Financial Performance & Market Conditions - Marten Transport's earnings are pressured by the freight market recession's oversupply and weak demand, along with inflationary operating costs and freight rate reductions[10] - Operating revenue decreased by 7.1% in Q3 2025 compared to Q3 2024[13] - Net income decreased by 40.7% in Q3 2025 compared to Q3 2024[13] - The company's operating ratio net of fuel surcharges was 97.9% in Q3 2025[55] Strategic Initiatives & Business Segments - Marten sold its intermodal business to Hub Group, Inc for $51.8 million in cash, effective September 30, 2025, to focus on core operations[6] - Dedicated and brokerage operations significantly contributed to the company's total operating income in 2024 and Q3 YTD 2025[24, 27] - Marten de Mexico's operating revenue was $41.3 million for Q3 YTD 2025, compared to $48.6 million for Q3 YTD 2024 (excluding fuel surcharges)[33] Investments & Operational Improvements - The cost of tractors increased by 17% and refrigerated trailers by 30% in 2025 compared to 2021[41] - The company is investing in safety technology enhancements like collision avoidance, blind spot detection, and lane departure systems[43] - Marten is implementing renewable energy projects, with 18 projects across its national network, generating 3 million kWh annually and offsetting 2,125 metric tons of CO2[44]

Financial Performance - Old Republic's Market Cap/Stock Price (NYSE: ORI) is $1051 billion/$4247[13] - Shareholders' Equity/BVPS is $642 billion/$2619[13] - The company's annualized operating ROE is 144%[13] - Regular Dividend/Yield is $116/27%[13] - Q3 2025 operating EPS was $078, a 99% increase from $071 in Q3 2024[27] - Net premiums & fees earned reached $209 billion, an 81% increase from Q3 2024[27] Business Segments - Specialty Insurance generated $54 billion of operating revenue in 2024[31] - Title Insurance generated $27 billion of operating revenue in 2024[31] - Title Insurance holds a 144% market share, ranking 3rd in the industry[57] - Specialty Insurance accounted for 85% of 2024 pre-tax operating income, while Title Insurance accounted for 14%[33] Capital Management - $62 billion of dividends & share repurchases since 123116[11] - $912 million remains authorized for share repurchases[28,74] - $182 billion in share repurchases since 2022, representing just over 21% of shares outstanding[78]

Financial Performance - Net income available to common shareholders was $90.0 million, resulting in diluted earnings per share of $0.94[6] - Net interest margin increased by 58 basis points year-over-year to 3.53%[6] - The efficiency ratio improved to 55.1% due to expense synergies from the PFC acquisition[6] - Return on average tangible equity was 17.48%, an increase of 802 basis points compared to the same quarter last year[7] Loan and Deposit Growth - Total loan growth increased by 52.0% year-over-year, reaching $18.9 billion[6, 9] - Total organic loan growth was 4.8% year-over-year and 2.2% quarter-over-quarter annualized[6, 10] - Total deposits increased by 53.8% year-over-year to $21.3 billion[14] - Average loans to average deposits were 89.4%[6] Capital and Asset Quality - Tangible common equity to tangible assets ratio was 7.92%[6] - Non-performing assets to total assets stood at 0.35%[6] - The allowance for credit losses on loans was $217.7 million, representing a coverage ratio of 1.15%[30]

Financial Results Third Quarter 2025 Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements with respect to the financial condition, results of operations, trends in lending policies and loan programs, plans and prospective business partnerships, objectives, future performance and business of the Company. Forward-looking statem ...

Financial Performance - EPS increased to $0.38, a 23% increase QoQ, reflecting positive operating leverage[6] - Pre-Tax Pre-Provision (PTPP) income grew by 17% QoQ to $102 million, driven by revenue growth of 5% and flat expenses[6] - Net Interest Margin (NIM) expanded by 12bps QoQ to 322%, while the spot NIM as of September 30 was 318%[6] - Return on Average Tangible Common Equity (ROATCE) increased by 153bps QoQ to 987%[6] Balance Sheet - Tangible Book Value Per Share (TBVPS) increased by 3% QoQ to $1699[6] - CET 1 ratio stood at 1014%[6] - Non-interest-bearing (NIB) deposits experienced annualized growth of 9%[6] - $35 million of shares were repurchased in 3Q25, bringing the year-to-date total to $185 million[6] Asset Quality - Criticized loan ratio decreased by 17bps QoQ[6] - Allowance for Credit Losses (ACL) ratio increased to 112%[6] - $263 million of Held For Sale (HFS) Commercial Real Estate (CRE) loans were sold or paid off[6] Income Statement - Total interest income was $4325 million[18] - Total noninterest income was $343 million, up 5% QoQ[18, 29] - Noninterest expenses remained flat[30]

