1 4Q25 Earnings & 2026 Guidance Presentation including Leadership Announcements and PS4.0 Introduction Public Storage Executive Speakers Tom Boyle CEO Effective April 1st Joe Fisher President & CFO Effective February 16th 2 Joe Russell President & CEO Retiring March 31st Key Takeaways | Looking Back on Our Success | Industry leadership in Operations, Core FFO growth, and Total Shareholder return – A great foundation for future success | | --- | --- | | Self-Storage Industry Outlook | Strong long-term outloo ...

Colliers International Group (NasdaqGS:CIGI) Q4 2025 Earnings call February 13, 2026 11:00 AM ET Speaker11Welcome to the Colliers International Fourth Quarter Year-End Investors Conference Call. Today's call is being recorded. Legal counsel requires us to advise that the discussion scheduled to take place today may contain forward-looking statements that involve known and unknown risks and uncertainties. Actual results may be materially different from any future results. Performance or achievements contempl ...

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 ...

Financial Data and Key Metrics Changes - In Q4 2025, Galiano Gold produced 37,500 ounces of gold, a 15% increase from 32,000 ounces in Q3 2025, with full-year production totaling 121,000 ounces, aligning with revised guidance [4][11] - Revenue reached a record $160 million in Q4 2025, up 40% from $114 million in Q3 2025, driven by higher production and improved gold prices [5][13] - All-in sustaining cash costs decreased to $2,033 per ounce, consistent with guidance [5][15] - Adjusted net income was reported at $0.15 per share after accounting for unrealized losses on hedges [13] Business Line Data and Key Metrics Changes - Esaase mining restarted in early November 2025, with production ramping up in Q1 2026, while Nkran pre-stripping moved 23% more material compared to Q3 2025 [8][9] - The average grade of ore mined increased by 9% compared to the previous quarter, contributing to improved production metrics [8][10] Market Data and Key Metrics Changes - The company anticipates production guidance for 2026 to be between 140,000-160,000 ounces, representing a 25% increase from 2025 levels [7][12] - AISC for 2026 is projected to be between $2,000-$2,300 per ounce, influenced by a growing royalty burden due to high gold prices [15][16] Company Strategy and Development Direction - Galiano Gold plans an aggressive exploration program for 2026, focusing on expanding underground resources and reserve growth at Esaase [6][24] - The company aims to transition both Nkran and Abore to underground operations, targeting higher-value ounces [19][20] - A strong emphasis is placed on maintaining a robust cash position and leveraging a $75 million undrawn credit facility for operational investments [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets, citing improvements in throughput and grades as key drivers [33] - The company views 2026 as a pivotal year for cash flow generation, with expectations of significant shareholder value creation [28][29] Other Important Information - The company reported no lost time injuries in Q4 2025, maintaining a strong safety record [4][8] - Exploration efforts in 2026 will include a minimum of 30,000 meters of drilling at Abore and up to 35,000 meters of conversion drilling at Esaase [24][27] Q&A Session Summary Question: What are the key execution risks to monitor with production weighted towards the second half of 2026? - Management highlighted throughput and grade improvements as critical factors for achieving production targets [33] Question: How does the downward revision to guidance impact the five-year outlook? - Management expects a slightly lower production profile in 2026 but anticipates a ramp-up in 2027 [34] Question: When should initial economic studies for the maiden underground resource at Abore and Nkran be expected? - Management aims to have initial economic studies available in 2027, following additional drilling [36][38]

Financial Data and Key Metrics Changes - In 2025, the company reported revenue growth of 8.5%, reaching $755 million compared to $696 million in 2024 [5][21] - Adjusted EBITDA improved significantly to $25 million in 2025, up from $9 million in the previous year [5][29] - For Q4 2025, total revenue was $244 million, a 2% increase from $240 million in Q4 2024 [21] Business Line Data and Key Metrics Changes - Real estate brokerage commissions for Q4 were $205 million, accounting for 84% of quarterly revenue, with 1,902 transactions totaling $11.8 billion [21][22] - Private Client transactions grew 13% in volume and 10% in transaction count, contributing 64% of brokerage revenue for the full year [23] - Financing revenue increased by 23% in 2025, totaling $104 million, driven by a 33% rise in transaction count [25] Market Data and Key Metrics Changes - The company completed nearly 9,000 transactions totaling over $50 billion in volume throughout 2025 [8] - The Private Client and Middle Market segments saw a 12% growth in transaction count and revenue [9] - The financing business continued its strong trajectory, with revenue up 23% in 2025 [10] Company Strategy and Development Direction - The company aims to expand its leadership in the private client market and penetrate the institutional segment further [18] - Investments in technology, talent retention, and acquisitions are prioritized to enhance service offerings [19] - The company is focused on leveraging AI to improve efficiency and reduce costs while maintaining the value-added role of brokers [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing improved market conditions and a more predictable valuation benchmark [16][70] - The company anticipates continued momentum in transaction activity as the market recalibrates [17][70] - Management acknowledged ongoing macroeconomic uncertainties but remains committed to a balanced capital allocation strategy [33] Other Important Information - The company maintained a strong balance sheet with nearly $400 million in cash and no debt [30] - A semiannual dividend of $0.25 per share was declared, reinforcing the company's commitment to returning capital to shareholders [31] Q&A Session Summary Question: Concerns about AI displacement in the CRE sector - Management acknowledged AI's potential to improve efficiency in manual processes but emphasized the enduring need for brokers' expertise in complex transactions [35][36][38] Question: Growth in broker count and recruitment efforts - Management confirmed that the growth in broker count was anticipated due to enhanced recruitment strategies and a focus on experienced professionals [43][46] Question: Strategic acquisitions and market uncertainty - Management indicated that market uncertainty has not deterred their acquisition strategy, and they remain optimistic about future opportunities as market conditions stabilize [49][51]

