Core Viewpoint - Emirates Telecommunications Group Company (e&) has increased its shareholding in Vodafone Group plc to 17.0050% due to Vodafone's share buyback program, which has reduced its total share capital [1] Group 1: Shareholding Details - e& holds a total of 3.94 billion shares in Vodafone, despite the increase in percentage ownership [1] - The increase in equity ownership aligns with e&'s strategy to enhance its global market exposure and support potential commercial partnerships [2] Group 2: Historical Context and Financial Performance - In 2022, e& acquired a 9.8% stake in Vodafone for $4.40 billion, demonstrating its commitment to investing in international markets [2] - e& reported a profitability of AED 14.36 billion for the year 2025, indicating strong financial performance [2]

Core Viewpoint - Kvika banki hf. has initiated a share buyback program authorized by its shareholders to enhance shareholder value and reduce issued share capital [1][2]. Group 1: Share Buyback Authorization - At the Annual General Meeting on 21 March 2024, shareholders approved the board of directors to buy up to 10% of issued shares [1] - The authorization for share buyback was renewed at the Annual General Meeting on 26 March 2025 [1] - A notification regarding the buyback of shares was issued on 23 December 2025 [1] Group 2: Buyback Program Details - On 11 February 2026, the board decided to establish a buyback program with a total consideration of ISK 631,548,500 for up to 45,000,000 shares [2] - Kvika currently holds 274,367,380 of its own shares and has utilized ISK 4,999,999,998 of the AGM authorization to acquire 303,547,379 shares [2] Group 3: Execution and Compliance - Íslandsbanki hf. will supervise the execution of the buyback program and make independent decisions regarding share acquisitions [3] - The buyback program must comply with the Act on Public Limited Companies and relevant European regulations on market abuse [3] - The execution of the buyback will ensure transparency in transactions involving own shares [3] Group 4: Purchase Limitations - Daily purchases under the buyback program are limited to 2,771,952 shares, with the maximum purchase price being the last independent transaction or highest existing purchase bid on Nasdaq Iceland [4] - The buyback program is effective from 23 February 2026 until the annual general meeting in 2026, or until the total consideration of ISK 631,548,500 is completed, or 45,000,000 shares are bought, whichever comes first [4] Group 5: Reporting and Contact Information - The bank's trading in its own shares will be declared in accordance with applicable laws and regulations [5] - For further information, Kvika's investor relations can be contacted at ir@kvika.is [5]

