Transaction Overview - WTW will acquire Newfront to enhance its footprint in key markets and sectors, bringing innovative technology and agentic AI capabilities[10] - The purchase price is $105 billion at closing, with up to $250 million of contingent consideration[11] - The net purchase price represents approximately 12x Newfront's 2026E pro forma adjusted EBITDA, inclusive of cost synergies[11] Newfront Overview - Newfront is a tech-native, specialty-focused broker primarily serving middle market clients[12] - Newfront's 2024A pro forma revenue is $234 million, with an organic revenue growth CAGR of 20% from 2018 to 2024[13] - Newfront's 2025E pro forma revenue is approximately $250 million, and 2026E pro forma revenue is approximately $275 million[13] - Newfront's 2026E pro forma Adjusted EBITDA margin is approximately 26%[13] Synergies and Financial Impact - Approximately $35 million of run-rate cost synergies are expected by the end of 2028[11, 30] - One-time cash transaction and integration costs are estimated at approximately $125 million over the next 3 years[29, 30] - The transaction is expected to be approximately $010 dilutive to Adjusted EPS in 2026 and accretive to Adjusted EPS in 2027[29]

Strategic Partnership with Apollo Funds - Capital Power and Apollo Funds are forming a US$3 billion investment partnership to acquire U S natural gas generation assets[1,6,7] - Apollo Funds may commit up to US$225 billion in equity and Capital Power up to US$750 million[8] - Capital Power will operate acquired assets and receive management and performance fees[8] - The partnership aims for a 50% cumulative increase in U S capacity or approximately 35 GW[7] Financial Targets and Guidance - The company targets a 13-15% annual Total Shareholder Return (TSR)[7] - The company targets an 8-10% annual AFFO per-share growth[7] - The company aims to maintain a 2-4% annual dividend growth target[7] - 2026 Adjusted EBITDA is projected to be between $1565 million and $1765 million[18] - 2026 AFFO is projected to be between $890 million and $1010 million[18] - 2026 Sustaining Capital is projected to be between $290 million and $330 million[18] Powering AI in Alberta - Capital Power has a binding MOU with a data center developer for a 250 MW Electricity Supply Agreement (ESA) in Alberta[7,9] - The ESA has a term of 10+ years and is expected to start in 2028[9]

Company Presentation & KOL Webinar MDNA11 Clinical Data Update 10 December 2025 ESMO-IO Congress 2025 Disclaimer Certain statements in this presentation may constitute "forward-looking statements" under applicable securities laws. These forward-looking statements include, but are not limited to, information about possible or assumed future results of the Medicenna Therapeutics Corp's (the "Company" or "Medicenna") business, clinical trials, drug development, financial condition, results of operations, liqui ...

Company Overview - Casey's has a total enterprise value of approximately $21 billion and operates around 2,900 convenience stores across 19 states[6] - The company processes over 800 million guest transactions annually and employs roughly 50,000 team members[6] - Approximately 2/3 of Casey's stores are located in towns with populations of 20,000 or fewer, providing a stronger market position in rural areas[8,67,68] Strategic Advantages - Casey's Rewards program boasts over 9.5 million active members, driving higher transaction values and more frequent visits[8] - The company's strategic investments in digital platforms and food offerings, coupled with a reduced reliance on tobacco sales, have resulted in higher inside gross margins[21] - Casey's private label products exceed 300 SKUs, offering better quality and lower prices than national brands, resulting in larger margins[19,43] Growth and Financial Performance - Casey's aims to deliver top quintile EBITDA growth of 8-10% through FY2026[24,27,70] - The company plans to add approximately 500 additional stores through new builds and acquisitions by FY2026[27,29] - Casey's anticipates generating approximately $1.25 billion in free cash flow through FY2026[27] Operational Efficiency - Casey's is focused on enhancing operational efficiency through store simplification, streamlined kitchen operations, and inventory optimization[53] - From FY19 to FY25, Casey's OPEX CAGR was 10.6% compared to an EBITDA CAGR of 13.4%[69] - The company's Return on Invested Capital (ROIC) improved to 11.5% in FY25, up approximately 240 bps from FY19[69]

Investor Presentation December 2025 PHOTRONICS Safe Harbor Statement PHOTRONICS This presentation and some of our comments during this presentation may contain projections or other forward-looking statements regarding future events, our future financial performance, and/or the future performance of the industry. These statements are predictions and contain risks and uncertainties. We refer you to the risk factors in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subseque ...

