Sensient (NYSE:SXT) Q4 2025 Earnings call February 13, 2026 09:30 AM ET Company ParticipantsLarry Solow - Managing DirectorPaul Manning - Chairman, President, and CEOTobin Tornehl - VP and CFOConference Call ParticipantsGhansham Panjabi - Managing Director and Senior Research AnalystNicola Tang - Managing Director and Senior Equity AnalystOperatorGood morning, and welcome to the Sensient Technologies Corporation 2025 fourth quarter and year-end earnings conference call. All participants will be in listen-on ...

Teva Pharmaceutical Industries Conference Summary Company Overview - **Company**: Teva Pharmaceutical Industries (NYSE: TEVA) - **Date of Conference**: February 13, 2026 - **Key Speaker**: Dr. Eric Hughes, Chief Medical Officer Core Industry Focus - **Industry**: Pharmaceutical, specifically in immunology and drug development Key Points and Arguments Immunology R&D Efforts - Teva is focusing on validated molecular targets in its immunology R&D, including TSLP/IL-13-directed treatments [1][2][3] - The company has a strong antibody and protein engineering group, enhancing its capabilities in developing biosimilars and innovative drugs [4][5] Targeted Approaches - The company is exploring various combinations of molecular targets to increase the probability of success in drug development [5][6] - Teva is agnostic regarding the source of innovation, whether internal or through business development and collaborations [8][10] IL-15-Directed Antibody (408) - Teva is accelerating its IL-15-directed antibody program, targeting vitiligo and celiac disease with timelines set for 2031 and 2034, respectively [12][13] - The company has secured up to $500 million in R&D funding from Royalty Pharma for the vitiligo program, emphasizing the high costs associated with drug development [19][21] Clinical Development Insights - The phase IIb study for vitiligo will require a safety database of approximately 1,400 patients for FDA approval [22] - The company aims to differentiate its IL-15 treatment from existing therapies by potentially offering a quarterly dosing regimen, contrasting with daily treatments of current options [37][39] Mechanistic Rationale - The mechanism of action for IL-15 in vitiligo involves blocking signals that maintain CD8 positive T-cells, which destroy melanocytes [31][33] - In celiac disease, IL-15 is linked to the proliferation of anti-gut lining cells, and blocking it may prevent damage to the gut lining [45][47] Competitive Landscape - Teva's IL-15 antibody is considered more potent than competitors, with a lower rate of anti-drug antibodies [50] - The company is exploring additional indications for its IL-15 treatment, including atopic dermatitis and alopecia areata [51] Future Developments - Teva plans to submit an IND for the TSLP/IL-13 combination by the end of the year, indicating a proactive approach to advancing its pipeline [85] Additional Important Insights - The company acknowledges the high costs of drug development, with $500 million being a reasonable estimate for a vitiligo program [21] - Safety profiles of new treatments are a significant concern, with IL-15 showing promising tolerability compared to existing JAK inhibitors [44] This summary encapsulates the key discussions and insights from the Teva Pharmaceutical Industries conference, highlighting the company's strategic focus on immunology and its innovative approaches to drug development.

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 - For Q4 2025, revenues increased by 6.2% year-over-year, reaching PEN 559.5 million, driven by higher sales of pack cement and increased sales for infrastructure projects [10] - EBITDA for Q4 2025 reached PEN 158.7 million, an 11.4% increase compared to the same period last year, excluding one-off expenses related to the share purchase agreement with Holcim [6][10] - Full year 2025 EBITDA was PEN 584.2 million, marking a 6.4% year-over-year increase when excluding one-off expenses [7][17] - Net income for Q4 2025, excluding one-off expenses, would have been PEN 59.8 million, a 19.6% increase over the same period last year [16][17] Business Line Data and Key Metrics Changes - Cement sales in Q4 2025 increased by 13.6%, primarily due to robust demand in the self-construction sector, while full year cement sales increased by 8.7% compared to 2024 [12][14] - Sales of concrete, pavement, and mortar decreased by 25.1% year-over-year in Q4 2025, mainly due to lower sales volume from the halted Motupe Riverbank Defense Project [13][14] - Precast materials sales decreased by 16% in Q4 2025 but increased by 3% for the full year, driven by higher demand from the public sector [16] Market Data and Key Metrics Changes - The company experienced strong momentum in sales volumes, with an 8.2% increase in Q4 2025 compared to the same period last year, and a 7.2% increase for the full year 2025 relative to 2024 [6] - The growth was attributed to stronger demand for infrastructure projects and consistent performance in the self-construction segment [6] Company Strategy and Development Direction - The acquisition agreement with Holcim for a controlling stake in Cementos Pacasmayo is seen as a strong endorsement of the company's long-term strategy and operational excellence [4][5] - The company aims to promote sustainable development and contribute to the growth of Peru and the wider region [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum built and the positive outlook for future performance, emphasizing operational excellence and profitability [9] - The company anticipates that EBITDA margins will remain stable or increase slightly due to energy-saving projects planned for the second half of the year [26][27] Other Important Information - The company achieved three-star recognition from Peru's Minister of Environment for reducing greenhouse gas emissions, reinforcing its commitment to sustainability [7][8] - The company maintains a top-tier position in the Merco ESG Sustainability Ranking, recognized as the industry leader for ten consecutive years [8] Q&A Session Summary Question: Details about the transaction with Holcim and regulatory approvals - Management confirmed that the transaction is pending Indecopi approval and is expected to be approved in the coming months, with no anticipated impediments [19] Question: Acquisition-related expenses and their justification - Management explained that most transaction expenses are related to long-standing change of control issues, with part of the expenses to be assumed by Holcim [20][21] Question: Future project-related disruptions and margin pressures - Management indicated that while each project has unique circumstances, they expect EBITDA margins to remain stable or improve due to upcoming energy-saving projects [26] Question: Guidance on revenue growth and EBITDA margins for 2026 - Management expressed optimism about volume growth and stable EBITDA margins for 2026, citing competitive pricing and operational efficiencies [27]

