Prologis Park Bottrop, Bottrop, Germany FOURTH QUARTER 2025 Prologis Supplemental Information Unaudited Contents Q4 2025 Supplemental Highlights Financial Information Operations Capital Deployment Strategic Capital Capitalization Notes and Definitions 35 Notes and Definitions 1 Company Profile 2 Company Performance 4 Prologis Leading Indicators and Proprietary Metrics 5 Guidance 6 Consolidated Balance Sheets 7 Consolidated Statements of Income 8 Reconciliations of Net Earnings to FFO 9 Reconciliations of Ne ...

Summary of the Conference Call for Triple Flag Precious Metals (NYSE:TFPM) Company Overview - **Triple Flag Precious Metals** was formed in 2016 and operates in the royalty and streaming model, focusing on generating shareholder value through strategic asset acquisitions [doc id='23']. - The current market cap is approximately **$8 billion**, with **$1.8 billion** of shareholder capital invested, resulting in over **4x** returns [doc id='23']. Key Financial Metrics - **Annual GEO Production Guidance for 2025**: 105,000-115,000 ounces, with actual production reported at **113,000 ounces**, near the top end of the range [doc id='24']. - Projected production growth to **135,000-145,000 ounces** by 2029, driven by existing portfolio assets [doc id='25']. - The company has consistently increased its dividend since going public and is currently **debt-free** with available capacity for new investments [doc id='26']. Market and Industry Insights - The gold market is experiencing significant price appreciation, with gold prices reaching **$5,000** and silver at **$100** [doc id='3']. - The royalty and streaming sector has seen record corporate acquisitions, with **$9 billion** in transactions in 2025, nearly three times the volume from 2023 to 2024 [doc id='10']. - The company emphasizes the importance of operating in **tier one jurisdictions** (Canada, Australia, and the U.S.) to mitigate risks associated with nationalism and expropriation [doc id='6']. Strategic Differentiators - **Geographic Focus**: 80% of cash flow comes from tier one jurisdictions, providing stability and insulation from geopolitical risks [doc id='6']. - **Cash Margin**: The company boasts a **97% cash margin**, benefiting from rising gold and silver prices [doc id='7']. - **Growth Profile**: Anticipated **40% growth** over the next five years without contingent capital requirements [doc id='8']. Recent Developments and Acquisitions - The acquisition of **Orogen Royalties** included a **1% royalty on the Arthur Project** in Nevada, operated by AngloGold Ashanti, which is expected to be a tier one mine [doc id='53']. - The company is focused on maintaining a disciplined approach to capital allocation, ensuring that any acquisitions are accretive to shareholders [doc id='12']. Challenges and Market Positioning - Despite strong performance, the royalty and streaming companies underperformed compared to the gold index in 2025, with Triple Flag up **98%** compared to the gold index's **141%** increase [doc id='34']. - The management argues that while royalty companies may not provide the same short-term leverage as high-cost operators, they offer a high-margin, consistent dividend model with long-term growth potential [doc id='35']. Future Outlook - The company expects continued volatility in the commodities market, driven by macroeconomic factors and geopolitical events, which may create opportunities for growth [doc id='42']. - There is a strong desire to deploy capital into new assets while maintaining a focus on risk management and shareholder value [doc id='62']. Conclusion - Triple Flag Precious Metals is well-positioned in the precious metals sector with a strong growth outlook, disciplined capital allocation strategy, and a focus on high-margin, low-risk assets in stable jurisdictions. The company aims to leverage its existing portfolio for future growth while navigating the challenges of the current market environment.

