4Q25 W. P. Carey Inc. Investor Presentation 50+ Years of Investing for the Long Run® Table of Contents | Overview | 3 | | --- | --- | | Real Estate Portfolio | 7 | | Balance Sheet | 20 | | Corporate Responsibility | 24 | Unless otherwise noted, all data in this presentation is as of December 31, 2025. Amounts may not sum to totals due to rounding. Overview 3 Company Highlights W. P. Carey (NYSE: WPC) is a REIT that specializes in investing in single-tenant net lease commercial real estate, primarily in the ...

Financial Data and Key Metrics Changes - In 2025, Ryder achieved comparable earnings per share of $1,292, more than double the $595 reported in 2018, with a return on equity (ROE) of 17%, up from 13% in 2018 [11][12] - Operating cash flow increased to $2.6 billion in 2025, up more than 50% from $1.7 billion in 2018 [11][12] - For the fourth quarter, operating revenue was $2.6 billion, consistent with the prior year, while comparable earnings per share from continuing operations were $3.59, up 4% from the previous year [13] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased by 1%, with pre-tax earnings down to $136 million due to weaker market conditions [14] - Supply Chain Solutions (SCS) operating revenue increased by 3%, but earnings decreased by 8% due to lost business and customer production shutdowns [16] - Dedicated Transportation Solutions (DTS) saw a 4% decrease in operating revenue, but EBT was above the prior year due to lower bad debt and acquisition synergies [17] Market Data and Key Metrics Changes - The U.S. economic growth is expected to be modest in 2026, with no significant change in freight market conditions anticipated [22] - Class 8 production is forecasted to decline by 4% in 2026, impacting overall market dynamics [22] - Rental demand remains weak, with utilization rates dropping to 66% in January from 74% in December [54] Company Strategy and Development Direction - Ryder's balanced growth strategy focuses on operational excellence, customer-centric innovation, and profitable growth, with a significant shift towards asset-light supply chain and dedicated businesses [6][9] - The company is investing in customer-centric technology, including AI enhancements to improve operational efficiencies and customer service [8][9] - Ryder aims to leverage its high-quality contractual portfolio, which generates over 90% of its revenue, to support strategic growth opportunities [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver increasing value to customers and shareholders despite current market challenges [22] - The outlook for 2026 includes expected operating revenue growth of approximately 3% and a comparable EPS increase of 12% at the high end of the forecast range [22][23] - Management noted that the earnings power of the contractual portfolio is expected to drive higher operating cash flow and support capital deployment capacity [19] Other Important Information - Ryder has generated $3 billion in free cash flow since 2021 and has repurchased 24% of shares outstanding while increasing the quarterly dividend by 57% [12] - The company expects to realize another $70 million in incremental benefits from strategic initiatives in 2026, bringing the total expected annual benefit to $170 million [12][29] - Ryder's balance sheet remains strong, with leverage at 250% at year-end, providing ample capacity for capital allocation priorities [21] Q&A Session Summary Question: Variability in EPS guidance for 2026 - Management indicated that the largest variability lies within the transactional business, particularly related to maintenance and omnichannel optimization initiatives [35][36] Question: Used vehicle sales expectations - Management expects a gradual improvement in used vehicle sales throughout the year, with Q1 consistent with Q4 levels [38][39] Question: Impact of market conditions on rental and used vehicle sales - Management noted that while there are signs of capacity exiting the market, they have not yet seen a meaningful improvement in rental and used vehicle sales [41][62] Question: Flex operating structure benefits - The flex operating structure is expected to optimize back-office resources and improve driver allocation, potentially offsetting margin headwinds in the dedicated business [59] Question: Performance of Supply Chain Solutions - Management highlighted a record sales year in 2025 for Supply Chain Solutions, with new business expected to layer in throughout 2026 [44][60]

