Sampo plc, press release, 9 February 2026 at 11:00 am EET NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA OR THE DISTRICT OF COLUMBIA (the United States) OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE OR TO WHOM IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT Sampo plans to issue new Restricted Tier 1 n ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $751 million, a decrease of 14% from the record results of 2024, but still the third highest revenue year in its 20-year history [4] - Fourth quarter revenues were $219 million, which included $18.5 million related to closings that occurred within the first few days of 2026 [8][9] - The adjusted compensation margin for 2025 was 68%, up from 67% in 2024, reflecting strong discipline in managing compensation despite record talent investment [8] Business Line Data and Key Metrics Changes - The M&A business had a productive year in expanding coverage and expertise, although revenue ambitions were not fully met due to several large transactions not completing as hoped [4] - The Restructuring practice achieved record revenues, gaining market share in a growing market, particularly in Debtor-Side Mandates [5] - The Financing and Capital Solutions business is positioned well for future growth, supported by a strong pipeline and positive client sentiment [7] Market Data and Key Metrics Changes - In Europe, the company delivered record revenues, solidifying its position as a leading advisor in active regions [5] - The company noted that European market activity is expected to improve, with significant investments in sectors like defense and energy security [35] Company Strategy and Development Direction - The company is focused on building a differentiated platform that can perform across various market conditions, with a strong emphasis on client relationships and talent acquisition [4][7] - The firm aims to continue its growth trajectory by leveraging its strong pipeline and enhancing its service offerings, particularly in restructuring and financing [5][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing a strong backlog and positive sentiment among clients, despite challenges faced in 2025 [4][14] - The geopolitical landscape is seen as creating opportunities rather than obstacles, with clients focusing on long-term strategies [37][38] Other Important Information - The company returned over $163 million to equity holders in 2025 through dividends, share repurchases, and unit exchanges, while maintaining a strong cash position of $256 million and no debt [9] - The firm added 23 new senior bankers in 2025, with continued momentum in talent acquisition into 2026 [6] Q&A Session Summary Question: Impact of large deals not completing in 2025 - Management acknowledged that several large transactions did not complete, impacting revenue, but expressed optimism for 2026 with a better starting point [11][13] Question: Performance of the Devon Park addition - The integration of Devon Park has been positive, with successful joint mandates and a strong pipeline, indicating relevance in client conversations [15][16] Question: Outlook for restructuring revenues in 2026 - Management is optimistic about the restructuring business, expecting continued strong demand driven by proactive financial management among clients [25][26] Question: Recruiting outlook for 2026 - The company anticipates a return to a more normal hiring pace, with a strong pipeline of candidates but not as aggressive as in the previous year [28][29] Question: Drivers of record revenues in Europe - Management attributed the success in Europe to strategic investments and a strong team, with increasing activity levels expected in the region [34][36] Question: Capital return priorities - The company remains focused on organic investments as the top priority, while also considering share buybacks and dividends as part of its capital management strategy [44][45] Question: Starting point for compensation ratio in 2026 - The compensation ratio for Q1 2026 is expected to start at 67%, with flexibility needed in Q4 to assess final adjustments [46][47]

Core Insights - Branded Legacy, Inc. has successfully eliminated $1,078,500 in legacy convertible debt, enhancing its financial position and reducing potential dilution for shareholders [1][4][5] Debt Retirement - The company negotiated the retirement of four legacy convertible notes, which included three notes over two years old and one that would have become convertible in September 2026 [2] - This action prevents the conversion into hundreds of millions of shares, thereby averting significant dilution for existing shareholders [2][6] Previous Achievements - Prior to this, the company had retired approximately $1 million in legacy convertible debt, further reducing liabilities and dilution risks [3] Leadership Impact - Since Dr. Jamie Forrest took over as Interim CEO in December 2025, he has focused on eliminating legacy convertible debt through strategic negotiations and due diligence [4][5] Shareholder Value - The company emphasizes protecting shareholder interests through disciplined capital management, which includes resolving legacy convertible notes to strengthen the balance sheet and enhance financial flexibility [5][6] Transparency and Compliance - Branded Legacy is committed to improving transparency and compliance, having issued 140 million of the approximately 300 million shares anticipated from pre-existing convertible instruments [6] - The company is working with OTC Markets Group to update its issuer profile and remove the Yield Sign designation from its ticker [7] Company Overview - Branded Legacy, Inc. is a publicly traded company based in Vancouver, British Columbia, focused on financial discipline, transparency, and sustainable shareholder value creation [8]

Headquartered in Houston, Texas, APA Corporation (APA) is an independent energy producer focused on natural gas, oil, and natural gas liquids. With a market cap of roughly $9.4 billion, the company runs diversified assets across the United States, Egypt’s Western Desert, the U.K. North Sea, and offshore exploration acreage in Suriname. Over the past 52 weeks, APA Corporation’s shares jumped 14.9%, narrowly beating the S&P 500 Index’s ($SPX) 14.3% gain. The stock also strengthened its relative performance ...

