary Question: Near term and three-year middle term prospects - Management highlighted the growth potential in the pharmaceutical sector and the need to deepen user engagement and product offerings [23][24] Question: Competition landscape - Management emphasized JD Health's strengths in supply chain management and product quality as key differentiators in a competitive market [31][32] Question: Plans for brick-and-mortar stores and M&A - Management stated there are no plans for large-scale M&A but will continue to develop offline pharmacies to enhance service delivery [33][36]

Financial Data and Key Metrics Changes - Group revenues increased by 3.8% to $6.9 billion, with organic revenue growth of 2.6% [7] - Adjusted operating profit rose by 5.4% to just over $1 billion, resulting in a group adjusted operating profit margin of 15.5%, a 30 basis point increase year-on-year [7] - Free cash flow grew by 24.5% to $615 million, with a free cash flow conversion rate of 98% [8][20] - Adjusted basic EPS increased by 2.4% to $0.2591 [8] Business Line Data and Key Metrics Changes - North America revenue grew by 3.2% to $4.3 billion, with organic growth of 2.3% [9] - Pest Control Services saw a 1.1% increase, while Business Services grew by 8.9% [9] - Fourth quarter organic revenue growth in Pest Control Services improved to 2.6% from 1.8% in the third quarter [11] - Business Services achieved fourth quarter organic growth of 7.8% [12] Market Data and Key Metrics Changes - International business revenue grew by 4.8% to $2.6 billion, with organic revenue up 3% [17] - Strongest performance in Europe driven by healthy demand and solid pricing in Southern Europe [17] - Customer retention remained strong at 85.7%, with colleague retention at 90.3% [18] Company Strategy and Development Direction - Focus on expanding the multi-brand strategy, deploying around 30 regional and local brands [4] - Plans to increase the network of small local branches to around 220 [4] - Emphasis on operational efficiency and cost reduction, targeting a North America margin above 20% by 2027 [26][27] - Continued investment in technology and AI to enhance operational efficiency and customer service [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the pest control market, projecting a 6.2% CAGR through to 2035 [28] - Encouraging signs of progress in North America with improved organic growth in the second half of 2025 [26] - Management acknowledged challenges from extreme weather in early 2026 but remains optimistic about meeting market expectations [27] Other Important Information - The company completed 12 bolt-on acquisitions in North America, with combined revenues of approximately $27 million prior to purchase [10] - The termite provision increased by $201 million, reflecting ongoing litigation claims and inflationary pressures [19] - The company is targeting a free cash flow conversion above 80% moving forward [23] Q&A Session Summary Question: How does the company balance the cost of expanding branches and maintaining visibility? - Management believes that the new Branch 360 system will enhance visibility and control across branches, reducing the risk of independence among smaller branches [54][55] Question: What are the expectations for termite costs and one-off integration costs in the coming years? - The cash costs for termite provisions are expected to remain around $95 million in 2026, with ongoing efforts to resolve claims quickly [57][58] Question: Can you provide insights on the door-to-door pilot program's contribution to new sales? - The door-to-door program had a modest contribution to revenue, but management sees potential for growth in this channel moving forward [64][65] Question: What are the drivers behind the strong growth in Business Services? - Business Services benefited from a strong finish in the distribution business and new account wins, although growth rates may not be as high in 2026 [66][68] Question: What is the plan for retiring certain brands? - The company plans to retire 50 smaller brands that do not significantly contribute to revenue, focusing on those with stronger brand equity [72][73] Question: What feedback has been gathered regarding the new pay plans for technicians? - The new pay plans are designed to be pragmatic, allowing existing technicians to choose between their current plan or the new one, with no significant additional costs expected [74]

