Apar Industries Limited · NSE:APARINDS
Apar Industries — Investor Presentation (May 2026)
73 slides from Apar Industries's investor presentation, May 28, 2026
Slide 1: Corporate Presentation intimation to stock exchanges
SEC/2805/2026 By E-Filing May 28, 2026 National Stock Exchange of India Limited BSE Limited “Exchange Plaza”, Corporate Relations Department, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra- Kurla Complex, Dalal Street, Bandra (E), Fort, Mumbai – 400 051. Mumbai - 400 001. Scrip Symbol : APARINDS Sc
Slide 2: The Architect Behind Sustainable Solutions
The Architect Behind Sustainable Solutions CORPORATE PRESENTATION Q4 FY 2025-26
Slide 3: Company Overview
COMPANY OVERVIEW APAR is a global energy infrastructure solutions provider delivering technologies that enable the efficient generation, transmission and distribution of electricity. Our portfolio spans conductors, cables, transformer oils and EPC services across the power value chain. With customer
Slide 4: Our Mission and Vision
FUELLED BY SHAPED BY Our Mission Our Vision To design and manufacture the critical To remain a global leader in energy building blocks that carry electricity across infrastructure, transportation and energy infrastructure, transportation and telecommunication sectors, enabling the telecommunication
Slide 5: What Drives Us
What Drives Us RECOGNITIONS Our Values: Great Place to work ICONIC Brands of Certified with 2000+ India 2025 Award Employees A P A R I A N Innovation Driven Entrepreneur Accountability Leadership Best Organisations 154th Position in Go beyond Proactively Empowered Responsible for Inspire to lead to
Slide 6: APAR: Tomorrow's solutions today
APAR: Tomorrow’s solutions today #1 Global APAR industries limited is a billion-dollar manufacturing Aluminium & alloy conductor company that holds leadership positions across its manufacturer business segments. #1 Indian Exporter and Producer of PILLARS OF STRENGTH Cables and Wires Top 10 68 11 140
Slide 7: Polymers, Speciality Oils, Cable Solutions, Conductors
POLYMERS SPECIALITY OILS CABLE SOLUTIONS CONDUCTORS SPECIALITY AUTOMOTIVE TELECOM LUBRICANTS SOLUTIONS 6 Corporate Presentation – May 2026
Slide 8: We Are APAR
We Are APAR Powering Every Step: from generation to distribution, we are your energy partner in building a sustainable tomorrow. 7 Corporate Presentation – May 2026
Slide 9: Our 66+ years of Legacy (1/2)
Our 66+ years of Legacy (1/2) 1969 2008 Successfully diversified into 2002 Entered cables business to 2012 speciality oils business Greenfield expand portfolio and forward New gen-tech to expansion into integration build largest 1958 (oil refinery in Mahul, Chembur) tax free jurisdiction (UNIFLEX ac
Slide 10: Our 66+ years of Legacy (2/2)
Our 66+ years of Legacy (1/2) 2019 2023 2016 Only Indian company to 2021 Achieved record high 2024 Introduced Dull finish supply all major HVDC 1st Indian player to turnover of Rs. 14,352 Cr. Rs 1,000 crores projects with Transformer Oils (Executed largest safest and conductors with special create g
Slide 11: Well-diversified Across Industries & Segments
Well-diversified Across Industries & Segments CONDUCTORS • One of the largest global manufacturers. • Pioneered turnkey solutions for reconductoring with HEC, live line installation with OPGW. • Developed aluminium CTC, PICC and bus bars for commercial sale in India. • 1st to develop copper-magnesiu
Slide 12: Well-diversified Across Industries & Segments
Well-diversified Across Industries & Segments CABLES • Ranked as India's 5th largest cable manufacturer in India. • Top key player in India for manufacturing and export of speciality and renewable cables. • 1st Indian player to create guidance OFC for torpedoes & tether cables for surveillance syste
Slide 13: Extensive Global Presence Driving Exports
