Quarterly Financial Review 4th Quarter 2025 February 18, 2026 CONOCO FORWARD-LOOKING STATEMENTS / NON-GAAP FINANCIAL MEASURES Statements includiod herein that are not hislonical in nature, ane intended to be, and are hereby identified as "for ward-kooking statements" for purposes of the safe harb 1934, as amended. In addition, the Cornpary and its representatives may from time to time make other oral or witten statements that ane also "forward-Lobking statements: " tbeleve," "can, " considel, " "pontinue, " ...

Stability + Growth = Value Half year ended 31 December 2025 For personal use only Escondida Disclaimer The information in this presentation is current as at 17 February 2026. It is in summary form and is not necessarily complete. It should be read together with the BHP Results for the half year ended 31 December 2025. Forward-looking statements This presentation contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements other than statements ...

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 31% to INR 74.8 billion for the nine months ending December 31, 2026, with a more than sixfold increase in profit after tax [8][9] - Revenue increased by 48% for the first nine months of the fiscal year compared to the previous year, driven by an increase in megawatts and contributions from the manufacturing business [17] - Headline leverage decreased from 8.2x in December 2024 to 7x debt to EBITDA currently, and is expected to reach 6.7x excluding contributions from joint venture partners [18] Business Line Data and Key Metrics Changes - Operating capacity increased from 10.7 GW to 11.8 GW, a 19% increase after adjusting for the sale of 900 MW of assets [5][17] - The manufacturing business contributed INR 10.8 billion to adjusted EBITDA for the first nine months [9][15] - The company sold 300 MW of solar assets this quarter, bringing total asset sales for the year to 600 MW [19] Market Data and Key Metrics Changes - The financing environment remains favorable, with interest rates on a downward trend, benefiting the company's capital structure [4] - Electricity demand has shown signs of recovery, with expectations for power demand to return to normal levels in fiscal 2027 [5] Company Strategy and Development Direction - The company is shifting focus from wind projects to more battery energy storage systems (BESS) and solar capacity to reduce capital expenditure and execution risk [7][13] - The strategic pivot aims to optimize cash flows and reduce volatility in revenues due to weather patterns [7][13] - The company plans to construct between 1.8 GW and 2.4 GW in the fiscal year ending March 31, 2026, up from previous guidance [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about macroeconomic conditions, citing a recent trade deal between India and the U.S. that is expected to benefit the economy [4] - The company is focused on improving balance sheet strength and reducing leverage further, with a target leverage ratio of 5.5x by 2028-2030 [73] Other Important Information - The company received an A grade rating from LSEG and a score of 90.41 out of 100, placing it in the top quartile globally for ESG performance [10][24] - The company has achieved water positive certification for two sites, marking significant progress in sustainability initiatives [10][25] Q&A Session Summary Question: Can you elaborate on the revised strategy towards more solar and BESS projects? - The decision to decrease wind capacity was driven by lower costs of BESS and solar, improved ability to firm up power, and execution challenges associated with wind projects [30][32] Question: What is the update on the take-private strategy? - The company cannot comment on specifics regarding privatization discussions, stating that any necessary disclosures will be made at the appropriate time [36] Question: Are there improvements in transmission project delays and curtailment? - There is increased visibility and discussion within government ministries to address these issues, with recognition that curtailment losses should be shared among stakeholders [40][42] Question: What is the current status of TGNA capacity and associated curtailment? - Approximately 400 MW to 500 MW is currently under TGNA, with some degree of curtailment expected, but compensation is received for projects with permanent GNA [63][65] Question: How is the manufacturing business performing in terms of margins? - Margins have held up well, with a temporary lull during monsoons, but demand appears to be stable currently [44]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 31% to INR 74.8 billion for the nine months ending December 31, 2026, with a more than sixfold increase in profit after tax [8][9] - Revenue increased by 48% for the first nine months of the fiscal year compared to the previous year, driven by increased megawatts and contributions from the manufacturing business [17] - Headline leverage decreased from 8.2x in December 2024 to 7x debt to EBITDA currently, with a trailing twelve-month EBITDA leverage of approximately 5.6x [18] Business Line Data and Key Metrics Changes - Operating capacity increased from 10.7 gigawatts to 11.8 gigawatts, a 19% increase after adjusting for the sale of 900 megawatts [5][17] - Manufacturing business contributed INR 10.8 billion to Adjusted EBITDA for the first nine months, with an external order book of 900 MW [15] - The company sold 300 MW of solar assets this quarter, totaling 600 MW for the year, raising $275 million through capital recycling [19] Market Data and Key Metrics Changes - Electricity demand in India rebounded sharply in December 2026, with expectations for power demand to return to normal levels in fiscal 2027 [5] - The financing environment remains favorable, with interest rates on a downward trend, benefiting the overall economic outlook [4] Company