Financial Highlights - Adjusted Diluted EPS grew by 22% due to record revenue performance[9] - Quarterly revenue surpassed $2 billion, up 11% year-over-year[12] - Adjusted Operating Margin expanded 510bps to 529%[12] - MCO revenue growth increased to be in the high-single-digit percent range[12] - Adjusted Diluted EPS is up 17% at the midpoint, for a range of $1450 to $1475[12] - Free Cash Flow is approximately $25 billion[43] Moody's Investors Service (MIS) - MIS revenue reached a record high of $11 billion[9] - MIS rated issuance guidance increased to the mid-single-digit percent range[40] - Refinancing walls approximately doubled since 2018, reaching $52 trillion in September 2025[13, 14] - Year-over-year increase of 6% since previous study; stock of forward maturities remains robust, exceeding $5 trillion funding deep currents[15] - Adjusted Operating Margin increased 560 bps to 652%[26] Moody's Analytics (MA) - MA delivered 400bps of margin expansion in Q3[16] - ARR grew by 8% versus the prior year, reaching $34 billion[12] - Decision Solutions ARR is up 10%[9] - Recurring revenue accounts for 96% of total revenue[17]

Company Overview - Agree Realty is a retail net lease REIT with an enterprise value of $12.2 billion[9] - The company owns 2,603 retail properties totaling approximately 53.7 million square feet across all 50 states[9] - The company has investment grade issuer ratings of A- from Fitch, Baa1 from Moody's, and BBB+ from S&P[9] Financial Highlights - The company raised 2025 AFFO per share guidance to $4.31 to $4.33, representing 4.4% growth at the midpoint[12] - The company has total liquidity of over $1.9 billion[12] - The company invested $451 million during Q3 2025 across 110 high-quality retail net lease assets spanning 34 states[14] - Approximately 70% of base rents acquired in Q3 2025 derived from investment grade retailers[14] Portfolio Composition - The company's top tenant sector is grocery stores, accounting for 10.3% of total annualized base rent (ABR) at $72.9 million[56] - Home Improvement sector accounts for 8.8% of total ABR at $62.5 million[56] - Convenience Stores account for 7.8% of total ABR at $54.9 million[56]

Financial Performance - Net income reached $71.9 million, a 5% increase quarter-over-quarter[4] - Net Interest Margin (NIM) expanded by 0.07% to 3.00% from 2.93% in the previous quarter, and up 22 bps from Q3 2024[4,5] - Annualized Return on Assets (ROA) improved to 0.82%, and Return on Equity (ROE) improved to 9.5%[4] - Cost of deposits decreased by 0.09% to 2.38% from 2.47%, with a spot Annual Percentage Yield (APY) of 2.31% at September 30[4] Deposits - Average Non-interest-bearing Demand Deposit Accounts (NIDDA) increased by $210 million quarter-over-quarter and $741 million year-over-year[4] - NIDDA declined by $488 million quarter-over-quarter due to normal seasonality[4,5] - NIDDA accounted for 30% of total deposits as of September 30, 2025[4,5] - Non-interest DDA was $8,625 million, a decrease of $488 million from the previous quarter but an increase of $990 million year-over-year[5] Loans and Asset Quality - Total loans decreased by $231 million, with lower yielding and non-core residential, franchise, equipment, and municipal finance down an aggregate of $245 million[4,5] - Period-end Core Commercial & Industrial (C&I) and Commercial Real Estate (CRE) loans were $15,090 million, a decrease of $69 million from the previous quarter[5] - Non-performing assets to total assets ratio was 1.10%[5] - Allowance for Credit Losses (ACL) to total loans ratio was 0.93%[5] Capital - Common Equity Tier 1 (CET1) ratio was 12.5%[4,5] - Tangible book value per share is now $39.27, an 8% year-over-year growth[4]

