INVESTOR OVERVIEW MARCH 2026 Forward-Looking Statements Some of the statements contained in this presentation may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as ''may,'' '' ...

FUCHS GROUP Investor Presentation March 2026 Agenda | Megatrends 04 | Business Model | FUCHS – a profitable growth story 01 05 | Financial Results FY 2025 | Appendix 02 06 03 | Review FUCHS2025 E-Mobility Sustainability Digitalization 01 Business Model FUCHS AT A GLANCE | | | No. 1 | The Fuchs family holds | | --- | --- | --- | --- | | | | among the independent | 59% of | | | | suppliers of lubricants | ordinary shares | | 3 Established | | | | | generations ago as a | | €3.6 bn | | | family-owned business ...

Financial Data and Key Metrics Changes - In Q4, the company returned to positive net sales growth with a reported increase of 2.2% and approximately 1% on a constant currency basis [3][4] - Gross margin improved to 60.3%, a 10-basis point increase from the previous year, attributed to regional mix and effective tariff mitigations [4][31] - Adjusted EBITDA margin was 20.3% for Q4, maintaining a strong performance while investing in new store openings [32] Business Line Data and Key Metrics Changes - The direct-to-consumer (D2C) business saw strong growth, with D2C e-commerce up 12% and D2C blended sales up 5.2% [12] - Non-travel categories grew by 6.7% year-over-year, now representing 37.6% of total sales [13] - Travel sales experienced a slight decrease of 2.2% compared to the previous year, but showed sequential improvement from -5.3% [14] Market Data and Key Metrics Changes - Asia showed significant improvement with a 5.1% growth on a constant currency basis in Q4, driven by strong performances in China, Korea, India, and Japan [8][9] - North America remained challenging but showed sequential improvements, particularly in the U.S. and Canada [9] - Europe experienced steady growth at 1% for both quarters, with D2C retail up 4.4% and e-commerce up over 9% [9] Company Strategy and Development Direction - The company plans to focus on amplifying brand awareness, enhancing digital capabilities, and expanding into lifestyle bags and accessories [15][18] - Marketing spend is expected to increase to 6.5% of net sales in 2026 to support strategic priorities [40] - The company is preparing for a dual listing in the U.S. to enhance shareholder value [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth driven by travel demand and strategic execution [38] - The ongoing conflict in the Middle East is expected to impact Q1 sales, with a forecast of flat growth on a constant currency basis [39] - The company remains focused on maintaining strong gross margins despite external uncertainties [39] Other Important Information - The company generated strong adjusted free cash flow of $246 million for the year, with a healthy balance sheet showing a net debt position of approximately $1.1 billion [35] - The company received recognition for sustainability efforts, ranking 74th in Time's World's Best Companies in Sustainable Growth for 2025 and 2026 [25] Q&A Session Summary Question: Performance by market and resilience trends - Management noted sequential improvement across all business areas, with specific growth in Japan, Korea, and China, while the Middle East faced challenges [47][48] Question: Cost pressures due to Middle East conflicts - Management acknowledged potential short-term impacts on shipping and raw material costs but emphasized their ability to manage inventory and maintain margins [49][50] Question: Margin expectations for Q1 and store expansion plans - Management indicated that gross margins are expected to remain strong, with store expansions focused on Asia and Europe, particularly for TUMI [55][56] Question: Revenue trends in North America and wholesale customer sentiment - Management observed that wholesale customers in North America are buying cautiously, with a mixed trend for TUMI and improving performance for other brands [62]

Financial Data and Key Metrics Changes - In Q4, the company returned to positive net sales growth with a reported increase of 2.2% and approximately 1% on a constant currency basis [3][4] - Gross margin improved to 60.3%, a 10 basis point increase from the previous year, attributed to regional mix and brand strength [4][31] - Adjusted EBITDA margin was 20.3% for Q4, maintaining a strong performance while investing in new store openings [32][34] - Adjusted net income for Q4 was $106 million, down from $116 million in the prior year [32] Business Line Data and Key Metrics Changes - The direct-to-consumer (D2C) business saw strong growth, with D2C e-commerce up 12% and D2C blended sales up 5.2% [12] - Non-travel categories grew by 6.7% year-over-year, now representing 37.6% of