Financial Data and Key Metrics Changes - For the full year 2025, core FFO was reported at $0.87 per diluted share, with Q4 core FFO at $0.23 per diluted share [24] - Same-store property cash NOI increased by 3.4% year-over-year for Q4 and 60 basis points for the full year [24] - Operating expenses increased by 1.7% for Q4 and 3.4% for the full year, primarily due to higher real estate taxes and cleaning-related labor costs [25] Business Line Data and Key Metrics Changes - The office portfolio is 93.5% leased, reflecting strong demand for top-tier, modernized properties [8][19] - The multifamily portfolio showed excellent performance with occupancy just under 98% and revenue increasing by 9% year-over-year in Q4 [23] - The Observatory business generated approximately $24 million of NOI in Q4 and $90 million for the full year, with revenue per capita increasing by 6.9% year-over-year in Q4 [25] Market Data and Key Metrics Changes - The leasing market in New York City is described as the strongest since 2019, with strong demand across various industries [19] - The company has a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters of 2026 [33] - The market for large block, institutional quality office space remains supply-constrained, with strong demand [15] Company Strategy and Development Direction - The company has transformed its portfolio to a 100% New York City focus, enhancing cash flow and portfolio quality [12] - A proactive balance sheet management strategy allows for strategic transactions and shareholder value creation [8] - The company aims to continue improving the quality of its portfolio and cash flows through prudent capital allocations [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term cash growth potential of the portfolio despite known tenant rollovers impacting FFO growth in 2026 [8] - The company anticipates a consistent performance in 2026, with core FFO guidance ranging from $0.85 to $0.89 per diluted share [27] - Management remains focused on enhancing the guest experience and driving efficiencies in the Observatory business [30] Other Important Information - The company completed $1 billion in acquisitions of high-quality real estate and disposed of suburban commercial assets without tax leakage [8] - The company achieved the highest possible GRESB rating for the sixth consecutive year, reflecting its sustainability leadership [10] - Opportunistic share repurchases remain a strategic part of the capital allocation framework, with $6 million repurchased in Q4 [17] Q&A Session Summary Question: Outlook on leasing activity for Q1 2026 - Management indicated strong market tenor and a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters [33] Question: Details on the sale price of the Stamford asset - The asset was sold for mid-$60 million, with a cap rate around 7% [34] Question: Impact of proposed property tax increases - Management stated that any increase would be passed through to tenants, and the market dynamics would dictate rent adjustments [38][39] Question: Impact of AI on leasing decisions - Management noted strong demand for high-quality office space, with AI being a positive factor for leasing demand [40] Question: Impact of new mayor's policies on leasing discussions - Management confirmed that the new mayor's rhetoric has not impacted leasing discussions, with high demand remaining [44] Question: Competition and economic outlook for the Observatory - Management highlighted a shift in visitor composition and strong direct marketing efforts, with competition from other attractions noted [48][49]

Financial Data and Key Metrics Changes - For the full year 2025, core FFO was reported at $0.87 per diluted share, reflecting continued performance across the platform [4] - Same-store property cash NOI increased by 3.4% year-over-year for Q4 and 60 basis points for the full year [22] - Operating expenses increased by 1.7% for Q4 and 3.4% for the full year, primarily driven by higher real estate taxes and cleaning-related labor costs [22] Business Line Data and Key Metrics Changes - The office portfolio is 93.5% leased, with a 170 basis point increase in occupancy year-over-year [18] - The multifamily portfolio reported occupancy just under 98%, with revenue increasing by 9% year-over-year in Q4 and 10% for the full year [21] - The observatory business generated approximately $24 million of NOI in Q4 and $90 million for the full year, with revenue per capita increasing by 6.9% year-over-year in Q4 [23] Market Data and Key Metrics Changes - The leasing market in New York City is described as the strongest since 2019, with strong demand concentrated among top-quality, modernized buildings [18] - The company has a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters of 2026 [31] - The market for large block, institutional quality office space is supply-constrained, with strong demand [12] Company Strategy and Development Direction - The company has transformed its portfolio to a 100% New York City focus, enhancing cash flow and portfolio quality [6] - A proactive balance sheet management strategy is in place to provide flexibility for strategic transactions and shareholder value creation [6] - The company aims to continue improving the quality of its portfolio and cash flows through prudent capital allocations [17] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 FFO and same-store cash NOI to be consistent with 2025 results, with anticipated commercial occupancy of 90%-92% by year-end 2026 [25] - Known tenant rollover is expected to impact FFO growth in 2026, but the portfolio is well-positioned for long-term cash growth [6] - The company remains optimistic about the return of traditional international visitors and is focused on enhancing guest experiences [8] Other Important Information - The company achieved the highest possible GRESB rating for the sixth consecutive year, reflecting its sustainability leadership [9] - Opportunistic share repurchases remain a strategic part of the capital allocation framework, with $6 million of shares repurchased in Q4 [16] - The company has completed $1 billion of acquisitions of high-quality real estate, improving cash flow and portfolio quality [6] Q&A Session Summary Question: Outlook on leasing activity for Q1 2026 - Management indicated strong market tenor and a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters [31] Question: Details on the sale of the Stamford asset - The sale price was mid-$60 million, with adjustments bringing it close to the debt balance [32] Question: Impact of proposed property tax increases - Management stated that any increase would be passed through to tenants, and the market dynamics would dictate rent adjustments [36][37] Question: Impact of AI on leasing decisions - Management noted strong demand for high-quality office space, with AI being a positive factor for leasing activity [38] Question: Impact of the new mayor's policies on leasing discussions - Management confirmed that there has been no impact on leasing discussions from the new mayor's rhetoric or policies [42] Question: Economic outlook for the observatory and competition - Management highlighted a shift in visitor composition towards more domestic visitors and noted competition from other attractions [46]

