A

AACG ATA Creativity Global

Revenue is Overseas Art Study Services (91%) and Other Educational Services (9%).

Owner earnings 2016–2025 CN¥61MCN¥58M(CN¥320M)(CN¥59M)(CN¥33M)(CN¥36M)(CN¥16M)CN¥7M(CN¥23M)(CN¥17M)

Retained capital not read

Balance sheet Net cash, +CN¥69M

AAPG ASCENTAGE PHARMA GROUP INTERNATIONAL

Revenue is Intellectual Property (69%), Products (27%) and Others (4%).

Owner earnings 2022–2024 (CN¥692M)(CN¥772M)(CN¥136M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥775M

AAUC Allied Gold Corporation

Revenue is Sadiola mine (55%), Bonikro mine (24%) and Agbaou mine (21%).

Owner earnings 2024–2025 $63M$442M

Retained capital not read

Balance sheet Net cash, +$325M

ABEV Ambev S.A.

Revenue is led by Brazil (56%) and Latin America - South (20%), with 2 more segments behind.

Owner earnings 2016–2025 R$9.1BR$15.1BR$14.8BR$13.3BR$14.2BR$17.9BR$14.1BR$18.7BR$21.3BR$19.9B

Retained capital Retained R$102.3B of earnings over 2016–2025; annual owner earnings grew R$7.0B, R$0.07 per R$1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 10 yrs, cut at least once

ABLV Able View Global Inc.

We are one of the largest comprehensive brand management partners of international beauty and personal care brands in China.

Owner earnings 2021–2025 ($2M)($13M)$24M($2M)$1M

Retained capital Retained $9M of earnings over 2021–2025; annual owner earnings grew $5M, $0.54 per $1 retained.

Balance sheet Net cash, +$7M · dividend paid 5 of 5 yrs, cut at least once

ACB Aurora Cannabis Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2018–2025 (C$94M)(C$256M)(C$264M)(C$142M)(C$80M)C$7M

Retained capital not read

Balance sheet Net cash, +C$77M

ACCL Acco Group Holdings Limited

Under the " Accolade " brand, our Operating Subsidiaries specialize in offering corporate secretarial services and accounting services in Hong Kong, as well as intellectual properties registration services in Singapore.

Owner earnings 2023–2025 $734K$1M$2M

Retained capital not read

Balance sheet Net cash, debt-free, +$2M

ACIU AC Immune SA

Immune is a leading, clinical stage biopharmaceutical company advancing a portfolio of programs strategically focused on pioneering Precision Medicine for neurodegenerative diseases.

Owner earnings 2016–2025 (CHF 7M)(CHF 24M)(CHF 46M)CHF 53M(CHF 61M)(CHF 68M)(CHF 75M)(CHF 61M)CHF 65M(CHF 70M)

Retained capital not read

Balance sheet Net cash, debt-free, +CHF 27M

ADAG Adagene Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2018–2025 ($15M)($18M)($29M)($45M)($49M)($29M)($30M)($16M)

Retained capital not read

Balance sheet Net cash, +$73M

ADSE ADS-TEC ENERGY PLC

ADSE develops and provides battery-based energy infrastructure solutions designed to support the electrification of mobility and the increasing integration of renewable energy sources.

Owner earnings 2019–2024 (€20M)(€14M)(€20M)(€61M)(€23M)(€17M)

Retained capital not read

Balance sheet Net cash, +€4M

ADSEW ADS-TEC ENERGY PLC

ADSE develops and provides battery-based energy infrastructure solutions designed to support the electrification of mobility and the increasing integration of renewable energy sources.

Owner earnings 2019–2024 (€20M)(€14M)(€20M)(€61M)(€23M)(€17M)

Retained capital not read

Balance sheet Net cash, +€4M

ADUR Aduro Clean Technologies Inc.

Aduro is an early-stage, Ontario-based clean technology company that has developed a highly flexible chemical recycling platform featuring three water-based technologies: Hydrochemolytic Plastics Upcycling, Hydrochemolytic Bitumen Upgrading, and Hydrochemolytic Renewables Upgrading.

