Core Viewpoint - Integer Holdings Corporation has appointed James Flanagan and Aaron Kapito as independent directors to its Board of Directors, enhancing its governance and strategic oversight as the company aims for sustainable long-term value creation [1][2]. Board Appointments - James Flanagan, former COO of PwC, brings 39 years of diversified financial and operational expertise [4]. - Aaron Kapito, co-founder of Politan Capital Management, has a strong background in investment management and serves on multiple boards [6]. Strategic Focus - The Board emphasizes the importance of the new directors' insights in executing Integer's strategic priorities and driving organic sales growth, expected to return to market levels in 2026 and exceed market levels in 2027 [2]. - Irenic Capital Management, which has invested in Integer, believes the company is well-positioned for growth in key markets and values the new directors' contributions to enhancing focus on growth and value creation [2][11]. Cooperation Agreement - A cooperation agreement between Integer and Irenic includes standard provisions such as standstill and voting rights, with details to be filed with the SEC [3]. Company Overview - Integer Holdings Corporation is a leading global medical device contract development and manufacturing organization, serving various markets including cardio and vascular, neuromodulation, and cardiac rhythm management [10]. - The company is recognized for its commitment to quality, service, and innovation, with brands like Greatbatch Medical and Lake Region Medical [10].

Financial Data and Key Metrics Changes - Gold revenue increased by 20% to ZAR 44 billion, driven by a higher realized gold price and operational discipline [17] - EBITDA rose 39% to ZAR 18 billion, while cash generated by operating activities increased by 36% to ZAR 14 billion [17] - Operating profit increased by 61% to ZAR 16 billion, and net profit rose by 24% to ZAR 10 billion [18] - Basic earnings per share increased to ZAR 15.63, reflecting strong operational and financial results [5] - All-in sustaining cost rose to ZAR 1.18 million per kilogram or $2,115 per ounce due to lower volumes and higher royalties [5] Business Line Data and Key Metrics Changes - Gold production for the reporting period was 724,000 ounces, impacted by a cyanide shortage and lower plant recoveries [4] - The lost time injury frequency rate reached an all-time low of 4.23, indicating improved safety performance [4] - The South African high-grade underground mines produced at a solid 37% margin, while margins at the South African optimized underground assets doubled to 22% [8] Market Data and Key Metrics Changes - The company is geographically diversified with assets in South Africa, Papua New Guinea, and Australia, providing stability and growth potential [2] - South African royalties increased by 60% due to higher revenue and profitability [20] - The strong rand has lifted reported US dollar costs, but the company remains below the mid-range of all-in sustaining cost guidance [20] Company Strategy and Development Direction - The company aims to build enduring long-term value through safe, profitable ounces, quality reserve conversion, and disciplined copper scale alongside its gold portfolio [2] - Plans to bring approximately 100,000 tons per annum of copper online from CSA and Eva within the next 3-5 years to address cash flow stability [3] - The company is focused on optimizing long-life assets and prioritizing value over volume to enhance profitability and sustainability [3] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year production, cost, and grade guidance despite short-term headwinds [5] - The company is well-positioned for growth, with a strong balance sheet and significant cash reserves to fund its growth pipeline [21] - Management emphasized the importance of safety and operational excellence as foundational to the company's strategy [26] Other Important Information - The interim dividend has more than doubled to ZAR 3.4 billion, reflecting a revised dividend policy that allows for up to 50% of net free cash to be returned to shareholders [5][24] - The company is actively assessing its capital structure to maintain an efficient balance sheet aligned with funding needs and cash flow strength [22] Q&A Session Summary Question: Impact of cyanide shortage and lower recoverability - Management confirmed that the cyanide shortage was a one-off issue and has been resolved, with measures in place to mitigate future risks [34][35] Question: Details on the new dividend policy - The board has discretion over dividends based on net debt to EBITDA levels, with a base dividend increased from 20% to 30% of net free cash [40][41] Question: Synergies with existing assets and resource endowment - The focus is on returning resources and reserves to viable projects rather than pursuing new acquisitions at inflated prices [46] Question: Constraints on CSA mining operations - The main constraints are related to ventilation and infrastructure, with plans to address these issues over the next 18-24 months [52][56] Question: Status of Wafi-Golpu project - The project is viewed as a generational asset, with ongoing efforts to secure necessary permits and advance discussions with stakeholders [76][80]

Core Insights - Abercrombie & Fitch reported a decline in net income to $515 million from $574 million year-over-year, while operating income also decreased to $699 million from $741 million [1] - Despite an increase in sales to $5.2 billion from $4.9 billion, costs rose to $2 billion from $1.8 billion, impacting profitability [1] - The fourth quarter saw net income drop to $174.7 million from $189.7 million, with operating income falling to $236 million from $256 million, although sales increased to $1.7 billion from $1.6 billion [1] Financial Performance - The company achieved record fourth quarter net sales, marking the thirteenth consecutive quarter of growth, with operating margin and earnings per share meeting high expectations [2] - For fiscal 2025, Abercrombie & Fitch reported a 6% growth in net sales and maintained double-digit operating margins for the third consecutive year, supported by $619 million in operating cash flow [3] - The company repurchased 5.4 million shares, representing 11% of shares outstanding at the beginning of the year, emphasizing its commitment to long-term value creation [3] Future Outlook - Abercrombie & Fitch entered fiscal 2026 with a strong foundation, aiming for net sales growth of 1%-3% for Q1 and 3%-5% for the full year, alongside another year of double-digit operating margin and earnings per share growth [4] - The company expects an operating margin of around 7% for Q4 and between 12%-12.5% for the full year, with net income per diluted share projected in the range of $1.20-$1.30 for Q4 and $10.20-$11.00 for the full year [5]

Financial Data and Key Metrics Changes - The company reported revenue of $627 million in Q4 2025, an increase from $561 million in Q4 2024 but a decrease from $777 million in Q3 2025 [14] - Gross margin before depreciation and amortization was $177 million, or 28% of revenue, compared to $174 million, or 31% of revenue in Q4 2024, and $206 million, or 27% of revenue during Q3 2025 [14] - Free cash flow increased to a record $141 million in Q4 2025, compared to $76 million in Q4 2024 and $43 million in Q3 2025 [17] - Net loss was $57 million, or $0.47 per share in Q4 2025, compared to earnings of $15 million or $0.12 per share in Q4 2024 [17] Business Line Data and Key Metrics Changes - The Engineered Systems business line had a backlog of $1.1 billion at the end of Q4, with bookings of $377 million during Q4, compared to $301 million in Q4 2024 [9][10] - The Energy Infrastructure and Aftermarket Services business lines generated 67% of consolidated gross margin before depreciation and amortization during Q4 2025 [15] - Aftermarket services gross margin before depreciation and amortization was 22% in the quarter, benefiting from strong customer maintenance programs [15] Market Data and Key Metrics Changes - Utilization remained stable at 94% across a fleet size of approximately 483,000 horsepower [8] - The company is seeing increasing demand in the Permian Basin and Haynesville regions, driven by rising natural gas production [7] Company Strategy and Development Direction - The company is focusing on simplifying and optimizing operations while sharpening its focus on core regions of North America, Latin America, and the Middle East [6] - Strategic priorities include enhancing profitability of core operations, maximizing free cash flow, and investing in customer-supported growth opportunities [12][22] - The company plans to target organic capital expenditures of $175 million-$195 million in 2026, with a focus on expanding the contract compression fleet in the U.S. [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to build on its foundation and capitalize on expected increases in demand for Enerflex's solutions [24] - The company is actively exploring growth opportunities in the Middle East, although current growth capital is primarily allocated to the U.S. [40][22] Other Important Information - The company has entered into a definitive agreement to divest the majority of its operations in the APAC region, expected to close in the second half of 2026 [5][6] - The refinancing of $563 million in senior secured notes is expected to reduce annual interest costs and enhance tax efficiency [19] Q&A Session Summary Question: Lead times on large engines - Management acknowledged that lead times have extended to 110 to 120 weeks for certain products, but they have secured capacity for 2026 and are positioning for 2027 [28][29] Question: Growth outlook for contract compression business - Management confirmed that they have customer-specific positions and expect a multi-year growth outlook for the contract compression business [30][31] Question: Variability in lead times across product lines - Management clarified that the stated lead time applies to a portion of the product line, particularly in higher horsepower ranges [34][35] Question: Opportunities in the Middle East - Management indicated that while current growth capital is focused on the U.S., they are actively exploring opportunities in the Middle East [39][40] Question: Capital allocation and NCIB - Management stated that capital allocation decisions will be made based on delivering value to shareholders, with the NCIB open until the end of March [42] Question: Counterparty risk in power generation contracts - Management emphasized the importance of counterparty stability and confirmed that they are working with strong counterparties in recent contracts [45] Question: Future geographic evaluations - Management is continuously evaluating all geographies and business lines for potential optimization and simplification [46][47]

Core Insights - The fleet utilization for January 2026 was reported at 100%, indicating strong operational performance across the vessels [1] - Safe Caledonia achieved 100% commercial uptime at the Captain Field in the UK, with a new Letter of Intent (LoI) from Ithaca Energy for a 6-month firm contract starting in Q2 2027 [2][3] - The company aims to capture strong market demand to grow its backlog at higher day rates while focusing on operational efficiencies and cost reductions for revenue growth and long-term value creation [4] Vessel Performance - Safe Eurus, Safe Notos, and Safe Zephyrus operated at near 100% commercial uptime in Brazil during January 2026 [1] - Safe Boreas is currently receiving full day rates and is awaiting the start of a 15-month firm period, expected to commence in Q1 2026 [2] Strategic Outlook - The company is evaluating opportunities to bridge the gap until the start of the 2027 contract linked to the LoI with Ithaca Energy, as well as potential contracts for 2028 and beyond [3] - The CEO of Prosafe emphasized the commitment to operational efficiencies and capturing market opportunities to enhance revenue and cash flow generation [4]

Investor Presentation February 18, 2026 Forward Looking Statements CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS PURSUANT TO THE U.S. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This presentation contains, and our officers and representatives may from time to time make, "forward–looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The "forward looking statements" can be identified by words such as "may," "should," "co ...

Financial Data and Key Metrics Changes - In 2025, the company generated a 12% return on invested capital, with adjusted EBITDA of $448 million and a free cash flow of $44 million [8][9] - For Q4 2025, adjusted EBITDA was $125 million with a margin of 14%, and free cash flow was $38 million [10][11] - Adjusted operating earnings for the full year were $3.54 per share [9] Business Line Data and Key Metrics Changes - Uncoated freesheet sales volume increased by 9% quarter-over-quarter in Q4 2025 [9] - Price and mix were unfavorable by $21 million in Q4, primarily due to lower paper prices in Europe and some Brazilian export markets [11] Market Data and Key Metrics Changes - The European industry supply and demand environment remains challenging, but there are signs of improvement as pulp prices began to rebound in Q4 2025 [12] - In North America, industry operating rates are improving, with a significant decline in imports throughout the second half of 2025 [13] Company Strategy and Development Direction - The company aims to achieve world-class standards in safety, employee engagement, customer centricity, operational excellence, cost leadership, and sustainability [4][5] - The flagship growth strategy focuses on investing in low-risk, high-return projects to strengthen uncoated freesheet capabilities and grow earnings and cash flow [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2025 and 2026 will be low points in free cash flow generation due to cyclical industry downturns and ongoing investments [26] - The company expects to generate over $300 million in annual free cash flow and over 15% returns on invested capital as industry conditions improve [26][70] Other Important Information - The company has discontinued providing full-year Adjusted EBITDA and free cash flow guidance to focus on long-term value creation [7] - Capital spending is expected to be $245 million in 2026, primarily for investments at the Eastover Mill [15] Q&A Session Summary Question: Update on operations in Europe and margin improvement - Management highlighted successful investments at the Saillat Mill to improve product mix and emphasized the need for market price improvements for margin recovery [31][32] Question: Investor interest in capital allocation - Management noted that there has been strong support from investors regarding capital allocation priorities, reaffirming their commitment to maintaining a strong balance sheet and returning cash to shareholders [36][37] Question: Impact of Lenzing's production scale-up on costs - Management confirmed that Lenzing's project will not impact fiber costs at Nymölla [47] Question: Share repurchase pause reasoning - The decision to pause share repurchases was based on anticipated capital intensity and cash requirements for 2026 [53][56] Question: Clarification on negative impacts for 2026 - Management confirmed that the $10 million charge is in addition to the previously mentioned $85 million negative impact, totaling $95 million for one-time costs [61]

Financial Data and Key Metrics Changes - In 2025, the company generated a 12% return on invested capital, with adjusted EBITDA of $448 million and a free cash flow of $44 million [8][9] - For Q4 2025, adjusted EBITDA was $125 million with a margin of 14%, and free cash flow was $38 million [10][11] - The company maintained a strong financial position with a net debt to adjusted EBITDA ratio of 1.6 times [8] Business Line Data and Key Metrics Changes - Uncoated freesheet sales volume increased by 9% quarter-over-quarter in Q4 2025 [9] - Price and mix were unfavorable by $21 million in Q4, primarily due to lower paper prices in Europe and some Brazilian export markets [11] - Volume increased by $18 million, largely driven by Latin America and North America [11] Market Data and Key Metrics Changes - The European industry supply and demand environment remains challenging, but there are signs of improvement as pulp prices began to rebound in Q4 2025 [12] - In Latin America, demand is transitioning from the seasonally strong fourth quarter to the weaker first quarter, negatively impacting geographic mix [12] - North American industry operating rates are improving, with significant declines in imports throughout the second half of 2025 [14] Company Strategy and Development Direction - The company aims to achieve world-class standards in safety, employee engagement, customer centricity, operational excellence, cost leadership, and sustainability [4][5] - The focus remains on disciplined capital allocation and long-term value creation, with a commitment to attract high-quality, long-term shareholders [7][26] - The flagship growth strategy involves investing in low-risk, high-return projects to strengthen uncoated freesheet capabilities [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2025 and 2026 will be low points in free cash flow generation due to cyclical industry downturns and ongoing investments [25] - The company expects to generate over $300 million in annual free cash flow and over 15% returns on invested capital as industry conditions improve [26][72] - Management is focused on a Lean transformation to enhance customer-centricity and operational efficiency [49][71] Other Important Information - The company has discontinued providing full-year Adjusted EBITDA and free cash flow guidance to align external communications with long-term management goals [7] - Capital spending is expected to be $245 million in 2026, primarily for investments at the Eastover Mill [15] Q&A Session Summary Question: Update on operations in Europe and margin improvement - Management highlighted successful investments at the Saillat Mill to improve product mix and emphasized the need for market price improvements for margin recovery [30][32] Question: Investor discussions on capital allocation - Management noted that there has been strong support from investors regarding capital allocation priorities, reaffirming their commitment to maintaining a strong balance sheet and returning cash to shareholders [36][37] Question: Nymölla's long-term fit in the business - Management views Nymölla as a good fit due to its focus on uncoated freesheet and attractive product mix, despite current challenges [39][40] Question: Impact of Lenzing's production scale-up on fiber costs - Management confirmed that Lenzing's project will not impact fiber costs at Neenah [47] Question: Share repurchase pause rationale - Management explained that the decision to pause share repurchases was based on anticipated capital intensity and cash flow requirements for 2026 [53][56]

Core Viewpoint - Star Gold Corp. has expanded its executive leadership team by appointing Lindsay Gorrill as Chief Executive Officer and Gerry Pascale as Chief Financial Officer, aiming to strengthen its strategic direction and operational execution as it advances its Longstreet mining project [1]. Group 1: Leadership Appointments - Lindsay Gorrill has been appointed as Chief Executive Officer effective February 9, 2026, transitioning from his role as Chairman and past Chief Financial Officer [1]. - Gerry Pascale has been appointed as Chief Financial Officer, bringing over 20 years of senior financial leadership experience [1]. Group 2: Executive Experience - Lindsay Gorrill has over 30 years of experience in the mining industry, known for building mines and companies from discovery to full-scale production [1]. - Gerry Pascale has extensive expertise in public company financial reporting, capital markets, SEC compliance, and governance, having previously served as CFO of Netfin Acquisition Corp. [1]. Group 3: Company Focus and Strategy - Star Gold Corp. is focused on developing scalable, high-margin gold and silver assets in Nevada, particularly advancing its flagship Longstreet Gold-Silver Project [1]. - The Longstreet Project spans approximately 2,600 acres, comprising 137 unpatented mining claims and 5 additional unpatented claims, with plans to support a potential Environmental Impact Statement (EIS) [1].

Financial Data and Key Metrics Changes - The company reported meaningful progress in restoring growth and rebuilding margins that were pressured by tariffs, with expectations for sequential gross margin expansion of over 300 basis points from Q1 to Q2 and an additional 300-400 basis points anticipated by year-end [4][5][21] - The company generated robust cash flow, allowing for over $100 million in debt repayment and nearly $28 million returned to shareholders through dividends and share repurchases [5][6] Business Line Data and Key Metrics Changes - The transition of APS to the Energizer brand is expected to contribute over $30 million in organic growth, primarily in the third and fourth quarters [5][20] - The company experienced a strong rebound in battery consumption trends, particularly in December, indicating a positive trajectory for the category [11][13] Market Data and Key Metrics Changes - The U.S. market showed stabilization in consumer demand, with a strong rebound in December volumes [11][12] - The company noted an increase in private label products at certain retailers, which has led to volume growth for those retailers but has also eroded category value [39] Company Strategy and Development Direction - The company aims to prioritize debt reduction while maintaining a balanced capital allocation strategy that includes dividends and share repurchases [6][41] - The strategy focuses on restoring growth, margins, and free cash flow, with plans to leverage innovation and increase distribution across both brick-and-mortar and e-commerce channels [12][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a transitional start to the year due to softening consumer trends and elevated tariff pressures but expressed confidence in the underlying trajectory improving [10][12] - The company is optimistic about the back half of the year, expecting strong acceleration in net sales and earnings [12][20] Other Important Information - The company is managing through elevated tariff pressures, which had a significant impact on gross margins in Q1, but expects improvements as inventory is flushed through [21][50] - The company is focused on maintaining flexibility in its plans to adapt to uncertainties in the market [25] Q&A Session Summary Question: How is the company viewing the consumer backdrop and category trends? - Management noted a softening in consumer trends at the start of the year but observed a strong rebound in December, indicating stabilization [10][11] Question: What impact do recent winter storms have on guidance? - Management indicated that while the storms benefited point-of-sale volumes, it is too early to quantify the overall impact on business guidance [18] Question: Can you elaborate on the strength in December and potential market share gains? - Management confirmed that the category improved in December, and the company gained share slightly ahead of the category [31] Question: What is the leverage target for the end of the year? - The company expects to achieve a leverage ratio of around five or slightly below by year-end, with a focus on debt paydown [41] Question: How does the company view M&A opportunities? - Management stated that they will always look at M&A opportunities, but any potential deals would be leverage neutral and not impact the debt paydown trajectory [42]