Summary of Key Points Core Viewpoint - Baru Gold Corp has granted a total of 4,700,000 stock options to its directors, management, and employees, subject to TSX Venture Exchange approval, with an exercise price of $0.07 per share for a two-year period expiring on August 7, 2028 [1] Group 1: Stock Options - The company has specifically granted 2,088,218 stock options to its CFO, Karen Dyczkowski, at an exercise price of $0.085 per share, also expiring on August 7, 2028 [2] - The stock options granted to insiders are classified as a "related party transaction" under Multilateral Instrument 61-101, but are exempt from formal valuation and minority shareholder approval as the value does not exceed 25% of the company's market capitalization [3] Group 2: Company Overview - Baru Gold Corporation is a junior gold developer with NI 43-101 gold resources located in Indonesia, which is among the top ten gold-producing countries globally [4]

Financial Data and Key Metrics Changes - The company reported second quarter earnings of $13.7 million or $0.07 per share, compared to $60.4 million or $0.30 per share in the same period of 2024 [12] - Income from continuing operations was $14.1 million for the second quarter or $0.07 per share, down from $20.2 million or $0.10 per share in 2024 [12] - The company narrowed its earnings per share guidance to a range of $0.88 to $0.95 per share from a previous range of $0.88 to $0.98 per share [10] Business Line Data and Key Metrics Changes - The electric utility segment reported second quarter earnings of $10.4 million, down from $15.5 million in the same period in 2024, primarily due to higher payroll costs and planned outages [12][13] - The natural gas utility experienced a seasonal loss of $7.4 million in the second quarter, compared to a loss of $5 million in 2024, driven by increased operating expenses and lower volumes due to warmer weather [13] - The pipeline segment posted second quarter earnings of $15.4 million, down from a record $17.3 million in the prior year, impacted by higher operating expenses [14] Market Data and Key Metrics Changes - The utility experienced combined retail customer growth of 1.4% compared to the same time last year, aligning with the targeted annual growth rate of 1% to 2% [5] - The company has signed electric service agreements for 580 megawatts of data center load, with 180 megawatts currently online and additional capacity expected to come online in the coming years [7] Company Strategy and Development Direction - The company is focused on a capital investment of $3.1 billion over the next five years, targeting 7% to 8% compounded annual utility rate base growth and 1% to 2% annual customer growth [11] - The company plans to file general rate cases in Wyoming and Montana, and is refining wildfire mitigation plans across its electric service territory [6][8] - The company remains committed to investing in future expansion projects to meet customer demand, including the Minot expansion project which will add approximately 7 million cubic feet of natural gas transportation capacity per day [9] Management's Comments on Operating Environment and Future Outlook - Management noted unfavorable weather and increased operating costs impacted second quarter results, but expressed confidence in the company's long-term growth strategy [4][10] - The company anticipates a long-term EPS growth rate of 6% to 8% while targeting a 60% to 70% annual dividend payout ratio [11] - Management emphasized the importance of operational excellence and customer focus as key components of their strategy moving forward [11] Other Important Information - The company maintains a strong balance sheet and ample access to working capital, with no equity needs in 2025 based on the current capital plan [16] - The binding open season for the Baker storage field enhancement project concluded in May, and the company is evaluating a smaller project based on customer interest [10] Q&A Session Summary Question: Impact of lower storage project size on Bakken East pipeline - Management indicated that the Baker storage enhancement project does not have implications for the Bakken East project, and there may be opportunities for expansion if Bakken East proceeds [20][22] Question: Revised EPS guidance and its impact on long-term outlook - Management explained that the revision was due to weather impacts and higher operating expenses, but they do not expect these to be long-term trends [23][24] Question: North Dakota Industrial Commission meeting and its implications - Management confirmed the timing of the next meeting and indicated that state support would enhance the Bakken East project, but customer commitments are also crucial [29][30] Question: Quantifying drivers of guidance revision - Management provided insights on the planned outage and weather impacts, estimating a $1 million impact from weather alone