Third Quarter 2025 Earnings Call November 25, 2025 Safe Harbor and Non-GAAP Measures This Presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are ...

N O V E M B E R 2 5 , 2 0 2 5 Q3 FY26 Performance Review 1 Copyright © Dell Inc. All Rights Reserved. Disclosures NON-GAAP FINANCIAL MEASURES This presentation includes information about non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expense, non-GAAP operating income, non- GAAP interest and other, net, non-GAAP income tax, non-GAAP net income, non- GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share - basic and non-GAAP earnings per share - diluted, as well as a ...

Investor Presentation Q3 FY26 This presentation may contain forward-looking statements for which there are risks, uncertainties, and assumptions. Forward-looking statements may include any statements regarding strategies or plans for future operations; any statements concerning new features, enhancements or upgrades to our existing applications or plans for future applications; any projections of revenues, gross margins, earnings, or other financial items; and any statements of expectation or belief. Forwar ...

FISCAL YEAR 2025 EARNINGS CALL FISCAL YEAR 2025 EARNINGS CALL SAFE HARBOR STATEMENT This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this presentation, forward-looking statements include, but may not be limited to, statements regarding the Company's evolving business strategy to expand into the market for high-performing computing ("HPC") and artificial intelligence ("AI") and other statements regarding the Company's expecta ...

Financial Performance - Revenues reached $44.5 million in Q3 2025, a 10% increase compared to $40.4 million in Q3 2024 [5, 14] - Adjusted net income was $14.4 million in Q3 2025, slightly up from $14.2 million in Q3 2024 [5] - The company eliminated bank debt by repaying $86 million during 2025 and approximately $350 million in the last 3 years [5, 18] - Share repurchases totaled $1.8 million this year, bringing the total to $21.2 million since 2023 [5] Fleet and Operations - Over 57% of fleet days one year forward are fixed, with contracted revenues exceeding $130 million for all subsequent periods, excluding the JV vessel [5] - The company sold two small LPG carriers in 2025 and purchased the remaining 50% share in two small LPG carriers from its joint venture partner [5] - Increased period coverage for 2026 to 46% and secured over $77 million in revenues for next year [9] Market Trends - Global LPG exports continue to grow steadily, with a 5% increase in 9M 2025 [26] - US exports experienced strong growth of 6% year-over-year in 9M 2025 [26] - Approximately 30% of the small LPG fleet is over 20 years of age, indicating an aging fleet [30] Future Considerations - The company has significant operating leverage due to its sizeable fleet and reduced exposure to the spot market, providing high earnings visibility [34] - The company maintains a healthy capital structure with zero debt and high liquidity [34]

Financial Performance - StoneX's Q4 2025 operating revenues increased by 31% to $1,202.3 million[11] - Net income for Q4 2025 rose by 12% to $85.7 million[11] - Full fiscal year 2025 operating revenues grew by 20% to $4,126.9 million[11] - Full fiscal year 2025 net income increased by 17% to $305.9 million[11] - Book value per share increased by 27% to $45.56[14] Acquisitions and Integration - RJO/Benchmark acquisitions added $32.4 million to total fixed compensation and other expenses[14] - Net operating revenue from RJO was $69.6 million, and from Benchmark was $11.0 million[14] - Pre-tax income from RJO was $22.1 million, and from Benchmark was $2.4 million[14] - RJO held $6.3 billion in client segregated/secured assets[43] Client Balances - Q4 2025 average client equity plus MMF/FDIC sweep was approximately $12.6 billion, a 65% increase compared to Q4 2024[14]

Q3 2025 Performance - Net sales decreased by (2.8%) compared to Q3 2024[53] - Comparable sales decreased by (1.7%)[53] - Gross margin increased by 51 bps compared to Q3 2024, reaching 39.6%[53, 57] - SG&A expense decreased by (2.1%) compared to Q3 2024[53] - Adjusted operating income was $77 million[53] - Adjusted net income was $11 million, or $0.10 of adjusted earnings per diluted share[53] Balance Sheet and Leverage - Net debt + leases to adjusted EBITDAR leverage ratio is 2.6x when adjusting for actual lease periods exercised, compared to an unadjusted ratio of 4.5x[62, 64] 2025 Outlook - Net sales are expected to decline by (3.5%) to (4%) compared to 2024[81] - Comparable sales are expected to decline by (2.5%) to (3%)[81] - Adjusted operating margin is projected to be 3.1% to 3.2%[81] - Adjusted diluted EPS is expected to be $1.25 to $1.45[81]

