Opera (NasdaqGS:OPRA) FY Conference January 15, 2026 08:00 AM ET Company ParticipantsFrode Jacobsen - CFOConference Call ParticipantsLaura Martin - Senior Media and Internet AnalystLaura MartinGood morning. I'm Laura Martin, Senior Media and Internet Analyst at Needham & Company. I'd like to introduce our next speaker. Frode Jacobsen is the Chief Financial Officer of Opera Limited, where he led the company's global finance organization since 2016. He oversees financial strategy, capital allocation, reportin ...

Project Highlights - Three US-based organic growth projects are expected to add a cumulative Net Present Value (NPV) of $41 billion at a gold price of $4,300/oz[13] - The combined Internal Rate of Return (IRR) for these projects is projected to be 55% at a gold price of $4,300/oz[13] - The projects are expected to have a quick payback period[13] - The average incremental All-In Sustaining Cost (AISC) for these projects is estimated to be approximately $1,650/oz[13] - The projects are expected to contribute nearly 3 million ounces of gold equivalent production over their Life of Mine (LOM)[13] Round Mountain - Phase X - Phase X is projected to have an NPV of $1881 million and an IRR of 67% at a gold price of $4,300/oz[22] - The project is expected to produce 14 million ounces of gold equivalent over its LOM[22] - The average grade is expected to be 30 g/t[22] Curlew - Curlew is projected to have an NPV of $1171 million and an IRR of 44% at a gold price of $4,300/oz[61] - The project is expected to produce 09 million ounces of gold equivalent over its LOM[61] - The average grade is expected to be 58 g/t[61] Bald Mountain - Redbird 2 - Redbird 2 is projected to have an NPV of $969 million and an IRR of 58% at a gold price of $4,300/oz[99] - The project is expected to produce 064 million ounces of gold equivalent over its LOM[99] - The average grade is expected to be 05 g/t[99]

Aspen Pharmacare (OTCPK:APNH.Y) Update / briefing January 15, 2026 08:00 AM ET Company ParticipantsStephen Saad - CEONone - Company RepresentativeSean Capazorio - CFORoy Campbell - Head of Investor RelationsRoy CampbellGood afternoon and welcome. I am Roy Campbell, and I'm pleased to announce that I've recently joined Aspen in the capacity of Investor Relations, working closely with Stephen, Sean, and Zanele, Siwe. It is good to be on board, and we look forward to interacting with many of you going forward. ...

BlackRock (NYSE:BLK) Q4 2025 Earnings call January 15, 2026 07:30 AM ET Company ParticipantsMichael Brown - Managing DirectorBen Budish - DirectorMichael Cyprys - Managing DirectorAlex Blostein - Managing DirectorChristopher Meade - General CounselDan Fannon - Managing DirectorLaurence Fink - Chairman and CEOCraig Siegenthaler - Managing DirectorMartin Small - CFOConference Call ParticipantsKen Worthington - Senior Equity Research AnalystOperatorGood morning. My name is Jennifer, and I will be your conferen ...

BlackRock (NYSE:BLK) Q4 2025 Earnings call January 15, 2026 07:30 AM ET Company ParticipantsChristopher Meade - General CounselMartin Small - CFOOperatorGood morning. My name is Jennifer, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock Incorporated Q4 2025 Earnings Teleconference. Our hosts for today's call will be Chairman and Chief Executive Officer Lawrence D. Fink, Chief Financial Officer Martin S. Small, President Robert S. Kapito, and Genera ...

Financial Data and Key Metrics Changes - BlackRock reported nearly $700 billion in net new assets for 2025, with a 9% organic base fee growth and a 16% technology annual contract value (ACV) expansion [3][4] - Full year revenue reached $24 billion, up 19% year over year, while operating income was $9.6 billion, an 18% increase [8] - Earnings per share (EPS) for the full year was $48.09, reflecting a 10% increase [8] Business Line Data and Key Metrics Changes - Fourth quarter base fees and securities lending revenue amounted to $5.3 billion, a 19% increase year over year, driven by market beta impacts and organic growth [10] - Performance fees in the fourth quarter were $754 million, up from the previous year, with significant contributions from alternatives [11] - Technology services and subscription revenue increased by 24% year over year, reflecting successful client onboarding and the closing of the Preqin transaction [11] Market Data and Key Metrics Changes - iShares led the industry with $527 billion in net inflows for 2025, representing 12% organic asset growth [15] - Retail net inflows for the year were $107 billion, significantly boosted by a $80 billion SMA assignment from Citi Wealth [16] - Institutional active franchise generated net inflows of $54 billion, while institutional index net outflows were $119 billion, primarily due to low-fee index equity strategy redemptions [16] Company Strategy and Development Direction - BlackRock aims to build leading franchises in high-growth markets such as private markets, digital assets, and active ETFs, targeting $500 million revenue generators in the next five years [6][7] - The company plans to raise $400 billion in private markets by 2030, leveraging strong client relationships and investment performance [22] - BlackRock is focused on integrating public and private markets, enhancing its technology and data capabilities through platforms like Aladdin and Preqin [7][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing strong client relationships and a diversified pipeline across products and regions [18][19] - The company anticipates continued organic base fee growth of 6% or higher, supported by a favorable market environment [38] - Management highlighted the importance of adapting to changing market conditions and the potential for increased cash holdings as capital markets grow [42][43] Other Important Information - BlackRock returned a record $5 billion to shareholders in 2025 through dividends and share repurchases, with a planned 10% increase in the dividend per share for 2026 [13][14] - The company is targeting a $1.8 billion share repurchase program for 2026 [15] - BlackRock's platform is positioned to capture flows with strong performance across various asset classes, including fixed income and active ETFs [28][29] Q&A Session Summary Question: What is the outlook for net flow pipeline and the money market business? - Management noted that organic base fee growth has consistently outperformed expectations, with a strong pipeline for private markets and systematic strategies [37] - They expect money market yields to fall with potential rate cuts, but anticipate continued demand for fixed income offerings [39][40] Question: How is BlackRock prioritizing growth in Asia? - Management highlighted the rapid growth of capital markets in Asia, particularly in Japan and India, and emphasized the potential for self-directed retirement platforms [45][46] Question: How does BlackRock differentiate in the insurance channel? - BlackRock is the largest general account manager for insurance companies, focusing on delivering customized solutions and integrating public and private portfolios [50][52]