in the quarter [33][34] Question: Capacity absorption for data centers before needing new infrastructure - Management stated that there is additional capacity available without new infrastructure, but they are willing to explore investments if necessary [36][38]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $172 million, representing approximately 9% growth year over year [5][19] - Adjusted EBITDA for the quarter was $1.5 million, compared to $1.4 million in the same period last year [28] - The company reported a net loss of $11 million for the quarter, or $0.28 per share, compared to a net loss of $5.5 million or $0.14 per share for the prior year [28] Business Line Data and Key Metrics Changes - Brokerage revenue grew 4% year over year, while financing revenue posted a 44% gain [6][22] - Private client brokerage business reflected revenue growth of 10.3% and transaction growth of 12% [6] - Revenue from financing business grew 44% year over year to $26 million, driven by an 86% increase in transaction volume [22] Market Data and Key Metrics Changes - Revenue from larger transactions valued at $20 million and above declined by nearly 12% for the quarter [7] - The average transaction size increased to $5.8 million, up from $5.6 million a year ago [20] - The auction division sold 273 transactions over the past twelve months, accounting for 27% of all commercially auctioned assets in the US [11] Company Strategy and Development Direction - The company is focused on long-term growth in the private client business and larger transactions through its IPA division [9] - A management reorganization was initiated to streamline decision-making and execute strategies more consistently [15] - The strategy includes investment in talent, technology, and further expansion of capital markets capabilities [14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about improvements in marketing timelines and a record volume of exclusive inventory [11] - The company believes the worst of the tariff-driven volatility is behind them, with investor sentiment stabilizing [12] - The recent tax package is expected to be a tailwind for commercial real estate, with favorable provisions for the sector [12] Other Important Information - The company has no debt and $333 million in cash, cash equivalents, and marketable securities [29] - A semiannual dividend of $0.25 per share was declared, payable on October 6 [30] - The company has returned a total of $190 million of capital to shareholders over the past three years [29] Q&A Session Summary Question: Can you talk about the shifting trends in transaction volume in different size segments? - Management noted that improved client outreach and realistic price expectations have led to a more successful conversion rate of client dialogues into transactions [35][36] Question: Can you discuss the dynamics affecting commission rates? - The decline in commission rates was attributed to a mix of larger transactions, particularly in the $100 million plus range, which typically have lower percentage fees [40] Question: Is the tax accounting change a one-time hit? - The tax methodology change is deemed more appropriate and will normalize in Q4, with the current year-to-date tax rate at 12.5% compared to 14.6% last year [42][43] Question: What external growth opportunities are being explored? - The company is in active discussions for potential acquisitions in its core business and advisory space, with improved attitudes toward valuations [44][46] Question: How does the company prioritize capital deployment options? - The company maintains a balanced strategy for capital deployment, including share repurchases, dividends, and pursuing M&A opportunities [48][51]

Financial Performance - Q1 2026 revenues increased by approximately 6% year-over-year to $736.7 million CAD[14] - Q1 2026 adjusted earnings from operations were $78.6 million CAD, representing a 10.7% adjusted earnings from operations margin[14] - Q1 2026 free cash flow was $139.5 million CAD, a significant increase compared to $(51.3) million CAD in Q1 2025[17] - Net income decreased by 31.2% from $35.3 million CAD to $24.3 million CAD[17] - Basic earnings per share decreased by 30.6% from $0.36 CAD to $0.25 CAD[17] Order Bookings and Backlog - Q1 2026 order bookings totaled $693 million CAD, demonstrating diversification across market verticals[14] - The trailing twelve-month book-to-bill ratio was 1.17[14] - Order backlog remains strong at $2,068 million CAD[14] Revenue Outlook - Q2 F2026 revenue is estimated to be between $700 million CAD and $740 million CAD[19] Market Segment Performance - Life Sciences order backlog is $1,160 million CAD, supported by proven capabilities in regulated markets[15] - Food and Beverage order backlog is $229 million CAD, with opportunities in primary and secondary processing and packaging[15] - Consumer Products order backlog is $262 million CAD, supported by capabilities in warehouse automation and packaging[15]