Financial Data and Key Metrics Changes - In Q4 2025, Galiano Gold produced 37,500 ounces of gold, a 15% increase from 32,000 ounces in Q3 2025, contributing to a full-year production total of 121,000 ounces, aligning with revised production guidance [4][11] - Revenue reached a record $160 million in Q4 2025, up 40% from $114 million in Q3 2025, driven by higher production and improved gold prices [5][13] - All-in sustaining cash costs decreased to $2,033 per ounce, consistent with guidance [5][15] - Adjusted net income was reported at $0.15 per share after accounting for unrealized losses on hedges [13] Business Line Data and Key Metrics Changes - Esaase mining restarted in early November 2025, with production ramping up in Q1 2026, while Nkran pre-stripping moved 23% more material compared to Q3 2025 [8][9] - The average grade of ore mined increased by 9% compared to the previous quarter, contributing to improved production metrics [8][10] Market Data and Key Metrics Changes - The company anticipates production guidance for 2026 to be between 140,000 and 160,000 ounces, representing a 25% increase from 2025 levels [7][12] - The AISC for 2026 is projected to be between $2,000 and $2,300 per ounce, influenced by a growing royalty burden due to high gold prices [15][16] Company Strategy and Development Direction - Galiano Gold plans an aggressive exploration program for 2026, focusing on expanding underground resources and reserve growth at Esaase [6][24] - The company aims to transition to underground operations at both Nkran and Abore, with a focus on higher-value underground ounces [19][28] - The strategy includes significant investment in exploration and waste stripping activities, supported by a strong cash position and a $75 million revolving credit facility [5][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets, citing improvements in throughput and grades as key drivers for 2026 [32] - The company views 2026 as a pivotal year for cash flow generation, with expectations of significant shareholder value creation as fixed payments to Gold Fields conclude [17][28] Other Important Information - The company reported no lost time injuries in Q4 2025, maintaining a strong safety record [4][8] - The maiden underground mineral resource declaration is expected to reshape future resource growth potential [6][19] Q&A Session Summary Question: What are the key execution risks to monitor with production weighted towards the second half of 2026? - Management highlighted throughput and grade improvements as critical factors for achieving production targets [32] Question: How does the downward revision to guidance impact the five-year outlook? - Management expects a slightly lower production profile in 2026 but anticipates a ramp-up in 2027 [33] Question: When should initial economic studies for the maiden underground resource be expected? - Management plans to work on additional drilling and studies throughout 2026, aiming for results in 2027 [35][37]

