Financial Data and Key Metrics Changes - The company achieved record sales of $426 million in the third quarter, a 5.5% increase from $403.7 million in the prior year period [4][9] - Adjusted EBITDA for the quarter was $91.2 million, or 21.4% of sales, compared to $90.7 million, or 22.5% of sales for the same period last year [12][13] - Reported net income for the third quarter was $41.1 million, up from $33.6 million in the same quarter of the prior year [12] - The company maintained a cash dividend of $0.20 per share, marking 63 consecutive quarters of returning capital to shareholders [4] Business Line Data and Key Metrics Changes - Metal Coatings segment sales rose 15.7% year over year, driven by higher volumes and strong demand from infrastructure projects [5][9] - Precoat Metals experienced a sequential improvement over the prior quarter, though sales were down 1.8% year over year due to softness in construction, HVAC, and transportation markets [5][9] - Food and beverage container demand reached new record highs, driven by new customer acquisitions and market share gains [5] Market Data and Key Metrics Changes - Increased end market demand was driven by growth in infrastructure modernization, energy transition, and industrial reshoring, along with data center construction and renewable energy projects [6] - The U.S. infrastructure investment cycle and investments in generative AI and machine learning technologies are driving demand for high power density and advanced cooling systems [17] - Non-residential construction remained subdued, primarily due to interest rate and tariff-related uncertainty, while residential construction was also soft [18] Company Strategy and Development Direction - The company is focused on strategic growth opportunities, including evaluating several strategic tuck-in acquisitions to expand market reach in metal coatings and Precoat Metals [20][21] - The proprietary ERP platform is emphasized as a core differentiator, enhancing operational efficiencies and customer connectivity [7] - The company is committed to a disciplined approach to M&A, targeting opportunities that drive sustainable growth and shareholder value [21] Management's Comments on Operating Environment and Future Outlook - Management believes the markets have stabilized and sees opportunities for growth, particularly in the Metal Coatings segment [25] - The company anticipates a strong finish to the fiscal year, with expectations for flat to modest growth in construction through calendar year 2026 [18][20] - The fourth quarter is expected to present easier year-over-year comparisons due to last year's weather-related impacts [19] Other Important Information - The company completed the sale of a majority interest in its welding solutions business, simplifying its portfolio [8] - The net debt position at the end of the quarter was $534.7 million, with a net leverage ratio of 1.6 times [15] Q&A Session Summary Question: Impact of government shutdown on order backlogs - Management indicated that the Metal Coatings segment does not have much backlog but has a good forward look from sales, feeling optimistic about finishing the year strong [24] Question: Operating environment for Precoat segment - Management believes the Precoat segment has bottomed and is stabilizing, with opportunities arising from the ramp-up at the Washington plant [26] Question: M&A opportunities - The M&A pipeline is active, focusing on bolt-on acquisitions that align with the company's growth strategy [32] Question: Sensitivity to aluminum prices - Management does not expect significant sensitivity to aluminum prices, as the shift to aluminum in the container market is driven by consumer preferences [35] Question: Impact of weather on fourth quarter performance - Management noted that last year's fourth quarter was impacted by severe weather, and they expect better conditions this year [42] Question: Pricing in the metal coatings segment - Management discussed the impact of larger projects on margins, indicating a disciplined approach to pricing while pursuing volume growth [48]

