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 ...

CHAR Technologies Update Summary Company Overview - CHAR Technologies (OTCPK: CTRN.F) is focused on renewable energy solutions, particularly in high-temperature pyrolysis technology for waste management and carbon reduction [3][4] Key Developments - The first facility in Thorold has entered commissioning, marking a significant step towards operational revenue generation [4] - The company has identified a path for near-term projects with projected revenues of CAD 130 million and free cash flow of CAD 42 million across four facilities [4] - Strategic partnerships have been established, including investments from the BMI Group, which has committed CAD 18 million to various projects [6][7] Financial Highlights - The transition to a project-focused model has resulted in a leaner structure, reducing liabilities and increasing shareholders' equity [10] - A one-time gain of CAD 4.1 million was realized from the Thorold project, reflecting the value of pre-development work [11] - Despite a decrease in revenue due to exiting the consulting business, gross profit has increased, indicating improved operational efficiency [12] Technology and Market Opportunities - CHAR Technologies has completed the world's first deployment of high-temperature pyrolysis for PFAS destruction in a commercial setting, which is expected to validate the technology and open new market opportunities [14][15] - The global PFAS waste management market is projected to grow significantly, driven by tightening regulations [15] - A licensing agreement with GazoTech in France has been executed, validating CHAR's technology and commercial model on an international scale [17] Project Updates - The Thorold facility is expected to generate CAD 9 million in annual revenue with CAD 3 million in EBITDA once fully operational [30] - The Lake Nipigon project is modular, allowing for expansion and increased production capacity over time [35] - The Espanola project is still in development, with potential for significant throughput due to existing infrastructure [59] Market Dynamics - Biocarbon prices have increased from CAD 450-500 per ton in 2022 to CAD 1,000-1,500, driven by market demand for lower carbon intensity in steel production [27] - Renewable natural gas (RNG) is mandated in certain regions, contributing to rising prices and demand [28] Future Outlook - The next 18 months are expected to be transformative for CHAR Technologies, with multiple projects moving towards revenue generation and technology validation [22][23] - The company aims to finance projects at the project level, reducing reliance on equity financing [19][54] Conclusion - CHAR Technologies is positioned for growth with validated technology, strategic partnerships, and a focus on project-level financing, which is expected to enhance shareholder value in the coming years [22][24]

Financial Data and Key Metrics Changes - For the full year 2025, core FFO was reported at $0.87 per diluted share, reflecting continued performance across the platform [4] - Same-store property cash NOI increased by 3.4% year-over-year for Q4 and 60 basis points for the full year [22] - Operating expenses increased by 1.7% for Q4 and 3.4% for the full year, primarily driven by higher real estate taxes and cleaning-related labor costs [22] Business Line Data and Key Metrics Changes - The office portfolio is 93.5% leased, with a 170 basis point increase in occupancy year-over-year [18] - The multifamily portfolio reported occupancy just under 98%, with revenue increasing by 9% year-over-year in Q4 and 10% for the full year [21] - 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 [23] Market Data and Key Metrics Changes - The leasing market in New York City is described as the strongest since 2019, with strong demand concentrated among top-quality, modernized buildings [18] - The company has a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters of 2026 [31] - The market for large block, institutional quality office space is supply-constrained, with strong demand [12] Company Strategy and Development Direction - The company has transformed its portfolio to a 100% New York City focus, enhancing cash flow and portfolio quality [6] - A proactive balance sheet management strategy is in place to provide flexibility for strategic transactions and shareholder value creation [6] - The company aims to continue improving the quality of its portfolio and cash flows through prudent capital allocations [17] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 FFO and same-store cash NOI to be consistent with 2025 results, with anticipated commercial occupancy of 90%-92% by year-end 2026 [25] - Known tenant rollover is expected to impact FFO growth in 2026, but the portfolio is well-positioned for long-term cash growth [6] - The company remains optimistic about the return of traditional international visitors and is focused on enhancing guest experiences [8] Other Important Information - The company achieved the highest possible GRESB rating for the sixth consecutive year, reflecting its sustainability leadership [9] - Opportunistic share repurchases remain a strategic part of the capital allocation framework, with $6 million of shares repurchased in Q4 [16] - The company has completed $1 billion of acquisitions of high-quality real estate, improving cash flow and portfolio quality [6] Q&A Session Summary Question: Outlook on leasing activity for Q1 2026 - Management indicated strong market tenor and a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters [31] Question: Details on the sale of the Stamford asset - The sale price was mid-$60 million, with adjustments bringing it close to the debt balance [32] Question: Impact of proposed property tax increases - Management stated that any increase would be passed through to tenants, and the market dynamics would dictate rent adjustments [36][37] Question: Impact of AI on leasing decisions - Management noted strong demand for high-quality office space, with AI being a positive factor for leasing activity [38] Question: Impact of the new mayor's policies on leasing discussions - Management confirmed that there has been no impact on leasing discussions from the new mayor's rhetoric or policies [42] Question: Economic outlook for the observatory and competition - Management highlighted a shift in visitor composition towards more domestic visitors and noted competition from other attractions [46]

