Financial Data and Key Metrics Changes - In Q4 2025, net sales and revenues increased by 11% to $12.4 billion, while net sales for equipment operations rose by 14% to $10.6 billion. However, net income attributable to Deere & Company decreased to $1.1 billion, or $3.93 per diluted share [6][12]. - For the full year, net sales and revenues were down 12% to $45.7 billion, with net sales for equipment operations down 13% to $38.9 billion. Net income was $5 billion, or $18.50 per diluted share [6][12]. Business Segment Data and Key Metrics Changes - Production and Precision Ag segment saw net sales of $4.74 billion, up 10% year-over-year, with an operating margin of 12.7%. The increase was attributed to higher shipment volumes and favorable price realization [7]. - Small Ag and Turf segment reported net sales of $2.57 billion, up 7% year-over-year, but operating profit declined to $25 million due to higher tariffs and production costs [8]. - Construction and Forestry segment experienced a 27% increase in net sales to $3.382 billion, with an operating margin of 10.3% [12]. Market Data and Key Metrics Changes - The outlook for large equipment sales in North America is expected to decline by 15%-20%, while small ag and turf demand is estimated to be flat to up 5% [9][10]. - In Europe, the industry is projected to be flat to up 5%, with robust dairy sector margins and improving arable cash flows [10][43]. - South America is expected to see flat industry sales, with Brazil's demand tempered by high interest rates and strong global crop yields [10][11]. Company Strategy and Development Direction - The company aims to manage inventory carefully and avoid oversupply while focusing on used inventory reduction. This strategy is expected to position the market well for 2026 [34]. - The company is committed to advancing its smart industrial journey, emphasizing technology and innovation to enhance customer value and operational efficiency [20][66]. - The focus on R&D investment is expected to support future growth and unlock value for customers and shareholders [64][66]. Management's Comments on Operating Environment and Future Outlook - Management noted that fiscal 2025 was marked by significant challenges, but the company demonstrated resilience with over $5 billion in net income and strong operating margins [5][18]. - The company anticipates a subdued large ag market in North America for 2026 but sees growth opportunities in small ag, turf, and construction forestry segments [6][10]. - Management expressed optimism about stabilizing market conditions and the potential for growth driven by favorable commodity demand and government support for farmers [37][46]. Other Important Information - The company expects a full-year net income forecast for 2026 to be in the range of $4 billion to $4.75 billion, with a projected effective tax rate between 25%-27% [16]. - The company plans to resume normal capital allocation activities in 2026 after pausing buybacks in Q4 2025 due to market uncertainty [64]. Q&A Session Summary Question: How is the company thinking about offsetting the $1.2 billion tariff headwind in 2026? - The company expects to capture back some of the incremental exposure from tariffs through price-cost positive strategies and plans to take additional price increases as needed [70]. Question: Can you unpack the decremental margin on the sales decline in the Production and Precision Ag segment? - The company acknowledged that a significant portion of the decremental margin is attributed to tariffs, and they are working on improving profitability in other regions, particularly Brazil [74].

November 2025 z Investor Presentation Informe de resultados 1 Agenda | 01 | | 03 | 05 | 07 | | --- | --- | --- | --- | --- | | The | Argentine | Grupo Financiero | Naranja X | Fondos | | | | Galicia | | FIMA | | Economy | | | | | | 02 | | 04 | 06 | 08 | | The | Argentine | Banco | Galicia | Galicia | | Financial | System | Galicia | Seguros | Securities | Source: Banco Galicia based on INDEC Industrial Production -2.3% 3Q25 -2.0% -30% -15% 0% 15% 30% 1Q18 4Q18 3Q19 2Q20 1Q21 4Q21 3Q22 2Q23 1Q24 4Q24 3Q25 Qo ...

