SONIC AUTOMOTIVE Investor Presentation | Fourth Quarter 2025 Updated February 18, 2026 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events, are not historical facts and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. These statements can generally be identified by lead-in words such as "may," ...

Financial Data and Key Metrics Changes - Prenetics achieved record revenue of $92.4 million for the full year 2025, representing a 480% increase year-over-year [4] - Q4 revenue surged 457% year-over-year to $36.6 million, with a 55% sequential increase from Q3 [13] - Gross profit for Q4 grew over 800% year-over-year to $21.7 million, with a consolidated gross margin of 59% [13] - Adjusted EBITDA loss for Q4 was $2.3 million, a 70.4% improvement from the same period in the prior year [13] - Full year adjusted EBITDA loss improved by 27% to $13 million [14] Business Line Data and Key Metrics Changes - IM8 was the primary driver of revenue, generating $60.1 million for the full year 2025 at a gross margin of 63% [14] - IM8 reached a $120 million annualized revenue run rate within its first year, with Q4 revenue from IM8 at $27.4 million [4][9] - The average order value for new customers increased from $110 in 2025 to approximately $233 in early 2026 [11] Market Data and Key Metrics Changes - 40% of IM8's revenues came from the US, while 60% came from international markets across 30 different countries [10] - The company plans to localize its website in at least five different markets by Q2 2026, expecting a revenue uplift of 10%-15% in local markets [46][47] Company Strategy and Development Direction - Prenetics completed a strategic pivot to focus solely on consumer health by divesting non-core assets, enhancing its margin profile and financial position [5][6] - The company aims to achieve adjusted EBITDA profitability by Q4 2027, supported by strong unit economics and significant operating leverage [5][14] - Two new products are expected to launch by the end of Q4 2026, targeting large total addressable markets [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of IM8, highlighting strong momentum and a clear path to becoming a billion-dollar global brand [16] - The company anticipates continued revenue growth driven primarily by customer acquisition, with significant opportunities in the US and international markets [44] Other Important Information - Prenetics has a total liquidity of approximately $171 million with zero debt, providing ample runway for investment in IM8's global expansion [7] - The company has ceased all Bitcoin purchases and will not engage in any future crypto purchases, holding 510 BTC for financial flexibility [7][8] Q&A Session Summary Question: Reasoning behind the 90-day offering - Management indicated that the quarterly subscription option was well-received by consumers, providing benefits for both sides, including upfront payment and reduced logistics costs [20][21] Question: Timing and characteristics of new product launches - Two new SKUs are planned for release by the end of Q4 2026, focusing on health and performance supplements in large markets [25] Question: Trends observed in January and guidance for IM8 - Management noted continued momentum in January, with new products not included in the revenue guidance of $180 million-$200 million for 2026 [26][27] Question: Customer acquisition costs and lifetime values - Customer acquisition costs are approximately $130, with a payback period of 3.4 months, and the average order value has increased significantly [32][33] Question: Use of AI in marketing - The company utilizes AI for digital marketing, generating a high volume of ads and optimizing performance based on algorithmic feedback [34][35] Question: Strategic M&A strategy - The focus remains on organic growth, with openness to strategic M&A opportunities if they align with the company's goals [38] Question: Revenue growth sources and localization impact - Most growth is expected from new customer acquisition, with localization efforts anticipated to yield a 10%-15% revenue increase in targeted markets [44][46]