Fortive Corporation FY Conference Summary Company Overview - **Company**: Fortive Corporation (NYSE: FTV) - **Date of Conference**: February 18, 2026 Key Points Industry and Market Environment - **Demand Environment**: Fortive exited 2025 with strong core growth across both segments, indicating a positive demand environment as they entered 2026 [2][5] - **Short-Cycle Business**: The company noted strength in its short-cycle business, particularly in North America, driven by data center and distributed energy spending [9] - **Government Spending**: Government-related business accounted for about 8% of total revenue in 2025, with stable conditions expected in 2026 despite previous strong spending post-COVID [18][21] Financial Performance - **Q4 Performance**: Q4 2025 performance exceeded expectations, with broad-based strength across segments and no significant one-time events affecting results [6][7] - **2026 Outlook**: The company does not anticipate dramatic improvements in conditions affecting growth but feels positive about the setup from 2025 [8][21] Segment Insights - **Fluke Segment**: Fluke is recognized for its strong brand and market share potential, with ongoing innovation and a growing recurring revenue stream (15% of Fluke's revenue) [11][15][17] - **FAL Growth**: The FAL platform is expected to grow through innovation and commercial expansion, with a focus on capturing deferred maintenance spending from government agencies [22][29] - **AHS Segment**: The ASP business faced challenges in 2025 but is expected to improve in 2026 due to increased focus on innovation and customer loyalty [63][70] Strategic Initiatives - **Fortive Acceleration Strategy**: The company is focused on executing its Fortive Acceleration strategy to outperform market growth, emphasizing innovation, commercial investments, and recurring customer value [10][28] - **AI Integration**: Fortive has integrated AI capabilities across its businesses, enhancing customer operations and product development [62] Financial Management - **Cost Structure**: The company has a clear understanding of its cost structure, with no surprises post-spin-off from Ralliant, and is focused on margin expansion of 50-100 basis points annually [78][80] - **Capital Allocation**: Fortive emphasizes disciplined capital allocation, prioritizing organic growth investments while remaining open to small acquisitions that enhance existing brands [86][92] Market Position and Future Outlook - **Software Assets**: Fortive's software businesses are well-positioned with unique data assets and network effects, making them resilient in an AI-driven market [34][39] - **Acquisition Strategy**: The company is looking for bolt-on acquisitions that can help existing brands grow faster, with a high bar for software acquisitions due to current market conditions [92][98] Customer Engagement - **Customer Health Metrics**: Fortive monitors customer health scores and adoption rates of AI use cases to gauge satisfaction and potential churn [50][56] Additional Insights - **Geographic Performance**: North America remains the strongest region for Fortive, with signs of improvement in EMEA and steady performance in APAC [9] - **Recurring Revenue Growth**: The company is seeing double-digit growth in recurring revenue streams, particularly in the Fluke segment [15][17] This summary encapsulates the key insights and strategic directions discussed during the Fortive Corporation FY Conference, highlighting the company's performance, market conditions, and future growth strategies.

