Core Message - Equinor is implementing measures to strengthen free cash flow, including a cautious capital spending plan for 2026 and 2027, while maintaining a focus on shareholder returns and oil and gas production growth [6]. Cost Management - The company aims for a 10% reduction in operating expenses (OpEx) and selling, general and administrative expenses (SG&A) by 2026, with a reported decline influenced by structural changes such as the divestment of Peregrino and the establishment of Adura [1] - Equinor reduced renewables OpEx and SG&A by 27% in 2025, primarily by lowering early-phase costs [1]. Capital Expenditure - Equinor guided to organic capital expenditure (CapEx) of approximately $13 billion in 2026 and $9 billion in 2027, with expected monetization of Empire Wind investment tax credits (ITCs) [2]. - The company reduced its capital spending outlook for 2026 and 2027 by about $4 billion, mainly within power and low carbon sectors, while maintaining oil and gas investments at around $10 billion annually [3]. Production and Financial Performance - Equinor reported a return on average capital employed of 14.5% for 2025, with cash flow from operations after tax of $18 billion and earnings per share of $0.81 [4]. - Total liquids and gas production for 2025 was 2,137,000 barrels per day, reflecting a 3.4% year-over-year increase [4]. Project Updates - Empire Wind project is over 60% complete, with total CapEx expected to be around $7.5 billion, of which about $3 billion remains [9]. - The cash effect of tax credits is expected to be around $2.5 billion, with planning assumptions of around $2 billion ITC impact in 2027 [10]. Production Outlook - Equinor anticipates oil and gas production growth of around 3% in 2026, building from record levels in 2025 [12]. - The company made 14 commercial discoveries in 2025 and plans to drill around 30 exploration wells in 2026 [13]. Shareholder Returns - Equinor announced a share buyback program of $1.5 billion for 2026, with an initial tranche of $375 million set to begin shortly after the earnings call [16]. - The quarterly cash dividend has been increased to $0.39 per share, representing more than a 5% increase [15]. Financial Guidance - For 2026, Equinor guided to about $16 billion in cash flow from operations after tax, rising to around $18 billion in 2027 under flat price assumptions [17].

Core Insights - Newmont Corporation (NEM) is enhancing shareholder value through significant dividends and share repurchases, distributing over $5.7 billion in the past two years [1][7] Financial Performance - Newmont generated a record free cash flow of $1.6 billion in Q3, with net cash from operating activities increasing by 40% year-over-year to $2.3 billion [2][7] - The company reduced its debt by approximately $2 billion in Q3, achieving a near-zero net debt position by the end of the quarter [3][7] Capital Allocation - Newmont has doubled its share repurchase authorization to $6 billion, executing $3.3 billion of this buyback as of October 23, 2025 [2] - The company is following a disciplined capital allocation policy, using its cash generation to return capital to shareholders, fund growth projects, and pay down debt [3] Market Position - Newmont's shares have increased by 79.2% over the past six months, outperforming the Zacks Mining – Gold industry, which rose by 64.8% [6] - The company is currently trading at a forward 12-month earnings multiple of 15.23, which is a 15% premium to the industry average of 13.24 [9] Earnings Outlook - The Zacks Consensus Estimate for NEM's earnings implies a year-over-year increase of 81.9% for 2025 and 21.1% for 2026, with EPS estimates trending higher over the past 60 days [10]