Financial Data and Key Metrics Changes - BBVA Argentina's inflation-adjusted net income for Q3 2025 was ARS 38.1 billion, a decrease of 39.7% quarter over quarter, resulting in a quarterly ROE and ROA of 4.7% [7] - The capital ratio decreased by 170 basis points to 16.7%, primarily due to the temporary impact of sovereign debt valuation, yet remains at ample levels for growth [6][15] - The liquidity ratio reached 44.3% of deposits, down from 48.7% in the previous quarter [16] Business Line Data and Key Metrics Changes - Total loans to the private sector grew by 6.7% in real terms, with a consolidated market share of 11.39% [5][12] - Deposits increased by 10.2% in real terms, with market share rising to 10.09% [6][14] - Non-performing loan (NPL) ratio for private loans was 3.28%, below the system average, indicating effective credit risk management [6][12] Market Data and Key Metrics Changes - Deposit rates surged from 30% in July to peaks of 70% in September due to political uncertainty and monetary policy changes [4] - The demand for exchange rate hedging increased, leading to some dollarization of deposits [4] Company Strategy and Development Direction - The company focuses on operational efficiency through strict expense control and active pricing strategies to navigate a volatile environment [3][5] - BBVA Argentina aims to maintain growth in credit and operational efficiency while managing risks associated with high NPLs [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the high interest rates have negatively impacted intermediation margins and increased delinquency levels, but they remain optimistic about future growth [5][26] - The expectation is for a challenging fourth quarter, with potential increases in NPLs, but a recovery is anticipated in 2026 [26][31] Other Important Information - The bank's total operating expenses decreased by 3.4% quarter over quarter, reflecting proactive efficiency measures [9][10] - The bank continued dividend payments corresponding to the 2024 financial year income, demonstrating commitment to shareholder value [17] Q&A Session Summary Question: Guidance on loan and deposit growth - Management reiterated guidance of 45%-50% real loan growth and 30%-35% deposit growth, with ROE expectations in the high single digits [19][20] Question: Genuine loan growth versus refinancing - Management confirmed that loan growth is genuine, primarily driven by US dollar loans and commercial lending, while retail loans have seen no growth due to high NPLs [20] Question: Daily reserve requirements and NIM outlook - Changes in reserve requirements are expected to improve liquidity and profitability, with a stable NIM anticipated moving forward [24][28] Question: Asset quality and NPL trends - Management expects NPLs to rise slightly in the fourth quarter but anticipates a return to normal levels in 2026 [26][31] Question: Optimal capital levels - The bank aims to stabilize capital ratios around 17%, with a comfortable management level slightly below 13% [31][32]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $36.1 million, down from $41.3 million in Q3 2024, indicating a decrease of approximately 12.5% [15] - Adjusted earnings per share for Q3 2025 was $0.12, compared to $0.16 in the same period last year, reflecting a decline of 25% [15] - Average time charter equivalent (TCE) decreased to $15,507 in Q3 2025 from $17,108 in Q3 2024 [16] - Daily vessel running expenses decreased by 4% to $5,104 in Q3 2025 from $5,311 in Q3 2024 [16] Business Line Data and Key Metrics Changes - The company sold two of its oldest vessels as part of its fleet renewal strategy, which is ongoing [3] - The fleet now includes 12 phased new vessels delivered from 2022 onwards, with 24 vessels having been environmentally upgraded [5] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% on average in 2025 and 2026, with the order book now below 11% of the current fleet [4] - Global dry bulk demand growth is forecasted at 2% in 2026 and 1.5% in 2027, with grains and minor bulks being the best-performing sectors [8] Company Strategy and Development Direction - The company maintains a strong capital structure, providing flexibility in capital allocation, and has declared a dividend of $0.05 per share [3] - Focus on fleet energy efficiency and leveraging the majority Japanese-built fleet advantage [12] Management's Comments on Operating Environment and Future Outlook - Management noted a weaker charter market environment compared to the same period in 2024, with decreased revenues due to lower charter highs [14] - The company anticipates an improving trade market rate due to a trade truce between the US and China [7] Other Important Information - The company has a market cap of $496 million and maintains significant liquidity with $390 million in capital resources [12] - The company achieved zero vessels rated D and E in carbon intensity for 2024, reflecting its commitment to sustainability [11] Q&A Session Summary - No questions were raised during the Q&A session, and the management concluded the call without further comments [19][20]

