Financial Data and Key Metrics Changes - In Q4 2025, sales increased to $447 million, up 9.8% from $407 million in Q4 2024, driven by a 5% increase in pricing, 4% higher volumes, and 1% favorable foreign exchange [10][16] - For the full year 2025, sales reached $1.764 billion, a 5.7% increase from $1.67 billion in 2024, with adjusted EBITDA of $354 million, up from $330 million, resulting in an adjusted EBITDA margin of 20% [11][20] - Adjusted earnings per share for Q4 2025 was $0.66, compared to $0.58 in Q4 2024, while full-year adjusted EPS was $2.73, up from $2.50 in 2024 [11][20] Business Line Data and Key Metrics Changes - The company will report on two business segments in 2026: Power Solutions and Industrial Solutions, following the acquisition of Koch Filter [4] - The Power Solutions segment is expected to generate revenue between $1.79 billion and $1.85 billion in 2026, while Industrial Solutions is projected to contribute between $155 million and $165 million [14] Market Data and Key Metrics Changes - The heavy-duty market is expected to be flat to up 10% in 2026, while the Industrial Solutions segment anticipates a growth contribution of 1%-4% [12][14] - The company expects overall pricing to provide approximately 1% of revenue growth in 2026, with a weaker U.S. dollar expected to offer a 1% revenue tailwind [13] Company Strategy and Development Direction - The company is focused on a four-pillar growth strategy: growing share in first fit, accelerating profitable growth in the aftermarket, transforming the supply chain, and expanding into industrial filtration markets [7][9] - The acquisition of Koch Filter is seen as a strategic move to enhance the industrial air filtration platform and drive growth [4] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenging global market conditions but expressed confidence in the company's ability to unlock growth potential through disciplined execution and cultural strength [3][7] - The outlook for 2026 includes expectations for total company revenue to be in the range of $1.945 billion to $2.015 billion, reflecting a 10%-14% increase compared to 2025 [14] Other Important Information - The company returned $78 million to shareholders in 2025, consisting of $61 million in share buybacks and $17 million in dividends, with $69 million remaining on the share repurchase authorization [5] - The company has a strong liquidity position with an estimated $701 million available after financing the Koch Filter acquisition [21] Q&A Session Summary Question: Update on Koch Filter acquisition and data center revenue - Management indicated that 8% of revenue is tied to data centers, growing at a high-teens rate, with a focus on commercial and industrial HVAC markets [24][27] Question: Impact of tariffs on pricing - Management clarified that the 1% pricing guidance is core pricing, not directly related to tariffs, and they aim to remain price-cost neutral [28][30] Question: Opportunities for insourcing filtration media at Koch - Management highlighted that synergies from the acquisition include procurement synergies and innovation workshops to enhance product development [33][36] Question: Outlook for off-highway markets - Management expects off-highway markets to remain flat year-over-year, with more significant impacts seen in the aftermarket [37] Question: Sales guidance for Industrial Solutions - Management provided a conservative sales guidance for Industrial Solutions, emphasizing transparency and the potential for growth based on market conditions [40][42] Question: Customer response to emissions regulation changes - Management noted that while recent regulatory changes may impact the market, they expect NOx standards to hold for the 2027 engine launch [44][46] Question: Adjusted EBITDA guidance - Management indicated that the flat year-over-year adjusted EBITDA reflects strong incrementals and ongoing investments to fuel top-line growth [48][50]

Financial Data and Key Metrics Changes - Consolidated revenues for the quarter were $20.5 million, down $3.5 million or 15% from the prior year quarter [13] - Gross profit was $7.4 million with a gross margin of 36.1%, compared to $7.9 million and 33% from the prior year quarter [15] - Net loss from continuing operations was $150,000 or $0.00 per diluted share, an improvement from a loss of $684,000 or $0.01 per diluted share in the prior year quarter [18] - Adjusted EBITDA was -$97,000 for the quarter, compared to -$304,000 for the prior quarter [19] Business Line Data and Key Metrics Changes - Contract staffing services revenues were $17.8 million, down $3.7 million or 17% from the prior year quarter [13] - Direct hire revenues were $2.7 million, up $200,000 or 8% from the prior year quarter [14] - Selling, general and administrative expenses were $7.7 million, down $700,000 or 9% from the prior year quarter [16] Market Data and Key Metrics Changes - The hiring environment for staffing services has been challenging due to over-hiring in 2021 and 2022, macroeconomic weakness, and persistent inflation [3][4] - Many businesses are implementing layoffs and hiring freezes, leading to lower volumes of business [4] Company Strategy and Development Direction - The company is focusing on integrating AI into its operations to enhance recruiting and sales processes [6] - Plans to restore profitability during fiscal 2026 include streamlining operations and improving productivity [17] - The