4Q 2025 Earnings Call 26 November 2025 Forward-Looking Statements This earnings call, this presentational and accompanying materials may include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "forecast," "guidance," "project," "target," "outlook," "prospects," "expect," "estimate," "will," "goal," "plan," "anticipate," "intend," "predict," "believe," "likely," " ...

Q3 2025 EARNINGS PRESENTATION 1 MV EFROSSINI EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAX DELIVERED APRIL 2025 This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intend ...

BBVA Argentina November 2025 3Q25 Earnings Conference Call BBVA Argentina Corporate Presentation p. 1 3Q25 Profitability Indicators Net Income (AR$ billion, INFLATION ADJUSTED) -40% -46% ROA ROE BBVA Argentina Corporate Presentation p. 2 3Q25 Main Highlights – Ar$ Real Terms 3Q25 Net Income NET INTEREST INCOME OPERATING EXPENSES EFFICIENCY RATIO* (%) 57.6% in 3Q25 210.0 bn LOAN LOSS ALLOWANCES 1 3 2 585.5 bn FINANCIAL MARGIN 79.8 bn 494.6 bn -25.3% QoQ -33.6% YoY -6.6% QoQ -3.5% YoY +37.1% QoQ +286.3% YoY - ...

Financial Data and Key Metrics Changes - The company reported a net loss of ARS 50.3 billion in Q3 2025, significantly impacted by high real interest rates and tight monetary policy [4][5] - Net financial income declined by 43% sequentially, with the peso NIM falling to 11.7% and total NIM to 10.8%, down 1,100 and 1,000 basis points respectively [7][9] - The CET1 ratio reached 13.2% at quarter end and improved to 14.5% in October, supported by lower deferred asset tax deductions [6] Business Line Data and Key Metrics Changes - Loan growth was solid, up 8% in real terms, primarily driven by the corporate segment, while retail lending declined slightly due to tightened origination standards [5] - The NPL ratio rose to 3.9%, mainly due to the retail segment, although the NPL share of individuals remains below the retail loan share [5][56] - Deposit growth was strong, increasing by 15% quarter on quarter in real terms and over 40% year on year, with dollar deposits reaching a record high, up 31% sequentially [5] Market Data and Key Metrics Changes - The company anticipates real loan growth of 35%-40% for the full year 2025, led by corporate lending, with retail gradually resuming growth as disposable income improves [9] - Deposits are forecasted to grow 30%-35%, with further share gains in US dollar-denominated deposit balances [9] Company Strategy and Development Direction - The company is focused on controlling costs, with a 2% decline quarter on quarter and a 12% decline year to date in real terms [6] - Strategic initiatives include scaling the super app, enhancing customer engagement, and expanding cross-sell opportunities, particularly at Invertir Online [6] - The company is committed to returning to profitability and delivering long-term value, supported by the expected easing of monetary conditions [3][4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about post-election stabilization, with improving confidence and declining interest rates [4] - The company expects a gradual improvement in asset quality, with NPLs projected to peak in Q4 2025 [56] - Future ROE is anticipated to range between negative 5% and 0% for the full year, with expectations for improvement in 2026 as economic conditions normalize [10][41] Other Important Information - The political landscape in Argentina is changing, with a shift towards a more fragmented political environment, which may impact economic reforms [12][18] - The company is open to strategic alliances and partnerships to enhance its competitive position in the market [53] Q&A Session Summary Question: Long-term growth expectations and segment growth - The company guided for real loan growth of 35%-40% this year, with expectations for corporate lending to lead growth and retail to pick up later [30][31] Question: ROE expectations for next year - The company expects ROE to be in the high single digits or low double digits for next year, depending on the pace of economic recovery [41][42] Question: Balance between corporate and retail loans - The company aims for a balanced loan mix, with corporate loans currently exceeding 50% of the mix, expecting retail to catch up as conditions improve [44][46] Question: Asset quality dynamics and NPL expectations - The company anticipates that NPLs may peak in Q4 2025, with a coverage ratio expected to remain between 110-120% [55][57] Question: Liquidity conditions and growth constraints - The company sees a rebound in money demand post-elections, which should support deposit growth and mitigate liquidity constraints [62]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 reached $13 million, an increase of 81% year-over-year and 48% sequentially, marking one of the strongest quarters in the company's history [7][15] - Non-IFRS gross margins for Q3 2025 were 56%, down from 74% in Q3 2024, reflecting increased investments and a higher share of large-scale projects with AI customers [16][17] - Operating expenses in Q3 2025 were $7.4 million, compared to $4.1 million in Q3 2024, driven by planned investments in R&D and sales [17] - Net profit for Q3 2025 was $0.1 million, down from $4.2 million in Q3 2024, with the previous year's profit influenced by one-time financial income [18][19] - Adjusted EBITDA for Q3 2025 was $1.2 million, compared to $1.4 million in Q3 2024 [19] Business Line Data and Key Metrics Changes - The company saw a 26% increase in paying customers and a 17% increase in average revenue per customer during the quarter [7] - The product