Q4 2025 Financial and Operating Results © Copyright 2026 Galiano Gold. All rights reserved. February 13, 2026 Forward Looking Information & Cautionary Statements Certain statements and information contained in this presentation constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are st ...

Financial Data and Key Metrics Changes - For the full year of 2025, the company achieved 3% local currency revenue growth, 10% local currency adjusted EBITDA growth, and 15% local currency adjusted EPS growth [5] - In the fourth quarter of 2025, revenue was $393.4 million, compared to $376.4 million in the same period last year, while operating income was $38.2 million, down from $42 million [22] - Adjusted operating income for Q4 2025 was $44.5 million, compared to $42.9 million in the prior year, indicating flat performance in local currency [23] Business Line Data and Key Metrics Changes - The Color Group delivered 7.4% local currency revenue growth and 16.9% local currency operating profit growth for the year, with an adjusted EBITDA margin improvement to 23.7% from 22.1% [9] - The Flavors and Extracts Group experienced a 1.3% decline in local currency revenue but a 3.4% increase in local currency operating profit, with an adjusted EBITDA margin of 16.7% [11] - The Asia Pacific Group achieved 2.4% local currency revenue growth and 3.8% local currency operating profit growth for the year, although Q4 saw a 1.9% revenue decline [13] Market Data and Key Metrics Changes - The company noted that the natural colors conversion momentum is strong in the U.S., Canada, and parts of Latin America, representing a significant opportunity for growth [8] - The agricultural ingredients business faced challenges due to severe weather events, impacting harvesting activities and leading to a one-time inventory loss of approximately $3 million [12] Company Strategy and Development Direction - The company is focused on investing in research and development, production capacity, and supply chain resilience to support customer needs during the natural color conversion process [9] - The goal is to capture a substantial portion of the $1 billion sales opportunity through natural color conversions, with significant capital expenditures planned for 2026 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid- to double-digit revenue growth in 2026, driven by natural color conversion activities [14] - The company anticipates a challenging profit leverage in the first half of 2026 due to ongoing investments, with expectations for improved performance in the second half [15] Other Important Information - The company plans to invest $150 million to $170 million in capital expenditures in 2026, with a focus on natural color conversion-related investments totaling between $225 million and $250 million from 2025 to 2028 [16] - The adjusted tax rate for Q4 2025 was 17.1%, down from 24.9% in the same period of 2024 [23] Q&A Session Summary Question: How much of the $100 million conversion opportunity was realized in 2025, and what is expected for 2026? - The company invoiced about $5 million in Q3 and Q4 2025, with expectations for acceleration in conversions in 2026 as customer deadlines approach [33][36] Question: How does the FDA's change to the no artificial color designation affect conversion timelines? - Management believes the FDA guidance will not materially change the timing of brand conversions, as customer commitment to conversion is driven by consumer demand [39] Question: What is the outlook for flavors and extracts, and what gives confidence in a rebound? - The flavors and extracts group is expected to see mid-single-digit revenue growth, with confidence stemming from improved agricultural ingredient availability and operational adjustments [87][90]

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]

2025 Fourth Quarter 2025 Earnings Conference Call February 13, 2026 FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements, including our expectations regarding the long-term outlook of the commercial real estate transaction market and our positioning within it, our belief relating to the Company's long- term growth, our assessment of the key factors influencing the Company's business outlook, including the expectation for future interest rate cuts or rising inflation and likely im ...

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