company is also pursuing acquisitions in a disciplined manner, particularly in AI consulting and IT consulting [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through current challenges and restore growth and profitability [10] - The company believes its stock is undervalued and anticipates upward movement in share price once normal economic conditions return [11] Other Important Information - The company has a strong liquidity position with $20.1 million in cash and no outstanding debt [19] - The acquisition of Hornet Staffing is seen as a valuable opportunity for growth [22] Q&A Session Questions and Answers Question: What incentives would need to be put in place for management to consider a value realization event? - Management has existing employment agreements that provide necessary incentives, so no additional incentives are needed [24] Question: Is an activist investor takeover the only route towards getting a return for shareholders? - No, the board and management are committed to acting in the best interest of shareholders [25] Question: If the company was sold at a comparable multiple to peers, why is it not actively pursuing this? - There are non-public actions being taken that have not yet been disclosed, and the company believes any offer will be better than the suggested 150% increase [26] Question: When is it time for dramatic changes to correct the lower stock value? - The company is working on several new initiatives to address this concern [27] Question: Can you provide more color on what multiple offers you mentioned? - Specific details cannot be disclosed at this time, but they are being evaluated [27]

Financial Data and Key Metrics Changes - Consolidated revenues for the quarter were $20.5 million, down $3.5 million or 15% from the prior year quarter [13] - Gross profit was $7.4 million with a gross margin of 36.1%, compared to $7.9 million and 33% from the prior year quarter [15] - Net loss from continuing operations was $150,000 or $0.00 per diluted share, an improvement from a loss of $684,000 or $0.01 per diluted share in the prior year quarter [18] Business Line Data and Key Metrics Changes - Contract staffing services revenues were $17.8 million, down $3.7 million or 17% from the prior year quarter [13] - Direct hire revenues increased to $2.7 million, up $200,000 or 8% from the prior year quarter [14] - Selling, general and administrative expenses were $7.7 million, down $700,000 or 9% from the prior year quarter [16] Market Data and Key Metrics Changes - The hiring environment for staffing services has been challenging due to over-hiring in 2021 and 2022, along with macroeconomic weaknesses [3][4] - Many businesses are implementing layoffs and hiring freezes, leading to lower volumes of business [4] - The company anticipates stabilization in the use of contingent labor as some businesses begin new projects [5] Company Strategy and Development Direction - The company is focusing on integrating AI into its operations to enhance recruiting and sales processes [6] - Plans to restore profitability during fiscal 2026 include streamlining operations and reducing SG&A expenses [17] - The company is also considering strategic alternatives to enhance shareholder value, including potential acquisitions [12][20] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through current challenges and restore growth and profitability [10] - The company has a strong balance sheet with substantial liquidity, positioning it well for future growth [10] - Management remains cautious in the near-term outlook but is committed to long-term improvements [20] Other Important Information - The company completed the acquisition of Hornet Staffing in fiscal 2025 and is looking for additional acquisition opportunities [20] - The current working capital ratio is 5.3 to 1, with $20.1 million in cash and no outstanding debt [19] Q&A Session Questions and Answers Question: What incentives would need to be put in place for management to consider a value realization event? - Management has existing employment agreements that provide necessary incentives, so no additional incentives are needed [24] Question: Is an activist investor takeover the only route towards getting a return for shareholders? - No, the board and management are committed to acting in the best interest of shareholders [25] Question: If the company was sold at a comparable multiple to BGSF's recent sale, why is the company not actively pursuing this? - The company evaluates proposals to maximize shareholder value and believes that any potential offer would be better than the current stock price [26] Question: When is it time for dramatic changes to correct the lower stock value? - Management agrees that changes are necessary and is working on several new initiatives [27] Question: Can you provide more color on what multiple offers you mentioned included? - Specific details cannot be disclosed at this time, but they are being evaluated [27]

