Core Viewpoint - Sanoma Corporation has executed a share buyback on 13 February 2026, acquiring a total of 13,872 shares at an average price of EUR 9.1139, totaling EUR 126,428.02 [1] Group 1: Share Buyback Details - The share buyback was conducted in compliance with Regulation No. 596/2014 of the European Parliament and Council (MAR) Article 5 and the Commission Delegated Regulation (EU) 2016/1052 [1] - Following the acquisition, the company holds a total of 819,386 of its own shares [2] Group 2: Company Overview - Sanoma is described as an innovative and agile learning and media company that impacts millions of lives across Europe [2] - The company supports K12 education by providing high-quality learning content and solutions, combining pedagogical expertise with innovative educational technologies [4] - In 2025, Sanoma reported net sales of approximately EUR 1.3 billion and an adjusted operating profit margin of 14.4% [5] Group 3: Strategic Focus - Sanoma aims to accelerate growth through value-creating mergers and acquisitions (M&A) while responsibly leveraging AI opportunities with an emphasis on human oversight [4] - The company is committed to sustainability, aiming to maximize its positive impact on society and minimize its environmental footprint, aligning with the UN Sustainable Development Goals [4]

Financial Data and Key Metrics Changes - For Q4 2025, sales volumes increased by 8.2% compared to the same period last year, and for the full year 2025, there was a 7.2% increase relative to 2024 [8] - EBITDA for Q4 2025 reached PEN 158.7 million, an 11.4% increase year-over-year, while full year EBITDA was PEN 584.2 million, marking a 6.4% year-over-year increase when excluding one-off expenses [9][10] - Consolidated net income for Q4 2025 was negative due to transactional expenses, but excluding these, net income would have been PEN 59.8 million, a 19.6% increase over the same period last year [26] Business Line Data and Key Metrics Changes - Cement sales in Q4 2025 increased by 13.6%, driven by strong demand in the self-construction sector, while for the full year, cement sales rose by 8.7% compared to 2024 [19][20] - Sales of concrete, pavement, and mortar decreased by 25.1% year-over-year in Q4 2025, primarily due to lower sales volume from the halted Motupe Riverbank Defense Project, but increased by 6.3% for the full year [21][23] - Precast materials sales decreased by 16% in Q4 2025 but increased by 3% for the full year, driven by higher demand from the public sector [25] Market Data and Key Metrics Changes - The growth in sales volumes was attributed to stronger demand for infrastructure projects and consistent performance in the self-construction segment [8] - The agro-industrial and fishing sectors, key income drivers in the north, contributed to the elevated demand for cement [20] Company Strategy and Development Direction - The acquisition agreement with Holcim for a controlling stake in Cementos Pacasmayo is seen as a strong endorsement of the company's long-term strategy and operational excellence [5][6] - The company aims to promote sustainable development and create new opportunities while contributing to the growth of Peru and the wider region [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining EBITDA margins at current levels, with potential improvements due to energy-saving projects planned for the second half of the year [36] - The company anticipates a stronger year in 2026 in terms of volumes and competitive pricing, which should support revenue growth and stable EBITDA margins [38] Other Important Information - The company achieved three-star recognition from Peru's Minister of Environment for reducing greenhouse gas emissions, reflecting its commitment to sustainability [11] - Cementos Pacasmayo has been recognized as the industry leader in the Merco ESG Sustainability Ranking for ten consecutive years, highlighting its focus on sustainability [12][13] Q&A Session Summary Question: Details about the transaction with Holcim and pending steps - The transaction involves Holcim acquiring Inversiones ASPI, which controls 60.01% of Pacasmayo, pending regulatory approval from Indecopi, which is expected to be approved soon [29] Question: Why acquisition-related expenses are high - Most expenses are related to long-standing change of control issues, with part of the costs to be assumed by Hochschild, and the board deemed these expenses reasonable given the share price [30][32] Question: Recognition of PEN 77 million in expenses related to the Holcim transaction - The decision to incur these costs was based on contractual obligations and was approved by the board, with no anticipated impediments from regulatory authorities [32] Question: Expectations for project-related disruptions and margin pressures - Management believes EBITDA margins should remain stable or improve slightly, with expectations for increased spending from authorities later in the year [36] Question: Guidance on revenue growth and EBITDA margins for 2026 - Management is optimistic about volume growth and stable EBITDA margins, with expectations for efficiencies to enhance margins in the second half of the year [38]

