Summary of VERSES AI Webinar (February 18, 2026) Company Overview - **Company**: VERSES AI (NasdaqCM: VRSS.D) - **Industry**: Artificial Intelligence, specifically focusing on financial services Key Points and Arguments Leadership Changes - Recent leadership changes were announced, with Gabriel René, Dan Mapes, and Kevin Wilson no longer with the company. Dave Scott has stepped in as Interim CEO while a search for a permanent CEO is conducted [4][5][6] Focus on Financial Services - The company is shifting its focus towards financial services, particularly in portfolio management, as it represents a significant market opportunity within the multi-trillion dollar global asset management sector [21][22] - Financial services have shown strong interest in AI for automating processes, but existing systems struggle with reliability and accuracy [20][23] Technology and Product Development - VERSES has developed an AI platform called Axium, based on the principles of human brain function, which has shown promising results in various tests, including outperforming Google's DeepMind in video game benchmarks [15][16] - The company is now applying its technology in real-world scenarios, particularly in financial services, with a focus on enhancing decision-making processes for portfolio managers [19][24] Market Opportunity - The financial services market is viewed as a compelling near-term opportunity, with a focus on improving risk-adjusted returns for portfolio management [21][22] - A 1% improvement on a $100 million portfolio can justify significant investments in better decision support systems [21] Commercialization Strategy - The company plans to pursue a "land and expand" strategy with existing financial services customers, targeting institutions with over $100 million in assets under management [24][25] - A hybrid business model is anticipated, starting with service and implementation components, transitioning towards recurring software licenses as the platform becomes embedded [25][26] Operational Focus - The Interim CEO emphasized the need for operational rigor, financial discipline, and a clear communication strategy moving forward [12][13] - The company aims to maintain disciplined execution with current enterprise customers and expand thoughtfully within financial services [26] Investor Communication - The company is committed to improving communication with investors, with an earnings call scheduled for February 24, 2026, to discuss financial results [5][39] Additional Important Information - The company acknowledges the foundational work of Professor Karl Friston, whose research underpins the technology being developed at VERSES [10][11] - Ongoing legal matters were mentioned, but specific details could not be disclosed [33] - The company maintains a fully remote workforce, allowing for a diverse talent pool [34] This summary encapsulates the key points discussed during the VERSES AI webinar, highlighting the company's strategic direction, technological advancements, and market opportunities in the financial services sector.

Altria Conference Call Summary Company Overview - **Company**: Altria Group, Inc. - **Industry**: Tobacco and Nicotine Products Key Points Transition to Smoke-Free Products - Altria is transitioning smokers to a smoke-free future while competing for existing smoke-free nicotine consumers and exploring growth opportunities beyond the U.S. and nicotine [3][4] - The U.S. nicotine space is evolving with innovative smoke-free products driving change, creating unprecedented opportunities for Altria's businesses [4] Market Dynamics - In 2025, growth in e-vapor and oral tobacco offset cigarette industry volume declines, leading to a total equivalized nicotine volume growth of approximately 2.5% last year [5] - Over half of the 55 million U.S. nicotine consumers now use smoke-free products, with more than one-third using them exclusively [5] Consumer Segmentation - Altria identifies three consumer groups: 1. **Traditionalists**: Loyal to established brands like Marlboro and Copenhagen [6][7] 2. **Transitioners**: Open to switching to smoke-free alternatives [8] 3. **Variety Seekers**: Early adopters of innovation, seeking different product forms and flavors [9] Product Performance - The oral tobacco category grew by 12.5% last year, with nicotine pouches driving over 40% growth [10] - Altria's oral tobacco products segment grew adjusted OCI by a CAGR of 1.3% over the past five years [10] - The introduction of on! PLUS, a premium nicotine pouch, is expected to meet evolving consumer preferences [11][12] Regulatory Environment - Altria is advocating for improved enforcement against illicit markets, which represent a significant portion of the e-vapor category [17][18] - The company is optimistic about FDA authorizations for new products, including additional flavors and strengths for on! PLUS [13][14] Financial Performance - Altria's smokable product segment has grown adjusted OCI by more than $950 million over the past five years, with adjusted OCI margins expanding to 63.4% [26] - The company has delivered over $100 billion in cash returns to shareholders since the 2008 PMI spinoff, with a recent quarterly dividend increase of 3.9% [35][36] Future Growth Opportunities - Altria is exploring international and non-nicotine opportunities, including energy products through collaboration with Proper Wild [33][34] - The company aims to commercialize at least five non-nicotine products by 2028, with strong consumer interest in energy shots and gummies [34][35] Strategic Initiatives - The Optimize and Accelerate initiative aims to generate at least $600 million in savings to reinvest in growth, enhancing operational and financial flexibility [21][22] - Altria is modernizing its marketing strategies to engage consumers through new channels, including social media and in-person events [14][15] Conclusion - Altria is well-positioned to capture the growing smoke-free opportunity while maintaining strong cash returns and shareholder value through its traditional tobacco businesses [38]

