Core Insights - Nomad Foods Limited reported financial results for the three and twelve-month periods ended December 31, 2025, achieving full year results that met the guidance issued in August 2025 [1] Financial Performance - The company experienced a 2.4% growth in Adjusted EPS during the fourth quarter [1] - Organic revenue declines moderated, indicating an improvement in sales performance [1] - Retail sell-out accelerated in the quarter, suggesting increased consumer demand [1] Strategic Initiatives - Foundational changes have been initiated to unlock value creation potential, indicating a focus on long-term growth strategies [1]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved net earnings attributable to shareholders of $252 million, or $1.26 per share, with full-year net earnings totaling $520 million, or $2.56 per share, reflecting an increase compared to the prior year [13][14][17] - Revenue for 2025 reached $1.8 billion, supported by higher average realized gold prices, despite lower production volumes compared to 2024 [17] - Free cash flow for the full year was negative $233 million, but positive $316 million when excluding capital investment in the Skouries project [16][17] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with Q4 production at 123,416 ounces at an all-in sustaining cost of $1,894 per ounce sold [7][9] - The Olympias mine produced 18,476.73 ounces in Q4, while Klada and Efemçukuru produced 41,140 ounces and 14,496 ounces respectively, with varying all-in sustaining costs [25][26] - The Lamaque Complex delivered 49,307 ounces at an all-in sustaining cost of $1,392 per ounce sold [27] Market Data and Key Metrics Changes - The company noted a favorable gold price environment contributing positively to operating cash flow, with production costs increasing due to higher royalties and labor cost inflation [8][17] - The Turkish operations remain a stable cash-generating foundation for the company, despite local inflation impacting costs [8][17] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio, focusing on per-share value creation and sustainable free cash flow growth [6][36] - The company aims to advance its growth pipeline while maintaining flexibility to return capital to shareholders, including a newly initiated quarterly dividend program [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the delivery of the Skouries project, despite delays, emphasizing its long-term potential to generate meaningful cash flow [11][12] - The company anticipates a significant increase in production in 2027, supported by the addition of Skouries and a solid base of lower-cost operations [28][29] Other Important Information - The company reported a strong balance sheet with total liquidity of approximately $976 million at year-end, positioning it well for growth initiatives and capital returns [20] - The first production from Skouries is now expected in early Q3 2026, with commercial production anticipated in Q4 [10][11] Q&A Session Summary Question: Klada's 2026 guidance and its impact on 2027 - Management acknowledged that the 2026 guidance is lower due to lower grades and higher stripping, but they expect to open up new ore sources that could positively impact 2027 production [39][41] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors regarding the acquisition, highlighting the benefits of combining high-quality assets and the potential for accelerated investment [48] Question: Tailings management and weather impact - Management confirmed that the delay provides breathing room for tailings management and that heavy rains have not caused significant construction delays [54][56]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of $1.8 billion, with net earnings attributable to shareholders of $520 million, or $2.56 per share, reflecting an increase from the previous year [11][12] - Operating cash flow for the year was $743 million, while free cash flow was $316 million when excluding Skouries investment [6][13] - Total cash costs for the fourth quarter were $1,295 per ounce sold, and all-in sustaining costs (AISC) were $1,894 per ounce sold [16] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with significant contributions from the Lamaque Complex and steady performance from Klada and Efemçukuru [5][6] - The Olympias mine showed a solid finish, contributing to the overall production figures [5] - Fourth quarter production at Olympias was 18,476.73 ounces, with AISC at $1,676 per ounce sold [24] Market Data and Key Metrics Changes - The company noted a favorable gold price environment that positively impacted operating cash flow [6] - Royalty expenses increased significantly, totaling $124 million in 2025, up from just over $79 million in 2024, primarily due to regulatory changes in Türkiye [15] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio [5] - The company is focused on a clear value creation strategy, including launching a quarterly dividend and advancing a disciplined exploration program [4] - Skouries is anticipated to be a transformational asset, with first production expected in early Q3 2026 and commercial production in Q4 [8][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of Skouries, despite a delay in first concentrate production [10][20] - The company is well-positioned to advance its growth pipeline while maintaining flexibility to return capital to shareholders [8][18] - Management highlighted the importance of safety and operational excellence in achieving production goals [34] Other Important Information - The company repurchased approximately $204 million of shares during 2025 and initiated a quarterly dividend program starting in Q1 2026 [8][18] - The balance sheet remains strong, with total liquidity of approximately $976 million at year-end [18] Q&A Session Summary Question: Klada's 2026 guidance and its impact on 2027 - Management acknowledged that the 2026 guidance is lower due to lower grades and higher stripping but expects to open up new ore sources in the western area [39][40] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors, emphasizing the compelling benefits of the acquisition for both companies [44][45] Question: Delay impacts on Skouries and tailings management - Management confirmed that the delay provides breathing room for tailings management and allows for better preparation of equipment before first concentrate [52][54]

