Swedish Orphan Biovitrum (OTCPK:SWOB.Y) 2026 Capital Markets Day February 18, 2026 07:00 AM ET Company ParticipantsDuane H. Barnes - Head of North AmericaEvangelos Giamarellos-Bourboulis - Chair of European Sepsis AllianceGerard Tobin - Head of Investor RelationsGuido Oelkers - CEOHenrik Stenqvist - CFOKirsty Ross-Stewart - VP of Pharmaceuticals Equity ResearchKlaus Parhofer - Professor of Metabolism and EndocrinologyLydia Abad-Franch - Head of R&D and Chief Medical OfficerMattias Häggblom - Co-Head of Equi ...

Carrefour (OTCPK:CRER.F) 2026 Capital Markets Day February 18, 2026 04:00 AM ET Company ParticipantsAlexandre Bompard - CEOFrançois Digard - Head of French Equity ResearchFrederick Wild - VPLizzie Moore - AVPMatthieu Malige - CFOSébastien Valentin - Investor Relations OfficerWilliam Woods - Head of European Retail and Food DeliveryNone - TranslatorNone - Video NarratorConference Call ParticipantsRob Joyce - Equity Research AnalystNone - AnalystNone - AnalystNone - AnalystNoneHello, everyone. Thank you for j ...

Novo Resources (OTCPK:NSRP.F) 2026 Conference February 18, 2026 01:00 AM ET Company ParticipantsKas De Luca - General Manager of ExplorationModeratorKas, hello. Now, we had to drag this person literally back from her happy places out in the, in the field, in the Pilbara, New South Wales, all over the place. But she's back to tell us about Novo Resources. So Novo Resources, if you've been following them, you know that they are exploration-focused, they are certainly discovery driven, and there's some really ...

Chalice Mining Conference Summary Company Overview - **Company**: Chalice Mining (OTCPK:CGML.F) - **Focus**: Discovery of a large-scale palladium, nickel, and copper resource near Perth, Australia, with significant quantities of gold, platinum, and cobalt [1][2] Key Financial Metrics - **Market Capitalization**: Approximately AUD 700 million [5] - **Cash and Investments**: AUD 71 million, funding the project to Final Investment Decision (FID) in early 2028 [3] - **Net Present Value (NPV)**: AUD 1.4 billion at base case prices, increasing by AUD 250 million for every $100 increase in palladium price [2][12] - **Internal Rate of Return (IRR)**: 23% at base case prices, currently around 38% at spot prices [7][12] - **Production Profile**: Expected to produce 220,000 ounces of precious metals and 16,000 tonnes of base metals annually, with a palladium equivalent of about 450,000 ounces [6] Project Development - **Mine Life**: Initial 23 years with potential for further resource extraction [6] - **Production Costs**: All-in sustaining cost of $370 per ounce, making it the lowest cost producer in the PGM space [7][19] - **Resource Size**: 660 million tonnes in an open pit, with 17 million ounces of contained PGMs [7][8] - **Reserve Conversion**: Approximately half of the resource is in proven and probable reserves [8] Market Dynamics - **Palladium Demand**: Strong demand driven by hybrid vehicle sales and electronics applications, with a significant market size of 9 million ounces per year [16][18] - **Geopolitical Factors**: U.S. tariffs on Russian palladium are expected to drive prices higher, as there are limited alternative sources [14][15] - **Supply Constraints**: South African and Russian producers are struggling to maintain production, leading to a potential supply crunch [19] Exploration and Future Opportunities - **Exploration Investment**: AUD 5-10 million allocated for grassroots exploration in the least explored western part of Yilgarn [3] - **Government Support**: Major and strategic project status from the government, with encouragement to expand the project [9] - **Funding Opportunities**: Anticipated low-cost financing and interest from export credit agencies for project funding [24] Metallurgical Advances - **Flow Sheet Development**: Successful development of a proven flow sheet for nickel and copper concentrates, overcoming previous challenges [21][22] - **Metallurgical Testing**: AUD 15 million spent on metallurgical test work, resulting in improved recovery rates [21] Conclusion - **Investment Opportunity**: Chalice Mining presents a compelling investment opportunity with significant upside potential as it approaches production, especially given the current undervaluation relative to spot NPV [4][12][25]