Atkore (NYSE:ATKR) 2026 Conference Summary Company Overview - **Company**: Atkore - **Date**: February 18, 2026 - **Speakers**: Bill Waltz (President and CEO), John Deitzer (CFO) Key Points Strategic Review and Company Direction - Atkore is undergoing a strategic review, considering various alternatives including potential sale or divestitures to enhance shareholder value [1][2][4] - The board is focused on long-term strategic planning, particularly emphasizing the electrical industry [2][4] - Recent actions include selling the Tectron operation in Wisconsin and exploring alternatives for HDPE [4] Market Performance and Growth Indicators - Atkore anticipates mid-single-digit growth, with half of this expected to come from organic growth [6][18] - Strong performance is noted in data centers, healthcare, manufacturing, and multifamily housing, while single-family housing remains weak [6][18] - The company is experiencing favorable growth trends, supported by leading indicators such as DMI [6] Data Center Market Strategy - Atkore is focusing on direct sales to data centers and chip manufacturers, bypassing distributors in some cases [11][15] - The company has established off-site manufacturing locations to preassemble products for data centers, which has been successful in the U.S. and is expanding to international markets [15][17] Volume Growth and Market Outlook - The company reported low single-digit volume growth in Q1 but maintains a full-year outlook of mid-single-digit growth [18][20] - Anticipated growth in the solar business and construction services is expected to contribute positively to volume growth [20][21] Pricing and Cost Dynamics - Pricing for products has seen a moderation, with a 2.7% decrease in Q1 2026 compared to a 12% decrease in Q1 2025 [59] - The company is managing cost pressures from raw materials, particularly copper and aluminum, which have experienced significant volatility [40][41] Margin Improvement Initiatives - Atkore is closing three manufacturing facilities, which is expected to yield $10-$12 million in benefits, primarily in fiscal 2027 [54][56] - The company is also divesting underperforming businesses to improve margins and return on invested capital [56] Inventory and Channel Health - Channel inventories are reported as normal, with no significant destocking or overstocking observed [26] - Distributors are optimistic about market growth, indicating a healthy channel environment [26] Competitive Landscape and Pricing Strategy - Atkore's pricing strategy involves maintaining a premium for its products through strong relationships with distributors and bundling services [28][36] - The company is navigating the competitive landscape with a focus on differentiating its offerings despite market commoditization [28][36] Future Growth Areas - The company is optimistic about growth in the municipal water sector, with plans to expand its product offerings [91][96] - Atkore is also exploring opportunities in the residential market, although recovery has not yet materialized [101][107] Cash Management and Capital Allocation - Atkore has paused M&A activities and is focusing on internal initiatives, including maintaining its quarterly dividend [114][120] - The company is evaluating its capital allocation strategy, balancing dividends and potential share repurchases [114][120] Emerging Trends and Innovations - The strategic review emphasizes a focus on core electrical products and services, aligning with industry trends [132] Conclusion - Atkore is strategically positioning itself for growth in the electrical industry while managing market challenges and exploring new opportunities in data centers, solar, and municipal water sectors. The company is focused on improving margins through operational efficiencies and divestitures, while maintaining a healthy channel inventory and pricing strategy.