Owner earnings 2024–2025 (C$6M)(C$10M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$7M

AEM Agnico Eagle Mines Limited

The Company's strategy is to deliver high quality growth while maintaining high performance standards in health and safety, environmental matters and social responsibility; build a strong pipeline of projects to drive future production; and employ the best people and motivate them to reach their potential.

Owner earnings 2016–2025 $263M$259M$52M$336M$433M$448M$1.0B$947M$2.1B$5.2B

Retained capital Retained $6.0B of earnings over 2016–2025; annual owner earnings grew $2.6B, $0.43 per $1 retained.

Balance sheet Net cash, +$2.7B · dividend paid 10 of 10 yrs, never cut

AER AerCap Holdings N.V.

AerCap is the industry leader across all areas of aviation leasing, with a portfolio consisting of 3,500 aircraft, engines and helicopters that were owned, on order or managed as of December 31, 2025.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $42.2B

AFRI Forafric Global PLC

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2020–2025 ($12M)($31M)($62M)$24M$22M($161K)

Retained capital not read

Balance sheet Net debt against an operating loss, $12M

AFYA Afya Limited Class A

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2017–2025 R$36MR$71MR$242MR$282MR$505MR$676MR$925MR$1.3BR$1.4B

Retained capital Retained R$2.6B of earnings over 2017–2025; annual owner earnings grew R$1.1B, R$0.41 per R$1 retained.

Balance sheet Modest net debt, R$929M · dividend paid 9 of 9 yrs, cut at least once

AG FIRST MAJESTIC SILVER CORP.

Revenue is led by Los Gatos (39%) and Santa Elena (28%), with 3 more segments behind.

Owner earnings 2016–2025 $81M$50M($2M)$98M$36M$12M($41M)$24M$132M$464M

Retained capital Paid out $489M more than it earned over 2016–2025; annual owner earnings grew $163M.

Balance sheet Net cash, +$682M · dividend paid 5 of 10 yrs, cut at least once

AGCC Agencia Comercial Spirits Ltd

We specialize in the procurement, distribution and sale of high-quality whiskies, including both bottled and cask whisky in both Taiwan and international markets.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$16M

AGI Alamos Gold Inc. Class A

ALAMOS GOLD INC market price of securities of many companies has experienced wide fluctuations which have not necessarily been related to the operating performance, underlying asset values, or prospects of such companies.

Owner earnings 2017–2025 $1M($8M)($3M)$122M$8M($15M)$124M$244M$288M

Retained capital Retained $1.3B of earnings over 2017–2025; annual owner earnings grew $222M, $0.17 per $1 retained.

Balance sheet Net cash, +$423M · dividend paid 9 of 9 yrs, never cut

AGRO Adecoagro S.A.

Revenue is led by Sugar (28%) and Ethanol (19%), with 7 more lines behind.

Owner earnings 2015–2024 $55M$123M$110M$91M$181M$143M$214M$214M$277M$139M

Retained capital Retained $179M of earnings over 2015–2024; annual owner earnings grew $114M, $0.64 per $1 retained.

Balance sheet Heavy net debt, $714M · dividend paid 6 of 10 yrs, cut at least once

AHG Akso Health Group ADS

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2016–2025 $7M$8M$87M($2M)($58M)($9M)$1M

Retained capital Paid out $164M more than it earned over 2016–2025; annual owner earnings fell $56M.

Balance sheet Net cash, debt-free, +$11M · dividend paid 1 of 7 yrs, never cut

AHMA AMBITIONS ENTERPRISE MANAGEMENT CO. L.L.C

Our subsidiaries also extend their expertise to industry forums, creating platforms for market leaders and academics to engage in idea exchange, analyze current market trends, and explore future prospects.

Owner earnings 2023–2025 ($80K)$1M$399K

Retained capital not read

Balance sheet Net cash, debt-free, +$3M

AIFU AIFU Inc. Class A Ordinary Share

We derive agency revenue by serving as a sales agent to distribute various life insurance and P&C insurance products on behalf of the insurance companies by which we are entitled to receive initial commission from the insurance companies based on the premium paid by the policyholders for the related insurance policy sold.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 6 of 10 yrs, cut at least once

AIIO Robo.ai Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2022–2024 ($178M)($139M)$33M

Retained capital not read

Balance sheet Net cash, debt-free, +$4M

AIOS AIOS Tech Inc. Class A

AIOS Tech is a technology-driven professional service provider.