Summary of Energy Fuels (NYSEAM:UUUU) Conference Call on ASM Acquisition Company and Industry Overview - **Company**: Energy Fuels (NYSEAM:UUUU) - **Acquisition Target**: Australian Strategic Materials (ASM) - **Industry**: Rare Earth Metals and Alloys Key Points and Arguments Acquisition Announcement - Energy Fuels announced the acquisition of ASM to create a fully integrated mine-to-metal and alloy rare earth producer, enhancing its position in the rare earth sector [2][4] Strategic Rationale - The acquisition is a significant step in Energy Fuels' integration strategy, aiming to become the largest fully integrated rare earth metal and alloy producer outside of China [5][6] - ASM adds critical downstream capabilities in rare earth metals and alloys, addressing a weak link in the supply chain [6][25] - The acquisition is expected to be accretive on a Net Asset Value (NAV) basis and enhance vertical integration, capturing margins across the entire supply chain [6][27] Financial Details - The total offer price for ASM is AUD 1.60 per share, implying a value of AUD 447 million, representing over a 100% premium [9] - Payment terms include a combination of Energy Fuels shares and cash dividends for ASM shareholders [10] Project and Operational Synergies - The acquisition includes ASM's operating metal and alloy plant in South Korea and the Dubbo Project in Australia, which contains both light and heavy rare earths [4][12] - Energy Fuels plans to build and operate a metal and alloy plant in the U.S., leveraging ASM's capabilities [4][21] - The Dubbo Project is expected to provide a secure, low-cost source of feedstock, enhancing long-term prospects [7][80] Production Capacity and Expansion Plans - ASM's Korean Metals Plant has an installed capacity of 1,300 tonnes per annum, with plans to expand to 3,600 tonnes per annum [15][17] - Future plans include a phase three expansion to increase capacity to 5,600 tonnes per annum [19] - The U.S. American Metals Plant is intended to have an initial capacity of 2,000 tonnes per annum, with potential for expansion [21] Market Position and Competitive Advantage - The acquisition positions Energy Fuels to capture significant margins and insulate against commodity price exposure, with a projected gross margin uplift of around 20% [26] - Energy Fuels holds the only operating conventional uranium mill in the U.S., which enhances its operational capabilities [34][41] Future Outlook - The transaction is expected to close in the second quarter of 2026, pending various approvals [11][48] - Energy Fuels aims to leverage its existing relationships and infrastructure to expedite the development of the American Metals Plant [53] Additional Important Information - The acquisition is seen as a strategic move to fill a critical gap in the rare earth supply chain, particularly in the context of reducing reliance on Chinese sources [92] - The integration of ASM's capabilities is anticipated to enhance Energy Fuels' overall market position and operational efficiency [32][92] This summary captures the essential details and strategic implications of the acquisition discussed during the conference call, highlighting the potential benefits and future plans for Energy Fuels and ASM.

Euroseas Conference Call Summary Company Overview - Euroseas operates in the feeder and intermediate sectors of the container market with a fleet of 21 vessels and four under construction [2][3] - The company has been publicly listed since 2005, with a market capitalization growth from approximately $50 million to about $500 million [4] Fleet and Operations - The fleet includes six intermediate vessels averaging 18 years old and 15 feeder vessels, with nine new vessels built between 2023 and 2025 [5][6] - Future growth is supported by the order of four additional intermediate vessels for delivery in 2027 and 2028 [6] Financial Performance - For the nine-month period, Euroseas reported an average of 22.6 vessels at a charter rate of $28,735 per day, generating total net revenue of $170 million and net income close to $100 million [10] - The company paid a dividend of $0.70 per share for Q3, translating to an annualized yield of about 5% [10][11] - Projected earnings per share for 2026 and 2027 are expected to remain high due to significant charter coverage at rates exceeding $31,000 per day [11][12] Market Position and Outlook - Euroseas has a low break-even cost of $12,000 per day per vessel, providing substantial margins with current charter rates [13] - The company maintains a low bank debt of $224 million, representing about 33.3% of total book value of assets, indicating low leverage [14] - The estimated net asset value (NAV) per share is $85, while the current trading price is $53, reflecting a 38% discount [15] Industry Dynamics - The container shipping market experienced low rates from 2010 to 2020 due to oversupply, but rates surged post-COVID due to increased demand for goods [18] - Current geopolitical tensions, such as the Israeli-Gaza conflict, have led to increased charter rates, but normalization is expected in the coming years [19][20] - The order book for new vessels is at 34%, significantly lower than the historical highs, suggesting a more stable market environment [20][21] Investment Considerations - Euroseas is insulated from short to medium-term market fluctuations due to long-term charters secured at profitable levels [22] - The company has a strong commitment to rewarding shareholders with dividends and has a share repurchase program in place [24] - The feeder and intermediate container market fundamentals are positive, with a shrinking fleet expected in the sector [23] Risks and Challenges - Potential headwinds include geopolitical instability and global economic slowdowns, which could impact transportation demand [27][28] - The company is preparing for future fuel transitions by making new vessels LNG ready, although conventional fuel is expected to remain prevalent for some time [26] Conclusion - Euroseas presents a compelling investment opportunity in the container shipping sector, with strong financial performance, a well-managed fleet, and favorable market conditions, despite potential risks from geopolitical and economic factors [22][24]

