Financial Data and Key Metrics Changes - The company raised $4.9 million through ATM sales in the third quarter, with reported shares increasing from approximately 14.4 million in Q2 to approximately 21.8 million in Q3, a difference of 7.3 million shares [9][10] Business Line Data and Key Metrics Changes - The drug Serenity was originally approved in April 2022, with two doses approved: 120 micrograms and 180 micrograms [10] Market Data and Key Metrics Changes - There is no specific market data or key metrics changes mentioned in the provided content Company Strategy and Development Direction and Industry Competition - The company is currently in compliance with the minimum bid price requirements at the Nasdaq Capital Market and has proposed a reverse stock split as a precautionary measure to provide additional flexibility for future compliance [8][13] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook in the provided content Other Important Information - The company has approved the appointment of Ernst & Young LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2025 [13] - The advisory vote on the compensation of named executive officers has been approved [13] Q&A Session Summary Question: What was the average cost per share traded, and how many shares did the company sell? - The 14.4 million shares in Q2 were as of the filing date, not the end of the quarter, and the 21.8 million shares in Q3 were also as of the filing date, which is mid-November [9][10] Question: When was the drug Serenity approved, and how many doses have been issued? - The drug was originally approved in April 2022, with two doses approved, and there is no black box warning on the current label [10]

Financial Data and Key Metrics Changes - The company raised $4.9 million through ATM sales in the third quarter, with reported shares increasing from approximately 14.4 million in Q2 to approximately 21.8 million in Q3, a difference of 7.3 million shares [9] - The low trade price during this period was $1.18, which would have returned over $8 million [9] Business Line Data and Key Metrics Changes - The drug SERENITY was originally approved in April 2022, with two doses approved: 120 micrograms and 180 micrograms [10] Company Strategy and Development Direction - The company is currently in compliance with the minimum bid price requirements at the Nasdaq Capital Market and has proposed a reverse stock split as a precautionary measure to provide additional flexibility for future compliance [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's current compliance status and the strategic measures being taken to ensure future flexibility in operations [8] Other Important Information - The company has appointed Ernst & Young LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2025, which has been ratified by stockholders [13] - The advisory vote on the compensation of named executive officers has also been approved [13] Q&A Session Summary Question: Average cost per share traded and number of shares sold - The average cost per share traded was not disclosed, but the company clarified that the share counts reported were as of the filing dates, not the end of the quarters [9] Question: Approval and dosage information for the drug SERENITY - The drug SERENITY was approved in April 2022, with no black box warning on the current label, and two doses are available [10]

Financial Data and Key Metrics Changes - The company raised $4.9 million through ATM sales in the third quarter, with reported shares increasing from approximately 14.4 million in Q2 to approximately 21.8 million in Q3, a difference of 7.3 million shares [9][10] Business Line Data and Key Metrics Changes - The drug Serenity was originally approved in April 2022, with two doses approved: 120 micrograms and 180 micrograms [10] Market Data and Key Metrics Changes - There is no mention of specific market data or key metrics changes in the provided content Company Strategy and Development Direction and Industry Competition - The company is currently in compliance with the minimum bid price requirements at the Nasdaq Capital Market and has proposed a reverse stock split as a precautionary measure to provide additional flexibility for future compliance [8] Management's Comments on Operating Environment and Future Outlook - Management has indicated that they are open to communication with shareholders and are willing to address any questions through their investor relations [10] Other Important Information - The company has approved several proposals during the meeting, including the election of directors and the ratification of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2025 [13] Q&A Session Summary Question: What was the average cost per share traded, and how many shares did the company sell? - The company clarified that the 14.4 million shares in Q2 were as of the filing date, not the end of the quarter, and that the 21.8 million shares in Q3 were also as of the filing date [9][10] Question: When was the drug Serenity approved, and does it have a black box warning? - The drug Serenity was approved in April 2022, with no black box warning on the current label [10]