EXTENSIVE GLOBAL PRESENCE DRIVING EXPORTS Prominent presence with established Utilities, EPC’s & channel partners in USA Canada Mexico Colombia Brazil Peru Chile Spain France Great Britain Romania Norway Sweden Finland Italy Montenegro North Macedonia Australia GCC Middle Poland Export revenue East
Slide 14: Industry Solutions
Industry Solutions Railway Automotive Industrial & Telecommunications Infrastructure Pharmaceuticals Defence & Personal Care Renewable Energy Consumer Goods & Appliances Energy Transmission & Distribution Agriculture & Food 13 Corporate Presentation – May 2026
Slide 15: House of Brands
House of Brands 14 Corporate Presentation – May 2026
Slide 16: APAR's State-of-the-art Facilities
APAR’s State-of-the-art Facilities 4000+ 25 1 Global clients Depots In Depot In India US 140+ 16 11 Countries Offices Manufacturing across India Plants 15 Corporate Presentation – May 2026
Slide 17: Conductors: Largest Global Producer of Comprehensive Solutions
Conductors: Largest Global Producer of Comprehensive Solutions CONDUCTORS Conventional High Efficiency HTLS Conductors Market Leadership Conductors, Guy Conductors (HEC) • Backed by over six decades of legacy, APAR is the World’s largest aluminium conductor. Wire, Earth Wire manufacturer, approved b
Slide 18: Conductors: Largest Global Producer of Comprehensive Solutions
Conductors: Largest Global Producer of Comprehensive Solutions Customer-Centric Advantage Project Management Expertise • One-stop conductor solutions provider. • Proven end-to-end turnkey execution capability across HTLS • Customised offerings aligned with client requirements and reconductoring, OPG
Slide 19: Transformation Journey of APAR Conductors
Transformation Journey of APAR Conductors • Bus Bar is launched for use in high voltage & low voltage equipment • Added 2 more factories in Silvasa • Introduced Copper Railway (Khanvel & Chandra Proteco) to • Introduced a premium product line conductors as per RDSO • One of the first company to succ
Slide 20: Diverse Portfolio
Diverse Portfolio Conventional HEC (AL-59) High Temp. Low Sag Conductors Dominant player in (HTLS) Conductors ACSR, AAAC, ACAR, manufacturing of AL-59 AAC, GUY WIRE conductors ACCC, GAP, INVAR, ACSS Exporting to 140+ TBCB Project landscape countries have gravitated to AL-59 products speciality Alloy
Slide 21: Specialised Turnkey Solutions For Power Sector
Specialised Turnkey Solutions For Power Sector HTLS Distribution HTLS Transmission Turnkey – MVCC • ACCC® CASABLANCA Substation Augmentation • ACCC® PUNE Other HTLS • ACCC® LISBON • ACCC® GROSBEAK • ACCC® DRAKE • ACCC® FORT WORTH • ACCC® MUMBAI • ACCC® KASHI OPGW Live Line Telecom Integration Turnke
Slide 22: Solution Matrix: Reconductoring
Reconductoring Has Gained Steam; APAR Is A Market Leader In Reconductoring Projects Uprate Indicators New Tx Line Upgrade (Voltage) (Reconductoring) APAR NA 100-200% 50-150% 272+ Typical Capacity Increase Reconductoring 33kV-400kV Projects Completed Permitting & Use of Existing RoW Design and >7075
Slide 23: Growth Drivers - Conductors
Growth Drivers - Conductors Global Trends Driving Electricity Demand • De-carbonisation of power generation and climate commitments accelerating investments in renewable energy and power grids. • Massive Infrastructure Push: One World, One Sun, One Grid, large-scale HVDC projects; investments to mod
Slide 24: Speciality Oils & Lubricants - 3rd Largest In Transformer Oils Globally
Speciality Oils & Lubricants - 3rd Largest In Transformer Oils Globally SPECIALITY OILS & LUBRICANTS FY26 revenue of INR 5,373 crore, 5 years CAGR at 17.8% Transformer oil White oils • Manufacturing since 1958, 400+ different types of speciality Oils. • Pioneer in transformer oils in India, 60% mark
Slide 25: Understanding Our Speciality Oils Business