Financial Data and Key Metrics Changes - In 2025, the company reported revenue growth of 8.5%, reaching $755 million compared to $696 million in 2024 [5][21] - Adjusted EBITDA improved significantly to $25 million in 2025, up from $9 million in the previous year [5][29] - For Q4 2025, total revenue was $244 million, a 2% increase from $240 million in Q4 2024 [21] Business Line Data and Key Metrics Changes - Real estate brokerage commissions for Q4 were $205 million, accounting for 84% of quarterly revenue, with 1,902 transactions totaling $11.8 billion [21][22] - Private Client transactions grew 13% in volume and 10% in transaction count, contributing 64% of brokerage revenue for the full year [23] - Financing revenue increased by 23% in 2025, totaling $104 million, driven by a 33% rise in transaction count [25] Market Data and Key Metrics Changes - The company completed nearly 9,000 transactions totaling over $50 billion in volume throughout 2025 [8] - The Private Client and Middle Market segments saw a 12% growth in transaction count and revenue, indicating a recovery in these areas [9] - The financing business continued its strong trajectory, with revenue up 23% in 2025 [10] Company Strategy and Development Direction - The company aims to expand its leadership in the private client market and penetrate the institutional segment further [18] - Strategic investments are being made while maintaining cost controls, focusing on technology and talent acquisition [13] - The company is exploring acquisitions to enhance its service offerings, with a strong balance sheet of nearly $400 million in cash [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing improved market conditions and a more predictable valuation benchmark [16] - The company anticipates continued momentum in transaction activity, although macroeconomic uncertainties may moderate growth [32] - Management highlighted the importance of AI in improving operational efficiency while maintaining the value-added role of brokers [16][36] Other Important Information - The company returned $47 million to shareholders through dividends and share repurchases in 2025 [20] - A semiannual dividend of $0.25 per share was declared, payable on April 3, 2026 [31] - The company is focused on leveraging AI to enhance productivity and efficiency across various operational aspects [15] Q&A Session Summary Question: Concerns about AI displacement in the CRE sector - Management acknowledged AI's potential to improve efficiency in manual processes but emphasized the enduring need for human expertise in commercial real estate [36][38] Question: Growth in broker count and recruitment efforts - Management confirmed that the growth in broker count was anticipated due to enhanced recruitment strategies and a stronger candidate pool [43][45] Question: Strategic acquisitions and market uncertainty - Management remains committed to pursuing acquisitions despite market uncertainties, believing that the return of market clarity will enhance acquisition opportunities [50][52]

Biogen Conference Call Summary Company Overview - **Company**: Biogen (NasdaqGS:BIIB) - **Date**: February 13, 2026 - **Focus**: Immunology pipeline, specifically lupus treatments and other autoimmune diseases Key Points Industry Focus - **Lupus Treatment**: Biogen is prioritizing lupus, particularly systemic lupus erythematosus (SLE), due to its status as a major unmet medical need in drug development [2][5][11] - **Current Pipeline**: The company is developing two late-stage drugs, dapirolizumab and litifilimab, targeting lupus [1][2] Strategic Rationale - **Unmet Need**: Lupus is described as an underserved and heterogeneous disease area, with only 20%-30% of patients in the U.S. receiving biologic therapy [11][13] - **Long-term Commitment**: Biogen has been involved in lupus research for over a decade, indicating a long-term commitment to addressing this disease [5][7] Drug Development Insights - **Dapirolizumab and Litifilimab**: Both drugs aim to address limitations of existing treatments like belimumab and anifrolumab, with a focus on improving efficacy and reducing side effects [11][13] - **Patient-Centric Approach**: The company emphasizes the need for multiple treatment options due to the variability in lupus manifestations among patients [15][17] Mechanism of Action - **Litifilimab**: Targets BDCA2 receptors on plasmacytoid dendritic cells, which are involved in producing interferons that drive inflammation [19][21] - **Clinical Outcomes**: The drug has shown promise in improving overall disease control and specific manifestations like skin and joint symptoms [27][29] Clinical Trial Design - **Endpoints**: Different primary endpoints are used for dapirolizumab (BICLA response) and litifilimab (SRI-4), reflecting their unique mechanisms and patient needs [30][32] - **Durability of Effect**: Both drugs are designed to assess not only immediate efficacy but also the durability of treatment effects over time [52][54] Safety and Special Populations - **Pregnancy Considerations**: Dapirolizumab is noted for its potential safety in pregnant women, as it does not cross the placenta, which is a significant advantage given the demographic affected by lupus [63][65] Competitive Landscape - **Emerging Treatments**: The company acknowledges the upcoming readouts for other oral agents in lupus treatment, indicating a belief in a diverse treatment landscape rather than a winner-takes-all scenario [69][70] - **Future Pipeline**: Biogen is exploring additional oral therapies and has a robust early pipeline to expand treatment options [74] Broader Implications - **B-cell Biology**: The company is also interested in CD38 biology for autoimmune diseases, indicating a strategic focus on multiple indications beyond lupus [106][111] Additional Insights - **Patient Experience**: The discussion highlights the importance of addressing both physical and mental health impacts of lupus, emphasizing the need for effective treatment options that improve quality of life [29][65] - **Regulatory Engagement**: Biogen is actively engaging with regulatory agencies to explore pathways for the use of its therapies in special populations, such as pregnant women [68][69] This summary encapsulates the key discussions and insights from Biogen's conference call, focusing on their strategic direction in lupus treatment and the broader implications for the immunology field.