Herc Rentals FY Conference Summary Company Overview - **Company**: Herc Rentals (NYSE:HRI) - **Industry**: Equipment Rental - **Market Position**: Leading full-line equipment supplier in North America with a market size approaching $90 billion [4][5] - **Workforce**: Approximately 9,600 employees across over 600 locations in 46 states and five Western Canadian provinces [4] Core Insights - **Growth Strategy**: Herc Rentals has been generating above-market growth through investments in fleet, new greenfields, and mergers & acquisitions (M&A) [5] - **Recent Acquisition**: Closed the largest transaction in the industry by acquiring H&E Equipment Services, enhancing branch network and customer reach [6][7] - **Integration Success**: IT integration completed in 90 days, with branch and fleet optimization exercises underway to prepare for peak season [8][13] Financial Performance - **Cost Synergies**: Expected to achieve $125 million in cost synergies impacting EBITDA for 2026, with $35 million already realized in 2025 [21] - **Revenue Synergies**: Projected gross revenue synergies of $390 million over three years, with $40 million achieved in the latter half of 2025 and an expected $100-$120 million in 2026 [21][24] - **CapEx Guidance**: Projected gross CapEx of approximately $1 billion for 2026, with a focus on fleet optimization [31] Market Dynamics - **Rental Market Conditions**: Supply is readily available, with a disciplined market and no significant oversupply. Demand remains stable but challenging, particularly in regions without mega projects [35][36] - **Mega Projects**: $1 trillion worth of work in the pipeline, with Herc Rentals increasing its share in mega projects since 2023 [40][41] Competitive Landscape - **Market Discipline**: The competitive environment remains stable, with major players maintaining discipline in fleet management and market entry [56] - **Future Outlook**: Anticipated improvements in utilization rates and potential for rate increases in the latter half of 2026 [50] Strategic Focus - **Diversification Strategy**: Focus on top 100 metropolitan statistical areas (MSAs) to ensure resilience during uncertain times [6] - **Technology Leadership**: Continued investment in technology to enhance operational efficiency and customer interaction [5] Additional Considerations - **Debt Management**: Plans to utilize free cash flow, projected at $400 million-$600 million for 2026, to pay down debt and return to a 2-3 times leverage ratio by the end of 2027 [67] - **Market Sentiment**: Audience sentiment during the conference indicated a preference for debt paydown and a balanced view on stock valuation multiples for 2026 earnings [60][68]

Summary of BETA Technologies Conference Call Company Overview - **Company**: BETA Technologies (NYSE:BETA) - **Industry**: Electric Vertical Takeoff and Landing (eVTOL) Aircraft - **Key Products**: All-electric VTOL aircraft designed for various applications including cargo logistics and medical transport Core Industry Insights - **EVTOL Definition**: Electric vertical takeoff and landing aircraft represent a technological advancement in aerospace, driven by improvements in battery energy density, electric motors, and lightweight materials [2][3] - **Market Trends**: The industry is diversifying into various configurations and market entry strategies, with significant interest from companies like Amazon, UPS, and military organizations [2][3] Company Achievements - **Record Setting**: BETA has set world records for the heaviest payload, longest range, and fastest electric aircraft, with over 100 times more flight hours than competitors [6] - **Commercial Contracts**: Secured contracts with major clients including United Therapeutics, UPS, and the U.S. Air Force for commercial variants of their aircraft [4][5] Certification and Strategy - **Certification Strategy**: BETA's approach involves breaking down the certification process into manageable parts, allowing for quicker certification of components like propellers and motors, which can then be integrated into the aircraft [8][10] - **Market Entry Strategy**: Focused on cargo logistics before expanding into passenger transport, with a significant portion of their backlog consisting of CTOL (Conventional Takeoff and Landing) aircraft orders [11][12] Customer Insights - **Early Adopters**: Key customers include the Air Force, UPS, and United Therapeutics, with applications ranging from medical transport to logistics [18][19] - **Customer Demand**: There has been a shift in demand from VTOL to CTOL aircraft, indicating strong commercial viability [16] Financial and Operational Insights - **Funding Strategy**: BETA has avoided venture capital, relying instead on customer contracts and strategic investments from firms like Fidelity and Amazon [5][6] - **Backlog Composition**: Over one-third of the current backlog consists of CTOL aircraft, which offer a 2% cost reduction compared to conventional aircraft [11] Defense Applications - **Military Interest**: The Department of Defense is seeking lower-cost, flexible aircraft for logistics and operational support, with BETA's technology aligning well with these needs [69][70] - **Partnerships**: Collaborations with companies like GE and General Dynamics are enhancing BETA's capabilities in defense applications [71][72] Future Outlook - **Passenger Aircraft Development**: BETA is exploring larger passenger aircraft models, which could significantly increase their market valuation and expand their operational capabilities [86][87] - **Charging Network Vision**: Plans to establish a comprehensive charging network across the U.S. to support electric aviation, with 80 chargers already deployed and more in the pipeline [124][125] Conclusion - **Strategic Positioning**: BETA Technologies is well-positioned in the eVTOL market with a strong focus on certification, customer demand, and strategic partnerships, paving the way for future growth in both commercial and defense sectors [109][110]