Financial Data and Key Metrics Changes - In 2025, Agnico Eagle achieved record adjusted earnings of approximately $1.4 billion, or $2.70 per share, and record free cash flow of over $1.3 billion, or $2.62 per share [12][15] - The company repaid almost $1 billion in debt and increased its cash position by $1.9 billion, ending the year with $2.9 billion in cash [4][15] - Total cash costs for 2025 were $979 per ounce, and all-in sustaining costs were $1,339 per ounce, slightly above guidance due to higher royalty costs [13][15] Business Line Data and Key Metrics Changes - Gold production for 2025 was 3.45 million ounces, exceeding the midpoint of guidance [13] - The company reported a stable annual production profile of between 3.3-3.5 million ounces over the next three years [5] - Cash costs for 2026 are forecasted to be slightly over $100 per ounce higher than 2025, primarily due to higher royalties and a stronger Canadian dollar [5][18] Market Data and Key Metrics Changes - The average realized gold price in 2025 was $3,454 per ounce, nearly $1,000 per ounce above guidance assumptions [13][15] - The company captured approximately 95% of the increase in gold price, reflecting strong leverage to gold prices [14][15] Company Strategy and Development Direction - Agnico Eagle plans to increase production by 20%-30% over the next decade, targeting over 4 million ounces of annual production by the early 2030s [7][8] - The company is focused on projects in stable jurisdictions, leveraging existing infrastructure to enhance returns [8][50] - The strategic focus includes disciplined capital allocation and enhancing long-term shareholder value through investments in high-return organic growth opportunities [17][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term gold price outlook due to global structural, financial, and political factors [51] - The company is well-positioned to continue increasing shareholder returns, with plans to renew its normal course issuer bid and increase the purchase limit up to $2 billion [16][50] - Management highlighted the importance of maintaining low turnover rates and strong relationships with employees to ensure productivity [64] Other Important Information - The company reported record reserves of 55.4 million ounces, up 2%, and record resources of 47.1 million ounces, up almost 10% [5][40] - Significant exploration success was noted, with a 15.5% increase in inferred resources to 41.8 million ounces [6][40] Q&A Session Summary Question: M&A Activity and Foran Offer - Agnico Eagle's management refrained from discussing specific M&A activities, emphasizing that decisions are up to shareholders [53][56] Question: Cost Productivity Initiatives - Management indicated that some cost productivity initiatives are partially included in the 2026 AISC guidance, but not all [60][61] Question: Inflation and Cost Structure - Labor constitutes about 45% of overall costs, with labor inflation running around 4% and overall consumables inflation around 5% [62][63] Question: Future CapEx Expectations - CapEx is expected to remain elevated in the coming years, particularly with the potential approval of the Hope Bay project [67][68] Question: Allocating Excess Cash - Management aims to maintain financial flexibility and is open to further growth opportunities, balancing cash reserves with potential investments [72][75] Question: Compelling M&A Opportunities - The focus for M&A would be on exploration upside, with internal projects generally preferred due to better knowledge and confidence [77][78]

Financial Data and Key Metrics Changes - The company's fourth quarter net sales were approximately $2.7 billion, an increase of 2.4% as reported, but a decrease of approximately 3.3% on a constant basis compared to the prior year [5][11] - Adjusted EPS for the quarter was $2, up approximately 3% versus the prior year, with full year adjusted EPS at $8.96, a decrease of approximately 7.5% [5][6] - Free cash flow for the year was approximately $620 million, with a stock repurchase of approximately 1.3 million shares for $149 million [6][19] Business Line Data and Key Metrics Changes - Global Ceramic segment had sales of just under $1.1 billion, a 6.1% increase as reported, with operating income on an adjusted basis of $63 million, or 5.9% [14][15] - Flooring North America sales were $893 million, a 4.8% decrease as reported, with operating income of $39 million, or 4.4% [15][16] - Flooring Rest of the World sales were $737 million, a 6.5% increase as reported, with operating income of $65 million, or 8.8% [17] Market Data and Key Metrics Changes - Approximately 55% of sales were in the U.S., 30% in Europe, and 15% in other geographies [6] - U.S. housing turnover remains at historical lows due to affordability challenges and economic uncertainty, while European markets face high building costs and labor constraints [6][8] - Commercial channel outperformed residential, with strength in healthcare, education, and hospitality [8][24] Company Strategy and Development Direction - The company is focusing on innovative product introductions, marketing actions, and promotional activities to stimulate sales in soft markets [9] - Restructuring actions and operational improvements were initiated to lower cost positions and benefit long-term performance [10] - The company plans to invest approximately $480 million in 2026, focusing on product innovation, cost reduction, and general maintenance [19] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer confidence remains weak due to inflation, employment concerns, and geopolitical tensions, impacting discretionary investments [6][7] - Lower mortgage rates and potential government actions are expected to benefit housing turnover [7][31] - The company anticipates that 2026 will be a transitional year with some improvement in remodeling activity and existing home sales [31] Other Important