Core Viewpoint - Eramet faced significant challenges in 2025 due to global macroeconomic headwinds, cyclical lows in core commodities, and a weakening dollar, which adversely affected profitability and cash generation. However, the company achieved key milestones in its strategic roadmap, particularly in lithium production and positive mining initiatives [3][4]. Financial Performance - Adjusted EBITDA for 2025 was €372 million, down 54% from 2024, primarily due to unfavorable price and exchange rate impacts, particularly in manganese [5][29]. - Net income attributable to the Group was -€477 million, with a net income of -€370 million when excluding SLN, reflecting a significant decline in EBITDA and asset impairment charges [5][29]. - Adjusted Free Cash Flow was -€481 million, influenced by construction capex for the lithium plant and tax disbursements [5][31]. Operational Highlights - The ramp-up of lithium production at Centenario achieved close to 75% of design capacity by December 2025, marking a significant operational milestone [5][100]. - The Eramet Grande Côte site in Senegal achieved the IRMA 50 performance level, aligning with the Group's Act for Positive Mining vision [4][16]. Strategic Initiatives - The ReSolution program was launched to improve operational performance, cash generation, and safety, with a target of delivering an initial EBITDA improvement potential of €130-170 million within two years [10][13]. - A funding plan was approved to enhance cash generation and strengthen the balance sheet, focusing on strict capital allocation, deleveraging, and targeted investments [7][11]. Market Trends - The global manganese ore price index averaged $4.5/dmtu in 2025, down 18% from 2024, reflecting a surplus in the supply/demand balance [50][60]. - Global electric vehicle sales increased by 20% in 2025, driving demand for lithium, which reached 1,533 kt-LCE, up 31% year-on-year [96][97]. Future Outlook - For 2026, Eramet targets manganese ore transportation volumes between 6.4 and 6.8 million tonnes, with a cash cost forecast between $2.4 and $2.6/dmtu [61][62]. - The lithium market is expected to continue growing, driven by the adoption of electric vehicles, with a projected sales penetration rate of 60% in China by 2026 [102].

Let me begin with a stark reality. We reshaped our planet to an unimaginary scale. We wiped out 99.9% of the species we once shared this planet with.70% of primary forest ecosystems that took millions millions of years to form gone in one single generation. We're using 50% of the planet of our habitable land just for agriculture. 80% of fresh water goes to feed ourselves.This is both devastating and honestly amazing. We have empowered our own species through that to get to 8 billion people. And despite my d ...

Core Insights - The company achieved record annual revenue exceeding $6 billion, driven by 15 consecutive quarters of year-over-year adjusted EBITDA margin growth in Environmental Services [1] - Performance was supported by disciplined pricing that outpaced inflation, improved workforce productivity, and enhanced network efficiency across disposal and recycling channels [1] - Environmental Services growth of 6% was fueled by high demand for technical services, project volumes, and a significant increase in landfill volumes, which rose more than 50% in Q4 [1] Business Model Resilience - Management attributed the resiliency of the business model to a diverse range of service offerings and industry verticals, which mitigated near-term industrial market headwinds [1] - The successful first-year ramp-up of the Kimball incinerator and the creation of the Phoenix hub provided critical infrastructure to support complex waste processing [1] Margin Improvement and Employee Stability - Safety-Kleen Sustainability Solutions (SKSS) improved margins by 310 basis points despite a weakening base oil market by aggressively raising 'charge for oil' (CFO) rates by approximately 50% over Q3 averages [1] - The company reduced voluntary employee turnover by 150 basis points to a five-year low, which management identifies as a key driver for operational stability and cost savings [1]