Summary of Thunderbird Entertainment Group and Blue Ant Media Conference Call Industry and Companies Involved - **Industry**: Media and Entertainment - **Companies**: Blue Ant Media and Thunderbird Entertainment Group Core Points and Arguments 1. **Acquisition Announcement**: Blue Ant Media announced a definitive agreement to acquire Thunderbird Entertainment Group, highlighting the strategic fit and complementary nature of the two companies [4][3][8] 2. **Financial Details**: The implied consideration for Thunderbird shareholders is CAD 1.77 per share, totaling an equity transaction value of CAD 89 million [8] 3. **Cost Synergies**: Expected annual cost synergies of CAD 7 million post-acquisition, driven by efficiencies and reduced duplicated costs [6] 4. **Production Capacity and Innovation**: The acquisition will expand Blue Ant Media's production capacity and enhance technical innovation, particularly in AI for production workflows [6] 5. **Market Positioning**: The combined entity is expected to have enhanced earnings power, improved operational efficiency, and a stronger capital markets profile, positioning it for sustained growth and long-term shareholder value [6][7] 6. **Shareholder Support**: Blue Ant Media has secured voting support agreements with shareholders holding approximately 37% of Thunderbird's outstanding shares [8] 7. **Industry Evolution**: The media landscape has shifted significantly, with increasing importance on scale and global reach for competitive advantage [9][10] 8. **Production Pipeline**: Thunderbird reported having 26 shows in production, with 76% of revenue from its current slate approved and underway, indicating strong operational momentum [11] Other Important but Overlooked Content 1. **Forward-Looking Statements**: The call included forward-looking statements that involve risks and uncertainties, with a cautionary note provided in the press releases [2] 2. **Non-IFRS Financial Measures**: References to non-IFRS financial measures such as adjusted EBITDA were made, with reconciliations available in earnings releases [2] 3. **Strategic Partnerships**: Thunderbird has established long-standing partnerships with major global studios and streamers, which will enhance the combined company's distribution capabilities [5] 4. **Focus on IP Monetization**: The acquisition aims to strengthen the ability to develop, package, and monetize content across various platforms, enhancing revenue streams [6][9] 5. **Future Growth Expectations**: Thunderbird anticipates mid to high single-digit revenue growth as a standalone business in fiscal 2026, with adjusted EBITDA margins expected to remain consistent with 2025 [12]

Financial Data and Key Metrics Changes - The company reported a net loss of ARS 50.3 billion in Q3 2025, significantly impacted by high real interest rates and tight monetary policy [3][4] - Net financial income declined by 43% sequentially, with the NIM for pesos falling to 11.7% and total NIM to 10.8%, down 1,100 and 1,000 basis points respectively [6][7] - The CET1 ratio reached 13.2% at the end of the quarter and improved to 14.5% in October [5] Business Line Data and Key Metrics Changes - Loan growth was solid, up 8% in real terms, primarily driven by corporate lending, while retail lending slightly declined due to tightened origination standards [4] - The NPL ratio rose to 3.9%, mainly due to retail loans, but the NPL share of individuals remains below the retail loan share [4][5] - Deposit growth was strong, increasing by 15% quarter-on-quarter and over 40% year-on-year, with dollar deposits reaching a record high, up 31% sequentially [4] Market Data and Key Metrics Changes - The company anticipates real loan growth of 35%-40% for the full year 2025, led by corporate lending, with retail gradually resuming growth as disposable income improves [7][8] - The forecast for deposits is a growth of 30%-35%, with further gains in U.S. dollar-denominated deposits [8] Company Strategy and Development Direction - The company is focused on enhancing customer engagement and expanding cross-sell opportunities, particularly through its super app and InvertirOnline [5] - Strategic initiatives are aimed at unlocking the full value of the franchise, with a commitment to return to profitability and sustained long-term value [2][5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about post-election stabilization, with improving confidence and declining interest rates [3][4] - The company expects a gradual improvement in asset quality and loan growth as macroeconomic conditions normalize [7][8] Other Important Information - The company is maintaining tight control on costs, which declined by 2% quarter-on-quarter and 