Core Insights - Kimberly-Clark Corporation presented at the 2026 CAGNY Conference, emphasizing its operational agility and capabilities to leverage growth trends and create generational value through the acquisition of Kenvue [1] Group 1: Growth Strategy - The company has launched the "Powering Care" transformation in 2024, resulting in solid volume-plus-mix led growth, with market share improvements in two-thirds of its country/category combinations over the past two years [1] - Kimberly-Clark's operating model focuses on cross-functional collaboration and productivity, achieving gross productivity improvements in the 6% range of cost of goods sold over the last two years [1] Group 2: Brand Development - The company aims to build brand loyalty through innovative marketing strategies and digital capabilities, enhancing user engagement and benefits across its product portfolio [1] - With the acquisition of Kenvue, Kimberly-Clark is positioned to capitalize on demographic trends in baby care, women's health, and active aging, which are expected to grow at mid-to-high single-digit rates [1] Group 3: Innovation and R&D - Kimberly-Clark's R&D organization has been restructured to deliver rapid and scalable innovations, contributing to over 75% of the company's volume-plus-mix led growth in 2025 [1] - The company’s innovation pipeline is reported to be the strongest in its history, aimed at driving incremental growth while maintaining cost efficiency over the next three years [1]

Core Insights - FedEx is entering a "new era of value creation" with a focus on financial discipline, network optimization, and technology to achieve its 2029 goals [1] - The company projects a 4% annual revenue growth to $98 billion (excluding FedEx Freight) by 2029, with $8 billion in operating income and $6 billion in adjusted free cash flow [1] Group 1: Market Context - The company is responding to a slower parcel market, normalized e-commerce demand, uneven global trade, and increased delivery options for large customers [2] - The emphasis has shifted from revenue growth to improving returns [2] Group 2: Operational Strategy - FedEx plans to monetize its existing network more effectively rather than expanding it, with a focus on margin expansion, operating income growth, and achieving a targeted 11% return on invested capital (ROIC) [3] - Capital expenditures are targeted to remain near 4% of revenue, with aircraft capex capped at $1 billion annually [3] Group 3: Cost Management - The company aims to remove $4 billion in structural costs through operational integration, combining Express and Ground under a unified "One FedEx" structure [4] - This integration will involve consolidating facilities, linehaul, procurement, and capital planning [4] Group 4: Execution Challenges - The integration of Express and Ground presents challenges due to their different operational models and cost structures, making customer disruption a significant concern [5] Group 5: Cost Savings and Efficiency - FedEx's DRIVE program is expected to deliver over $4 billion in structural cost savings across fiscal years 2024 and 2025, with an additional $1 billion in permanent savings anticipated by the end of 2026 [6] - The company aims to push capital expenditures to a record-low share of revenue as Network 2.0 scales [6] Group 6: Data and Procurement - Establishing key performance indicators (KPIs) and measuring operational and financial results are crucial for better business decisions [7] - A centralized procurement function is being implemented to leverage FedEx's purchasing power, along with centralized capital allocation for major projects [8]

Toronto, Ontario – February 17, 2026 – TheNewswire – LAURION Mineral Exploration Inc. (TSX-V: LME | OTCQB: LMEFF | FSE: 5YD) (“LAURION” or the “Company”) is pleased to announce the appointment of Sankarsan (“Sean”) Ghosal as a strategic advisor. His addition further strengthens the Company’s governance, capital markets expertise, and strategic capabilities as LAURION advances its Ishkōday Gold-Polymetallic Project in Ontario.   Mr. Ghosal brings a highly complementary blend of mining engineering, capital m ...

Core Insights - The discussion focused on investment opportunities in FTAI Aviation Ltd. and CRH plc, highlighting the appeal of SunOpta Inc. and the significance of good governance in public companies [1]. Group 1: Company Insights - FTAI Aviation Ltd. is identified as a potential investment opportunity [1]. - CRH plc is also mentioned as a company of interest for investment [1]. - SunOpta Inc. is favored for its investment potential due to its business model and market position [1]. Group 2: Investment Philosophy - Cruiser Capital Advisors employs a value-based approach to identify public companies trading at significant discounts to their private market values [4]. - The firm focuses on high-quality management teams and turnaround opportunities in underperforming businesses [4]. - Cruiser Capital engages in constructive dialogue with companies and may act as activist investors when necessary [4]. Group 3: Leadership Background - Keith Rosenbloom has over 25 years of investment experience, emphasizing traditional value-oriented private equity techniques [3]. - Prior to founding Cruiser Capital, Rosenbloom co-founded CARE Capital Group, focusing on hedge funds and alternative investments [3]. - Rosenbloom's educational background includes graduating cum laude from Yale University [3].