total sales [13] - Travel category sales decreased by 2.2% compared to the prior year but showed sequential improvement from a negative 5.3% [14] Market Data and Key Metrics Changes - Asia experienced a significant recovery with 5.1% growth on a constant currency basis in Q4, driven by strong performance in China, Korea, India, and Japan [8][9] - North America showed sequential improvement, although still facing challenges from prior year comparisons [9] - Europe maintained steady growth at 1% for both quarters, with strong D2C performance particularly in Q4 [9] Company Strategy and Development Direction - The company plans to focus on four strategic pillars: amplifying brand awareness, winning in digital, seizing opportunities in lifestyle bags, and enhancing product development [15][17] - Marketing spend is expected to increase to 6.5% of net sales in 2026 to support these strategic priorities [18][40] - The company is preparing for a dual listing in the U.S. to enhance shareholder value [29][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth driven by travel demand and strategic execution [38] - The ongoing conflict in the Middle East is expected to impact Q1 sales, with a forecast of flat growth on a constant currency basis [38][39] - The company aims to maintain strong gross margins despite uncertainties in the market [39] Other Important Information - The company generated strong adjusted free cash flow of $246 million for the year, with $170 million in Q4 [35] - The balance sheet remains healthy with a net debt position of approximately $1.1 billion [35] - The company received recognition for sustainability efforts, ranking 74th in Time's World's Best Companies in Sustainable Growth [25] Q&A Session Summary Question: Performance by market and resilience trends - Management noted sequential improvement across all business areas, with specific impacts in the Middle East and resilience in Japan, Korea, and China [47][48] Question: Cost pressures from Middle East conflicts - Management acknowledged early signs of cost impacts, particularly in shipping and raw materials, but emphasized their ability to manage margins effectively [49][50] Question: Margin expectations for Q1 and store expansion plans - Margins are expected to remain stable in Q1, with store expansions focused on Asia and Europe, particularly for TUMI [54][56] Question: Revenue trends in North America and wholesale customer sentiment - North America is experiencing a mixed trend, with sell-through strong but wholesale customers remaining cautious [62] Question: Shareholder return expectations post dual listing - The company plans to maintain a dividend payout ratio of around 45% of adjusted net income and will evaluate share buybacks after the dual listing [63][64]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a net sales increase of 2.2% on a reported basis and approximately 1% on a constant currency basis, marking a return to positive growth [3][4] - Gross margin improved to 60.3%, a 10 basis point increase from the previous year, attributed to regional mix and effective tariff mitigation [4][30] - Adjusted EBITDA margin for Q4 was 20.3%, maintaining strong performance while investing in new store openings [31] Business Line Data and Key Metrics Changes - The direct-to-consumer (D2C) business saw significant growth, with D2C e-commerce up 12% and D2C blended sales up 5.2% [11] - The non-travel category grew by 6.7% year-over-year, now representing 37.6% of total sales [12] - Travel sales experienced a slight decrease of 2.2% compared to the previous year, but showed sequential improvement from a decline of 5.3% [13] Market Data and Key Metrics Changes - The Asia region showed a strong recovery with 5.1% growth on a constant currency basis in Q4, driven by improvements in China, Korea, India, and Japan [7][8] - North America experienced sequential improvements, although still facing challenges from prior year comparisons [8] - Europe maintained steady growth at 1% for both quarters, with strong D2C performance particularly in Q4 [8] Company Strategy and Development Direction - The company plans to focus on four strategic pillars: amplifying brand awareness, winning in digital, seizing opportunities in lifestyle bags, and enhancing product development [14][15] - Increased marketing spend is planned, targeting 6.5% of net sales in 2026 to support brand awareness and long-term growth [16][40] - The company is preparing for a potential dual listing in the U.S. to enhance shareholder value [28][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth driven by travel demand and strategic execution, despite uncertainties from geopolitical conflicts [38][40] - The company anticipates Q1 2026 net sales to be flat on a constant