Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million, record operating cash flow of $246 million, and record earnings of $1.10 per share in 2025, driven by elevated precious metals prices [4][5] - The company ended 2025 with $142.1 million in cash and was completely debt-free after paying off its credit facility [5][30] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [5][6] Business Line Data and Key Metrics Changes - OR Royalties earned 21,735 GEOs in Q4 2025, totaling 80,775 GEOs for the year, aligning with the annual guidance range of 80,000-88,000 GEOs [4][9] - 95% of the 2025 GEOs came from precious metals, with gold accounting for 65% and silver for approximately 31% [9][10] - The company had 22 producing assets at the end of 2025, with a significant portion of royalties from Tier One mining jurisdictions [9] Market Data and Key Metrics Changes - The company noted that 2025 saw a year-over-year improvement in cash flow per share, marking the eighth consecutive year of increases [9] - The commodity breakdown indicated that 95% of GEOs were derived from precious metals, reflecting the company's strong positioning in the market [9][10] Company Strategy and Development Direction - OR Royalties emphasized a disciplined approach to capital allocation, completing only $25 million in royalty and stream acquisitions in 2025 while prioritizing value over volume [7][8] - The company plans to continue focusing on accretive value creation and will not pursue growth for its own sake [32] - The strategic advantage of having secured near-term growth and a strong balance sheet allows the company to wait for the right investment opportunities [8][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for significant growth in GEOs from existing assets and new acquisitions [24][26] - The company expects marginal growth in 2026, with a more substantial increase anticipated in 2027 due to contributions from key assets [24][26] - Management noted that the 2030 outlook includes expected growth from several projects, with a target of 50% growth over the next five years [26][28] Other Important Information - The company has a completely untapped credit facility of $650 million, positioning it well for future opportunities [31] - Recent acquisitions, including the Gold Fields portfolio and the Namdini royalty, are expected to enhance cash flow and strengthen the long-term pipeline [32] Q&A Session Summary Question: Guidance for year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus price deck of 73-to-1 for gold to silver [36] Question: Mine ramp-ups and production profile - Management indicated that the biggest contributors from a silver perspective are Mantos Blancos and CSA, with stable throughput expected [39] Question: M&A opportunities - Management confirmed that there are significant opportunities for acquiring familiar assets and new opportunities, with a focus on geography [41][42] Question: 2030 guidance and asset contributions - Management clarified that the 2030 guidance includes minimum payments from Cascabel and highlighted potential upside from various assets [50] Question: Mantos performance in 2030 - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [54]

Q4 & FULL YEAR 2025 RESULTS February 19, 2026 ORroyalties.com TSX-NYSE | OR Amounts presented are in United States Dollars, except where otherwise noted CAUTIONARY STATEMENTS FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements a ...

Core Viewpoint - OR Royalties Inc. has announced a first quarter 2026 dividend of US$0.055 per common share, payable on April 15, 2026, to shareholders of record as of March 31, 2026 [1] Dividend Information - The dividend is classified as an "eligible dividend" under the Income Tax Act (Canada) [1] - For Canadian shareholders, the equivalent amount in Canadian dollars will be determined based on the daily rate published by the Bank of Canada on March 31, 2026 [2] Shareholder Participation - Non-registered beneficial shareholders must submit a new enrolment form to continue participating in the Company's dividend reinvestment plan (the "Plan") following a name change and new CUSIP number effective May 8, 2025 [3] - Shareholders interested in the Plan should contact their financial advisor or institution for enrolment details and deadlines [4] Company Overview - OR Royalties is a precious metals royalty and streaming company focused on Tier-1 mining jurisdictions, including Canada, the United States, and Australia [7] - The company has grown from a single producing asset in June 2014 to a portfolio of over 195 royalties, streams, and similar interests, anchored by a 3-5% net smelter return royalty on Agnico Eagle Mines Ltd.'s Canadian Malartic Complex, one of the largest gold mines globally [7]

