Core Viewpoint - Scorpio Tankers has undergone significant financial repositioning, achieving a net cash position and improving market fundamentals, which has led to increased liquidity and a higher dividend payout [2][4][7]. Financial Performance - The company repaid $450 million in debt during the year, including a $154.6 million secured debt prepayment in Q4, which covered all scheduled principal amortization for 2026 and 2027 [1] - Scorpio Tankers generated $152 million of Adjusted EBITDA in Q4 and $568 million for the full year, with an IFRS net income of $344 million for the year [3][7] - Net debt has decreased from $3.1 billion in 2021 to a net cash position of approximately $308 million as of the call date, with liquidity standing at about $1.7 billion [2][7][10] Dividend and Capital Allocation - The company raised its quarterly dividend to $0.45 per share, marking a 12.5% year-over-year increase, while maintaining a conservative capital-allocation policy [6][8] - Management emphasized a measured fleet renewal strategy, having sold 10 older vessels and contracted for 10 newbuilds with obligations slightly over $700 million, mostly payable in 2027-2029 [9][11] Market Conditions - Product tanker market fundamentals are improving, with spot rates for LR2s near $46,000/day and MRs near $38,000/day, supported by approximately 1 million bpd of demand growth and constrained effective supply [5][13] - Global refined product demand is expected to increase by nearly 1 million barrels per day, with ton-miles rising approximately 20% since 2019 [15][16] Supply Dynamics - The product tanker order book represents almost 19% of the existing fleet, with 21% of the fleet already over 20 years old, leading to expected fleet growth averaging roughly 3% over the next three years [16] - Management noted that sanctions and geopolitical factors are reshaping trade flows, with a significant portion of the Aframax/LR2 fleet being sanctioned [14][20] Strategic Outlook - The company is engaging opportunistically with inquiries for potential vessel sales but is not currently pursuing acquisitions [12][9] - Management views the current strength in the clean market as sustainable, supported by a high-running refining system and ongoing ton-mile dynamics [21]

Dividend Proposal - The board of directors of NORBIT ASA has proposed a dividend of NOK 5.00 per share for the fiscal year 2025 [1] - Key dates for the dividend include the last day including right on 20 May 2026, ex-date on 21 May 2026, record date on 22 May 2026, and payment date on or about 3 June 2026 [1] Company Overview - NORBIT ASA is a global provider of tailored technology solutions aimed at addressing specific applications and promoting sustainability [2] - The company operates in three business segments: Oceans, Connectivity, and Product Innovation & Realization [2] - The Oceans segment focuses on technology solutions for global maritime markets, while the Connectivity segment provides wireless solutions for identification, monitoring, and tracking [2] - The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing [2] - NORBIT is headquartered in Trondheim, has manufacturing facilities in Europe and North America, employs around 700 people, and has a worldwide sales and distribution platform [2]

Core Viewpoint - Presidio Investment Holdings has introduced a fixed dividend framework aimed at providing steady cash returns, enhancing its appeal to public market investors ahead of its merger with EQV Ventures Acquisition Corp [1] Dividend Announcement - The company plans to initiate an annual dividend of $1.35 per share, to be paid quarterly, following the completion of the merger and formal board approval [2] Business Model - Presidio is positioning itself as a unique upstream company focused on income generation rather than growth through drilling, concentrating on acquiring and operating proved developed producing (PDP) assets [3][5] - The strategy emphasizes low decline rates, hedged production, limited capital spending, and stable free cash flow [3] Investment Proposition - The co-founder and co-CEO highlighted the planned dividend as central to the company's equity story, aiming to return capital to shareholders rather than reinvesting in new drilling [4] - This approach contrasts with traditional exploration and production (E&P) companies that rely on continuous drilling to maintain production levels [5] Dividend Policy and Yield - Management asserts that the capital-light structure supports a transparent and sustainable dividend policy, partially insulated from commodity price fluctuations through hedging and cost control [6] - Presidio anticipates a potential dividend yield in the low-teens, aligning more with income-focused mineral owners than growth-oriented shale producers [6] Growth Strategy - Dividend growth is expected to primarily result from mergers and acquisitions, with a backlog of potential targets valued between $13 billion and $15 billion, consisting of cash-flow-positive PDP assets [7] - Individual acquisition opportunities range from approximately $160 million to over $3 billion in enterprise value [7] Financial Framework - The underwriting framework assumes acquisitions at about a 20% free cash flow yield, financed through a combination of equity and moderate leverage [8] - Management targets around 40% debt financing at a 7% interest rate, aiming for dividend coverage of approximately 1.1 times on a pro forma basis to support payouts while maintaining balance sheet discipline [8]

