Fourth Quarter 2025 Results February 13, 2026 REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT Colliers 2 Highlights (US $ millions, except per share amounts) | Three months ended | 2025 | 2024 | %Change | | | --- | --- | --- | --- | --- | | December 31 | | | USD | LC(1) | | Revenues | 1,606.5 | 1,501.6 | 7% | 5% | | Net Revenues | 1,428.1 | 1,312.8 | 9% | 7% | | Adjusted EBITDA | 245.1 | 225.3 | 9% | 6% | | Adjusted EBITDA Margin | 15.3% | 15.0% | | | | Net Margin | 17.2% | 17.2% | | | | Adjusted ...

Core Viewpoint - Hamilton Lane (HLNE) has experienced a significant decline of 20% over the past four weeks, but it is now positioned for a potential trend reversal as it is in oversold territory, supported by analyst expectations of better-than-expected earnings [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to determine if a stock is oversold, with readings below 30 indicating oversold conditions [2]. - HLNE's current RSI reading is 29.69, suggesting that the heavy selling pressure may be exhausting itself and a trend reversal could occur soon [5]. Group 2: Fundamental Indicators - There is a strong consensus among sell-side analysts that HLNE's earnings estimates for the current year have increased by 15.4% over the last 30 days, indicating a positive outlook for the stock [7]. - HLNE holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a near-term turnaround [8].

Financial Data and Key Metrics Changes - The company closed the quarter with a 16.9% ROE and 19% for the full year, reflecting record high net income and diversification of revenue sources across various segments [18][46] - Net interest income increased by 4.2%, driven by loan portfolio growth and a contraction in interest expenses, resulting in a NIM of 6.6% [21][44] - The NPL ratio stood at 4.5%, indicating improved asset quality, while the cost of risk was 1.8% [21][43] Business Line Data and Key Metrics Changes - In Universal Banking, BCP reinforced its leadership in Peru, serving over 3.2 million loan clients and achieving a full-year ROE of 24.7% [10][27] - Microfinance, through Mibanco, delivered double-digit loan growth and improved profitability, with a NPA ratio of 5.3% [11][35] - Grupo Pacífico in Insurance and Pensions achieved a solid ROE of 21.4%, with net income rising 13% due to the full consolidation of the Banmédica transaction [38][40] Market Data and Key Metrics Changes - Peru's GDP grew around 3.5% in 2025, supported by strong domestic demand and high commodity prices [6][24] - Inflation in Peru closed at 1.5%, the lowest in seven years, while Colombia's inflation accelerated to 4.51% [25][26] - The mining investment pipeline for 2025 was estimated at $64 billion, up 17% from 2024, indicating a favorable investment climate [8] Company Strategy and Development Direction - The company aims to expand financial inclusion, deepen risk and capital discipline, scale AI and digital platforms, and build trust through operational excellence [15] - A strategic acquisition of Helm Bank for $180 million was announced to enhance cross-border capabilities and strengthen the U.S. offering [16][17] - The company expects to continue investing in data transformation and disruptive initiatives to bolster long-term competitive positioning [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Peru's economic stability and growth potential, despite political uncertainties, with expectations for GDP growth around 3.5% in 2026 [24][50] - The company anticipates loan growth of approximately 8.5% in 2026, driven primarily by retail banking and Mibanco [47] - Management highlighted the importance of maintaining sound capital levels and improving operational efficiency, with an expected efficiency ratio between 45% and 46.5% in 2026 [48] Other Important Information - The company reported a risk-adjusted NIM of 5.28%, reflecting improved pricing and risk management capabilities [45] - Yape, the digital wallet initiative, closed the year with nearly 16 million monthly active users, significantly contributing to revenue growth [13][32] Q&A Session Summary Question: Update on political outlook and upcoming elections - Management noted that López Aliaga is leading the polls with 12%, while Keiko Fujimori follows at 8%, with a significant portion of undecided voters [54][55] Question: Expectations for operating expenses growth - Management expects operating expenses to moderate compared to 2025, with continued investments in innovation and core business [61][62] Question: Insights on Yape's lending and cost of risk - Management confirmed that Yape is shifting towards longer-duration loans, which should keep the cost of risk controlled while enhancing revenue [70][73] Question: Growth expectations amid election year - Management indicated that economic activity is performing well, with consumer confidence at its highest since early 2020, suggesting potential upside risks for growth [75][76]

