Financial Data and Key Metrics Changes - M&T Bank reported record net income of $2.85 billion and record EPS of $17 for the full year 2025, with a top quartile return on tangible assets exceeding 1.4% [7] - The quarterly dividend was increased by 11%, and 9% of outstanding shares were repurchased, while tangible book value per share grew by 7% [7] - Non-accruals decreased by 26%, with the non-accrual percentage of total loans reaching 90 basis points, the lowest since 2007 [7] - The efficiency ratio improved from 56.9% to 56% [7] Business Line Data and Key Metrics Changes - Fee income grew by 13%, reaching a record of $2.7 billion, with the fee mix as a percentage of revenue increasing from 26% to over 28% [7] - Average loans and leases increased by $1.1 billion to $137.6 billion, with commercial loans rising by $0.5 billion to $62.2 billion [9][10] - Non-interest income was $696 million, down from $752 million in the linked quarter, with mortgage banking revenues increasing to $155 million [13] Market Data and Key Metrics Changes - Investment securities and cash held at the Fed totaled $53.7 billion, representing 25% of total assets [11] - Average total loans rose by $2.4 billion to $165.1 billion, with non-interest-bearing deposits increasing to $44.2 billion [12] Company Strategy and Development Direction - M&T Bank's strategy focuses on operational excellence and teaming for growth, aiming to create a unified enterprise approach to enhance customer experience [18][19] - The company is committed to deepening relationships and coordinated planning across business lines to unlock new opportunities [18] Management's Comments on Operating Environment and Future Outlook - The economic backdrop remains resilient, with concerns about potential slowdowns due to weakening labor markets [20] - For 2026, M&T expects taxable equivalent net interest income to be between $7.2 billion and $7.35 billion, with average loans projected at $140 billion to $142 billion [21][22] - The company anticipates continued growth in fee income and a focus on managing expenses while investing in enterprise initiatives [22] Other Important Information - M&T's CET1 ratio was estimated at 10.84%, reflecting a decline due to share repurchases and increased risk-weighted assets [17] - The company plans to operate with a CET1 ratio of 10.25% to 10.5% in 2026, maintaining flexibility for lending and capital returns [24] Q&A Session Summary Question: Capital ratios and Basel III Endgame proposal - Management indicated that they are open to adjusting the CET1 ratio if regulatory requirements change, with a current comfort level around 10.25% [30][31] Question: Loan growth expectations in commercial real estate - Management noted strong production levels in commercial real estate, with expectations for growth starting in the second quarter of 2026 [36] Question: Deposit environment and competitive landscape - Management emphasized the importance of growing customer deposits alongside loans, with a focus on net new checking accounts [47][48] Question: Fee and expense growth rates - Management projected a core growth rate of about 4% for fees, driven by various business lines, while expenses are expected to be managed closely [55] Question: Credit quality and charge-offs - Management reassured that the increase in 90-day past dues was due to administrative delays and not indicative of deteriorating credit quality [64]

SES AI (NYSE:SES) FY Conference Summary Company Overview - **Company**: SES AI - **Industry**: Battery Technology - **Focus**: Accelerating energy transition through AI, specializing in lithium metal battery chemistry and energy storage solutions Key Points Industry and Market Insights - The energy storage system (ESS) market is projected to be over **10 times** the size of the electric vehicle (EV) market [2][3] - The battery markets for ESS and drones are expected to experience significant growth [3] - The company is uniquely positioned due to over a decade of experience in battery technology and AI integration [2] Financial Performance - In the first three quarters of 2025, SES AI reported a revenue of **$16.4 million** and provided guidance of **$22.5 million** for the full year [3] - The company anticipates doubling its revenue in 2026 compared to 2025 [34] Product Development and Innovations - SES AI has developed a platform called **Molecular Universe**, which focuses on material discovery and battery health management [3][6] - The company has made **six breakthroughs** in battery materials, enhancing performance for various applications including EVs, drones, and consumer electronics [8][9] - The company has established three business units focusing on ESS, drones, and materials to drive revenue generation [6][12] Strategic Partnerships and Acquisitions - SES AI acquired **UZ**, a company with strong hardware capabilities, to enhance its ESS offerings [7][18] - The partnership with **HySun** aims to commercialize materials discovered through Molecular Universe [9][27] Market Opportunities - The company sees military drones and data centers as the most exciting market opportunities [13][14] - SES AI is focusing on **NDAA-compliant** cells, which are priced **2 to 3 times** higher than non-compliant cells [15][16] - The company is targeting about **100 key accounts** for NDAA-compliant cells, focusing on larger clients rather than numerous small accounts [16] Technology and Competitive Advantage - SES AI's **Molecular Universe** is the first AI for science platform that has made actual breakthroughs in material discovery, unlike other platforms that are still in development [9][11] - The company emphasizes the importance of having a combination of model, data, and domain expertise to succeed in the AI for science space [11] Future Outlook - SES AI aims to create a closed-loop system integrating hardware and software solutions for data centers and commercial applications [17][18] - The company plans to leverage its software for recurring revenue through updates and maintenance subscriptions [23] - SES AI is confident in its ability to achieve break-even cash flow within the next **one to two years** [34] Conclusion - The battery industry is undergoing a significant transition, with SES AI focusing on ESS, drones, and materials as key growth areas [34] - The integration of AI with battery technology presents a unique opportunity for SES AI to capitalize on emerging market trends and drive innovation in energy storage solutions [34]