Understanding Our Speciality Oils Business • APAR is India’s largest Private manufacturer and exporter of Speciality oils. • World’s 3rd Largest Transformer Oil manufacturer. • Production capacity of 7,50,000+ KL in India & 1,75,000+ KL in UAE. TRANSFORMER TECHNICAL PHARMACEUTICAL RUBBER OILS GRADE
Slide 26: Global Approvals
Global Approvals We have below UTILITY OEMS Approvals Meets international standards approvals in foreign countries which are few of many 1. General Electric 1. IEC Standard a. SEC Saudi Arabia 2. Schnider Electric 2. ASTM Standard b. OETC Oman 3. Tyree Transformers 3. BS c. MEW Kuwait 4. Siemens Ene
Slide 27: Lubricant Product Range (Auto + Industrial)
Lubricant Product Range (Auto + Industrial) AUTOMOTIVE LUBRICANTS INDUSTRIAL LUBRICANTS On Road Maintenance Motorcycle Passenger Car Diesel Reduction Gear Hydraulic Turbine Compressor Oils oils Engine Oils Box oils Oils Oils Off Road Metal Working Construction Agricultural Oils Soluble & Neat Quench
Slide 28: Auto Lubricants - Diversified Product Portfolio
Auto Lubricants - Diversified Product Portfolio 27 Corporate Presentation – May 2026
Slide 29: Growth Drivers - Speciality Oils & Lubricants
Growth Drivers - Speciality Oils & Lubricants 500+ Grade Oils Total volume 6.32 lac KL Global transformer oils of speciality oils during volumes up 1.4% vs. FY25 the year Serving 140+ Countries Launched best-in-class 99% biodegradable natural ester transformer oil 28 Corporate Presentation – May 202
Slide 30: Cable Solutions - Largest Domestic Player In Renewables
Cable Solutions - Largest Domestic Player In Renewables CABLES SOLUTIONS Strong leadership & competitive edge FY26 revenue of INR 6,220 crore, 5 years CAGR at 37.4% Power cables House wire • India’s largest exporters, a leader in CATV/ broadband fibre optic cables. & cable • Launched India’s most ad
Slide 31: Cable Solutions - Diversified Product Portfolio
Cable Solutions - Diversified Product Portfolio POWER CABLES & ELASTOMERIC & HOUSE WIRES & CABLES FOR USA CABLE WIRES E-BEAM CABLES FLEXIBLES MARKET HARNESS • XLPE LV Power Cables • Solar Cables • House Wires • Building Wire • Automotive & EV • Windmill Cables (72 • RW75/RW90/RHH/RHW/RHW- • XLPE MV
Slide 32: Light Duty Cables (LDC) and Wires
Light Duty Cables (LDC) and Wires 31 Corporate Presentation – May 2026
Slide 33: Sectors served by Light Duty Cables and Wires
INDUSTRIALS POWER TRANSMISSION & DEFENCE DISTRIBUTION RENEWABLE ENERGY SECTOR AUTOMOBILE IT / DATA CENTRES REAL ESTATE RAILWAYS 32 Corporate Presentation – May 2026
Slide 34: Growth Drivers - Cable Solutions
Growth Drivers - Cable Solutions India’s only Cable Leading player in the Large number of UL company with 4 e-Beam renewable space in India certificate of compliance irradiation facilities. (solar & wind cables). from India for sale of cable in the United States. Wide range of cable & Development of
Slide 35: Channel Expansion in Our Light Duty Cable business
Channel Expansion in Our Light Duty Cable business CHANNEL EXPAN SION 2022 2023 2024 2025 2026 D I S TR I B UT OR P R E SE N C E 19 120 339 419 642 R E T AI L C OU N T P R E SE NC E 276 2395 5833 10426 12388 A C T I V E ST A TE PR E S E N CE 2 13 18 18 20 D E MO S 6348 35353 76533 63681 81774 E L E
Slide 36: APAR Telecom Solutions - Diversified Product Portfolio
APAR Telecom Solutions - Diversified Product Portfolio • Diversified Telecom Solutions as a separate a business vertical to bring more focus and garner maximum growth potential. MARKET FOCUS PRODUCT COMPETITIVE DYNAMICS AREAS PORTFOLIO ADVANTAGE • Connected world with • Converged networks • OFC solu
Slide 37: Digitalisation Taking Data Growth To New Levels
