2025 Fourth Quarter and Full-Year Results February 11, 2026 Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 2 Forward Looking Statements The presentation includes certain "forward-looking statements" (including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding, among other things, the plans, strategies, outcomes, outlooks, and prospects, both business and financial, of Smurfit Westrock ...

Core Insights - Pyxus International, Inc. reported strong third-quarter results for fiscal 2026, achieving a net income of $16.9 million and adjusted EBITDA comparable to last year's record performance [1] - The company reaffirmed its full-year fiscal 2026 guidance, expecting net sales between $2.4 billion and $2.6 billion, and adjusted EBITDA in the range of $215 million to $235 million [1] Financial Performance - Third-quarter sales and other operating revenues decreased to $655.8 million from $778.3 million in the prior year's third quarter, primarily due to a decline in leaf product revenues [1] - Year-to-date sales for the first three quarters of fiscal 2026 decreased by $244.7 million, or 12.4%, compared to $1,979.5 million for the same period last year [1] - Gross profit as a percentage of sales increased slightly to 15.2% in the third quarter from 15.0% in the prior year, driven by larger crops in South America and increased third-party processing volumes [1] Operational Highlights - The company's operating income for the third quarter was $51.3 million, down from $66.1 million in the same quarter of fiscal 2025, mainly due to lower leaf product revenues [1] - Tobacco inventory at the end of the third quarter was $959.8 million, compared to $755.2 million at the same time last year, reflecting procurement of larger current crops [1] - The average operating cycle time increased to 184 days in the third quarter from 161 days in the same period last fiscal year, attributed to earlier purchasing of larger crops [1] Strategic Initiatives - The company made substantial progress in implementing state-of-the-art factory automation to drive long-term efficiencies and reduce overall cost structure [1] - Pyxus is focused on efficiently converting inventory into revenue and maximizing cash generation as it approaches its peak shipping period [1] Balance Sheet and Liquidity - As of December 31, 2025, the company's net debt increased by $199.4 million compared to the previous year, consistent with a year-over-year inventory increase of $206.7 million [1] - The company maintained strong liquidity with no outstanding borrowings on its $150.0 million asset-based lending facility at the end of the quarter [1]

Core Insights - Oatly Group AB reported profitable growth in both the fourth quarter and the full year of 2025, marking a significant milestone in its business strategy [2] - The company aims to accelerate its growth strategy and improve profitability further, indicating confidence in its future potential [2] Financial Performance - Fourth quarter revenue reached $233.8 million, a 9.1% increase from the previous year, with a constant currency revenue increase of 4.3% [5][6] - Gross margin for the fourth quarter improved to 34.5%, up 5.8 percentage points compared to the prior year [5][7] - The net loss attributable to shareholders for the fourth quarter was $19.1 million, an improvement of $72.1 million from a loss of $91.2 million in the prior year [5][12] - Adjusted EBITDA for the fourth quarter was $11.0 million, compared to a loss of $6.1 million in the prior year [5][12] Segment Performance - Europe & International revenue increased by $25.3 million, or 23.3%, to $133.7 million in the fourth quarter, driven by volume growth [20][21] - North America revenue decreased by $6.2 million, or 8.8%, to $64.4 million, primarily due to reduced sales to a major foodservice customer [22][23] - Greater China revenue increased by $0.4 million, or 1.1%, to $35.7 million, with a slight decline in foodservice sales offset by retail growth [24][25] Cost Management - Research and development expenses rose to $5.1 million in the fourth quarter, attributed to new product launches and foreign currency exchange impacts [8] - Selling, general, and administrative expenses increased to $83.9 million, driven by foreign currency exchange headwinds and distribution costs [9] Cash Flow and Capital Expenditures - As of December 31, 2025, the company had cash and cash equivalents of $64.3 million and total outstanding debt of $523.0 million [27] - Capital expenditures for the year were $15.3 million, down from $41.2 million in the prior year, reflecting disciplined investment strategies [29] - Free cash flow was an outflow of $39.0 million for the year, an improvement from an outflow of $155.6 million in the previous year [30] Strategic Outlook - The company expects constant currency revenue growth of 3% to 5% for 2026, with Adjusted EBITDA projected between $25 million and $35 million [15][37] - A strategic review of the Greater China business is ongoing, with no definitive timetable for completion [31][32]