Earnings and Profitability - The company reported earnings per share (EPS) of $0.91 and net income of $35.0 million[9] - Return on Assets (ROA) was 1.42% and Return on Equity (ROE) was 9.48%[9] - Return on Tangible Equity (ROTE) reached 12.81% and Pre-Provision Net Revenue (PPNR) was 1.89%[9] Balance Sheet - Loan growth was $46.6 million, representing an annualized growth rate of 2.33%[9] - Deposit growth was $1.0 million, with an annualized growth rate of 0.05%[9] - Total deposits were $7.922 billion in 3Q25, compared to $7.921 billion in 2Q25[16] - Demand Deposit Accounts (DDA) represent 28% of total deposits[18] Asset Quality - Allowance for Credit Losses (ACL) was 1.23%[9] - Net loan charge-offs were $2.4 million, or 0.12% of total loans[9, 27] - Nonperforming Assets (NPAs) were 0.62% of total loans plus OREO[9, 27] Net Interest Income - Net interest income grew by $2.6 million, or 3.00%, compared to 2Q25[11, 34] - Net Interest Margin (NIM) (FTE) expanded by 5 basis points to 3.93%[11, 34] Non-interest Items - Noninterest income was $13.8 million, a $0.3 million increase from 2Q25[36] - Noninterest expense was $56.4 million, a $1.7 million decrease from 2Q25[41] Capital - Tangible Common Equity to Tangible Assets (TCE / TA) ratio was 11.65%[46]

Financial Performance & Strategy - Precision Drilling aims to maximize free cash flow by growing revenue, enhancing shareholder returns, and maintaining disciplined capital deployment[9] - The company estimates a 17% free cash flow yield potential, with $169 million in estimated free cash flow for 2025, based on an equity market cap of $1,014 million[11] - Precision Drilling plans to reduce debt by $100 million in 2025, with $101 million already repaid as of September 30, 2025[10] - The company is allocating 35%-45% of free cash flow for share repurchases, with $54 million repurchased as of September 30, 2025[10] - Precision Drilling increased its long-term debt reduction target to $700 million from 2022-2027, having already repaid $535 million as of September 30, 2025[70] Operational Highlights - Precision Drilling is upgrading 27 Super Series rigs in 2025 to drive revenue and margin growth, focusing on heavy oil & Montney rigs in Canada and gas-weighted plays in the U S [10,29] - The company's Canadian operations have a ~65% utilization rate across its 100 rigs, with Super Triple rigs at 85% utilization in the Montney/LNG play and Super Single rigs at 70% in the Oil Sands/Clearwater play as of Q3 2025[35,37] - U S natural gas drilling activity is improving, with the Baker Hughes L48 Land Gas Rig Count up 19% in 2025[44,45] - Precision Drilling has reduced its outstanding shares by 9% since Q1 2024[26,27] International Operations - Precision Drilling has 8 rigs contracted internationally, with 5 in Kuwait and 3 in Saudi Arabia, with the majority on 5-year contracts extending into 2027/28[54]

Financial Performance - Heritage Financial Corporation's net income for Q3 2025 was $192 million[19], with a net interest margin of 364%[19] - The company's ROAE was 852% and ROATCE was 1186% for Q3 2025[19] Adjusted ROATCE was 1216%[19] - The efficiency ratio was 633%, and the adjusted efficiency ratio was 624% for Q3 2025[19] - The company's leverage ratio was 105% and the total capital ratio was 138%[19] Loan Portfolio - Loans receivable totaled $48 billion as of September 30, 2025[19] - Real estate, rental, and leasing comprised 561% of commercial business loans by industry exposure, totaling $2122 million[46] - Nonaccrual loans to loans receivable was 037% in Q3 2025[56] Deposits - Deposits totaled $59 billion as of September 30, 2025[19] - Noninterest demand deposits were 276% of total deposits as of September 30, 2025[22] - The cost of total deposits was 137%[22] Investment Portfolio - The investment portfolio yield was 335%[86] - Investment cashflows are estimated to be $561 million through Q3 of 2028[88] M&A Activity - On September 25, 2025, Heritage Financial Corporation entered into a definitive agreement with Olympic Bancorp, Inc, which has $17 billion in assets[22, 28]

INVESTOR PRESENTATION October 2025 Photo: Quesnel Sawmill, Quesnel, B.C., Canada Financial Information: The financial information related to West Fraser contained in this Presentation is derived from our Q3 2025 interim Financial Statements, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") and is discussed in our Managements' Discussion and Analysis ("MD&A") for the three months ended September 26, 2025 (our "Q3 2025 MD&A"). Additional information is also disc ...

Financial Performance - Third Quarter 2025 - Sales increased by 5% to $543.4 million compared to $519.2 million in the third quarter of 2024[7] - Net profit increased by 5% to $289.2 million compared to $276.1 million in the third quarter of 2024[7] - Operating earnings increased by 13% to $164.7 million compared to $145.7 million in the third quarter of 2024[7] - Earnings per share (diluted) increased by 15% to $0.82 compared to $0.71 in the third quarter of 2024[7] Financial Performance - Year to Date September 2025 - Sales increased by 5% to $1,643.4 million compared to $1,564.6 million in the same period of 2024[7] - Net profit increased by 3% to $866.5 million compared to $843.2 million in the same period of 2024[7] - Operating earnings increased by 6% to $466.2 million compared to $440.1 million in the same period of 2024[7] - Earnings per share (diluted) increased by 5% to $2.30 compared to $2.19 in the same period of 2024[7] Net Sales Change Components - Third Quarter 2025 - Acquisitions contributed 6% to the increase in net sales[9, 20] - Currency translation increased net sales by 1%[9, 20] Net Sales by Region - Third Quarter 2025 - Americas net sales were $341 million, a 2% increase[16] - EMEA net sales were $118 million, a 12% increase[16] - Asia Pacific net sales were $84 million, a 7% increase[16]