Financial Performance - In 2025, gold production increased by 22% year-over-year, with gold revenue reaching $909 million, up 82% from $499 million in 2024 [3][6] - Adjusted EBITDA was $464 million, a 185% increase from $163 million in 2024, reflecting strong leverage to higher gold prices [3][6] - Adjusted net earnings were $241 million or $1.28 per share, up from $56 million or $0.35 per share in 2024, marking a 265% increase [3][6] - The company generated $127 million in free cash flow, with a cash balance of $392 million at year-end, up from $252 million in 2024 [7][9] Business Line Performance - Segovia produced 228,000 ounces of gold in 2025, a 21% increase from 188,000 ounces in 2024, driven by improved milling rates and higher gold grades [10][14] - Marmato's development is ahead of schedule, with significant progress in the bulk mining zone and construction of the CIP plant [17][20] - Segovia's all-in sustaining cost (AISC) was $1,534 per ounce, up 3% year-over-year, while total AISC was $1,705 per ounce, reflecting a 13% increase [14][15] Market Data - Gold prices increased by 48% in 2025, significantly impacting revenue and margins [3][15] - The company expects production guidance for 2026 to be between 300,000 and 350,000 ounces, representing over 25% growth year-over-year [4][26] Company Strategy and Industry Competition - The company aims to grow production to 500,000 ounces in the near term, with a long-term goal of reaching 1 million ounces annually [26] - The transition to the main board of the New York Stock Exchange is expected to enhance visibility among institutional investors and improve trading liquidity [23][25] Management Commentary - Management expressed confidence in the operational ramp-up and the successful execution of growth projects, including the Segovia and Marmato expansions [3][26] - The company highlighted its strong balance sheet and cash flow position, which supports its growth strategy [25] Other Important Information - The company completed the acquisition of the remaining 49% interest in Soto Norte for $80 million and reached an arbitration settlement with the Colombian government [26] - The construction of the Marmato CIP plant is on track for first gold production in Q4 2026, with a staged ramp-up expected [20][26] Q&A Session Summary Question: Update on Segovia ramp-up and throughput expectations - Management indicated that the ramp-up is going well, with expectations to reach a steady state of 3,000 tons per day by Q4 2026 [29][30] Question: Guidance on Q1 production - The company expects to maintain throughput around 2,600 tons per day in Q1 [31] Question: Growth capital for Marmato and other projects - The estimated total cost for Marmato is approximately $400 million, with a 2026 budget of $220 million [35][43] Question: Optimism about ramp-up of the CIP plant - Management expressed confidence in achieving the ramp-up milestones and believes they are realistic and achievable [45]

Core Insights - Saputo Inc. reported solid financial results for Q2 of fiscal 2026, highlighting strong execution across its global network and effective commercial strategies [2][3][72] Financial Performance - Revenues for Q2 2026 reached $4.721 billion, a slight increase of $13 million or 0.3% compared to Q2 2025, driven by higher sales volumes and prices in North America [3][11] - Adjusted EBITDA for Q2 2026 was $450 million, up $61 million or 15.7%, with an adjusted EBITDA margin of 9.5%, an increase from 8.3% [3][11] - Net earnings totaled $185 million or $0.45 per share, reflecting an increase of $59 million or $0.15 per share compared to the same quarter last year [3][4][11] - Adjusted net earnings were $198 million or $0.48 per share, up $41 million or $0.11 per share from Q2 2025 [11][81] Sector Analysis Canada Sector - Revenues for Q2 2026 were $1.373 billion, up $79 million or 6.1% from Q2 2025, attributed to higher sales volumes in retail, foodservice, and industrial segments [23][24] - Adjusted EBITDA for Q2 2026 was $179 million, an increase of $17 million or 10.5%, with an adjusted EBITDA margin of 13.0% [27][28] USA Sector - Revenues for Q2 2026 were $2.153 billion, down $72 million or 3.2% from Q2 2025, primarily due to lower US dairy commodity market pricing [33][34] - Adjusted EBITDA for Q2 2026 was $167 million, up $22 million or 15.2%, with an adjusted EBITDA margin of 7.8% [37][39] International Sector - Revenues for Q2 2026 were $871 million, down $41 million or 4.5% from Q2 2025, with stable sales volumes but impacted by hyperinflation accounting in Argentina [47][49] - Adjusted EBITDA for Q2 2026 was $79 million, up $25 million or 46.3%, with an adjusted EBITDA margin of 9.1% [52][55] Europe Sector - Revenues for Q2 2026 were $324 million, an increase of $47 million or 17.0% from Q2 2025, driven by higher selling prices and sales volumes [62][63] - Adjusted EBITDA for Q2 2026 was $25 million, down $3 million or 10.7%, with an adjusted EBITDA margin of 7.7% [65][68] Strategic Outlook - The company remains confident in its long-term outlook, anticipating organic sales growth, particularly in the USA Sector, supported by sustained growth in key retail categories and ongoing innovation [72] - Continued focus on cost optimization and operational efficiencies is expected to enhance margins across all sectors [72][79]