Financial Data and Key Metrics Changes - Total revenues for Q1 FY2026 were $155.8 million, a decrease of 6% from $166.3 million in the same quarter last year [7] - Operating income for the quarter was $19.6 million, down 6% from $20.9 million in the prior year, with an operating margin of 12.6%, consistent with the prior year [8] - Net earnings were $16.5 million, or $1.54 per diluted share, slightly down from $17.2 million, or $1.57 per diluted share in the first quarter of last year [8] Business Line Data and Key Metrics Changes - Irrigation segment revenue decreased by 9% to $133.4 million compared to $147.1 million in the prior year, with North America irrigation revenues down 4% to $74.3 million [9] - International irrigation revenues were $59.1 million, down from $69.4 million, primarily due to project timing and lower sales volumes in Brazil [10] - Infrastructure segment revenues increased by 17% to $22.4 million, driven by higher sales of road safety products, while operating income rose 9% to $4.5 million [11] Market Data and Key Metrics Changes - North American irrigation market conditions are expected to remain soft, with a flat to down outlook for the full year [39] - International markets, particularly in Latin America, show potential for long-term growth despite current constraints on credit access for growers [5] - The U.S. administration announced a $12 billion Farmer Bridge assistance package to support farmers, but it is not expected to drive significant demand in the short term [4] Company Strategy and Development Direction - The company announced a supply agreement for Zimmatic irrigation systems in the MENA region, valued at approximately $80 million, reflecting its ability to compete in large-scale projects [3] - The infrastructure segment is expected to gain momentum as infrastructure funding and road project activity advance [4] - The company is focused on operational efficiencies and cost management to maintain profitability amid external headwinds [2] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing trade uncertainty, low commodity prices, and high input costs affecting customer profitability and sentiment [2] - There is cautious optimism regarding the international project market, particularly in the MENA region, with a robust project funnel [20] - Management does not foresee significant improvements in the domestic irrigation market in the near term but believes conditions will not worsen [17] Other Important Information - The company has a total available liquidity of $249.6 million, including $199.6 million in cash and cash equivalents [12] - Free cash flow was impacted by increased working capital and capital expenditures, but the company repurchased $30.3 million in shares during the quarter [12] Q&A Session Summary Question: Is the North American irrigation market at the trough? - Management agrees that the market is at the trough, with no significant upside expected until profitability improves [17] Question: What are the opportunities for international projects? - Management sees a robust funnel of opportunities in the MENA region, with both repeat and new customers [20] Question: What is the impact of elevated CapEx on profitability? - Management is investing in upgrades that will improve efficiency and productivity, with expected benefits in the future [22][24] Question: Is the new $80 million MENA project with the same customer as a previous project? - Yes, it is a repeat customer in the same region [27] Question: What margins are expected for the new project? - Margins for the new project are expected to be slightly below segment average, consistent with similar projects [29] Question: What drove the increase in interest income? - The increase is attributed to the regional mix of funds and interest rates, but future expectations are uncertain [43] Question: What is the outlook for Road Zipper projects? - Management indicates that the business remains lumpy, with ongoing discussions for future projects, but no immediate large projects expected [45][46]

2026 PriceSmart, Inc. Overview Presentation Issued: January 2026 NASDAQ : PSMT 1 ForwardLookingStatements This presentation may contain forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we") anticipated future revenues and earnings, adequacy of future cash flows, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements ...

Financial Data and Key Metrics Changes - CMC reported net earnings of $177.3 million, or $1.58 per diluted share, compared to a net loss of $175.7 million in the prior year period [21] - Adjusted earnings were $206.2 million, or $1.84 per diluted share, compared to $86.9 million and $0.76 per diluted share in the prior year [22] - Consolidated core EBITDA reached $316.9 million, a 52% increase from $208.7 million in the prior year [22] - Core EBITDA margin expanded to 14.9%, reflecting growth both year-over-year and sequentially [5] Business Line Data and Key Metrics Changes - North American Steel Group generated adjusted EBITDA of $293.9 million, with an EBITDA margin of 17.7%, up from 12.3% in the prior year [22] - Construction Solutions Group net sales grew by 17% year-over-year to $198.3 million, with adjusted EBITDA increasing by 75% to $39.6 million [23] - Europe Steel Group reported adjusted EBITDA of $10.9 million, down from $25.8 million in the prior year, primarily due to a lower CO2 credit [24] Market Data and Key Metrics Changes - Shipments of finished steel were virtually unchanged year-over-year, with a less than 1% decline from the previous quarter [10] - The Dodge Momentum Index increased by approximately 50% year-over-year, indicating substantial pent-up demand in non-residential markets [11] - The commercial segment of the DMI grew by 57%, while institutional projects increased by 37% [11] Company Strategy and Development Direction - CMC's strategic focus is on transforming into a stronger organization with higher, more stable margins and returns on capital [5] - The TAG initiative aims to drive operational and commercial excellence, targeting a permanent improvement in margins and cash flows [16] - Recent acquisitions of CPMP and Foley Products are expected to enhance CMC's commercial portfolio and financial profile [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the supportive market conditions, with stable demand and limited imports contributing to strong performance [5] - The company anticipates modest declines in consolidated core EBITDA for the second quarter due to seasonal trends, but expects contributions from the precast businesses to offset this [31] - Management remains optimistic about long-term demand drivers, including infrastructure investment and energy generation [12] Other Important Information - CMC's effective tax rate was 3.1% in the first quarter, with expectations of a full-year rate between 5% and 10% for fiscal 2026 [29] - The company plans to spend approximately $625 million in capital expenditures for fiscal 2026, focusing on growth investments and completing the Steel West Virginia micromill [30] Q&A Session Summary Question: Insights on CPMP and Foley acquisitions - Management noted positive cultural fit and integration potential, with confidence in achieving synergies [36] Question: North American metal margins outlook - Management expects margins to remain stable, with demand absorbing new supply entering the market [38] Question: Seasonal impacts on volumes - Typical seasonal decline of 5%-10% is expected in the second quarter, despite stronger than anticipated first-quarter volumes [42] Question: Precast business seasonality - The precast business is expected to follow overall seasonal trends, contributing about $30 million of EBITDA in the second quarter [46] Question: Scrap optimization benefits - Scrap optimization initiatives have significantly improved margins, with ongoing efforts to enhance quality and reduce costs [50]