M&T Bank (NYSE:MTB) Q4 2025 Earnings call January 16, 2026 08:00 AM ET Company ParticipantsChristopher McGratty - Managing Director and Head of U.S. Bank ResearchEbrahim Poonawala - Managing Director and Head of North American Banks ResearchRajiv Ranjan - Head of Investor RelationsDaryl Bible - VP, Senior Executive and CFOConference Call ParticipantsKen Usdin - Senior Research AnalystScott Siefers - Managing Director and Senior Equity Research AnalystErika Najarian - Managing Director and Senior Equity Rese ...

Financial Data and Key Metrics Changes - M&T Bank achieved record net income of $2.85 billion and record EPS of $17, with a top quartile return on tangible assets exceeding 1.4% [6][24] - The quarterly dividend was increased by 11%, and 9% of outstanding shares were repurchased, while tangible book value per share grew by 7% [6][24] - Non-accruals decreased by 26%, with the non-accrual percentage of total loans reaching 90 basis points, the lowest since 2007 [6][24] - The efficiency ratio improved from 56.9% to 56% [6][24] Business Line Data and Key Metrics Changes - Fee income grew by 13%, reaching a record of $2.7 billion, with the fee mix as a percentage of revenue increasing from 26% to over 28% [6][24] - Average loans and leases increased by $1.1 billion to $137.6 billion, with commercial loans rising by $0.5 billion to $62.2 billion [9][10] - Non-interest income for the quarter was $696 million, down from $752 million in the linked quarter, with mortgage banking revenues increasing to $155 million [12][13] Market Data and Key Metrics Changes - Investment securities and cash held at the Fed totaled $53.7 billion, representing 25% of total assets [11] - Average total loans rose by $2.4 billion to $165.1 billion, with non-interest-bearing deposits increasing to $44.2 billion [12] Company Strategy and Development Direction - The company is focused on operational excellence and teaming for growth, aiming to create a unified approach to growth across markets and business lines [17][18] - M&T Bank plans to continue investing in enterprise initiatives while managing non-investment spending [21][22] - The outlook for net interest income is projected to be between $7.2 billion and $7.35 billion, with a focus on growing relationship customers [19][20] Management's Comments on Operating Environment and Future Outlook - The economy is showing resilience despite concerns about tariffs and policies, with decent spending growth reported during the holiday season [18] - The company remains cautious about potential economic slowdowns due to weakening labor markets [18] - Management expects full-year average loans to be between $140 billion and $142 billion, with growth anticipated across all main loan portfolios [19][20] Other Important Information - The CET1 ratio was estimated at 10.84%, reflecting a decline due to share repurchases and increased risk-weighted assets [16] - The company is committed to returning excess capital to shareholders while supporting lending and pursuing growth opportunities [23][24] Q&A Session Summary Question: Capital ratios and Basel III Endgame proposal - Management is open to adjusting the CET1 ratio based on regulatory changes and market conditions, indicating potential for a lower ratio if required [25][26] Question: Loan growth expectations in commercial real estate - Management anticipates growth in commercial real estate starting in the second quarter of 2026, with strong performance across various sectors [27][28] Question: Deposit environment and competitive landscape - The company is focused on growing customer deposits while managing competitive pressures, with a strategy to grow operating accounts [32][33] Question: Fee income and expense growth rates - Management expects fee income growth to be around 4%, driven by various business lines, while expenses are projected to be managed closely [36][37] Question: Consumer deposit growth and market density - The company is actively working to grow consumer deposits, particularly in markets like New England and Long Island, with expectations for sustainable growth [59]

