Financial Data and Key Metrics Changes - Osisko achieved record annual revenues of $191.2 million in 2024, with a cash margin of 96.5% [6] - The company earned 20,005 gold equivalent ounces (GEOs) in Q4 2024, totaling 80,740 GEOs for the year, slightly above the revised guidance of 77,000 to 83,000 GEOs [5][11] - Net earnings per share for 2024 were $0.09, a significant increase from 2023, which was impacted by non-cash impairment charges [12] - Cash flow per share improved for the seventh consecutive year, with positive annual adjusted earnings of $0.52 per common share [12] Business Line Data and Key Metrics Changes - The Canadian Malartic Mine remained the most significant contributor to GEOs earned, with strong performance expected to continue [15] - Capstone's Mantos Blancos operation experienced a year-over-year decrease in performance due to below-design milling rates, but improvements were noted in late 2024 [15][30] - The Namdini mine in Ghana poured its first gold in November 2024, with meaningful payments expected in the second half of 2025 [12][18] Market Data and Key Metrics Changes - Osisko derived over 93% of its GEOs from precious metals, with gold accounting for 67% and silver for 27% [13] - The company expects additional base metal contributions from projects like South32's Hermosa/Taylor and Marimaca Copper's MOD project [14] Company Strategy and Development Direction - Osisko aims for GEO delivery growth in 2025, although the growth slope is expected to be less steep than previously anticipated [8] - The company is focused on disciplined capital allocation, targeting high-quality precious metal streams and royalties [41][56] - Osisko's exposure to Tier 1 mining jurisdictions is a key differentiator, with a focus on Canada, the U.S., and Australia [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth trajectory and the potential for meaningful transactions in 2025 [10][41] - The company acknowledged challenges in the copper market but remains open to opportunities that are accretive to shareholder value [54][75] - Management highlighted the importance of maintaining a strong balance sheet to support future growth initiatives [40][42] Other Important Information - Osisko declared a quarterly dividend of $0.065 per share in Q4 2024, marking the 41st consecutive dividend payment [7] - The company closed or committed to nearly $300 million in transactions in 2024, maintaining a robust pipeline for future opportunities [9][41] Q&A Session Summary Question: Clarification on 2025 production profile - Management indicated that Q1 2025 is expected to be the weakest quarter, with improvements anticipated in Q2, and stronger performance in Q3 and Q4 [46][47] Question: Opportunities in capital allocation - Management confirmed openness to syndicated deals and highlighted a robust opportunity set, particularly in the copper space [52][54] Question: Size range of potential transactions - The focus is on transactions between $50 million and $500 million, with a preference for cash-flowing assets or those impacting the five-year outlook [60][63] Question: Share buybacks versus dividends - Management views share buybacks as a tool but emphasizes the importance of dividends, with potential for an increase in the upcoming Board meeting [64][66]

Core Points - Osisko Gold Royalties Ltd has announced a first quarter 2025 dividend of C$0.065 per common share, payable on April 15, 2025, to shareholders of record as of March 31, 2025 [1] - The dividend is classified as an "eligible dividend" under the Income Tax Act (Canada) [1] - Shareholders in the U.S. will receive the dividend in U.S. dollars based on the daily exchange rate published by the Bank of Canada on March 31, 2025 [2] Dividend Reinvestment Plan - The company has implemented a dividend reinvestment plan, allowing shareholders in Canada and the U.S. to reinvest their dividends into additional common shares [3] - Non-registered beneficial shareholders must contact their financial institutions to enroll in the plan [3] - Shareholders are advised to consult their tax advisors regarding the tax implications of participating in the plan [4] Company Overview - Osisko Gold Royalties Ltd is an intermediate precious metal royalty company with a portfolio of over 185 royalties, streams, and precious metal offtakes, including 20 producing assets [5] - The cornerstone asset of Osisko is a 3-5% net smelter return royalty on the Canadian Malartic Complex, which is one of Canada's largest gold mines [5]

Core Points - Osisko Gold Royalties Ltd reported consolidated financial results for the year 2024, achieving record revenues and cash flows, with a net earnings turnaround from a loss in 2023 to a profit in 2024 [1][5][12]. Financial Highlights - The company earned 80,740 gold equivalent ounces (GEOs) in 2024, a decrease from 94,323 GEOs in 2023 [5]. - Revenues from royalties and streams reached a record $191.2 million, up from $183.2 million in 2023 [5]. - Cash flows from operating activities were $159.9 million, compared to $138.4 million in 2023 [5]. - Net earnings were $16.3 million, or $0.09 per basic share, reversing a net loss of $37.4 million, or $0.20 per basic share, in 2023 [5]. - Adjusted earnings were $97.3 million, or $0.52 per basic share, compared to $74.1 million, or $0.40 per basic share, in 2023 [5]. Other Highlights - The company made net repayments of $49.7 million under its revolving credit facility, ending 2024 with a cash balance of $59.1 million and outstanding debt of $93.9 million [5]. - Total capital committed in 2024 exceeded $287.7 million across three new transactions, including a $225 million gold stream agreement with SolGold plc [5]. - The company declared quarterly dividends totaling C$0.255 per common share in 2024, an increase from C$0.235 per common share in 2023 [5]. Guidance for 2025 and 5-Year Outlook - For 2025, Osisko expects GEOs earned to range between 80,000 and 88,000, with an average cash margin of approximately 97% [4][6]. - The 5-year outlook anticipates the portfolio will generate between 110,000 and 125,000 GEOs by 2029, assuming production starts at key projects [8][10]. - The guidance incorporates expected contributions from various assets transitioning from development to production, with a focus on the second half of 2025 for increased GEO deliveries [13][14]. Management Commentary - The President & CEO highlighted 2024 as a solid year for Osisko, marked by record revenues and cash flows, and emphasized the company's improved balance sheet following significant debt repayments [12][13].