Core Insights - PrairieSky Royalty Ltd. announced a 2% increase in its annual dividend policy to $1.06 per common share, effective for the first quarter of 2026 [4][10][14] - The company reported a 6% increase in annual oil royalty production, averaging 13,940 barrels per day for the year ended December 31, 2025 [5][6] - Total revenues for the year reached $478.2 million, with royalty production revenue totaling $441.7 million [6][9] Annual Highlights - Annual oil royalty production increased by 6% compared to the end of 2024, with total royalty production averaging 25,855 BOE per day, a 3% increase [6][9] - Funds from operations totaled $353.0 million ($1.50 per share), a decrease of 7% from the previous year, primarily due to a 14% decline in US$ WTI benchmark pricing [6][9] - Corporate proved plus probable reserves increased to 63,932 MBOE, with proved plus probable oil reserves rising by 6.6% to 28,373 Mbbl [6][16] Fourth Quarter Highlights - In Q4 2025, oil royalty production averaged 13,750 barrels per day, a 3% increase over Q4 2024 [6][9] - Total revenues for Q4 2025 were $111.7 million, with royalty production revenue of $102.9 million [9][22] - The company declared a fourth quarter dividend of $60.5 million ($0.26 per share), resulting in a payout ratio of 75% [10][22] Dividend Increase and Declaration - The first quarter 2026 dividend of $0.265 per share will be payable to shareholders of record on March 31, 2026 [4][15] - The annual dividend payout ratio for 2025 was 69%, with cumulative annual dividends declared amounting to $243.4 million [6][10] Operational Performance - Third-party operators spud 200 wells on PrairieSky's royalty acreage in Q4 2025, maintaining a similar level of activity compared to Q4 2024 [8][12] - The Clearwater heavy oil play achieved a production rate of 2,600 barrels per day in Q4 2025, reflecting a compounded annual growth rate of 20% since 2022 [5][6] - The Duvernay light oil play saw a 90% year-over-year increase in average royalty production, reaching approximately 1,175 BOE per day [7][12] Financial Overview - Net debt as of December 31, 2025, was $276.5 million, a decrease of $5.2 million from the previous quarter [6][10] - The company completed acquisitions totaling $99.9 million for the year, primarily targeting light and heavy oil plays in Alberta and Saskatchewan [6][10] - Average realized pricing for crude oil in Q4 2025 was $66.10 per barrel, down from $81.66 in Q4 2024 [22][36]