Digitalisation Taking Data Growth To New Levels Current use cases Global Data Consumption per user Global mobile Data traffic in EB/month Video Consumption 60%+ of total traffic high uploads, creation Gaming & Software Downloads Social Networking with heavy rural and cross demographic reach AR/VR in
Slide 38: Advent of 5G And Densification of Small Cells
Advent of 5G And Densification of Small Cells 3G 4G 5G 1000 10 Km 10 Km 10 Km < 1 ms Peak Data Rate - Mbps 10 Km 10 Km 10 Km 1 Site 1 Site 1 Site Every 10 KM Every 2 KM Every 0.5 KM 100 25x 16x 63 1 15 CELL DENSITY (Cell/ 100 Sq.Km.) CELL DENSITY (Cell/ 100 Sq.Km.) CELL DENSITY (Cell/ 100 Sq.Km.) Mo
Slide 39: Business Verticals - Growth Drivers Remain Intact
Business Verticals - Fundamentally, Our Growth Drivers Remain Intact Addition of Renewable energy Transmission Infrastructure Wind, Solar & Nuclear Expansion Development Cables, Overhead Conductors Overhead conductors, Cables, Lubricants CTC, Transformer oils Transformer oils, CTC Public Transportat
Slide 40: Renewables Set to Dominate New Generation Energy
Renewables Set to Dominate New Generation Energy 1. Excludes generation from storage 2. Others includes bio energy 3. Includes gas & coal plants Source: Mckinsey global energy perspective 2023 39 Corporate Presentation – May 2026
Slide 41: Addition of Renewable Energy
Addition of Renewable Energy SECTOR OPPORTUNITY & APAR ADVANTAGE • Solar Installed capacity is expected to grow by 225 GW& • Leader in the domestic solar cable segment and most Wind installed capacity is expected to grow by 55 GW dominant player in domestic wind market with over during 2024 to 2030
Slide 42: Public Transportation (Incl. Mobility)
Public Transportation (Incl. Mobility) SECTOR OPPORTUNITY & APAR ADVANTAGE • Infrastructure investments in Indian railways, Metros and High-speed • Supply of locomotive coaches, forward integration into harness. rail to grow exponentially Largest cables supplier for Vande Bharat trains • Market lead
Slide 43: Infrastructure Growth, Manufacturing, China+1
Infrastructure Growth, Manufacturing, China+1 SECTOR OPPORTUNITY & APAR ADVANTAGE • Governments are allocating investments in building extensive road • Lubricants for off road equipment for infrastructure development networks for freight transportation, ports, tunnels, airports and which includes, c
Slide 44: Transmission Expansion
Transmission Expansion SECTOR OPPORTUNITY & APAR ADVANTAGE • 80,000 ckm of transmission lines added and 350,000 • Distributed sites for renewable energy requires MVA of transformation capacity added in last 5 years in application of Conductors, Cables & transformer oils in India renewable generation
Slide 45: Telecom
Telecom SECTOR OPPORTUNITY & APAR ADVANTAGE • Digital transformation evolving faster • End to end telecom solutions provider for hybrid copper and fibre cables • The GB per smartphone will grow 25% CAGR shall reach 55 GB per mobile till 2028 in India • 10 bn mobile connections with 64% mobile intern
Slide 46: Well-defined Risk Management Framework In Existence
Well-defined Risk Management Framework In Existence 1 Customer / Credit Risk Management: • Structured process of evaluating customer & end customer background. • Defined practices for setting up of credit limits. • Process for securing credit thru various means. • In-house business-legal teams withi
Slide 47: Organisational Structure - Senior Leadership
Organisational Structure - Senior Leadership Board of Directors Managing Directors/Director Independent Directors Company Oil Conductor Cable CFO CHRO Treasury ESG Secretary Business CEO Conductors CEO - Cable Heads - B2B & Telecom Solutions Business Head Business Head Operational Exports Projects H
Slide 48: Strong Financial Performance Sustained Over The Years
Strong Financial Performance Sustained Over The Years Consolidated Revenue Export Mix * EBITDA* Conductor Revenue speciality Oils & Lubricants Revenue Cable Revenue * EBITDA post open period forex excluding interest income, corporate unallocable expenditure 47 amounts in INR crore Corporate Presenta
