Core Viewpoint - dsm-firmenich has agreed to divest its Animal Nutrition & Health (ANH) business to CVC Capital Partners for an enterprise value of approximately €2.2 billion, which includes an earnout of up to €0.5 billion, while retaining a 20% equity stake in the divested companies [1][2]. Group 1: Transaction Details - The divestment of ANH follows the sale of Feed Enzymes activities to Novonesis for €1.5 billion in 2025, marking a strategic shift for dsm-firmenich to focus solely on consumer sectors in nutrition, health, and beauty [2]. - The total enterprise value of ANH, including the previous sale, amounts to €3.7 billion, reflecting a 10x EV/Adjusted EBITDA multiple [2][5]. - dsm-firmenich expects to receive approximately €1.2 billion post-transaction, with an estimated €0.6 billion in net cash proceeds and a vendor loan note of €0.1 billion [5][12]. Group 2: Business Structure and Operations - ANH will be divided into two standalone companies: the "Solutions Company" and the "Essential Products Company," both based in Kaiseraugst, Switzerland [5]. - The Solutions Company will focus on Performance Solutions, Premix, and Precision Services, while the Essential Products Company will handle Vitamins, Carotenoids, and Aroma Ingredients [5]. - dsm-firmenich will enter into a long-term supply agreement for vitamins with the Essential Products Company to ensure continuity in supply for human and pet food applications [5]. Group 3: Financial and Strategic Implications - The transaction is expected to result in a non-cash impairment of around €1.9 billion in 2025 before taxes, with additional cash tax and transaction costs of €0.2 billion anticipated in 2026 [12]. - dsm-firmenich plans to initiate a share repurchase program worth €0.5 billion in Q1 2026 and aims to maintain a stable dividend of €2.50 per share, with a policy of progressively increasing dividends over time [3][4]. - The CEO of dsm-firmenich emphasized that this divestment represents the final step in their strategic roadmap, aiming to accelerate growth and create long-term value for stakeholders [7].

Core Insights - Tyson Foods shareholders approved executive compensation, stock incentive plan amendments, and elected directors with a clear majority of votes cast [1][5][11] - The company reported fiscal 2025 sales of $54.4 billion, reflecting a 2.1% increase from the previous year [11] - Tyson Foods emphasized its strong brand portfolio and growing consumer demand for protein products [13][14] Shareholder Meeting Outcomes - Shareholders approved the compensation for named executive officers and the amendment of the Stock Incentive Plan [1][5] - All nominated directors were elected with a clear majority [1][5] - Three shareholder proposals regarding additional disclosures were defeated by a clear majority [5][6] Financial Performance - CFO reported a significant improvement in profitability, with operating cash flow of $2.2 billion and capital expenditures of $978 million [11][12] - The company returned $893 million to shareholders through dividends and share repurchases, with an increase in the annual dividend per Class A share to an expected $2.04 for fiscal 2026 [12] Brand and Market Position - CEO highlighted Tyson as a leader in protein production, stating it produces one in every five pounds of chicken, beef, and pork in the U.S. [13] - Tyson's brands, including Tyson, Jimmy Dean, and Hillshire Farm, are gaining market share and outperforming the broader food category [14] Board Composition - New board members include Sarah Bond from Microsoft and family members John Randall and Olivia, representing the next generation of leadership [3]

Fourth Quarter 2025 Results February 5, 2026 Agenda Today's Speakers Q4 2025 RESULTS │ 2 Mark Hill President and CEO Graham Shuttleworth Senior EVP & CFO 1 Q4 2025 Highlights 2 Safety & Health 3 Operational Highlights 4 Financial Highlights 5 Capital Allocation 6 Regional Results 7 Guidance 8 Reserves & Resources Cautionary Statement on Forward-Looking Information Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or ...

The board of directors proposes a $1.10 per share dividend to UBS Group AG (UBS), an increase of 22.22% Y/Y dividend of $0.90 dividend declared last year. The dividend will be paid on April 23; for shareholders of record April 22; ex-div April 22, subject to ...

