Q3 2025 Performance - Net sales decreased by (2.8%) compared to Q3 2024[53] - Comparable sales decreased by (1.7%)[53] - Gross margin increased by 51 bps compared to Q3 2024, reaching 39.6%[53, 57] - SG&A expense decreased by (2.1%) compared to Q3 2024[53] - Adjusted operating income was $77 million[53] - Adjusted net income was $11 million, or $0.10 of adjusted earnings per diluted share[53] Balance Sheet and Leverage - Net debt + leases to adjusted EBITDAR leverage ratio is 2.6x when adjusting for actual lease periods exercised, compared to an unadjusted ratio of 4.5x[62, 64] 2025 Outlook - Net sales are expected to decline by (3.5%) to (4%) compared to 2024[81] - Comparable sales are expected to decline by (2.5%) to (3%)[81] - Adjusted operating margin is projected to be 3.1% to 3.2%[81] - Adjusted diluted EPS is expected to be $1.25 to $1.45[81]

Financial Performance - Clearfield's Q4 fiscal year 2025 net sales were $41.1 million, a 13% increase from $36.2 million in the prior year's fourth quarter[77] - Fiscal year 2025 sales grew to $150.1 million, up 20% from $125.6 million in fiscal year 2024; Gross profit margin increased to 33.7% from 20.6%[77] - The company's balance sheet remains strong with $166 million of cash, short-term and long-term investments[76] - Clearfield recorded positive cash flow from continuing operations of approximately $10 million in the fourth quarter and $26.5 million for the full fiscal year 2025, including a reduction of inventory of $13.6 million[76] - The company invested $16.5 million to repurchase 551000 shares during the 12-month period ended September 30, 2025[76] Market Position and Growth Strategy - Clearfield will use its position as a leading provider of fiber distribution and management equipment in the Tier 2 and Tier 3 U S Broadband Service Provider Market for continued growth[24] - Estimated Rural TAM of $6 Billion Over Ten Years[31] - U S Backhaul market by 2030 is projected to be $16 billion, driven by 5G densification which drives fiber transport demand[42] - North America Data Center Capacity is expected to have a CAGR of approximately 16%[53] Future Outlook - The company forecasts annual net sales of $160 million to $170 million and annual net income per share of $0.48 to $0.62[80]

FY25 Performance - Revenues reached $14.4 billion, a 4% year-over-year increase[10] - Adjusted EBITDA was $1,104 million, up 5% year-over-year[10] - Adjusted Diluted EPS increased by 11% year-over-year to $2.22[10] - Free Cash Flow amounted to $516 million[10] - The company's Backlog was $47.1 billion with a Book-to-Bill ratio of 1.2x[10] Q4 FY25 Highlights - The company achieved a robust Q4 book-to-bill ratio of 1.6x[9] - Secured a Space Force Range Contract worth $4 billion over ten years[15] - Awarded nuclear services totaling over $1.8 billion over 15 years for Sellafield Decommissioning and Nuclear Waste Partners[16] - NASA awarded Ascend Aerospace & Technology, a joint venture in which Amentum is a partner, a new nine-year $1.8 billion contract to support flight mission operations and training[17] - Secured multiple classified intelligence contracts totaling nearly $700 million[18] FY26 Guidance - The company initiated FY26 guidance with revenue expected to be between $13.95 billion and $14.3 billion, implying underlying growth of approximately 3%[56] - Adjusted EBITDA is projected to be between $1.1 billion and $1.14 billion, representing approximately 5% underlying growth[56] - Adjusted Diluted EPS is expected to be between $2.25 and $2.45, indicating approximately 12% underlying growth[56] - Free Cash Flow is forecasted to be between $525 million and $575 million, also representing approximately 12% underlying growth[56]

Financial Performance - Total revenue for Q3 FY2026 was $644.5 million, a decrease of 5.2% compared to $679.8 million in Q3 FY2025 [8, 27, 29] - Pre-tax income for Q3 FY2026 was $2.8 million [8, 31] - Diluted earnings per share for Q3 FY2026 were $0.05, a decrease of 28.6% [8, 29] - For the first nine months of FY2026, total revenue was $1.7853 billion, down 8.1% from $1.9422 billion in the same period of FY2025 [32, 34, 36] - The company anticipates a loss of $2 to $4 million in Q4 due to the divestiture of dealership operations in Germany [21] Segment Performance - Agriculture segment revenue is expected to be down 15% to 20% for FY26 [12, 45] - Construction segment revenue is expected to be down 5% to 10% for FY26 [16, 45] - Europe segment revenue is expected to be up 35% to 40% for FY26 [21, 45] - Australia segment revenue is expected to be down 20% to 25% for FY26 [26, 45] Balance Sheet - Equipment inventory decreased by $97 million as of October 31, 2025, compared to January 31, 2025 [39] - Used equipment inventory decreased by $96 million [39] - Rental fleet assets decreased to $71 million as of October 31, 2025, from $76 million as of January 31, 2025 [39]

Financial Performance - Third quarter net sales increased by 7% year-over-year to $1.29 billion[66, 106] - Americas net sales increased by 7% year-over-year[65, 68] - EMEA net sales increased by 7% year-over-year[66, 68] - APAC net sales decreased by 6% year-over-year[66, 68] - Abercrombie brands net sales decreased by 2% year-over-year[65, 71] - Hollister brands net sales increased by 16% year-over-year[65, 71] - The company expects net sales growth for fiscal year 2025 to be in the range of 6% to 7%[21, 81] - The company expects operating margin for fiscal year 2025 to be in the range of 13% to 13.5%[23, 81] - Net income per diluted share for Q3 2025 was $2.36, above the outlook of $2.05 to $2.15[66, 75] - The company anticipates share repurchases of around $450 million for fiscal year 2025[81]

FY2025 Earnings Presentation November 25, 2025 Disclaimer Forward-Looking Statements The statements herein and referenced on the Company's earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In particular, these forward-looking statements include, without limitation, statements regarding t ...