Slide 49: Key Financial Ratios
Key Financial Ratios Debt/ Equity Ratio (x) Net Fixed Asset Turnover Ratio (x) ROE (%) ROE (%) 48 amounts in INR crore Corporate Presentation – May 2026
Slide 50: Making This World a Better Place - ESG
Making This World a Better Place - ESG CareEdge ESG Leadership Recognition: Received a ‘CareEdge-ESG 1’ rating, placing the company in the leadership category for effective ESG risk management supported by robust disclosures, policies, and performance. CABLES Human Rights Excellence: APAR set a new
Slide 51: Major Milestones
Major Milestones TCFD Report ESG rating by CRISIL 3rd party certification CDP disclosure We prepared our first TCFD (Task force on APAR’s name has found a place in the GHG emissions (Scope-1 and Scope-2) and We disclose our climate related emissions to Climaterelated Financial Disclosures) report CR
Slide 52: CRISIL Rating
CRISIL Rating CareEdge ESG Leadership Recognition – APAR received a ‘CareEdge-ESG 1’ rating, placing the Company in the leadership category for effective ESG risk management supported by robust disclosures, policies, and performance. Climate Target Setting Milestone – For the first time, APAR ha
Slide 53: Giving Back to Society
Giving Back to Society • Our Four CSR Pillars Dharmsinh Desai APAR Foundation Healthcare Education Rural Development Gender Equality • Dharmsinh Desai • Dharmsinh Desai University • Govardhan skill Center • Adurta Children Home Methodist Memorial (DDU) (GSC) Hospital (DDMM) • Human Capital For Third
Slide 54: Key Awards and Accolades In FY 2024-25
Key Awards and Accolades In FY 2024-25 Best Brand Sustainability Best Brand Award in Metal Best Plastics and Polymers Speciality Oils Business has been awarded for exceptional Cutting by ET Now Machinist Brands 2025 by ET Polymers performance in sustainability and quality management systems (QMS) by
Slide 55: Key Awards and Accolades In FY 2024-25
Key Awards and Accolades In FY 2024-25 Performance Excellence Excellent Performance Award by The PowerGrid for our Star Performance Star Performer during DET Hurun India exceptional work on 5,000+ Route km OPGW Installation Award by Mumbai Engineering Export Promotion Manufacturing Excellence Projec
Slide 56: Key Awards and Accolades In FY 2024-25
Key Awards and Accolades In FY 2024-25 Outstanding Vendor and Supplier Outstanding Vendor Award Best Supplier Award 2025 at Athola Plant Achieves Prestigious Platinum by SSEL Naini RSB Vendor Meet Grade Supplier Award from Melbye Transformer Oil division is Speciality Oils Business awarded as an out
Slide 57: Customer mix FY26
Customer mix FY26 Particulars FY26 Exports 29.9% Industries/Corporate 18.8% Specific industry groups 3.5% OEM's 11.4% EPC - Transmission companies 14.4% Utilities - Transmission companies 7.4% Channel Sales 4.4% Renewables 6.9% Utilities - Electricity Distribution Boards (Govt. + Pvt.) 2.1% EPC - Di
Slide 58: Quality of receivables FY26
Quality of receivables FY26 Particulars % of Total Secured under various means 50.4% Government Transmission and sector specific companies 25.4% Others (of which 60%+ are with entities where APAR is having business relationship with over 3 years) 24.2% Total 100.0% *based on FY25 Consolidated Sales
Slide 59: Financial Overview
FINANCIAL OVERVIEW 58 Corporate Presentation – May 2026
Slide 60: Q4 & 12M FY26 consolidated financial highlights
Q4 & 12M FY26 consolidated financial highlights Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change 12M FY26 12M FY25 % Change Revenue from Operations 6,603 5,210 26.7% 5,480 20.5% 22,902 18,581 23.3% EBITDA* 584 490 19.3% 484 20.8% 2,067 1,681 23.0% EBITDA Margin 8.8% 9.4% -0.5% 8.8% 0.0% 9.0% 9.
