First View: Beat Across The Board Makes Unchanged Guidance Look Conservative

Research evidence excerpt

First View: Beat Across The Board Makes Unchanged Guidance Look Conservative

efferies LLC, a FINRA member firm, and therefore may not be subject to the FINRA

Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.

Registration of non-US analysts: Martin Comtesse, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a

research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the

FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensation

based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations

may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals

as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published July 20, 2026 1:34 A.M.

Recommendation Distributed July 20, 2026 1:34 A.M.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.