Financial Performance - Clearfield's Q4 fiscal year 2025 net sales were $41.1 million, a 13% increase from $36.2 million in the prior year's fourth quarter[77] - Fiscal year 2025 sales grew to $150.1 million, up 20% from $125.6 million in fiscal year 2024; Gross profit margin increased to 33.7% from 20.6%[77] - The company's balance sheet remains strong with $166 million of cash, short-term and long-term investments[76] - Clearfield recorded positive cash flow from continuing operations of approximately $10 million in the fourth quarter and $26.5 million for the full fiscal year 2025, including a reduction of inventory of $13.6 million[76] - The company invested $16.5 million to repurchase 551000 shares during the 12-month period ended September 30, 2025[76] Market Position and Growth Strategy - Clearfield will use its position as a leading provider of fiber distribution and management equipment in the Tier 2 and Tier 3 U S Broadband Service Provider Market for continued growth[24] - Estimated Rural TAM of $6 Billion Over Ten Years[31] - U S Backhaul market by 2030 is projected to be $16 billion, driven by 5G densification which drives fiber transport demand[42] - North America Data Center Capacity is expected to have a CAGR of approximately 16%[53] Future Outlook - The company forecasts annual net sales of $160 million to $170 million and annual net income per share of $0.48 to $0.62[80]

FY25 Performance - Revenues reached $14.4 billion, a 4% year-over-year increase[10] - Adjusted EBITDA was $1,104 million, up 5% year-over-year[10] - Adjusted Diluted EPS increased by 11% year-over-year to $2.22[10] - Free Cash Flow amounted to $516 million[10] - The company's Backlog was $47.1 billion with a Book-to-Bill ratio of 1.2x[10] Q4 FY25 Highlights - The company achieved a robust Q4 book-to-bill ratio of 1.6x[9] - Secured a Space Force Range Contract worth $4 billion over ten years[15] - Awarded nuclear services totaling over $1.8 billion over 15 years for Sellafield Decommissioning and Nuclear Waste Partners[16] - NASA awarded Ascend Aerospace & Technology, a joint venture in which Amentum is a partner, a new nine-year $1.8 billion contract to support flight mission operations and training[17] - Secured multiple classified intelligence contracts totaling nearly $700 million[18] FY26 Guidance - The company initiated FY26 guidance with revenue expected to be between $13.95 billion and $14.3 billion, implying underlying growth of approximately 3%[56] - Adjusted EBITDA is projected to be between $1.1 billion and $1.14 billion, representing approximately 5% underlying growth[56] - Adjusted Diluted EPS is expected to be between $2.25 and $2.45, indicating approximately 12% underlying growth[56] - Free Cash Flow is forecasted to be between $525 million and $575 million, also representing approximately 12% underlying growth[56]

Financial Performance - Total revenue for Q3 FY2026 was $644.5 million, a decrease of 5.2% compared to $679.8 million in Q3 FY2025 [8, 27, 29] - Pre-tax income for Q3 FY2026 was $2.8 million [8, 31] - Diluted earnings per share for Q3 FY2026 were $0.05, a decrease of 28.6% [8, 29] - For the first nine months of FY2026, total revenue was $1.7853 billion, down 8.1% from $1.9422 billion in the same period of FY2025 [32, 34, 36] - The company anticipates a loss of $2 to $4 million in Q4 due to the divestiture of dealership operations in Germany [21] Segment Performance - Agriculture segment revenue is expected to be down 15% to 20% for FY26 [12, 45] - Construction segment revenue is expected to be down 5% to 10% for FY26 [16, 45] - Europe segment revenue is expected to be up 35% to 40% for FY26 [21, 45] - Australia segment revenue is expected to be down 20% to 25% for FY26 [26, 45] Balance Sheet - Equipment inventory decreased by $97 million as of October 31, 2025, compared to January 31, 2025 [39] - Used equipment inventory decreased by $96 million [39] - Rental fleet assets decreased to $71 million as of October 31, 2025, from $76 million as of January 31, 2025 [39]