Slide 61: Q4 & 12M FY26 Conductor business highlights
Q4 & 12M FY26 Conductor business highlights Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change 12M FY26 12M FY25 % Change Revenue from Operations 3,764 2,898 29.9% 3,063 22.9% 12,712 9,582 32.7% Volume (MT) 64,957 59,593 9.0% 56,762 14.4% 2,41,788 2,22,709 8.6% EBITDA* 292 247 18.2% 251 16.3% 1,0
Slide 62: Q4 & 12M FY26 Speciality Oil & Lubricants business highlights
Q4 & 12M FY26 Speciality Oil & Lubricants business highlights Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change 12M FY26 12M FY25 % Change Revenue from Operations 1,331 1,250 6.5% 1,458 -8.7% 5,393 5,087 6.0% Volume (KL) 1,49,234 1,49,840 -0.4% 1,72,603 -13.5% 6,31,985 5,79,642 9.0% EBITDA* 84 8
Slide 63: Q4 & 12M FY26 Cable business highlights
Q4 & 12M FY26 Cable business highlights Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change 12M FY26 12M FY26 % Change Revenue from Operations 1,903 1,410 35.0% 1,362 39.8% 6,220 4,945 25.8% EBITDA* 202 150 34.5% 132 52.2% 633 498 27.1% EBITDA* Margin (%) 10.6% 10.6% 0.0% 9.7% 0.9% 10.2% 10.1% 0.1
Slide 64: 12M FY26 business-wise EBITDA to PAT
12M FY26 business-wise EBITDA to PAT Particulars Conductor Oil Cable Others Total EBITDA pre-open period forex (Note 1) 1047 388 635 19 2089 Open period forex (Note 2) 7 12 2 0 21 EBIDTA post open period forex 1040 376 633 19 2067 Finance cost (ex-open period forex) (Note 3) 222 99 56 0 377 Unalloca
Slide 65: Annexures
ANNEXURES 64 Corporate Presentation – May 2026
Slide 66: Q4 FY26: consolidated profit & loss statement
Q4 FY26 : consolidated profit & loss statement (₹ crores, unless stated otherwise) Particulars Q4 FY26 Q4 FY25 % Change Q3 FY26 % Change Sales 6,571 5,461 20.3% 5,189 26.6% Other operating income 32 19 69.2% 21 50.3% Revenue from operations 6,603 5,480 20.5% 5,210 26.7% Other income 20 8 156.9% 20 (
Slide 67: 12M FY26: consolidated profit & loss statement
12M FY26 : consolidated profit & loss statement (₹ crores, unless stated otherwise) Particulars 12M FY26 12M FY25 % Change Sales 22,810 18,492 23.3% Other operating income 92 89 3.6% Revenue from operations 22,902 18,581 23.3% Other income 65 81 (19.7%) Total income 22,967 18,662 23.1% Expenses Cost
Slide 68: 12M FY26: consolidated balance sheet
12M FY26 : consolidated profit & loss statement Particulars 12M FY26 12M FY25 Particulars 12M FY26 12M FY25 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipments 1,608.59 1,432.02 Equity share capital 40.17 40.17 Right to use assets 104.22 106.46 Other equity 5,352.5
Slide 69: 12M FY26: consolidated cash flow
12M FY26 : consolidated cash flow Particulars 12M FY26 12M FY25 Particulars 12M FY26 12M FY25 Cash flow from operating activities Cash flow from financing activities Profit before tax & share in net profit / 1,309.92 1,105.76 Proceeds/(repayments) from short-term 0.00 4.37) (loss) of associates borr
Slide 70: 5 years highlights
5 years highlights (₹ crores, unless stated otherwise) Profit and Loss FY26 FY25 FY24 FY23 FY22 Revenue from operations 22,902 18,581 16,153 14,352 9,317 EBITDA post open period forex 2,067 1,681 1,632 1,291 587 Depreciation -161 -132 -116 -104 -98 Finance cost -377 -333 -338 -267 -121 Unallocable c
Slide 71: Shareholding Pattern
SHAREHOLDING PATTERN 70 Corporate Presentation – May 2026
Slide 72: 12M FY26 market performance and shareholding structure
12M FY26 market performance and shareholding structure APAR has been consistently outperforming market 180 80% 130 Apar Capital Goods Nifty 4% 4% 80 As on March 31st, 2026 Outstanding shares – 4,01,68,315 Major Non-Promoter Shareholders Shareholding (%) Axis Mutual Fund 4.34 8.08% 0.63% HDFC Mutual
Slide 73: Thank You
THANK YOU 72 Corporate Presentation – May 2026