EMPIRE STATE REALTY TRUST Investor Presentation February 2026 North Sixth Street Collect Multi-Purpose Space at ESB Williamsburg, Brooklyn Rooftop and Penthouse Lounge at 501 Seventh Ave Sol de Janeiro at One Grand Central Place 34th Street Empire Lounge at ESB CLA at One Grand Central Place Empire State Empire State Building REALTY TRU Contents ESRT's Transformation Quarterly Highlights ESRT Overview ESRT Property Sector Highlights Key Takeaways Appendix 2 | 38 RE STATE REALTY TRUST ESRT's Transformation 3 ...

CLOSE your eyes and step into 2036 with me. In one version, 2036 is filled with sunshine, and buildings are powered solely by renewable energy. The streets are lined not only by street lamps, but also trees.As society has realized that nature isn't merely decoration, but it's survival. Cars glide down these streets with ease and perhaps can even fly at this point with less accidents happening each and every year. Pollution, it's not something needed to be worried about. It's instead taught in history class, ...

Core Insights - Sysco Corporation is launching a pilot program called Home Grown by Sysco to enhance the availability of locally sourced foods and artisan products [1][2] - The pilot program will feature approximately 10,000 locally sourced products and will initially operate in specific regions of the United States and Canada, with plans for expansion within the next year [2][3] Group 1: Program Details - The Home Grown by Sysco program is part of Sysco's sustainability strategy, aiming to bring locally sourced products to more consumers [3][8] - The definition of "locally sourced" includes items from geographic areas close to Sysco distribution centers, typically within the same state or province [3] - The pilot program is set to begin on February 24, 2026, covering the Great Lakes, Northeast, South Florida, Montreal, and British Columbia regions [2][4] Group 2: Market Demand and Commitment - The initiative responds to increasing customer demand for locally grown and artisan products, with two-thirds of diners indicating a preference for such offerings in table-service restaurants [4][6] - Sysco emphasizes its commitment to supporting small businesses, including independent restaurants and local suppliers, as part of the program's goals [6] Group 3: Operational Enhancements - The pilot will also focus on improving software and identifiers to enhance customer experience before scaling the program across North America [7] - Sysco operates 339 distribution centers across 10 countries, serving approximately 730,000 customer locations, and generated over $81 billion in sales for the fiscal year 2025 [8][9]

Core Insights - CNH has achieved a ranking in the top 1% of companies in S&P Global's 2026 Sustainability Yearbook, with a score of 83/100, evaluated among over 9,200 organizations across 62 industries [1][2][3] - This recognition follows CNH's inclusion in S&P Global's Dow Jones Sustainability World and North America Indices, where it secured a joint first place in the Machinery and Electrical Equipment Industry category [2][3] - The Chief Sustainability Officer of CNH emphasized that this recognition reflects the company's impactful sustainability strategy, particularly in agriculture, where their technologies contribute to healthier soils and biodiversity [3] Sustainability Performance - CNH received an A Climate score and an A- Water score from CDP, highlighting its commitment to environmental sustainability [4] - The company has progressed to the top 1% from being in the top 5% for two consecutive years, indicating significant improvement in sustainability performance [7] Company Overview - CNH Industrial is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity [5][6] - The company operates various brands, including Case IH and New Holland for agriculture, and CASE and New Holland Construction Equipment for construction, providing a comprehensive range of products and digital technologies [5] - With over 35,000 employees, CNH promotes a diverse and inclusive workplace aimed at empowering customers and fostering a better world [6]

Core Insights - CNH has achieved a ranking in the top 1% of companies in S&P Global's 2026 Sustainability Yearbook, marking its first year in this elite category after two consecutive years in the top 5% [1] - The company scored 83 out of 100 in the S&P Global 2025 Corporate Sustainability Assessment, which evaluated over 9,200 organizations across 62 industries [1] - CNH is one of only two companies from its industry group to be included in the top 1% [1] Sustainability Recognition - This recognition follows CNH's inclusion in S&P Global's Dow Jones Sustainability World and North America Indices, where it received a joint first place ranking in the Machinery and Electrical Equipment Industry category [2] - CNH was awarded an A Climate score and an A- Water score from CDP, a global non-profit organization focused on environmental disclosure [4] Strategic Impact - The Chief Sustainability Officer of CNH emphasized that the company's sustainability strategy is making a significant impact in agriculture, particularly in enhancing soil health, protecting biodiversity, and improving resource efficiency [3]