Financial Data and Key Metrics Changes - Group revenues increased by 3.8% to $6.9 billion, with organic revenue growth of 2.6% [7] - Adjusted operating profit rose by 5.4% to just over $1 billion, resulting in a group adjusted operating profit margin of 15.5%, a 30 basis point increase year-on-year [7] - Free cash flow grew by 24.5% to $615 million, with a free cash flow conversion rate of 98% [8][20] - Adjusted basic EPS increased by 2.4% to $0.2591 [8] Business Line Data and Key Metrics Changes - North America revenue grew by 3.2% to $4.3 billion, with organic growth of 2.3% [9] - Pest Control Services saw a 1.1% increase, while Business Services grew by 8.9% [9] - Fourth quarter organic revenue growth in Pest Control Services improved to 2.6% from 1.8% in the third quarter [11] - Business Services achieved fourth quarter organic growth of 7.8% [12] Market Data and Key Metrics Changes - International revenue grew by 4.8% to $2.6 billion, with organic revenue up 3% [17] - Strongest performance in Europe driven by healthy demand and solid pricing in Southern Europe [17] - Customer retention remained strong at 85.7%, with colleague retention at 90.3% [18] Company Strategy and Development Direction - Focus on expanding the multi-brand strategy, deploying around 30 regional and local brands [4] - Plans to increase the network of small local branches to around 220 [4] - Emphasis on operational efficiency and cost reduction, targeting a North America margin above 20% by 2027 [26][27] - Continued investment in technology and AI to enhance operational efficiency and customer service [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the pest control market, projecting a 6.2% CAGR through to 2035 [28] - Encouraging signs of progress in North America, with improved growth in the second half of the year [26] - Management acknowledged challenges from extreme weather in early 2026 but remains optimistic about meeting market expectations [27] Other Important Information - The company completed 12 bolt-on acquisitions in North America, with combined revenues of approximately $27 million prior to purchase [10] - The termite provision increased by $201 million, reflecting ongoing litigation claims and inflationary pressures [19] - The company plans to retire 50 smaller brands that do not contribute significantly to revenue [72] Q&A Session Summary Question: How does the company balance the cost of expanding branches and maintaining visibility from a central perspective? - Management believes there is no risk of losing control over smaller branches, as the new Branch 360 system will provide better visibility and consistency across all branches [54][55] Question: What are the expectations for termite costs and one-off integration costs in the coming years? - The cash costs for termite provisions are expected to remain around $95 million in 2026, with a strategy to resolve claims quickly [57][58] Question: Can you provide insights on the door-to-door pilot program and its contribution to new sales? - The door-to-door program had a modest contribution to revenue, but management sees potential for growth in this channel moving forward [64][65] Question: What are the drivers behind the strong growth in Business Services despite challenges in vector control services? - Business Services benefited from a strong finish in the distribution business and new account wins, although growth rates may not be as high in 2026 [66][68]

Financial Data and Key Metrics Changes - Group revenues increased by 3.8% to $6.9 billion, with organic revenue growth of 2.6% [6] - Adjusted operating profit rose by 5.4% to just over $1 billion, resulting in a group adjusted operating profit margin of 15.5%, a 30 basis point increase year-on-year [6] - Free cash flow grew by 24.5% to $615 million, with a free cash flow conversion rate of 98% [8][20] - Adjusted basic EPS increased by 2.4% to $0.2591 [7] Business Line Data and Key Metrics Changes - North America revenue grew by 3.2% to $4.3 billion, with organic growth of 2.3% [9] - Pest Control Services saw a 1.1% increase, while Business Services grew by 8.9% [9] - International business revenue grew by 4.8% to $2.6 billion, with organic revenue up 3% [17] Market Data and Key Metrics Changes - The global pest control market expanded from $15.4 billion a decade ago to an estimated $29 billion in 2025, representing a 6.6% compound annual growth rate [27] - The market forecast for growth in the pest control industry remains healthy, with a projected 6.2% CAGR through to 2035 [27] Company Strategy and Development Direction - The company plans to expand its multi-brand strategy, deploying around 30 regional and local brands instead of the previously indicated 9 [4] - Focus on creating a unified field operation and enhancing local presence through the rollout of small local branches [4][41] - Emphasis on leveraging technology and AI to optimize marketing and operational efficiency [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the revised North America strategy, noting improvements in growth in the second half of the year [25] - The company is optimistic about achieving a North America margin above 20% by 2027 [26] - Management acknowledged challenges from extreme weather in early 2026 but remains confident in meeting market expectations [26] Other Important Information - The company completed 12 bolt-on acquisitions in North America, with combined revenues of approximately $27 million prior to purchase [10] - The termite provision increased by $201 million, reflecting ongoing litigation claims and inflation in related costs [19] - The board recommended a full-year dividend of $0.1239 per share, an increase of 3% [9] Q&A Session Summary Question: How does the company balance the cost of expanding branches and maintaining visibility? - Management indicated that the new Branch 360 system will enhance visibility and control across branches, mitigating risks associated with independence [54][55] Question: What are the expectations for termite costs and one-off integration costs in the coming years? - Management expects termite cash costs to remain around $95 million in 2026, with ongoing efforts to resolve claims quickly [57][58] Question: Can you provide insights on the door-to-door pilot program and its contribution to sales? - The door-to-door program was a modest contributor to revenue, with plans to expand from 25 to 40 territories in 2026 [64][65] Question: What are the drivers behind the strong growth in Business Services? - Business Services benefited from a strong finish in the distribution business and new account wins, although growth rates may not be as high in 2026 [66][68] Question: What criteria were used for rebranding retiring brands? - The decision to retire 50 smaller brands was based on their limited economic footprint and brand equity, with plans to phase them out gradually [73][74] Question: What feedback has been received regarding the new pay plans for technicians? - Management noted that the new pay plan is designed to be pragmatic, allowing existing technicians to choose between the new plan or their current one, with no significant additional costs expected [75][76]