Strategy and Development Direction - The company is shifting focus from wind projects to more battery energy storage systems (BESS) and solar capacity to lower execution risk and improve cash flow predictability [7][13] - The strategic pivot aims to reduce capital expenditure and enhance revenue predictability, with a focus on balance sheet strength and reducing leverage [13][26] - The company plans to construct between 1.8 and 2.4 GW in the fiscal year ending March 31, 2026, with increased guidance for Adjusted EBITDA [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about India's growth projections remaining above 7% for fiscal 2026 and 2027, aided by a recent trade deal with the U.S. [4][5] - There is recognition of systemic issues in the industry, such as transmission project delays and curtailment, with ongoing discussions with government ministries to address these challenges [39][40] Other Important Information - The company received an A grade rating from LSEG and a score of 90.41 out of 100, placing it in the top quartile globally for ESG performance [10][23] - The company has achieved water positivity certification for two sites, marking significant progress in sustainability initiatives [24] Q&A Session Summary Question: Can you elaborate on the revised strategy towards more solar and BESS projects? - Management explained that the decision to decrease wind capacity was driven by lower costs of BESS and solar, improved execution ease, and historical performance issues with wind [29][30] Question: What is the update on the take-private strategy? - Management stated that they cannot comment on specific topics regarding privatization and will disclose any relevant information as necessary [35] Question: Are there improvements in transmission project delays and curtailment? - Management acknowledged ongoing discussions with government ministries to address these issues, recognizing them as systemic losses that should not solely impact developers [39][40] Question: How is the manufacturing segment performing in terms of margins? - Management indicated that margins have held up well, with a temporary lull during monsoons, but demand has picked up again in the current quarter [43] Question: What is the target leverage ratio and timeline for achieving it? - Management aims to reduce leverage to 5.5x over time, with a target timeframe suggested to be between 2028 and 2030 [71][72]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 31% to INR 74.8 billion for the nine months ending December 31, 2026, with a more than sixfold increase in profit after tax [7][18] - Revenue increased by 48% for the first nine months of the fiscal year compared to the previous year, driven by an increase in megawatts and contributions from the manufacturing business [18] - Headline leverage decreased from 8.2x in December 2024 to 7x debt to EBITDA currently, with a trailing twelve-month leverage of approximately 5.6x for the operating portfolio [19][27] Business Line Data and Key Metrics Changes - Operating capacity increased from 10.7 gigawatts to 11.8 gigawatts, a 19% increase after adjusting for the sale of 900 megawatts [5][17] - The manufacturing business contributed INR 10.8 billion to Adjusted EBITDA for the first nine months, with an external order book of 900 MW [9][15] - The company sold another 300 MW of solar assets this quarter, raising a total of $275 million through capital recycling this year [20] Market Data and Key Metrics Changes - The electricity demand in India has shown recovery, with expectations for power demand to return to normal levels in fiscal 2027 [5] - The financing environment remains favorable, with interest rates on a downward trend, benefiting the overall economic outlook [4] Company Strategy and Development Direction - The company is shifting its focus from wind projects to more battery energy storage systems (BESS) and solar capacity to lower capital expenditure and execution risk [6][13] - The strategic path forward includes optimizing the portfolio for lower execution risk and more predictable cash flows, with a focus on balance sheet strength and reducing leverage [13][27] - The company aims to construct between 1.8 and 2.4 GW in the fiscal year ending March 31, 2026, with increased guidance for Adjusted EBITDA [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment, citing a recent trade deal between India and the U.S. that is expected to benefit the economy [4] - The company is committed to ESG initiatives, having received high ratings from LSEG and CDP, and aims to maintain leadership in sustainability within the sector [10][24] Other Important Information - The company has achieved water positive certification for two sites and continues to focus on reducing emissions and enhancing sustainability practices [10][25] - The company has been consistently growing its EBITDA at approximately 17% per year since its listing, relying on capital recycling without issuing new equity [12] Q&A Session Summary Question: Can you elaborate on the revised strategy towards more solar and BESS projects? - Management explained that the decision to decrease wind capacity was driven by lower costs for BESS and solar, improved execution capabilities, and historical performance issues with wind [30][33] Question: What is the update on transmission project delays and curtailment? - Management acknowledged these issues and noted that the government is actively working on solutions to improve transmission execution and address curtailment losses [40][41] Question: Are margins in cell manufacturing compressing? - Management indicated that margins have held up well, with a temporary lull during monsoons, but demand remains reasonable [44]

Q3 FY26 Results Presentation February 16, 2026 Disclaimer Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," ...