Financial Data and Key Metrics Changes - In Q4 2025, sales reached $3 billion, a 5% increase year-over-year and a 1% increase sequentially, driven by resilient sales to rig direct customers in the U.S. and Canada [3] - EBITDA for the quarter was $717 million, down 5% sequentially, representing 24% of sales, impacted by 50% Section 232 tariffs in the U.S. [3] - The net cash position decreased to $3.3 billion due to a $300 million interim dividend, $537 million in share buybacks, and $123 million in capital expenditures [4] - Free cash flow for the year was $2 billion, fully distributed to shareholders through dividends and buybacks [6] Business Line Data and Key Metrics Changes - Average selling prices in the tube operating segment decreased by 1% year-over-year and were flat sequentially [3] - The U.S. production and supply chain system achieved a record level of production, with 90% of U.S. sales coming from enhanced operational efficiency [8] Market Data and Key Metrics Changes - In the U.S. and Canada, the oil and gas industry saw consolidation and productivity improvements, with a lower rig count impacting operations [7] - In Latin America, domestic companies raised over $4 billion for infrastructure and production expansion in the Vaca Muerta fields, while in Venezuela, services to Chevron resumed [11] - The Middle East saw a long-term agreement for OCTG supply to Qatar and enhanced Rig Direct services in the UAE, with a focus on reducing environmental impact [12][13] Company Strategy and Development Direction - Tenaris aims to enhance its operational efficiency and digital integration while reducing environmental impact, with a commitment to sustainability [13] - The company is focusing on offshore projects and expects to renew its order backlog as new projects are sanctioned globally [10] - The strategy includes increasing the annual dividend by 7% and maintaining a strong cash position to support shareholder returns [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stable performance for Q1 2026, with no immediate disruptions expected [18] - The geopolitical environment and energy market volatility make medium-term forecasts challenging, but a stable margin and top-line performance are anticipated [19] - The company is monitoring pricing pressures in international markets, particularly in premium products, while maintaining a stable pricing outlook [27][29] Other Important Information - The company is investing in expanding its fracking and coil tubing services in Argentina, anticipating increased drilling activity by the end of 2026 [11][19] - Tenaris is positioned to benefit from potential increases in offshore investments, with significant projected investments in deepwater projects for 2027 [55][56] Q&A Session Summary Question: Outlook for Q1 and beyond - Management indicated a stable performance in Q1 2026, with results expected to be in line with Q4 2025 [18] Question: Impact of tariffs on margins - Management noted ongoing efficiency improvements and a slight reduction in tariff impacts expected in Q1 2026 [21] Question: Pricing pressure in international markets - Management observed stability in premium product pricing, with some pressure in lower-end applications [27] Question: Buyback program philosophy - The buyback program remains a key component of shareholder returns, with decisions pending on future tranches [32] Question: Argentina's drilling activity - Management expects increased drilling activity in Argentina in the second half of 2026, driven by improved investment confidence [42] Question: Venezuela opportunities - Short-term revenue potential in Venezuela is estimated at $50 million for 2026, with expectations for growth as more companies resume operations [87]

Obsidian Energy Ltd. Corporate Presentation February 2026 OVERVIEW Focused asset base with experienced team delivering value P E A C E R I V E R 13,741 boe/d Cold flow heavy oil V I K I N G 1,025 boe/d Light oil conventional development W I L L E S D E N G R E E N & P C U # 1 1 Q4 2025 27,971 boe/d 12,968 boe/d Light oil conventional development | Q4 2025 Production | 27,971 boe/d | | --- | --- | | Q4 2025 Annualized Funds Flow from Operations (FFO) | $226 million | | Q4 2025 Annualized Net Debt to FFO | 1. ...

Financial Data and Key Metrics Changes - Operating capital generation before holding and funding expenses increased year-over-year to EUR 1.3 billion, ahead of target [4] - Operating results increased by 15% compared to 2024, reaching EUR 1.7 billion [5] - Free cash flow for the full year 2025 was EUR 829 million, consistent with the target [5] - Final dividend proposed at EUR 0.21 per common share, resulting in a full year 2025 dividend of EUR 0.40 per share, up 14% from EUR 0.35 per share in 2024 [5] - Operating results in the second half of 2025 increased by 11% year-on-year to EUR 858 million [14] Business Line Data and Key Metrics Changes - In the U.S., new life sales increased by 10% compared to 2024, with a 6% increase in annuity sales [9] - The number of licensed agents in the U.S. increased by 11% to nearly 96,000 [8] - Aegon UK reported net deposits driven by onboarding new schemes and regular contributions from existing schemes [10] - Aegon Asset Management generated positive third-party net deposits, although at a lower level than last year [11] Market Data and Key Metrics Changes - The U.S. operating result increased by 5% in euros, or 14% in U.S. dollars, due to business growth and favorable variances [16] - The operating results of the UK increased, benefiting from business growth and favorable markets [17] - In the international segment, new sales contributed to growth, with higher new life sales reported in Brazil, Spain, and Portugal [11] Company Strategy and Development Direction - The company is making progress with preparations for relocation to the U.S. and is implementing U.S. GAAP [7] - Aegon aims to grow the operating result of the group by around 5% per year from the EUR 1.5-EUR 1.7 run rate in 2025 [18] - The strategic review of Aegon UK is ongoing, with updates expected before summer [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth ambitions for 2026 and 2027, supported by strong commercial performance [26] - The company noted that the retirement business in the U.S. is performing well despite net outflows due to market trends [92] - Management acknowledged the impact of market conditions on financial assets and the need for ongoing management actions [60] Other Important Information - The group solvency ratio remains robust at 184% [16] - Cash capital at holding decreased to EUR 1.3 billion at the end of 2025, consistent with the aim to reach around EUR 1.0 billion by the end of 2026 [25] - The company executed EUR 400 million of share buybacks in the second half of 2025 [6] Q&A Session Summary Question: Sustainability of Operating Profit - Management indicated that the second half operating result was a reasonable representation of underlying figures, benefiting from strong markets [32] Question: ASR Stake Ownership - Management confirmed no change in their position regarding the ASR stake, stating it would not be influenced by redomiciliation to the U.S. [33] Question: OCG Conditions - Management highlighted positive mortality and morbidity variances and high new business strain as factors affecting OCG [38] Question: WFG Performance - Management explained that lower margins in WFG were due to investments in leadership, technology, and training to support agent productivity [41] Question: Legal Settlements - Management confirmed that legal settlements were included in the $230 million of charges and are awaiting court approval [46] Question: Investment Credit Concerns - Management noted that ECL movements were relatively small and benign, with no significant concerns about further downgrades [76]

