1H26 EBITDA Broadly In-Line, Guidance Reiterated

Research evidence excerpt

1H26 EBITDA Broadly In-Line, Guidance Reiterated

is

based on fundamental analysis and may take into account other factors such as analyst conviction, differentiated analysis, a favorable risk/reward ratio

and investment themes that Jefferies analysts are recommending. Jefferies Franchise Picks will include only Buy rated stocks and the number can vary

depending on analyst recommendations for inclusion. Stocks will be added as new opportunities arise and removed when the reason for inclusion changes,

the stock has met its desired return, if it is no longer rated Buy and/or if it triggers a stop loss. Stocks having 120 day volatility in the bottom quartile of

S&P stocks will continue to have a 15% stop loss, and the remainder will have a 20% stop. Franchise Picks are not intended to represent a recommended

portfolio of stocks and is not sector based, but we may note where we believe a Pick falls within an investment style such as growth or value.

Risks which may impede the achievement of our Price Target

This report was prepared for general circulation and does not provide investment recommendations specific to individual investors. As such, the financial

instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions based upon their specific

investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Past performance of the financial instruments

recommended in this report should not be taken as an indication or guarantee of future results. The price, value of, and income from, any of the financial

instruments mentioned in this report can rise as well as fall and may be affected by changes in economic, financial and political factors. If a financial