Financial Data and Key Metrics Changes - Total debt reduced from approximately $319 million to approximately $120 million, with maturity extended to 2029 [4] - Revenue for Q3 2025 was $87.6 million, up 15.4% year-over-year, and up 8.3% quarter-over-quarter [19] - Adjusted EBITDA for Q3 2025 was $4.3 million or 4.9% of revenue, down from $9.3 million or 12.3% of revenue in Q3 2024 [22] - Free cash flow for Q3 2025 was -$13.6 million, compared to -$3.4 million in Q3 2024 [22] Business Line Data and Key Metrics Changes - Subscription and reserve rental revenue increased by $10.7 million or 16.1% year-over-year in Q3 2025, primarily due to higher average subscribers and average revenue per subscriber [19] - Inventory-related cancellations decreased by nearly 30% year-over-year in Q3 [6] - Revenue per subscriber increased, driven by a price increase and changes to late fee policies [8] Market Data and Key Metrics Changes - Ending active subscribers grew by 12.4% year-over-year, reaching 148,916 [18] - Average active subscribers during Q3 were 147,645, an increase of 12.9% year-over-year [18] - Customer engagement metrics, including Net Promoter Score, visits, and hearts, all showed significant improvement [6][7] Company Strategy and Development Direction - Focus on strategic recapitalization to strengthen the balance sheet and return to growth through inventory strategy and product innovation [4] - Emphasis on improving customer acquisition through organic community-driven channels and enhancing customer experience [12] - Plans to activate community engagement and leverage customer advocacy for growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved growth momentum and customer engagement [24] - Anticipated continued strong revenue growth in Q4, with guidance for revenue between $85 million and $87 million [23] - Management highlighted the importance of inventory investment for driving customer satisfaction and growth [17] Other Important Information - The company has nearly doubled its units of inventory purchased this fiscal year, impacting gross margins [17] - The completion of recapitalization transactions provides additional financial flexibility and support for growth plans [18] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Data and Key Metrics Changes - Total debt reduced from approximately $319 million to approximately $120 million, with maturity extended to 2029 [4] - Revenue for Q3 2025 was $87.6 million, up 15.4% year-over-year, and up 8.3% quarter-over-quarter [19] - Adjusted EBITDA for Q3 2025 was $4.3 million or 4.9% of revenue, down from $9.3 million or 12.3% of revenue in Q3 2024 [22] - Free cash flow for Q3 2025 was negative $13.6 million, compared to negative $3.4 million in Q3 2024 [22] Business Line Data and Key Metrics Changes - Subscription and reserve rental revenue increased by $10.7 million or 16.1% year-over-year in Q3 2025, driven by higher average subscribers and average revenue per subscriber [19] - Inventory-related cancellations decreased by nearly 30% year-over-year in Q3 [5] - Revenue per subscriber increased, primarily due to a price increase and changes to late fee policies [8] Market Data and Key Metrics Changes - Ending active subscribers grew by 12.4% year-over-year, reaching 148,916 [18] - Average active subscribers during Q3 were 147,645, an increase of 12.9% year-over-year [18] - Customer engagement metrics such as net promoter score and app visits increased significantly, with average visits per subscriber up 34% year-over-year [6][7] Company Strategy and Development Direction - Focus on strategic recapitalization to strengthen the balance sheet and return to growth through inventory strategy and product innovation [4] - Emphasis on improving customer acquisition through organic community-driven channels and enhancing customer experience [12] - Plans to activate community engagement and leverage customer advocacy for growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved growth momentum and customer engagement [24] - Anticipated continued strong revenue growth in Q4 2025, with guidance for revenue between $323.1 million and $325.1 million for fiscal year 2025 [23] - Management acknowledged challenges with cash consumption due to inventory investments but expects improved cash flow generation over time [17] Other Important Information - The company has made significant changes to its app to enhance customer experience, resulting in increased engagement [9] - The introduction of community-driven content and ambassador programs has generated substantial impressions and referrals [13] Q&A Session Summary Question: What are the expectations for revenue growth in Q4? - Management expects revenue to be between $85 million and $87 million for Q4 2025 [23] Question: How is the company managing cash flow amid increased inventory investments? - Management noted that cash consumption has increased due to inventory investments but expects improved cash flow generation in the future [17]