Effectively executing on these focus areas will help us sustain our industry-leading growth while advancing the efficiency and effectiveness of our model. With that as context, let's review a few highlights of our business growth. In Q4, recruited assets were $14 billion, bringing our total for the year to $104 billion. Throughout the quarter, our pipelines continued to build and are near record levels. Recognizing that many opportunities are in the early and mid-stages, we expect the pull-through to improv ...

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $58.7 million in net income, leading to an annual consolidated net income of $183.5 million, surpassing the previous record set in 2024 by approximately $6 million [4][21] - The company ended the year with cash of $425 million and total liquidity of $643 million, with a debt to total capitalization ratio of 16.3%, down from 9.6% at the end of 2024 [8][22] Business Line Data and Key Metrics Changes - The Great Park community closed sales on 13 different programs consisting of 920 home sites, while Valencia saw modest home sales with 70 new homes sold in Q4, up from 50 in Q3 [6][12] - The company closed an industrial land sale in Valencia for $42.5 million and reported a gross margin of 31.25% [20] Market Data and Key Metrics Changes - The housing market in 2025 faced challenges due to economic uncertainty, elevated interest rates, and affordability constraints, yet the company demonstrated resilience in its asset performance [5][6] - Demand for homes remained strong at The Great Park, while Valencia experienced more modest demand due to affordability issues [6] Company Strategy and Development Direction - The company's strategy focuses on maximizing the value of existing communities, maintaining a lean operating structure, matching development spending with revenue generation, and expanding through targeted growth initiatives [9] - The company aims to pursue growth opportunities while prioritizing its growth strategy to expand recurring revenues [8] Management's Comments on Operating Environment and Future Outlook - Management expects growing buyer confidence and moderating interest rates to improve demand for well-located home sites in 2026, projecting consolidated net income of approximately $100 million for the year [7][16] - The company anticipates a small loss in Q1 2026 due to no planned land sales, with the majority of income expected in the second half of the year [26] Other Important Information - The company successfully secured critical entitlement approvals in Valencia and The Great Park, enhancing long-term asset value and development potential [4][13] - Hearthstone, acquired in Q3 2025, contributed $11.8 million in management fee revenue and $3.5 million in net income, expanding the company's earnings profile [15][23] Q&A Session Summary Question: Development expenditures for Valencia and San Francisco in 2026 - Management indicated that development expenditures for both projects in 2026 would be similar to the current year's spending of about $125 million, maintaining a constant pace as development increases [32][34] Question: Clarification on entitlement approvals - Management clarified that the new entitlements in Great Park are additive to previously disclosed saleable acreage, with 100 acres of commercial land now redesignated as residential [39][42]