Financial Data and Key Metrics Changes - In fiscal Q2 2026, total revenues were $20.7 million, a 2% increase year-over-year, primarily due to a 6% increase in production and higher realized natural gas prices, offset by lower oil and NGL pricing [13][14] - Net income for the quarter was $1.1 million, or $0.03 per diluted share, compared to a net loss of $1.8 million, or $0.06 per share, in the prior year [13] - Adjusted EBITDA increased by 41% year-over-year to $8 million, reflecting stronger natural gas revenues and lower lease operating costs [14] Business Line Data and Key Metrics Changes - The company reported improved profitability and stronger cash flow, driven by diversification into natural gas and minerals and royalty investments [4][5] - Production increased year-over-year, particularly from mineral and royalty acquisitions in the SCOOP/STACK, contributing to steady base production across the portfolio [13][10] - Lease operating expenses improved to $11.5 million, or $16.96 per BOE, down from $20.05 per BOE in the prior year, due to cost improvements and cessation of CO2 purchases at Delhi [14] Market Data and Key Metrics Changes - Realized natural gas pricing improved compared to the prior year, although results were impacted by wider regional differentials due to mild winter conditions in the western U.S. [12] - The company continues to benefit from a balanced mix of oil and natural gas assets, which helps reduce concentration risk and smooth performance over time [5] Company Strategy and Development Direction - The company aims to build a portfolio that can perform across commodity price cycles, focusing on assets with durable cash flow characteristics and modest capital requirements [5][9] - The strategy includes expanding the minerals and royalty platform, which is expected to enhance cash flow durability and provide flexibility in capital deployment [7][8] - The company remains opportunistic in acquisitions, particularly in areas where it can leverage its experience and relationships [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate commodity cycles while continuing to reward shareholders, emphasizing the importance of disciplined capital management [8][9] - The company anticipates meaningful contributions from newly acquired Haynesville-Bossier Shale mineral and royalty assets in the upcoming quarters [7][20] - Management highlighted the importance of operational flexibility and cost control in the current volatile market environment [8] Other Important Information - Cash on hand totaled $3.8 million, with borrowings under the credit facility at $54.5 million, resulting in total liquidity of approximately $13.5 million [15] - The board declared a quarterly cash dividend of $0.12 per share, totaling $4.2 million in dividends paid during the quarter [15] Q&A Session Summary Question: Update on minerals acquisitions and natural decline rate - Management noted that minerals acquisitions will add incremental production without additional costs, enhancing the attractiveness of the portfolio [18] Question: Production levels from Haynesville-Bossier acquisitions - Management confirmed that the acquisitions will have no impact on the previous quarter but expect production to ramp up quickly in the upcoming quarters [20] Question: Performance of the Delhi Field without CO2 injection - Management indicated that the field remains profitable without CO2 injection due to lower operating costs, despite some production rate reductions [29] Question: Outlook on overall debt levels - Management stated that the long-term target is to reduce net debt to 1x, but they feel comfortable with the current debt level given the production and cash flow hedged at attractive prices [58]

NiSource (NYSE:NI) Q4 2025 Earnings call February 11, 2026 11:00 AM ET Speaker2Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q4 2025 NiSource Earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during that time, simply press star, then the number 1 ...

Summary of Liberty Gold Conference Call Company Overview - **Company**: Liberty Gold (OTCPK: LGDT.F, TSX: LGD) - **Industry**: Precious Metals and Critical Minerals - **Key Asset**: Black Pine project located in Southeast Idaho Core Points and Arguments - **Development Stage**: Liberty Gold is transitioning from an explorer to a developer, focusing on the Black Pine project, which is seen as a foundational asset for the company [2][5] - **Resource Update**: A preliminary feasibility study indicates a resource of approximately 4.88 million ounces of oxide gold, with a mine life of 17 years and projected production of over 2 million ounces [4][14] - **Economic Metrics**: At a gold price of $2,000, the project has an NPV of over $500 million, with a payback period of three years and an IRR of 32%. The NPV could rise significantly with increasing gold prices, reaching up to $4 billion at $5,000 gold [21][30] - **Permitting Progress**: Liberty Gold has entered the FAST-41 federal permitting framework, which is expected to expedite the permitting process. The timeline anticipates a draft record of decision by late 2027 and a final decision by early 2028 [27][29] - **Funding Strategy**: The company is fully funded to advance the Black Pine project through feasibility and permitting, with a strong balance sheet and strategic shareholders, including Centerra Gold [7][9] Additional Important Information - **Management Team**: The management team includes experienced professionals with backgrounds in operations and capital markets, enhancing the company's strategic direction [6] - **Environmental Considerations**: The Black Pine project is located in a favorable area with no surface water, which mitigates environmental concerns related to aquatic species and allows for efficient mining operations [13][25] - **Future Catalysts**: Key upcoming milestones include the release of the definitive feasibility study in October 2026, further drilling results, and updates on the permitting schedule [12][31] - **Market Position**: The average analyst price target for Liberty Gold is CAD 3.45, indicating potential upside from the current trading price of CAD 1.46 [10] Conclusion Liberty Gold is positioned as a promising late-stage developer in the gold mining sector, with a strong asset in Black Pine and a clear path towards production. The company's strategic focus on permitting and funding, combined with favorable economic metrics, suggests significant upside potential as it advances towards construction and production phases.