Financial Performance - Q3 FY25 revenue reached $3.6 billion, a 2% increase compared to $3.49 billion in Q3 FY24[43] - Adjusted EBITDA for Q3 FY25 was $274 million, up 7% from $257 million in Q3 FY24[43] - Adjusted Diluted EPS increased to $0.56 in Q3 FY25, compared to $0.51 in Q3 FY24[43] - Free Cash Flow for Q3 FY25 was $100 million[13] Business Development and Backlog - Backlog remained strong at $45 billion[13] - The company secured a Space Force Range Contract worth $4 billion, although it is currently under protest and not included in the backlog[22] - The company received multiple intelligence awards totaling over $500 million[24] - On-contract growth modifications and extensions provided a $2+ billion benefit in bookings[25] Debt and Deleveraging - Net leverage reduced to 3.5x, driven by operating and investing activity contributions[12, 52] - The company targets net leverage of less than 3x by FY26 year-end[54] - The company has $738 million in cash on hand and an $850 million undrawn revolving credit facility[57] Guidance - The company raised its FY25 organic revenue guidance to $13.975 - $14.175 billion[12, 58] - The company anticipates interest expense of $345M - $355M and capital expenditures of $35M - $40M for FY25[66] Nuclear Market - The global nuclear market demand is projected to reach $91 billion by FY2026 and $68 billion by FY2030[33] - The company's total addressable market in the nuclear sector is expected to more than double by 2035, reaching ~$20 billion[40]

Financial Data and Key Metrics Changes - Q3 revenue was $316 million, up 9% year over year, with licensing revenue at $290 million, also up 9% year over year [15] - Product and services revenue was $26 million, up 18% year over year [15] - Non-GAAP earnings per diluted share were $0.78, above the high end of guidance due to higher revenue and lower operating expenses [17] - Cash and investments at the end of the quarter totaled $777 million, with $68 million generated in operating cash flow [17] Business Line Data and Key Metrics Changes - Broadcast licensing revenue grew 17% year over year, while mobile licensing revenue declined 11% year over year, and PC licensing revenue grew 22% year over year [16] - Full year expectations indicate flat growth for broadcast, mid-teens growth for other end markets, and low teens decline for consumer electronics [16] Market Data and Key Metrics Changes - Strong momentum in the automotive sector with partnerships with major OEMs like Audi, Tata, and Mahindra [10][11] - Increased adoption of Dolby Vision in mobile devices, with Motorola and Xiaomi launching new products featuring Dolby technologies [10][11] Company Strategy and Development Direction - The company continues to focus on expanding Dolby Atmos and Dolby Vision across various content types and device categories [12] - There is a strong emphasis on engaging with content creators and distributors to enhance the ecosystem [12] Management Comments on Operating Environment and Future Outlook - The macro environment remains uncertain, but the company maintains its guidance for the full year, expecting revenues between $1.33 billion and $1.36 billion [14] - Management is optimistic about long-term growth prospects, citing strong engagement and a solid financial position [15] Other Important Information - The company repurchased $40 million worth of common stock and declared a $0.33 dividend, up 10% from the previous year [17] - The company expects Q4 revenue to be between $288 million and $318 million, with licensing revenue ranging from $263 million to $293 million [19] Q&A Session Summary Question: Impact of ATSC 3.0 transition on Dolby Atmos and Vision adoption - Management does not anticipate any impact from the transition, as Dolby's codecs are supported within the standards [22] Question: Shipment volume expectations in Q4 guidance - Management noted slight headwinds for the year, with softness in shipments particularly in set-top boxes and consumer electronics [24] Question: Trade agreement certainty and its impact on Dolby adoption - Management acknowledged some improvement in trade agreements but noted that uncertainty still exists, though engagement for Dolby technologies remains strong [28] Question: Opportunity for Dolby Vision in automotive outside of China - Management sees significant opportunities for expanding in-car entertainment experiences beyond China [32] Question: Achieving double-digit growth in the current environment - Management believes it is achievable, citing strong growth in Dolby Atmos and Vision categories [36]