Core Insights - Unisync Corp. reported a net income of $0.9 million ($0.05 per share) for Q1 2026, a significant improvement from a net loss of $0.7 million ($0.04 per share) in the same quarter of the previous year, despite facing unrealized foreign exchange losses in the prior year [1][2] Financial Performance - Revenues for the three months ended December 31, 2025, were $20.9 million, a slight decrease from $21.4 million in the prior year, primarily due to lower volumes in public sector accounts, partially offset by a slight increase in airline accounts [2] - Gross margin improved to 23.7% from 19.7% year over year, driven by a more favorable sales mix, lower offshore product costs, and reduced depreciation and amortization expenses [2][7] - Adjusted EBITDA was reported at $2.7 million, representing a 12.9% margin and a 3.9% improvement year over year [7] New Business Development - The company secured an additional $7.5 million in annualized new business during the quarter, including contracts in telecommunications, quick-service restaurants, and government sectors [3] - The management of Unisync Group Limited is actively pursuing a robust pipeline of opportunities expected to materialize in Canada and the U.S. in 2026 [4] Operational Overview - The Peerless Garments segment holds $25.3 million in firm contracts and options as of December 31, 2025, and continues to seek additional contract opportunities [4] - Interest expense decreased by $0.2 million due to overall reduced borrowings, contributing to improved profitability [7]

Core Insights - SiteOne Landscape Supply reported a net sales increase of 4% to $4.70 billion for the full year 2025, compared to $4.54 billion in 2024, driven by organic daily sales growth and acquisitions [1][2] - The company closed eight acquisitions during 2025, contributing approximately $110.7 million to net sales growth [1] - Adjusted EBITDA for the full year 2025 increased by 10% to $414.2 million, with an adjusted EBITDA margin improvement of 50 basis points to 8.8% [1][2] Fourth Quarter 2025 Highlights - Net sales for Q4 2025 rose to $1.05 billion, a 3% increase from $1.01 billion in Q4 2024 [1] - Gross profit increased by 6% to $356.8 million, with a gross margin improvement of 80 basis points to 34.1% [1] - Adjusted EBITDA for Q4 2025 was $37.6 million, an 18% increase from $31.8 million in Q4 2024 [1] Full Year 2025 Financial Performance - Net income attributable to SiteOne increased by 23% to $151.8 million, compared to $123.6 million in 2024 [1] - SG&A expenses as a percentage of net sales decreased by 40 basis points to 30.1% [1] - Cash provided by operating activities increased by $17.1 million to $300.5 million [1] Balance Sheet and Liquidity - Net debt at year-end was $329.6 million, down from $411.7 million at the end of 2024, with a net debt to adjusted EBITDA ratio of 0.8x [1] - Cash and cash equivalents as of December 28, 2025, were $190.6 million, with available capacity under the ABL Facility at $577.8 million [1] Outlook for 2026 - The company expects overall prices to increase by 1% to 3% in 2026, with organic daily sales growth projected to be low single-digit [2] - Adjusted EBITDA for fiscal year 2026 is anticipated to be in the range of $425 million to $455 million, accounting for an extra week in the fiscal year [2]