Financial Data and Key Metrics Changes - Centerspace reported fourth quarter Core FFO of $1.25 per diluted share, reflecting a 4.8% year-over-year increase in same-store NOI [12] - Revenues from same-store communities increased by 1% compared to the same quarter in 2024, driven by a 1.5% increase in average monthly revenue per occupied home [12] - Same-store expenses decreased by 5.1% year-over-year, with improvements in both controllable and non-controllable expenses [12] Business Line Data and Key Metrics Changes - Same-store NOI growth was 3.5%, outpacing peers due to steady occupancy and expense discipline [5] - Blended leasing spreads increased by 10 basis points, with renewal spreads showing their highest growth of the year at 3.9% [6] - Retention for the full year was 58.2%, indicating relative affordability for residents [6] Market Data and Key Metrics Changes - Minneapolis, the largest market, experienced positive blended increases of 1.1%, while North Dakota led with blended increases of 4.5% in the quarter [6] - In Denver, blended rent trade outs decreased by 4.3% due to supply pressures, although absorption rates remained above historical norms [7] - The company expects Denver fundamentals to normalize as new construction starts have significantly decreased [7] Company Strategy and Development Direction - Centerspace is undergoing a strategic review to evaluate alternatives for maximizing shareholder value, initiated from a position of strength [4] - The company executed $493 million in transaction activity in 2025, including entering new markets and pruning holdings [9] - Looking ahead to 2026, the company anticipates momentum in many markets driven by measured supply profiles and strong local economies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health and resilience of their markets, expecting stability and growth in Minneapolis [10] - In Denver, management noted ongoing concessionary pressures but expects improvements as the year progresses [21] - The company highlighted strong resident financial health and affordability, with income growth outpacing rent increases [57] Other Important Information - The company expanded its unsecured credit facility by $150 million and repurchased 3.5 million common shares [9] - For 2026, the company expects Core FFO per diluted share to remain stable year-over-year, with guidance for same-store NOI increases of 75 basis points [13] Q&A Session Summary Question: Can you talk us through some of your assumptions within the 2026 revenue guide? - Management expects blended rent growth to be in the mid-1% range, with renewals leading the way [18] Question: How do you see the Denver market playing out in 2026? - Management anticipates continued concessionary pressure in the first half of 2026 but expects improvements later in the year [21] Question: Is the underlying plan for the company continuing while the strategic review is ongoing? - Management confirmed that they feel good about their strategic execution in 2025, but the strategic review is focused on capital allocation [26] Question: Do you have any January or quarter-to-date leasing stats? - Management reported that blends were flat to slightly negative, with renewals remaining strong [28] Question: Are you able to buy back stock while the strategic review is ongoing? - Management stated that they need to complete the strategic review before resuming stock buybacks [35] Question: How has the experience in Denver and Minneapolis affected your assessment of other markets? - Management noted that business friendliness is a key consideration for new markets, and they are happy with their current market status [38] Question: Is there any concern about affordability given the trends in tax refunds? - Management indicated that rent-to-income ratios have held steady, with incomes increasing faster than rent [57] Question: What is driving the lower retention rate forecast for 2026? - Management is being conservative in their retention expectations due to slight downticks observed in Q4 [51] Question: Why is the expected value-add range wider and lower than in 2025? - Management is being selective with projects due to higher capital costs and the ongoing strategic review [52]

Fresh Del Monte Produce Inc. Q4 and FY 2025 Earnings Presentation February 18, 2026 0 Meet Our Speakers 1 Forward-Looking Statement This presentation and the related earnings call contain certain forward-looking statements regarding the intent, beliefs or current expectations of the Company. These statements include statements that are preceded by, followed by or include the words "believes", "expects", "anticipates", "may" or similar expressions with respect to various matters. Specifically, this presentat ...