Financial Data and Key Metrics Changes - For Q4 2025, sales volumes increased by 8.2% year-over-year, while full-year sales grew by 7.2% compared to 2024, driven by demand for infrastructure projects and self-construction [5][10] - EBITDA for Q4 2025 reached PEN 158.7 million, an 11.4% increase year-over-year, while full-year EBITDA was PEN 584.2 million, marking a 6.4% increase when excluding one-off expenses [5][6][10] - Consolidated net income for Q4 2025 was negative due to transactional expenses, but would have been PEN 59.8 million, a 19.6% increase year-over-year if excluding these expenses [15][16] Business Line Data and Key Metrics Changes - Cement sales in Q4 2025 increased by 13.6%, primarily due to strong demand in the self-construction sector, while full-year cement sales rose by 8.7% compared to 2024 [12][14] - Sales of concrete, pavement, and mortar decreased by 25.1% year-over-year in Q4 2025, attributed to the Motupe Riverbank Defense Project being on standby, but full-year sales increased by 6.3% [13][14] - Precast materials sales decreased by 16% in Q4 2025, but full-year sales increased by 3%, driven by public sector demand [15] Market Data and Key Metrics Changes - The company achieved three-star recognition from Peru's Minister of Environment for reducing greenhouse gas emissions, reflecting its commitment to sustainability [7][8] - The company maintained a top-tier position in the Merco ESG Sustainability Ranking, being recognized as the industry leader for ten consecutive years [8] Company Strategy and Development Direction - The acquisition agreement with Holcim for a controlling stake in Cementos Pacasmayo is seen as a strong endorsement of the company's long-term strategy and operational excellence [3][4] - The company aims to promote sustainable development and create new opportunities in collaboration with Holcim [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining EBITDA margins and expects improvements due to energy-saving projects in the second half of the year [25][26] - The company anticipates a positive outlook for revenue growth and EBITDA margins in 2026, driven by strong volume growth and competitive pricing [26] Other Important Information - Administrative expenses increased by 5.7% in Q1 2025 and by 50% for the full year, mainly due to higher personnel costs from collective bargaining [11] - Selling expenses decreased by 8.3% in Q4 2025 but increased by 40% for the full year due to higher advertising and promotional expenses [12] Q&A Session Summary Question: Details about the transaction with Holcim and regulatory approvals - Management confirmed that the transaction is pending INDECOPI approval and is expected to be approved smoothly [18] Question: Why acquisition-related expenses are high - Most expenses are related to long-standing change of control issues, with part assumed by Holcim, and were approved by the board [19] Question: Recognition of PEN 77 million in expenses related to the Holcim transaction - Management explained that these costs are due to contractual obligations from previous agreements and are considered reasonable given the share price [20][21] Question: Expectations for project-related disruptions and margin pressures - Management believes EBITDA margins will remain stable or improve, with expectations of increased spending from authorities later in the year [25] Question: Guidance on revenue growth and EBITDA margins for 2026 - Management is optimistic about volume growth and stable EBITDA margins, with potential increases due to operational efficiencies [26]

4Q25 Corporate Presentation MACRO OVERVIEW 1. About us We are a leading Peruvian cement company, with over 67 years of operating history As of Dec-25 LTM, Pacasmayo's cement shipments reached 3.0 million MT Listed on the Lima Stock Exchange (BVL: CPACASC1-PE) since 1995 and on the New York Stock Exchange (NYSE: CPAC) since 2012 Quarterly Highlights S/ 2,116.9 7.0% Compared to LTM Dec 31 2024 SALES VOLUME SALES OF GOODS million EBITDA 3,049.2 MT 7.2% Compared to LTM Dec 31 2024 CEMENT, CONCRETE AND PRECAST S ...