Financial Performance & Growth - Since Q1 2023, NewtekOne's book value/share has increased by 45% from $8.06 to $11.72[14] - Tangible common book value (TBV)/share has increased by 62% from $6.92 to $11.22 since Q1 2023[14] - NewtekOne has distributed $2.05 of common dividends/share over the eleven quarters since transitioning to a financial holding company[14] - The company's operating efficiency ratio has improved from over 70% in 2023 to 56.3% as of September 30, 2025[44] - Hypothetical $300 million loan pool generates $22.7 million of annual net interest income[84] Lending & Securitization - Approximately $850 million of originations across 180 loans in C&I loans held for sale since 2018[75] - The ALP securitization completed in April 2025 generates 570 bps of spread income after FV mark on securitization not including 100 bps of servicing income[75] - The advance rate for the 2026-1 securitization is 86%, with an ALP Loan Pool of $340 million[76] Newtek Advantage Platform - Newtek Bank has grown to $1.5 billion in assets (7x over three years) since acquisition[44] - The platform generates approximately 600 new referrals per day as a client acquisition tool[44] - In 2025, NewtekOne originated over $1.4 billion in loans[45]

Financial Data and Key Metrics Changes - The company reported stronger-than-expected beer operating margins in Q3 despite volume declines, attributed to cost savings initiatives and favorable pricing actions [8][9] - The depreciation benefit seen in Q3 is expected to turn into a headwind in Q4 as additional assets come online [9][31] Business Line Data and Key Metrics Changes - The beer portfolio experienced mid-single-digit distribution growth in the quarter, with significant gains in brands like Pacifico and Victoria [25][26] - The company continues to see a shift towards aluminum packaging, which is expected to impact margins due to increased costs [9][32] Market Data and Key Metrics Changes - The Hispanic consumer segment remains cautious due to socioeconomic concerns, impacting spending patterns [26][37] - The company noted that 75% of Hispanic consumers are concerned about the economic environment, leading to more careful spending [26] Company Strategy and Development Direction - The company plans to continue expanding capacity with a focus on modular brewery build-outs, managing capital expenditures in line with growth projections [16][17] - There is an emphasis on brand health and distribution capabilities, particularly for growing brands like Pacifico, which is expected to become a strong number three brand in the portfolio [21][25] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the beer business plateauing, with potential recovery driven by upcoming events like the World Cup [37][57] - The macroeconomic environment has worsened since previous guidance, which will be reflected in future planning and guidance updates [12] Other Important Information - The company is adjusting pricing strategies for brands like Modelo Oro and Corona Premier to align with consumer expectations, which has led to improved trends for these products [46][47] - The company remains focused on controlling costs and optimizing distribution to navigate the current economic challenges [26][42] Q&A Session Summary Question: Insights on beer operating margins - Management highlighted that volume declines were a headwind, but cost savings and favorable pricing helped margins in Q3, with expectations of lower margins in Q4 due to seasonality and increased costs [8][9] Question: Long-term beer margin guidance - Management indicated that guidance for FY 2027 and beyond will be provided in April, noting that the macroeconomic environment has worsened since previous guidance [12] Question: Distribution growth and shelf space - Management remains optimistic about distribution growth, citing strong performance in states and opportunities for increased shelf space despite challenges in the beer category [25][26] Question: Impact of World Cup on sales - Management expects the World Cup to drive incremental benefits for the beer business, with plans for promotions and media presence to capitalize on the event [57] Question: Pricing environment and adjustments - Management anticipates continued pricing adjustments in response to market conditions, with positive trends observed in adjusted brands [46][47]