Financial Data and Key Metrics Changes - The company reported a full-year growth in NOI of 4.8% and a 5% increase in normalized FFO per share for 2025 [3][15] - Fourth quarter normalized FFO was $0.79 per share, and full-year normalized FFO was $3.06 per share, representing 4.2% and 5% growth respectively compared to the prior year [15][16] - The annual dividend rate was set at $2.17 per share, marking a 5.3% increase and the 22nd consecutive year of annual dividend growth [7] Business Line Data and Key Metrics Changes - The MH business generated over $1 billion in revenue in 2025, with a combined revenue CAGR of 5.9% over the last five years [9] - Core community-based rental income increased by 5.5% for the full year 2025 compared to 2024, driven by rent increases for renewing residents and new residents [16] - Core RV and marina annual base rental income increased by 4.1% compared to the prior year, while core seasonal and transient rent combined decreased by 9.1% [16] Market Data and Key Metrics Changes - Approximately half of the MH revenue comes from Florida, with 20% from California and Arizona, and the rest from the North Central and Northeast US [9] - The average occupancy in California properties is 96%, reflecting strong demand in high-cost markets [11] - The company noted strong demand for MH communities, particularly in Florida and Arizona, supported by favorable economic conditions and demographic trends [10][11] Company Strategy and Development Direction - The company focuses on internal growth and operational expansions, particularly in the Sunbelt markets, while maintaining a strong balance sheet for potential acquisition opportunities [52] - The management emphasized the importance of community engagement and the value proposition of manufactured housing in addressing housing affordability issues [42] - The company plans to continue investing in its communities to support long-term growth and resident retention [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, anticipating normalized FFO growth of 3.7% for 2026 and core property operating income growth of 5.6% [7][18] - The company highlighted the positive demographic trends, with a significant portion of the population aging into their target market [11] - Management acknowledged challenges in the investment market due to fragmented ownership and limited transaction activity, focusing on internal growth instead [52][53] Other Important Information - The company reported a utility recovery rate of 48.7%, a 220 basis point increase from 2024 [17] - The balance sheet is well-positioned with no secured debt maturing before 2028 and access to $1.2 billion in capital [21][22] Q&A Session Summary Question: Seasonal and transient business expectations for the year - Management provided insights on the seasonal and transient revenue streams, indicating a positive outlook based on early booking trends and favorable holiday timing [24][30] Question: Progress on marina repairs - Management confirmed that repairs on three marinas affected by storm damage are expected to be completed by the latter half of 2026 [40] Question: Canadian customer demand - Management noted that Canadian customers represent 10% of total RV revenue, with no significant increase in home sales from this group, maintaining a strong demand profile [48] Question: Impact of cold weather on RV demand - Management indicated that cold weather has historically driven demand for RVs, with marketing efforts focused on encouraging customers to escape to warmer locations [93] Question: Non-core income decline - Management explained that the decline in non-core income is attributed to timing differences in insurance proceeds and recovery from storm-affected properties [121] Question: Strategy for rental home business - Management stated that the rental home business will continue to grow based on demand, with a focus on selling homes to current renters [99]

Financial Data and Key Metrics Changes - The company reported a full-year growth in NOI of 4.8% and a 5% increase in normalized FFO per share for 2025 [3][6] - Fourth quarter normalized FFO was $0.79 per share, and full-year normalized FFO was $3.06 per share, representing 4.2% and 5% growth respectively compared to the prior year [13][14] - Core community-based rental income increased by 5.5% for the full year 2025 compared to 2024 [14] Business Line Data and Key Metrics Changes - The MH business generated over $1 billion in revenue in 2025, with a combined revenue CAGR of 5.9% over the last five years [8] - Core RV and marina annual base rental income increased by 4.1% compared to the prior year, while core seasonal and transient rent combined decreased by 9.1% [15] - The membership business contributed $65.6 million net for the full year, with approximately 5,900 upgraded membership subscriptions enrolled [15] Market Data and Key Metrics Changes - Approximately half of the MH revenue comes from Florida, with 20% from California and Arizona, and the rest from North Central and Northeast US [8] - The average occupancy in California properties is 96%, reflecting strong demand in high-cost markets [10] - The company noted that 70 million baby boomers are in the U.S., with 10,000 turning 65 every day, indicating a favorable demographic trend for the company's offerings [10] Company Strategy and Development Direction - The company aims to continue its focus on community engagement and resident retention, emphasizing the value proposition of affordable living environments [4] - Initial guidance for 2026 anticipates normalized FFO growth of 3.7% and a 5.3% increase in the annual dividend rate to $2.17 per share [6][17] - The company is focused on internal growth and operational expansions, particularly in the Sunbelt markets, while maintaining a strong balance sheet [55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the operating model, citing stable cash flow and solid underlying business trends [6][7] - The company expects to have approximately $100 million of discretionary capital after meeting obligations for dividend payments and capital expenditures [6] - Management noted that demand for MH and RV offerings remains strong, supporting consistent growth in long-term revenue streams [12] Other Important Information - The company has no secured debt maturing before 2028, with a debt to EBITDARE ratio of 4.5 times and interest coverage of 5.7 times [20] - The company is experiencing a timing difference in recognizing non-core income due to insurance proceeds and recovery of storm-affected properties [123] Q&A Session Summary Question: What gives confidence that seasonal and transient can accelerate through the balance of the year? - Management indicated that the first quarter earns approximately 50% of anticipated full-year seasonal rent and almost 20% of full-year transient rent, with favorable booking pace expected [26][29] Question: What is the expected impact of insurance renewal on expenses? - Management noted that they are pleased with the lack of adverse claims experience in 2025 and indicated that the insurance market is softening, but specific guidance will be provided after the renewal process [34] Question: What is the outlook for Canadian customers? - Management stated that Canadian customers represent 10% of total RV revenue, with no significant increase in home sales observed, but demand remains strong [51] Question: What is the strategy for the rental home business moving forward? - The company plans to prioritize selling homes but may accept rentals as demand arises, as rentals can expose more prospects to future home buying [102] Question: What is the outlook for the campground membership results? - Management highlighted that while there has been a decline in membership count, annual income has increased significantly, indicating a shift in the customer base [118][120]