Acadia Realty Trust (NYSE:AKR) Q4 2025 Earnings call February 11, 2026 11:00 AM ET Speaker6Welcome to the Acadia Realty Trust Fourth Quarter 2025 Earnings Conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. Please note that today's conference is being ...

Evolv Technologies Conference Call Summary Company Overview - **Company**: Evolv Technologies - **Industry**: AI-enabled touchless security screening - **Founded**: 2013 - **Key Products**: Evolv Express (for people screening) and Evolv eXpedite (for bag screening) [1][10] Core Insights and Arguments - **Mission**: To make the world a safer and more enjoyable place through innovative security solutions [4] - **Market Need**: The company was inspired by tragic events, including the Boston Marathon bombing and numerous mass shootings, highlighting the urgent need for improved security measures [2][3][4] - **Technology Innovation**: Evolv Technologies focuses on using advanced technology, sensors, and AI to differentiate between weapons and personal items, allowing for quick and efficient screening [7][8][17] - **Operational Efficiency**: The technology aims to reduce wait times and improve the experience for users while maintaining high security standards [10][33] Market Opportunity - **Total Addressable Market (TAM)**: Estimated at $20 billion, targeting sectors such as education, healthcare, sports, entertainment, and industrial workplaces [17] - **Customer Base**: Approximately 1,000 customers, primarily in the U.S., including sports venues, schools, hospitals, and casinos [18][19] - **Growth Potential**: The company sees significant growth opportunities, especially in light of increasing violence and the need for effective security solutions [57][67] Product Features and Performance - **Evolv Express**: Allows individuals to walk through without stopping, identifying concealed threats quickly [10] - **Evolv eXpedite**: Automates bag screening, significantly faster than traditional X-ray systems [13] - **Data Utilization**: The system collects data on screening events, helping customers optimize staffing and security operations [42][44] Challenges and Considerations - **False Positives**: The system experiences nuisance alarms, with rates varying based on settings and environments, but aims to minimize disruption [26][28] - **Market Awareness**: The primary challenge is increasing awareness of the technology and its benefits compared to traditional methods [50][52] - **International Expansion**: Currently, less than 10% of business is international, but there are plans for growth in global markets [66][67] Future Outlook - **Technological Adaptability**: The company is committed to continuously updating its algorithms and technology to address evolving threats [20] - **Long-term Contracts**: Evolv engages customers with four-year non-cancelable contracts, fostering strong relationships and ongoing collaboration [45] - **Network Effect**: The large customer base enhances the effectiveness of the technology through shared learnings and data [46] Additional Insights - **Security Trends**: The company notes a shift in security approaches, with more organizations seeking advanced screening technologies due to recent violent events [29][30] - **Event Security**: Major events like the World Cup and Olympics are driving interest in efficient and effective security solutions [31][33] - **Manufacturing Partnerships**: Evolv has partnered with Plexus for manufacturing, enhancing scalability and operational capacity [37][38] This summary encapsulates the key points discussed during the Evolv Technologies conference call, highlighting the company's mission, market opportunities, product innovations, and future growth strategies.

