2025 Q3 Business Update December 9, 2025 Disclaimer & Forward Looking Statement 2025 Q3 Business Update This presentation contains certain "forward-looking statementsˮ within the meaning of applicable securities laws. These statements relate to future events and results of BillionToOne, Inc. (the "Company,ˮ "we,ˮ "us,ˮ or "ourˮ) and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industr ...

Financial Performance - Net sales increased by $1.8 million, a 4% increase, reaching $47.6 million, driven by a 31% increase in Fire Services products[15] - U S sales increased 25% to $19.2 million due to acquisitions, while Europe sales increased 6% to $15.2 million[15] - Adjusted EBITDA excluding FX decreased by $4.5 million, a 95% decrease, to $0.2 million, compared to $4.7 million in the prior year period[15] - Adjusted gross profit as a percentage of net sales decreased to 31.3% from 41.7% in the comparable prior year period, a sequential decrease of 612bps from 37.4% last quarter[15] - Net loss was $16.0 million, compared to a net income of $0.1 million in the same period last year[28] Strategic Initiatives and Outlook - Completed acquisitions of Arizona PPE Recon, Inc and California PPE valued at approximately $9.8 million[15] - Lakeland LHD was awarded an approximately $5.6 million three-year contract to provide services for the Hong Kong Fire Services Department[15] - The company has a pipeline of approximately $178 million, including approximately $38 million of near-term, high probability opportunities[15] - The company completed a $6.1 million sale and partial leaseback of the Decatur, Alabama, warehouse property[15] Challenges and Mitigation - The company is navigating challenges from tariff uncertainty and inflation effects, which impacted both revenue and gross margin[15] - Demand softened across several Industrial channels faster than expected, with distributors reducing inventory and competitive pricing tightening[26] - The company is implementing operating and manufacturing efficiencies to achieve higher margins and improved free cash flow[66]

Financial Performance - Record second quarter revenue reached nearly $473 million, driven by strong sales in the AxS segment[5] - The company is raising the lower end of FY26 revenue guidance, with fiscal year revenue now expected to be between $1.95 and $2.0 billion[5] - Non-GAAP Adjusted EBITDA for Q2 FY26 was $45.0 million[7] - Non-GAAP EPS (diluted) for Q2 FY26 was $0.44[7] - Q2 FY26 GAAP net loss was ($17.1M) and GAAP EPS was ($0.34) per diluted share[7] Backlog and Awards - Record second quarter contract awards with a ceiling of $3.5 billion[5] - Bookings for the quarter were nearly $1.4 billion[5] - Funded backlog stands at $1.1 billion, with an unfunded backlog of $2.8 billion[5] - Year-to-date book-to-bill ratio is 1.84[34] Segment Performance and Margins - In Q2 FY26, AxS revenue was $301.6 million, while SCDE revenue was $170.9 million[10] - Q2 FY26 revenue mix: 69% from products and 31% from services[10] - Adjusted product gross margin was 33%, and adjusted service gross margin was 14% in Q2 FY26[10, 26] Updated Guidance - The company expects Adjusted EBITDA for FY26 to be between $300 million and $320 million, representing approximately 15.7% of revenue at the mid-point[15] - Non-GAAP Earnings Per Share (diluted) for FY26 is projected to be $3.40 – $3.55[15]

Financial Outlook & Strategy - GE Vernova expects revenue to reach $52 billion by 2028, a $7 billion increase from prior estimates[23] - The company anticipates an adjusted EBITDA margin of 20% by 2028, a 6 percentage point increase[23] - Cumulative free cash flow from 2025 to 2028 is projected to be $22 billion or more, an $8 billion increase from previous forecasts[23] - GE Vernova is targeting at least 1/3 of cash generation to be returned to shareholders[29] Business Segment Performance - Power and Electrification segments are expected to see revenue growth in the high teens from 2025 to 2028[27] - Power and Electrification segments are expected to achieve a 22% adjusted EBITDA margin by 2028, a 6 percentage point increase[23] - Wind segment's adjusted EBITDA margin is expected to be 6% by 2028, a decrease of 4 percentage points[23] Growth & Capacity - Gas turbine deliveries are projected to reach 20 GW annualized output by mid-2026, increasing to approximately 24 GW in 2028[27] - The company has signed contracts for 18 GW of new gas power contracts and expects to have approximately 80 GW under contract by the end of 2025[20] - Electrification backlog is expected to double by 2028, reaching approximately $60 billion[90] Prolec GE Acquisition - The acquisition of the remaining 50% stake of Prolec GE is expected to close by mid-2026[3] - Prolec GE is projected to have revenue of $4.2 billion and an adjusted EBITDA of $1.1 billion by 2028[95]

Financial Performance - Braze's quarterly revenue run rate is $763 million [3] - Q3'26 revenue reached $1908 million, a 255% year-over-year increase [14, 22] - GAAP gross margin was 672%, a decrease of 260 basis points year-over-year, while non-GAAP gross margin was 691%, down 140 basis points year-over-year [14, 25] - The dollar-based net retention rate was 108% [4, 14, 27] - GAAP operating loss was $375 million, compared to a loss of $326 million in the prior year quarter; non-GAAP operating income was $51 million, compared to a loss of $22 million in the prior year quarter [14] - Net cash provided by operating activities was $210 million, compared to net cash used in operating activities of $114 million in the prior year quarter [14] - Free cash flow was $178 million, compared to $(142) million in the prior year quarter [14, 33] Customer Growth - The customer count increased to 2,528 as of October 31, 2025, from 2,211 in the prior year quarter, representing a 14% year-over-year growth [4, 14, 31] - Customers with over $500K ARR experienced a 29% year-over-year growth [31] Future Guidance - For Q4'26, revenue is projected to be between $1975 million and $1985 million; for the full fiscal year 2026, revenue is expected to be between $7305 million and $7315 million [38] - Non-GAAP operating income for Q4'26 is guided to be $120 million - $130 million, and for the full year, $260 million - $270 million [38]