Core Insights - 4x4 Capital aims to maximize Bob Evans' long-term growth potential, emphasizing a track record of growing companies in the food and beverage sector through active ownership and partnerships with leadership teams [3] - Bob Evans will retain its current leadership, with CEO Mickey Mills continuing in her role, while 4x4 Co-Founder Gustavo Assumpção will become executive board chair [3][4] - Golden Gate Capital sold Bob Evans Restaurants to 4x4 Capital, having previously acquired it for $565 million in 2017, and the chain has seen a decline in units from 522 in 2017 to approximately 420 today [5][8] Company Developments - Bob Evans is enhancing guest engagement by partnering with PAR Technology to implement its loyalty platform, PAR Punchh, in 2024, which includes personalized offers and rewards [6] - The restaurant chain's focus includes stability, partnership, and long-term value creation as stated by CEO Mickey Mills [4] - 4x4 Capital also invests in other companies like FitCrunch and Yelloh, focusing on middle market companies in consumer goods and services sectors in North America [7]

Financial Data and Key Metrics Changes - The company generated full-year Adjusted EBITDA of $2.4 billion, a decrease from $2.6 billion in 2024, reflecting lower ownership in three businesses following partial sales [17] - Adjusted EFO for the year was $1.2 billion, including $161 million of net gains during the year [17] - Excluding tax credits and the impact of acquisitions and dispositions, Adjusted EBITDA was $2.1 billion, compared to $2 billion in the prior year [17] Business Line Data and Key Metrics Changes - The industrial segment generated full-year Adjusted EBITDA of $1.3 billion, up from $1.2 billion last year, with a 10% increase excluding acquisitions and dispositions [17][18] - The business services segment generated full-year Adjusted EBITDA of $823 million, down from $832 million last year, but increased approximately 5% on a same-store basis [18][19] - The infrastructure services segment generated full-year Adjusted EBITDA of $436 million, down from $606 million last year, impacted by the sale of operations and lower terminal deliveries [19][20] Market Data and Key Metrics Changes - North America is benefiting from easing rates, steady consumer spending, and resilient labor markets, although growth remains challenging in certain end markets [10][11] - In Europe, conditions are more challenging with slower activity in cyclical and industrial end markets, but there are early signs of improvement supported by fiscal spending and stabilizing energy prices [11] Company Strategy and Development Direction - The company is close to completing a corporate reorganization to become a single, newly listed corporation, which is expected to improve trading liquidity and increase index-driven demand for shares [5][6] - The strategy focuses on operational excellence and capital recycling, with significant investments in growth acquisitions and stock repurchases [4][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market backdrop, highlighting that the trading price is 50% higher than a year ago but still at a discount to NAV [8] - The company is well-positioned with capital and capabilities to continue building value in 2026, with a strong focus on operational improvements and cash generation [9][15] Other Important Information - The company ended the year with approximately $2.6 billion of pro forma liquidity at the corporate level, providing significant flexibility for growth and capital allocation [20][21] - The company has repurchased approximately $235 million of its units and shares, remaining committed to completing its $250 million buyback program [21] Q&A Session Summary Question: Clarios performance and monetization - Management indicated that Clarios is generating significant free cash flow and the 45X tax credits will enhance cash for reinvestment, with various options for returning cash to shareholders [23][24] Question: Scientific Games earnings trajectory - Management noted that while there is a strong pipeline for Scientific Games, it takes time for earnings to materialize, and they remain cautiously optimistic about the business [26][27] Question: Balance between reducing leverage and pursuing growth - Management emphasized that growing EBITDA will naturally reduce leverage, and they are focused on growth while managing debt levels [28][29] Question: Update on CDK operations - Management reported strong renewal activity and a focus on stabilizing churn through modernization and customer relationship solidification [42][43] Question: Deployment of capital and acquisitions - Management expressed confidence in continuing the momentum of acquisitions into 2026, with several opportunities being explored [45]

Core Insights - Hardman Johnston Global Equity Strategy reported a return of 2.91% for Q4 2025, underperforming the MSCI AC World Net Index which gained 3.29% [1] - The Financials and Consumer Staples sectors contributed positively to performance, while the Industrials and Consumer Discretionary sectors detracted from it [1] Company Summary: Corteva, Inc. (NYSE:CTVA) - Corteva, Inc. operates in the Seed and Crop Protection segments, with a one-month return of 8.91% and a 12.31% increase over the last 52 weeks [2] - As of January 27, 2026, Corteva's stock closed at $73.00 per share, with a market capitalization of $49.33 billion [2] Investment Decision on Corteva, Inc. - The company liquidated its position in Corteva, Inc. due to management's commentary on a potential separation of its Seeds and Crop Protection businesses, which raised concerns about value creation [3] - The Seeds business, accounting for approximately two-thirds of profits, may command a premium multiple, but this could be offset by a lower valuation for the Chemicals business, limiting net value unlock [3] - Strategic credibility concerns arose from the separation narrative, which contradicted previous management messaging about the complementary nature of Seeds and Chemicals [3] - Deteriorating agricultural fundamentals, such as increased U.S. corn acreage and challenges in soybean markets, could pressure farmer spending on inputs [3] - The combination of elevated valuation, strategic uncertainty, and weakening agricultural fundamentals led to the decision to exit the position in Corteva, Inc. [3]