Core Viewpoint - Wolters Kluwer has repurchased 217,021 ordinary shares for €13.5 million at an average price of €62.29 during the period from February 12 to February 18, 2026, as part of its ongoing share buyback program [1][2]. Share Buyback Program - The share buyback program, announced on November 5, 2025, aims to repurchase shares worth up to €200 million from November 6, 2025, to February 23, 2026 [2]. - As of the current date, a total of 1,187,180 shares have been repurchased, with a total expenditure of €91.8 million and an average share price of €77.33 [2]. Treasury Shares and Capital Reduction - Shares repurchased will be held as treasury shares and are intended for capital reduction through share cancellation [3]. Company Overview - Wolters Kluwer reported annual revenues of €5.9 billion for 2024, serving customers in over 180 countries and employing approximately 21,900 people globally [4]. - The company is headquartered in Alphen aan den Rijn, the Netherlands, and is listed on Euronext Amsterdam [5].

Financial Performance Update - ISS reported a total revenue of DKK 85 billion in 2025, an increase of nearly DKK 1 billion compared to the previous year, despite facing currency headwinds [5] - Organic growth for 2025 was 4.3%, down from 6.3% in 2024, with H2 2025 showing a growth of 4.4% compared to 6.6% in H2 2024, primarily driven by price increases and positive volume growth [5] - The operating margin before other items remained stable at 5.0% for 2025, with H2 2025 at 5.8%, slightly down from 6.0% in H2 2024 due to commercial investments in the US [5] Business Update - ISS secured ten significant new contracts and expanded ten existing partnerships, each contributing over DKK 100 million in new annual revenue, enhancing its market position [5] - The retention rate improved from 93% in 2024 to 94% in 2025, indicating stronger customer loyalty [5] - Two contracts were reduced in scope, and one was lost during the year [5] Capital Distribution and Outlook - The company announced a new share buyback program of DKK 2.5 billion following the completion of a previous program of DKK 3.0 billion [5][6] - Financial leverage at the end of 2025 was 2.3x, within the target range of 2.0x to 2.5x [5] - For 2026, ISS expects organic growth to exceed 5% and operating margin to be above 5%, with reported free cash flow anticipated to be above DKK 2.5 billion [5]