Financial Data and Key Metrics Changes - In 2025, the company reported revenue growth of 8.5%, reaching $755 million compared to $696 million in 2024 [5][21] - Adjusted EBITDA improved significantly to $25 million in 2025, up from $9 million in the previous year [5][28] - For Q4 2025, total revenue was $244 million, a 2% increase from $240 million in Q4 2024 [21] Business Line Data and Key Metrics Changes - Real estate brokerage commissions for Q4 were $205 million, accounting for 84% of quarterly revenue, with 1,902 transactions totaling $11.8 billion [21][22] - Private Client transactions grew 13% in volume and 10% in transaction count, contributing 64% of brokerage revenue for the full year [23] - Financing revenue increased by 23% in 2025, totaling $104 million, driven by a 33% rise in transaction count [25] Market Data and Key Metrics Changes - The company completed nearly 9,000 transactions totaling over $50 billion in volume throughout 2025 [8] - The Private Client and Middle Market segments saw a 12% growth in transaction count and revenue [9] - The financing business continued its strong trajectory, with revenue up 23% in 2025 [10] Company Strategy and Development Direction - The company aims to expand its leadership in the private client market and penetrate the institutional segment further [18] - Strategic investments are being made while maintaining cost controls, focusing on technology and talent acquisition [13] - The company is exploring acquisitions to enhance its service offerings, with a strong balance sheet of nearly $400 million in cash [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing improved market conditions and a more predictable valuation benchmark [16] - The company anticipates continued momentum in transaction activity as the market stabilizes [17] - Management acknowledged ongoing macroeconomic uncertainties but remains cautiously optimistic about future performance [32] Other Important Information - The company returned $47 million to shareholders through dividends and share repurchases in 2025 [20] - A semiannual dividend of $0.25 per share was declared, payable on April 3, 2026 [31] Q&A Session Summary Question: Concerns about AI displacement in the CRE sector - Management acknowledged AI's potential to improve efficiency in manual processes but emphasized the importance of human expertise in the brokerage business [35][36][39] Question: Growth in broker count and recruitment efforts - Management noted that the increase in broker count was anticipated due to improved recruitment strategies and a stronger candidate pool [44][49] Question: Strategic acquisitions and market uncertainty - Management confirmed that market uncertainty has not deterred their acquisition strategy, focusing on firms that align with their culture and values [51][59]

Financial Data and Key Metrics Changes - Galiano Gold reported record revenue of $160 million in Q4 2025, a 40% increase from $114 million in Q3 2025, driven by higher production and improved gold prices [5] - All-in sustaining cash costs decreased to $2,033 per ounce, aligning with guidance [5] - Cash flow from operations reached $56 million, with a stable cash balance of over $100 million despite significant expenditures [13][17] Business Line Data and Key Metrics Changes - Gold production in Q4 2025 was 37,500 ounces, a 15% increase from 32,500 ounces in Q3 2025, contributing to a total of 121,000 ounces for the year [4][11] - The average mill feed grade improved by approximately 9% compared to Q3, achieving an average of one gram per tonne for the quarter [10] - The company plans to produce between 140,000-160,000 ounces in 2026, representing a 25% increase from 2025 levels [6][12] Market Data and Key Metrics Changes - The company noted a significant increase in gold prices, which has positively impacted revenue and production costs [15] - A new royalty regime proposed by the Ghanaian government may affect all-in sustaining costs, which are expected to range between $2,000-$2,300 per ounce in 2026 [15][17] Company Strategy and Development Direction - Galiano Gold is focusing on aggressive exploration programs in 2026, targeting underground resource expansion and reserve growth at Esaase [6][24] - The company aims to transition to underground operations at both Nkran and Abore, with plans for significant drilling activities to support this transition [19][24] - The strategy includes maximizing cash flow generation and shareholder value through increased production and reduced reliance on hedges [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets despite potential execution risks, emphasizing the importance of throughput and grade improvements [32] - The company anticipates a near-term inflection point in cash flow generation as it moves past fixed payments to Gold Fields and fully participates in gold price increases [17][28] - Management highlighted the potential for mine life extension beyond eight years through underground mining and open pit reserve expansion [28] Other Important Information - The company established a $75 million revolving credit facility to enhance financial flexibility for ongoing operations and exploration investments [5][13] - Safety remains a top priority, with no lost time injuries reported in Q4 2025, maintaining a strong safety record [4][7] Q&A Session Summary Question: What are the key execution risks to monitor with production weighted towards the second half of 2026? - Management identified throughput and grade improvements as critical factors for achieving production targets, expressing confidence in the ramp-up of the crushing circuit [32] Question: How does the downward revision to guidance impact the five-year outlook? - Management expects a slightly lower production profile in 2026 but anticipates a ramp-up in 2027, aligning more closely with previous guidance [33] Question: When should initial economic studies for the maiden underground resource at Abore and Nkran be expected? - Management plans to work on additional drilling and studies throughout 2026, aiming to have initial economic studies available in 2027 [35][36]