Innovent's Strategic Goals - Innovent aims to become a Global Premier Biopharma by 2027 and China's Top Biopharma by 2030[8] - The company plans to have ≥5 pipeline assets in global MRCT Phase 3 by 2030[8, 10] Takeda Collaboration - Innovent and Takeda have a strategic collaboration with a total deal size of up to $114 billion[20] - The collaboration includes $11 billion in cash upfront at a 20% premium and $100 million in equity investment[26] - Milestone payments could reach up to $102 billion[26] Takeda's Global Presence - Takeda has approximately 50000 employees and a presence in approximately 80 countries & regions[28] - Takeda's FY24 revenue was approximately $306 billion, with 44% from the U S, 29% from Europe & Canada, 12% from Japan, and 4% from China[28] Pipeline Development - IBI363 (PD-1/IL-2 α-bias) and IBI343 (CLDN182 ADC) are in global Phase 3 development[11, 40] - IBI3001 (EGFR/B7H3 ADC) is in global Phase 1 development[11, 40] IBI363 Clinical Data - IBI363 has shown promising ORR (Objective Response Rate) and mPFS (median Progression-Free Survival) in IO-resistant sqNSCLC, MSS colorectal cancer, and melanoma[50] - Over 1200 patients have been treated with IBI363 across multiple solid tumors[48] IBI343 Clinical Data - IBI343 has demonstrated clinical benefits in PDAC (Pancreatic Ductal Adenocarcinoma) and GC (Gastric Cancer), with lower GI toxicity AEs[62, 66] - In CLDN182+ GC, IBI343 showed significantly prolonged OS (Overall Survival) benefit compared to SoC (Standard of Care)[66]

Financial Performance - Net income for 3Q25 was $21.9 million, a 12.4% increase compared to $19.4 million in 2Q25, but a significant increase compared to a loss of $7.9 million in 3Q24[7] - Diluted EPS for 3Q25 was $1.13, a 12.3% increase compared to $1.01 in 2Q25, and a substantial increase compared to a loss of $0.41 in 3Q24[7] - The annualized Return on Average Assets (ROAA) for 3Q25 was 1.60%, compared to 1.45% in 2Q25 and -0.57% in 3Q24[7] - The annualized Return on Average Equity (ROAE) for 3Q25 was 15.72%, compared to 14.56% in 2Q25 and -5.85% in 3Q24[7] - The efficiency ratio improved to 56.4% in 3Q25, compared to 60.3% in 2Q25 and 94.1% in 3Q24[7] Balance Sheet - Total assets remained relatively stable at $5,470.2 million in 3Q25, a 1.5% increase compared to $5,387.6 million in 2Q25, and approximately the same as $5,470.6 million in 3Q24[7] - Total loans were $3,979.7 million in 3Q25, a 1.2% increase compared to $3,931.4 million in 2Q25, and approximately the same as $3,981.4 million in 3Q24[7] - Total deposits were $4,533.6 million in 3Q25, a 0.4% increase compared to $4,516.6 million in 2Q25, but a 2.5% decrease compared to $4,650.9 million in 3Q24[7] Net Interest Income and Margin - Net interest income totaled $51.0 million for the quarter, while the net interest margin improved to 4.11%, a 4 basis point increase from 2Q25[14, 15] Non-Interest Income and Expenses - Non-interest income increased by $0.5 million to $13.4 million during the quarter[21] - Non-interest expenses decreased by $1.3 million quarter over quarter, totaling $36.3 million for the three months ended September 30, 2025[30]

Transaction Overview - Farmers National Banc Corp 将以全股票方式收购 Middlefield Banc Corp，Middlefield Banc Corp 的每股将获得 2.60 股 FMNB 普通股[36] - 该交易的总价值约为 2.99 亿美元，或每股 36.17 美元[36] - 预计交易完成后，FMNB 现有股东将持有合并后公司约 64% 的股份，MBCN 股东将持有约 36% 的股份[36] Pro Forma Financial Highlights - 合并后的公司预计总资产将达到 74 亿美元，贷款总额将达到 50 亿美元，存款总额将达到 61 亿美元[13] - 预计 2027 年的股本回报率 (ROAA) 约为 1.5%[20] - 预计该交易将使每股收益 (EPS) 每年增长约 7%，内部收益率约为 20%[20] Strategic Rationale - 该合作关系将创建一个区域内领先的社区银行特许经营权，并使合并后的公司能够从显著的规模经济中受益[20] - 该交易提供了一个独特的机会，可以在现有市场进行收购，同时还可以战略性地扩展到俄亥俄州中部市场[20] - 通过增加 20 亿美元的资产，16 亿美元的贷款和 16 亿美元的存款，可以立即扩大规模[20] Market Presence - 合并后的公司在克利夫兰 MSA 的存款市场份额排名第二，市场份额为 19.5%[15] - 在阿克伦 MSA 的存款市场份额排名第二，市场份额为 17.8%[15] - 在扬斯敦 MSA 的存款市场份额排名第一，市场份额为 96.0%[15] Financial Impact - 预计交易完成后的有形普通股/有形资产 (TCE/TA) 比率约为 6.4%[20] - 有形账面价值回收期约为 3 年，第一天的有形账面价值稀释约为 4.4%[20]