Core Viewpoint - SFL Corporation Ltd. announced preliminary financial results for Q4 2025, including a quarterly cash dividend of $0.20 per share, marking the 88th consecutive dividend payment [1][3]. Financial Performance - Total operating revenues for Q4 2025 were $176 million, with approximately 87% derived from shipping and 13% from energy [7]. - Adjusted EBITDA was reported at $109 million, which includes $8 million from associated companies [7]. - The company experienced a reported net loss of $4.7 million, equating to $0.04 per share [7]. Dividend Information - The Board of Directors declared a quarterly cash dividend of $0.20 per share, scheduled for payment on or around March 30, 2026, with a record date of March 12, 2026 [3][7]. Asset Transactions - The company generated $52 million in net proceeds from the sale of two Suezmax tankers built in 2015, with deliveries occurring in December and February [7]. - An aggregate investment of $23 million was made in two Suezmax tankers built in 2020, capitalizing on a strong tanker market [7]. Company Overview - SFL Corporation has maintained a unique track record in the maritime industry, paying dividends every quarter since its initial listing on the New York Stock Exchange in 2004 [8]. - The company's fleet includes tanker vessels, bulkers, container vessels, car carriers, and offshore drilling rigs, supported by long-term charters and significant asset growth [8].

Core Insights - Red Rock Resorts reported revenue of $511.78 million for the quarter ended December 2025, reflecting a 3.2% increase year-over-year and surpassing the Zacks Consensus Estimate of $501.41 million by 2.07% [1] - The company's EPS was $0.75, slightly down from $0.76 in the same quarter last year, but significantly exceeding the consensus estimate of $0.41 with a surprise of 81.07% [1] Revenue Performance - Net Revenue from Las Vegas operations was $504.99 million, exceeding the four-analyst average estimate of $493.61 million, with a year-over-year increase of 2.5% [4] - Net Revenue from Corporate and other was $3.06 million, aligning closely with the average estimate of $3.05 million, showing no year-over-year change [4] - Net Revenue from Native American management reached $3.73 million, surpassing the average estimate of $3.35 million [4] Operating Revenues - Operating Revenues from Casino operations were $343 million, exceeding the average estimate of $329.62 million, with a year-over-year increase of 5% [4] - Operating Revenues from Food and Beverage were $93.26 million, slightly above the average estimate of $91.93 million, reflecting a year-over-year increase of 1.3% [4] - Operating Revenues from Room services were $47.2 million, below the average estimate of $48.6 million, showing a year-over-year decline of 9.8% [4] - Operating Revenues from Other sources were $24.59 million, falling short of the average estimate of $25.58 million, with a year-over-year decrease of 0.7% [4] Adjusted EBITDA - Adjusted EBITDA for Las Vegas operations was $231.13 million, exceeding the average estimate of $217.31 million [4] - Adjusted EBITDA for Corporate and other was reported at -$21.58 million, slightly worse than the average estimate of -$21.42 million [4] - Adjusted EBITDA for Native American management was $3.73 million, surpassing the average estimate of $3.3 million [4] Stock Performance - Shares of Red Rock Resorts have returned +5.9% over the past month, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Western Forest Products Inc. reported a significant decline in financial performance for Q4 2025, with an Adjusted EBITDA of negative $6.2 million, compared to $14.4 million in Q4 2024 and negative $65.9 million in Q3 2025 [1][2] - The company experienced a net loss of $17.5 million in Q4 2025, worsening from a net loss of $1.2 million in Q4 2024 and a net loss of $61.3 million in Q3 2025 [2] Financial Performance - Total revenue for Q4 2025 was $201.9 million, down from $273.2 million in Q4 2024 and $233.0 million in Q3 2025 [3] - The Adjusted EBITDA margin for Q4 2025 was negative 3%, compared to a positive 5% in Q4 2024 and negative 28% in Q3 2025 [3] - The annual revenue for 2025 was $986.5 million, a decrease from $1,063.9 million in 2024 [3] Operational Highlights - Lumber production in Q4 2025 was 94 million board feet, down from 135 million board feet in Q4 2024, with total lumber shipments decreasing by 26% year-over-year [7] - The average lumber selling price in Q4 2025 was $1,437 per thousand board feet, slightly down from $1,467 per thousand board feet in Q4 2024 [7] - The company ended 2025 with liquidity of $212.2 million, an increase from $144.6 million at the end of 2024 [12] Strategic Developments - Construction on two continuous dry kilns at the Value-Added Division is on schedule, with commissioning expected in February and mid-2026 [6][8] - The company has decided not to rebuild on the Columbia Vista Division sawmill site and is in the process of selling the land and associated assets [12] - A new collective agreement was negotiated covering hourly employees represented by the United Steelworkers, marking one of the longest-term agreements in the BC coastal forest sector [19] Market Outlook - Lumber markets are expected to remain challenged in 2026 due to economic uncertainty and a slowing US housing market, with no significant market improvements anticipated in the first half of 2026 [14] - Demand for Western Red Cedar product lines remains slow, following trends in other building products [14] - The company is focused on maintaining a strong balance sheet and financial flexibility amid market challenges [12]