Summary of Lazard Asset Management Conference Call Company Overview - **Company**: Lazard Asset Management - **AUM**: Approximately $265 billion [1] Key Points and Arguments Leadership Transition - **New CEO**: Chris Hogbin appointed as CEO of Lazard Asset Management in December [1] - **Experience**: Chris brings 30 years of global investment leadership, previously serving as global head of investments at AllianceBernstein [1] Strategic Vision - **Lazard 2030**: The vision set by group CEO Peter Orszag is a key attraction for Chris Hogbin [3] - **Strengths**: Lazard has strong investment and distribution capabilities, but there are areas for improvement [3][4] Priorities for Growth 1. **Delivering Investment Performance**: - Two-thirds of AUM is outperforming its stated benchmark, but there is room for improvement [7] - Appointment of a Chief Investment Officer, Eric Van Nostrand, to oversee portfolio managers and enhance performance [8][9] 2. **Growing the Business**: - Transition year with $8.5 billion of net inflows, excluding a significant client termination [11] - January saw nearly $3 billion in net inflows, indicating positive momentum [11] 3. **Capitalizing on Growth**: - Focus on improving margins without adding costs [12] - Need for operating leverage as the business grows [12] Strategic Business Mix - **Protect and Grow**: Focus on systematic equities, global listed infrastructure, and emerging markets [13] - **Invest and Enhance**: Investment in the investment team and new product development, including a move from 0 to $1 billion in active ETFs [14] - **White Space Opportunities**: - Expansion in public markets, private markets, and wealth management [15][16] M&A Considerations - Organic growth is preferred, but selective M&A may be necessary for expansion [17][20] - Focus on partnerships rather than large acquisitions in private markets [20] Institutional Investor Sentiment - Increasing skepticism among asset owners regarding U.S. market valuations, leading to diversification into international markets [25] - Two-thirds of managed assets are non-dollar denominated, indicating strong international exposure [26] Active ETF Business - Growth from 0 to 7 active ETFs with $1 billion AUM, indicating strong demand for successful strategies [35][36] - Future plans include expanding into Europe and innovating new ETFs [37] Margin Improvement - Current margins are below industry average, with no structural limitations to improvement [42][44] - Focus on growing existing products and rationalizing underperforming strategies [45][46] Distribution and Sales Strategy - Impressive distribution team performance with record gross sales of $55 billion [55] - Need for increased front-line personnel to enhance intermediary relationships [55][57] Wealth Management Opportunities - Wealth business in France is profitable and has growth potential; U.S. wealth business offers unique high-net-worth services [71][72] AI Integration - AI will be leveraged in investment processes, client experience, and operational efficiency [75][76] - Aim to automate routine tasks to allow analysts more time for strategic thinking [76] Closing Remarks - Confidence in Lazard's strengths and long-term growth vectors, contributing to the Lazard 2030 ambitions [78]

Summary of SAB Biotherapeutics Conference Call Company Overview - **Company**: SAB Biotherapeutics (NasdaqCM:SABS) - **Focus**: Development of new medicines for type 1 diabetes, aiming to change the course of the disease rather than just treat symptoms [2][3] Industry Context - **Market Opportunity**: Type 1 diabetes represents a major unmet medical need with no approved drugs currently available, creating a multi-billion dollar market opportunity [3][6] - **Patient Demographics**: Approximately 64,000 new patients are diagnosed with type 1 diabetes each year [6] Key Product Information - **Lead Asset**: SAB-142, an anti-thymocyte immunoglobulin that is fully human [2][15] - **Mechanism of Action**: SAB-142 induces T cell exhaustion while preserving regulatory T cells (Tregs), which is critical for self-tolerance [11][15] - **Clinical Trials**: Currently in a pivotal phase 2b trial named SAFEGUARD, targeting newly diagnosed patients within 100 days of diagnosis [28][43] Clinical Trial Details - **Phase 1 Study**: Completed in 2024, demonstrated safety and absence of serum sickness or anti-drug antibodies [17][22] - **Dosing for SAFEGUARD**: Two doses being tested: 2.5 mg/kg and 1.5 mg/kg [19][20] - **Primary Endpoint**: C-peptide preservation at one year, with a target of 40% preservation considered clinically meaningful [44][47] - **Enrollment Timeline**: Expected to complete enrollment by the end of 2026, with data anticipated in the second half of 2027 [43] Competitive Landscape - **Competitors**: Tzield, which is under review for approval in stage 3 type 1 diabetes, has shown regulatory clarity and a potential path for approval based on C-peptide preservation [53] Commercial Strategy - **Market Preparation**: Early commercial activities are underway, including the hiring of David Zaccardelli as chairman, who has experience in successful drug launches [49] - **Addressable Market**: Focus on newly diagnosed patients and potential expansion to stage 2 patients, which could significantly increase the market size [50][51] Financial Health - **Cash Position**: SAB Biotherapeutics had approximately $140 million in cash at the end of 2025, sufficient to fund operations through 2028 [54] Additional Insights - **Regulatory Strategy**: Engaging with regulatory agencies to ensure a clear path for approval and to establish a favorable safety profile before moving to younger patient populations [29][30] - **Long-term Vision**: The company aims to develop therapies that can preserve beta cell function in earlier stages of type 1 diabetes, potentially leading to a functional cure [50][51]