Financial Data and Key Metrics Changes - The company reported stronger-than-expected beer operating margins in Q3, despite volume declines, attributed to cost savings initiatives and favorable pricing actions [8][9] - The depreciation benefit seen in Q3 is expected to turn into a headwind in Q4 as additional assets come online [9][31] - The company maintained its full-year guidance, indicating modest beer operating margins in Q4 due to seasonality and other headwinds [7][12] Business Line Data and Key Metrics Changes - The beer portfolio experienced mid-single-digit distribution growth in the quarter, with significant gains in brands like Pacifico and Victoria [25][26] - The company continues to invest in capacity expansion, planning for an additional 7 million hectoliters by fiscal 2028, with a focus on managing capital expenditures [16][17] Market Data and Key Metrics Changes - The company noted that 75% of Hispanic consumers are concerned about the socioeconomic environment, impacting their spending patterns [26] - The beer category remains challenged, particularly among Hispanic consumers, but the company is focusing on distribution and brand health to navigate these challenges [26][37] Company Strategy and Development Direction - The company aims to enhance distribution capabilities across the U.S., leveraging strong brand performance to gain shelf space [25][26] - Continued emphasis on brands like Pacifico, which has shown significant growth and engagement, is part of the strategy to strengthen the portfolio [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the beer business plateauing, with potential recovery driven by upcoming events like the World Cup [37][38] - The macroeconomic environment has worsened since previous guidance, which will be reflected in future planning [12] Other Important Information - The company is adjusting pricing strategies for brands like Modelo Oro and Corona Premier to align with consumer expectations, which has resulted in improved trends for these products [46][47] - The company is monitoring the cannabis market developments but does not currently engage in the cannabis business [54] Q&A Session Summary Question: Insights on beer operating margins - Management highlighted that Q3 margins were impacted by volume declines, tariffs, and logistics, but offset by cost savings and favorable pricing [8][9] Question: Long-term beer margin expectations - Management indicated that guidance for FY 27 and beyond will be provided in April, considering the current macroeconomic conditions [12] Question: Distribution growth and shelf space - Management remains optimistic about distribution growth, noting significant gains in states and the potential for further expansion [25][26] Question: Impact of World Cup on sales - Management expects the World Cup to drive beer occasions, particularly among Hispanic consumers, and plans to leverage promotional activities around the event [57][58] Question: Pricing environment and adjustments - Management anticipates continued pricing adjustments in response to market conditions, with a focus on meeting consumer needs [46][47]

Financial Data and Key Metrics Changes - The company reported stronger-than-expected beer operating margins in Q3 despite volume declines, attributed to cost savings initiatives and favorable pricing [6][7] - The depreciation benefit seen in Q3 is expected to turn into a headwind in Q4 as additional assets come online [7][28] Business Line Data and Key Metrics Changes - The beer portfolio experienced mid-single-digit distribution growth in the quarter, with significant gains in brands like Pacifico and Victoria [22][24] - The company continues to see a shift in product mix towards aluminum packaging, which is expected to impact margins in Q4 [28] Market Data and Key Metrics Changes - The Hispanic consumer segment remains cautious due to socioeconomic concerns, impacting spending patterns [23][34] - The beer category overall is facing challenges, particularly among Hispanic consumers, with 75% expressing concerns about the economic environment [23] Company Strategy and Development Direction - The company plans to continue its modular capacity build-out, with a commitment to expand capacity by 7 million hectoliters through fiscal 2028 [13][14] - There is a focus on controlling distribution and price pack architecture to adapt to current consumer needs and market conditions [24][44] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the beer business, noting potential recovery factors such as easier comparisons and upcoming events like the World Cup [34][55] - The macroeconomic environment has worsened since previous guidance, which will be reflected in future planning and guidance updates [11] Other Important Information - The company is monitoring the cannabis market but does not currently engage in it on a day-to-day basis [51] - The World Cup is expected to create significant beer moments, with plans for promotions and media presence to capitalize on the event [55] Q&A Session Summary Question: Insights on beer operating margins - Management noted that Q3 margins were impacted by volume declines and headwinds from tariffs and logistics, but cost savings and favorable pricing helped offset these [6][7] Question: Long-term beer margin guidance - Management indicated that guidance for FY 27 and beyond will be provided in April, acknowledging that the macroeconomic environment has worsened since previous guidance [11] Question: Distribution growth and shelf space - Management remains optimistic about distribution growth, noting that their brands have gained share across the country, particularly in California [22] Question: Impact of aluminum pricing on margins - Management confirmed that aluminum pricing and tariffs will be headwinds in Q4, with a shift towards aluminum packaging continuing [28] Question: Recovery potential in the beer business - Management is cautiously optimistic about a potential recovery, citing strong brand health and upcoming events as positive indicators [34] Question: Pricing environment and adjustments - Management expects to maintain a pricing increase of 1-2%, with positive trends observed in adjusted pricing for certain brands [41][44] Question: Clarification on volume expectations - Management clarified that they expect shipments and depletions to be aligned, with both showing negative trends in Q4 [46][48] Question: Cannabis market exposure - Management acknowledged their shares in Canopy and the potential impact of cannabis market developments but emphasized that they do not currently engage in the cannabis business [51] Question: World Cup impact on sales - Management anticipates the World Cup will drive beer sales, with plans for promotions and media presence to leverage the event [55]