Information - The company managed the impact of U.S. tariffs through pricing actions and supply chain optimization [9][30] - The balance sheet remains strong, with gross debt of $2 billion and leverage of 0.9x adjusted EBITDA [19] Q&A Session All Questions and Answers Question: Expectations for price and mix in 2026 - Management anticipates continued pressure in the market, with inflation levels similar to 2025, but expects pricing, improved mix, and productivity to help offset inflation [34][35] Question: Inventory management ahead of spring selling season - Inventories were taken down in the fourth quarter, and management believes they are close to where they need to be, with optimism from customers for the year [41][43] Question: Outlook for 2026 and consumer activity - Management reflects a transitional year with expectations for lower mortgage rates and increased housing supply to benefit existing home sales, anticipating some improvement in pricing mix and volume [46][47] Question: Pricing backdrop in the builder channel - The builder channel is weak, with pressure to maintain prices, and management is implementing targeted price increases to offset inflation [82] Question: Impact of tariffs and pricing strategies - Tariffs range from 15%-50%, and management is taking actions to offset them through pricing and supply chain management [92]

Financial Data and Key Metrics Changes - Consolidated revenues for the quarter were $20.5 million, down $3.5 million or 15% from the prior year quarter [12] - Gross profit was $7.4 million with a gross margin of 36.1%, compared to $7.9 million and 33% from the prior year quarter [13] - Net loss from continuing operations was $150,000 or $0.00 per diluted share, an improvement from a loss of $684,000 or $0.01 per diluted share in the prior year quarter [16] - Non-GAAP adjusted EBITDA was -$97,000 for the quarter, compared to -$304,000 for the prior quarter [17] Business Line Data and Key Metrics Changes - Contract staffing services revenues were $17.8 million, down $3.7 million or 17% from the prior year quarter [12] - Direct hire revenues increased to $2.7 million, up $200,000 or 8% from the prior year quarter [13] - Selling, general and administrative expenses were $7.7 million, down $700,000 or 9% from the prior year quarter [14] Market Data and Key Metrics Changes - The hiring environment for staffing services has been challenging since the second half of 2023 due to over-hiring in 2021 and 2022, macroeconomic weakness, and persistent inflation [3][4] - Many businesses are implementing layoffs and hiring freezes, leading to lower volumes of business [4] Company Strategy and Development Direction - The company is focusing on integrating AI into its operations to enhance recruiting and sales processes [6] - Plans to restore profitability during fiscal 2026 include streamlining operations and reducing SG&A expenses [15] - The company aims to pursue acquisitions in a disciplined manner, particularly in AI consulting and IT consulting sectors [18] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through current challenges and restore growth and profitability [9] - The company has a strong balance sheet with substantial liquidity, positioning it well for future growth [9] Other Important Information - The company completed the acquisition of Hornet Staffing in fiscal 2025 and is focusing on VMS and MSP sourced business [8] - The company believes its stock is undervalued and anticipates upward movement in share price once normal economic conditions resume [10] Q&A Session Questions and Answers Question: What incentives would need to be put in place for management to consider a value realization event? - Management has existing employment agreements that provide necessary incentives, so no additional incentives are needed [22] Question: Is an activist investor takeover the only route towards getting a return for shareholders? - No, the board and management are committed to acting in the best interest of shareholders [23] Question: If the company was sold at a comparable multiple to BGSF's recent sale, why is the company not actively pursuing this? - The company evaluates proposals to maximize shareholder value and believes that any potential offer would be better than the suggested 150% increase [24] Question: When is it time for dramatic changes to correct the lower stock value? - The company is working on several new initiatives to address this concern [25] Question: Can you provide more color on what multiple offers you mentioned? - Specific details cannot be disclosed at this time, but they are being evaluated [25]