Owner earnings 2016–2024 $2M($7M)($799K)$98K$2M$24M($30M)$35M($76M)

Retained capital not read

Balance sheet Net cash, +$3M

ALAR ALARUM TECHNOLOGIES LTD.

We offer secured, fast, and anonymous IPPN solutions, as well as multiple data collection products, to our business customers which, in turn, enables them to anonymously and securely browse the internet as well as to collect data from any publicly available source on the web, for their own business purposes.

Owner earnings 2016–2025 ($3M)($5M)($9M)($7M)($7M)($9M)($8M)$5M$9M($2M)

Retained capital not read

Balance sheet Net cash, +$16M

ALC Alcon Inc.

This report outlines Alcon's overall 2025 compensation framework and philosophy for the members of the Board as well as for the members of the Executive Committee of Alcon and provides a general outlook for our 2026 compensation structure.

Owner earnings 2010–2025 $2.2B$1.1B$994M$767M$684M$1.2B$1.0B$1.2B$1.9B$2.1B

Retained capital Retained $2.4B of earnings over 2010–2025; annual owner earnings grew $298M, $0.12 per $1 retained.

Balance sheet Modest net debt, $2.7B · dividend paid 6 of 10 yrs, cut at least once

ALLT Allot Ltd.

Revenue is Services (70%) and Products (30%).

Owner earnings 2016–2025 ($5M)($3M)($2M)$12M($20M)($16M)($38M)($32M)$3M$15M

Retained capital not read

Balance sheet Net cash, debt-free, +$66M

ALM Almonty Industries Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +C$134M

ALVO Alvotech

We are a vertically integrated biotechnology company focused solely on the development and manufacture of biosimilar medicines for patients worldwide.

Owner earnings 2020–2025 ($82M)($249M)($336M)($338M)($268M)($88M)

Retained capital not read

Balance sheet Heavy net debt, $1.1B

ALVOW Alvotech

We are a vertically integrated biotechnology company focused solely on the development and manufacture of biosimilar medicines for patients worldwide.

Owner earnings 2020–2025 ($82M)($249M)($336M)($338M)($268M)($88M)

Retained capital not read

Balance sheet Heavy net debt, $1.1B

AMBP Ardagh Metal Packaging S.A.

Revenue is Americas (58%) and Europe (42%).

Owner earnings 2019–2025 $176M$71M$115M($154M)$248M$283M$276M

Retained capital Paid out $1.0B more than it earned over 2019–2025; annual owner earnings grew $148M.

Balance sheet Heavy net debt, $3.9B · dividend paid 4 of 7 yrs, never cut

AMX America Movil S.A.B. de C.V.

America Movil sells telephone and internet service to households and businesses across Latin America — mobile and fixed-line phone, broadband, and pay television, billed by the connection. Its largest operations sit in Mexico and Brazil. The work is to build and run the networks — wireless spectrum, cables, fiber — and then collect a recurring fee from each subscriber who uses them.

Owner earnings 2015–2024 MX$35.7BMX$97.1BMX$98.6BMX$104.4BMX$101.4BMX$175.3BMX$117.4BMX$79.1BMX$117.0BMX$126.3B

Retained capital Retained MX$216.8B of earnings over 2015–2024; annual owner earnings grew MX$30.3B, MX$0.14 per MX$1 retained.

Balance sheet Meaningful net debt, MX$413.3B · dividend paid 10 of 10 yrs, cut at least once

ANGH Anghami Inc.

A telecom carrier, renting access to a network that must be constantly rebuilt.

Owner earnings 2020–2024 $91K($16M)($119K)($4M)($48M)

Retained capital not read

Balance sheet Net cash, debt-free, +$14M

ANPA Rich Sparkle Holdings Limited

We are a financial printing and corporate services provider which specializes in designing and printing high quality financial print materials in Hong Kong.