Core Viewpoint - Oracle is set to distribute a quarterly dividend of $0.5 per share on January 23, 2026, maintaining its commitment to a consistent dividend policy [1][2]. Dividend Payment Details - Investors holding 100 shares of Oracle will earn $50 in dividend income this quarter, leading to a total yearly dividend of $200 if payouts remain consistent [2]. - The current quarterly dividend of $0.5 is unchanged from the previous payment on October 23, 2025, indicating stability in Oracle's dividend strategy [2][4]. Yearly Comparison - The projected full-year total dividend reflects a slight increase compared to the previous year, as the first quarter dividend in 2025 was $0.40 [3]. Dividend Metrics - Oracle maintains a conservative forward payout ratio of 18.72% and a dividend yield of 1.05%, which is slightly below the sector average of 1.37% [5]. - The company's shares typically recover their price within approximately 9.2 days after going ex-dividend, indicating a relatively quick rebound [5]. Dividend Growth - Oracle has increased its dividend for one consecutive year, demonstrating a commitment to a progressive payout policy [6]. - Although the yield is not among the highest in the market, the low payout ratio suggests potential for future increases if earnings momentum continues [6].

Core Viewpoint - Sailfish Royalty Corp. has declared a quarterly cash dividend of US$0.0125 per common share for the fourth quarter of 2025, payable on July 15, 2026, to shareholders of record as of December 31, 2025 [1]. Group 1: Dividend Declaration - The dividend amount is set at US$0.0125 per common share [1]. - The payment date for the dividend is July 15, 2026 [1]. - Shareholders must be on record by the close of business on December 31, 2025, to receive the dividend [1]. Group 2: Future Dividend Policy - Future dividends will be subject to the discretion and approval of the Board of Directors [2]. - The Company will continuously review its dividend policy based on financial position, capital allocation, profitability, cash flow, and legal requirements [2]. - There are no guarantees that future dividends will be declared or paid [2]. Group 3: Company Overview - Sailfish is a precious metals royalty and streaming company with key assets in the Americas [3]. - The portfolio includes a 3% NSR on the San Albino gold mine and a 2% NSR on the surrounding area in Nicaragua, a 3% NSR on the Spring Valley gold mine project in Nevada, and a 2% NSR on the Gavilanes Silver Project in Mexico [3]. - The Company is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQB under "SROYF" [4].

