Production and Reserves - Estimated net proved reserves increased by 68% from the end of 2020 to the end of 2024[6,8] - Total net production is expected to increase by 64% from 2020 to 2025[6,8] - Oil production is expected to increase by 76% from 2020 to 2025[6,8] Financial Performance and Capital Allocation - Net debt reduced by approximately $140 million in Q2 2025[78] - The company has repurchased 101 million shares[52] - The annual dividend increased from $002 to $080 per share[53] Operational Efficiency and Regional Focus - Average drilling and completion cost decreased by 15%[28] - Completed footage increased by 64% on average per day[28] - Drilling footage increased by 19% on average per day[28] Q2 2025 Performance - Total net production was 2091 MBoe/d in Q2 2025 with 55% oil[80,81] - Adjusted EBITDAX was $5696 million in Q2 2025[80,81] - Adjusted net income was $150 per share in Q2 2025[80,81]

BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE SEPTEMBER 2, 2025 This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows, that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by those forward-looking statements. Users should understand that the risks, uncertainties, factors, and assumptions listed and dis ...

Financial Performance & Guidance - PMI confirms its 2025 adjusted diluted EPS guidance, projecting a growth of 13-15% driven by smoke-free products[3] - This growth represents the strongest performance since 2011, excluding the pandemic recovery period[3] - The forecast for reported diluted EPS in 2025 is $7.24 - $7.37, compared to $4.52 in 2024[6] - Adjusted diluted EPS for 2025 is projected to be $7.43 - $7.56, up from $6.57 in 2024[6] - Excluding currency effects, the adjusted diluted EPS growth is expected to be 11.5% - 13.5%, with EPS ranging from $7.33 - $7.46 compared to $6.57 in 2024[6] Business Momentum - PMI experienced strong momentum over the summer months, driven by IQOS growth and international expansion of ZYN and VEEV[3] - Combustible product sales performed better than expected in Turkey and Egypt[3] - The company is intensifying commercial activities in the U S due to increasing competition in the ZYN market, with some inventory normalization expected in Q3[3] - New smoke-free product markets are opening, including Taiwan[3] Factors Affecting Performance - Restructuring charges are estimated at $0.13 per share in 2025, compared to $0.10 in 2024[6] - Amortization of intangibles is projected at $0.50 per share in 2025, up from $0.40 in 2024[6]

Transaction Overview - Equity Bancshares, Inc (EQBK) 将收购 Frontier Holdings, LLC[3, 10] - 总交易价值约为 1.228 亿美元[13] - Frontier Bank 在内布拉斯加州东部拥有 7 家分行，资产达 14 亿美元[6] Financial Impact - 预计 2027 年每股收益将增加 9.8%，成本节约约为 23%[6] - 有形账面价值回收期为 2.8 年[6, 8] - 预计 2026 年每股收益增长 7.7%[8] - 不良贷款信用评级为 1440 万美元，相当于总贷款的 1.1%[13] Pro Forma Financials - 合并后的总资产为 79 亿美元，总贷款为 56 亿美元，总存款为 63 亿美元[8] - 合并后有形普通股/有形资产比率为 8.7%[8] Strategic Rationale - 本次收购是 EQBK 自 2015 年以来宣布的第 14 次收购，也是 2025 年的第二次收购[6] - Frontier 的非利息支出预计可节省约 23%[14]

Q2 FY25 Financial Performance - Net sales reached $16 billion, a 33% year-over-year increase[30] - Comparable sales increased by 02% marking the first positive quarterly comp since 2021[30,32] - Gross margin was 360%[30] - GAAP EPS was $185, while adjusted EPS was $194[30] Fiscal Year 2025 Guidance - Net sales guidance is revised to a range of negative 30% to positive 10%, translating to $60 billion to $6265 billion[40,41] - GAAP net income is projected between $360 million and $410 million[41] - Adjusted net income is expected to be between $380 million and $430 million[41] - Adjusted free cash flow is estimated to be between $250 million and $320 million[41] Strategic Growth Initiatives - The company opened 3 new stores in Q2 2025 and plans to open an additional 11 stores in Q3[13] - ASO aims to expand its store base by 50%+ in existing and new markets[11] - New store targets include year-one sales of $12 million - $16 million with a spend of $4 million - $5 million per store in FY25 and a targeted ROIC of 20%+[15]