Financial Data and Key Metrics Changes - Barrick achieved record financial results in Q4 2025, with revenues increasing by 45% from Q3, driven by higher production and a 21% increase in realized gold prices [10] - Net earnings nearly doubled from the prior quarter, and the company reported record quarterly cash flow, free cash flow, earnings per share, and cash balance [10][11] - For the year, cash flow from operations reached $7.7 billion and free cash flow was $3.9 billion, up 71% and 194% year-over-year, respectively [11][12] - The company ended the year with a net cash position of $2 billion, indicating a strong balance sheet [12] Business Line Data and Key Metrics Changes - Gold production increased by 5% from Q3, with a full-year total of 3.26 million ounces, aligning with guidance [8][23] - Copper production rose by 13% from Q3, driven by higher throughput at Lumwana [8] - The operational review led to a restructuring of business units, enhancing operational efficiency [8] Market Data and Key Metrics Changes - The gold price increased by 21%, contributing to higher margins and cash flow [10][12] - The company anticipates gold production in 2026 to be between 2.9-3.25 million ounces, with a focus on ramping up production at Loulo-Gounkoto [23] Company Strategy and Development Direction - Barrick plans to proceed with an IPO of its North American gold assets, targeting completion by late 2026 to maximize shareholder value [5][26] - The company is focused on safety as its top priority for 2026, following operational achievements overshadowed by fatalities in the previous year [6][7] - The management team has been restructured to enhance operational experience and efficiency [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2026, citing a strong start to the year and improved operational discipline [16][17] - The company is committed to maintaining a focus on high-quality assets and strategic growth, particularly in North America [33][103] Other Important Information - The board has authorized a new dividend policy, increasing the base dividend by 40% to $0.175 per quarter, with a target to pay out 50% of attributable free cash flow [13][14] - The company has successfully resolved disputes in Mali, regaining operational control and ramping up production [21][76] Q&A Session Summary Question: Can you discuss the strategic rationale behind the IPO of NGM and PV? - Management believes a partial IPO will unlock more value than a full separation, as the North American assets are undervalued within Barrick [31][34] Question: What are the intended proceeds from the IPO? - The specifics of the use of proceeds will be determined as part of the preparation work for the IPO [36] Question: Can you provide an update on the Reko Diq financing? - Management is reviewing the security situation in Balochistan before proceeding with financing [40] Question: How has the mine plan review impacted guidance, particularly for Carlin? - The review has led to more realistic production targets based on actual performance, with a focus on achieving consistent delivery [44][46] Question: Is Veladero considered a non-core asset? - Veladero is not non-core and has been one of the top-performing assets in the last year [57] Question: What is the expected recovery rate at PV? - The target recovery rate is 84%, with ongoing efforts to optimize stockpile blending [62][64] Question: Will Barrick sell more gold assets in the future? - The focus remains on high-quality assets, and any dispositions will align with the strategic filter [103]

Core Viewpoint - Presidio Investment Holdings LLC plans to initiate a dividend of $1.35 per share annually, paid quarterly, as part of its shareholder return strategy following its business combination with EQV Ventures Acquisition Corp [1][3][15]. Group 1: Dividend Strategy - The company aims to provide a clear and repeatable income proposition for public market investors, focusing on producing and acquiring oil and gas assets while maintaining low operating costs and minimal capital expenditures [2][5]. - The initial dividend policy is fixed at $1.35 per share per annum, with expectations for growth primarily through mergers and acquisitions (M&A) rather than increased drilling expenditures [3][4]. Group 2: Business Model Differentiation - Presidio's business model is distinct from traditional high-decline exploration and production (E&P) companies, emphasizing a capital-light approach with minimal reinvestment requirements, allowing for greater cash flow returns to shareholders [5][9]. - The company focuses on disciplined cash flow management and shareholder distributions, with growth driven through M&A rather than drilling [5][10]. Group 3: Acquisition Strategy - Presidio has a defined acquisition backlog targeting cash-flow-positive, long-life producing assets, with potential opportunities valued between $13 billion to $15 billion [6]. - The acquisition strategy is designed to drive dividend accretion while managing leverage to protect dividend sustainability [7][8]. Group 4: Market Positioning - The company positions itself as a 100% PDP-focused platform, emphasizing optimization and free cash flow durability, contrasting with drilling-led E&P companies that require ongoing capital programs [9][10]. - Presidio's investor presentation indicates a potential 13% dividend yield supported by stable, hedged cash flow and low reinvestment requirements, highlighting its differentiated model [10][11].

Core Viewpoint - Barrick Mining Corporation has declared a significant increase in its dividend for Q4 2025, alongside a new dividend policy aimed at enhancing shareholder returns [1][3]. Dividend Announcement - The company announced a dividend of $0.42 per share for Q4 2025, marking a 140% increase compared to the third quarter [1]. - The dividend will be paid on March 16, 2026, to shareholders of record as of February 27, 2026 [1]. Share Buyback Program - Barrick repurchased approximately 12.11 million shares during Q4 2025 under its share buyback program initiated in February 2025 [2]. - In total, the company repurchased about 51.90 million shares throughout 2025, representing approximately 3.0% of its issued and outstanding shares, for a total cash outlay of $1.5 billion, including $500 million in Q4 [2]. New Dividend Policy - The new dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis, consisting of a fixed base quarterly dividend of $0.175 per share and a performance top-up component at year-end based on the attributable free cash flow [3]. - The actual dividend paid may vary from the 50% target depending on cash flow strength, capital needs, and balance sheet considerations [3]. Company Overview - Barrick Mining Corporation is a leading global mining, exploration, and development company with a significant portfolio of gold and copper assets across 17 countries and five continents [4]. - The company is recognized as the largest gold producer in the United States and aims to create long-term value for stakeholders through responsible mining and strong partnerships [4].