Full Year Results 2025 Delivering the Powerhouse in Pest Control 5 March 2026 1 This communication presents certain non-IFRS measures, which should not be viewed in isolation as alternatives to the equivalent IFRS measure; rather they should be viewed as complements to, and read in conjunction with, the equivalent IFRS measure. Non-IFRS measures presented also include Organic Revenue Growth, One-off and adjusting items, Adjusted Interest, Adjusted Operating Profit, Adjusted Profit Before and After Tax, Adju ...

Bonn, March 2026 DHL Group – Global Logistics Leader with Clear Value Creation Agenda World's leading logistics company #1 Global TDI Express #3 Air- & Ocean freight #1 Contract Logistics #1 Parcel Germany 2026 Business Profile DHL Group Investor Relations Successful transformation Evolved from the German national postal operator into an enabler of global trade Unique Global Infrastructure Extensive network across 220 countries and territories creates high barriers to entry F I N A N C I A L S T R E N G T H ...

Cogent Communications Conference Call Summary Company Overview - **Company**: Cogent Communications (NasdaqGS:CCOI) - **Industry**: Internet Services - **Market Position**: Manages 25% of global internet traffic, with a focus on providing low-cost internet services and expanding into the Wavelength market Key Industry Trends - **Traffic Growth**: Internet traffic is growing at approximately 10% annually, with historical growth rates around 23% per year over the last 35 years [5][6] - **Technology Transition**: Transition from streaming video as the primary driver of traffic growth to AI, indicating a potential re-acceleration of growth rates above 10% in the future [5][7] - **Streaming Adoption**: Streaming has increased from 18% to 54% of video consumption in developed markets over the past five years [6] Pricing Strategy and Market Dynamics - **Price Compression**: Price per bit has fallen by about 23% per year, leading to flat total addressable market in dollar terms [8][9] - **Competitive Advantage**: Cogent's network architecture allows for the lowest cost of production, pricing at a 50% discount to market average, contributing to its position as the largest carrier of internet traffic globally [9][11] - **Market Share**: Cogent has achieved a 35% market share in 11% of office space in North America, with significant advantages in speed and reliability compared to competitors [13] Wavelength Market Expansion - **Current Market Share**: Cogent holds less than 2% of the Wavelength market, with a target to grow to 25% [16][20] - **Acquisition of Sprint**: The acquisition of Sprint allowed Cogent to enter the Wavelength business, leveraging the dormant Sprint LD voice network for new services [18][19] - **Market Potential**: The total addressable market for Wavelengths is approximately $7 billion, with $3.5 billion in North America [19] Financial Performance and Projections - **Top-Line Growth**: After nine quarters of negative growth, Cogent has reverted to positive growth, projecting a top-line growth rate of 6%-8% per year [22][24] - **EBITDA Margins**: Expected to expand by at least 200 basis points per year, with a focus on on-net sales contributing to profitability [24][25] - **Balance Sheet Management**: Plans to reduce net leverage to 4 times, with a commitment to return capital to shareholders once targets are met [26][30] Capital Allocation and Future Growth - **Investment in Network**: Cogent plans to invest approximately $100 million annually for long-term capital needs, while also focusing on debt reduction [30][31] - **Data Center Portfolio**: Cogent is retrofitting and divesting parts of its data center portfolio, with ongoing negotiations for sales that could yield significant gains [33][34] - **Geographic Expansion**: Continued expansion into new markets, including India and Thailand, with plans to add around 120 carrier-neutral data centers annually [31][32] Conclusion - **Stable Business Model**: Cogent has a consistent business model with a focus on growth and margin expansion, despite recent stock and bond volatility [43] - **Future Outlook**: The company is positioned for growth with a strong focus on net services and profitability, alongside a commitment to return capital to shareholders in the future [44]