Financial Performance - Full Year 2025 - Net income reached $7.0 billion, resulting in diluted earnings per share of $16.59[7] - Total revenue increased by 7% year-over-year, driven by record net interest income (NII) and noninterest income[8] - Pretax, pre-provision earnings (PPNR) increased by 15% year-over-year (non-GAAP)[8] - The company achieved 5% positive operating leverage due to well-controlled expenses[8] Balance Sheet and Credit Quality - Total loans averaged $327.9 billion, a 3% increase year-over-year[9] - Total deposits averaged $439.5 billion, a 3% increase year-over-year[9] - The net loan charge-off ratio was 0.20%[8] FirstBank Acquisition - The acquisition of FirstBank closed on January 5, 2026, with a total consideration of $4.2 billion[8, 27] - FirstBank brings $16 billion in total loans and $23 billion in total deposits[28] Outlook for 2026 - Average loans are expected to increase by approximately 8%[31] - Net interest income is projected to increase by around 14%[31] - Total revenue is forecasted to increase by about 11%[31]

Acquisition Overview - Worthington Steel will acquire Kloeckner & Co for €11 per share in cash[11, 40, 57] - The implied enterprise value of the acquisition is $2.4 billion[40] - Approximately 42% of Kloeckner shares are already committed to accepting the offer[16, 39, 51] Strategic Rationale - The acquisition is expected to deliver $150 million in annual run-rate synergies by the end of FY 2028[13, 39, 47, 51, 59] - The combined company's sales are projected to be $9.5 billion, with an EBITDA margin of 70% including run-rate synergies[39, 43] - The acquisition creates the second-largest service center in North America[13, 34, 59] Financial Impact - The transaction is expected to be substantially accretive to Worthington Steel's EPS within the first full year of operation[14, 39, 44] - The expected pro forma net leverage at closing is approximately 40x[39, 51, 53, 56] - The target net leverage is approximately 25x within 24 months[13, 39, 53, 56, 59] Kloeckner's Business - Kloeckner has TTM sales of $63 billion and TTM shipments of 42 million tons[16] - Kloeckner's net debt was $12 billion as of September 30, 2025[16] - Distribution share in sales mix reduced from approximately 37% in 2021 to approximately 13% in 2025[22]

Financial Performance - Full Year 2025 (GAAP) - Revenues reached $9690 million, an increase from $9279 million in 2024[26] - Net income was $2851 million, up from $2588 million in the previous year[26] - Diluted EPS increased by +16% year-over-year (YoY)[28] - Return on Assets increased +12 bps YoY to 135%[28] - Return on Common Equity increased +73 bps YoY to 1027%[28] Financial Performance - Fourth Quarter 2025 (GAAP) - Revenues were $2475 million, compared to $2385 million in 4Q24[30] - Diluted EPS increased +21% YoY[33] - Return on Assets increased +13 bps YoY to 141%[30] - Return on Common Equity increased +112 bps YoY to 1087%[30] Balance Sheet - Average loans increased by +$11 billion QoQ[44] - Average deposits increased by +$24 billion QoQ[51] - CET1 capital ratio decreased to 1084%[85]

Financial Data and Key Metrics Changes - IT services sequential revenue for Q3 was $2.64 billion, growing 1.4% in constant currency and 1.2% in reported currency, with a year-on-year growth of 0.2% in reported currency [10][11] - Operating margins improved to 17.6%, an increase of 40 basis points from Q2 and 10 basis points year-on-year, marking one of the best margin performances in recent years [10][11] - Adjusted net income for the quarter was INR 33.6 billion, with adjusted EPS at INR 3.21, reflecting a 3.5% sequential increase and flat year-on-year [11] Business Line Data and Key Metrics Changes - BFSI sector grew 2.6% sequentially and 0.4% year-on-year, while Health sector grew 4.2% sequentially and 1% year-on-year [12][13] - Consumer sector saw a sequential growth of 0.7% but a year-on-year decline of 5.7% [13] - Technology and Communications sector grew 4.2% sequentially and 3.5% year-on-year, while EMR declined 4.9% sequentially and 5.8% year-on-year [13] Market Data and Key Metrics Changes - Americas 1 market grew 1.8% sequentially and 2.8% year-on-year, while Americas 2 declined 0.8% sequentially and 5.2% year-on-year [12] - Europe market grew 3.3% sequentially but declined 4.6% year-on-year, while APMEA grew 1.7% sequentially and 6.6% year-on-year [12][13] Company Strategy and Development Direction - The company is positioning itself for an AI-first world, focusing on AI-led transformation across industries [2][4] - Three strategic pillars include industry platforms and solutions, delivery platforms for AI adoption, and the Wipro Innovation Network to foster partnerships and explore new technologies [5][6] - The company aims to maintain margins while integrating the Harman DTS acquisition, which is expected to enhance engineering and AI capabilities [9][11] Management's Comments on Operating Environment and Future Outlook - Management noted a strong pipeline of opportunities across sectors, with AI becoming central to client strategies for modernization and efficiency [20][21] - The guidance for Q4 projects IT services revenue growth of 0-2% in constant currency, factoring in the Harman DTS acquisition and fewer working days [9][15] - Management expressed confidence in maintaining margins despite challenges in the revenue environment and pricing pressures [42] Other Important Information - The board declared an interim dividend of INR 6 per share, with total cash distributed to shareholders exceeding $1.3 billion for the financial year [15] - The company has established centers of excellence in collaboration with universities to enhance recruitment of AI-skilled talent [34][36] Q&A Session Summary Question: What are the expectations for FY 2027 compared to FY 2026? - Management indicated a strong pipeline and secular growth across sectors, suggesting optimism for FY 2027 [18] Question: What is the impact of AI on deal bookings? - Management clarified that AI is not compressing deal bookings but is instead leading to more opportunities [56] Question: How is the company addressing geopolitical uncertainties? - Management noted that while geopolitical uncertainties exist, they do not significantly impact client decision-making at this time [32] Question: What is the recruitment strategy for AI skills? - The company is focusing on campus recruitment and upskilling existing talent, with plans to hire 2,500 freshers in the next quarter [45][46] Question: What is the outlook for discretionary spending? - Management is closely monitoring discretionary spending as clients finalize budgets, indicating a strong pipeline across sectors [24][25]