Financial Performance - Consolidated recurring revenue is at 68%[13] - Q3 FY26 revenue for Product ID increased by 8.5% Q/Q[11] - Q3 FY26 revenue for Aerospace increased by 8.6% Q/Q[12] - Adjusted Gross Profit Margin for Q3 2026 is 37.2%, compared to 34.0% in Q3 2025[20] - Adjusted EBITDA Margin for Q3 2026 is 10.7%, compared to 8.0% in Q3 2025[33] - Net cash provided by operating activities for the nine months ended October 31, 2025, was $8.1 million[35] Segment Performance - Aerospace segment operating income margin increased to 36.8% in Q3 FY26 from 23.0% in Q3 FY25[27] - Product ID segment adjusted operating income margin increased to 10.6% in Q3 FY26 from 7.2% in Q3 FY25[25] Orders and Backlog - Product ID orders decreased by $4.3 million Y/Y due to delays in renewing blanket orders[38] - Aerospace orders increased 24% Y/Y due to improved OEM demand[38]

Financial Data and Key Metrics Changes - Total group revenue for Q3 2025 was RMB 2.65 billion, down 1% year-over-year but up 1% quarter-over-quarter [4][17] - Domestic revenue reached RMB 2.12 billion, down 10% year-over-year, while overseas revenue was RMB 535 million, up 69% year-over-year [4][18] - Adjusted operating income was RMB 404 million, down 11% from Q3 last year, with a margin of 15.2% [4][22] Business Line Data and Key Metrics Changes - Momo's value-added service revenue reached RMB 1.79 billion, down 11% year-over-year and 3% quarter-over-quarter [9] - Tantan's revenue from the onshore business in Q3 was RMB 150 million, down 15% year-over-year and 5% quarter-over-quarter, but ARPU increased by 25% year-over-year [11][12] - Overseas revenue accounted for 20% of the group's revenue, compared to 12% in the same period last year [13] Market Data and Key Metrics Changes - Overseas revenue growth mainly came from audio and video social products in the MENA region, with significant contributions from YoHo and Ahlan [13][14] - Tantan International returned to substantial growth for the first time in nearly a year, aided by the acquisition of Happn [15] Company Strategy and Development Direction - Key priorities for 2025 include maintaining Momo's productivity, improving Tantan's core dating experience, and deepening overseas market presence [4][5] - The company aims to optimize the chat experience on Momo and enhance user engagement through AI technologies [6][8] - The acquisition of Happn is expected to enrich the diversity of the overseas dating product portfolio [15] Management Comments on Operating Environment and Future Outlook - Management acknowledged external challenges impacting business but noted proactive responses leading to good results in user and financial measures [4] - The company expects domestic revenue to decline by mid- to low-teens percentage-wise in 2026, while overseas revenue is anticipated to maintain growth [24][32] - Management emphasized the importance of platform fundamentals, macroeconomic conditions, and regulatory environments in shaping future performance [36][37] Other Important Information - Non-GAAP net income attributable to the company was RMB 404.5 million, compared to RMB 493.3 million in the same period of 2024 [17] - The company ended Q3 with cash reserves totaling RMB 8.86 billion, down from RMB 14.73 billion at the end of 2024 [23] Q&A Session Summary Question: Impact of tax issues on Momo's revenue and margin - Management explained that tax scrutiny affected mid-tier broadcasters, leading to revenue pressure, but adjustments in revenue sharing policy resulted in a modest recovery [27][29] Question: Overseas revenue growth and its components - Management noted that the majority of overseas revenue growth came from audio and video products in the MENA region, with Tantan International also contributing positively [40][43] Question: M&A strategy and focus areas - Management highlighted that M&A targets are evaluated based on product value, team capability, and sustainable profitability, with varying levels of post-acquisition involvement [51][56] Question: Profit margin outlook and shareholder returns - Management indicated that domestic gross margins are expected to decline, while overseas products are seeing stable or improving margins, with overall profitability under pressure [60][63]