Core Insights - OR Royalties Inc. reported record annual revenues of $277.4 million and record operating cash flows of $245.6 million for the year-end 2025, marking significant growth compared to previous years [1][5]. Financial Highlights - The company earned 80,775 gold equivalent ounces (GEOs) in 2025, slightly up from 80,740 GEOs in 2024 [5]. - Revenues from royalties and streams reached $277.4 million, a 45% increase from $191.2 million in 2024 [5]. - Operating cash flows increased to $245.6 million, up from $159.9 million in 2024 [5]. - The cash margin was recorded at $268.3 million or 96.7%, compared to $184.4 million or 96.5% in 2024 [5]. - Net earnings were $206.1 million, translating to $1.10 per basic share, a significant rise from $16.3 million or $0.09 per basic share in 2024 [5]. - Adjusted earnings were $165.5 million, or $0.88 per basic share, compared to $97.3 million or $0.52 per basic share in 2024 [5]. Operational Developments - The company is now debt-free after fully repaying its revolving credit facility, with net repayments totaling $94.9 million in 2025 [5]. - A total of 1.1 million common shares were purchased for cancellation at a cost of $36.7 million [5]. - As of December 31, 2025, the cash balance stood at $142.1 million [5]. Strategic Acquisitions - OR Royalties International Ltd. acquired a 100% silver stream on Orla Mining Ltd.'s South Railroad project for $13.0 million [5]. - The company also acquired a 1.5% net smelter return (NSR) royalty from Japan Gold Corp. for $5.0 million [5]. - A basket of royalties across various projects in British Columbia was acquired from Sable Resources Ltd. for C$3.8 million ($2.8 million) [5]. Future Guidance - For 2026, OR Royalties expects GEOs earned to range between 80,000 to 90,000 with an average cash margin of approximately 97% [7]. - The guidance assumes ramp-ups at the Dalgaranga and San Gabriel mines, as well as increased payments from the Namdini mine [8]. - The 5-year outlook anticipates generating between 120,000 and 135,000 GEOs by 2030, factoring in new production from various projects [10]. Management Commentary - The President & CEO highlighted 2025 as a landmark year, emphasizing the company's financial flexibility and growth potential, with expectations of 50% GEO growth by 2030 [14].

Core Viewpoint - OR Royalties Inc. has entered into a definitive agreement to acquire a portfolio of precious metals assets from Gold Fields Limited for a total consideration of $115 million, which includes a 1.5% net smelter return royalty on the San Gabriel gold and silver mine in Peru, expected to enhance the company's gold equivalent ounce deliveries and cash flow [1][3][8]. Transaction Highlights - The acquisition includes eight royalties, with immediate contributions to expected gold equivalent ounces (GEOs) and cash flow from the San Gabriel mine, which began production in December 2025 [3][8]. - The transaction is projected to increase OR Royalties' GEO delivery range to 80,000 - 90,000 in 2026 and 120,000 - 135,000 by 2030, representing approximately 50% growth without requiring contingent capital [3][4]. - The portfolio also includes royalties on development and exploration projects in Tier-1 mining jurisdictions, maintaining a focus on precious metals [3][4]. Acquired Assets - The San Gabriel mine has Proven and Probable Mineral Reserves of 15.3 million tonnes at average grades of 3.71 g/t gold and 6.32 g/t silver, supporting a mine life of 14.6 years [3][4]. - Buenaventura's production guidance for San Gabriel includes 48-55 thousand ounces of gold in 2026, increasing to 95-110 thousand ounces from 2028 onwards [3][4]. - The portfolio features a 2.0% NSR royalty on Torque Metals' Paris project in Australia and a 2.5% NPI royalty on Freeport and Amarc's JOY district exploration project in British Columbia, enhancing exposure to promising development assets [3][4][7]. Additional Considerations - OR Royalties will pay Gold Fields an additional $52 million for deferred payment obligations totaling $60 million related to Galiano's Nkran project, with specific payment milestones tied to gold production [5][6][8]. - The acquisition strengthens OR Royalties' position in the JOY district, complementing existing royalty assets and providing rights to future opportunities in high-grade discoveries [3][4][8].

