Financial Performance - Second quarter revenue reached $2.301 billion, representing a 6% overall growth[6] - Organic revenue growth was 6%[6] - Adjusted EBITDA margin hit a record quarterly high, expanding by 100 bps[7] - Earnings per share reached $0.93, with adjusted EPS at $1.26[6] - The company is raising its full-year revenue guidance to $8.9 - $9.0 billion, reflecting a 4-5% total growth[20] - The company is raising its full-year adjusted EPS guidance to $4.70 – $4.85[20] Segment Performance - Measurement and Control Solutions saw order growth of 12% and revenue growth of 10%[14] - Water Infrastructure experienced a 2% decline in orders but a 4% revenue growth[14] - Applied Water orders grew by 4% and revenue by 5%[14] - Water Solutions and Services orders grew by 5% and revenue by 5%[14] Tariff Impact - The company estimates a total tariff impact of $255 million on imports of $1.1 billion[17] - Net tariff exposure is estimated at $160 million after accounting for USMCA compliant imports from Mexico[17] - Tariff costs are being mitigated through pricing and supplier management[19]

Financial Performance - Mastercard's net revenue increased by 17% to $8.133 billion, or 16% on a currency-neutral basis[3] - Adjusted operating expenses increased by 15% to $3.260 billion, or 14% on a currency-neutral basis[3] - Adjusted operating income increased by 18% to $4.873 billion, or 17% on a currency-neutral basis[3] - Adjusted net income increased by 13% to $3.769 billion, or 12% on a currency-neutral basis[3] - Adjusted diluted EPS increased by 16% to $4.15, or 14% on a currency-neutral basis[3] Volume and Transaction Growth - Worldwide Gross Dollar Volume (GDV) increased by 9% year-over-year[14] - Switched transactions grew by 10% year-over-year[20] - Card growth was 6%, with 3.6 billion Mastercard and Maestro-branded cards issued globally[22] Revenue Drivers - Payment Network net revenue increased 13%, driven by domestic and cross-border transaction and volume growth[26] - Value-added Services and Solutions net revenue increased 22%, with acquisitions contributing approximately 4 ppt to this growth[27] Cross-Border Performance - Cross-border volume increased 15% globally[17]

Financial Performance - GAAP Net Income was $24.4 million, or $0.19 per diluted common share and $0.21 per fully converted share[12] - Distributable Earnings reached $29.0 million, translating to $0.27 per fully converted share[12] - A cash dividend of $0.355 per share was declared, representing an annualized yield of 9.6% on fully-converted book value per share[12] - Dividend coverage from GAAP and Distributable Earnings was 58% and 76%, respectively[12] Capitalization and Liquidity - Fully-converted book value per share stood at $14.82, compared to $14.95 in Q1 2025[12] - Net debt to equity ratio was 2.2x, while recourse net debt to equity was 0.3x[12] - 79% of financing sources are non-mark-to-market on the core book[12] - Liquidity amounted to $501 million, including $77 million in cash and $79 million available for CLO reinvestment/ramp[12] Portfolio and Investments - The Core Portfolio's principal balance decreased by $263 million during the quarter[12] - New loan commitments of $61 million were closed, and $91 million of principal balance was funded, including future funding on existing loans[12] - Loan repayments totaled $317 million, and $37 million was transferred to real estate owned (REO)[12]

Financial Performance - The Company's Earnings Available for Distribution ("EAD") per share was $0.22[15], a 10% increase from the prior quarter[15, 30] - The Company's adjusted interest income totaled $132.5 million[15], an 8% increase compared to the previous quarter[15, 26] - The Company's book value per share was $9.11[15], representing a -2.77% change quarter-over-quarter[15] - The Company's adjusted book value per share was $10.26[15], a -1.63% change quarter-over-quarter[15] Investment Portfolio - The Company's total investment portfolio increased by $339 million[15], a 4% increase quarter-over-quarter[15, 28] reaching $8.6 billion[13] - The Company acquired $798 million in new single-family residential investments[15], including $504 million in Agency investments with an average coupon of 5.29%[15] and $280 million in Residential Loans (99% BPL - Bridge/Rental)[15] - The Company's common stock dividend yield was 11.94%[15] based on the share price as of June 30, 2025[15] Capital Allocation and Leverage - The Company's recourse leverage ratio was 3.8x[15] - The Company's portfolio recourse leverage ratio was 3.6x[15] - The Company had excess liquidity capacity of $416 million[15], including $156 million in available cash[15] Strategic Developments - The Company completed the acquisition of the remaining 50% ownership interest in Constructive Loans, LLC ("Constructive") for approximately $38.4 million[15, 82], a leading originator of business purpose loans for residential real estate investors[15]