Financial Data and Key Metrics Changes - In Q4 2025, sales increased to $447 million, up 9.8% from $407 million in Q4 2024, driven by pricing, higher volumes, and favorable foreign exchange [10][16] - For the full year 2025, sales reached $1.764 billion, a 5.7% increase from $1.67 billion in 2024, supported by higher volumes and pricing actions [11][18] - Adjusted EBITDA for Q4 was $85 million, maintaining a margin of 19.1%, compared to $78 million in Q4 2024 [10][18] - Full year adjusted EBITDA was $354 million, up from $330 million in 2024, resulting in a margin of 20% [11][20] - Adjusted earnings per share for Q4 was $0.66, compared to $0.58 in the prior year [10][18] - Adjusted free cash flow for the full year was $158 million, an increase from $115 million in 2024 [11][20] Business Line Data and Key Metrics Changes - The company will report on two business segments in 2026: Power Solutions and Industrial Solutions, following the acquisition of Koch Filter [4] - The Power Solutions segment is expected to generate total revenue between $1.79 billion and $1.85 billion, reflecting a 3% increase year-over-year [12][14] - The Industrial Solutions segment is projected to contribute revenue between $155 million and $165 million, including one week of sales from Koch Filter [12][14] Market Data and Key Metrics Changes - The heavy-duty market is expected to be flat to up 10% compared to 2025, while the Industrial Solutions segment anticipates growth of 1%-4% in 2026 [12][14] - Overall pricing is expected to contribute approximately 1% to revenue growth, with the U.S. dollar anticipated to weaken, providing a 1% revenue tailwind [13][14] Company Strategy and Development Direction - The company is focused on a four-pillar growth strategy: growing share in first fit, accelerating profitable growth in the aftermarket, transforming the supply chain, and expanding into industrial filtration markets [6][9] - The acquisition of Koch Filter is expected to enhance the company's industrial air filtration platform and provide opportunities for organic and inorganic growth [4][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenging global markets and achieve growth through disciplined execution [3][5] - The outlook for 2026 includes expectations of strong operational performance and continued investment for growth, with total company revenue projected to be between $1.945 billion and $2.015 billion [14][15] Other Important Information - The company returned $78 million to shareholders in 2025 through share buybacks and dividends, with $69 million remaining on its share repurchase authorization [5] - The company has entered into a $1 billion term loan and a $500 million revolving credit facility to support the acquisition of Koch Filter [21] Q&A Session Summary Question: Update on Koch Filter acquisition and data center market growth - Management indicated that 8% of revenue is tied to data centers, which are growing at a high-teens rate, with a focus on product development to support this market [25][28] Question: Impact of tariffs on pricing - Management clarified that the 1% pricing expectation is core pricing, not directly related to tariffs, and they aim to be price-cost neutral [29][30] Question: Opportunities for insourcing filtration media at Koch - Management highlighted the focus on integration and identified procurement synergies, with plans for innovation workshops to leverage combined expertise [33][36] Question: Sales guidance for industrial solutions - Management provided a conservative sales guidance for industrial solutions, emphasizing transparency and the potential for growth based on market conditions [40][42] Question: Customer response to emissions regulation changes - Management noted that while recent regulatory changes may impact the market, they expect NOx standards to hold for the 2027 engine launch, with no immediate changes to product development [44][46] Question: Adjusted EBITDA guidance and self-help levers - Management acknowledged that the adjusted EBITDA guidance is flat year-over-year, reflecting strong incrementals and ongoing cost reduction strategies [48][50]

Financial Data and Key Metrics Changes - The fourth quarter net sales were approximately $2.7 billion, an increase of 2.4% as reported, but a decrease of approximately 3.3% on a constant basis compared to the prior year [4] - Adjusted EPS for the quarter was $2, up approximately 3% versus the prior year, while the full year adjusted EPS was $8.96, a decrease of approximately 7.5% [5][13] - Free cash flow for the year was approximately $620 million, with stock repurchases of approximately 1.3 million shares for $149 million [5] Business Line Data and Key Metrics Changes - Global Ceramic segment had sales of just under $1.1 billion, a 6.1% increase as reported, and flat on a constant basis [13] - Flooring North America sales were $893 million, a 4.8% decrease as reported, or 6.2% on a constant basis, primarily due to a decline in the residential soft surface business [14] - Flooring Rest of the World sales were $737 million, a 6.5% increase as reported, but a 3.5% decrease on a constant basis [16] Market Data and Key Metrics Changes - Approximately 55% of sales were in the U.S., 30% in Europe, and 15% in other geographies [5] - Housing turnover in major regions remains at historical lows due to affordability challenges and economic uncertainty [5] - In Europe, high building costs and labor constraints continue to impede residential construction, although moderate recoveries have emerged in Southern and Eastern Europe [8] Company Strategy and Development Direction - The company is focusing on innovative product introductions and marketing actions to stimulate sales in soft markets [9] - Capital expenditures for 2026 are planned at approximately $480 million, focusing on product innovation and cost reduction [18] - The company anticipates benefits from product mix, productivity, and cost reductions to offset headwinds from higher energy and labor costs [28] Management's Comments on Operating Environment and Future Outlook - Management noted that while home renovation remains soft, there is optimism for improvement in existing home sales due to lower mortgage rates and increased housing supply [44] - The company expects 2026 to be a transitional year with some improvement in remodeling activity and anticipates exceeding last year's earnings [44][46] - Management highlighted that pricing pressures are likely to remain due to competitive market conditions [32] Other Important Information - The company initiated numerous restructuring actions and operational improvements that lowered its cost position [10] - The balance sheet remains strong, with gross debt of $2 billion and leverage of 0.9 times adjusted EBITDA [18] Q&A Session Summary Question: Expectations for price and mix in 2026 - Management anticipates continued pressure in the market, with inflation levels similar to 2025, but expects pricing, improved mix, and productivity to help offset inflation [32][33] Question: Inventory management ahead of spring selling season - Inventories were reduced in the fourth quarter, and management believes they are close to where they need to be, with optimism from customers for the upcoming year [39][41] Question: Outlook for 2026 and pricing dynamics - Management expects price, mix, and volume to improve, driven by pricing initiatives and a stable commercial business [57][58] Question: Impact of tariffs and pricing strategies - Tariffs range from 15%-50%, and management has taken actions to offset these costs through pricing and supply chain management [93] Question: Pricing pressure in Flooring Rest of the World - Management noted strong price competition but anticipates a slightly positive price effect as they move through the year [97]

Financial Data and Key Metrics Changes - For Q4 2025, the company generated revenues of $1.6 billion, up 5% year-over-year, with overall internal growth for the quarter being essentially flat due to strong prior comparisons [8][10] - Adjusted EBITDA for the quarter was $245 million, reflecting a 6% increase over the previous year, in line with revenue growth [8] - The company ended the year with over $108 billion in assets under management, flat relative to September 30, with new capital raised offset by asset sales [11] Business Line Data and Key Metrics Changes - The commercial real estate segment net revenue increased by 7% in Q4, with Capital Markets revenues up 13%, driven by strong activity in the U.S. [9][10] - Leasing revenues rose by 3%, led by the U.S. in office and industrial asset classes [9] - The engineering segment net revenue grew by 8%, supported by recent acquisitions, while the investment management segment net revenues increased by 6% [10] Market Data and Key Metrics Changes - Capital Markets showed a rebound, particularly in the U.S., with modest growth in EMEA and Asia Pacific against strong prior year comparisons [9] - Demand for outsourcing solutions, including property management and valuation, grew significantly as clients sought trusted partners [4] Company Strategy and Development Direction - The company is focused on expanding its diversified platform and enhancing its capabilities through acquisitions, such as the recent agreement to acquire Ayesa Engineering [4][5] - The strategy emphasizes organic growth, ongoing contributions from acquisitions, and leveraging AI to improve productivity and efficiency [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with strong momentum and a healthy pipeline, expecting solid internal growth and contributions from recent acquisitions [5][12] - The company anticipates low teens top-line growth in commercial real estate, with mid-single-digit growth in engineering and low teens growth in investment management for 2026 [13][14] Other Important Information - The company views AI as a productivity and growth enabler, enhancing efficiency and margins while allowing professionals to focus on higher-value advisory services [6][7] - The leverage ratio declined to 2x as of December 31, with the Ayesa acquisition expected to add approximately 0.7 turns of leverage on a pro forma basis [12] Q&A Session Summary Question: Organic growth trends in engineering - Management noted strong demand for services, opportunities to increase pricing, and ongoing hiring to meet demand, with strong backlogs driving utilization [15][16] Question: Capital allocation thoughts on buybacks - Management expressed a desire to buy back stock but emphasized the importance of focusing on acquisitions like Ayesa [25][26] Question: Macro perspective on Capital Markets pipeline - Management indicated that they are not counting on rate cuts for their outlook, citing pent-up demand for transactions as a key driver [31][32] Question: AI's impact on business - Management clarified that AI is seen as a margin enhancer rather than a disruptor, improving efficiency and allowing professionals to focus on complex transactions [40][41][67] Question: Ayesa acquisition growth expectations - Management expects high single-digit organic growth for Ayesa, driven by high-value services in public sector markets [75][76] Question: Fund performance in Investment Management - Management reported strong fund performance, ranking in the top quartile across various categories, which supports fundraising efforts [63][64]

Agnico Eagle Mines (NYSE:AEM) Q4 2025 Earnings call February 13, 2026 11:00 AM ET Speaker12Good morning, ladies and gentlemen. My name is Vanessa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Mines Limited Q4 2025 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 this time, simply press star ...