Financial Highlights - United Community Bank reported diluted earnings per share (EPS) of $0.70 (GAAP) and $0.75 (operating) in 3Q25[12] - The bank's return on assets (ROA) was 1.29% (GAAP) and 1.33% (operating) in 3Q25[12, 14] - The net interest margin (NIM) increased by 8 bps to 3.58% in 3Q25[12, 44] - Tangible book value (TBV) per share increased to $21.59, a 10% year-over-year improvement[12] Balance Sheet - Total assets reached $28.1 billion, with total deposits at $24.0 billion and total loans at $19.2 billion[10] - Customer deposits grew by $58 million from 2Q25, or 10% annualized[24] - Loan growth was $254 million, or 54% annualized[30] - The bank's CET1 RBC ratio stood at 134%[10, 41] Income Statement - Noninterest income increased to $432 million[47] - The operating efficiency ratio improved to 531%, driven by higher revenue growth[14, 55] Credit Quality - Net charge-offs were $77 million, representing 016% of average loans[60] - The allowance for credit losses (ACL) stood at $228276 million, with an ACL to loans ratio of 119%[61]

Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as "may", "might", "should", "could ...

Financial Performance - Northern Trust Corporation's revenue grew by 6% in 3Q25 compared to 3Q24, excluding $553 million in notable items that favorably impacted 3Q24 revenue[4] - EPS increased by 14% in 3Q25 compared to 3Q24, excluding notable items[4] - The pre-tax margin was 308% in 3Q25[4] - Net income was $4576 million in 3Q25, a decrease of 2% compared to 3Q24[7] Assets Under Management and Custody - Assets under Custody/Administration (AUC/A) reached $182476 billion in 3Q25, a 5% increase compared to 3Q24[7] - Assets under Management (AUM) totaled $17727 billion in 3Q25, a 9% increase compared to 3Q24[7] - Wealth Management AUC/A was $12572 billion, up 10% from 3Q24[11] - Asset Servicing AUC/A was $169904 billion, up 4% from 3Q24[14] Capital and Expenses - The company's Tier 1 capital was $120 billion[26] - Noninterest expense increased by 5% year-over-year[4] - Common stock repurchases amounted to $2770 million in Q3 2025[26]

Financial Performance - Wabtec's Q3 2025 sales reached $2.89 billion, an increase of 8.4% year-over-year[7] - GAAP earnings per share (EPS) increased by 11.0% year-over-year to $1.81, while adjusted EPS increased by 16.0% year-over-year to $2.32[7] - Operating margin was 17.0% on a GAAP basis and 21.0% on an adjusted basis, benefiting from sales growth and improved gross margin[7] - Cash flow from operations was $367 million, impacted by increased tariffs and higher working capital[7] - The company's 12-month backlog increased by 8.4% to $8.27 billion, providing strong visibility for 2025 and beyond[7] Segment Performance - Freight segment sales were $2.093 billion, up 8.4% year-over-year[35] - Transit segment sales were $793 million, up 8.2% year-over-year (5.2% on a constant currency basis)[35] - Freight segment operating margin was 19.8% on a GAAP basis and 24.5% on an adjusted basis[45] - Transit segment operating margin was 14.5% on a GAAP basis and 15.5% on an adjusted basis[48] Financial Outlook - Wabtec updated its 2025 financial guidance, projecting revenues between $10.925 billion and $11.225 billion and adjusted diluted EPS between $8.55 and $9.15[57] - The company expects a cash conversion rate of over 90%[57]