Fourth Quarter 2025 Results February 13, 2026 REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT Colliers 2 Highlights (US $ millions, except per share amounts) | Three months ended | 2025 | 2024 | %Change | | | --- | --- | --- | --- | --- | | December 31 | | | USD | LC(1) | | Revenues | 1,606.5 | 1,501.6 | 7% | 5% | | Net Revenues | 1,428.1 | 1,312.8 | 9% | 7% | | Adjusted EBITDA | 245.1 | 225.3 | 9% | 6% | | Adjusted EBITDA Margin | 15.3% | 15.0% | | | | Net Margin | 17.2% | 17.2% | | | | Adjusted ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue grew 43% year-over-year to nearly $2 billion, with Adjusted EBITDA reaching $343 million, four times the prior year period [5][14] - Adjusted EBITDA margin expanded by over 1,000 basis points year-over-year to 17% [5][14] - For the fiscal year 2025, revenue increased 27% year-over-year to above $6 billion, and Adjusted EBITDA more than tripled to over $600 million [7][17] - The company reported positive net income for the first time in fiscal year 2025 and repurchased 16 million shares during the year [7][17] Business Line Data and Key Metrics Changes - Fantasy revenue increased as the Pick Six product began to scale [14] - Sportsbook revenue increased over 30% year-over-year, with Q4 revenue rising 64% year-over-year to $1.4 billion [15] - iGaming revenue grew by 20% due to expanded offerings [15] - Lottery revenue benefited from a stronger jackpot environment and the rollout of new games [15] Market Data and Key Metrics Changes - Sportsbook handle increased 11% year-over-year to $54 billion, with a total potential payout across all open wagers of $2.5 trillion [16] - In January, Sportsbook handle increased 4% year-over-year, despite sportsbook-friendly outcomes in previous months [8][16] Company Strategy and Development Direction - The company is focusing on the predictions market as a significant growth opportunity, targeting hundreds of millions in annual revenue in the coming years [6][10] - DraftKings plans to integrate Railbird and launch a market-making division to enhance customer experience and liquidity [12][13] - The company aims to lead the predictions category and is supportive of regulatory frameworks that facilitate market growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's efficiency and sustainability, expecting continued revenue and Adjusted EBITDA growth [7][8] - The regulatory environment for predictions has improved, providing a stable backdrop for growth [22][23] - Management anticipates that predictions will not cannibalize existing sportsbook revenue, as initial adoption rates have been strong [8][9] Other Important Information - The company repurchased 8 million shares in Q4 2025 and plans to remain active in share repurchases as Adjusted EBITDA grows [5][14] - The predictions market is expected to represent a $10 billion annual gross revenue opportunity in the future [10] Q&A Session All Questions and Answers Question: Why is the company more aggressively leaning into prediction markets now? - Management noted that the regulatory environment has stabilized, allowing for more confident investment in predictions, which is seen as a significant growth opportunity [22][23] Question: Can you provide insights on the revenue guidance for 2026? - Management indicated that the guidance reflects expected investments in predictions and disciplined planning, with a revenue range of $6.5 billion to $6.9 billion [18][19] Question: What could drive revenue higher in 2026? - Predictions are seen as an upside opportunity, with no revenue included in the guidance for 2026, as the focus will be on customer acquisition [33][34] Question: How is the competitive environment characterized? - Management described the current promotional environment as rational, with no significant uptick in promotional intensity from smaller operators [71][86] Question: What are the expectations for prediction markets influencing state legislation? - Management noted that there is traction in discussions around legalization and that states are considering the implications of predictions on existing sports betting frameworks [74]

