Acquisition Highlights - Chairish, a leading online marketplace for vintage furniture, décor, and art, generated $51 million in revenue in 2024 and has 1.3 million active listed items[5] - The acquisition is expected to generate approximately $8 million in accelerated operational synergies[5] - The purchase price is $85 million, funded from existing cash and RCF, with adjusted EBITDA expected to be positive in FY26 and accretive to adjusted EPS in FY27[5] Chairish Key Metrics - Chairish has 4.1 million total accounts[8] - The total inventory listing value is $2.6 billion with 1.3 million active items[10] - Chairish has 4.5 million monthly sessions[12] Synergies and Growth - The acquisition immediately adds $2.6 billion in inventory and approximately 1.3 million items to the network[20] - Approximately $8 million in annualized synergies are expected to be executed by FY27[27] - $2-3 million from marketing efficiency[27] - $3-4 million from headcount optimization[28] - $2 million from increased take rate[29] - The list price market is 3x the Total Addressable Market (TAM) of the US Arts & Antiques (A&A) auction market[23] Financial Impact - Adjusted EBITDA is expected to be positive in FY26[36] - The acquisition is expected to be accretive to adjusted EPS in FY27[36] - In the medium term, Chairish is expected to achieve double-digit revenue growth and adjusted EBITDA margins of around 30%[36]

Financial Highlights - Net income decreased by 6% from $317 million to $299 million, while core income increased by 3% from $326 million to $335 million[6] - Net investment income increased by 7% to $662 million pretax, driven by increases in both fixed income securities and limited partnerships/common stock[6] - The book value per share excluding AOCI increased by 4% from year-end 2024, adjusting for $2.92 of dividends per share paid[6] Property & Casualty Operations - The P&C combined ratio improved slightly from 948% to 941%, with catastrophe losses impacting 24 points compared to 35 points in the prior year quarter[6] - P&C segments, excluding third-party captives, experienced gross written premium growth of 5% and net written premium growth of 6%[6] - The underlying combined ratio for P&C was 917%, compared to 916% in the prior year quarter[6] Segment Performance - Specialty segment GWP ex third party captives increased by 3% from $984 million to $1013 million[10] - Commercial segment GWP ex third party captives increased by 6% from $1802 million to $1903 million[12] - International segment NWP increased by 9% from $359 million to $391 million[14] Investment Portfolio and Capital - Fixed income securities net investment income increased from $520 million to $544 million[19] - Limited Partnership & Common Stock net investment income increased from $78 million to $100 million[22] - The company maintains a high-quality investment portfolio, with 88% of total invested assets in fixed income securities and an average credit rating of "A"[30]

Q2 2025 Financial Highlights - Revenue reached $1.47 billion, a 2% increase Q/Q[14] - Gross margin was 37.6%, a decrease of 240 bps Q/Q[14] - Operating margin was 17.3%, a decrease of 90 bps Q/Q[14] - Diluted EPS was $0.53, a decrease of $0.02 Q/Q[14] Revenue Breakdown by Segment - Automotive revenue was $733 million, a 4% increase Q/Q[14] - Industrial revenue was $406 million, a 2% increase Q/Q[14] - Other revenue was $329 million, a 16% increase Q/Q[14] Q3 2025 Guidance - Revenue is expected to be between $1.465 billion and $1.565 billion[18] - Non-GAAP gross margin is expected to be between 36.5% and 38.5%[18] - Non-GAAP operating expenses are projected to be between $280 million and $295 million[18] - Non-GAAP diluted EPS is expected to be between $0.54 and $0.64[18] Long-Term Financial Targets (2027) - Revenue is targeted to grow at a CAGR of 10-12%[79, 86] - Gross margin is targeted to reach 53%[36, 79, 86] - Operating margin is targeted to reach 40%[79, 86] - Free cash flow is targeted to be 25-30% of revenue[37, 79, 86]