Core Viewpoint - OR Royalties Inc. has entered into a definitive agreement to acquire a portfolio of precious metals assets from Gold Fields Limited for a total consideration of $115 million, which includes a 1.5% net smelter return royalty on the San Gabriel gold and silver mine in Peru, expected to enhance the company's cash flow and growth outlook [1][3][6]. Transaction Highlights - The acquisition includes eight royalties, with immediate contributions to expected gold equivalent ounce (GEO) deliveries for 2026, particularly from the San Gabriel mine [3]. - The transaction is projected to increase OR Royalties' GEO delivery range to 80,000 - 90,000 in 2026 and 120,000 - 135,000 by 2030, representing approximately 50% growth without requiring contingent capital [3]. - The portfolio also includes royalties on development and exploration projects in Tier-1 mining jurisdictions, maintaining a focus on precious metals [3][4]. Acquired Assets - The San Gabriel mine has proven and probable mineral reserves estimated at 15.3 million tonnes with average grades of 3.71 g/t gold and 6.32 g/t silver, supporting a mine life of 14.6 years [3]. - Buenaventura's production guidance for San Gabriel includes 48-55 thousand ounces of gold in 2026, increasing to 95-110 thousand ounces from 2028 onwards [3]. - The portfolio features a 2.0% NSR royalty on Torque Metals' Paris project in Australia and a 2.5% NPI royalty on Freeport and Amarc's JOY district exploration project in British Columbia [3][4]. Additional Royalties and Considerations - The acquisition includes deferred payment obligations of $60 million from Galiano, with $30 million due by December 31, 2026, and another $30 million upon the production of 100,000 ounces of gold from Nkran [5]. - The portfolio also consists of additional royalties over various projects, including a 2.0% NSR royalty over Northern Star Resources' Warrida Well tenements and a 0.5-1.0% NSR royalty over Mineral Resources' Kambalda Lithium project [5]. - OR Royalties has been granted a Right-of-First-Offer on Gold Fields' 2.0% NSR royalty covering the Suhanko platinum-group metals project in Finland [5]. Strategic Commentary - The acquisition is viewed as a strategic win for OR Royalties, enhancing immediate cash flows and long-term growth potential through partnerships with established operators like Buenaventura [6].

Core Viewpoint - The consensus price target for Osisko Gold Royalties (NYSE:OR) has increased, reflecting growing optimism among analysts regarding the company's future performance and earnings prospects [1][3]. Financial Performance - In 2025, Osisko Gold Royalties reported record annual revenues of C$277.4 million and significant share repurchases amounting to C$50.8 million, indicating strong financial performance and a commitment to enhancing shareholder value [4]. - The company holds approximately C$142.1 million in cash and has an undrawn C$650 million credit facility as of December 31, 2025, further supporting positive sentiment among analysts [4]. Analyst Outlook - Osisko Gold Royalties has been upgraded to a Zacks Rank 1 (Strong Buy), reflecting a positive outlook on its earnings prospects [1][3]. - Wall Street analysts suggest a potential upside of around 11% in the stock price based on the median target, with the consensus price target around $47.50 [5]. - The average price target has shown a positive trend over the past year, ranging from $42 to $51, indicating growing optimism about the company's stock performance [3][5]. Competitive Position - Osisko Gold Royalties is a precious metals royalty and streaming company that competes with other firms in the sector, such as Wheaton Precious Metals, Franco-Nevada, and Royal Gold [2]. - The company holds a 5% net smelter return royalty on the Canadian Malartic mine, one of the largest gold mines in Canada, which enhances its competitive position in the market [2].