Core Viewpoint - Barrick Mining Corporation's shares have increased by 50.8% over the past three months, driven by a surge in gold prices due to geopolitical tensions, economic uncertainties, and a weaker U.S. dollar [1][7]. Performance Comparison - Barrick has outperformed the Zacks Mining – Gold industry's increase of 35.8% and the S&P 500's rise of 4.3% in the same period [2]. - Among peers, Newmont Corporation, Kinross Gold Corporation, and Agnico Eagle Mines Limited have seen increases of 48.6%, 48.2%, and 26.5%, respectively [2]. Stock Technicals - Barrick's stock broke above its 50-day simple moving average (SMA) on May 30, 2025, and is currently trading above its 200-day SMA, indicating a long-term uptrend [5]. - The 50-day SMA has been above the 200-day SMA since April 9, 2025, suggesting a bullish trend [5]. Production Growth Projects - Barrick is advancing key gold and copper projects, including Goldrush, Fourmile, Lumwana, and Reko Diq, which are expected to significantly boost production [8]. - The Goldrush mine aims for 400,000 ounces of production per annum by 2028, while the Fourmile project is anticipated to yield grades double those of Goldrush [9]. - The Reko Diq project is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second phase, with first production expected by the end of 2028 [9]. - The $2 billion Super Pit Expansion Project at Lumwana is expected to deliver 240,000 tons of copper production annually [10]. Financial Position - Barrick has a strong liquidity position with cash and cash equivalents around $5 billion and generated operating cash flows of approximately $2.4 billion in the third quarter, up 105% year over year [11]. - Free cash flow surged to around $1.5 billion from $444 million in the prior-year quarter [11]. - The board authorized a share repurchase program of up to $1 billion, with $1 billion repurchased in the first nine months of 2025 [12]. Dividend and Valuation - Barrick offers a dividend yield of 1.5% with a payout ratio of 32%, indicating sustainability [14]. - The stock is currently trading at a forward price/earnings ratio of 13.74X, a premium to the industry's average of 13.24X, but at a discount to peers like Agnico Eagle, Newmont, and Kinross Gold [24]. Earnings Outlook - Earnings estimates for Barrick have been revised upward, with the Zacks Consensus Estimate for 2025 and 2026 indicating year-over-year rises of 80.2% and 58.4%, respectively [21]. Production Challenges - Barrick expects attributable gold production for 2025 to be in the range of 3.15-3.5 million ounces, a decline from 3.91 million ounces in 2024, primarily due to reduced production from certain mines [20]. - Higher production costs are anticipated, with cash costs per ounce of gold and all-in-sustaining costs (AISC) projected to increase year-over-year [18][19].

Alamos Gold 2026 Investor Day F e b r u a r y 4 , 2 0 2 6 Cautionary notes This presentation, the information contained herein, any other materials provided in connection with this presentation and any oral remarks accompanying this presentation (collectively, the "Presentation"), has been prepared by Alamos Gold Inc. ("Alamos" or the "Company") solely for information purposes. No stock exchange, securities commission or other regulatory authority has approved or disapproved the contained information. This ...

Core Viewpoint - Trane Technologies plc has announced a 12% increase in its quarterly dividend, reflecting confidence in its future cash flow generation and commitment to shareholder returns [1][2]. Dividend Announcement - The Board of Directors approved a quarterly dividend of $1.05 per ordinary share, which annualizes to $4.20 per share [1]. - The dividend will be payable on March 31, 2026, to shareholders of record on March 6, 2026 [1]. Financial Performance - The company has achieved a free cash flow conversion of 106% of adjusted net earnings since its launch in 2020 [2]. - This strong cash flow performance has enabled the company to execute a balanced capital allocation strategy and nearly double its dividend [2]. - The company is positioned to deliver continued strong financial performance and differentiated shareholder returns over the long term [2]. Dividend History - Trane Technologies has paid consecutive quarterly cash dividends on its common shares since 1919 and annual dividends since 1910 [3]. Company Overview - Trane Technologies is recognized as a global climate innovator, providing efficient and sustainable climate solutions through its strategic brands Trane® and Thermo King® [4].

Core Viewpoint - Consumer stocks are recognized for their ability to generate substantial dividend income, supported by a loyal customer base that ensures consistent profits and cash flow for shareholders [1]. Group 1: Realty Income - Realty Income is a REIT focused on single-tenant commercial properties, with over 15,500 properties and a client base including Home Depot and Dollar General [3][4]. - The company has maintained a monthly dividend since 1994, currently paying $3.24 per share annually, resulting in a dividend yield of 5.3%, significantly higher than the S&P 500 average of 1.1% [4][6]. - Realty Income's stock trades at 15 times its FFO income, indicating potential for stock price appreciation alongside its generous dividend [7]. Group 2: Target - Target operates nearly 2,000 locations across the U.S., with over 75% of Americans living within 10 miles of a store [8]. - Despite recent struggles, including inventory issues and political controversies, Target has a P/E ratio of 13, which is lower than competitors like Walmart and Costco [9][12]. - As a Dividend King with 54 years of dividend increases, Target's annual payout is $4.56 per share, yielding 4.3%, and plans for a $5 billion investment in store remodels and technology could revitalize the business [12][13]. Group 3: Clorox - Clorox is known for its cleaning products and other brands like Kingsford and Burt's Bees, but faced challenges post-pandemic, including inflation and a cyberattack [14]. - The stock price decline has resulted in a P/E ratio of 18, near a multiyear low, while the annual dividend payout of $4.96 per share yields 4.4% [15][16]. - Improvements from an ERP implementation could enhance efficiencies, and brand loyalty may support Clorox's recovery despite inflation concerns [17].