Owner earnings 2023–2025 ($338K)$329K

Retained capital not read

Balance sheet net position not read

ANTA Antalpha Platform Holding Company

Technology platform fees The Company facilitates third-party lending arrangements between customers and funding partners and provides platform access, risk monitoring, and servicing support.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

API Agora Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2018–2025 ($386K)($1M)$2M($28M)($57M)($15M)($17M)$26M

Retained capital not read

Balance sheet Net debt against an operating loss, $391K

APWC ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED

Wire, power cable, and telecommunications products in Thailand, Singapore, Australia, PRC, Hong Kong and certain other markets in the Asia Pacific region.

Owner earnings 2015–2024 $3M$4M($21M)$36M$10M$11M($47M)$3M($10M)$20M

Retained capital Retained $4M of earnings over 2015–2024; annual owner earnings grew $9M, $2.32 per $1 retained.

Balance sheet Net cash, +$5M · dividend paid 8 of 10 yrs, cut at least once

AQN Algonquin Power & Utilities Corp.

Revenue is led by Regulated electricity (53%) and Regulated Gas (25%), with 3 more lines behind.

Owner earnings 2017–2025 $75M$270M$327M$191M($245M)$164M$274M$86M$193M

Retained capital Paid out $2.4B more than it earned over 2017–2025; annual owner earnings fell $40M.

Balance sheet Heavy net debt, $6.5B · dividend paid 9 of 9 yrs, cut at least once

AQNB Algonquin Power & Utilities Corp.

Revenue is led by Regulated electricity (53%) and Regulated Gas (25%), with 3 more lines behind.

Owner earnings 2017–2025 $75M$270M$327M$191M($245M)$164M$274M$86M$193M

Retained capital Paid out $2.4B more than it earned over 2017–2025; annual owner earnings fell $40M.

Balance sheet Heavy net debt, $6.5B · dividend paid 9 of 9 yrs, cut at least once

ARBE Arbe Robotics Ltd.

We are a provider of imaging radar solutions, and we are leading a radar revolution, bringing uncompromised imaging capabilities to various markets.

Owner earnings 2019–2025 ($23M)($15M)($27M)($41M)($34M)($33M)($38M)

Retained capital not read

Balance sheet Net cash, +$42M

ARBK Argo Blockchain plc

We are a company focused on mining Bitcoin and other crypto assets.

Owner earnings 2021–2023 ($142M)($209M)($49M)

Retained capital not read

Balance sheet Net debt against an operating loss, $31M

ARCO Arcos Dorados Holdings Inc.

We are the world's largest independent McDonald's franchisee in terms of systemwide sales and number of restaurants, according to McDonald's, representing 4.4% of McDonald's global sales in 2025.

Owner earnings 2016–2025 $72M$156M$74M$100M($70M)$143M$226M$233M$89M$99M

Retained capital Retained $621M of earnings over 2016–2025; annual owner earnings grew $40M, $0.06 per $1 retained.

Balance sheet Modest net debt, $715M · dividend paid 8 of 10 yrs, cut at least once

ARIS Aris Mining Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2022–2025 $43M$68M$107M$319M

Retained capital Retained $96M of earnings over 2022–2025; annual owner earnings grew $92M, $0.96 per $1 retained.

Balance sheet Modest net debt, $74M · dividend paid 1 of 4 yrs, cut at least once

ARM Arm Holdings plc

The Company is a global leader in the semiconductor industry.

Owner earnings 2022–2026 $424M$675M$998M$178M$1.3B

Retained capital Retained $3.1B of earnings over 2022–2026; annual owner earnings grew $118M, $0.04 per $1 retained.

Balance sheet Net cash, debt-free, +$3.6B

ARQQ Arqit Quantum Inc.

Arqit is a leading provider of encryption analytics and encryption software, enabling organizations to protect data and communications against both today's cyber threats and tomorrow's risks posed by quantum computers.

Owner earnings 2020–2024 ($1M)($24M)($29M)($34M)($34M)

Retained capital not read

Balance sheet Net cash, +$16M

AS Amer Sports Inc.

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2021–2025 $207M($169M)$75M$196M$513M

Retained capital Paid out $88M more than it earned over 2021–2025; annual owner earnings grew $224M.