Investor Presentation February 2026 February 2026 Investor Presentation 1 Classification: Avery Dennison - Public Forward-Looking Statements Certain statements contained in this document are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements, and financial or other business targets, are subject to certain risks and uncertainties. We believe that the most significant risk fac ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for the quarter was approximately $484,000, a significant decrease from $5.9 million in the prior year period [8] - Net sales decreased by 1% to $88.9 million compared to $90 million during the prior year period [8] - Gross margin was reported at 36.3%, reflecting a decline of 680 basis points compared to the prior year [8] Business Line Data and Key Metrics Changes - Total coffee pounds sold decreased by just under 3% year-over-year [5] - Operating costs for the quarter decreased by $1.4 million to $36.4 million, representing 40.9% of net sales, compared to 42% in the prior year period [9] Market Data and Key Metrics Changes - U.S. consumer confidence fell to its lowest level since May 2014, impacting consumer behavior [5] - National sentiment regarding purchasing power was reported to be more than 20% lower than a year ago [5] Company Strategy and Development Direction - The company aims to drive top-line revenue growth and address customer and coffee pound degradation by leveraging its DSD network and expanding its white label customer portfolio [6] - The company is optimistic about recent reductions in tariff rates and declines in Arabica and Robusta commodity markets, expecting improvements in gross margins starting in the fourth quarter of fiscal 2026 [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment due to higher costs and macroeconomic pressures but expressed confidence in their strategic direction [4] - The company anticipates some relief in gross margins beginning in the fourth quarter of fiscal 2026, with further benefits expected in fiscal 2027 [6] Other Important Information - The company recorded a net loss of $4.9 million in the second quarter, compared to a net income of $200,000 in the same period of fiscal 2025 [9] - As of December 31, 2025, the company had $4.2 million in unrestricted cash and cash equivalents, along with $24.6 million available under its revolving credit facility [10] Q&A Session Summary - No specific questions or answers were provided in the transcript, indicating that the call concluded without a Q&A segment [11]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were $27.1 million, an increase from $24.3 million in Q3 and $25.6 million in Q4 2024, driven by investor interest in ETFs and private energy secondaries funds [15] - Fiscal 2025 total revenues reached $97.8 million, compared to $94.7 million in 2024, attributed to higher average assets under management [15] - Q4 income was $1.9 million, or $0.21 per share, down from $3.7 million, or $0.41 per share in Q3, and $2.1 million, or $0.24 per share in Q4 2024 [16][17] - Economic earnings for Q4 were $3.3 million, or $0.36 per share, compared to $3.4 million, or $0.39 per share in Q4 2024 [17] Business Line Data and Key Metrics Changes - The ETF franchise exceeded $200 million, with the latest ETF, Enhanced Income Opportunity, contributing to this growth [4][12] - Managed Investment Solutions team secured its first institutional client, indicating growth in this business line [4] - Institutional channel gross sales grew by 36% year-over-year, reflecting strong traction with institutional investors [8] Market Data and Key Metrics Changes - The S&P 500 rose less than 3% in Q4 but ended the year up 18%, indicating a mixed market environment [5] - The firm experienced net outflows of $1 billion in assets under management, offset by $1 billion in market appreciation [18] - Assets under management totaled $17.4 billion, with institutional assets making up 50% of the total [17][18] Company Strategy and Development Direction - The company is focused on high-quality businesses with strong fundamentals, positioning itself well for future market uncertainties [7] - A disciplined, multiyear evolution of the wealth division is underway to enhance client experience and scalability [12] - The launch of new ETFs and private equity funds reflects the company's commitment to innovation and expanding its market opportunities [12][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the disappointing outflows in Q4, primarily from the Large Cap Value product, which has struggled in a narrow market