Ali Dibadj Chief Executive Officer Roger Thompson Chief Financial Officer Q2 2025 RESULTS Key metrics – Q2 2025 vs Q1 2025 | | Q2 2025 | Q1 2025 | | --- | --- | --- | | Investment outperformance3 3-/5-/10-year | 76/67/72% | 77/65/73% | | Total AUM1 | $457.3bn | $373.2bn | | Net flows2 | $46.7bn | $2.0bn | | U.S. GAAP diluted EPS | $0.95 | $0.77 | | Adjusted diluted EPS4 | $0.90 | $0.79 | | Dividend per share | $0.40 | $0.40 | Q2 2025 RESULTS Thursday, July 31, 2025 1 AUM and net flows include assets for whi ...

Adjusted EPS - For the three months ended June 30, 2025, net income attributable to common stockholders was $122.9 million, or $0.86 diluted EPS, compared to $118.2 million, or $0.81 diluted EPS in 2024[7] - Adjusted EPS for the three months ended June 30, 2025, was $0.88, compared to $0.79 in 2024[7] - For the six months ended June 30, 2025, net income attributable to common stockholders was $265.7 million, or $1.84 diluted EPS, compared to $249.5 million, or $1.69 diluted EPS in 2024[7] - Adjusted EPS for the six months ended June 30, 2025, was $1.84, compared to $1.68 in 2024[7] Adjusted Cash Flow from Operations & Free Cash Flow - Net cash provided by operating activities for the three months ended June 30, 2025, was $166.5 million, compared to $196.9 million in 2024[8] - Adjusted cash flow from operations for the three months ended June 30, 2025, was $168.3 million, compared to $219.9 million in 2024[8] - Free cash flow for the three months ended June 30, 2025, was $99.4 million, compared to $137.5 million in 2024[8] - Net cash provided by operating activities for the six months ended June 30, 2025, was $477.6 million, compared to $417.0 million in 2024[8] - Adjusted cash flow from operations for the six months ended June 30, 2025, was $484.2 million, compared to $440.0 million in 2024[8] - Free cash flow for the six months ended June 30, 2025, was $348.5 million, compared to $287.6 million in 2024[8]

Q2 2025 Performance - Revenue increased by 1% to $1,051 million compared to Q2 2024[6], with organic revenue up by 2%[8, 20] - Adjusted EBITDA increased by 2% to $207 million[6, 9] - Adjusted EPS increased by 10% to $0.69[6] - GAAP Net Income decreased by 77% to $67 million[6] - GAAP EPS decreased by 77% to $0.53[6] Regional Performance - North America revenue decreased by 5% to $321 million[21] - Latin America revenue decreased by 17% to $159 million[21] - Asia revenue increased by 1% to $310 million[21] - EMEA revenue increased by 29% to $260 million[21] Financial Outlook - FY 2025 revenue is projected to be between $408 billion and $428 billion, a decrease of 2% year-over-year[24] - FY 2025 Adjusted EBITDA is projected to be between $870 million and $950 million, an increase of 1% year-over-year[24] - FY 2025 Adjusted EPS is projected to be between $326 and $370, flat year-over-year[24] - Q3 2025 revenue is projected to be between $1 billion and $110 billion, a decrease of 1% year-over-year[26] - Q3 2025 Adjusted EBITDA is projected to be between $210 million and $250 million[26] - Q3 2025 Adjusted EPS is projected to be $078 to $098, an increase of 28% year-over-year[26]