Summary of Hot Chili Conference Call Company Overview - **Company**: Hot Chili - **Industry**: Copper and Gold Mining - **Project**: Costa Fuego Copper-Gold Project in Chile - **Significance**: Hot Chili is recognized as a leading developer in the global copper sector, being the only Australian representative among the top five independent global copper developments [3][4] Key Points and Arguments Project Development - Hot Chili is advancing the Costa Fuego project, which is currently under feasibility and expected to produce 120,000 tons of copper equivalent annually over a 20-year mine life [4] - The company has experienced a significant increase in stock value, quadrupling in the last 5 to 6 months, attributed to favorable market conditions and a strong investment appetite for copper [5][6] - A recent AUD 40 million placement was secured to expand operations into the North American market and prepare for project financing [5] Market Dynamics - The copper market is undergoing a supply-driven cycle, making copper increasingly valuable alongside iron ore [5] - There is a notable increase in P/NAV ratios for asset-level transactions and takeovers in the copper development space, indicating a growing market interest [6] Growth Catalysts - Hot Chili is focusing on three key growth areas: new discoveries, advancing feasibility studies, and strategic asset development, particularly in water supply [7][8] - The La Verde discovery is expected to significantly enhance the resource base, potentially pushing the project into Tier One asset status [7][15] Resource and Financial Metrics - La Verde is a major discovery with dimensions of 1 kilometer long and 700 meters wide, open in all directions, which could add 5 years of production to the Costa Fuego project [11][15] - The project is projected to deliver higher revenue due to the integration of higher-grade mineralization, improving financial metrics such as payback periods [13][15] - Long-term copper prices are projected at $4.30 per pound and gold at $22.80 per ounce, which are significantly higher than previous estimates [15] Strategic Water Asset - Hot Chili is developing a strategic water asset to support the Costa Fuego project, addressing the critical water scarcity in the region [19] - The company is exploring outsourcing water infrastructure, which can reduce capital expenditures and operational costs [20] - This water supply strategy is expected to support not only Hot Chili's operations but also the broader regional demand for desalination in the copper sector [20] Additional Important Content - The company is well-positioned with a strategic location at a lower elevation, which enhances operational efficiency compared to higher elevation projects [9][18] - The environmental impact assessment for the first stage of the project is expected to be submitted by the end of the year, marking a significant milestone in the permitting process [9] - The upcoming months are anticipated to be eventful with numerous drill results and corporate developments expected [21]

Summary of McCormick & Company 2026 Conference Call Company Overview - **Company**: McCormick & Company (NYSE: MKC) - **Industry**: Packaged Food - **Date of Conference**: February 17, 2026 Key Points Industry Position and Growth - McCormick is recognized as a global leader in flavor, delivering consistent volume growth in a challenging packaged food environment [2][4] - The company emphasizes that it competes with flavor rather than calories, differentiating itself from peers [3][7] - The global demand for flavor is projected to grow by 5%-7%, with a market growth of 35% within McCormick's current geographic footprint [10] Financial Performance - From 2015 to 2025, McCormick achieved a 12% organic sales growth, with a compounded annual growth rate of 6% [36][37] - The company expects to maintain organic sales growth of 3%-4% in 2026, driven by new products and increased brand marketing [49][50] - Operating income margins are anticipated to improve through operating leverage and cost savings initiatives [50] Strategic Initiatives - McCormick is focused on digital transformation, leveraging data and AI to enhance innovation, operations, and consumer engagement [12][41] - The company is committed to sustainability and health trends, aiming to meet consumer demands for healthier options [32][33] - McCormick's Flavor Solutions segment is central to its growth strategy, emphasizing partnerships with customers to reformulate products [31] Brand and Product Innovation - McCormick holds the number one brand position in spices, seasonings, hot sauce, and mustard, with strong household penetration [16] - The company is innovating with new flavors and packaging, including the McCormick Gourmet collection and modernized seasoning blends [20][23] - Marketing campaigns, particularly for Frank's RedHot, have successfully engaged younger consumers, driving brand loyalty [22][29] Acquisitions and Market Expansion - Recent acquisitions, including a majority stake in McCormick de Mexico, are expected to contribute to both top and bottom-line growth [46][49] - The company maintains a disciplined approach to acquisitions, with a focus on enhancing its portfolio and market presence [47] Challenges and Outlook - McCormick faces cost pressures from inflation and increased tax rates, but is implementing strategies to offset these challenges [39][48] - The company remains confident in its ability to deliver on its long-term objectives, reaffirming targets of 4%-6% net sales growth and 8%-11% earnings per share growth [51] Conclusion - McCormick is well-positioned to capitalize on the growing demand for flavor, supported by a strong brand portfolio, innovative product offerings, and strategic initiatives aimed at enhancing profitability and market reach [52]

Ingredion (NYSE:INGR) 2026 Conference February 17, 2026 04:00 PM ET Company ParticipantsJim Gray - EVP and CFOJim Zallie - President and CEOPatrick Kalotis - EVP of Global Textures and Healthful SolutionsRob Ritchie - EVP of Food and Industrial IngredientsModeratorWell, it's my pleasure to welcome Ingredion back to CAGNY, introduce President and CEO, Jim Zallie. Ingredion is a leader in global ingredient solutions, and Jim is building on more than 40 years in the food industry and 17 years with the company. ...