Core Thesis - Chemed Corporation is viewed positively despite recent stock price declines, with a focus on the recovery potential of its hospice business, VITAS, and the overall valuation dislocation in the market [1][5]. Company Overview - Chemed Corporation operates two distinct businesses: VITAS, a hospice and palliative care provider, and Roto-Rooter, a plumbing services company, generating approximately $2.4 billion in revenue and $370 million in operating income [2]. - The company maintains a strong financial position with a return on invested capital (ROIC) above 20%, return on equity (ROE) in the high 20s, and a net-cash balance sheet [2]. Recent Performance and Market Sentiment - The stock has declined by about one-third recently, with the forward price-to-earnings (P/E) ratio dropping from the mid-20s to around 17x due to a reset in market expectations [3]. - VITAS has faced challenges such as Medicare cap adjustments and management turnover, leading to a significant cut in earnings guidance [3]. Market Outlook - Despite recent setbacks, the hospice market remains attractive due to favorable demographics and Medicare incentives, positioning VITAS for potential revenue growth in the mid- to high-single digits and double-digit operating profit growth in the medium term [3]. - Roto-Rooter is experiencing ongoing challenges from post-COVID normalization and competition, which may limit profitability, but it continues to generate significant cash flow [4]. Valuation Perspective - The current market valuation suggests a pessimistic outlook for VITAS, implying a permanent impairment and minimal future growth potential, which is considered overly negative by analysts [4]. - Chemed's strong free cash flow, disciplined capital returns, and the potential for a valuation rerating as VITAS stabilizes contribute to a favorable risk/reward profile [4].

Core Insights - The company reported Q2 FY 2026 results that exceeded expectations, showcasing solid year-over-year growth in backlog, revenue, adjusted EBITDA, and free cash flow [1][4][18] - Key priorities include performance excellence, driving organic growth, expanding margins, and improving free cash flow [1][5][12][14] Financial Performance - Bookings for Q2 were $288 million with a book-to-bill ratio of 1.23, resulting in a record backlog of nearly $1.5 billion, an increase of 8.8% year-over-year [4][10][18] - Revenue for Q2 was $233 million, reflecting a 4.4% increase compared to the previous year, with first-half revenue up 7.1% year-over-year [4][18][19] - Adjusted EBITDA was $30 million, up 36.3% year-over-year, with an adjusted EBITDA margin of 12.9%, an increase of 300 basis points [5][23][12] - Free cash flow for Q2 was $46 million, significantly ahead of expectations, with net working capital reduced by $61 million year-over-year [5][14][24] Operational Highlights - The company accelerated progress on high-priority customer programs, generating approximately $30 million of revenue planned for Q3 [6][19] - Efforts to increase capacity and automate processes are ongoing, including the expansion of manufacturing space in Phoenix, Arizona [7][8][39] - The focus on customer deliveries led to record first-half revenue and the highest first-half point-in-time revenue since FY 2021 [7][18] Strategic Initiatives - The company is focused on expanding margins through backlog margin expansion and operational optimization, with a goal of achieving adjusted EBITDA margins in the low to mid-twenty percent range [12][13] - Continued emphasis on reducing net working capital, which is now at its lowest level since Q1 FY 2022, with net debt also reduced to $257 million [14][24] - The company anticipates that increased defense budgets and domestic priorities will positively impact demand across multiple programs [11][73] Future Outlook - The company maintains its full-year view for FY 2026, expecting low single-digit annual revenue growth, with Q3 revenue anticipated to be down year-over-year [16][18] - Adjusted EBITDA margin is expected to approach the mid-teens for the full year, with Q4 anticipated to have the highest margin of the fiscal year [17][18] - The company remains optimistic about potential tailwinds from increased global defense budgets and domestic initiatives like Golden Dome [18][73]