VIBRANT Phase 2 Study Results - The Phase 2 VIBRANT study of verekitug in CRSwNP met the primary endpoint, demonstrating a statistically significant reduction in Nasal Polyp Score (NPS) of -1.8 (p<0.0001) [11, 71, 85] - Key secondary endpoints were also met, including a Nasal Congestion Score (NCS) reduction of -0.8 (p=0.0003) [11, 71, 85] and a 76% reduction in the need for surgery or systemic steroids (p=0.03) [11, 71, 85] - Verekitug, dosed every 12 weeks, showed clinical activity at week 24 similar to tezepelumab dosed every 4 weeks [14, 65] - In the VIBRANT trial, 93% of subjects completed the study [38] Safety and Tolerability - Verekitug was generally well tolerated, with no serious adverse events (SAEs) observed [11, 71, 85] - The incidence of adverse events (AEs) was similar across treatment groups, with treatment-emergent adverse events (TEAEs) related to study treatment occurring more frequently in the placebo group [48] Verekitug's Potential - Upstream Bio is developing verekitug as an antagonist of the TSLP receptor, with the goal of achieving rapid, complete, and sustained receptor occupancy for up to 24 weeks after the last dose [21] - Current biologics sales in CRSwNP alone are estimated to exceed $1 billion globally [29] - Upstream Bio is studying verekitug across multiple indications with high unmet need, including severe asthma (VALIANT trial, topline data expected in Q1 2026) and COPD (VENTURE trial, currently enrolling) [22, 23]

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Kraft Heinz Separation Overview - Kraft Heinz plans to separate into two independent companies: Global Taste Elevation Co and North American Grocery Co[4, 25] - The separation aims to allow each company to dedicate resources, reduce complexity, and align capital allocation with strategic ambitions[26, 27] - The spin-off is expected to be completed in the second half of 2026 and is expected to be tax-free to Kraft Heinz and its shareholders[66] Global Taste Elevation Co - Global Taste Elevation Co had net sales of $154 billion in 2024 and adjusted EBITDA of $40 billion[28] - More than 75% of net sales are from market-leading brands with approximately 90% U S household penetration[41] - The company has a 7% 5-year CAGR in Taste Elevation and a 10% 5-year CAGR in Away From Home organic net sales[43] North American Grocery Co - North American Grocery Co had net sales of $104 billion in 2024 and adjusted EBITDA of $23 billion[28] - Nearly 75% of net sales are from market-leading brands[53] - The company has an opportunity to pursue whitespace in Away From Home, with industry average Away From Home sales at 19% compared to the company's 4%[57] Strategic Rationale - Portfolio complexity is correlated to lower growth rates[22] - The separation will minimize operational overlap and replication, with anticipated dis-synergies of up to $300 million, a substantial portion of which can be mitigated in the near term[58] - The company realized annual efficiencies of approximately $35 million from 2022 to 2024 through shared services efficiencies[13]

Taaleri's Strategy and Synergistic Businesses - Taaleri focuses on transformational opportunities in private capital and operates three synergistic businesses: Garantia, Private Asset Management, and Development Capital[13, 20] - Taaleri aims to capture Garantia's growth potential by increasing consumer awareness, seeking new lender partnerships, and investigating opportunities in neighboring markets[33, 37] - Taaleri plans to expand private asset management by growing fund sizes within existing strategies and expanding to new product groups[34, 38] - Taaleri targets attractive returns on development capital by combining active ownership and expertise, working with the best partners[35, 50] Market Trends and Opportunities - The private capital market is expected to grow by 10% per annum on average in Europe[25] - Taaleri SolarWind III is the largest infrastructure fund in Finland at €503 million[22] - The European and US onshore wind, photovoltaic solar, and battery storage markets are expected to grow by 513 GW by the end of 2028[125] Garantia's Performance and Strategy - Consumer guarantees represent 82% of Garantia's insurance exposure, while corporate guarantees account for 18%[75] - Garantia has distributed €93 million in dividends to Taaleri since its acquisition in 2015[105] - Garantia's strategic priorities include increasing the Residential Mortgage Guarantee market share and expanding distribution[97] Financial Targets and Performance - Taaleri's updated long-term financial targets for 2026–2028 include an average growth of 12% per annum in operating profit from continuing earnings[253] - Taaleri targets a Return on Equity (ROE) at fair value of over 15% and a dividend payout ratio of at least 50%[253] - Taaleri's average growth per annum achieved from 2023 to Q2/2025 was 105% and the weighted average ROE at fair value achieved during the same period was 134%[64]

DEUTZ Acquisition of SOBEK Group September 2, 2025 Acquisition SOBEK Group | September 2025 Disclaimer Unless stated otherwise, all the figures given in this presentation refer to continuing operations. The details given in this document are based on the information available at the time it was prepared. This presents the risk that actual figures may differ from forward-looking statements. Such discrepancies may be caused by changes in political, economic, or business conditions, a decrease in the technolog ...