Core Insights - L'Oréal achieved solid growth in 2025, with sales reaching €44.05 billion, reflecting a 4.0% increase like-for-like and a 1.3% increase reported, outperforming the beauty market [14][20][22] - The company reported record gross and operating margins, with gross margin at 74.3% and operating margin at 20.2%, driven by efficiency gains [14][65] - L'Oréal's transformation strategy includes advancements in AI, R&I capabilities, and a significant M&A offensive, including the acquisition of Kering Beauté and an increased stake in Galderma [4][60] Financial Performance - Sales for 2025 amounted to €44.05 billion, with a like-for-like growth of 4.0% and a reported growth of 1.3% [20][22] - Gross margin improved by 10 basis points to 74.3%, while operating margin increased by 20 basis points to 20.2% [14][65] - Earnings per share rose to €12.71, marking a 0.4% increase, and the proposed dividend is €7.20 per share, up 2.9% from the previous year [14][77][74] Division Performance - The Professional Products Division grew by 7.5% like-for-like, driven by premium haircare and a successful omnichannel strategy [25][26] - The Consumer Products Division saw a growth of 3.5% like-for-like, with strong performances from L'Oréal Paris and NYX Professional Makeup [29][30] - L'Oréal Luxe achieved a 2.8% like-for-like growth, with significant contributions from fragrances and a strong performance in emerging markets [33][36] - The Dermatological Beauty Division posted a 5.5% like-for-like growth, led by La Roche-Posay and CeraVe [38][40] Regional Performance - Sales in Europe grew by 4.4% like-for-like, with strong contributions from e-commerce and successful product launches [42][44] - North America experienced a growth of 3.4% like-for-like, with significant acceleration in the second half of the year [46][49] - North Asia's sales grew by 0.5% like-for-like, with a notable recovery in the second half, particularly in mainland China [50][51] - SAPMENA-SSA region saw a robust growth of 10.9% like-for-like, driven by strong performances across all divisions [53][54] - Latin America achieved an 8.3% like-for-like growth, demonstrating resilience despite softening market conditions [56][58] Strategic Developments - L'Oréal's acquisition of an additional 10% stake in Galderma aims to enhance its presence in the fast-growing aesthetics market [60] - The company introduced breakthrough technologies at CES 2026, showcasing its commitment to innovation in beauty tech [67] - L'Oréal was recognized as the most innovative company in Europe by Fortune magazine, highlighting its leadership in the beauty industry [82]

Core Viewpoint - OR Royalties Inc. is recognized as one of the best mining stocks to buy according to Wall Street, with analysts raising price targets due to increased gold and copper price forecasts [1][2][3]. Price Target Adjustments - CIBC analyst Cosmos Chiu raised the price target on OR Royalties Inc. to C$88 from C$86, maintaining an Outperformer rating, influenced by increased gold price forecasts to $6,000 per ounce in 2026 and $6,500 in 2027 [2]. - Scotiabank also raised its price target on OR Royalties Inc. to $51 from $41, keeping a Sector Perform rating, citing economic and geopolitical uncertainty along with strong central bank buying [3]. Company Overview - OR Royalties Inc. focuses on acquiring and managing precious metal and other royalties and streams, with significant assets in Canada and international markets, including a 3 to 5 percent net smelter return royalty on the Canadian Malartic complex [4].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: OR Royalties - OR Royalties currently holds a Momentum Style Score of B, indicating a favorable momentum characteristic [2] - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - Over the past week, OR shares increased by 1.5%, while the Zacks Mining - Miscellaneous industry declined by 1.38% [5] - In the last month, OR's price change was 3.7%, outperforming the industry's 2.65% [5] - Over the past quarter, OR shares rose by 23.55%, and over the last year, they gained 102.07%, compared to the S&P 500's increases of 3.37% and 15.17%, respectively [6] Trading Volume - OR's average 20-day trading volume is 1,718,331 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for OR increased while one decreased, raising the consensus estimate from $0.83 to $0.86 [9] - For the next fiscal year, two estimates have moved upwards with no downward revisions [9] Conclusion - Given the positive momentum indicators and earnings outlook, OR Royalties is positioned as a strong buy candidate for investors seeking short-term opportunities [11]