Financial Data and Key Metrics Changes - In Q4 2025, revenue grew 43% year-over-year to nearly $2 billion, with Adjusted EBITDA reaching $343 million, four times the prior year period [5][14] - Adjusted EBITDA margin expanded by over 1,000 basis points year-over-year to 17% [5][14] - For the fiscal year 2025, revenue increased 27% year-over-year to above $6 billion, and Adjusted EBITDA more than tripled to over $600 million [7][17] Business Line Data and Key Metrics Changes - Fantasy revenue increased as Pick6 began to scale [14] - Sportsbook revenue increased over 30% year-over-year, with a standout Q4 where revenue rose 64% year-over-year to $1.4 billion [15] - iGaming revenue grew by 20% due to expanded offerings [15] - Lottery revenue benefited from a stronger jackpot environment and the rollout of new games [15] Market Data and Key Metrics Changes - Sportsbook handle increased 11% year-over-year to $54 billion, with a total potential payout across all open wagers of $2.5 trillion [16] - In January, Sportsbook handle increased 4% year-over-year, despite two consecutive months of Sportsbook-friendly outcomes [8] Company Strategy and Development Direction - The company is focusing on the predictions market as a significant growth opportunity, expecting to capture a $10 billion annual gross revenue opportunity [10] - Plans to integrate Railbird and launch a market-making division to enhance customer experience and liquidity [12][13] - The company aims to lead the predictions category while maintaining strong positions in existing markets [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the predictions market, citing a stable regulatory environment as a key factor [22][23] - The company anticipates continued revenue and Adjusted EBITDA growth for many years, with a focus on customer acquisition and retention [8][17] - Management acknowledged the importance of optimizing promotional spending and improving customer monetization [40][68] Other Important Information - The company repurchased 16 million shares during the fiscal year and plans to remain active in share repurchases as Adjusted EBITDA grows [5][17] - The company reported positive net income for the first time, indicating improved operational efficiency [17] Q&A Session Summary Question: Discussion on prediction markets and investment confidence - Management highlighted regulatory clarity from the CFTC as a significant factor in their increased focus on prediction markets, viewing it as a major growth opportunity [22][23] Question: Guidance on revenue deceleration - Management explained that the guidance reflects a conservative approach, with expectations for sports betting handle and promotional strategies factored in [25][26] Question: Competitive environment and promotional intensity - Management characterized the current promotional environment as rational, with no significant uptick in promotional activity from smaller operators [71][86] Question: Customer demographics in prediction markets - Management noted that prediction market players tend to be from states like California and Texas, resembling existing customer profiles [90][91] Question: Impact of promotional spending on revenue - Management indicated that promotional spending would be strategically managed, with flexibility to adjust based on customer acquisition and retention metrics [88][86]

Core Insights - PowerBank Corporation reported a fiscal second quarter 2026 revenue of $22.3 million, a 16.5% increase from $19.2 million in the same period of FY2025, with a gross margin of 36% compared to 30% in FY2025 [1][2] - The company achieved a net loss of $6.7 million, significantly improved from a net loss of $28.2 million in the same period of FY2025, resulting in a basic loss per share of $(0.18) compared to $(0.91) [1][2] - PowerBank's cash flow from operating activities turned positive with an inflow of $5.0 million, contrasting with an outflow of $1.1 million in the same period of FY2025 [1][2] Financial Highlights - Total revenue for the six-month period ended December 31, 2025, was $22.3 million, up from $19.2 million in the same period of FY2025 [2] - Adjusted EBITDA for the same period was $2.5 million, slightly up from $2.3 million in FY2025 [1][2] - The company ended the second quarter with $35.7 million in current assets, down from $41.3 million at the end of FY2025, primarily due to a reduction in trade receivables [2] Corporate Developments - PowerBank advanced the construction of a 4.99 MW Battery Energy Storage System project in Ontario, expected to reach commercial operation in February 2026 [1] - The company secured a 20 MW solar and Battery Energy Storage System power purchase agreement with the New York State Division of Military and Naval Affairs [1] - PowerBank announced a $41 million transaction with Solar Advocate Development LLC for the sale and construction of three community solar projects totaling 16.87 MW [1][2] Strategic Initiatives - The company is focusing on growing its Independent Power Producer asset base for long-term recurring revenues while selectively monetizing development projects [1] - PowerBank has a development pipeline exceeding 1 GW and has developed renewable energy projects with a combined capacity of over 100 MW [3] - The company is collaborating with Orbit AI to launch the "Orbital Cloud" initiative, integrating AI and solar energy in space-based infrastructure [1][2]

Core Insights - Tucows Inc. reported strong fiscal results for 2025, with a revenue increase of 8% compared to 2024, driven by contributions from all three business segments [1] - The company achieved a gross profit rise of 13%, attributed to improved economics at Wavelo, margin expansion in Domains, and reduced network expenses at Ting [1] - Adjusted EBITDA for the year reached $50.6 million, a 45% increase year-over-year, exceeding guidance by $3.6 million [1] Financial Results - Consolidated net revenue for Q4 2025 was $98.7 million, up 6% from $93.1 million in Q4 2024 [1] - Gross profit for Q4 2025 increased 14% to $24.1 million from $21.2 million in Q4 2024 [1] - The net loss for Q4 2025 was $22.0 million ($1.98 per share), significantly improved from a net loss of $42.5 million ($3.86 per share) in Q4 2024 [1] - Adjusted net loss for Q4 2025 was $19.2 million (adjusted EPS of ($1.73)), compared to $15.8 million (adjusted EPS of ($1.43)) in Q4 2024 [1] - Cash and cash equivalents at the end of Q4 2025 were $64.2 million, down from $70.8 million at the end of Q3 2025 [1] Segment Performance - Tucows Domain Services generated total revenue of $66.4 million in Q4 2025, with wholesale domain services contributing $50.7 million [1] - Wavelo Services reported revenue of $11.7 million in Q4 2025, reflecting a strong performance in telecommunications software [1] - Ting Internet Services generated $18.5 million in revenue for Q4 2025, showing growth in fiber internet services [1] Management Commentary - The CEO emphasized the focus on operational and capital efficiency initiatives to strengthen the business and build a resilient earnings profile [1] - The company is committed to enhancing long-term value through strategic processes, particularly with Ting [1]