Financial Data and Key Metrics Changes - The company closed the quarter with a 16.9% ROE and 19% for the full year, reflecting record high net income and diversification of revenue sources across various segments [17][21] - Net interest income increased by 4.2%, driven by loan portfolio growth and a contraction in interest expenses, resulting in a NIM of 6.6% [20][44] - The NPL ratio stood at 4.5%, indicating improved asset quality, while the cost of risk was 1.8% [19][43] Business Line Data and Key Metrics Changes - In Universal Banking, BCP reinforced its leadership with over 3.2 million loan clients and strong retail lending growth [9] - Microfinance saw double-digit loan growth and increased profitability, with Mibanco achieving a 20% profitability rate this quarter [10][34] - Grupo Pacífico's ROE was 21.4%, supported by strong commercial dynamics, although net income dropped 1% due to decreased insurance underwriting results [37][38] Market Data and Key Metrics Changes - Peru's GDP grew around 3.5% in 2025, with domestic demand expanding close to 6%, supported by strong commodity prices and investment flows [5][23] - In Colombia, GDP growth was around 2.7%, while inflation accelerated to 4.51% following a minimum wage increase [7][25] - Chile's GDP also expanded around 2.7%, driven by investment, while Bolivia faced a contraction in GDP [7][8] Company Strategy and Development Direction - The company aims to expand financial inclusion, deepen risk and capital discipline, scale AI and digital platforms, and build trust through operational excellence [13] - The acquisition of Helm Bank for $180 million aligns with the strategy to enhance cross-border capabilities and serve affluent clients in the U.S. [14][16] - The company plans to continue investing in data transformation and disruptive initiatives to bolster long-term competitive positioning [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 from a stronger position, with expectations of continued economic growth and improved governance [6][23] - The outlook for Peru's GDP growth in 2026 is revised to around 3.5%, with total loan book growth expected to be around 8.5% [46][47] - Despite local political uncertainties, the fundamentals are in place to support profitability levels around 19.5% ROE in 2026 [49] Other Important Information - Yape closed the year with nearly 16 million monthly active users, significantly contributing to the company's risk-adjusted revenue [12][33] - The efficiency ratio for the year stood at 46.6%, with operating expenses growing 12% due to investments in innovation and core businesses [45] Q&A Session Summary Question: Update on political outlook and upcoming elections - Management noted that López Aliaga is leading the polls with 12%, and there is a high level of undecided voters at around 42% [54][56] - The elections are scheduled for April 12, with expectations of a more stable political environment due to the return to a dual chamber system [56][57] Question: Expectations for OpEx growth and digital initiatives - Management expects OpEx growth to moderate compared to 2025, with a target of 42% in cost to income over the mid-term [61] - Non-credit-related revenues are anticipated to grow in the double digits, driven by digital initiatives [64] Question: Yape's lending and cost of risk - The shift towards multi-installment loans is expected to maintain a controlled cost of risk, with risk-adjusted NIM remaining comparable [72] - Management confirmed that digital initiatives are expected to become accretive to ROE starting this year [80]

Core Insights - Colliers International Group Inc. reported strong financial results for the fourth quarter and full year ended December 31, 2025, with significant growth in revenues and adjusted earnings per share, indicating robust operational momentum entering 2026 [1][5][18] Financial Performance Highlights - Fourth quarter revenues reached $1.61 billion, a 7% increase year-over-year, while net revenues were $1.43 billion, up 9% [2][3] - For the full year, total revenues were $5.56 billion, reflecting a 15% increase, with net revenues at $4.87 billion, up 14% [3][4] - Adjusted EBITDA for the fourth quarter was $245.1 million, a 9% increase, and for the full year, it was $732.5 million, up 14% [2][3] - Adjusted EPS for the fourth quarter was $2.34, a 4% increase, and for the full year, it was $6.58, up 14% [2][3] Segment Performance - Commercial Real Estate segment revenues for the fourth quarter totaled $1.03 billion, up 9%, with net revenues also increasing by 9% [9] - Engineering segment revenues were $433.0 million for the fourth quarter, a 3% increase, while net revenues rose 10% [10] - Investment Management segment revenues reached $143.7 million, up 5%, with net revenues increasing by 7% [11] Strategic Initiatives - The company announced the acquisition of Ayesa Engineering, which is expected to enhance growth avenues and strengthen its service offerings [6] - Over the past five years, Colliers has doubled in size, achieving a compound annual growth rate of approximately 15% [6] Outlook for 2026 - The company anticipates continued solid annual internal growth in 2026, projecting mid-teens growth in revenues, Adjusted EBITDA, and Adjusted EPS [18][19]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging individuals to stay informed [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers [1]