suite is evolving from a single product proxy business into a diversified multi-product data infrastructure platform, with significant growth in datasets and website unblockers [12] Market Data and Key Metrics Changes - There is significant traction from major global e-commerce platforms in Asia, with repeat and expanding orders [8] - The AI market is experiencing volatility, but demand is broadening and growing sharply, positioning AI as a core long-term growth engine for the company [8][11] Company Strategy and Development Direction - The company prioritizes long-term relationships and market share capture over short-term margins and profitability [3] - Strategic investments are being made to expand capacity and enhance infrastructure, which is expected to improve margins over time [9][10] - The company aims to shift towards higher value products, which will improve unit economics and margins as the product mix evolves [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to expand both gross and operating margins as the product mix continues to shift and infrastructure becomes more efficient [11] - For Q4 2025, the company expects revenues of approximately $12 million, representing a significant 62% year-over-year growth [13][20] - The company is positioned to serve the increasing reliance on high-quality, real-time public web data, with a vision to become a foundational data infrastructure company in the AI sector [14] Other Important Information - The company's shareholders' equity increased to $31.1 million as of September 30, 2025, up from $26.4 million at the end of 2024 [19] - Cash and cash equivalents as of September 30, 2025, were approximately $24.6 million, supporting strategic investments [19] Q&A Session Summary Question: Can you talk about the large project for Dataset delivery? - Management clarified that it is not a project but a demand for a product combining a scraper and dataset, with high customer satisfaction and retention [22][25] Question: Do you see once R&D customers have developed their models that usage is higher or lower? - Management indicated that during the education stage, data needs are high, but in the production stage, usage becomes more predictable and sustainable [26][27] Question: What is the pipeline to sell this new Dataset delivery solution to other customers? - Management confirmed that there are already other customers leveraging this product, and there are additional prospects in the pipeline [30] Question: How should we think about the gross margin recovering as revenue scales? - Management noted that if all solutions were in-house, gross margins could be around 70%, and improvements are expected as demand stabilizes and infrastructure efficiency increases [31][33]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 reached $13 million, an increase of 81% year-over-year and 48% sequentially, marking one of the strongest quarters in the company's history [7][15] - Non-IFRS gross margins for Q3 2025 were 56%, down from 74% in Q3 2024, reflecting increased investments and a higher share of large-scale projects with AI customers [16][17] - Operating expenses in Q3 2025 were $7.4 million, compared to $4.1 million in Q3 2024, driven by planned investments in R&D and sales [17] - Net profit for Q3 2025 was $0.1 million, down from $4.2 million in Q3 2024, with the previous year's profit influenced by one-time financial income [18][19] - Adjusted EBITDA for Q3 2025 was $1.2 million, compared to $1.4 million in Q3 2024 [19] Business Line Data and Key Metrics Changes - The company saw a 26% increase in paying customers and a 17% increase in average revenue per customer during the quarter [7] - The product suite is evolving from a single product proxy business into a diversified multi-product data infrastructure platform, with significant contributions from datasets and website unblockers [12] Market Data and Key Metrics Changes - The company is experiencing strong traction with major global e-commerce platforms in Asia, which are placing repeat and expanding orders [8] - Demand from leading AI labs is expected to grow sharply, indicating a broadening market for the company's services [8][12] Company Strategy and Development Direction - The company prioritizes long-term relationships and market share capture over short-term margins, with a focus on AI-driven growth [3] - Strategic investments are being made to expand capacity and enhance infrastructure, which is expected to improve margins in the long term [9][10] - The company aims to shift towards higher value products, which will improve unit economics and margins over time [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position within the AI market, anticipating smoother revenue patterns as models transition from research to production [11] - For Q4 2025, the company expects revenues of approximately $12 million, representing a 62% year-over-year growth [13][20] - The company aims to end 2025 with around $41 million in revenues, up almost 30% year-over-year [13] Other Important Information - The company's shareholders' equity increased to $31.1 million as of September 30, 2025, up from $26.4 million at the end of 2024 [19] - Cash and cash equivalents as of September 30, 2025, were approximately $24.6 million, supporting ongoing strategic investments [19] Q&A Session Summary Question: Can you talk about the large project for Dataset delivery? - Management clarified that it is not a project but a demand for a product combining a scraper and dataset, with significant revenue contribution [22][23] Question: Do you see once R&D customers have developed their models that usage is higher or lower? - Management indicated that during the education stage, customers need a large amount of data quickly, while in production, usage may be more predictable but spread over time [26][27] Question: What is the pipeline to sell this new Dataset delivery solution to other customers? - Management confirmed that there are already other customers leveraging this product, and there are additional prospects in the pipeline [30] Question: How should we think about the gross margin recovering as revenue scales? - Management noted that if all solutions were in-house, gross margins could be around 70%, and they are working to reduce reliance on third-party vendors [31][32] Question: When will and how do you think about the unit economics improving? - Management expects improvements in unit pricing as demand stabilizes and infrastructure becomes more efficient [36][37]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 reached $13 million, an increase of 81% year-over-year and 48% sequentially, marking one of the strongest quarters in the company's history [6][14] - Non-IFRS gross margins for Q3 2025 were 56%, down from 74% in Q3 2024, reflecting increased investments and a higher share of large-scale projects with AI customers [15][16] - Net profit for Q3 2025 was $0.1 million, a significant decrease from $4.2 million in Q3 2024, primarily due to a high financial income in the previous year [17][18] - Adjusted EBITDA for Q3 2025 was $1.2 million, slightly down from $1.4 million in Q3 2024 [17] Business Line Data and Key Metrics Changes - The company saw a 26% increase in paying customers and a 17% increase in average revenue per customer during the quarter [6] - The product suite is evolving from a single product proxy business into a diversified multi-product data infrastructure platform, with significant growth in AI-centric products [11] Market Data and Key Metrics Changes - Strong growth was noted in the AI vertical, offsetting declines in other segments, with one large-scale AI customer contributing approximately $3.5 million in revenue [15] - The company is experiencing significant traction with major global e-commerce platforms in Asia, which are placing repeat and expanding orders [7] Company Strategy and Development Direction - The company prioritizes long-term relationships and market share capture over short-term margins and profitability, with a focus on AI-driven growth [3] - Strategic investments are being made to expand capacity and enhance infrastructure, which are expected to drive long-term growth despite short-term margin pressures [8][10] - The company aims to shift towards higher value products, which will improve unit economics and margins over time [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for AI services and the company's positioning within the data industry, anticipating a revenue of approximately $12 million for Q4 2025, representing a 62% year-over-year growth [12][19] - The volatility in demand from leading labs is expected to stabilize as models transition from research to production [10] Other Important Information - The company's cash position as of September 30, 2025, was approximately $24.6 million, supporting ongoing strategic investments [18] Q&A Session Summary Question: Can you talk about the large project for Dataset delivery? - Management clarified that the demand is for a combination of a scraper and a dataset, with high customer satisfaction and retention [22][25] Question: Do you see usage being higher or lower once R&D customers have developed their models? - Management indicated that while initial data needs are high during the education stage, usage may become more predictable in the production stage [26][27] Question: What is the pipeline to sell this new Dataset delivery solution to other customers? - Management confirmed that there are already other customers leveraging this product, with additional prospects in the pipeline [30] Question: How should we think about the gross margin recovering as revenue scales? - Management projected that gross margins could improve significantly if third-party vendor reliance decreases, with a potential gross margin of around 70% if all solutions were in-house [31][33] Question: When will unit economics improve? - Management noted that as demand stabilizes and infrastructure efficiency increases, unit prices may rise, benefiting overall margins [36][37]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with an EBITDA of $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemaxes in Q3, increasing to approximately $34,000 in Q4, while Capesize rates rose from $20,500 to $26,200 [12][13] - The Kamsarmax and Panamax segments saw rates improve from $13,500 in Q3 to $17,000 in Q4 [13] - The tanker division reported Q3 rates of $30,500 for VLCCs, with Q4 rates reaching $68,000 [17][18] Market Data and Key Metrics Changes - The company remains positive on tankers, dry bulk, and offshore markets, while expressing caution regarding containers and chemicals due to supply-demand imbalances [8][9] - Dry bulk demand is expected to grow, with a ton mile demand increase of 0.8% for capesizes this year, projected to ramp up to nearly 3% next year [10] - The offshore wind market is experiencing growth, although some projects have been postponed [11] Company Strategy and Development Direction - The company is focused on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - A new multi-purpose accommodation service vessel has been ordered