Core Insights - Central Garden & Pet Company (CENT) has increased its share repurchase authorization by an additional $100 million, indicating a commitment to enhancing shareholder value and a belief that its shares are currently undervalued [1][10]. Share Repurchase Program - The share repurchase program has no expiration date, allowing the company to limit, suspend, or terminate it at any time without prior notice, reflecting confidence in its financial position [2]. - In the first quarter of fiscal 2026, the company repurchased approximately 660,000 shares for $18.5 million, with $28 million remaining under the existing authorization for future buybacks [3][10]. Financial Performance and Strategy - Central Garden & Pet is executing a multi-year transformation plan aimed at strengthening its leadership in pet consumables and lawn and garden categories through innovation and supply-chain simplification [4]. - The company reported cash, cash equivalents, and short-term investments of $721 million at the end of the first quarter of fiscal 2026, a year-over-year increase of $103 million [6][10]. - Management reaffirmed its fiscal 2026 earnings per share target of $2.70 or higher, with the Pet segment showing steady growth and the Garden segment expected to recover seasonally [5][10]. Valuation and Market Performance - CENT shares have gained 19.7% in the past month, outperforming the industry growth of 9.3% [7]. - The company trades at a forward price-to-earnings ratio of 13.60X, which is lower than the industry's average of 18.23X, indicating potential value [8].

Group 1: Financial Performance - The company maintained a conservative reserve price assumption of $1,700 per ounce for gold, focusing on margin preservation rather than volume expansion through lower cutoff grades [1] - The integration of CC&V generated over $200 million in mine site free cash flow in 2025, more than doubling the initial acquisition cost of $100 million [2] - The company generated $252 million in full-year free cash flow, supporting a robust liquidity position of over $1 billion for growth capital and shareholder returns [2] Group 2: Production and Guidance - The company delivered 2025 production above the midpoint of guidance, driven by record processing volumes at Puna and exceptional recovery performance at Cripple Creek and Victor (CC&V) [3] - The 2026 production guidance is set at 450,000 to 535,000 gold equivalent ounces, with CC&V production expected to be 50% to 55% weighted to the second half of the year [3] - Seabee production is anticipated to be approximately 60% weighted to the second half of 2026 [3] Group 3: Project Development - The Hod Maden project advanced through a Technical Report Summary (TRS) confirming its status as a high-grade, first-quartile copper-gold asset with a 39% IRR [1] - A formal construction decision for Hod Maden is anticipated following joint venture reviews, with early site works currently funded at approximately $15 million per month [3] - The planned 2026 capital spend of $150 million includes significant fleet replacements and leach pad expansions at Marigold to support long-term haulage requirements [3] Group 4: Strategic Focus - The strategic focus at Puna involves evaluating pit laybacks and the Cortaderas underground deposit to extend the mine life beyond the current 2028 projection [3] - An updated Marigold TRS is expected to be released within 18 months to integrate the Buffalo Valley and New Millennium deposits into the long-term production profile [3]

Core Viewpoint - InterContinental Hotels Group (IHG) is anticipating a recovery in U.S. travel driven by the 2026 FIFA World Cup, despite reporting a third consecutive quarterly decline in U.S. revenue per available room (RevPAR) [1] Group 1: Financial Performance - IHG's U.S. RevPAR fell by 2% in the latest quarter, underperforming competitors Hilton and Marriott [1] - The company reported a 1.6% growth in global room revenue for Q4, surpassing expectations of 1.5%, primarily due to growth in Greater China and a 7.1% increase in Europe, Middle East, Africa, and Asia markets [1] - IHG's operating profit from reportable segments for 2025 rose by 13% to $1.27 billion, aligning closely with analyst expectations of $1.26 billion [1] Group 2: Strategic Initiatives - IHG has launched a $950 million share buyback program for 2026 and proposed a 10% increase in its annual dividend [1] - The company is optimistic about less turbulent trading conditions in the U.S. and expects stronger demand in the industry leading up to the World Cup [1] Group 3: Market Outlook - The upcoming FIFA World Cup is projected to attract between 1 million and 6 million foreign visitors to the U.S., which is expected to boost demand for IHG's services starting in the second quarter of 2026 [1] - Leisure travel trends in the U.S. have softened as consumers become more cost-conscious amid economic challenges [1]