Summary of the Conference Call Industry Overview - The conference is the 29th Annual CIBC Western Institutional Investor Conference, focusing on the royalty and streaming sector within the precious metals industry [1][2] - The current market environment is characterized by significant appreciation in commodity prices, with gold reaching $5,000 and silver at $100 [3] Company Highlights OR Royalties - OR Royalties is a relatively new entrant in the royalty and streaming space, established over 11 years ago, with a cornerstone asset at Canadian Malartic, one of the most profitable mines globally [4][5] - The company has a market cap exceeding $8 billion and achieved cash flow per share guidance for 2024, with a 40% growth expected over the next five years [5][8] - 80% of OR Royalties' net asset value (NAV) and cash flow comes from Tier One jurisdictions: Canada, Australia, and the U.S., providing stability amid rising nationalism and potential expropriation risks in other regions [6][7] - The company maintains a 97% cash margin due to its royalty-centric model, which benefits shareholders in a rising gold and silver environment [7] - OR Royalties participated in approximately 10% of the aggregate deal volume in the royalty and streaming market, totaling around $3 billion in 2023-2024 [11] - The company remains disciplined in capital allocation, focusing on secured deals and avoiding unsecured transactions, which constituted 26% of the market in 2025 [12][13] Royal Gold - Royal Gold experienced substantial growth in 2025, highlighted by a $3.5 billion acquisition of Sandstorm and Horizon Copper, enhancing portfolio diversification and growth prospects [18] - The company has reduced its debt by $400 million since October and is rationalizing non-core investments to improve financial health [20][21] - Royal Gold's strategy includes maintaining a strong operating asset portfolio and focusing on long-term projects with significant growth potential [19][20] - The company emphasizes the importance of security in investments, with a history of making secured investments [50][51] Triple Flag Precious Metals - Triple Flag was formed in 2016 and has a market cap of approximately $8 billion, with a strong track record of increasing annual gold production [23][24] - The company achieved 113,000 ounces of gold production in 2025, near the top end of its guidance range, and expects production to grow to 135-145,000 ounces by 2029 [24][25] - Triple Flag focuses on a diversified portfolio, with 239 assets, of which only 33 are cash-flowing, indicating significant upside potential [25] - The company has consistently increased its dividend since going public and is debt-free, with available capacity for new investments [26][31] Market Dynamics - The royalty and streaming companies underperformed compared to the gold index in 2025, with Royal Gold up 67%, OR Royalties up 71%, and Triple Flag up 98%, while the gold index rose 141% [33] - The panelists discussed the need for better education of investors regarding the value proposition of royalty and streaming companies, particularly in a bullish commodity price environment [34][39] - The discussion highlighted the importance of long-term performance and the unique risk profile of royalty companies compared to operators and explorers [41][43] Investment Strategies - The panelists emphasized the importance of disciplined capital allocation and the need to avoid unsecured deals, focusing on investments that are accretive to shareholders [12][13][63] - There was a discussion on the potential for holding gold bullion as a strategic asset, with varying opinions on its desirability compared to deploying capital into new investments [68][72] - The panelists acknowledged the competitive landscape, with Tether entering the royalty space, but expressed confidence in their established business models and the value they provide to shareholders [84][86] Conclusion - The conference provided insights into the current state of the royalty and streaming sector, highlighting the growth potential and strategic approaches of OR Royalties, Royal Gold, and Triple Flag Precious Metals in a dynamic market environment.