12% year-to-date in real terms [5] - The management is preparing for potential strategic alliances and partnerships to enhance resilience and adapt to market changes [66][68] Q&A Session Summary Question: Long-term growth expectations and segment growth - Management indicated that loan growth is expected to come mainly from corporates and SMEs, with retail picking up later in 2026 as economic conditions improve [32][33] Question: ROE expectations for next year - Management anticipates a medium-term target ROE of high single digits to low double digits for 2026, depending on the pace of economic recovery [51][52] Question: Corporate vs. retail loan mix - The current loan mix is tilted towards corporate loans, but management expects a more balanced approach by the end of 2026 as retail demand increases [59][60] Question: Asset quality and NPL dynamics - Management believes that the NPL ratio may peak in Q4 2025, with expectations for gradual improvement as macro conditions normalize [76][77] Question: Liquidity conditions and potential constraints - Management noted that increasing money demand post-elections should support deposit growth, and they are prepared to tap international markets if conditions allow [86]

Financial Data and Key Metrics Changes - The company reported a net loss of ARS 50.3 billion in Q3 2025, significantly impacted by high real interest rates and tight monetary policy [3][4][6] - Net financial income declined by 43% sequentially due to increased funding costs and local market volatility [6] - The CET1 ratio was 13.2% at the end of the quarter, improving to 14.5% in October [5] Business Line Data and Key Metrics Changes - Loan growth was solid, up 8% in real terms, primarily driven by the corporate segment, while retail lending slightly declined [4] - The NPL ratio rose to 3.9%, mainly due to retail loans, but the NPL share of individuals remains below the retail loan share [4][5] - Deposit growth was strong, increasing by 15% quarter on quarter and over 40% year on year, with dollar deposits reaching a record high [4] Market Data and Key Metrics Changes - The company anticipates real loan growth of 35%-40% for the full year 2025, led by corporate lending [7] - NIM is projected to be between 15%-18% for the full year, reflecting the impact of high interest rates [8] - The company expects an NPL ratio between 4.7%-5.1% and a net cost of risk of 5.8%-6.3% for the full year [8] Company Strategy and Development Direction - The company is focused on enhancing customer engagement and expanding cross-sell opportunities, particularly through its super app and Invertir Online [5] - Strategic initiatives are aimed at unlocking the full value of the franchise and returning to profitability [2][5] - The company plans to tap into international markets for funding if conditions allow, indicating a strategy to increase leverage [82] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the post-election environment, noting early signs of stabilization and improving confidence [2][3] - The company is preparing for a gradual recovery in loan demand, particularly from corporates and SMEs, as economic conditions improve [31] - Management acknowledged the challenges faced in Q3 but emphasized a focus on controlling costs and investing in business growth [5][6] Other Important Information - The political landscape in Argentina is shifting, with significant changes expected in governance and economic reforms following the recent elections [10][11] - The company is open to strategic alliances and partnerships to adapt to the evolving market conditions [67][68] Q&A Session Summary Question: Long-term growth expectations and segment growth - Management indicated that loan growth is expected to be led by corporates and SMEs, with retail lending picking up later in 2026 as economic conditions improve [31][32] Question: ROE expectations for next year - Management expects ROE to be in the high single digits or low double digits for 2026, depending on the pace of economic recovery and regulatory changes [51][52] Question: Corporate vs. retail loan mix - The company aims for a balanced loan mix, with corporate loans currently exceeding 50% of the total, and expects retail loans to increase as consumer confidence improves [58][59] Question: Asset quality and NPL dynamics - Management anticipates that NPLs may peak in Q4 2025, with gradual improvement expected as macroeconomic conditions stabilize [76][77] Question: Liquidity conditions and growth constraints - Management noted that liquidity conditions are improving post-elections, with expectations for increased deposit growth and a focus on capturing stable deposits [86]

FOURTH QUARTER FY2025 EARNINGS NOVEMBER 26, 2025 SAFE HARBOR The information provided in this presentation may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "aims", "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions ...