Financial Performance - HBC recorded total operating revenues of NOK 72.2 million in Q4 2025, an increase from NOK 64.9 million in Q4 2024. Full year 2025 total operating revenues amounted to NOK 256.3 million compared to NOK 265.5 million in 2024 [1] - EBITDA for Q4 2025 was negative NOK 26.5 million, slightly worse than negative NOK 26.1 million in Q4 2024. For the full year 2025, EBITDA was negative NOK 72.9 million compared to negative NOK 65.3 million in 2024 [2] - Cash and cash equivalents increased by NOK 1.6 million during Q4 2025, ending at NOK 67.1 million as of December 31, 2025, with total liquidity reaching NOK 77.5 million [3] Product and Market Development - Human Nutrition B2B revenues increased by 300% year-on-year, driven by strong demand for ProGo® and CalGo®, along with a solid sales start for NT-II™ [6] - Expanded regulatory access achieved with ingredient approvals in Australia and South Korea, facilitating entry into large VMS and functional food markets [6] - Pet Nutrition B2B volumes and revenues improved, supported by increased customer engagement and trade-show activity [6] Research and Development - Significant R&D milestones achieved during Q4, including peer-review publication of the CalGo® bone health study and IRB approval for a clinical NT-II™ joint health study [6] - HBC has identified unique health benefits through scientific evidence, leading to important academic partnerships and the granting of several patents [5] Corporate Actions - HBC raised NOK 158 million in a private placement and sold a stake in AecorBio Inc. for USD 5 million during Q4, with transactions expected to finalize in Q1 2026 to support growth and R&D [6] - HBC spun out a biotech-focused company, HBC Immunology (HBCI), which has raised external finance for its lead program in prostate cancer [7]

Core Insights - The company reported its strongest year in history, driven by record transaction volume, higher returns on new investments, and improved capital efficiency [4][6] - Investment returns improved significantly, with yield on new investments exceeding 10.5% for the second consecutive year and adjusted EPS growing by 10% to $2.70 [6][7] - The company closed $4.3 billion in new transactions during 2025, marking an 87% increase compared to 2024, with a strong fourth quarter contributing to this growth [3][6] Investment Performance - Yield on new investments was reported at over 10.5% for the second year in a row, while adjusted recurring net investment income rose to $362 million, a 25% increase year-over-year [6][7] - Adjusted ROE increased to 13.4%, up 70 basis points from 2024, with incremental ROE exceeding 19% [8][6] Capital Efficiency and Funding Strategy - The company emphasized capital efficiency, highlighted by a $500 million junior subordinated note issuance that received equity credit from rating agencies [5][10] - Total liquidity was reported at $1.8 billion, with expanded bank facilities and a third investment-grade rating achieved [11][10] Pipeline and Future Growth - The investment pipeline grew from over $5.5 billion at the end of Q1 to over $6.5 billion by year-end 2025, driven by U.S. load growth and interest in third-party capital providers [2][6] - The company extended its guidance through 2028, projecting adjusted EPS of $3.50 to $3.60 and an adjusted ROE exceeding 17% [5][18] Notable Transactions - A significant transaction included a $500 million joint venture with Sunrun, aimed at enhancing investment tax credit transferability [12][16] - The company’s largest investment to date, the $1.2 billion SunZia project, is scheduled to fund in Q2 of the current year [13][6] Sustainability Efforts - The company reported avoided annual CO₂ emissions from new investments exceeded 1.7 million metric tons in 2025, bringing total emissions avoided to 10 million metric tons [21]