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Core Insights - Cohen & Steers, Inc. (CNS) is a global investment manager specializing in real assets and alternative income, with a strong presence in major financial hubs [1] Group 1: Insider Transactions - Francis C. Poli, General Counsel and Executive Vice President of CNS, sold 10,000 shares at $65.73 each, leaving him with 55,675 shares, which may indicate insights into the company's future prospects or personal financial strategy [2][6] Group 2: Assets Under Management - As of January 31, 2026, Cohen & Steers reported preliminary assets under management of $93.1 billion, reflecting a $2.5 billion increase from the previous month, driven by market appreciation of $2.2 billion and net inflows of $449 million, although distributions of $153 million partially offset this growth [3][6] Group 3: Financial Metrics - The company has a price-to-earnings (P/E) ratio of 23.40, a price-to-sales ratio of 5.94, and an enterprise value to sales ratio of 6.02, indicating the market's valuation of its revenue and overall worth [4] - CNS maintains a low debt-to-equity ratio of 0.25 and a strong current ratio of 5.04, demonstrating its ability to cover short-term liabilities, but faces challenges with a negative enterprise value to operating cash flow ratio of -39.41 [5][6]

Core Insights - Blackstone Inc. has appointed Thomas Schleicher as a senior adviser for the Nordic region to enhance investor engagement and support origination efforts [1][3] Group 1: Appointment and Background - Thomas Schleicher was previously the chief investment officer of Kirkbi A/S, managing approximately 178 billion kroner ($28 billion) in assets for the Kirk Kristiansen family, owners of Lego [2] - Schleicher's prior experience includes working at private capital firm EQT AB, indicating a strong background in investment management [3] Group 2: Strategic Initiatives - Blackstone is preparing to invest $500 billion in Europe over the next decade, indicating a significant commitment to the region [3] - The firm's Nordic portfolio includes diverse strategies such as real estate, infrastructure, private equity, and growth investments [4] - Blackstone and Permira's acquisition of Adevinta ASA for about €14 billion ($16.6 billion) demonstrates active investment in the online classified sector [4] Group 3: Recent Appointments - In addition to Schleicher, Blackstone has made several senior appointments in Europe, including Franck Petitgas as vice chairman and Michele Raba as head of European corporate private equity [5] - Jon Abrahamsson Ring has also been appointed as a senior adviser for the global consumer franchise, bringing experience from his role as CEO of Inter IKEA Group [5]

Core Viewpoint - The equity market experienced a positive period in Q4 2025, with the S&P 500 Index returning 2.7% in the quarter and finishing the year up 17.9%, driven by strong AI investment and favorable policy clarity [1] Group 1: Market Performance - The S&P 500 Index returned 2.7% in Q4 2025 and ended the year with a total return of 17.9% [1] - The market's performance was significantly influenced by the communication services and technology sectors, with earnings growth being a key driver of market expansion [1] Group 2: Fund Overview - Carillon Eagle Growth & Income Fund holds net assets of $493.06 million across 48 holdings [1] - The firm expresses optimism for 2026, anticipating another year of strong equity returns [1] Group 3: Eaton Corporation plc (NYSE:ETN) - Eaton Corporation plc is highlighted as a leading power management company with a market capitalization of $154.198 billion [2] - The stock closed at $396.09 per share on February 11, 2026, with a one-month return of 18.78% and a twelve-month increase of 28.68% [2] - Eaton's shares experienced a pullback in August after strong performance in July, with expectations for accelerated growth in 2026 linked to trends in data center, aerospace, and defense markets [3] Group 4: Hedge Fund Interest - Eaton Corporation plc is not among the 30 most popular stocks among hedge funds, with 72 hedge fund portfolios holding the stock at the end of Q3 2025, down from 74 in the previous quarter [4] - While acknowledging Eaton's potential, the company believes certain AI stocks may offer greater upside potential and less downside risk [4]