Ingersoll Rand (NYSE:IR) FY Conference Summary Company Overview - **Company**: Ingersoll Rand - **Date of Conference**: February 18, 2026 Key Industry Insights - **Demand Environment**: - Positive momentum observed in Q4 2025, with organic growth in orders across segments, particularly in North America and China, which accounts for about 10% of revenue [4][6] - Leading indicators like PMI are showing positive inflections, suggesting a potential recovery in the U.S. short-cycle industrial market [8][10] - The company is maintaining a prudent outlook for 2026, with expectations for organic growth to be modest [10][29] - **Headwinds**: - Previous headwinds from various global events (e.g., China EV build-outs, European market fluctuations post-Ukraine invasion) are no longer significant concerns as the company moves into 2026 [14][17] - The company does not foresee new comparable headwinds emerging in the near term [14][17] Financial Performance - **Recurring Revenue Growth**: - Recurring revenue exceeded $450 million in 2025, up from approximately $200 million in 2023, indicating more than a doubling of this revenue stream [24][25] - Growth in recurring revenue is broad-based across regions and product categories, with compressors in the U.S. being the largest contributor [25][27] - **Profitability**: - The recurring revenue model, particularly the Package Care segment, has gross margins between 60%-70%, contributing to overall profitability [41][46] - The company achieved a 29% EBITDA margin in ITS, with expectations for continued margin expansion despite tariff headwinds [46][61] Market Dynamics - **Tariff Impact**: - The company has experienced tariff exposure but has managed to offset these costs through pricing strategies, maintaining a dollar-neutral price-cost dynamic [54][55] - The market has responded rationally to tariff impacts, with pricing actions taken to mitigate margin dilution [54][58] - **Competitor Landscape**: - Competitors have varied responses to tariff impacts, with some implementing significant price increases while others balance pricing strategies [57][58] Strategic Focus - **Capital Allocation**: - The company plans to allocate 80%-85% of free cash flow towards M&A, with expectations for continued bolt-on acquisitions in the $1 billion range [95][99] - Share repurchase is targeted at $300-$350 million for the year, with no changes expected in the dividend policy [99][100] - **Growth Areas**: - Focus on under-penetrated markets such as Latin America, India, and Southeast Asia, with significant order growth observed in these regions [61][62] - Continued investment in innovation and recurring revenue initiatives is expected to drive future growth [61][64] Conclusion - Ingersoll Rand is positioned for a cautious yet optimistic outlook in 2026, with a focus on organic growth, recurring revenue expansion, and strategic capital allocation. The company is navigating past headwinds effectively and is set to capitalize on emerging opportunities in various global markets.

Northrop Grumman 2026 Conference Summary Company Overview - **Company**: Northrop Grumman (NYSE: NOC) - **Date**: February 18, 2026 - **Speaker**: Kathy Warden, CEO Key Industry Insights - **Defense Demand**: There is an unprecedented demand cycle in the defense sector globally, expected to sustain over time [2][3] - **Investment Strategy**: Northrop Grumman has been investing in capabilities and capacity to meet the needs of the U.S. and allies [2][3] - **Financial Performance**: - 2026 guidance indicates mid-single-digit growth - Segment operating margins expected to be low- to mid-11% - Free cash flow guidance reaffirmed at $3.1 billion to $3.5 billion [3][4] Core Business Segments Aeronautics Systems - **B-21 Program**: - Performing exceptionally well, with a focus on transitioning to production - Anticipated investment of $2 billion to $3 billion to support accelerated build rates [10][11] - **F-35 Program**: - Steady production with 1,500 center fuselages delivered - Focus on performance and cost targets [13][14] Unmanned Systems - **Portfolio Expansion**: - Legacy in unmanned aircraft for surveillance and reconnaissance - Engaging in collaborative combat aircraft development [15][16] - **International Demand**: Growing interest in unmanned systems and capabilities [17] Missile Defense - **Growth Potential**: - Missile defense capabilities account for nearly 10% of revenue and are expected to grow [6][24] - IBCS program in production, supporting both U.S. and international defense needs [25][26] Mission Systems - **Revenue Growth**: - Consistent mid-single-digit growth, with a strong year of 10% growth last year - Driven by recapitalization of aircraft and demand for microelectronics [28][29] Space Systems - **Growth Drivers**: - Significant backlog and opportunities in space-based surveillance and communications - Golden Dome initiative expected to drive future growth [39][40][42] International Opportunities - **Munitions and Missile Defense**: High international demand for munitions and missile defense systems, particularly in Europe [46][47] - **Export Growth**: Tripled the number of exportable product lines since the CEO took office, focusing on sustainable international growth [48] Capital Expenditure and Financial Strategy - **CapEx Outlook**: Increased due to demand for B-21 and munitions ramp-up; prepared to invest in future opportunities [49][50] - **Dividend Policy**: Commitment to maintaining a competitive dividend while investing in growth opportunities [58][59] M&A and Portfolio Management - **M&A Strategy**: Currently no gaps identified that require M&A; focus on organic growth and internal investment [67][68] - **Divestitures**: No significant divestitures planned; focus on maintaining a technology-rich portfolio [72] Conclusion - Northrop Grumman is positioned to capitalize on unprecedented demand in the defense sector through strategic investments, a robust portfolio, and a commitment to performance and execution [74]