Fortive Corporation Conference Call Summary Company Overview - **Company**: Fortive Corporation - **Key Executives**: Olumide Soroye (President and CEO), Mark Åkerström (SVP and CFO) Core Industry and Business Strategy - **Industry**: Industrial technology and software solutions - **Core Strategy**: Fortive's strategy is built on three pillars: 1. Accelerate profitable organic growth 2. Allocate capital with discipline 3. Build and maintain investor trust [1][2][3] Financial Performance and Growth Projections - **Recent Performance**: Fortive reported a 2%-3% organic growth forecast for 2026, slightly below the target of 3%-4% [7][12] - **Long-term Growth**: The company anticipates that growth will accelerate in 2026 and 2027, with 2026 expected to be faster than 2025 [10][12] - **EBITDA Margin**: Adjusted EBITDA margin increased by 110 basis points in 2025, with expectations for further expansion of 50-100 basis points in 2026 [44][46] Product Innovation and AI Integration - **AI Strategy**: Fortive has been integrating AI into its operations since 2017, enhancing both internal processes and customer-facing innovations [18][22] - **Product Development**: The company is focused on accelerating new product introductions, particularly in high-growth markets, with a significant emphasis on customer experience [7][8][25] - **Software Solutions**: Fortive's software brands are leveraging AI to create differentiated offerings, enhancing customer engagement and operational efficiency [31][32] Segment Performance Insights - **IOS Segment**: The IOS segment saw a 4% growth in Q4 2025, driven by product innovation and commercial acceleration [50][60] - **AHS Segment**: The AHS segment is experiencing stable growth in software products, with strong customer loyalty and ongoing innovation [89][99] - **Government Demand**: The demand for procurement and SMA solutions in the government sector has stabilized, with expectations for future growth as deferred maintenance needs arise [81][86] Regional Market Trends - **North America**: Strong point of sale data, particularly in data centers, indicates continued growth potential [65][66] - **EMEA**: Sequential improvement noted in Q4, but customers remain cautious about large orders [66][67] - **APAC**: Mixed performance, with India showing strength while China remains stable [68][69] Capital Allocation and M&A Strategy - **Free Cash Flow**: Fortive generates approximately $1 billion in free cash flow annually, with a focus on buybacks and disciplined capital allocation [111][113] - **M&A Approach**: The company is not pursuing aggressive M&A but is open to acquiring businesses with market-leading positions at favorable prices [117][120] Key Innovations and Future Outlook - **Operational Focus**: Fortive is positioned to capitalize on the operations and maintenance lifecycle of newly built industrial capacities, particularly in data centers [138][140] - **Market Positioning**: The company aims to strengthen its competitive edge through continuous innovation and customer engagement strategies [125][143] Conclusion Fortive Corporation is strategically focused on enhancing its growth through disciplined capital allocation, innovative product development, and leveraging AI technologies. The company is well-positioned to navigate market challenges and capitalize on emerging opportunities in the industrial technology sector.