Financial Data and Key Metrics Changes - Total sales for Q2 FY26 were $52.3 million, an increase of 5.7% from $49.5 million in Q2 FY25, marking six consecutive quarters of year-over-year growth [4][8] - Operating income improved to $132,000 from a loss of $667,000 in the prior year [4][9] - Net loss was $0.1 million for Q2 FY26, compared to a net loss of $0.8 million in Q2 FY25, with diluted net loss per share improving to $0.01 from $0.05 [10][11] - EBITDA for Q2 FY26 was $0.7 million, up from break-even in the prior year [10] Business Line Data and Key Metrics Changes - Green Energy Solutions (GES) sales increased by 39% year-over-year, driven by power management products [8][15] - Canvys revenue grew by 28.1% to $8.8 million, primarily due to increased demand from medical OEMs [22] - Power and Microwave Technologies (PMT) sales were down 4% year-over-year, with PMT sales approximately flat when excluding healthcare [8][19] Market Data and Key Metrics Changes - GES sales growth was attributed to increased sales in both onshore wind and electric vehicle segments [5][15] - Canvys secured orders from both repeat and new medical OEM customers, indicating strong demand in the medical market [22] - Approximately 70% of GES sales are currently in North America, with plans for expansion into Europe and Asia [19] Company Strategy and Development Direction - The company is focused on repositioning towards higher growth end markets and expanding its engineered solutions [4] - Strategic initiatives include the development of a battery energy storage design center and expansion of the Sweetwater Design Center to enhance product development cycles [18][27] - The company aims to leverage its existing capabilities and global infrastructure to support sustainable growth, with a focus on organic initiatives and potential acquisitions [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the semiconductor wafer fab equipment market, anticipating solid growth through the rest of FY26 [29] - The company is navigating uncertainties related to tariffs and market conditions but remains focused on pursuing growth opportunities [20] - Management highlighted the importance of cash flow generation and efficiency improvements, with expectations for stronger demand in engineered solutions [30][31] Other Important Information - Cash and cash equivalents at the end of Q2 FY26 were $33.1 million, down from $35.7 million at the end of Q1 FY26 [12] - The company declared a regular quarterly cash dividend of $0.06 per common share, to be paid in Q3 FY26 [12] Q&A Session Summary Question: Discussion on core backlog versus non-core backlog - Management clarified that core backlog includes key products like Pitch Energy Modules, while non-core backlog consists of smaller components for green energy products [37] Question: Cadence of orders turning to backlog and revenues within GES - Management explained that as products transition from beta to production, new customers and sales contribute to growth, with a focus on maintaining inventory for timely shipments [40][41] Question: Status of GE approval for ALTA 1000 - Management confirmed that GE approval has been obtained, and the product is featured on GE's marketplace, with ongoing customer-driven demand [50] Question: Margin impact from the medical segment - Management indicated that the overall impact on gross margin from the medical segment has been negligible, with expectations for profitability to improve in FY27 [52] Question: Plans for cash utilization - Management stated that cash will primarily be used for growth initiatives in alternative energy solutions and potential small acquisitions [55] Question: Outlook for semiconductor market - Management expressed cautious optimism for growth in the semiconductor market, with positive forecasts from customers for Q3 and Q4 [64]

Financial Data and Key Metrics Changes - The meeting reported that proxies were received for 961,887 of the 2,277,139 shares of common stock outstanding, representing approximately 42% of the total shares, which unfortunately does not constitute a quorum for business transactions [3]. Company Strategy and Development Direction - The company has adjourned the annual stockholders' meeting due to the lack of quorum, indicating a need for better engagement with shareholders to ensure future meetings can proceed as planned [4]. Other Important Information - The company will determine a new date and time to hold the 2025 annual stockholders' meeting, reflecting ongoing organizational and operational adjustments [4]. Q&A Session Summary - No questions or answers were recorded during this meeting as it was adjourned due to the lack of quorum, preventing any business transactions from taking place [3].