Fourth Quarter and Full Year 2025 Earnings February 18, 2026 Safe Harbor Statement These materials include projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2026 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and th ...

Summary of Jacobs Conference Call Company Overview - **Company**: Jacobs - **Industry**: Engineering and Construction Core Points and Arguments 1. **Progress in Redefining Asset Life Cycle**: Jacobs has made significant progress in redefining the asset life cycle, focusing on higher value services and early involvement in client decision-making processes. This shift has positively impacted financial results, marking one of the best quarters in recent history [6][7][8]. 2. **Backlog and Book-to-Bill Ratio**: The backlog is at record levels, with a Book-to-Bill ratio of 2.0 in the last quarter, rising from 1.2 to 1.4 over the trailing twelve months. The backlog is well-diversified, with 50% in critical infrastructure, 25% in life sciences and advanced manufacturing, and 25% in water and environmental sectors [12][13][14]. 3. **Revenue Guidance and Market Dynamics**: Jacobs raised its revenue guidance, with expectations for mid-single-digit growth. The pace of tech manufacturing jobs and a ramp-up in Q2 will influence whether they meet the higher end of guidance [15][16]. 4. **Data Center Business Growth**: The data center segment currently accounts for approximately 3-3.5% of revenues, growing rapidly. The scope of engagement has increased significantly, moving from design to comprehensive solutions including site selection and utility needs [26][30]. 5. **Sustainability of Growth in Key Markets**: The growth in life sciences and advanced manufacturing is deemed sustainable, with a 24-month visibility on pipeline compared to the previous 6-12 months. AI and drug discovery advancements are accelerating the market [23][24]. 6. **AI Integration and Digital Tools**: Jacobs has integrated AI into its operations, enhancing efficiency and client engagement. The use of AI-enabled platforms is driving growth and improving margins, particularly in water and life sciences sectors [40][41][42]. 7. **International Growth**: International business has outpaced domestic growth, particularly in Australia, New Zealand, and the Middle East. The UK market has also shown strength following political stabilization [76][77]. 8. **Capital Allocation Strategy**: Jacobs prioritizes organic growth and share repurchases, with a commitment to return at least 65% of free cash flow. The company has also increased its dividend by 12.5% year-on-year [86][87]. 9. **Industry Consolidation Outlook**: While sector-based consolidation is likely, Jacobs remains focused on organic growth opportunities. The company is not currently prioritizing large-scale M&A [81][82][86]. 10. **Long-term Margin Goals**: Jacobs aims to achieve adjusted EBITDA margins of 16%+ by fiscal 2029, driven by operating leverage, gross margin expansion, and an improved commercial mix [94][95]. Other Important Insights - **Client Relationships**: Jacobs emphasizes long-term client relationships and early involvement in projects, which has been beneficial in securing contracts [8]. - **Digital Transformation**: The company has invested in digital capabilities, enhancing its competitive position in the consulting space [57][60]. - **Market Positioning**: Jacobs is well-positioned in the energy and power sector, experiencing double-digit organic growth [89][91]. This summary encapsulates the key insights from the Jacobs conference call, highlighting the company's strategic direction, market performance, and future outlook.