Financial Performance - The company achieved a 4% increase in sales, reaching $13.884 billion, compared to the prior year[12] - Adjusted Operating Income (AOI) increased by 3% year-over-year to $505 million[12] - Adjusted EPS increased by 5% year-over-year to $0.91 per share[12] - The company's year-to-date (YTD) free cash flow reached $929 million[31] Segment Highlights - Prepared Foods saw a sales increase of 3.4% to $2.515 billion and an AOI increase of $43 million[14] - Chicken segment sales increased by 3.5% to $4.220 billion and AOI increased by $38 million[19] - Pork segment sales increased by 3% to $1.506 billion and AOI increased by $14 million[27] - Beef segment sales increased by 6.9% to $5.603 billion, but experienced an AOI loss of $151 million, a decrease of $82 million[23] Financial Position - The company's leverage ratio improved year-over-year and quarter-over-quarter, reaching 2.1x[33] - Capital expenditures for the quarter totaled $227 million[34] FY25 Guidance - The company projects sales growth of 2%-3% for fiscal year 2025[37] - Total AOI is projected to be between $2.1 billion and $2.3 billion[37]

Q2 2025 Financial Performance - Revenue reached $1,109 million, an 11% reported growth and 9% organic growth[1] - Operating profit was $373 million, representing 34% of revenue[1] - Diluted earnings per share (EPS) grew by 49% to $3.63, with a comparable growth of 17%[1] - CAG (Companion Animal Group) Diagnostics Recurring revenue reported growth of 9% and organic growth of 7%, with a 730 bps reported and 130 bps comparable year-over-year change in basis points[1] Segment Revenue Growth - CAG revenue was $1,022 million, with 11% reported growth and 10% organic growth[1] - Water revenue reached $51 million, showing 9% reported growth and 8% organic growth[1] - LPD (Livestock, Poultry and Dairy) revenue was $32 million, with 5% reported growth and 3% organic growth[1] 2025 Financial Outlook - Revenue is projected to be between $4,205 million and $4,280 million, representing 7.7% to 9.7% reported growth and 7.0% to 9.0% organic growth[6,7] - Operating margin is expected to be 31.3% to 31.6%, with a reported margin expansion of 240 to 270 bps and a comparable margin expansion of 50 to 80 bps[6,7] - EPS is forecasted to be $12.40 to $12.76, indicating 16% to 20% reported growth and 9% to 13% comparable growth[6,7] U S Companion Animal Practice Growth (As of June 30, 2025) - U S companion animal practices experienced a 6.1% year-over-year growth in total practice revenue[9] - Total visits to U S companion animal practices decreased by 3.4% year-over-year[9] - Clinical visits decreased by 2.5%, while non-wellness visits decreased by 2.7% year-over-year[9] - Diagnostic revenue per clinical visit increased by 4.5% year-over-year[14]

Financial Performance Highlights - SiriusPoint's Gross Premiums Written (GPW) increased by 10% year-over-year in Q2 2025[19, 47] - The Core Combined Ratio improved by 38 percentage points to 895% in Q2 2025[19] - Underlying Earnings Per Share (EPS) rose by 120% year-over-year to $066 in Q2 2025[19, 47] - Book Value Per Share (BVPS) excluding Accumulated Other Comprehensive Income (AOCI) grew by 4% in Q2 2025 and 10% year-to-date, reaching $1564[19] - The Underlying Return on Equity (ROE) was 170% in Q2 2025, contributing to 154% at HY 2025[19] Segment Results - The Insurance & Services segment experienced a 14% increase in Gross Premiums Written (GPW) in Q2 2025, resulting in an 18% growth for HY 2025[63] - The Reinsurance segment's Gross Premiums Written (GPW) grew by 5% in Q2 2025, contributing to a 2% growth year-to-date[67] Capital and Balance Sheet - The BSCR ratio is estimated at 223% in Q2 2025[13, 19] - The debt-to-capital ratio decreased slightly to 244% at Q2 2025[97, 102] - Common shareholders' equity increased 4% to $19 billion[50]

Financial Performance - Revenue increased by 22.7% year-over-year in Q2 2025[10] - Adjusted EBITDA grew by 59.5% year-over-year in Q2 2025[10] - Organic Revenue increased by 0.4% year-over-year[10] - The company repurchased approximately 1.6 million shares of its common stock for $6.9 million at an average price of $4.24 per share in Q2 2025[10, 37] - Emerald reaffirms full year 2025 revenue guidance in the range of $450 million to $460 million and Adjusted EBITDA in the range of $120 million to $125 million[10, 11] Business Segments - Connections segment accounted for approximately 90% of FY 2024 revenue[14, 15] - Content segment accounted for approximately 5% of FY 2024 revenue[14, 19] - Commerce segment accounted for approximately 5% of FY 2024 revenue[14, 19] Market and Growth - B2B US Marketing spend for events and sponsorships is expected to grow by a CAGR of +7% through 2030[25, 28] - The company estimates a total global addressable market of $20 billion[11] Capital Allocation - The company targets a long-term net leverage ratio between 20x and 30x[48] - The company declared a dividend of $0015 per share for the quarter ending September 30 2025[10, 48]