Financial Data and Key Metrics Changes - In Q3, the company reported a TCE income of $247 million, with an adjusted EBITDA of $150.5 million, leading to a net profit of $91.5 million or $18 per share [15][16] - The company has a dividend payout ratio of 80% of net profit, resulting in a distribution of $73.2 million or $14.7 per share for this quarter [16][24] - The company sold four older MR vessels, with three recognized in Q4 and one in the current quarter [21] Business Line Data and Key Metrics Changes - The company operates a fleet of 126 vessels, including 117 owned and nine long-term time chartered vessels, with a focus on product and chemical tankers [6][7] - The company has eight commercial pools managing over 200 ships globally, enhancing operational scale and efficiency [7] Market Data and Key Metrics Changes - The company has booked 71% of its bookings for Q4 as of mid-November, indicating an improvement in rates, with current bookings around $26,040-$25,600 [29] - The company experienced 230 extra dry docking days in Q3 due to a significant number of ships requiring maintenance, which is expected to taper off in the current quarter [30] Company Strategy and Development Direction - The company is focused on strategic growth through acquisitions, joint ventures, and fleet modernization, including a recent agreement to purchase 14.1 million shares of TORM [10][22] - The company aims to maintain a low-cost operation with a strong focus on shareholder distributions, linking its balance sheet strength to its dividend policy [8][9] Management's Comments on Operating Environment and Future Outlook - Management noted that Q3 is typically a weaker quarter for product tankers, but this year saw a strong market due to increased ton miles and tighter supply from sanctioned vessels [15] - The management expressed optimism about the winter market, citing a tight tonnage situation and refinery closures in Europe leading to increased demand for their services [49][50] Other Important Information - The company is actively monitoring geopolitical developments, including the situation in the Red Sea and the impact of Russian oil transportation dynamics on the market [39][43] - The company is cautious about the potential return of Venezuelan oil exports and its implications for the market [45] Q&A Session Summary Question: What is the status of the TORM share purchase? - The company is awaiting the appointment of a new independent board chair at TORM to finalize the transaction [22][28] Question: How does the company view the impact of the Red Sea reopening? - Management believes the reopening may not significantly impact the market, as the dynamics of traffic and supply have already adjusted [40][41] Question: Why has the order book fallen in Q3? - The decline in the order book is attributed to a shift of vessels into dirty trades rather than an increase in scrapping [51] Question: What is the company's strategy regarding fleet renewal? - The company is focusing on extending the life of existing vessels rather than ordering new builds at high prices, while remaining open to opportunities for fleet purchases or M&A [54][55]

Financial Data and Key Metrics Changes - In Q3, the company reported a TCE income of $247 million, with an adjusted EBITDA of $150.5 million, leading to a net profit of $91.5 million or $18 per share [16][17] - The company has a dividend payout ratio of 80% of net profit, resulting in a distribution of $73.2 million or $14.7 per share [17][18] - The company has paid dividends consistently over the last 15 quarters, with a projected dividend of $1.16 per share for 2024 [9][17] Business Line Data and Key Metrics Changes - The company operates a fleet of 126 vessels, including 117 owned and nine long-term time chartered vessels, with a focus on product and chemical tankers [6][7] - The company has seen a strong market in Q3, contrary to typical seasonal trends, due to increased ton miles and tighter supply from sanctioned vessels [16] Market Data and Key Metrics Changes - As of mid-November, the company had booked 71% of its bookings for Q4, indicating an improvement in rates, with current bookings around $26,040-$25,600 [30][31] - The company experienced 230 extra dry docking days in Q3, impacting operations, but this is expected to taper off in the current quarter [31] Company Strategy and Development Direction - The company is focused on strategic growth through acquisitions, joint ventures, and fleet modernization, including a recent acquisition of 14.1 million shares in TORM [11][23] - The company aims to maintain a low-cost operation while ensuring strong shareholder distributions, with a clear dividend policy linked to the loan-to-value ratio [9][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the geopolitical environment, including the reopening of the Red Sea, could impact market dynamics, but the overall sentiment may not significantly affect trading volumes [37][40] - The company anticipates a strong winter market, driven by refinery closures in Europe and increased demand from the US, leading to a tight tonnage situation [50][51] Other Important Information - The company has a strong focus on innovation and has established a joint venture in the bunkering space with Cargill [8] - The company is actively managing its fleet, with a strategy to extend the life of vessels rather than ordering new builds in a high-price environment [55][56] Q&A Session Summary Question: Why has the order book fallen in Q3? Is scrapping increasing? - Management indicated that the order book has fallen due to a shift in vessels going into dirty trades, rather than an increase in scrapping [52][54] Question: Can you share thoughts on fleet renewal schemes? - The company is focusing on life extension of existing vessels and is open to various opportunities, including resales and M&A, rather than committing to new builds at high prices [55][56]