Financial Data and Key Metrics Changes - IT services sequential revenue for Q3 was $2.64 billion, growing 1.4% in constant currency and 1.2% in reported currency, with a year-on-year growth of 0.2% in reported currency [10][11] - Operating margins were at 17.6%, expanding 40 basis points sequentially and 10 basis points year-on-year, marking one of the best margin performances in recent years [10][11] - Adjusted net income for the quarter was INR 33.6 billion, with adjusted EPS at INR 3.21, reflecting a 3.5% sequential increase and flat year-on-year [11] Business Line Data and Key Metrics Changes - BFSI sector grew 2.6% sequentially and 0.4% year-on-year, while healthcare grew 4.2% sequentially and 1% year-on-year [12][13] - Consumer sector saw a sequential growth of 0.7% but a year-on-year decline of 5.7% [13] - Technology and communication sector grew 4.2% sequentially and 3.5% year-on-year, while EMR declined 4.9% sequentially and 5.8% year-on-year [13] Market Data and Key Metrics Changes - Americas 1 market grew 1.8% sequentially and 2.8% year-on-year, while Americas 2 declined 0.8% sequentially and 5.2% year-on-year [12] - Europe grew 3.3% sequentially but declined 4.6% year-on-year, while APMEA grew 1.7% sequentially and 6.6% year-on-year [12][13] Company Strategy and Development Direction - The company is positioning itself for an AI-first world, focusing on AI-led transformation across industries [2][3] - Three strategic pillars include industry platforms and solutions, delivery platforms for AI adoption, and the Wipro Innovation Network to connect with partners and startups [5][6] - The company aims to maintain margins while integrating the Harman DTS acquisition, which adds engineering and AI capabilities [9][11] Management's Comments on Operating Environment and Future Outlook - Management noted a strong pipeline of opportunities across sectors, with AI becoming central to client strategies [20][21] - The guidance for Q4 projects IT services revenue growth of 0-2% in constant currency, influenced by fewer working days and delays in ramp-ups [9][15] - Management expressed confidence in maintaining margins despite challenges in the revenue environment and pricing pressures [42][43] Other Important Information - The board declared an interim dividend of INR 6 per share, with cash distributed to shareholders exceeding $1.3 billion for the financial year [15] - The company has completed restructuring exercises and does not anticipate further charges related to the Labor Code implementation [14][15] Q&A Session Summary Question: What are you hearing from clients regarding revenue and AI? - Management indicated a strong pipeline and secular growth across sectors, with AI being a central theme in client discussions [18][20] Question: What is the outlook for discretionary spending? - Clients are focusing on cost optimization and leveraging AI for efficiency, with a strong pipeline across sectors [24][25] Question: What is the impact of geopolitical uncertainties on client decision-making? - Management noted that while uncertainties exist, clients are responding positively to market conditions, particularly in the U.S. [32][39] Question: How is the company addressing AI skills in recruitment? - The company is creating centers of excellence in collaboration with universities to build AI-related curricula and recruit talent [34][36] Question: What is the strategy regarding public sector deals? - The company is focused on partnering with GCCs and leveraging its capabilities to support clients in the public sector [64][71]

Investor Presentation January 2026 Forward Looking Statements This slide presentation contains "forward-looking statements" and "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995. This information and these statements, which can be identified by the fact that they do not relate strictly to historical or current facts, are made as of the date of this presentation or as of the date of the effective date of information described in this presentation, as app ...