Financial Performance - HII reported Q2 2025 consolidated revenue of $3082 million, a 3.5% increase compared to $2977 million in Q2 2024[19] - The company's Q2 2025 segment operating income was $172 million, a 15.3% decrease from $203 million in Q2 2024[23] - Free cash flow for Q2 2025 was $730 million, significantly higher than the negative $99 million in Q2 2024[26] - Capital expenditures in Q2 2025 were $93 million, representing 3.0% of revenues[27] Segment Performance - Newport News Shipbuilding's revenue increased by 4.4% to $1603 million in Q2 2025[19] - Ingalls Shipbuilding's revenue increased by 1.7% to $724 million in Q2 2025[19] - Mission Technologies revenue increased by 3.4% to $791 million in Q2 2025[19] Future Outlook - HII reaffirms its 2025 segment revenue and operating margin guidance[31] - The company is increasing its 2025 free cash flow guidance to between $500 million and $600 million[31] - Shipbuilding revenue for FY25 is projected to be between $8.9 billion and $9.1 billion, with an operating margin between 5.5% and 6.5%[32] - Mission Technologies revenue for FY25 is expected to be between $2.9 billion and $3.1 billion, with an operating margin between 4.0% and 4.5%[32]

Financial Performance - Sanofi reported Q2 2025 net sales of €10 billion, a 10.1% increase at CER [16] - Gross profit increased by 12.4% to €7.742 billion, with a gross margin of 77.5% [59] - Business EPS grew by 8.3% to €1.59, reflecting operating income growth and lower share count from buyback [59, 61] - The company refines 2025 sales guidance to high single-digit percentage growth [15, 19] Key Products & Pipeline - Dupixent sales reached €3.832 billion in Q2 2025, a 21.1% increase [16, 119] - Vaccines sales grew by 10.3%, driven by Beyfortus [16] - Pharma launches contributed €969 million to sales [21] - Ayvakit sales increased by 52.5% [43] Strategic Initiatives - Sanofi is actively redeploying capital through organic investment, BD/M&A, growing dividend, and share buyback [62] - The company completed the acquisition of Blueprint Medicines on July 17, 2025 [46, 64] - Sanofi is reducing environmental impact across the portfolio, with reductions in carbon footprint, water use, and resource depletion [50]

Company Overview - DFIN is a leader in assisting companies with regulatory reporting requirements, holding the 1 SEC Filing Agent position for both corporations and fund companies[10] - DFIN's portfolio includes market-leading software solutions like ArcSuite, ActiveDisclosure and Venue, with ~80% of the top 50 global fund complexes as clients[10] - DFIN's offerings are essential for recurring regulatory compliance needs and capital markets transactions such as IPOs and M&A[11] Financial Performance and Metrics (Q2 2025 TTM) - Software sales reached $341 million, expected to grow at a double-digit rate annually[14] - The company's revenue mix is shifting towards high-margin software solutions, offsetting declining low-margin print & distribution[14] - Adjusted EBITDA reached $219.4 million, resulting in an attractive valuation with EV / Q2 2025 TTM EBITDA at 9.1x[25, 27] - Free Cash Flow was $109.3 million, leading to a Free Cash Flow multiple of 16.8x[25] - Net debt stood at $156.3 million, resulting in a net leverage ratio of 0.7x[21, 24] Segment Performance (Q2 2025 TTM) - Capital Markets segment net sales totaled $509 million, with $214 million from Software Solutions and $294 million from Compliance & Communications Management[12] - Investment Companies segment net sales were $247 million, comprising $126 million from Software Solutions and $120 million from Compliance & Communications Management[12] - Capital Markets EBITDA was $170 million with a 33% margin, while Investment Companies EBITDA was $87 million with a 35% margin[12] Capital Allocation and Shareholder Focus - The company repurchased approximately 787,000 shares of common stock during Q2 2025 for $34.3 million, at an average price of $43.56 per share[63] - A new stock repurchase program of up to $150 million was authorized, expiring December 31, 2026[50, 63]