Summary of Union Pacific Conference Call Company Overview - **Company**: Union Pacific (UNP) - **Industry**: Railroad Transportation Key Points and Arguments Merger with Norfolk Southern - Union Pacific plans to refile its merger application with Norfolk Southern by April 30, 2023, which is a slight delay from previous expectations of March [8][10] - The merger is expected to enhance competition and provide benefits such as reduced inventory costs for customers by improving service efficiency [10][11] - Union Pacific believes that the merger will allow them to gain 24-48 hours in transit time by optimizing operations and reducing touchpoints [12][21] - The company emphasizes that the merger is in the public interest and will enhance competition, despite concerns from other railroads [14][23] Regulatory Process - The regulatory process for the merger is acknowledged as lengthy, with expectations for hearings and responses from constituents [17][18] - Union Pacific is confident in the merger's benefits and believes that the Surface Transportation Board (STB) will recognize these advantages [22][23] Environmental Impact - Union Pacific claims that the merger will be environmentally beneficial, as rail transport is 70% more greenhouse gas efficient than trucking [21][22] - The company aims to reduce truck traffic on highways, contributing to lower emissions [21] Revenue Synergies and Market Position - Union Pacific has reassessed the need for concessions initially estimated at $750 million, concluding they are unnecessary due to the merger's end-to-end service model [37][40] - The company anticipates that 75% of the business growth will come from shifting freight from highways to rail, rather than from competing railroads [38][40] - Union Pacific operates 27% of the total goods movement on U.S. railroads, positioning itself competitively against Burlington Northern's 39% [34] Operational Performance - The company reported a rebound in operational metrics, with car miles per day returning to 230-240 and dwell times under 20 hours [66][67] - Carloads are down 2% overall for the quarter, but there is year-over-year growth in specific sectors like grain and coal [67][68] - Union Pacific is focusing on expanding its market share in intermodal and carload segments, with new contracts and facilities expected to drive growth [73][76] Strategic Focus - Union Pacific's strategy emphasizes safety, service, and operational excellence, which are seen as critical to winning customer trust and market share [79][82] - The leadership expresses a forward-looking approach, focusing on potential growth and competition against trucks and barges [82] Additional Important Content - The call highlighted the competitive landscape, with other railroads expressing concerns about Union Pacific's merger, indicating that they view it as a threat to their market position [35][36] - Union Pacific's leadership is confident in their operational capabilities and technological integration, dismissing competitor concerns as defensive reactions [55][56] This summary encapsulates the key discussions and insights from the Union Pacific conference call, focusing on the merger, operational performance, and strategic direction of the company.

Summary of Karyopharm Therapeutics Special Meeting Company Overview - **Company**: Karyopharm Therapeutics, Inc. (NasdaqGS: KPTI) - **Meeting Date**: February 18, 2026 - **Participants**: Richard Paulson (President, CEO, and Director), Michael Mano (Chief Legal Officer), Lori Macomber (Chief Financial Officer), Brendan Strong (Senior Vice President of Investor Relations) [1][2][3] Key Proposals Discussed 1. **Proposal One**: - Adoption and approval of an amendment to the restated certificate of incorporation to increase the number of authorized shares of capital stock from **58,333,333** to **111,000,000**. - Increase the number of authorized shares of common stock from **53,333,333** to **106,000,000** [7][9]. 2. **Proposal Two**: - Approval to adjourn the special meeting to a later date if necessary for further solicitation of proxies in case of insufficient votes for Proposal One [7][10]. Voting Results - A quorum was established with **18,310,283** shares of common stock entitled to vote present [5][6]. - Both proposals were approved based on preliminary voting results: - Proposal One to increase authorized shares was approved. - Proposal Two to allow for adjournment was also approved [9][10]. Important Notes - The meeting was conducted in a virtual format, allowing stockholders to participate similarly to an in-person meeting [2]. - Forward-looking statements were made, with a disclaimer regarding reliance on these statements due to potential differences in actual results [4]. - The final vote results will be documented in a Form 8-K to be filed within four business days after the meeting [10]. Additional Information - Stockholders were encouraged to submit questions related solely to the proposals during the meeting, but no questions were raised [7][8]. - The meeting concluded with gratitude expressed to shareholders for their participation and support [10].