Company Overview and Strategy - ONEOK has a ~60,000-mile pipeline network and strategically located assets [5, 11] - The company's business model is approximately 90% fee-based, providing resilient earnings [6] - ONEOK aims for 3%-4% annual dividend growth with a payout ratio of ~85% or lower [33] Financial Performance and Synergies - The adjusted EBITDA guidance range for 2025 is $80 billion to $845 billion [14, 26] - ONEOK returned approximately $25 billion to shareholders in 2024 through dividends and share repurchases [34] - Magellan synergies are expected to exceed $350 million by the end of 2025 [28] - EnLink and Medallion synergies are expected to exceed $125 million by the end of 2025 [30] Operational Highlights and Growth Projects - Natural Gas Liquids segment expects 2025 earnings to be >90% fee based with >12 million bpd fractionation capacity [47] - Refined Products and Crude segment expects 2025 earnings to be ~90% fee based [63] - The company is developing a 400,000 bpd LPG export terminal in Texas City, with expected completion in early 2028 [35, 57]

FY'26 Q2 Earnings Call Presentation DECEMBER 9, 2025 | © 2025 Korn Ferry Safe Harbor Statement FORWARD-LOOKING STATEMENTS Statements in this presentation that relate to goals, strategies, future plans and expectations are based on Korn Ferry's current expectations. You are cautioned not to place undue reliance on such statements. Actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. For a detailed description of many of those ris ...

Financial Performance & Growth - Ligand预计2025年版税收入超过1.5亿美元，同比增长约40%[5] - Ligand预计2025年核心收入为2.25亿美元至2.35亿美元[39] - Ligand预计2025年调整后核心每股收益为7.40美元至7.65美元，同比增长约31%[40] - Ligand预计2025年运营现金流约为1.75亿美元[41] - Ligand预计2026年版税收入为2亿美元至2.25亿美元，同比增长约40%[45] - Ligand预计2026年总收入为2.45亿美元至2.85亿美元，同比增长约15%[45] - Ligand预计2026年调整后核心每股收益为8.00美元至9.00美元，同比增长约13%[45] - Ligand预计2025-2030年版税收入复合年增长率达到或超过23%[7] Investment & Portfolio - Ligand拥有约10亿美元的可部署资本，包括约6.65亿美元的现金和投资[5] - Ligand在过去两年中已承诺超过4亿美元用于11项投资[82] - Ligand审查了超过170项投资，签署了69项保密协议，完成了6项投资[5, 81]

Financial Performance - Net sales for Q3 2025 reached $14 billion, a 30% year-over-year increase[31] - E-commerce sales experienced substantial growth of 222%[31] - Gross margin expanded by 170 basis points[31] - GAAP EPS stood at $105, while adjusted EPS reached $114[31] - For the thirty-nine weeks ended November 1, 2025, net income was $24308 million, compared to $284816 million for the thirty-nine weeks ended November 2, 2024[45] Store Expansion and Growth Strategy - The company opened 11 new stores in Q3 2025[31] and a total of 24 stores in fiscal year 2025[14] - The company plans to open an additional 20-25 stores in 2026[14] - 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%+[16] - The company has opened 59 new stores over the past three+ years[14] Fiscal Year 2025 Guidance - The company updated its fiscal 2025 sales guidance to a range of -20% to flat[41] - The company anticipates a tax rate of 235% for the year[41] - The company projects GAAP net income between $365 million and $400 million, and adjusted net income between $385 million and $420 million[42]

Third Quarter 2025 Performance - Sales reached $790 million, a 6.6% increase compared to Q3 2024[11, 13] - Adjusted Earnings Per Share (EPS) stood at $0.38[11, 13] - Gross margin was 42.7%, a decrease of 140 bps compared to Q3 2024[13] - Inventory increased by 15.8%[13] Performance Excluding Stuart Weitzman - Sales were $744 million, a 0.4% increase compared to Q3 2024[14, 15] - Adjusted EPS was $0.67[14, 15] - Gross margin was 42.5%, a decrease of 160 bps compared to Q3 2024[14, 15] - Inventory increased by 2.6%[14, 15] Segment Performance - Famous Footwear sales were $419 million, a 2.2% decrease compared to Q3 2024, with comparable sales down 1.2%[16, 17, 18] - Brand Portfolio sales were $384 million, an 18.8% increase compared to Q3 2024 including Stuart Weitzman, and up 4.6% excluding Stuart Weitzman[22] Outlook - Q4 Famous Footwear comparable sales are expected to be flat, with total sales down low single digits[29] - Q4 Brand Portfolio sales are expected to be flat-to-up 1% on an organic basis, with Stuart Weitzman sales adding $55 - $60 million[29] - Full-year adjusted diluted EPS is projected to be $0.55 to $0.60 including Stuart Weitzman, and $1.15 to $1.25 excluding Stuart Weitzman[29]