Financial Data and Key Metrics Changes - Total debt reduced from approximately $319 million to approximately $120 million, with maturity extended to 2029 [4] - Revenue for Q3 2025 was $87.6 million, up 15.4% year-over-year, and up 8.3% quarter-over-quarter [17] - Adjusted EBITDA for Q3 2025 was $4.3 million, or 4.9% of revenue, down from $9.3 million, or 12.3% of revenue in Q3 2024 [20] - Free cash flow for Q3 2025 was negative $13.6 million, compared to negative $3.4 million in Q3 2024 [20] Business Line Data and Key Metrics Changes - Subscription and reserve rental revenue increased by $10.7 million, or 16.1% year-over-year, primarily due to higher average subscribers and average revenue per subscriber [17] - Active subscribers grew by 12% year-over-year, with ending active subscribers at 148,916 [5][16] - Revenue per subscriber increased, driven by a price increase and changes to late fee policies [7] Market Data and Key Metrics Changes - Inventory-related cancellations decreased by over 20% year-over-year, with a nearly 30% reduction in Q3 [6] - Customer engagement metrics, including net promoter score and app visits, showed significant improvement, with visits up 34% year-over-year [6] Company Strategy and Development Direction - Focus on strategic recapitalization to strengthen the balance sheet and return to growth through inventory strategy and product innovation [4] - Shift towards organic community-driven marketing channels to enhance customer acquisition [10][11] - Emphasis on improving customer experience through personalized app features and better onboarding processes [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth momentum, expecting continued strong revenue growth in Q4 2025 [14][22] - The company aims to manage investments prudently to sustain growth and improve customer satisfaction [22] - Management highlighted the importance of community advocacy and customer experience in driving future growth [11][12] Other Important Information - The company has nearly doubled its inventory purchases this fiscal year, impacting gross margins, which were 29.6% in Q3 2025 compared to 34.7% in Q3 2024 [15][18] - The Muse Program generated 10 million impressions in Q3, showcasing the product in real life [12] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Summary of Wendel 2025 Investor Day Company Overview - **Company**: Wendel (OTCPK:WNDL.F) - **Event**: 24th Investor Day held on December 12, 2025 - **Focus**: Transformation into a leading investment firm in private assets with a long-term value creation strategy [1][2] Key Points and Arguments Transformation and Strategy - Wendel has evolved into a prominent investment firm focusing on private assets, emphasizing an owner-operator mindset to create long-term value for stakeholders [2][3] - The company operates two main value creation engines: - **Wendel Investment Managers**: A diversified asset management platform with €46 billion in assets under management, targeting mid-market investments in Europe and the U.S. [3][4] - **Wendel Principal Investment**: Focused on direct investments, aiming for a 12%-16% return on assets with a net asset value of €5.3 billion [4][5] Financial Performance and Returns - Wendel has returned 20% of its market cap to shareholders over the past three years, totaling €700 million, with €574 million through dividends (a 51% increase from 2022) and €129 million through share buybacks [7][8] - The company aims to generate at least €7 billion in cash by 2030, allocating funds for asset management growth (€2.5 billion), new company investments (€1.7 billion), and shareholder returns (€1.6 billion) [8][9] Future Outlook - By 2030, Wendel anticipates that 50% of its intrinsic value will derive from asset management, with a focus on creating a self-sustaining growth model [11][12] - The dividend policy is set at 2.5% of the investment portfolio, with expectations of growth to 3.5% of the firm's global value [12][13] Additional Insights Portfolio and Valuation - Wendel's portfolio consists of eight companies, with a balanced diversification across industries and geographies [15][16] - The valuation methodology includes peer multiples and transaction multiples, ensuring a robust and transparent approach to asset valuation [17][18] Operational Changes - Starting January 1st, Wendel will implement a new operational model, leveraging the expertise of IK Partners to enhance performance and scale in both asset management and principal investments [20][21] - The focus will remain on sectors where Wendel has established expertise, with an emphasis on maintaining a lean operational structure [24][25] Market Challenges and Adaptation - The company acknowledges current market pressures, particularly in the aerospace and automotive sectors, and is adapting its strategy to enhance resilience and efficiency [50][51] - Wendel aims for organic growth of €700 million by 2030, with a clear plan of 41 actions to achieve this goal [55][56] Conclusion Wendel is positioning itself as a robust player in the private asset investment space, with a clear strategy for growth, shareholder returns, and operational efficiency. The focus on long-term value creation, combined with a diversified portfolio and strategic partnerships, sets a strong foundation for future success.

Forward-Looking Statements Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements herein that do not relate to matters of historical fact should be considered forward-looking statements. These statements include, but are not limited to, statements regarding Rent the Runway, Inc.'s (the "Company," "our" or "we") guidance and underlying assumptions for fiscal year 2025 and the anticipated benefits of the recap ...

Wendel's Strategic Transformation - Wendel operates two complementary value-creation engines: Wendel Investment Managers (WIM) and Wendel Principal Investments (WPI)[17] - WIM has >€46 billion in Assets under Management (AuM) and >€200 million in FRE (Fee Related Earnings) expected in 2026, with organic growth potential of approximately 15% per year[18] - WPI has €5.3 billion of Net Asset Value as of September 2025, targeting 12–16% annual Net Asset Value growth[19] - Wendel generated €3.6 billion through portfolio rotation over the past three years and reinvested €2.7 billion[21, 22] Capital Allocation and Shareholder Returns - Wendel plans to generate >€7 billion in cash by 2030 through active WPI portfolio rotation and WIM revenue and FRE growth[36, 39] - The company intends to return >€1.6 billion to shareholders by 2030, which is more than €35 per share[42, 45] - A share buyback program of approximately €300 million, representing up to 9% of the share capital, will be implemented[54, 55] - Approximately 90% of FRE (post tax) will be redistributed to shareholders, plus additional flows from PRE (Performance Related Earnings), along with 2.5% of WPI NAV distributed to shareholders[52] Scalian's Overview - Wendel invested €648 million in Scalian, holding an 81.5% equity stake[153, 154] - Scalian's pro forma revenue for FY25 is €523 million, with >20% CAGR from 2015 to 2025, including 12% organic growth[163] - Scalian aims to achieve >€0.7 billion in revenue organically by 2030, with 50% of revenue generated outside France[163, 195] Crisis Prevention Institute (CPI) - Wendel invested $569 million in CPI, holding a 97.6% equity stake[227] - CPI has distributed $134 million in dividends to Wendel since acquisition[227] - CPI's revenue for LTM June 2025 was $153 million, with an EBITDA margin of 50%[250, 252]

TYO : 5401 OTC : NPSCY(ADR) Nippon Steel 2030 Medium- to Long-term Management Plan Dec. 12, 2025 Notes on this presentation material Agenda 1. Summary 2. Domestic: Improve Profitability by Further Strengthening the Earnings Base 3. Overseas: Dramatically Increase Profit by Implementing the Global Growth Strategy 4. Growth Strategies for Non-Steel Segments 5. Steady Promotion of the Carbon Neutral Vision 2050 Unless otherwise noted, all volume figures are presented in metric tons. Unless otherwise noted, all ...