Core Insights - D-BOX Technologies Inc. reported a net profit of $9.1 million for Q3 2026, driven by a deferred tax asset of $6.4 million and effective cost control measures [2][7][6] - The company achieved an all-time high of 86 gross new theatrical installations, contributing to a 12.8% year-over-year increase in its global screen footprint, totaling 1,135 active screens [2][3] - Despite a 3% decline in royalty revenues to $3.1 million, total revenues increased by 4% year-over-year to $13.8 million, supported by a 21% rise in theatrical system sales [3][5][9] Financial Performance - Adjusted EBITDA for Q3 2026 was $3.4 million, reflecting a 31% increase year-over-year and a 24% adjusted EBITDA margin [7][9] - Year-to-date total revenues reached $42.9 million, a 26% increase compared to the previous year, with theatrical system sales surging by 74% [10][13] - The company ended the quarter with $16.2 million in cash and only $0.4 million in non-interest bearing debt, indicating strong financial health [12][5] Market Dynamics - The decline in royalty revenues was attributed to a 6.9% decrease in the North American domestic box office and fewer blockbuster releases, which reduced demand for premium theatrical experiences [3][4] - Theatrical customers accounted for 65% of total revenues for the nine months ended December 31, 2025, up from 60% in the prior year, highlighting a shift in revenue sources [10][9] - The company deactivated 35 screens outside North America due to geopolitical challenges, but maintained a strong presence in the U.S., Australia, and Latin America [4][5]

Core Insights - NanoXplore Inc. reported financial results for Q2-2026, highlighting sequential improvements in revenue, margins, and adjusted EBITDA, indicating stronger execution and improving fundamentals [3][7]. Financial Performance - Total revenues for Q2-2026 were $27,580,290, a 17% decrease from $33,120,886 in Q2-2025 [7]. - Adjusted gross margin on revenues from customers was 21.5%, slightly up from 21.3% in the previous year [7]. - The company reported a loss of $3,836,406 in Q2-2026 compared to a loss of $2,894,922 in Q2-2025 [7]. - Adjusted EBITDA for Q2-2026 was $224,355, down from $1,102,050 in Q2-2025 [7]. - Total liquidity as of December 31, 2025, was $40,144,435, including cash and cash equivalents of $30,144,435 [7]. Segment Performance - In the Advanced Materials, Plastics and Composite Products segment, revenues decreased by 18% to $27,292,893 in Q2-2026, with adjusted EBITDA dropping 86% to $180,967 [11]. - The Battery Cells and Materials segment saw revenues increase by 395% to $287,397 in Q2-2026, with adjusted EBITDA improving to $43,388 from a loss of $217,876 in Q2-2025 [11]. Revenue Breakdown - Revenues from customers decreased from $32,636,947 in Q2-2025 to $26,928,115 in Q2-2026, primarily due to lower volume and tooling revenues [13]. - Other income increased from $483,939 in Q2-2025 to $652,175 in Q2-2026, attributed to grants and refundable tax credits for R&D programs [14]. Operational Insights - The adjusted EBITDA loss in the Advanced Materials segment was primarily due to a decrease in adjusted gross margin by $1,214,031, influenced by lower volume and tooling revenues [15]. - The Battery Cells and Materials segment's adjusted EBITDA improved due to increased revenues and other income [16]. Long-term Strategy - The company decided not to pursue a previously contemplated $100 million active anode material initiative, reflecting a disciplined approach to capital allocation [3].