to enhance capabilities in both oil and gas and offshore wind markets [22][24] - The company aims to maintain a flexible dividend policy, balancing shareholder rewards with strengthening its balance sheet for future opportunities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational leverage and free cash flow generation capacity, anticipating significant liquidity generation in the coming quarters [5][6] - The company is cautious about the container and chemical markets, expecting challenges due to high order books and supply-demand dynamics [9][20] - Management remains committed to decarbonization efforts, focusing on ammonia as a fuel choice despite delays in IMO regulations [29][50] Other Important Information - The company has successfully reduced bridge financing by $300 million and is actively working to optimize its financing portfolio [5][60] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new buildings in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but current new building prices are considered high [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no fixed minimum or maximum dividends expected [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and arrangement fees from recent acquisitions [58][59] Question: Expectations for fixed contracts and their growth - The company aims to increase fixed contract coverage but does not have a specific target due to market variability [97]

Financial Data and Key Metrics Changes - Revenue grew 53.8% year-over-year in 2024, with expectations of close to 35% year-over-year growth in 2025 [3][4] - The company anticipates approximately 15% year-over-year revenue growth in 2026, focusing on profitability as a major goal [4] Business Line Data and Key Metrics Changes - The growth is attributed to an increase in the number of students and parents served, strengthening of the product portfolio, and growing brand influence [3] - Integration of online and offline solutions, along with AI enhancements, is progressing steadily [4] Market Data and Key Metrics Changes - The company has seen sustained operating leverage as it expands, which supports the goal of achieving full profitability at target scale [4] Company Strategy and Development Direction - The company plans to balance growth with profitability, making profitability the primary focus in 2026 [4] - Ongoing efforts are aimed at moving towards sustainable net profitability in 2026 [4] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory becoming more balanced in 2026, with a focus on profitability [4] Other Important Information - The company encourages further inquiries through its Investor Relations Department [6] Q&A Session Summary Question: Insights on 2026 growth expectations and balancing growth with loss reduction - Management provided insights on revenue growth expectations for 2025 and 2026, emphasizing the importance of profitability in future strategies [2][4]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with EBITDA at $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemax vessels in Q3, increasing to nearly $34,000 in Q4 [12] - Capesize vessels reported a TCE of $20,500 in Q3, rising to $26,200 in Q4 [12] - Kamsarmax and Panamax vessels exceeded expectations with rates increasing from $13,500 in Q3 to $17,000 in Q4 [13] Market Data and Key Metrics Changes - The tanker market remains positive, with VLCC rates achieving $30,500 in Q3 and approximately $68,000 in Q4 [17] - The chemical tanker market is experiencing a decline, with limited spot exposure and a cautious outlook due to an oversupply of vessels [21] - The offshore market is seeing growth, particularly in offshore wind and oil and gas sectors, with increased demand for support vessels [11][22] Company Strategy and Development Direction - The company is focusing on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - There is a cautious approach towards the container and chemical markets due to supply-demand imbalances [9][10] - The company is actively rejuvenating its fleet and has ordered a new multi-purpose accommodation service vessel to enhance its offshore capabilities [4][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk and tanker markets, citing strong supply-demand fundamentals [10][11] - There is caution regarding the container and chemical markets, with expectations of flat or declining demand in the near term [9][10] - The company is committed to maintaining flexibility in its dividend policy, balancing shareholder rewards with strengthening its balance sheet [32][86] Other Important Information - The company has successfully reduced bridge financing by $300 million and anticipates generating significant free cash flow in the coming quarters [5][6] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new builds in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but new builds are currently seen as pricey [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no minimum or maximum levels set, allowing flexibility based on cash flow and market conditions [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and acquisition-related costs, with plans to optimize financing in the future [58][59] Question: Expectations for fixed contracts and future growth - The company aims to increase fixed contract coverage but does not have a specific target, as it depends on market conditions [97] Question: Impact of tariffs on the company - The company reported minimal impact from tariffs, with most effects felt in the broader market rather than directly affecting its operations [96][98]