Financial Data and Key Metrics Changes - Bookings reached $288 million with a book-to-bill ratio of 1.23, resulting in a record backlog of nearly $1.5 billion, an increase of 8.8% year-over-year [7][21] - Revenue for Q2 was $233 million, reflecting a year-over-year increase of 4.4% [21] - Adjusted EBITDA was $30 million, up 36.3% year-over-year, with an adjusted EBITDA margin of 12.9%, an increase of 300 basis points [7][24] - Free cash flow was $46 million, significantly ahead of expectations, with cash on hand totaling $335 million [8][25] Business Line Data and Key Metrics Changes - The company recognized $4 million in net adverse EAC changes, consistent with previous quarters, indicating sound execution on development and production programs [9] - Approximately $30 million of revenue was accelerated from Q3 into Q2, positively impacting adjusted EBITDA by $10 million [9][24] Market Data and Key Metrics Changes - The company experienced solid execution across its broad portfolio, contributing to a record first-half revenue and the highest first-half point-in-time revenue since FY 2021 [9][17] - Bookings included significant awards from both domestic and international customers, reflecting a mix of franchise program extensions and new design wins [11][12] Company Strategy and Development Direction - The company is focused on four priorities: performance excellence, driving organic growth, expanding margins, and improving free cash flow [5][10] - The strategy includes increasing capacity, adding automation, and consolidating subscale sites to drive scalability and efficiency [10] - The company aims for adjusted EBITDA margins in the low-to-mid 20% range and free cash flow conversion of 50% [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the market backdrop and the potential for increased global defense budgets to positively impact demand [19][90] - The company maintains its full-year outlook for FY 2026, expecting low single-digit annual revenue growth, with Q3 revenue anticipated to decline year-over-year [18][19] Other Important Information - The company ended Q2 with net debt of $257 million, the lowest level since Q1 FY 2022, and continues to focus on reducing net working capital [16][25] - Operating expenses decreased year-over-year, driven by efficiency improvements and headcount reductions [23] Q&A Session Questions and Answers Question: How much lower margin backlog is left to convert? - Management indicated that the lower margin backlog will continue to flow through over time, with expectations for most of the impact to be resolved by FY 2027 [33][34] Question: What is the current capacity for the Common Processing Architecture (CPA)? - The company is ramping up production in CPA and is confident in meeting increased demand without significant additional investment [41][42] Question: Why is there no upward revision in guidance despite strong performance? - Management explained that while they have outperformed expectations, they are cautious about future accelerations due to uncertainties in material availability [44][48] Question: What is the impact of unbilled receivables on revenue? - Management acknowledged that unbilled balances are still high and represent a drag on revenue, but they did not quantify the exact impact [73] Question: What is the status of the Golden Dome initiative and international orders? - Management noted ongoing conversations regarding Golden Dome and international opportunities, with potential for significant increases in quantities if these materialize [90]

Financial Data and Key Metrics Changes - Bookings reached $288 million with a book-to-bill ratio of 1.23, resulting in a record backlog of nearly $1.5 billion, an increase of 8.8% year-over-year [7][21] - Revenue for Q2 was $233 million, reflecting a year-over-year increase of 4.4% [21] - Adjusted EBITDA was approximately $30 million, up 36.3% year-over-year, with an adjusted EBITDA margin of 12.9%, an increase of 300 basis points [7][24] - Free cash flow for the quarter was $46 million, down from $82 million in the prior year, primarily due to accelerated cash receipts [25][28] Business Line Data and Key Metrics Changes - The company recognized $4 million of net adverse EAC changes, consistent with previous quarters, indicating sound execution on development and production programs [9] - Approximately $30 million of revenue was generated from accelerated progress on high-priority programs, primarily planned for Q3 [22] Market Data and Key Metrics Changes - The company noted increased defense budgets globally and domestic priorities like Golden Dome as potential drivers for higher demand across multiple programs [13][19] - Customer conversations are progressing regarding significant increases in quantities for various programs, indicating optimism for future demand [90] Company Strategy and Development Direction - The company is focused on four priorities: performance excellence, driving organic growth, expanding margins, and improving free cash flow [5][10] - Efforts to increase capacity and automate processes are ongoing, with a new 50,000 sq ft factory space in Phoenix to support ramp production [10][41] - The company aims for adjusted EBITDA margins in the low-to-mid 20% range and free cash flow conversion of 50% [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market backdrop and the company's ability to deliver results in line with targeted profiles, despite expecting Q3 revenue to be down year-over-year [18][19] - The company maintains its full-year view for FY 2026, anticipating low single-digit annual revenue growth [18] Other Important Information - The company ended Q2 with $335 million in cash, with net debt reduced to $257 million, the lowest level since Q1 FY 2022 [16][25] - Operating expenses decreased year-over-year, driven by efficiency improvements and headcount reductions [23] Q&A Session Summary Question: How much lower margin backlog is left to convert? - Management indicated that the lower margin backlog will continue to flow through over time, with expectations for improvement as higher margin bookings replace it [33][34] Question: What is the impact of the stop work order on the SCAR program? - Management stated that they do not quantify individual contracts, but the SCAR program is incorporated into their outlook without significant changes [83] Question: What are the potential choke points affecting acceleration? - Management noted that they are actively working with suppliers to address material availability, but cannot guarantee acceleration until materials are confirmed [75][76]