Financial Data and Key Metrics Changes - Same store occupancy reached 94.6%, up 60 basis points year over year and 120 basis points sequentially from the first quarter [4] - Flat same store revenue growth in the quarter, with positive year over year rate growth for new customers for the first time since March 2022 [4][11] - Core FFO guidance maintained at $8.15 per share, with same store revenue growth anticipated between negative 0.5% and positive 1% for the full year [7][13] Business Line Data and Key Metrics Changes - Completed one acquisition for $12 million and bought out two joint venture partners' interests in 27 properties for $326 million [5] - Bridge loan program generated $158 million in new originations, while third-party management program added 93 stores, expanding the managed portfolio to 1,749 stores [5][6] Market Data and Key Metrics Changes - Geographic diversification continues to benefit the portfolio, with growth markets offsetting softer conditions in regions affected by new supply or emergencies [6] - New customer rates improved year over year by over 2%, indicating positive trends in July [17] Company Strategy and Development Direction - The company is focused on balancing pricing and occupancy to maximize revenue while pursuing strategic growth to enhance long-term shareholder value [8] - A multichannel approach combining opportunistic acquisitions and capital-light activities is being employed to create value regardless of market conditions [6] Management's Comments on Operating Environment and Future Outlook - Management noted that while near-term revenue growth remains muted, operational discipline and investment strategy position the company well to navigate current conditions [8] - The company is optimistic about gradually improving fundamentals and expects potential acceleration in revenue growth in the second half of the year, particularly in the fourth quarter [13][31] Other Important Information - Same store expenses increased by 8.6%, primarily due to higher property taxes in certain states [12] - The company maintains a strong balance sheet with 89% of debt at fixed rates and a weighted average interest rate of 4.4% [12] Q&A Session Summary Question: Update on street rates and occupancy trends - Occupancy remained flat at 94.6% in July, with new customer rates up over 2% year over year [17] Question: Insights on net rental rate growth - Minor headwinds in LA, but the primary driver of net decrease is the move-out activity [21] Question: Comments on gradual progress and market performance - Positive trends in customer rates are expected to compound and improve revenue in the fourth quarter [19][25] Question: Performance of the LSI portfolio - The LSI portfolio is performing as expected, with rates improving faster than Extra Space rates [27] Question: Expectations for expenses and property taxes - Anticipated deceleration in expense growth in the second half of the year [39] Question: Demand and market health - Demand is steady, with occupancy levels indicating a healthy market despite challenges from new supply [41] Question: Insights on bridge loan products and repayments - Good demand for bridge loan products, with no imminent paybacks from preferred holders [47] Question: Competitive dynamics and acquisition strategy - The company remains active in evaluating acquisition opportunities but is disciplined regarding pricing [75] Question: Markets with easing supply headwinds - Markets like Portland, Seattle, Chicago, and Denver are seeing easing supply pressures, which is expected to improve revenue [81] Question: Third-party management program performance - Strong growth in the third-party management business, with new partners contributing to expansion [85] Question: Impact of AI on customer behavior - Increased use of AI in customer inquiries, leading to higher conversion rates on the website [71] Question: Future earnings growth expectations - Improvement in rate, moderation of vacates, and expiration of state emergencies are expected to aid recovery [109]

Financial Performance - Second quarter revenues were $1.4 billion, remaining flat year-over-year[5] - Adjusted EPS increased by 0.5% to $6.27[5, 19] - Adjusted EBITDA margin decreased by 190 bps to 26.9%[5, 18] Segment Performance - Carlisle Construction Materials (CCM) segment revenue increased by 0.6% to $1.096 billion, while adjusted EBITDA decreased by 5% to $346 million[23] - Carlisle Weatherproofing Technologies (CWT) segment revenue decreased by 2% to $354 million, and adjusted EBITDA decreased by 13% to $71 million[29] Outlook and Strategy - The company anticipates low single-digit (LSD) revenue growth for FY 2025, with adjusted EBITDA margins down 150 bps[6, 42] - The company returned $343 million to shareholders through dividends and share repurchases[6] - The company acquired Bonded Logic, expanding into the $14 billion North American insulation market[6, 11] Liquidity and Debt - The company has total liquidity of $1.1 billion, including $68 million in cash and $1.0 billion available under a revolver as of June 30, 2025[36] - Net debt to EBITDA ratio is 1.4x, within the target range of 1.0x-2.0x[36]