currency basis due to the impact of the Middle East conflict [38] - Management highlighted the importance of maintaining strong gross margins and effective supplier relationships to navigate cost pressures [30][49] Other Important Information - The company generated strong adjusted free cash flow of $246 million for the year, with a healthy balance sheet showing a net debt position of approximately $1.1 billion [35] - The company received recognition for sustainability efforts, ranking 74th in Time's World's Best Companies in Sustainable Growth for 2025 and 2026 [23][24] Q&A Session Summary Question: Performance by market and resilience trends - Management noted sequential improvement across all business areas, with specific impacts in the Middle East and resilience in Japan, Korea, and China [47][48] Question: Cost pressures from Middle East conflicts - Management acknowledged early signs of cost impacts, particularly in shipping and raw materials, but emphasized their ability to manage margins effectively [49][50] Question: Margin expectations for Q1 and store expansion plans - Margins are expected to remain stable in Q1, with store expansions focused on Asia and Europe, particularly for TUMI [54][56] Question: Revenue trends in North America and wholesale customer sentiment - North America showed improving trends, although wholesale customers remain cautious in their purchasing [60][62] Question: Shareholder return expectations post dual listing - The company plans to maintain a dividend payout ratio of around 45% of adjusted net income and will evaluate share buybacks after the dual listing [63][64]

Rhythm Pharmaceuticals Conference Call Summary Company Overview - **Company**: Rhythm Pharmaceuticals (NasdaqGM:RYTM) - **Product**: IMCIVREE (setmelanotide) - **Indication**: Approved for patients with acquired hypothalamic obesity Key Points FDA Approval and Product Details - The FDA has granted approval for IMCIVREE to treat acquired hypothalamic obesity, marking it as the first FDA-approved therapy targeting the underlying biology of this condition [2][4] - IMCIVREE is a melanocortin 4 receptor (MC4R) agonist indicated to reduce excess body weight and maintain long-term weight reduction in adults and pediatric patients aged 4 and older [6] - The approval was supported by the global phase 3 TRANSCEND trial, which showed a statistically significant placebo-adjusted difference of 18.4% in BMI reduction after 52 weeks of treatment [7] Clinical Trial Results - The trial included a total of 142 patients, with significant improvements in hunger scores observed: a 2.3-point reduction in the treatment group compared to a 1.4-point reduction in the placebo group [7] - The consistent response to MC4R agonists across trials reinforces the importance of the MC4R pathway in the biology of obesity [5][9] Market Opportunity - Approximately 10,000 patients in the U.S. are estimated to have acquired hypothalamic obesity, with about 500 new cases annually [12] - The approval is expected to drive increased diagnosis rates and treatment initiation, as there was previously no approved treatment for this condition [12][13] Sales and Marketing Strategy - Rhythm has expanded its sales team from 16 to 42 territory managers to engage with physicians and secure reimbursement for patients [13] - The company aims to educate healthcare providers about the condition and the new treatment option, facilitating quicker diagnoses and treatment initiation [15][51] Payer Engagement and Reimbursement - Rhythm is working to differentiate IMCIVREE from other anti-obesity medications to improve coverage prospects with payers, including Medicare [8][68] - The company plans to provide metrics on patient start forms, payer coverage, and physician engagement as part of their launch strategy [28] Future Developments - Rhythm is pursuing international opportunities and anticipates updates on its Japanese filing and EMEA submission for hypothalamic obesity in the coming quarters [9] - The company is also working on obtaining an ICD-10 code for hypothalamic obesity to facilitate diagnosis and treatment [56] Safety and Monitoring - The approval includes a warning for monitoring adrenal insufficiency, as a significant portion of patients may have hormonal deficiencies [80] - The FDA did not allow the inclusion of hyperphagia reduction in the indication statement, although it is noted in the clinical results section [82][86] Conclusion - The approval of IMCIVREE represents a significant milestone for patients with acquired hypothalamic obesity, providing a much-needed treatment option and addressing a high unmet need in this patient population [88]