Summary of Canadian Pacific Kansas City (CPKC) Conference Call Company Overview - **Company**: Canadian Pacific Kansas City (NYSE: CP) - **Date**: February 18, 2026 - **Speakers**: Keith Creel (CEO), Chris Verone (IR) Key Points Industry and Operational Performance - **Current Operations**: The railroad is performing well with operating metrics at record levels for the first quarter, despite typical winter challenges [6][8] - **Volume Trends**: RTM (Revenue Ton Miles) is expected to show low single-digit positive growth for the quarter, driven by a record grain harvest of 85 million metric tons, which is 20% more than last year [8][9] - **Automotive Sector**: CPKC has outpaced the industry in automotive despite a down market, expecting continued growth in 2026 [11] - **Intermodal and International Growth**: The company is well-positioned in international intermodal and has seen positive developments with partners like Hapag-Lloyd [10] Financial Performance and Growth Projections - **Earnings Growth**: CPKC anticipates double-digit earnings growth driven by single-digit RTM growth, even with macroeconomic challenges [13][14] - **Pricing Strategy**: The company has been able to maintain pricing above 4% due to the value proposition of its network, which is expected to become even more compelling as truck rates rise [23][24] - **Free Cash Flow**: CPKC is shifting capital priorities towards rolling stock, with a sustainable CapEx target of CAD 2.6 billion to CAD 2.7 billion, supporting a strong free cash flow conversion story [50][51] M&A and Regulatory Environment - **Merger Discussions**: CPKC is preparing for a public debate regarding potential mergers, emphasizing its unique position and the complexities involved in large-scale integrations [60][62] - **Regulatory Challenges**: The company acknowledges the potential for regulatory hurdles in merger approvals, citing historical challenges faced by the industry [66][71] - **Concessions for Mergers**: CPKC is focused on ensuring competitive access in overlapping markets and protecting its competitive niche in key areas [80] Future Opportunities and Challenges - **Market Dynamics**: The company is optimistic about growth opportunities in the North American market, particularly in light of trade rebalancing and the need for supply chain diversification [38][39] - **Operational Complexity**: CPKC recognizes the operational challenges that come with mergers and the importance of careful integration to avoid disruptions [75][78] - **Capacity for Growth**: The company has built latent capacity into its network, positioning itself well for future volume increases as market conditions improve [27][28] Miscellaneous Insights - **Deregulation Impact**: CPKC has made progress in efficiency improvements through deregulation, although some opportunities are still pending [44][46] - **Innovative Solutions**: The company is exploring new products and services, such as the Southeast Mexico Express (SMX), to enhance its offerings and capture additional market share [24][25] This summary encapsulates the key insights from the conference call, highlighting CPKC's operational performance, financial outlook, regulatory environment, and future growth opportunities.

Summary of IDEAYA Biosciences Conference Call Company Overview - **Company**: IDEAYA Biosciences (NasdaqGS:IDYA) - **Industry**: Clinical-stage precision medicine oncology - **Key Programs**: Nine clinical programs, with a focus on uveal melanoma and other oncology indications Key Points and Arguments Upcoming Catalysts - **Darovasertib**: Lead molecule for uveal melanoma, with an upcoming top-line data release for the combination with crizotinib in metastatic uveal melanoma expected by the end of March 2026. The company has triggered the required 130 events for analysis [2][5] - **Neoadjuvant and Adjuvant Studies**: Enrollment in a neoadjuvant study is ongoing, with plans to begin an adjuvant study in Q2 2026 [3][4] Clinical Data Expectations - **Control Arm Expectations**: The control arm is expected to show a median progression-free survival (PFS) of 2-3 months and overall survival (OS) of about 13 months based on historical data [9][10] - **Darovasertib and Crizotinib Combination**: Previous data indicated a median PFS of about 7 months and OS of 21 months, significantly better than standard therapies [10][12] - **Response Rates**: Standard therapies show a response rate of around 10%, while the combination therapy has shown a response rate exceeding 30% [10] Study Design and Patient Demographics - The study focuses on HLA-A2 negative patients with metastatic uveal melanoma, comparing the combination therapy to standard care, which varies by region [8][9] - The study design includes frequent patient scans every six weeks, which may lead to earlier detection of progression compared to traditional three-month scans [15] Regulatory and Filing Timelines - **FDA Filing**: The company anticipates a six-month timeline to file for accelerated approval post-data release, with a review period of at least six months [30] - **HLA-A2 Positive Group**: Data from HLA-A2 positive patients will be presented in two chapters, with the first chapter expected to show early efficacy data [31][32] Other Pipeline Developments - **DLL3 TOPO1 ADC**: Currently in phase I studies, with initial data expected by the end of 2026. The U.S. study has launched, and early safety data is anticipated [47][48] - **MTAP Inhibitor IDE397**: Ongoing studies in combination with Trodelvy for MTAP-deleted urothelial cancer, with promising early data [59][60] - **Combination Strategies**: The company is exploring various combination therapies, including those targeting PRMT5 and CDKN2A, to enhance treatment efficacy in MTAP-deficient tumors [66][68] Market Position and Future Outlook - IDEAYA aims to set a new standard for uveal melanoma treatment, addressing a significant unmet medical need with limited existing therapies [22][14] - The company has a strong cash position of approximately $1.05 billion, providing a runway into 2030, positioning it well for upcoming clinical milestones [5] Additional Important Information - The company emphasizes the importance of data integrity and the potential for positive outcomes based on historical performance metrics [12][26] - Discussions with the FDA regarding potential label expansions and real-world data integration are ongoing, particularly for HLA-A2 positive patients [33] This summary encapsulates the key points discussed during the conference call, highlighting IDEAYA Biosciences' strategic focus on advancing its oncology pipeline and addressing critical patient needs in uveal melanoma and other cancer indications.

