FY 2024-2025 Earnings Call June 30 2025 Disclaimer Forward-Looking Information / Statements Certain statements contained in this presentation are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "plans," "expects," "believes," "anticipates," and similar words are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning our expecte ...

Financial Performance & Key Metrics - FY24 net income was $698 million, with earnings per share at $5.02 [11] - Adjusted earnings per share for FY24 were $5.39 [11] - The CET1 ratio was 11.89% [8, 11], well above the company's strategic target - The efficiency ratio for FY24 was 70.68% [11] - Net interest income for FY24 was $2.19 billion [11] Balance Sheet & Loan Portfolio - Average loans for FY24 were $50.979 billion [11], a decrease of $2.924 billion year-over-year [11] - Average deposits for FY24 were $63.901 billion [11], a decrease of $2.117 billion year-over-year [11] - Brokered time deposits were reduced to $4.8 billion at the end of 2024 [8] from $10.4 billion in 2023 [8] Credit Quality & Risk Management - Net charge-offs for FY24 were historically low at 0.10% of average total loans [8] - Allowance for credit losses as a percentage of total loans was 1.44% in 4Q24 [15] - Criticized loans in the Commercial Real Estate business line were 4.4% of loans as of 4Q24 [72] Strategic Initiatives & Market Presence - The company has a diversified geographic footprint with significant presence in Texas (25% of loans, 17% of deposits), California (36% of loans, 27% of deposits), and Michigan (22% of loans, 15% of deposits) [5] - The company resumed share repurchases in 4Q24 [9] - Wealth Management represents approximately 27% of Comerica's Noninterest Income and has >$200B Assets Under Administration (AUA) [100]

Financial Performance - Academy Sports + Outdoors delivered the best third quarter financial results in the Company's history[8] - Net sales reached $1.59 billion in Q3 2021[9] - Gross margin was $560.8 million with a rate of 35.2% in Q3 2021[10] - Pro Forma Adjusted Net Income was $164.1 million in Q3 2021[15] - Pro Forma Adjusted Diluted EPS was $1.75 in Q3 2021[15] Sales Growth - Comparable sales increased by 16.5% in Q3 2021, marking the ninth consecutive quarter of positive comparable sales[11] - E-commerce sales grew by 25.9% compared to Q3 FY2020 and 146.6% compared to Q3 FY2019[22, 24] - Sales penetration in e-commerce was 8.0% in Q3 2021, compared to 7.5% in Q3 2020 and 4.5% in Q3 2019[25] Capital Allocation and Guidance - The Company repurchased and retired 5.7 million shares for approximately $250 million during the quarter[18] - Year-to-date, the Company has repurchased 8.9 million shares for approximately $350 million[18] - The Company raises full-year comparable sales forecast from 14% to 17% to 17% to 18%[29]

Financial Performance - Academy Sports + Outdoors reported record fourth quarter 2021 results[6] - Q4 Pro Forma Adjusted Diluted EPS increased to $1.61[11, 12] - Fiscal year net sales reached $6.8 billion[21] - Fiscal year gross margin rate increased to 34.7%[23] - Fiscal Year Pro Forma Adjusted Net Income reached $716.5 million[27] - Fiscal Year Pro Forma Adjusted Diluted EPS reached $7.60[27] Sales Growth - Q4 comparable sales increased by 13.1%[15] - Fiscal year comparable sales increased by 18.9%[29] - E-commerce sales grew by 22.7% compared to Q4 FY2020[39] and 97.2% compared to Q4 FY2019[41] - Fiscal year e-commerce sales grew by 6.2% compared to FY2020[42] and 153.1% compared to FY2019[42] Capital Allocation - The company repurchased and retired 10.6 million shares for $411.4 million in 2021[34] - The company initiated a quarterly cash dividend of $0.075 per share[34] Fiscal Year 2022 Guidance - Comparable sales are expected to range from -4.0% to -1.0%[37] - Adjusted EPS is expected to range from $6.70 to $7.25[37]

Company Overview - Spruce Power owns the cash flows from approximately 85,000 home solar assets and contracts representing 515 MW of capacity[6] - The company also provides management services to approximately 60,000 stand-alone systems owned by other companies, totaling approximately 145,000 systems and customer contracts[7] Financial Performance (1Q'25) - Revenue reached $24 million, a 30% year-over-year increase[9] - Adjusted Operating Margin was 24%[38] - Adjusted EBITDA Margin was 26%[38] - Total Cash was $96 million[9] Market Opportunity - The projected U.S solar build is 737 GW between 2024-2035[5] - U.S electricity consumption is expected to double by 2050[11] Acquisition Strategy - The company has acquired contracts related to over 67,000 home solar systems in 14 separate transactions since 4Q'18[22] - Spruce Power 5 Acquisition added cash flows from over 9,800 residential solar contracts in New Jersey[37] Debt and Portfolio Value - The company's debt has minimal exposure to interest rate fluctuations over the near-to-medium term as all debt is either floating rate debt that is hedged with interest rate swaps or fixed rate debt[45] - Spruce has $201 million in Net Portfolio Value as of 1Q'25, including Total Cash, Net Portfolio Value was $297 million[47]