Financial Data and Key Metrics Changes - Revenue increased by 8% year-over-year, driven by yield and volume strength across nearly all package services [6] - Adjusted operating income grew by 7% year-over-year, with a 16% increase in adjusted EPS [25] - Adjusted EPS outlook for FY 2026 raised to $19.30-$20.10 per diluted share [8][29] Business Line Data and Key Metrics Changes - FedEx Express (FEC) revenue grew by 10%, with adjusted operating margin expanding by 50 basis points, marking the sixth consecutive quarter of margin expansion [7] - FedEx Freight revenue declined by 5%, pressured by lower shipments, but revenue per shipment increased by 1% [17][19] - International priority and economy freight revenue grew by 14%, supported by the Tricolor strategy [16] Market Data and Key Metrics Changes - U.S. domestic package yield increased by 5%, while international export package yield grew by 6% [19] - International export volumes increased by 2% year-over-year for the first time in fiscal year 2026 [18] - The company reduced trans-Pacific outbound capacity by approximately 15% and 25% during the quarter [10] Company Strategy and Development Direction - The company is focused on growing in high-margin verticals, transforming its network, and leveraging data and technology for efficiency gains [5] - Plans to spin off FedEx Freight on June 1, 2026, are on track, expected to unlock long-term value for stockholders [6][37] - The introduction of new technologies, such as the Dun & Bradstreet and FedEx Dataworks Retail Momentum Index, aims to enhance service and operational efficiency [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of consolidated Q3 results and updated assumptions for Q4, expecting continued revenue growth [8] - The company is closely monitoring the situation in the Middle East, emphasizing the safety of team members while managing network adjustments [41] - Management acknowledged challenges in the LTL market but remains optimistic about future growth as the market recovers [18] Other Important Information - The company expects $2 billion in cumulative savings from Network 2.0 and associated initiatives by the end of 2027 [9] - The company is committed to maintaining disciplined capital allocation, with FY 2026 CapEx expected to be no more than $4.1 billion [36] Q&A Session Summary Question: Impact of the Iran conflict on operations - Management is monitoring the situation closely and has adjusted the network to accommodate the conflict, with minimal expected impact on overall revenue [41][42] Question: Outlook for the LTL business - Management noted that the LTL industry is experiencing broader market softness, with increased separation costs expected to continue [47] Question: Year-over-year headwinds for Q4 - Management highlighted a $500 million headwind due to variable compensation, LTL business challenges, and MD-11 impacts [54] Question: Sustainability of volume and yield growth - Management acknowledged the current growth as an anomaly but expressed confidence in maintaining momentum into Q4 [59][60] Question: Cost dynamics and future expectations - Management emphasized ongoing cost containment efforts and the potential for further savings as the company continues to implement structural cost-out initiatives [85]

Financial Data and Key Metrics Changes - Revenue increased by 8% year-over-year, driven by yield and volume strength across nearly all package services [4] - Adjusted operating income rose by 7% year-over-year, with adjusted EPS growth of 16%, including a one-time benefit of $0.41 due to a favorable effective tax rate [22][25] - The company raised its FY 2026 adjusted earnings outlook to $19.30-$20.10 per diluted share [6][25] Business Line Data and Key Metrics Changes - FedEx Express (FEC) revenue grew by 10%, with adjusted operating margin expanding by 50 basis points, marking the sixth consecutive quarter of margin expansion [5] - FedEx Freight revenue declined by 5%, pressured by lower shipments, but revenue per shipment increased by 1% due to higher weight per shipment [15][17] - International export package revenue grew by 8%, with significant contributions from Europe and the Asia to Europe lane [14] Market Data and Key Metrics Changes - The company experienced a 14% growth in international priority and economy freight revenue, supported by its Tricolor strategy [14] - U.S. domestic package yield increased by 5%, driven by strength across all services [17] - International export volumes turned positive for the first time in fiscal year 2026, up 2% year-over-year [15] Company Strategy and Development Direction - The company is focused on growing in high-margin verticals, transforming its network, and leveraging data and technology for efficiency gains [4][12] - Plans to spin off FedEx Freight on June 1, 2026, are on track, expected to unlock long-term