CAGNY CONFERENCE 2026 BUSINESS UPDATE FEBRUARY 18, 2026 MARK SMUCKER CHIEF EXECUTIVE OFFICER, PRESIDENT AND CHAIR OF THE BOARD FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows, that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by those forward-looking statements. Us ...

Summary of Allogene Therapeutics Conference Call Company Overview - **Company**: Allogene Therapeutics (NasdaqGS:ALLO) - **Event**: 2026 Conference at Citi's Virtual Oncology Leadership Summit - **Key Speaker**: Zach Roberts, Chief Medical Officer Core Industry and Product Insights - **Product**: Cema-cel, an off-the-shelf allogeneic CAR T cell therapy targeting CD19 - **Study**: ALPHA-3 study, focusing on newly diagnosed large B-cell lymphoma patients - **Study Design**: Patients achieving remission after standard frontline treatment undergo a minimal residual disease (MRD) test. MRD positive patients are randomized to either observation or treatment with cema-cel [3][4][5][6] Key Points and Arguments - **Efficacy and Safety**: Cema-cel has shown comparable efficacy to autologous CAR T products with improved safety profiles, including lower rates of cytokine release syndrome (CRS) and immune effector cell-associated neurotoxicity syndrome (ICANS) [4][5] - **MRD Testing**: The ALPHA-3 study utilizes a highly sensitive PCR-based MRD test to identify patients at high risk of relapse. The study aims to determine if treating MRD positive patients with cema-cel can improve long-term outcomes [6][8] - **Expected Outcomes**: A 25%-30% absolute improvement in MRD clearance is anticipated between the treatment and observation arms. Historical data suggests a baseline MRD clearance rate of around 20% in the observation arm [11][12][14] - **Clinical Context**: The study is positioned as a frontline treatment, with MRD status being a new eligibility criterion for treatment decisions. This approach is innovative compared to traditional methods that do not incorporate MRD testing [15][16] Additional Important Insights - **Patient Journey**: The study allows for flexibility in treatment decisions based on individual patient circumstances, with a significant proportion of patients being treated in community settings [36][37] - **Enrollment Progress**: Initial challenges in patient enrollment have been addressed, and the study is now seeing routine MRD testing for eligible patients [40][41] - **Commercial Strategy**: Allogene anticipates a significant market opportunity for cema-cel, especially as MRD testing becomes more prevalent. The acquisition of Foresight Diagnostics by Natera is expected to enhance MRD testing capabilities [35][58] - **Future Expectations**: The upcoming futility analysis in April is viewed as a critical milestone that could de-risk the overall study and potentially revolutionize treatment practices for lymphoma patients [70][72] Conclusion - Allogene Therapeutics is poised to make significant advancements in the treatment of large B-cell lymphoma through the ALPHA-3 study and the use of cema-cel. The integration of MRD testing into treatment protocols represents a paradigm shift in patient management and could lead to improved outcomes for patients at risk of relapse [72]