Core Insights - F&G Annuities & Life, Inc. reported a significant decline in net earnings for Q2 2025, with net earnings attributable to common shareholders at $35 million, or $0.26 per diluted share, compared to $198 million, or $1.55 per share in Q2 2024 [2][10][22] - Adjusted net earnings for Q2 2025 were $103 million, or $0.77 per share, down from $139 million, or $1.10 per share in the same quarter of the previous year [3][10][26] - The company achieved record assets under management (AUM) before flow reinsurance of $69.2 billion, a 13% increase from $61.4 billion in Q2 2024, driven by strong sales [5][7][11] Financial Performance - Gross sales for Q2 2025 were $4.1 billion, a decrease from $4.4 billion in Q2 2024, with net sales at $2.7 billion compared to $3.4 billion in the prior year [6][9][27] - The investment portfolio remains strong, with 97% of fixed maturities rated investment grade, and credit-related impairments averaging 6 basis points over the past five years [11][12] - Adjusted return on assets (ROA) was 0.71% for Q2 2025, down from 0.98% in Q2 2024, while adjusted return on equity (ROE) excluding AOCI increased to 8.8% from 8.4% year-over-year [6][11][14] Sales and Market Position - Retail channel sales reached over $3.6 billion, a 13% increase from Q2 2024, marking one of the best quarters for indexed annuities and record sales for indexed universal life and multiyear guaranteed annuities [8][11][27] - Institutional market sales were $0.5 billion for pension risk transfer, down from $1.2 billion in Q2 2024, reflecting the opportunistic nature of these sales [9][11] - The company continues to focus on organic growth and returning capital to shareholders, having returned $35 million in capital during Q2 2025 [11][14] Capital and Equity - Total equity attributable to common shareholders, excluding AOCI, was $5.9 billion, or $43.39 per share, reflecting an increase of $0.08 per share during the quarter [14][25] - Book value per common share, excluding AOCI, increased to $43.39 from $42.52 at the end of Q2 2024 [6][14][25] - The company is on track to meet its medium-term targets set during the 2023 Investor Day, with expectations for further improvement in operating efficiency [5][11][14]

Core Viewpoint - F&G Annuities & Life, Inc. reported a significant net loss of $25 million for Q1 2025, contrasting sharply with net earnings of $111 million in Q1 2024, primarily due to unfavorable mark-to-market effects and other items [2][3][12]. Financial Performance - Net loss attributable to common shareholders for Q1 2025 was $25 million, or $0.20 per diluted share, compared to net earnings of $111 million, or $0.88 per share, in Q1 2024 [2][12]. - Adjusted net earnings for Q1 2025 were $91 million, or $0.72 per share, down from $108 million, or $0.86 per share, in Q1 2024 [3][12]. - Total revenues for Q1 2025 were $908 million, a decrease from $1.569 billion in Q1 2024 [26]. Assets Under Management (AUM) - Record AUM before flow reinsurance reached $67.4 billion as of March 31, 2025, a 16% increase from $58.0 billion a year earlier [5][9][7]. - Retained AUM was $54.5 billion, reflecting a 9% increase from $49.8 billion in Q1 2024 [7][9]. Sales Performance - Gross sales for Q1 2025 were $2.9 billion, a decrease of 17% from $3.495 billion in Q1 2024 [8][9]. - Net sales were $2.2 billion, slightly down from $2.3 billion in the same quarter of the previous year [12][9]. Investment Portfolio - The investment portfolio maintained high credit quality, with 96% of fixed maturities rated as investment grade [5][9]. - Credit-related impairments remained low, averaging 6 basis points over the past five years and 2 basis points in Q1 2025 [9]. Capital and Liquidity - Total equity attributable to common shareholders, excluding AOCI, was $5.8 billion, or $43.31 per share, as of March 31, 2025 [14][25]. - The debt-to-capitalization ratio, excluding AOCI, was 26.7%, with a commitment to a long-term target of approximately 25% [16][14]. Strategic Initiatives - The company completed a public offering of 8 million shares of common stock in March 2025, generating nearly $269 million for general corporate purposes [21][9]. - F&G returned $30 million of capital to shareholders through common and preferred dividends in Q1 2025, compared to $26 million in Q1 2024 [16][9].