FY 2017 Results - Full year 2017 sales were $10425 million, a 3% increase compared to the prior year[6] - Full year 2017 adjusted operating earnings were $1160 million, a decrease of 8% compared to the prior year[6] - Full year 2017 adjusted EPS was $1146, a decrease of 1% compared to the prior year[6] Q4 2017 Adjusted Results - Q4 2017 sales increased by 7% to $2632 million compared to $2471 million in Q4 2016[7] - Q4 2017 EPS increased by 20% to $294 compared to $245 in Q4 2016[7] - Q4 2017 gross profit margin was 392%, a decrease of 90 basis points compared to Q4 2016[7] - Q4 2017 operating margin was 108%, a decrease of 30 basis points compared to Q4 2016[7] - Sales in Other Businesses increased by 16% to $559 million compared to $484 million in Q4 2016[9] - Sales in Canada increased by 5% to $189 million compared to $181 million in Q4 2016[13] - Sales in the United States increased by 5% to $1992 million compared to $1897 million in Q4 2016[16] Guidance - The company expects 5% sales growth in 2018, reaching $109 billion[27] - The company expects EPS of $1355 in 2018, an increase of 18%[27]

Company Overview - W W Grainger, Inc is a leading distributor of MRO products for businesses[4] - The company was founded in 1927 and has over 90 years of service[4] - In 2018, the company's revenues reached $112 billion[4] - The company has more than 3 million active customers, with an average customer invoice of approximately $300[4] eCommerce Leadership - Grainger is ranked as the 11th largest eCommerce retailer in North America by Internet Retailer[4] - The company launched the first commerce-enabled website in the industry in 1996[4] - 69% of orders originated through digital channels in the U S [4] Business Models - High-Touch Solutions Model includes U S , Canada, Mexico, Cromwell, and Fabory[5] - Endless Assortment Model includes Zoro and MonotaRO[5]

Investor Presentation April 2025 Confidential Content must not go below this line Forward Looking Statements This presentation contains forward-looking statements, which reflect the Firm's current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "target," "approximately," "predicts," "intends," "plans," ...

Financial Targets and Performance - The company aims to make disciplined investments of $1 billion from 2022 to 2025 in Timberlands growth[11] - The company targets to grow annual EBITDA to $100 million from Natural Climate Solutions[11], with $47 million achieved in 2023[60] - The company is committed to returning 75-80% of Adjusted Funds Available for Distribution (FAD) annually to shareholders[11] - The company increased its base dividend by >5% annually from 2022-2024[14] - The company targets to grow lumber production by 5% annually[11] Timberlands Portfolio - The company holds 10.5 million acres of timberlands in the U S and licenses 14 million acres in Canada[19] - The company invested approximately $775 million including acquisitions in Washington, Carolinas, Mississippi & Alabama[14] - The company's Western Timberlands Adjusted EBITDA accounts for 56% of the total, while the South accounts for 43%[31] Wood Products - The company is the 2nd largest lumber producer in North America with 19 lumber mills (5.5 BBF)[69] - The company is expanding Engineered Wood Products (EWP) capacity with a new TimberStrand facility, expecting $100+ million of annual Adjusted EBITDA at full capacity[73] - The company's wood residuals utilization rate is 98% to create other products or generate energy[92] Sustainability and Carbon - The company's forests store 10.2 million metric tons of CO2e in 2023[121] - The company removed 38 million metric tons of CO2e in 2023[121]

LUPKYNIS Commercialization and Growth - The company aims to accelerate LUPKYNIS commercialization by improving screening, diagnosis, and treatment rates[4, 5] - The company also aims to continue LUPKYNIS commercial growth[4] - LUPKYNIS is the first FDA-approved oral therapy for the treatment of lupus nephritis[7] - In AURORA 1, 408% of patients on LUPKYNIS achieved a complete renal response at Week 52, compared to 225% on placebo, MMF, and corticosteroids, representing an 81% increase[32] - In AURORA 1, patients treated with LUPKYNIS were 64% more likely to achieve complete renal response at Week 24 than those on MMF + corticosteroids alone[32] - LUPKYNIS reduced proteinuria in a median of 169 days compared to 372 days for placebo, MMF, and corticosteroids[35] AUR200 Development - The company is advancing the AUR200 development program, a dual BAFF/APRIL inhibitor for autoimmune diseases[5, 43] - AUR200 has high binding affinity for both BAFF and APRIL compared to competitor dual BAFF/APRIL inhibitors[51] - In non-human primates, AUR200 lowered IgA by up to 76% and IgM by up to 67% after 4 weekly doses[56, 57] Financial Performance and Guidance - Total revenue increased by 34% from $1755 million in 2023 to $2351 million in 2024[62] - Net product sales increased by 36% from $1585 million in 2023 to $2162 million in 2024[62] - The company projects 2025 total revenue between $2500 million and $2600 million, representing a 6% to 11% increase from 2024[63] - The company projects 2025 net product sales between $2400 million and $2500 million, representing an 11% to 16% increase from 2024[63]