Financial Data and Key Metrics Changes - In Q2 2026, the company originated $42.1 million in loans held for investment, a 42% increase from $29.6 million in the previous quarter [4] - Loan principal payments and payoffs were $46.7 million, a 35% increase from $34.5 million in the prior quarter [4] - Non-performing assets decreased to $999,000, or 8 basis points of total assets, down from $1.9 million at the end of the previous quarter [5] - The net interest margin increased by 3 basis points to 3.03% compared to 3% in the previous quarter [8] - Operating expenses rose to $7.9 million from $7.6 million in the previous quarter [13] Business Line Data and Key Metrics Changes - Loans held for investment decreased by approximately $4.1 million, with declines in multifamily, commercial business, and commercial real estate loans, partially offset by increases in single-family and construction loans [5] - The weighted average rate of loans originated in Q2 2026 was 6.15%, compared to 5.22% for loans held for investment as of December 31, 2025 [10] Market Data and Key Metrics Changes - The company’s loan pipelines are moderately higher than last quarter, suggesting origination volume in Q3 2026 will be within the range of recent quarters [4] - The average cost of deposits decreased to 1.32%, down 2 basis points, while the cost of borrowing decreased by 20 basis points to 4.39% [9] Company Strategy and Development Direction - The company focuses on disciplined balance sheet growth by expanding its loan portfolio, which is deemed suitable for the stable economic environment and ongoing normalization of the yield curve [14] - The company aims to maintain its cash dividend and recognizes stock buybacks as a responsible capital management tool, having repurchased approximately $96,000 of common stock in the last quarter [14][15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the current credit quality, noting no loans in early stages of delinquency and a strong performance of commercial real estate loans [6] - The company anticipates opportunities for net interest margin expansion in the upcoming quarters due to expected repricing of maturing wholesale funding at lower rates [12] Other Important Information - The allowance for credit losses to gross loans held for investment was 55 basis points, a slight decrease from 56 basis points in the previous quarter [8] - The company distributed $906,000 in cash dividends and repurchased approximately $1.5 million worth of common stock, representing a 170% distribution of the net income for the quarter [15] Q&A Session Summary Question: What is the probability that the loan portfolio will be flat in the next four quarters? - Management indicated that it is difficult to predict loan payoffs, but they have been focusing on increasing origination volume each quarter, suggesting a potential for higher origination in Q3 2026 [19] Question: Do loans repricing in the June quarter pose a potential headwind to loan growth? - Management does not foresee significant headwinds from repricing, as the rates are not substantially higher than new loan production [20] Question: Would government plans to make housing more affordable be a net positive for the business? - Management believes that increasing housing availability would be beneficial, especially in California where demand exceeds supply [23][24]

Financial Data and Key Metrics Changes - The company reported earnings of $1.45 per diluted share for Q4 2025, an increase from $1.19 in the linked quarter and $1.28 in Q4 2024 [3] - Return on average assets was 1.27%, and pre-provision return on average assets was 1.74% [3] - Net interest income for the quarter reached $168 million, up $10 million from the linked quarter and $22 million from Q4 2024 [3][4] - The tangible common equity to tangible assets ratio was 9.07%, with a return on tangible common equity of 14.02% for Q4 [5] Business Line Data and Key Metrics Changes - Loan growth for the quarter was $217 million, primarily due to acquired loans from the branch acquisition [6] - Deposits grew by $1 billion in Q4, with $400 million from new and existing clients and $600 million from the branch purchase [7] - The cost of deposits decreased to 1.64%, and the level of demand deposits to total deposits improved to 33.4% [8] Market Data and Key Metrics Changes - The Southwest market showed the strongest growth, driven by quality commercial and industrial relationships [17] - Organic deposit growth for the year was 6.5%, amounting to $854 million, with Q4 organic deposit growth at $432 million [18] Company Strategy and Development Direction - The branch acquisition accelerated the company's strategy in higher growth markets by several years [4] - The company aims to continue producing high-quality earnings and has a clear path to improve credit statistics in the upcoming quarters [10][11] - The focus remains on automating non-value-added tasks to enhance productivity and efficiency [11] Management's Comments on Operating Environment and Future Outlook - Clients remain optimistic about the economy, particularly in sectors related to power generation and infrastructure improvements [12] - The company expects to maintain a diversified, relationship-oriented model that has compounded tangible book value per share at over 11% for the last 14 years [13] Other Important Information - The company increased its dividend by $0.01 per share to $0.32 for Q4 and repurchased 67,000 shares at an average price of $52.64 [6] - Non-performing assets (NPAs) increased to 95 basis points of total assets, with expectations to reduce this to historical levels in the next couple of quarters [32] Q&A Session Summary Question: Timing and details on foreclosed properties - The company took control of six properties in December after a favorable ruling from the bankruptcy court, with expectations for resolution by the end of Q2 2026 [42][43] Question: Fee income and non-interest expense expectations - Fee income is expected to grow at about 5% year-over-year, with non-interest expenses projected to grow around 5% as well [50][51] Question: Charge-offs and provisioning outlook - The company anticipates charge-offs to decrease from elevated levels seen in 2025, with a focus on maintaining appropriate reserves [76][79] Question: Capital management and buyback plans - The company has approximately 150,000 shares remaining for buyback and is focused on leveraging capital for growth in 2026 [81][82]

Financial Data and Key Metrics Changes - The company reported record quarterly operating earnings of $450 million, or $1.13 per share, representing a 9.5% increase over the prior year, with a 21.4% return on beginning of year equity [14][21] - Net income for the quarter was also $450 million, resulting in a 21.4% return on beginning of year equity [14] - Record quarterly pre-tax underwriting income of $338 million, an improvement of 14.9% over the prior year [15] - Strong operating cash flows of nearly $1 billion for the quarter and $3.6 billion for the full year contributed to a growth of invested assets by 11.4% during 2025 to $33.2 billion [17][20] - The effective tax rate in the fourth quarter was 20.5%, benefiting from a lower effective tax rate related to foreign earnings [19] Business Line Data and Key Metrics Changes - The current accident year loss ratio, excluding catastrophe losses, was 59.7%, slightly better than the two preceding sequential quarters [16] - The current accident year combined ratio excluding catastrophe losses was 87.9%, while the calendar year combined ratio was 89.4% [17] - The reinsurance and monoline excess segment reported a current accident year loss ratio of 53.9%, resulting in a strong combined ratio of 83% [17] Market Data and Key Metrics Changes - The auto liability market continues to be a challenge, with expectations that it may find a bottom by the end of 2026 [9][10] - The property reinsurance market is experiencing significant competition, with a reported risk-adjusted rate decrease of 19% [10] - The casualty market, particularly in the smaller end and excess and umbrella segments, is showing opportunities for meaningful rate increases [12] Company Strategy and Development Direction - The company is focusing on technology adoption, particularly AI, to enhance operational efficiency and underwriting capabilities [6][25] - There is an emphasis on maintaining strong relationships with traditional distribution partners while recognizing the evolving competitive landscape [8][81] - The company plans to make meaningful investments in technology and data analytics to improve efficiency and competitiveness [25][90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate the changing landscape, particularly with technology and customer preferences [5][6] - There are early signs of improvement in the workers' compensation market, particularly in California [13] - The company anticipates that 2026 will be a strong year, barring unforeseen events, with a focus on maintaining margins and capital management [46][47] Other Important Information - The company returned $608 million of capital to investors in the fourth quarter, comprising special and regular dividends and share repurchases [20] - The financial leverage ratio remains historically low at 22.6%, with the next scheduled maturity in 2037 [20] Q&A Session Summary Question: Premium growth expectations for 2026 - Management believes that insurance activities will likely perform better than the fourth quarter, with the reinsurance marketplace showing signs of potential improvement [35] Question: Expense ratio and investment in technology - Management confirmed that meaningful investments in technology and AI will occur in 2026, with expected benefits starting to materialize in 2027 [37][38] Question: Medical inflation and its impact on workers' compensation - Management acknowledged that medical costs in workers' compensation have been artificially suppressed and are expected to rise, impacting future rates [44] Question: Pricing trends in casualty lines - Management indicated that auto liability is a concern, with the company shrinking exposure in that area due to inadequate pricing [62] Question: Technology investments and their impact - Management stated that technology investments aim to improve efficiency and competitiveness, with potential savings and value creation [90]

Financial Performance - The company strengthened capital ratios over the past 12 months, with tangible common equity up 90 basis points and consolidated CET1 up 50 basis points year over year [1] - Tangible book value grew 17.3%, and the company initiated share repurchases for the first time in nearly six years while increasing its common stock dividend for the seventh consecutive year [1][7] - The fourth quarter showed strong momentum with loans up $168.4 million (11.1% annualized) and deposits up $191.7 million, with GAAP NIM rising to 3.71% [6][7] Operational Developments - The company completed two major core conversions and implemented multiple software platforms to support current and future operations [3][4] - The acquisition of Progressive Bank in North Louisiana was announced and closed at the turn of the year, alongside the expansion of a correspondent banking initiative to over 175 community bank clients [2][4] Profitability and Growth - The company delivered a 1.06% core ROAA for the year and a 14% increase in EPS, with a 20% year-over-year improvement in the fourth quarter [7] - Management expects to achieve over 1.2% ROA in 2026, with mid-single-digit organic loan growth targeted [5][20] Credit Quality - Credit metrics weakened primarily due to a single $25.8 million commercial real estate relationship, pushing non-performing loans (NPLs) to 1.24% [5][18] - Management believes any further loss from this credit will be immaterial and is focusing on moving the allowance toward ~1% over time [22] Future Outlook - The company plans to shift focus in 2026 from major implementations to optimizing systems and daily execution, while also deepening relationships and improving profitability [19][20] - Management will continue to evaluate share buybacks on a quarterly basis, having repurchased about 150,000 shares in the fourth quarter [21]