4Q 2025 Earnings Call 26 November 2025 Forward-Looking Statements This earnings call, this presentational and accompanying materials may include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "forecast," "guidance," "project," "target," "outlook," "prospects," "expect," "estimate," "will," "goal," "plan," "anticipate," "intend," "predict," "believe," "likely," " ...

Infineon Technologies Conference Call Summary Company Overview - **Company**: Infineon Technologies (OTCPK:IFNN.F) - **Focus**: Powering AI from grid to core, with emphasis on AI data centers and power infrastructure Key Points Industry and Market Dynamics - **AI Infrastructure Growth**: Infineon anticipates significant growth in AI infrastructure leading to multi-year capital expenditure (CapEx) expansion, with AI business revenue projected to double from EUR 700 million to EUR 1.5 billion in FY2026 [1][27] - **Addressable Market**: The addressable market for Infineon is expected to reach EUR 8 billion to EUR 12 billion by the end of the decade [1][27] Powering AI from Grid to Core - **Electricity Demand**: The demand for electricity is increasing due to the growth of data centers, necessitating advancements in electricity generation and transportation [3] - **Semiconductor Solutions**: Infineon is a key player in semiconductors for electricity generation and transmission, focusing on solid-state transformers and circuit breakers to meet evolving data center needs [4][5] Technological Innovations - **Solid-State Transformers**: Infineon is working on replacing traditional transformers with solid-state solutions, which are smaller, lighter, and more efficient [6][7] - **Circuit Breakers**: The company is developing solid-state circuit breakers that offer significantly faster reaction times compared to traditional electromechanical devices, creating a new market opportunity [8][9] - **Wide Bandgap Technologies**: Infineon is leveraging silicon carbide (SiC) and gallium nitride (GaN) technologies to enhance efficiency and power density in power management solutions [17][18] Product Development and Market Share - **Power Supply Units (PSUs)**: Infineon is evolving its PSU designs to accommodate higher power levels, with a focus on three-phase systems and increasing content per rack [13][15] - **Market Share**: Infineon aims to maintain a market share of at least 30-40% in the AI sector, with expectations of growth in both established and emerging markets [34][39] Competitive Landscape - **Chinese Competition**: Infineon acknowledges competition from Chinese manufacturers but emphasizes differentiation through performance and reliability, particularly in wide bandgap technologies [38][39] - **Supply Chain Constraints**: Current supply constraints are primarily related to manufacturing capabilities, with Infineon actively working to secure capacity and support customer demand [40][41] Future Outlook - **Growth Projections**: Infineon expects a significant compound annual growth rate (CAGR) of around 30% in the semiconductor market related to AI and power management solutions [6][20] - **AI Market Potential**: The company sees a substantial opportunity in the AI market, with a projected revenue of EUR 1.5 billion dedicated to AI solutions by 2026 [31][32] Additional Insights - **Physical AI**: Infineon is exploring opportunities in humanoid robotics and AI applications, leveraging its expertise in various functional building blocks [28][30] - **Customer Engagement**: Infineon emphasizes the importance of customer collaboration in developing solutions that meet the evolving demands of the AI market [26][44] This summary encapsulates the key insights from the Infineon Technologies conference call, highlighting the company's strategic focus on AI infrastructure, technological advancements, and market positioning.