Financial Data and Key Metrics Changes - FFO per diluted share for Q2 2025 was $0.52, with same store cash NOI approximately flat for the quarter and up 1.4% year to date compared to the prior year [5][15] - The office portfolio ended the quarter 82% leased, with the same store office portfolio at 87% leased [5] - Same store cash NOI for all sectors combined was approximately flat year over year in 2025 compared to the same period in 2024 [16] Business Line Data and Key Metrics Changes - Retail portfolio ended the quarter 98% leased, with same store cash NOI growth of 4.5% [8] - Executed over 220,000 square feet of new and renewal leases in Q2, with spreads increasing over 7% on a cash basis and 22% on a straight line basis [8] - Multifamily portfolio ended the quarter approximately 94% leased, with rent increases of 7% on renewals and 4% on new leases, resulting in a blended rent increase of 6% [10] Market Data and Key Metrics Changes - The San Diego market showed strong demand, with two major real estate firms choosing the company's properties for their new headquarters [7] - The hotel segment in Waikiki experienced a 15% decline in NOI due to lower paid occupancy and RevPAR amid ongoing softness in domestic leisure demand [12] - The Japanese yen remains around $1.47 to the US dollar, impacting tourism demand from Japan [19] Company Strategy and Development Direction - The company aims to maintain balance sheet strength and create long-term value for shareholders while navigating elevated interest rates and inflation [4] - Focus remains on driving occupancy, enhancing tenant experience, and positioning the portfolio to perform well under current utilization patterns [7] - The company is exploring opportunities in multifamily and retail sectors while avoiding office acquisitions for the time being [59][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strength of Hawaii's tourism market despite current challenges [19] - The company is optimistic about the potential recovery in tourism and expects improved performance at the Embassy Suites property [22] - Guidance for full year 2025 was increased to a range of $1.89 to $2.01 per FFO share, reflecting steady momentum across core sectors [20] Other Important Information - The Board approved a quarterly dividend of $0.34 per share for Q3, reflecting confidence in long-term stability and cash flows [13] - The company published its 2024 sustainability report, highlighting progress in environmental, social, and governance initiatives [13] Q&A Session Summary Question: Any changes to the same store NOI growth outlook for the various segments? - Management indicated they are still on track and hope to outperform current guidance, with some segments potentially outperforming while others may underperform [26][27] Question: Discuss the leasing pipeline and interest level for La Jolla Commons 3 and 1 Beach. - Increased touring activity and prospects were noted, with plans to develop parking and amenities to meet demand [28][29] Question: Commentary on the multifamily portfolio and new lease spreads. - Management acknowledged challenges in Portland due to excess supply but noted stability in San Diego, with expectations for growth later this year [44][45] Question: Demand drivers for the hotel in Hawaii and future expectations. - Management highlighted the impact of the Japanese yen on tourism demand and expressed cautious optimism for recovery next year [49][51] Question: Plans for utilizing cash on the balance sheet for acquisitions. - The company is actively looking for opportunities, particularly in multifamily and retail, while maintaining a cautious approach [58][59]

Q2 2025 Financial Performance - Revenue increased to $414230 thousand, a 21% local currency growth[40] - Adjusted EBITDA Margin for the Color Group was 251% in Q2 2025, up 290 bps from Q2 2024[13] - Adjusted EBITDA Margin for the Flavors & Extracts Group was 178% in Q2 2025, up 160 bps from Q2 2024[18] - Adjusted EBITDA Margin for the Asia Pacific Group was 223% in Q2 2025, up 30 bps from Q2 2024[22] - Adjusted diluted earnings per share increased to $094, a 208% increase[40] 2025 Financial Outlook - The company anticipates a mid-single-digit growth rate for local currency revenue[23, 26] - The company anticipates a high single-digit growth rate for local currency adjusted EBITDA[24, 27] - The company anticipates a high single-digit to double-digit growth rate for local currency adjusted EPS[25] - Capital expenditures are expected to be approximately $100 million[43] Regulatory and Market Trends - Synthetic colors revenue for the food and pharmaceutical market in the U S and selectively throughout Latin America is approximately $110 million[31] - There are 58 active bills that affect food color and 6 active bills prohibiting additives including FD&C dyes in a state[34]