Core Insights - Equinix Inc. (EQIX) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $8.91, which missed the Zacks Consensus Estimate of $9.07, but showed a 12.5% improvement year over year [1] - Total quarterly revenues were $2.42 billion, falling short of the Zacks Consensus Estimate of $2.47 billion, yet increased by 7% year over year [2] - The company announced a 10% increase in its quarterly cash dividend to $5.16 per share, payable on March 18, 2026 [6] Financial Performance - Recurring revenues reached $2.29 billion, up 9.7% from the previous year, while non-recurring revenues decreased by 25.9% to $126 million [3] - Adjusted EBITDA for the quarter was $1.19 billion, reflecting a 16.2% year-over-year increase, with an adjusted EBITDA margin of 49% [3][8] - For the full year 2025, AFFO per share was $38.33, a 9.5% increase from the prior year, but below the consensus estimate of $38.48 [2] Capital Expenditures and Expenses - The company spent $139 million on recurring capital expenditures in Q4, a 20.9% increase year over year, while non-recurring capital expenditures rose by 48.7% to $1.30 billion [4] - Cash sales and marketing expenses surged by 17.6% to $160 million, and cash general and administrative expenses increased by 6.4% to $301 million [4] Balance Sheet and Liquidity - As of December 31, 2025, Equinix had $7.2 billion in available liquidity, including $3.2 billion in cash and cash equivalents, and total gross debt of approximately $19 billion [5] - The net leverage ratio stood at 3.8, with a weighted average maturity of 6.5 years [5] 2026 Guidance - For the first quarter of 2026, Equinix projects revenues between $2.496 billion and $2.536 billion, indicating a 3-5% increase over the prior quarter [9] - For the full year 2026, total revenues are estimated to be between $10.123 billion and $10.223 billion, reflecting a growth of 10-11% from 2025 [10] - The company anticipates an adjusted EBITDA of $5.141 billion to $5.221 billion, with an adjusted EBITDA margin of 51% [10]

February 12, 2026 Disclaimer 4Q'25 Results Presentation Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the "Company") may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other writte ...

Core Insights - Melco Resorts reported $1.29 billion in revenue for Q4 2025, an 8.6% year-over-year increase, with an EPS of $0.14 compared to -$0.01 a year ago [1] - The revenue was a slight miss of 1.2% against the Zacks Consensus Estimate of $1.31 billion, while the EPS exceeded the consensus estimate of $0.12 by 21.74% [1] Financial Performance Metrics - Adjusted EBITDA for Mocha and Other was $4.39 million, surpassing the average estimate of $3.71 million [4] - Adjusted EBITDA for Altira Macau was reported at -$3.5 million, worse than the average estimate of -$0.79 million [4] - Adjusted EBITDA for City of Dreams was $193.71 million, slightly above the estimated $193.24 million [4] - Adjusted EBITDA for City of Dreams Mediterranean and Other was $21.03 million, exceeding the estimate of $17.98 million [4] - Adjusted EBITDA for City of Dreams Manila was $33.06 million, below the average estimate of $35.68 million [4] - Adjusted EBITDA for Corporate and Other was -$31.55 million, worse than the average estimate of -$27.9 million [4] - Adjusted EBITDA for Studio City was $86.6 million, slightly below the average estimate of $87.63 million [4] Stock Performance - Melco's shares have returned -7.8% over the past month, compared to a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Fourth Quarter and Full Year 2025 Earnings February 12, 2026 © 2026 Sylvamo Corporation. All rights reserved. 1 Cautionary statement concerning forward-looking statements 2 This presentation contains information that includes or is based upon forward-looking statements. Forward-looking statements forecast or state expectations concerning future events. These statements often can be identified by the fact that they do not relate strictly to historical or current facts. They typically use words such as "antic ...

Investor Presentation FOURTH QUARTER 2025 Disclaimers Forward-Looking Statements Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about Hyatt Hotels Corporation's ("Hyatt," "the Company," "we,", "us,", or "our") plans, strategies, outlook, the number of properties we expect to open in the future, the expected timing and payment of divi ...