Q2 2025 Financial Performance - Revenue decreased by $3.3 million, a -0.4% decline[7] - Organic revenue declined by -7.0%, with BSI down -7.2% and BEST down -4.8%[7] - Non-GAAP EPS was $0.32, a decrease of -38.5%, including a $0.06 FX headwind[7, 39] - Non-GAAP operating margin decreased to 9.0%, down -480 bps[7] H1 2025 Financial Performance - Revenue increased by $76.4 million, a 5.0% increase[9] - Organic revenue declined by -2.3%, with BSI down -1.4% and BEST down -11.5%[9] - Acquisition contributed +6.5% to revenue[9] - Non-GAAP EPS was $0.78, a decrease of -25.7%, including a $0.08 FX headwind[9, 42] - Non-GAAP operating margin decreased to 10.9%, down -300 bps[9] FY 2025 Outlook - Revenue is projected to be between $3.43 billion and $3.50 billion, representing a growth of +2% to +4%[48] - Organic revenue is expected to decline by -2% to -4%[48] - M&A is expected to contribute approximately +3.5% to revenue[48] - Non-GAAP EPS is projected to be between $1.95 and $2.05, a decline of -15% to -19%[48]

Financial Performance & VYJUVEK Launch - VYJUVEK revenue since launch exceeds $525 million[8] - Second quarter 2025 product revenue reached $96 million, compared to $70.3 million in the second quarter of 2024[43] - Gross margin in the second quarter was 93%[10, 43] - Gross to net in the second quarter was 17%[10] VYJUVEK Expansion & Approvals - VYJUVEK received approval in Japan for DEB patients from birth, with launch expected in the fourth quarter of 2025[11, 14] - Over 575 reimbursement approvals in the U S[10] - U S compliance to weekly therapy while on drug at 82% as of end of 2Q 2025[10] - European launch is on track for later this quarter, with over 575 identified DEB patients in Germany and France[15, 16] Pipeline Development - 36% objective response rate was observed with KB707 monotherapy in advanced NSCLC patients[22] - 40% AAT positive cells after KB408[26] - Functional AAT delivery to the lungs was confirmed in the third patient dosed with KB408, showing a 79.3% reduction in free neutrophil elastase in ELF after a single dose[25, 26] Financial Guidance - Non-GAAP R&D and SG&A expense guidance for the full year 2025 is $150 million to $175 million[44]

Vormatrigine Efficacy and Development - RADIANT study showed a 56.3% overall median seizure reduction with vormatrigine[21] - A significant proportion of patients achieved ≥50% seizure reduction, independent of baseline seizure burden[26] - Vormatrigine is being developed as a potential stand-alone agent, with POWER3 study expected to initiate in 1H 2026[40, 42] - POWER2 study is staged to initiate this quarter and complete enrollment in 2H 2026, with a sample size of approximately 400 patients[37] Safety and Tolerability - In the RADIANT study, 59% of patients experienced ≥1 treatment-emergent adverse event (TEAE) with vormatrigine 30 mg[33] - 4.9% of patients experienced severe adverse events (AEs) and serious AEs (SAEs) with vormatrigine 30 mg[33] - 1.6% of patients experienced a related SAE with vormatrigine 30 mg[33] Pipeline and Catalysts - The company has assets in late stage development, with clinical readouts expected in the next 4 quarters[7] - Topline results for the RADIANT Phase 2 study are expected by mid-2025[8] - Finalization of the POWER1 Phase 2/3 study is expected in Q4 2025[8] - Candidate declaration for PRAX-100 (SCN2A LoF) is expected by mid-2025, and for PRAX-080 (PCDH19) and PRAX-090 (SYNGAP1) by year-end 2025[8] Financial Position - The company has a cash runway into 2028[7]