Core Viewpoint - GPGI, Inc. has declared a quarterly cash dividend of $0.0025 per share, amounting to an annual distribution of approximately $2.9 million, while maintaining a focus on debt reduction and strategic acquisitions [1][2]. Group 1: Dividend Announcement - The Board of Directors of GPGI has declared a quarterly cash dividend of $0.0025 per share of Class A common stock [1]. - The total annual distribution from this dividend is approximately $2.9 million [1]. - The dividend will be payable on February 27, 2026, to shareholders of record as of February 13, 2026 [2]. Group 2: Capital Allocation and Strategy - GPGI's capital allocation priorities are centered on paying down debt and pursuing additional accretive acquisitions that align with their investment criteria [2]. - The company is structured to acquire, own, and scale high-quality businesses, benefiting from a permanent capital base [3]. Group 3: Company Overview - GPGI, Inc. is a diversified multi-industry compounder with strong positions in favorable industries [3]. - The company is managed by Resolute Holdings Management, Inc. and includes market leaders CompoSecure and Husky, which have robust financials and growth opportunities [3].

Core Viewpoint - Hecla Mining experienced significant financial improvement in 2025 due to rising silver and gold prices, leading to a 290% increase in share price, but the company is unlikely to change its dividend policy despite improved cash flow [1][3]. Group 1: Company Performance - Hecla Mining's primary focus is on silver, which contributed approximately 48% of its revenues in Q3 2025, followed by gold at 37% [2]. - The company's sales increased by 67% year over year in Q3 2025, transitioning from break-even to earnings of $0.15 per share [3]. - The current market capitalization of Hecla Mining is $15 billion, with a gross margin of 33.05% and a dividend yield of 0.07% [5]. Group 2: Dividend Policy - Hecla Mining's current dividend policy is set at $0.015 per share per year, with no expected changes despite improved financial results [5][7]. - Unlike some peers, Hecla's dividend is not tied to commodity prices or financial performance, making it a discretionary decision by the Board of Directors [7]. - Given the recent decline in silver and gold prices, investors should not anticipate a significant increase in dividends from Hecla Mining [9].

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, with full-year normalized FFO at $3.06 per share, reflecting 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 rate increases for renewing residents and market rent for 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][17] 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 [9] - The average occupancy in California properties is 96%, reflecting strong demand in high-cost markets [11] - The company noted that demographic trends, including the aging of baby boomers and Gen X, support demand for its MH and RV offerings [11][12] 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][53] - The management emphasized the importance of community engagement and the value proposition of affordable housing in addressing broader housing issues [42][52] - The company plans to continue investing in its communities to support long-term resident retention and growth [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 [6][18] - The company expects core property operating income growth of 5.6% at the midpoint of its guidance range for 2026 [18] - Management highlighted the positive early booking pace for RV and seasonal customers, driven by favorable weather conditions and marketing efforts [93] 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 [21] - The company anticipates approximately $100 million of discretionary capital after meeting obligations for dividend payments and capital expenditures [7][20] Q&A Session Summary Question: What gives confidence that seasonal and transient can accelerate through the balance of the year? - Management indicated that early booking pace is favorable compared to last year, with positive trends observed for major holidays [28][30] Question: What is the expected impact of insurance renewal on expenses? - Management noted that while they expect some increase in expenses, they are pleased with the lack of adverse claims experience in 2025 and anticipate a softening market for insurance [34] Question: What is the outlook for Canadian customers? - Management reported that Canadian customers represent 10% of total RV revenue, with no significant increase in home sales observed, maintaining a strong demand profile [48][50] Question: What is the strategy for the rental home business moving forward? - The company plans to prioritize selling homes but may accept rentals to expose more prospects to future home buying [99] Question: What is causing the decline in campground membership counts? - Management explained that attrition of legacy members paying lower dues is offset by new members paying higher dues, leading to a net decline in counts [117]