Financial Data and Key Metrics Changes - For the full year 2025, core FFO was reported at $0.87 per diluted share, with Q4 core FFO at $0.23 per diluted share [24] - Same-store property cash NOI increased by 3.4% year-over-year for Q4 and 60 basis points for the full year [24] - Operating expenses increased by 1.7% for Q4 and 3.4% for the full year, primarily due to higher real estate taxes and cleaning-related labor costs [25] Business Line Data and Key Metrics Changes - The office portfolio is 93.5% leased, reflecting strong demand for top-quality, modernized buildings [8][19] - The observatory business generated approximately $24 million of NOI in Q4 and $90 million for the full year, with revenue per capita increasing by 6.9% year-over-year in Q4 [25][9] - The multifamily portfolio reported occupancy just under 98%, with revenue increasing by 9% year-over-year in Q4 [23] Market Data and Key Metrics Changes - The leasing team signed over 458,000 sq ft of new and renewal leases in Q4, achieving positive mark-to-market lease spreads of 6.4% in the Manhattan office portfolio [20] - The market for large block, institutional quality office space remains supply-constrained, with strong demand [15] - The company anticipates a year-end occupancy guidance of 90%-92% for 2026, despite expected temporary dips [22][27] Company Strategy and Development Direction - The company has transformed its portfolio to a 100% New York City focus, enhancing cash flow and portfolio quality [12][8] - Management emphasizes disciplined capital allocation and opportunistic share repurchases as part of their strategy [17][18] - The company aims to leverage its operating platform to drive occupancy, rents, and returns in a competitive market [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term cash growth potential of the portfolio, despite known tenant rollovers impacting FFO growth in 2026 [8] - The company remains focused on enhancing the guest experience and broadening marketing reach for the observatory, anticipating a recovery in international visitation [48][30] - Management acknowledged the impact of external factors, such as potential increases in property taxes, but remains optimistic about leasing demand [38][44] Other Important Information - The company completed $1 billion in acquisitions of high-quality real estate, improving cash flow and portfolio quality [8][11] - The company achieved the highest possible GRESB rating for the sixth consecutive year, reflecting its commitment to sustainability [10] - The company has a well-laddered maturity schedule with no unaddressed debt maturities until March 2027 [11] Q&A Session Summary Question: Outlook on leasing activity for Q1 2026 - Management indicated strong market tenor with over 170,000 sq ft of leases in the pipeline for Q1 and Q2 [33] Question: Details on the sale of the Stamford asset - The asset was sold for mid-$60 million, aligning with capital recycling objectives [34] Question: Impact of proposed property tax increases - Management stated that any increase would be passed through to tenants, and they remain focused on market conditions [38][39] Question: Effects of AI on leasing decisions - Management noted strong demand for high-quality office space, with AI contributing positively to leasing activity [40][41] Question: Impact of new mayor's policies on leasing discussions - Management confirmed that there has been no impact on leasing discussions due to the new mayor's rhetoric or policies [44] Question: Competition and economic outlook for the observatory - Management highlighted a shift in visitor demographics and competitive positioning, with a focus on direct marketing strategies [48][49]

Empire State Realty Trust (NYSE:ESRT) Q4 2025 Earnings call February 18, 2026 12:00 PM ET Company ParticipantsChristina Chiu - PresidentHeather Houston - SVP and Chief Counsel of Corporate and SecretaryRyan Kass - Co-Head of Real Estate and Chief Revenue Officer of Real EstateSteve Horn - CFO and Chief Accounting OfficerTony Malkin - Chairman and CEOConference Call ParticipantsBlaine Heck - Equity Research AnalystDylan Burzinski - Equity Research AnalystJohn Kim - Equity Research AnalystManus Ebbecke - Equi ...

1 | ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY CAGNY 2026 Safe Harbor Statement ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY ALCS | CAGNY | 2.18.26 | For Investor Purposes ONLY Statements in this presentation that are not reported financial results or other historical information are "forward- looking statements" within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantee ...