Q4 2025 RESULTS & CORPORATE UPDATE FEBRUARY 19, 2026 Cautionary Notes Gaining Momentum Streamlined Portfolio Strong Balance Sheet Date X, 2025 Forward-looking Statements. This presentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). Actual results of operations and the ensuing financial res ...

2025 Q4 Conference Call February 13, 2026 Forward-Looking Information Caution This presentation includes forward-looking information or forward-looking statements under Canadian and U.S. securities laws, which we refer to as "forward-looking information". Forward-looking information can generally be identified by the use of words such as "approximately", "may", "will", "could", "believes", "expects", "intends", "should", "would", "plans", "potential", "project", "anticipates", "estimates", "scheduled" or "f ...

Core Insights - On Holding AG reported record net sales and profitability for the third quarter and nine-month period ended September 30, 2025, driven by strong global demand and effective execution of strategic priorities [3][4][7]. Financial Performance - Net sales increased by 24.9% year-over-year to CHF 794.4 million, and by 34.5% on a constant currency basis [3][5]. - Direct-to-Consumer (DTC) sales channel net sales rose by 27.6% to CHF 314.7 million, or by 37.5% on a constant currency basis [5][36]. - Wholesale sales channel net sales increased by 23.3% to CHF 479.6 million, or by 32.5% on a constant currency basis [5][36]. - Gross profit margin reached a new high of 65.7%, up 510 basis points year-over-year, reflecting operational efficiencies and favorable foreign exchange effects [3][5]. - Adjusted EBITDA increased by 49.8% to CHF 179.9 million, with an adjusted EBITDA margin of 22.6% [5][28]. Regional Performance - The Asia-Pacific region experienced a remarkable net sales increase of 94.2%, with a constant currency growth of 109.2% [5][39]. - Net sales in Europe, Middle East, and Africa (EMEA) rose by 28.6% to CHF 213.3 million, while the Americas saw a 10.3% increase to CHF 436.2 million [5][39]. Product Category Growth - Apparel category net sales surged by 86.9%, or 100.2% on a constant currency basis, indicating strong demand across all channels and regions [3][5]. - Net sales from shoes, apparel, and accessories increased by 21.1%, 86.9%, and 145.3%, respectively [5][36]. Strategic Outlook - Following the strong performance, On raised its full-year 2025 guidance, expecting constant currency net sales growth of 34% year-over-year, implying reported net sales of CHF 2.98 billion [3][11]. - The gross profit margin outlook is now around 62.5%, reflecting sustainable efficiencies and a favorable cost environment [3][11].

Core Insights - International Petroleum Corporation (IPC) reported strong operational performance with an average production of 45,900 barrels of oil equivalent per day (boepd) in Q3 2025, exceeding guidance [2][7] - The Blackrod Phase 1 development is ahead of schedule, with first steam expected by the end of 2025 and first oil by Q3 2026, a quarter earlier than previously indicated [3][21] - Financial results for Q3 2025 showed revenue of USD 172.3 million, gross profit of USD 32.1 million, and a net result of USD 3.8 million [8][14] Financial Highlights - Q3 2025 revenue was USD 172.3 million, slightly down from USD 173.2 million in Q3 2024 [8] - Gross profit decreased to USD 32.1 million from USD 39.5 million year-over-year [8] - Operating cash flow (OCF) for Q3 2025 was USD 66.1 million, compared to USD 72.6 million in Q3 2024 [8] - Free cash flow (FCF) was negative USD 23.1 million for Q3 2025, an improvement from negative USD 38.3 million in Q3 2024 [8] - As of September 30, 2025, IPC's net debt increased to USD 435 million from USD 375 million at the end of Q2 2025 [18] Production and Operational Performance - IPC maintained its full-year 2025 average net production guidance range of 43,000 to 45,000 boepd [6][14] - The production composition for Q3 2025 was 53% heavy crude oil, 14% light and medium crude oil, and 33% natural gas [7][51] - Operating costs per boe for Q3 2025 were USD 17.9, slightly below guidance [15] Blackrod Development - The Blackrod Phase 1 development has a growth capital budget of USD 850 million, with USD 785 million incurred to date [3][20] - The project is expected to reach plateau production rates of 30,000 bopd [20] - IPC plans to fund remaining capital expenditures through operational cash flow and existing credit facilities [22] Shareholder Returns - IPC completed its 2024/2025 Normal Course Issuer Bid (NCIB), repurchasing approximately 7.5 million common shares, reducing outstanding shares by 6.2% [4][24] - The company plans to seek approval for the renewal of the NCIB in December 2025 [26] Market Context - The average Brent price for Q3 2025 was approximately USD 69 per barrel, stable compared to the previous quarter [8] - Global oil demand is expected to reach an all-time high in 2025, continuing to rise in 2026 [8][9] - IPC has hedged approximately 50% of its forecast 2025 oil production at prices around USD 76 for Dated Brent and USD 71 for WTI [10]

Q2 2025 Performance - Q2 production was 219,122 ounces [13] - Total Cash Costs were $1,373/oz [13] - All-in Sustaining Costs were $1,746/oz [13] - Gold sold was 148,938 oz at a realized gold price of $3,207/oz [13] - Adjusted net income was $56.7 million; Adjusted earnings per share was $0.11 [13] - Adjusted EBITDA was $200.5 million [13] 2025 Guidance - Consolidated production guidance is 785,000 - 915,000 ounces [13, 33] - Consolidated Total Cash Costs guidance is $1,400 - $1,500/ounce [33] - Consolidated All-in Sustaining Cost guidance is $1,800 - $1,900/ounce [33] - Consolidated Growth Capital guidance is $190 - $220 million [33] - Consolidated Exploration guidance is $70 - $90 million [30, 33] Asset Allocation - 54% of consolidated NAV is from Brazil [11] - 18% of consolidated NAV is from Mexico [11] - 13% of consolidated NAV is from USA [11] - 10% of consolidated NAV is from Canada [11] - 5% of consolidated NAV is from Nicaragua [11]

Core Insights - CAPREIT reported its operating and financial results for the three and six months ended June 30, 2025, highlighting a strategic focus on enhancing the quality of its Canadian portfolio and improving operational performance [1][9][10] Portfolio Performance - As of June 30, 2025, CAPREIT's total portfolio consisted of 46,924 suites, a decrease from 48,696 suites as of December 31, 2024, and 64,155 suites as of June 30, 2024 [2] - The fair value of investment properties was approximately $14.48 billion, down from $14.87 billion as of December 31, 2024, and $16.60 billion as of June 30, 2024 [2] - The Canadian Residential Portfolio's average monthly rent (AMR) increased to $1,693, while the Netherlands Residential Portfolio's AMR was €1,245 [2] - Occupancy rates for the Canadian Residential Portfolio improved to 98.3% from 97.5% in the previous year, while the Netherlands Residential Portfolio decreased to 91.0% from 94.6% [2][20] Financial Performance - Operating revenues for the three months ended June 30, 2025, were $254.43 million, down from $278.13 million in the same period last year [4] - Net operating income (NOI) for the same period was $169.80 million, a decrease from $186.28 million, with an NOI margin of 66.7% [4][31] - Funds From Operations (FFO) per unit increased by 2.6% to $0.661 for the three months ended June 30, 2025, compared to $0.644 in the same period last year [4][17] Strategic Initiatives - CAPREIT sold $274 million of non-core, under-performing Canadian assets and completed or committed to $743 million in European dispositions [9] - The company reinvested $165 million into acquiring high-performing properties in Canada and $187 million into Trust Unit buybacks at an average 24% discount to NAV [9] - CAPREIT's strategy includes a focus on improving operational performance and cash flow generation, with a goal of funding capital expenditures and distributions entirely through FFO [9] Financing Metrics - As of June 30, 2025, total debt to gross book value was 38.5%, down from 41.5% a year earlier [5] - The weighted average mortgage effective interest rate was 3.17%, with a debt service coverage ratio of 1.9 times [5] - CAPREIT had approximately $73.6 million in available liquidity, including cash and borrowing capacity [17] Subsequent Events - CAPREIT acquired an additional 30 suites in Canada for $13 million on July 10, 2025, and disposed of a Belgian commercial property for $38.8 million on July 31, 2025 [17][43]

Second Quarter Results Kananaskis, Alberta AUGUST 1, 2025 The forward-looking statements contained in this presentation are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and trans ...

Core Viewpoint - ECN Capital Corp. reported strong financial results for Q1 2025, achieving adjusted net income at the top end of guidance, demonstrating resilience amid market volatility [3]. Financial Performance - Adjusted net income applicable to common shareholders for Q1 2025 was $7.2 million or $0.03 per share, compared to $4.4 million or $0.02 per share in the previous quarter and a net loss of $0.3 million in the same period last year [2]. - Adjusted EBITDA for Q1 2025 was $25.5 million, an increase from $24.1 million in the previous quarter and $21.8 million in the same period last year [5]. - Managed assets as of March 31, 2025, were $7.2 billion, up from $6.9 billion at the end of 2024 and $5.2 billion a year earlier [5]. Originations - Total originations for Q1 2025 were $538.2 million, slightly down from $547.6 million in the previous quarter but up from $468.4 million in the same period last year [4]. - The originations included $332.8 million from the Manufactured Housing Finance segment and $205.4 million from the Recreational Vehicle and Marine Finance segment [4]. Operating Expenses and Losses - Operating expenses for Q1 2025 were $29.4 million, a decrease from $31.2 million in the previous quarter and an increase from $27.8 million in the same period last year [6]. - The net loss attributable to common shareholders for Q1 2025 was $2.5 million, an improvement from a loss of $3.9 million in the previous quarter and $8.5 million in the same period last year [6]. Dividends - The Board of Directors declared a quarterly dividend of C$0.01 per common share, to be paid on June 30, 2025, to shareholders of record on June 13, 2025 [7]. - A quarterly dividend of C$0.4960625 per outstanding Cumulative 5-Year Rate Reset Preferred Share, Series C, was also declared for the same payment date [8]. - Additionally, a semi-annual dividend of C$0.0603 per outstanding Mandatory Convertible Preferred Share, Series E, was declared [9]. Company Overview - ECN Capital Corp. is a leading provider of business services to institutional investors, insurance companies, pension plans, banks, and credit unions, with managed assets of US$7.2 billion [15]. - The company focuses on originating, managing, and advising on credit assets, specifically in consumer loans related to manufactured housing and recreational vehicles, as well as commercial loans [15].

First Quarter 2025 Financial Highlights - The company reported revenue of $3.1 million and Total Revenue, Land Agreement Proceeds and Interest of $3.6 million (1,249 GEOs)[22] - The company achieved record positive operating cash flow of $2.5 million and Adjusted EBITDA of $1.7 million[22] - General and administrative costs were $1.8 million[22] 2025 Guidance and Five-Year Outlook - The company expects total GEOs between 5,700 and 7,000 in 2025, with three cash flowing assets ramping up[23] - The company anticipates peer-leading growth of over 360% in the next five years, forecasting GEOs to increase to between 23,000 and 28,000 in 2029[23] Key Growth Assets - Commercial production at Vareš is expected in Q2 2025, with a ramp-up to 800ktpa run rate expected in H2 2025, and a potential throughput increase of 63% by 2027[30] - Côté Gold's ramp-up remains on track to achieve a steady-state nameplate throughput rate of 36,000tpd in Q4 2025, with production expected to approximately double in 2025 to 360,000-400,000oz gold (100% basis)[30] - Borborema achieved initial production in Q1 2025, with commercial production expected in Q3 2025, and is expected to reach between 40% and 48% of designed nominal capacity in 2025, equivalent to an annualized rate of 83,000oz Au[30] Valuation and Growth Potential - The company's valuation is approximately 0.57x Consensus median P/NAV, compared to a sector average of approximately 1.3x P/NAV[35]

Core Insights - GFL Environmental Inc. reported a strong start to 2025 with a revenue increase of 12.5% year-over-year, driven by core pricing and positive volume growth [2][8][9] - The company achieved an Adjusted EBITDA of $426.1 million, reflecting a 13.8% increase compared to the same period last year, with an Adjusted EBITDA margin of 27.3%, the highest in the company's history [2][8][9] - GFL's net leverage improved to 3.1x, the lowest in the company's history, following the divestiture of its Environmental Services business, which has allowed for a more aggressive share repurchase strategy [2][8][9] Financial Performance - Revenue for Q1 2025 was $1,560.1 million, a 12.5% increase excluding divestitures and 9.0% including them, with contributions from core pricing (5.7%) and positive volume (0.9%) [8][9][30] - Adjusted EBITDA increased to $426.1 million, with a margin of 27.3%, up from 26.1% in Q1 2024 [8][9][33] - The net loss from continuing operations was $213.9 million, compared to a loss of $195.8 million in Q1 2024 [9][25] Strategic Developments - The company utilized proceeds from the sale of its Environmental Services business to significantly reduce its debt, enhancing its path to an investment-grade credit rating [2][5] - GFL repurchased 31,725,083 subordinate voting shares, indicating a commitment to returning value to shareholders [2][8] - The company plans to continue opportunistic share repurchases in the future [2] Segment Performance - Revenue from Canada was $494.0 million, with an Adjusted EBITDA margin of 27.9%, while the U.S. segment generated $1,066.1 million in revenue with a margin of 33.8% [33] - The solid waste segment's total revenue was $1,560.1 million, with an Adjusted EBITDA of $497.9 million [33] Cash Flow and Liquidity - Adjusted Free Cash Flow for Q1 2025 was $13.7 million, down from $16.4 million in Q1 2024, primarily due to increased cash capital expenditures [9][20] - Cash at the end of the period was $537.2 million, a significant increase from $133.8 million at the end of 2024 [28][29]