Balance sheet Modest net debt, $140M

ASC Ardmore Shipping Corporation

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2019 $42M$18M$9M$18M

Retained capital Paid out $98M more than it earned over 2016–2019; annual owner earnings fell $8M.

Balance sheet Net debt against an operating loss, $49M · dividend paid 1 of 4 yrs, cut at least once

ASM Avino Silver & Gold Mines Ltd.

Avino mine which produces copper, silver and gold at the historic Avino property in the state of Durango, Mexico, after declaring commercial production effective July 1, 2015.

Owner earnings 2016–2024 $4M($3M)$8M$3M($74K)$109K$12M$1M$23M

Retained capital Paid out $24M more than it earned over 2016–2024; annual owner earnings grew $9M.

Balance sheet Net cash, +$99M

ASML ASML HOLDING NV

ASML builds the photolithography machines that print circuit patterns onto silicon wafers — the single most critical and most expensive tool in making an advanced chip. It is the only company that makes the extreme-ultraviolet systems the leading-edge chipmakers cannot produce a modern processor without, so the whole industry's progress runs partly through its order book.

Owner earnings 2016–2025 €1.3B€1.5B€2.6B€2.8B€4.1B€10.4B€7.9B€4.7B€10.2B€11.6B

Retained capital Retained €9.3B of earnings over 2016–2025; annual owner earnings grew €7.0B, €0.75 per €1 retained.

Balance sheet Net cash, +€8.5B · dividend paid 10 of 10 yrs, cut at least once

ASND Ascendis Pharma A/S Ordinary Share

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2023 (€61M)(€96M)(€140M)(€181M)(€281M)(€433M)(€510M)(€470M)

Retained capital not read

Balance sheet Net debt against an operating loss, €199M

ASR SOUTHEAST AIRPORT GROUP

As operators of these airports, we charge airlines, passengers and other users fees for the use of the airports' facilities.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +MX$9.9B

ASTL Algoma Steel Group Inc.

Algoma is a producer of hot and cold rolled steel products, including coiled sheet and plate, located on the Great Lakes in Sault Ste.

Owner earnings 2020–2025 (C$118M)(C$64M)C$1.1B(C$194M)(C$195M)(C$395M)

Retained capital Paid out C$58M more than it earned over 2020–2025; annual owner earnings fell C$566M.

Balance sheet Net cash, debt-free, +C$78M · dividend paid 4 of 6 yrs, cut at least once

ASX ASE Technology Holding Co. Ltd.

ASE works the back half of the chip supply chain. Other firms design and fabricate the silicon; ASE takes those finished chips, packages them — seals each one and wires it so it can sit on a circuit board — and tests that it works. It sells this assembly-and-test work, plus related electronics manufacturing services, to chipmakers and the fabless designers that pay to outsource the step rather than build the plants themselves.

Owner earnings 2016–2025 NT$25.4BNT$22.7BNT$9.7BNT$15.5BNT$13.0BNT$27.2BNT$55.5BNT$60.3BNT$31.0BNT$74.8B

Retained capital Retained NT$153.5B of earnings over 2016–2025; annual owner earnings grew NT$36.1B, NT$0.24 per NT$1 retained.

Balance sheet Meaningful net debt, NT$140.2B · dividend paid 10 of 10 yrs, cut at least once

ATAT Atour Lifestyle Holdings Limited

Revenue is led by Manachised Hotels (54%) and Retail (37%), with 3 more lines behind.

Owner earnings 2020–2025 CN¥34MCN¥354MCN¥247MCN¥1.9BCN¥1.7BCN¥1.9B

Retained capital Retained CN¥2.1B of earnings over 2020–2025; annual owner earnings grew CN¥1.6B, CN¥0.79 per CN¥1 retained.

Balance sheet Net cash, +CN¥5.8B · dividend paid 4 of 6 yrs, never cut

ATGL Alpha Technology Group Limited

Revenue is led by System Development (56%) and Technological support and maintenance service and other services (28%), with 2 more lines behind.

Owner earnings 2021–2025 (HK$532K)HK$2MHK$4M(HK$20M)(HK$13M)

Retained capital not read

Balance sheet Net debt against an operating loss, HK$900K

ATHM Autohome Inc.