Financial Data and Key Metrics Changes - In Q4 2025, sales increased by 7.3% year-over-year, while non-GAAP earnings rose by 14.1% [4] - For the full year 2025, sales grew by 7.9%, and non-GAAP earnings increased by 11.5% [4] - Free cash flow was approximately $1.1 billion for two consecutive years, with a leverage ratio of 1.4 times at the end of 2025 [5] Business Line Data and Key Metrics Changes - Digital Imaging segment sales increased by 3.4% in Q4, driven by strong performance from Teledyne FLIR, particularly in infrared imaging components [7] - Instrumentation segment sales rose by 3.7% in Q4, with marine instruments increasing by 3.3% and environmental instruments up by 6.1% [10] - Aerospace and Defense Electronics segment saw a significant sales increase of 40.4% in Q4, primarily due to acquisitions and organic growth [10] - Engineered Systems segment revenue decreased by 9.9% in Q4 due to delayed contract awards, but operating margin improved [11] Market Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.07 for Q4, indicating a healthy order intake across segments [31] - Unmanned business revenue was approximately $500 million in 2025, expected to grow by about 10% in 2026 [40] Company Strategy and Development Direction - The company continues to execute its "String of Pearls" acquisition strategy, recently acquiring DD Scientific, a manufacturer of gas sensors [5] - Management remains confident in the growth of long-cycle businesses while expecting no contraction in short-cycle businesses for 2026 [13] - The focus remains on operational excellence, strategic acquisitions, and stock repurchases when market conditions are favorable [13] Management Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, projecting revenue of approximately $6.37 billion and non-GAAP earnings of about $23.65 per share [6] - The company anticipates normal seasonality in 2026, with approximately 48% of sales and 46% of earnings expected in the first half of the year [6] - Management highlighted the resilience of the business portfolio and the ability to cut costs while improving earnings and free cash flow [12] Other Important Information - Cash flow from operating activities was $379 million in Q4 2025, compared to $332.4 million in Q4 2024 [14] - The company ended Q4 with $2.12 billion in net debt [16] Q&A Session Summary Question: Outlook for revenues and organic vs. inorganic growth - Management indicated that most growth would be organic, around 3.6%, with non-organic growth at about 4.2% [19] Question: Digital imaging margins and future opportunities - Digital imaging margins in Q4 were around 24%, with expectations to improve to about 23.4% in 2026 [20] Question: Defense awards and their contribution - The Tranche 3 Tracking Layer program is expected to contribute over $100 million over the next few years [27] Question: Book-to-bill ratio in main segments - The book-to-bill ratio for instrumentation is about 1, digital imaging is 1.06, and aerospace and defense is 1.25 [31] Question: Demand drivers in test and measurement - High-end specialty oscilloscopes are performing well, particularly in the auto market and data centers [58]

United Airlines (NasdaqGS:UAL) Q4 2025 Earnings call January 21, 2026 10:30 AM ET Company ParticipantsSheila Kahyaoglu - Managing Director of Equity ResearchJamie Baker - Managing Director and Head of Boston InvestmentsScott Kirby - CEOScott Group - Managing DirectorChris Wetherbee - Managing Director and Head of Transportation and Shipping ResearchConor Cunningham - DirectorMike Leskinen - EVP and CFOToby Enqvist - EVP and COOAndrew Nocella - EVP and Chief Commercial OfficerJohn Pletz - Senior ReporterLesl ...

Financial Data and Key Metrics Changes - United Airlines reported a fourth-quarter EPS of $3.10, within the guidance range of $3-$3.50, despite a $250 million impact from the government shutdown [28] - Full-year 2025 EPS was $10.62, slightly up from 2024, marking the only U.S. airline to grow EPS year-over-year [28][29] - Total revenues for Q4 increased by 4.8% to $15.4 billion, with a 6.5% increase in capacity year-over-year [19] Business Line Data and Key Metrics Changes - Premium cabin revenues increased by 12% year-over-year, while main cabin revenues were up 1% [19] - For the year, premium revenues increased approximately 11%, while standard and basic economy revenues decreased by approximately 5% [19] - Cargo revenues for 2025 rose by $1.8 billion, a 2.1% year-over-year increase [20] Market Data and Key Metrics Changes - United's international flying saw a rebound in Q4, particularly in the Pacific and Atlantic regions, with PRASM turning positive [19] - All United hubs were profitable in Q4 and for the entirety of 2025, a unique position among large U.S. carriers [22] - The domestic capacity environment is expected to be favorable in the first half of 2026, with unprofitable capacity by competitors leaving the market [21] Company Strategy and Development Direction - The company aims to continue building a revenue-diverse, brand-loyal airline, with a focus on enhancing customer experience and operational efficiency [7][10] - Future strategies include new seasonal capacity shaping, enhanced merchandising, and improved connectivity [23][24] - The company plans to invest in premium capacity growth, with over half of growth in 2026 expected from premium offerings [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to navigate challenges, highlighting strong customer focus and operational performance [7][10] - The outlook for 2026 is optimistic, with expectations for continued earnings growth and margin expansion [30][34] - Management acknowledged the impact of geopolitical events on bookings, particularly in the Caribbean, but remains hopeful for recovery [21][22] Other Important Information - The company generated $2.7 billion in free cash flow in 2025, with expectations for similar levels in 2026 [32] - United Airlines is focused on achieving investment-grade credit ratings, having made significant progress in deleveraging [32] Q&A Session Summary Question: Corporate travel strength in January - Management noted strong business volumes in January, with expectations for continued growth in the coming months [38] Question: Main cabin performance outlook - Management expressed optimism that the main cabin segment will improve, driven by the exit of unprofitable capacity from competitors [40][42] Question: Credit card ecosystem changes - Management is in constant contact with Chase regarding potential impacts, believing United's portfolio will be less affected than others [44][46] Question: Unit cost efficiencies - Management highlighted ongoing efforts in operational efficiency and procurement, expecting continued improvements in cost management [51][56] Question: Capacity growth and guardrails - Management indicated that capacity will be managed according to demand, with no specific guidance provided [58] Question: Long-term targets and plans - Management is focused on achieving long-term goals, including double-digit margins and investment-grade status, with future plans to be communicated [76][77]