Financial Data and Key Metrics Changes - NNN REIT reported a 2.7% growth in AFFO per share for 2025, reaching $3.44, and core FFO per share also increased by 6.1% year-over-year to $0.87 [10][11] - The company maintained a high occupancy rate of 98.3%, up 80 basis points from the previous quarter, aligning with its long-term average [12] - Annualized base rent increased by approximately 8% year-over-year to $928 million, driven by strong acquisition activity [12] Business Line Data and Key Metrics Changes - The company completed over $900 million in acquisitions, marking the highest annual volume in its history [3] - During the fourth quarter, NNN invested over $180 million across 55 properties at an initial cash cap rate of 7.4% [6] - The company sold 18 income-producing and 42 vacant properties in the fourth quarter, generating $82 million in proceeds [9] Market Data and Key Metrics Changes - The initial cap rates stabilized in the fourth quarter, remaining in line with the third quarter, with slight compression anticipated as the year progresses [5][6] - The company expects to fund its 2026 strategy through $210 million of retained free cash flow and $130 million of planned dispositions, maintaining leverage neutral [5] Company Strategy and Development Direction - NNN's strategy focuses on a disciplined bottom-up investment approach, aiming for mid-single-digit AFFO per share growth over the long term while aligning acquisitions and balance sheet management to support these objectives [4] - The company emphasizes proactive portfolio management to maintain high occupancy and renewal rates, with a goal of improving future performance [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a more uncertain macroeconomic environment in 2026, supported by a solid financial footing and a self-funding business model [4][5] - The company anticipates a slight increase in occupancy and a continued focus on resolving vacancies throughout 2026 [52][74] Other Important Information - NNN maintained a highly flexible balance sheet with no encumbered assets and $1.2 billion in total available liquidity [4][15] - The company announced a quarterly dividend of $0.60, representing a 3.4% year-over-year increase [15] Q&A Session Summary Question: Can you provide an update on proactive portfolio management and occupancy levels? - Management indicated that proactive portfolio management involves monitoring tenant renewals and addressing potential issues early, with an ideal occupancy slightly above 98% [20] Question: Why is the bad debt assumption set at 75 basis points? - The company explained that 75 basis points is a prudent starting point, reflecting no significant changes in the watchlist and historical performance [24] Question: What segments of clients are looking to grow more aggressively? - Management noted that auto services and convenience stores are currently the biggest opportunities for growth [33] Question: What is the expected trend for lease termination fees in 2026? - Management anticipates a return to more normalized levels of lease termination fees, estimating around $3 million to $4 million for the year [37] Question: How does the company view competition in the acquisition market? - Management stated that while competition exists, it has not seen significant changes, and it continues to rely on strong relationships to secure deals [39] Question: What is the expected trend for occupancy throughout the year? - Management expects occupancy to trend slightly higher, with ongoing efforts to resolve vacancies [52] Question: Can you discuss the anticipated cap rate compression? - Management believes slight cap rate compression is likely due to competitive pressures in the market [81]