environment [22] - The company remains optimistic about its pipeline, with new clients and significant funding expected in the near future [22] - Management emphasized the importance of high-quality companies and the potential for attractive shareholder returns in the current market [8] Other Important Information - The board approved a regular cash dividend of $0.15 per common share, payable on April 1, 2026 [18] - The firm maintains a solid financial position with cash and liquid investments totaling $44.1 million and a debt-free balance sheet [18] Q&A Session Summary Question: What are the reasons behind the outflows in Q4? - Management noted that over 80% of the outflows were from the Large Cap Value product, which has struggled against a low-quality market environment [22] Question: What is the outlook for new client acquisitions? - Management highlighted a new client bringing in $200 million and a defined contribution plan expected to fund $450 million, indicating a strong pipeline [22] Question: How is the company positioned for future growth? - Management expressed confidence in the strategic positioning and value proposition, with a focus on high-quality investment solutions and expanding ETF offerings [14][22]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were $27.1 million, an increase from $24.3 million in Q3 and $25.6 million in Q4 2024, driven by investor interest in ETFs and private energy secondaries funds [15] - Fiscal 2025 total revenues reached $97.8 million, compared to $94.7 million in 2024, attributed to higher average assets under management [15] - Q4 income was $1.9 million, or $0.21 per share, down from $3.7 million, or $0.41 per share in Q3, and $2.1 million, or $0.24 per share in Q4 2024 [16] - Economic earnings for Q4 were $3.3 million, or $0.36 per share, compared to $3.4 million, or $0.39 per share in Q4 2024 [17] - Assets under management totaled $17.4 billion, with $16.5 billion in AUM and $0.9 billion in assets under advisement [17] Business Line Data and Key Metrics Changes - The ETF franchise exceeded $200 million, with the latest ETF, Enhanced Income Opportunity, contributing to this growth [4] - Managed Investment Solutions secured its first institutional client, reflecting strong sales growth of $2.5 billion for the year, up 20% from $2.1 billion [4] - Institutional channel gross sales grew by 36% year-over-year, while intermediary distribution achieved 32% growth, marking the strongest annual performance in several years [8][9] Market Data and Key Metrics Changes - The S&P 500 rose less than 3% in Q4 but ended the year up 18%, indicating a mixed market environment [5] - The U.S. economy recorded modest growth despite low consumer confidence, with the Federal Reserve cutting short-term rates by 75 basis points [5] - The firm experienced net outflows of $1 billion in AUM, offset by $1 billion in market appreciation [18] Company Strategy and Development Direction - The company is focused on high-quality businesses with strong fundamentals, positioning itself well for future market uncertainties [7] - A disciplined, multiyear evolution of the wealth division aims to enhance client experience and scalability, targeting ultra-high-net-worth families [12] - The launch of new strategies and ETFs, such as the Enhanced Income Opportunity ETF, reflects the company's commitment to innovation and meeting diverse client needs [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the disappointing outflows in Q4, primarily from the Large Cap Value product, which struggled in a narrow market environment [21] - The company remains optimistic about its pipeline, with new clients and significant funding expected in the near future [22] - Management emphasized the importance of high-quality companies and the potential for attractive shareholder returns in the current market [8] Other Important Information - The Board of Directors approved a regular cash dividend of $0.15 per common share, payable on April 1, 2026 [18] - The firm maintains a solid financial position with cash and liquid investments totaling $44.1 million and a debt-free balance sheet [18] Q&A Session Summary Question: What are the reasons behind the outflows in Q4? - Management noted that over 80% of the outflows were from the Large Cap Value product, which has struggled against a low-quality market environment [21] Question: What is the outlook for new client acquisitions? - Management highlighted a new client bringing in $200 million and a defined contribution plan expected to fund $450 million, indicating a strong pipeline [22]