Financial Performance - Q4 FY2025 - Reported revenue was $264 million, a decrease of 7.7% compared to the prior year period[16] - Adjusted revenue was $263.3 million, a decrease of 10.4% on an adjusted constant currency basis compared to the prior year period[16] - Adjusted EBITDA was $89.9 million with a margin of 34.1%, compared to $73 million and 25.2% in the prior year period[16] Financial Performance - FY2025 - Reported revenue was $1,080.4 million, down 3.8% compared to the prior year period[17] - Adjusted revenue was $1,079.7 million, down 3.9% on an adjusted constant currency basis compared to the prior year period[17] - Adjusted EBITDA was $415.3 million with a margin of 38.5%, compared to $353.4 million and 31.4% in the prior year[17] FY2026 Financial Guidance - The company projects reported revenue between $1,071 million and $1,093 million, representing a growth rate between -0.9% and 1.1%[18] - Adjusted constant currency revenue growth is expected to be between -2.0% and 0.0%[18] - Adjusted operating margin is projected to be between 29.0% and 30.0%[18]

Financial Targets & Growth Strategy - The company aims for a Return on Equity (ROE) greater than 12% by 2028 [5, 79] - The company targets a Cost/Income (C/I) ratio of less than 55% by 2028 [5, 79] - The company aims to achieve an income greater than €10 billion by 2028 [5, 79] - The company targets a CET1 ratio greater than 13.75% [5, 79] - The company plans to allocate approximately 50% of its capital to the Corporate Bank, excluding Clearing [5, 79] Cost Reduction & Efficiency - The company plans to reduce FTEs (Full-Time Equivalents) by 5,200 by 2028 [42] - The company aims to reduce its cost base to around €5.5 billion by 2028 [210] - The company expects to realize approximately €900 million in gross cost savings between 2024 and 2028 [204] Business Expansion & Capital Allocation - The company aims to grow client assets in Wealth Management to over €335 billion by 2028 [35, 71, 135, 191] - The company plans to allocate approximately €1 billion in capital for NIBC, expecting a return on invested capital (RoIC) of around 18% [69, 119] - The company intends to generate at least €7.5 billion of capital over the period 2026-2028 [51, 52, 234]

Dick's Sporting Goods Business Performance and Strategy - DICK'S Business is a leading U S sports retailer with growth potential, holding approximately 9% market share within a ~$140 billion total addressable market[14] - The company achieved strong FY24 results, including a 52% increase in comparable sales and net sales of $1344 billion, a 3590% non-GAAP gross margin (+89 bps year-over-year), a $152 billion non-GAAP EBT (+83% year-over-year), and a $1405 non-GAAP EPS (+88% year-over-year)[20] - DICK'S Business is focused on three growth areas: driving growth in key categories, accelerating eCommerce, and repositioning real estate and store portfolio[32] - The company is expanding its House of Sport locations, aiming for 75 to 100 stores by the end of FY27, with each location generating approximately $35 million in Y1 Omni sales and ~$7 million in Y1 4-Wall Omni EBITDA[37, 45] - DICK'S Business is also growing its Golf Galaxy footprint, including Performance Centers, with 112 Golf Galaxy locations, including 32 Performance Centers as of FY25[47, 53] Acquisition of Foot Locker and Future Outlook - DICK'S Sporting Goods acquired Foot Locker, Inc to create a global platform within the growing sports retail industry with a ~$300 billion total addressable market and ~65% market share[7, 16] - Foot Locker, Inc has approximately 23K global stores across North America, Europe, and Asia Pacific, with FY24 revenue of $8 billion and adjusted EBIT of $193 million[113] - The company expects to achieve $100 million to $125 million in cost synergies from the Foot Locker acquisition over the medium-term and expects the acquisition to be accretive to EPS in FY26, excluding one-time costs[117] - DICK'S Business Q3 2025 comparable sales grew 57%, and the company is raising its full-year 2025 outlook for the DICK'S Business, expecting net sales of $1395 billion to $140 billion and diluted EPS of $1425 to $1455[133, 135] Capital Allocation and Shareholder Returns - The company has returned approximately $22 billion to shareholders over the past three years, representing approximately 110% of free cash flow, including ~$13 billion in share repurchases and ~$880 million in dividends[126, 127] - DICK'S Sporting Goods announced authorization of a new five-year share repurchase program of up to $3 billion[130]

Financial Performance - Total revenue increased by 5% year-over-year to RMB 247795 million for the quarter ended September 30, 2025[10] - Income from operations decreased significantly by 85% year-over-year to RMB 5365 million[10] - Adjusted EBITA decreased by 78% year-over-year to RMB 9073 million[10] - Net loss from free cash flow was RMB 21840 million, compared to a positive free cash flow of RMB 13735 million in the same quarter of 2024[10] Segment Performance - Alibaba China E-commerce Group revenue increased by 16% year-over-year[7] - Alibaba International Digital Commerce Group (AIDC) revenue increased by 10% year-over-year[7] - Cloud Intelligence Group revenue increased significantly by 34% year-over-year[7] - All Others segment revenue decreased by 25% year-over-year[25] Business Highlights - Quick commerce revenue increased by 60%, driven by order growth from "Taobao Instant Commerce"[31] - Customer management revenue increased by 10% year-over-year, driven by improved take rate[8] - The company repurchased 17 million ordinary shares (equivalent to approximately 2 million ADSs) for a total of US$253 million[14]