Summary of Mr Price Group's M&A Announcement Company Overview - **Company**: Mr Price Group (OTCPK:MRPL.Y) - **Acquisition Target**: NKD Group - **Significance**: This acquisition is described as the most significant announcement in the last 20 years for Mr Price Group [1] Core Points and Arguments Strategic Growth and Performance - Mr Price Group has a strong history of consistent performance, even during challenging trading conditions in South Africa [2] - The company has celebrated 40 years of operation, reflecting on its past while planning for future growth [3] - The growth strategy initiated during COVID-19 led to the launch of new concepts such as Mr Price Kids and Mr Price Cellular [4][5] - The company has focused on a light integration approach for acquisitions, allowing for seamless transitions and relationship building [5] Market Conditions and Opportunities - South Africa is characterized as a small market with limited acquisition opportunities, but there are signs of economic improvement [10][11] - The company is cautious about pursuing acquisitions outside its expertise, emphasizing the importance of sticking to its core value retailing business [12] - The offshore strategy involves acquiring established players to mitigate risks associated with brand exportation and market entry [13][14] Financial Considerations - The acquisition of NKD will introduce debt to Mr Price's balance sheet, but both companies are cash generative, allowing for manageable debt levels [19][20] - The company is committed to maintaining its dividend policy despite the acquisition [30] - The acquisition is expected to be transformative, with potential growth benefits outweighing short-term costs [21][22] NKD Group Overview - NKD operates in the value apparel and homeware sector across Central and Eastern Europe, with a revenue of EUR 685 million in 2024 [44] - The company has a strong management team and a proven multi-location strategy, operating 2,100 stores [44][45] - NKD's target demographic is price-conscious females aged 45 and above, with a focus on quality [46] Market Potential - The total retail market in Europe is valued at $5.5 trillion, with NKD's operating markets contributing $1.8 trillion [35][36] - The value retail segment in Europe has been growing at a rate of 6.6%, significantly outpacing the overall market growth of 1.5% [39][40] - NKD has identified potential for significant store growth, with the possibility of doubling its footprint in existing markets [41][42] Important but Overlooked Content - The management emphasizes the importance of cultural alignment and management chemistry between Mr Price and NKD as critical factors in the acquisition's success [62] - The company has engaged a risk team from the outset to ensure comprehensive risk assessment and management throughout the acquisition process [31] - The management team is focused on maintaining operational independence for NKD while providing strategic oversight [27][28] This summary encapsulates the key points from the Mr Price Group's M&A announcement regarding the acquisition of NKD Group, highlighting the strategic rationale, market conditions, financial implications, and the potential for future growth.

Financial Data and Key Metrics Changes - For Q3 2025, total group revenue was RMB 2.65 billion, down 1% year-over-year, but up 1% quarter-over-quarter [4][17] - Domestic revenue reached RMB 2.12 billion, down 10% year-over-year, while overseas revenue was RMB 535 million, up 69% year-over-year [4][17] - Adjusted operating income was RMB 404 million, down 11% from Q3 last year, with a margin of 15.2% [4][17] Business Line Data and Key Metrics Changes - Momo's value-added service revenue was RMB 1.79 billion, down 11% year-over-year and 3% quarter-over-quarter [9] - Tantan's revenue from the onshore business was RMB 150 million, down 15% year-over-year and 5% quarter-over-quarter, but ARPU increased by 25% year-over-year [11] - Overseas revenue from value-added services was RMB 533.1 million, up 69% year-over-year and 21% quarter-over-quarter [18] Market Data and Key Metrics Changes - Overseas revenue accounted for 20% of the group's revenue, compared to 12% in the same period last year [13] - The growth in overseas revenue was primarily driven by audio and video social products in the MENA region [13][14] Company Strategy and Development Direction - Key priorities for 2025 include maintaining Momo's productivity, improving Tantan's core dating experience, and deepening overseas market presence [4][5] - The company aims to optimize the chat experience on Momo and enhance user engagement through AI technologies [6][7] - The acquisition of Happn is expected to enrich the company's overseas dating product portfolio and enhance growth potential in the Asia-Pacific region [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external challenges impacting business but noted proactive responses leading to good results in user and financial measures [4] - The company expects domestic revenue to decline by mid- to low-teens percentage-wise in 2026, while overseas revenue is anticipated to maintain growth [24][38] - Management emphasized the importance of platform fundamentals, macroeconomic conditions, and regulatory environments in shaping future performance [37][66] Other Important Information - The company ended Q3 with cash reserves totaling RMB 8.86 billion, down from RMB 14.73 billion at the end of 2024, primarily due to loan repayments and tax payments [23] - Non-GAAP gross margin for Q3 was 37.6%, down 1.7 percentage points from the previous year [19] Q&A Session Summary Question: Impact of tax issues on Momo's revenue and margin - Management explained that recent tax changes affected mid-tier broadcasters, leading to revenue pressure, but adjustments in revenue sharing policy have shown some recovery [30] Question: Overseas revenue growth and its sustainability - Management highlighted that overseas revenue growth was driven by audio and video products in the MENA region and the acquisition of Happn is expected to enhance future performance [45] Question: M&A strategy and focus areas - Management stated that M&A targets are evaluated based on product value, team capability, and sustainable profitability, with varying levels of post-acquisition involvement [59] Question: Profit margin outlook and shareholder returns - Management indicated that domestic gross margins are expected to decline, while overseas products are seeing stable margins, with overall profitability under pressure but not significantly impacted by overseas business [66]

12.10.2025 Forward-looking statements and non-GAAP financial information The Allstate Corporation 2025 PAGE 1 The Allstate Corporation Goldman Sachs 2025 US Financial Services Conference Tom Wilson, Chair, President and Chief Executive Officer › This presentation contains forward-looking statements and information. › This presentation also contains non-GAAP measures that are denoted with an asterisk (*). › You can find the reconciliation of those measures to GAAP measures within our most recent earnings rel ...