Core Insights - Osisko Gold Royalties Ltd reported record annual revenues of US$191.2 million and record operating cash flows of US$159.9 million for the year 2024, marking significant growth compared to 2023 [1][4][11] Financial Highlights - The company expects to earn between 80,000-88,000 gold equivalent ounces (GEOs) in 2025, with an average cash margin of approximately 97% [4][12] - Revenues from royalties and streams reached US$191.2 million in 2024, up from US$183.2 million in 2023 [4] - Operating cash flows generated by the company were US$159.9 million in 2024, compared to US$138.4 million in 2023 [4] - Net earnings for 2024 were US$16.3 million, or US$0.09 per basic share, a recovery from a net loss of US$37.4 million, or US$0.20 per basic share, in 2023 [4] - Adjusted earnings were US$97.3 million, or US$0.52 per basic share, compared to US$74.1 million, or US$0.40 per basic share, in 2023 [4][29] Operational Highlights - The company committed over US$287.7 million across three new transactions in 2024, including a US$225 million gold stream agreement with SolGold plc and a US$50 million acquisition of gross revenue royalties from Tembo Capital Mining Fund II [4] - Osisko Bermuda received its first copper delivery from MAC Copper Limited under a copper stream agreement [4] - The company declared quarterly dividends totaling C$0.255 per common share in 2024, an increase from C$0.235 per common share in 2023 [4] 5-Year Outlook - Osisko anticipates its portfolio will generate between 110,000-125,000 GEOs by 2029, assuming production starts at several key projects [7][9] - The outlook includes expected contributions from ongoing mine expansions and new projects, with a robust growth trajectory of over 30% anticipated through 2029 [12][13]

Core Insights - L'Oréal achieved solid growth of +5.1%, outperforming the global beauty market, with record operating margins reaching 20% [2][10] - The company is optimistic about the global beauty market outlook for 2025, expecting continued growth supported by a robust pipeline of new product launches [5][10] Financial Performance - Total sales for 2024 amounted to €43.48 billion, reflecting a +5.6% increase reported and +5.1% like-for-like growth [10][22] - The operating profit increased by +6.7% to €8.69 billion, maintaining an operating margin of 20% [66][70] - Earnings per share rose to €12.66, marking a +4.8% increase [70][72] - The proposed dividend for the Annual General Meeting in April 2025 is €7.00 per share, up +6.1% from the previous year [74] Division Performance - **Professional Products**: Reported growth of +5.3% like-for-like and +5.0% reported, driven by strong momentum in premium haircare [24][25] - **Consumer Products**: Achieved +5.4% like-for-like and +5.3% reported growth, with L'Oréal Paris leading the performance [28][30] - **L'Oréal Luxe**: Grew +2.7% like-for-like and +4.5% reported, becoming the number one luxury beauty player in North America [31][32] - **Dermatological Beauty**: Experienced significant growth of +9.8% like-for-like and +9.3% reported, crossing the €7 billion sales mark for the first time [34][35] Regional Performance - **Europe**: Sales advanced +8.2% like-for-like and +9.3% reported, contributing significantly to overall growth [38][40] - **North America**: Grew +5.5% like-for-like and +5.9% reported, with L'Oréal Luxe becoming the top player in the luxury segment [42][43] - **North Asia**: Sales contracted by -3.2% like-for-like and -3.4% reported, primarily due to challenges in the Chinese market [47][49] - **SAPMENA-SSA**: Achieved +12.3% like-for-like and +12.0% reported growth, driven by strong performances in Australia, Thailand, and India [51][52] - **Latin America**: Sales increased by +11.0% like-for-like and +13.3% reported, with significant contributions from Mexico and Brazil [55][56] Strategic Developments - The company enhanced its marketing and R&I capabilities through AI and technology, and simplified its organizational structures [3][4] - L'Oréal made strategic acquisitions, including the Miu Miu license and the Korean brand Dr.G, to strengthen its portfolio [3][50] - The company received a platinum medal from EcoVadis, ranking it in the top 1% of companies for environmental and social performance [10]

AGREEMENT BETWEEN L’ORÉAL AND SANOFI FOR THE REPURCHASEBY SANOFI OF 2.3% OF ITS OWN SHARES HELD BY L’ORÉAL Clichy, February 3, 2025 – L’Oréal announces today that it has agreed to sell approximately 29.6 million of Sanofi shares to Sanofi for €101.5 per share, for a total consideration of €3 billion. Upon completion of the transaction and cancellation of the repurchased shares, L’Oréal will own 7.2% of Sanofi’s share capital and 13.1% of its voting rights1. L’Oréal remains an important shareholder of Sanofi ...