value for stockholders [4][34] - The transformation to one integrated intelligent network is underway, with 35% of eligible volume expected to flow through optimized facilities by the end of the month [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of consolidated Q3 results and updated assumptions for Q4, expecting continued revenue quality and growth [6][20] - The company is closely monitoring the situation in the Middle East, emphasizing the safety of team members while managing network adjustments [38] - Management acknowledged the challenges posed by global trade policy changes and LTL industry trends but remains focused on revenue quality and operational efficiency [5][22] Other Important Information - The company introduced new digital tracking and returns offerings, enhancing customer experience and operational efficiency [19] - A strategic collaboration with Dun & Bradstreet aims to launch a Retail Momentum Index to provide insights into U.S. retail supply and demand [10] - The company is implementing autonomous robotic systems to improve operational efficiency in package unloading [11] Q&A Session Summary Question: Impact of the Iran conflict on operations - Management stated that the situation is being monitored closely, with network adjustments made to accommodate the conflict, and the broader global demand is expected to continue into Q4 [37][39] Question: Outlook for the LTL business and investments - FedEx Freight's CFO discussed ongoing investments related to the spin-off and the need to improve yield growth, with a focus on enhancing customer experience and pricing discipline [41][43] Question: Sustainability of current volume and yield growth - Management acknowledged the current growth as an anomaly but expressed confidence in maintaining momentum, targeting 4% revenue growth while ensuring revenue quality [55][57]

Financial Data and Key Metrics Changes - For Q4 2025, net income attributable to common stockholders was $1.6 million or $0.06 per diluted share, down from $4.5 million or $0.17 per diluted share in Q4 2024 [11] - Revenues and other income increased 8% to $23.3 million compared to $21.6 million in the same quarter last year [11] - Adjusted EBITDA for the quarter was $11.4 million, an increase of 9% compared to $10.5 million in the prior period [11] Business Line Data and Key Metrics Changes - Commercial and industrial real estate generated $4.2 million in revenue for the quarter, compared to $4.1 million in the prior year period [12] - Farming revenues for the quarter were $12.2 million, an increase of 26% compared to $9.7 million in Q4 2024, reflecting the impact of the pistachio harvest [12] - Income from joint ventures was down for the quarter and year, with equity and earnings from unconsolidated joint ventures totaling $2.1 million in Q4 compared to $3.3 million in the prior year [12] Market Data and Key Metrics Changes - The travel center joint venture was impacted by reduced car and truck traffic on Interstate 5, leading to lower fuel sales and margins [6] - Retail sales at the Tejon outlets reached the highest level since opening in 2014, attributed to the new Hard Rock Casino Tejon [6] Company Strategy and Development Direction - The company aims to strengthen its core business, tighten its cost structure, and leverage assets to generate recurring cash flow [16] - A new reporting segment for multifamily revenues and expenses was introduced, reflecting leasing activity at Terra Vista at Tejon [13] - The company plans to utilize third-party joint venture equity to fund developments and avoid shareholder dilution [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in advancing the Centennial project to approval, highlighting a strong relationship with L.A. County [50] - The company is focused on increasing cash flow from all non-master planned community assets and improving bottom-line performance across existing operations [39] - Management acknowledged the need for California to modernize its environmental review framework and is actively engaged in those discussions [51] Other Important Information - The board has made progress in governance, including reducing its size and proposing shareholder rights to call special meetings [7][8] - The company is targeting an additional $1 million in overhead savings by the end of 2027 [9] Q&A Session All Questions and Answers Question: When will management respect and benefit all shareholders? - Management acknowledged the sentiment and frustration, highlighting efforts to reduce workforce and overhead, improve shareholder engagement, and align executive compensation with performance [18][19] Question: How is Tejon Ranch approaching wildlife-friendly rodent control methods? - Management emphasized an integrated