We are a "critical information infrastructure operator" by any government authority.

Owner earnings 2016–2025 CN¥1.5BCN¥2.4BCN¥3.0BCN¥2.7BCN¥3.1BCN¥3.3BCN¥2.4BCN¥2.4BCN¥1.2BCN¥771M

Retained capital Retained CN¥12.4B of earnings over 2016–2025; annual owner earnings fell CN¥828M, CN¥-0.07 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥19.2B · dividend paid 8 of 10 yrs, cut at least once

ATS ATS Corporation

A capital-goods maker, whose demand swings with its customers' own spending.

Owner earnings 2023–2025 C$102M(C$8M)(C$8M)

Retained capital not read

Balance sheet Heavy net debt, C$1.3B

AU AngloGold Ashanti PLC

AngloGold Ashanti plc is an independent, global gold mining company with a diverse portfolio of operations, projects and exploration activities across 10 countries on four continents.

Owner earnings 2021–2025 $792M$1.2B$314M$1.2B$3.3B

Retained capital Retained $2.8B of earnings over 2021–2025; annual owner earnings grew $864M, $0.31 per $1 retained.

Balance sheet Net cash, +$880M · dividend paid 5 of 5 yrs, cut at least once

AUDC AudioCodes Ltd.

Revenue is Services (53%) and Products (47%).

Owner earnings 2016–2025 $17M$16M$24M$21M$37M$46M$7M$13M$32M$26M

Retained capital Paid out $137M more than it earned over 2016–2025; annual owner earnings grew $4M.

Balance sheet Net cash, debt-free, +$53M · dividend paid 8 of 10 yrs, never cut

AUNA Auna SA

Auna Way Our mission is to lead the transformation of healthcare throughout SSLA by expanding access to millions of Latin Americans and delivering high-quality, value-based, high-complexity, and affordable care, providing lifelong engagement for our population through both digital and physical channels.

Owner earnings 2022–2024 PEN 60MPEN 466MPEN 578M

Retained capital not read

Balance sheet Heavy net debt, PEN 3.3B

AURE Aurelion Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AVAL GRUPO AVAL ACCIONES Y VALORES S.A.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once

AXG Solowin Holdings Class A Ordinary Share

An asset manager, paid a fee on the money it runs for other people.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AXIA AXIA Energia

A regulated utility, earning a set return on the capital it sinks into its network.

Owner earnings 2015–2024 R$2.4B(R$1.3B)(R$512M)R$3.2B(R$1.2B)R$4.2BR$5.9BR$3.6BR$4.4BR$9.3B

Retained capital Retained R$36.1B of earnings over 2015–2024; annual owner earnings grew R$5.6B, R$0.15 per R$1 retained.

Balance sheet Modest net debt, R$37.3B · dividend paid 5 of 10 yrs

AZ A2Z Cust2Mate Solutions Corp.

We have since focused the majority of our strategic planning, investment, research, development and marketing efforts on our Cust2Mate Products, as management currently believes our operational capabilities are most effectively leveraged by growing market share in the smart cart industry.

Owner earnings 2020–2025 ($1M)($10M)($10M)($12M)($12M)($23M)

Retained capital not read

Balance sheet Net cash, +$13M

AZN AstraZeneca PLC

Pam joined AstraZeneca after having spent 18 years with Merck/MSD in Global Manufacturing and Supply Chain and Commercial roles.

Owner earnings 2016–2025 $2.7B$2.3B$1.6B$2.0B$3.8B$4.9B$8.7B$9.0B$9.9B$11.8B

Retained capital Paid out $979M more than it earned over 2016–2025; annual owner earnings grew $8.1B.

Balance sheet Modest net debt, $19.0B · dividend paid 10 of 10 yrs, never cut

AZUL Azul S.A.

An airline, a high-fixed-cost business selling a perishable seat.

Owner earnings 2016–2025 (R$247M)R$319MR$678MR$1.2BR$633M(R$935M)R$1.8BR$3.0BR$2.1B(R$1.4B)

Retained capital Paid out R$30.0B more than it earned over 2016–2025; annual owner earnings grew R$967M.

Balance sheet net position not read (debt under-captured)