Core Viewpoint - Republic Services, Inc. has appointed Ian Craig to its board of directors, enhancing its leadership with expertise in digital transformation and sustainability initiatives [1] Company Overview - Republic Services, Inc. is a leader in the environmental services industry, providing a comprehensive range of products and services including recycling, solid waste, special waste, hazardous waste, and field services [1] - The company is committed to advancing circularity and supporting decarbonization, aiming to create a more sustainable world [1] Leadership Appointment - Ian Craig, currently the CEO of Coca-Cola FEMSA, has been appointed to the board, which now consists of 13 members, including 12 independent directors [1] - Craig has a strong background in strategic growth, having led over $7 billion in mergers and acquisitions across Latin America [1] - His leadership at Coca-Cola FEMSA has focused on digital transformation and sustainability, aligning with Republic's commitment to environmental stewardship [1] Strategic Importance - The addition of Craig is expected to drive growth in complex markets and enhance the company's focus on sustainability initiatives [1] - His experience in building digital platforms and implementing AI-enabled capabilities will support Republic's strategic priorities [1]

Core Viewpoint - The Goldman Sachs Group, Inc has increased its stake in Solvay, surpassing the 5% threshold, with a current holding of 8.16% as of January 30, 2026, indicating a significant investment interest in the company [1][4]. Group 1: Transparency Notifications - Goldman Sachs was above the 5% threshold since June 2025, holding 5.54% at that time, with 5.51% being equivalent financial instruments [1]. - The notifications detail incremental increases in voting rights, with notable increases on January 28 (0.19%), January 29 (0.05%), and January 30 (0.15%) of 2026, leading to a total of 8.16% [1]. - The latest notification dated February 5, 2026, indicates the reason for the notification as the acquisition or disposal of financial instruments treated as voting securities [1]. Group 2: Company Overview - Solvay is a leading chemical company with a history dating back to 1863, focusing on sustainable solutions across various sectors, including air and water purification, food preservation, and eco-friendly materials [3]. - The company reported net sales of €4.7 billion in 2024 and is committed to achieving a carbon-neutral future by 2050 [3]. - Solvay employs approximately 9,000 people and emphasizes its dedication to sustainability and innovation in addressing global needs [3].

Financial Data and Key Metrics Changes - For fiscal year 2025, net revenues reached $18.5 billion, a 3.5% increase from $17.9 billion in fiscal 2024, while Adjusted EBITDA rose to $2.27 billion from $2.211 billion, marking a 2.5% increase [24][25] - In Q4 2025, net revenues were $4.52 billion compared to $4.37 billion in Q4 2024, with Adjusted EBITDA of $415.1 million and a margin of 9.2%, down from $525.7 million and a 12% margin in the same quarter last year [24][25] Business Line Data and Key Metrics Changes - The U.S. business reported Adjusted EBITDA of $274.2 million in Q4 with a margin of 10.6%, while full-year net revenues were $11 billion, up from $10.6 billion in fiscal 2024 [25] - Europe’s Adjusted EBITDA in Q4 was $131.4 million, an increase from $117.1 million in 2024, with full-year EBITDA improving to $453.1 million from $406.9 million [26] - Mexico's Adjusted EBITDA fell to $9.5 million in Q4 from $36.9 million last year, with a full-year margin of 8.8%, down from 11.8% [27] Market Data and Key Metrics Changes - The USDA indicated a 2.1% year-over-year increase in ready-to-cook chicken production for 2025, with a projected 1% growth in overall chicken supply for 2026 [9][48] - Consumer sentiment remains low due to economic uncertainty, but chicken's affordability continues to drive demand across retail and food service channels [9][10] Company Strategy and Development Direction - The company is focusing on diversifying its portfolio and enhancing operational efficiencies, with significant investments in fresh and prepared foods to drive profitable growth [5][21] - Plans include converting a Big Bird plant to a case-ready facility and expanding prepared foods capacity in Georgia, with expectations for increased production in 2026 [22][31] Management's Comments on Operating Environment and Future Outlook - Management noted that while commodity pricing headwinds impacted profitability, the U.S. business maintained its margin profile through increased sales volumes and operational efficiency [25] - The company anticipates continued strong demand for chicken driven by affordability and consumer preferences, despite challenges in the beef market [48][66] Other Important Information - The company reported a strong balance sheet with net debt of approximately $2.45 billion and over $1.8 billion in total cash and available credit [30] - Sustainability efforts have led to significant reductions in carbon emissions, with recognition from external agencies for progress in environmental and social matters [22][23] Q&A Session Summary Question: Current growing conditions and market dynamics - Management indicated a 1.9% year-over-year decline in the breeding flock, with hatchability issues affecting supply growth projections for Q1 2026 [34][35] Question: Capital allocation and future CapEx - The company plans to increase CapEx to $900 million-$950 million in 2026, focusing on growth projects in Mexico and prepared foods [39][41] Question: Mexico's supply-demand situation - Management explained that increased imports and favorable growing conditions led to a weaker Q4 in Mexico, but they expect stabilization moving forward [54][56] Question: Trends in the EU and UK business - The company noted strong performance in the EU driven by chicken demand, with expectations for continued growth despite seasonal effects [81][82] Question: Impact of disease pressure in Spain - Management acknowledged challenges from ASF in Spain affecting pork supply, but they expect resilience in their branded business [68][69]