Sysco Corporation Conference Call Summary Company Overview - **Company**: Sysco Corporation (NYSE:SYY) - **Industry**: Food Service Distribution - **Fiscal 2025 Sales**: Approximately $81 billion - **Customer Locations**: Roughly 730,000 - **Sales Composition**: 60% from restaurants, 40% from recession-resistant sectors (government, education, healthcare, large campuses) [1][4][5] Core Business Insights - **Market Position**: Leading global distributor in the food away from home industry with the highest market share and profitability [4][29] - **Specialty Foods**: Number one specialty foods distributor with multiple brands exceeding $1 billion in sales, contributing over $10 billion annually [4] - **International Growth**: Nine consecutive quarters of double-digit profit growth in international markets, with a focus on expanding fulfillment capacity and product assortment [5][9][14] Growth Drivers - **Market Trends**: Food away from home continues to gain market share from grocery, driven by busy lifestyles, food innovation, and improved to-go experiences [6][7][8] - **U.S. Market Share**: Sysco holds approximately 18% market share in a $377 billion U.S. food service market, with the potential for further growth [8][9] - **Non-Commercial Segment**: This segment is growing faster than the restaurant business, indicating resilience against economic fluctuations [10] Financial Performance - **Sales Growth Guidance**: Reiterated guidance for FY 2026 with sales growth of 3%-5% and adjusted EPS growth of 1%-3% [30] - **Historical Performance**: Achieved CAGRs of 5% on the top line and 9% on the bottom line over the past four years [30] - **Operating Leverage**: Positive operating leverage with gross profits growing faster than operating expenses [31] Strategic Initiatives - **Sales Improvement**: Focus on improving sales consultant retention and productivity through training and technology [15][27] - **Merchandising Strategy**: Transitioning to a center-led merchandising strategy to optimize product assortment and supplier relationships [19][20] - **M&A Opportunities**: Continued focus on strategic acquisitions to drive growth, targeting an average contribution of 50 basis points from M&A [36] Capital Allocation and Shareholder Returns - **Dividend Growth**: Commitment to long-term dividend growth, with a target payout ratio of 40%-50% of EPS [44][45] - **Share Repurchase**: Plan to return approximately $1 billion to shareholders through share repurchases [44] - **Cash Flow Generation**: Generated approximately $1.8 billion in cash flow last year, demonstrating strong quality of earnings [34] Market Outlook - **Confidence in Growth**: Strong confidence in achieving at least 2.5% local volume growth in the second half of the fiscal year, supported by internal initiatives and M&A contributions [12][26] - **Resilience in Various Sectors**: Continued growth in travel, leisure, education, and healthcare sectors, which are generally recession-resilient [32] Conclusion - **Investment Thesis**: Sysco is positioned as a compelling investment opportunity due to its leadership in a growing industry, strong financial performance, and commitment to shareholder returns [46][48]

Summary of Coya Therapeutics Update - February 17, 2026 Company Overview - **Company**: Coya Therapeutics (NasdaqCM: COYA) - **Focus**: Development of targeted therapies for ALS (Amyotrophic Lateral Sclerosis) Key Industry Insights - **ALS Treatment Landscape**: The approval of tofersen for SOD1 ALS has marked a significant development, indicating that targeted therapies can have a substantial impact on the disease's biology, potentially slowing, halting, or even reversing progression for a small subset of patients [3][4] - **Current Therapies**: Existing therapies show only modest benefits due to a lack of focus and understanding of the disease's biology. The industry is shifting towards more biologically informed clinical trials [5][6] Core Scientific Insights - **Neuroinflammation**: Neuroinflammation is identified as a critical factor in ALS pathology. The understanding of its role has evolved, with a focus on specific biological processes rather than broad observations [6][12] - **Regulatory T Cells (Tregs)**: Tregs are crucial for neuroprotection but are dysfunctional in ALS patients. Enhancing Treg function is a potential therapeutic target [13][14] Combination Therapy Rationale - **Combination of Low-Dose IL-2 and CTLA-4**: The rationale for this combination therapy is based on the need to enhance Treg function while suppressing inflammatory responses from activated macrophages. This dual approach aims to prevent Treg dysfunction and improve therapeutic outcomes [16][18][19] Clinical Trial Insights - **Initial Study Results**: A small study involving four ALS patients showed promising results, with some patients experiencing slowed progression and improved biomarkers related to inflammation and oxidative stress [24][25][26] - **ALSTARS Phase 2 Trial**: The upcoming trial aims to enroll 120 patients, with a design that includes a placebo group and two different dosing regimens for the combination therapy. The trial will measure clinical outcomes and biomarkers over six months [40][41][42] Safety and Tolerability - **Safety Profile**: Previous studies indicate that both IL-2 and CTLA-4 have favorable safety profiles, with no significant increase in infection rates observed. The low-dose IL-2 specifically activates Tregs without causing pro-inflammatory responses [56][59] Future Considerations - **Potential for FDA Approval**: If the trial meets its primary efficacy endpoint, Coya plans to submit an application for FDA approval. The strength of the data will be crucial for this process [65][66] - **Long-Term Outcomes**: There is optimism that slowing disease progression could correlate with improved survival rates, although ongoing monitoring of inflammation levels will be essential [62][64] Conclusion Coya Therapeutics is at the forefront of developing targeted therapies for ALS, with a strong focus on understanding the underlying biology of the disease. The upcoming ALSTARS trial represents a significant step towards validating the efficacy of combination therapies aimed at neuroinflammation and Treg dysfunction.