Financial Data and Key Metrics Changes - United Airlines reported a fourth-quarter earnings per share (EPS) of $3.10, within the guidance range of $3-$3.50, despite a $250 million impact from the government shutdown [27] - Full-year 2025 EPS was $10.62, slightly up from 2024, marking the only U.S. airline to grow EPS year-over-year [27][28] - The company generated $2.7 billion in free cash flow in 2025, with expectations to maintain a similar level in 2026 [32] Business Line Data and Key Metrics Changes - Top-line revenues increased 4.8% to $15.4 billion in Q4 2025, with a 6.5% increase in capacity year-over-year [18] - Premium cabin revenues rose 12% year-over-year, while main cabin revenues increased by only 1% [18] - Cargo revenues for 2025 were up $1.8 billion, reflecting a 2.1% year-over-year increase [19] Market Data and Key Metrics Changes - The company experienced a strong recovery in international flying in Q4, particularly in the Pacific and Atlantic regions, with positive PRASM [18] - Domestic capacity environment is expected to be favorable in the first half of 2026, with unprofitable capacity by competitors leaving the market [20] - All United hubs were profitable in Q4 and for the entirety of 2025, a unique position among large U.S. carriers [21] Company Strategy and Development Direction - United Airlines aims to enhance its revenue diversity and brand loyalty, continuing to build on its successful strategy from the past decade [5][7] - The company plans to focus on new seasonal capacity shaping, enhanced merchandising, and improved connectivity as part of its growth strategy for 2026 [23][24] - Investment in customer experience remains a priority, with over $1 billion spent in 2025 to enhance service offerings [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing a strong start to the year and improved business volumes compared to early 2025 [37][38] - The company remains focused on achieving double-digit margins and investment-grade credit ratings by year-end 2026 [32][33] - Management acknowledged ongoing challenges in the main cabin segment but remains confident in eventual improvements due to market dynamics [40] Other Important Information - United Airlines is currently in negotiations with four labor unions, aiming for industry-leading contracts [10] - The company expects to take delivery of over 100 narrowbody and approximately 20 widebody aircraft in 2026, with capital expenditures projected to be less than $8 billion [31] Q&A Session Summary Question: Corporate travel strength in January - Management noted strong business volumes in January, with expectations for continued growth in bookings [36][38] Question: Main cabin performance outlook - Management is optimistic about eventual improvements in the main cabin segment, driven by market adjustments [39][40] Question: Credit card ecosystem changes - Management is in constant communication with Chase regarding potential impacts, expressing confidence in the resilience of the MileagePlus program [42][44] Question: Unit cost efficiencies - Management highlighted strong cost performance in 2025, attributing it to operational efficiency and cultural shifts within the company [47][50] Question: 2026 guidance conservativeness - Management acknowledged that the 2026 guidance may be conservative, reflecting a cautious approach based on past experiences [64][68] Question: Long-term targets and plans - Management indicated that long-term goals will be communicated in the future, focusing on double-digit margins and investment-grade ratings [70][71]

Old National Bancorp (NasdaqGS:ONB) Q4 2025 Earnings call January 21, 2026 10:00 AM ET Company ParticipantsTerry McEvoy - Managing DirectorJared Shaw - Managing DirectorBrendan Nosal - Director of Equity ResearchBen Gerlinger - VP of Equity ResearchJohn Moran - CFOJim Ryan - Chairman and CEOChris McGratty - Head of US Bank ResearchJanet Lee - Director and US Mid-Cap Banks Equity ResearchTim Burke - President and COOConference Call ParticipantsScott Siefers - Managing Director and Senior Research AnalystJon ...