Financial Performance & Goals - Morgan Stanley achieved a Return on Tangible Common Equity (ROTCE) of 21.6%[9] - The firm's Earnings per Share (EPS) reached $10.21[9] - Total Client Assets amounted to $9.3 Trillion[9] - The firm is targeting $10 Trillion+ in Client Assets[19, 57] - The firm is targeting a ROTCE of 20%[19, 57] Wealth Management - Wealth Management's Pre-Tax Margin is targeted at 30%[19, 57] - Wealth Management's net revenues increased from $19 Billion in 2020 to $32 Billion in 2025[26] - Fee-Based Flows in Wealth Management were approximately $735 Billion from 2021-2025, compared to approximately $330 Billion from 2016-2020[26] - Net New Assets in Wealth Management were approximately $1.64 Trillion from 2021-2025, compared to approximately $580 Billion from 2016-2020[26] Institutional Securities & Investment Management - Institutional Securities Wallet Share increased from approximately 14.3% in 2020 to approximately 15.5% in 2025[16]

Acquisition Highlights - Talen is investing $3.45 billion in Lawrenceburg, Waterford, and Darby assets [6] - ECP is supporting the acquisition with approximately $900 million in Talen equity [6] - The acquisition is expected to be immediately >15% accretive to Adjusted Free Cash Flow (FCF) per share [6, 17, 19] - The acquisition diversifies Talen's generation portfolio with the addition of approximately 2.62 GW of efficient natural gas assets [6] Financial Metrics - The acquisition represents a 6.6x 2027E Adjusted EBITDA multiple with approximately 85% unlevered free cash flow conversion [6] - The purchase price consists of approximately $2.55 billion in cash and approximately $900 million in Talen equity, with 2.4 million shares to be issued to ECP (~5% of expected pro forma equity) [17] - The transaction is expected to generate more than $1 billion in nominal tax shield benefits [17] - Talen aims to achieve <3.5x net leverage target by year-end 2026 [6, 17] Portfolio Impact - The acquisition adds approximately 2.6 GW of PJM gas capacity in Ohio and Indiana [8] - The acquired assets are expected to generate approximately 15.7 TWh of electricity in 2024 [11] - Pro forma annual generation is expected to approximately double after recent acquisitions, reaching ~71 TWh [14]

Transaction Overview - Aspen is selling 100% of its equity interests and intellectual property assets in Australia, New Zealand, and other Asia Pacific regions (excluding China) [35] - The gross unadjusted consideration is AUD 2.37 billion (ZAR 26.477 billion) [16, 42] - The transaction represents an EV/Normalised EBITDA (FY 2025) multiple of approximately 11x [16, 42] - Transaction and other costs are expected to be less than 5% of the net proceeds [17] Financial Performance (FY 2025) - APAC revenue was R7.792 billion, representing 18% of the Group's total revenue of R43.3 billion [12] - APAC EBITDA was R2.445 billion, representing 26% of the Group's total EBITDA of R9.324 billion [14] Strategic Rationale - The divestment aligns with the Group's strategy to unlock the underlying sum-of-the-parts value [39] - The transaction will improve balance sheet flexibility for future capital allocation [20, 39] - The company will have a heightened focus on the Group's growth drivers, including Commercial Pharma and sterile FDF manufacturing [20, 39] Anticipated Timelines - Post circular to shareholders is expected on or before 20 March 2026 [24] - Shareholder vote is scheduled for on or before 22 April 2026 [24] - Transaction completion is expected by the end of May 2026 [24]

Transaction Overview - Boston Scientific announced a definitive agreement to acquire Penumbra, valuing the company at $374 per share[10] - The transaction consideration reflects a total equity value of $15 billion, funded by approximately $11 billion in cash and approximately $4 billion in Boston Scientific stock, resulting in a 73% cash, 27% stock mix[29] - The equity issuance is expected to be approximately 41 million shares, fixed at the time of signing based on Boston Scientific's 10-day VWAP ending January 13, 2026[29] - The transaction is expected to close in 2026, subject to Penumbra shareholder approval and customary closing conditions[28, 29] Penumbra Financials and Market Opportunity - Penumbra's Q4 2025 reported revenue growth is +21.4-22.0% compared to 2024[13] - Penumbra's FY25 reported revenue growth is +17.3-17.5% compared to 2024[13] - Penumbra's FY25E gross margin is 67.9-68.1% and operating margin is 13.3-13.6%[13] - Penumbra operates in large, underserved spaces including mechanical thrombectomy, embolization, and neurovascular segments[10] - The total annual U S opportunity includes 315,000+ peripheral patients and 175,000 MMAe patients[16] Strategic Rationale - The acquisition provides Boston Scientific with entry into new key segments with a WAMGR accretive to Boston Scientific[10] - The combination is expected to deliver meaningful revenue contribution and cost efficiencies, supporting long-range planning goals[10] - Penumbra has a WAMGR of approximately 11% in high-growth adjacent areas[18]