Core Insights - Reykjavík Energy (RE) successfully concluded a green bond auction with total bids amounting to ISK 7,785 million nominal value across three bond classes [1][2][3]. Bond Classes Summary - **OR031033 GB**: - Fixed nominal interest of 8.30% with equal semi-annual payments and a maturity date of October 3, 2033 - Previous issuance amounted to ISK 6,390 million - Attracted bids totaling ISK 2,735 million at yields between 7.99% - 8.23%, with RE accepting ISK 1,205 million at a yield of 8.05% [1][2]. - **OR280845 GB**: - Fixed indexed interest of 3.70% with equal semi-annual payments and a maturity date of August 28, 2045 - Previous issuance amounted to ISK 4,770 million - Attracted bids totaling ISK 4,250 million at yields between 3.44% - 3.99%, with RE accepting ISK 3,000 million at a yield of 3.90% [3][4]. - **OR180255 GB**: - Fixed indexed interest of 2.60% with equal semi-annual payments and a maturity date of February 18, 2055 - Previous issuance amounted to ISK 36,966 million - Attracted bids totaling ISK 800 million at yields between 3.45% - 3.53%, with RE accepting ISK 450 million at a yield of 3.46% [4][5]. Additional Issuance - Reykjavík Energy plans to issue an additional ISK 480 million in each of the green bond classes OR031033 GB and OR280845 GB, which will not be sold to investors, to meet bond lending obligations under a market-making agreement [5]. Oversight and Trading - Fossar Investment Bank is responsible for overseeing the issuance and sale of the bonds, as well as their admission to trading on the Nasdaq market in Iceland, specifically for sustainable bonds [6].

Reykjavik Energy (Orkuveita Reykjavíkur; Orkuveitan) has signed agreements with Kvika banki hf., Landsbankinn hf. and Fossar Investment Bank hf., on market making in the secondary market for bonds issued by Reykjavik Energy with the tickers "OR031033 GB", "OR180242 GB", "OR280845 GB" and "OR180255 GB". The bonds have already been admitted to trading on Nasdaq Iceland. According to the agreement, the obligations of market makers took effect on 27 January 2025. Market making with OR 031033 GB and OR 280845 GB ...

Company Overview - L'Oréal is the world's leading beauty player with a history of 115 years dedicated to fulfilling global beauty aspirations [2] - The company operates with a broad portfolio of 37 international brands and emphasizes sustainability through its L'Oréal for the Future program [2] Financial Performance - In 2023, L'Oréal generated sales amounting to 41.18 billion euros, showcasing a strong market presence [3] - The company has a workforce of over 90,000 employees and maintains a balanced geographical footprint across various distribution networks [3] Research and Innovation - L'Oréal has established 20 research centers in 11 countries, supported by a dedicated team of over 4,000 scientists and 6,400 digital talents [3] - The focus is on inventing the future of beauty and positioning itself as a Beauty Tech powerhouse [3] Shareholder Information - As of December 31, 2024, L'Oréal has a total of 534,312,021 shares, with the same number of real voting rights [1]

Bond Auction Details - Reykjavík Energy is holding a bond auction on January 29, 2025, offering three green bond classes: OR031033 GB, OR280845 GB, and OR180255 GB [1] - OR031033 GB has a fixed nominal interest rate of 8.30%, pays semi-annual installments, and matures on October 3, 2033, with previously issued bonds totaling ISK 6,390 million [1] - OR280845 GB has a fixed indexed interest rate of 3.70%, pays semi-annual installments, matures on August 28, 2045, and is redeemable in 2037, with previously issued bonds totaling ISK 4,770 million [2] - OR180255 GB has a fixed indexed interest rate, pays semi-annual installments, matures on February 18, 2055, and has previously issued bonds totaling ISK 36,966 million [3] Bond Issuance and Trading - Fossar Investment Bank oversees the issuance, sale, and admission of the bonds to trading on the Nasdaq sustainable bonds market in Iceland [3] Auction Submission and Settlement - Bids must be submitted to utbod@fossar.is by UTC 17:00 on January 29, 2025, with transactions settling on February 5, 2025 [4] Contact Information - Snorri Hafsteinn Þorkelsson, CFO of Reykjavík Energy, can be contacted at +354 516 6100 or snorri.hafsteinn.þorkelsson@or.is [4] - Matei Manolescu of Fossar Investment Bank can be contacted at +354 522 4008 or matei.manolescu@fossar.is [4]