approach to wildlife management, focusing on prevention and habitat management [22][23] Question: How will the company grow returns on invested capital while holding onto Mountain Village and Centennial? - Management stated that master plan communities require time and capital to generate cash flow, and they aim to move these projects into active implementation [26][27] Question: What is the status of monetizing Mountain Village and Centennial? - Management confirmed ongoing capital raising efforts for Mountain Village and is open to discussions regarding land monetization [30] Question: Will the company consider a shareholder rights offering to fund development? - Management plans to use third-party joint venture equity instead of a rights offering to avoid dilution [48] Question: What level of confidence does management have in the approval of Centennial? - Management expressed high confidence in advancing Centennial to approval, citing a strong relationship with L.A. County [50]

Financial Data and Key Metrics Changes - The company generated a record $308 million in revenue for fiscal year 2026, representing approximately 26% year-over-year growth [8] - Non-GAAP gross margin was 59% for the year, with adjusted EBITDA profit of $15.5 million and free cash flow of $53 million, marking the first full fiscal year of non-GAAP profitability [8][24] - Q4 revenue reached $86.8 million, reflecting approximately 41% year-over-year growth, and marked the fifth consecutive quarter of adjusted EBITDA profitability [21][24] Business Line Data and Key Metrics Changes - Defense and intelligence revenue grew over 50% year-over-year, driven by strong performance in data subscriptions and satellite services [9][21] - Civil government revenue was flat year-over-year, while the commercial sector saw a modest decline, attributed to a focus on large government customers and headwinds in agriculture [21][12] - The backlog at the end of the period exceeded $900 million, representing approximately 79% growth year-on-year, providing visibility for future revenue growth [9][28] Market Data and Key Metrics Changes - Revenue growth was distributed globally, with approximately 41% growth in Asia Pacific, 48% in EMEA, 11% in North America, and a slight decline of about 2% in Latin America [22] - The end-of-period customer count was 897, slightly down sequentially, reflecting a strategic shift towards larger customer opportunities [22][23] Company Strategy and Development Direction - The company aims to leverage its strong position in satellite services and AI to capture significant market opportunities, particularly in defense and intelligence sectors [19][20] - Plans include doubling satellite manufacturing capacity and scaling the Pelican fleet, with multiple launches scheduled for the year [19][31] - The company is focused on executing current contracts while investing in technology and AI capabilities to drive future growth [19][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong demand signals, particularly in Europe, driven by geopolitical dynamics and the need for sovereign systems [47][48] - The company anticipates that AI will be transformational for its business, enabling broader applications and democratizing access to Earth intelligence [18][19] - Management expressed confidence in achieving revenue growth and maintaining positive free cash flow in fiscal year 2027, despite expected fluctuations [31][30] Other Important Information - The company is currently in a growth capital expenditure investment cycle, with approximately $81.5 million in capital expenditures for FY 2026 [26][27] - The company has expanded its technology collaboration with NVIDIA to enhance data processing capabilities [17] Q&A Session Summary Question: Update on Suncatcher opportunity and NVIDIA partnership - Management indicated that both projects are in early stages, with Suncatcher focused on tech demos and NVIDIA enhancing data processing capabilities [36][38] Question: Strength in European market - Management noted high demand in Europe, driven by geopolitical factors, and emphasized the company's ability to provide rapid and sovereign satellite solutions [47][48] Question: AI partnership status - Management discussed ongoing research collaborations aimed at developing AI-enabled solutions, with a focus on unlocking broader market potential [58][59] Question: Impact of Middle East conflict on demand - Management acknowledged increased urgency for data in conflict zones but stated that there were no material changes in customer behavior [70][95] Question: Backlog strength vs. revenue guidance - Management explained that while backlog is strong, guidance is conservative to account for execution risks and timing of large contracts [90][92]