Financial Data and Key Metrics Changes - Adjusted EBITDA margin expanded by 110 basis points in Q4 2025, reaching an industry-leading 33%, up 100 basis points year-over-year, excluding lower commodities [3][17] - Full year 2025 Adjusted EBITDA was $3.125 billion, up 7.7% year-over-year, with an Adjusted EBITDA margin of 33% [18] - Revenue for Q4 2025 was $2.373 billion, with a pricing increase of 6.4% [15][17] Business Line Data and Key Metrics Changes - Solid waste core pricing increased by 6.5% in 2025, contributing to margin expansion despite declines in recycled commodities [8] - Reported volume decreased by 2.7%, reflecting intentional shedding and ongoing weakness in cyclically driven elements [15] - Special waste tons increased by 7% for the full year 2025, while construction and demolition debris (C&D) tons decreased by 5% [16] Market Data and Key Metrics Changes - Pricing in competitive markets exceeded 7%, while the Western region saw pricing around 3.7% [15] - The company experienced a decline in roll-off pulls by 2% and an increase in total landfill tons by 3% on a same-store basis [16] Company Strategy and Development Direction - The company plans to focus on solid waste and continue disciplined acquisition strategies, having completed approximately $330 million in annualized revenue from 19 acquisitions in 2025 [10][11] - Investments in sustainability and AI technology are prioritized, with ongoing development of renewable gas facilities and a new recycling facility expected to be operational by 2027 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving macro indicators but did not factor in a material pickup in expectations for 2026 [17] - The outlook for 2026 estimates revenue between $9.9 billion and $9.95 billion, with organic growth in solid waste collection expected to be 3.5%-4% [20][21] Other Important Information - The company returned over $830 million to shareholders through share repurchases and dividends in 2025 [3][12] - Adjusted free cash flow for 2025 was $1.26 billion, with expectations for an increase to $1.4 billion-$1.45 billion in 2026 [23] Q&A Session Summary Question: Can you elaborate on sustainability CapEx and Chiquita Canyon spend? - Management expects sustainability-related outlays to step down in 2026, with $100 million allocated for RNG facilities and additional investments in recycling technology [27][28] Question: What are the macroeconomic assumptions baked into guidance? - Management has not factored in improvements in commodity values or cyclical volumes but noted potential upside from these areas [31][32] Question: What buckets of expenses are seeing moderation? - Labor rates have decreased from 5% year-over-year to about 3.9%, with expectations to trend down further in 2026 [40][41] Question: Can you provide an update on the Northeast Corridor build-out? - The company has increased daily tonnage significantly and expects to reach 9,000-9,500 tons per day at Arrowhead Landfill by 2026 [66][67] Question: How is the ramp-up of new RNG facilities progressing? - The ramp-up is slower than expected due to permitting issues, with efficiency rates improving over time [72][75]