Market Signal Briefing

Advanced Energy Industries (AEIS - Free Report) reported $489.4 million in revenue for the quarter ended December 2025, representing a year-over-year increase of 17.8%. EPS of $1.94 for the same period compares to $1.30 a year ago.

The reported revenue represents a surprise of +2.98% over the Zacks Consensus Estimate of $475.24 million. With the consensus EPS estimate being $1.77, the EPS surprise was +9.61%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Advanced Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Revenue by Market- Data Center Computing: $177.9 million compared to the $178.51 million average estimate based on two analysts. The reported number represents a change of +100.6% year over year.Net Revenue by Market- Telecom and Networking: $21.7 million versus the two-analyst average estimate of $24.98 million. The reported number represents a year-over-year change of -6%.Net Revenue by Market- Semiconductor Equipment: $211.6 million versus the two-analyst average estimate of $194.55 million. The reported number represents a year-over-year change of -6.7%.Net Revenue by Market- Industrial and Medical: $78.2 million versus the two-analyst average estimate of $77.32 million. The reported number represents a year-over-year change of +1.8%.View all Key Company Metrics for Advanced Energy here>>>

Shares of Advanced Energy have returned +22.7% over the past month versus the Zacks S&P 500 composite's no change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

NMI Holdings (NMIH - Free Report) reported $180.74 million in revenue for the quarter ended December 2025, representing a year-over-year increase of 8.6%. EPS of $1.20 for the same period compares to $1.07 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $178.97 million, representing a surprise of +0.99%. The company delivered an EPS surprise of +2.35%, with the consensus EPS estimate being $1.17.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how NMI Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Insurance-in-force (IIF): $221.45 billion versus the three-analyst average estimate of $218.97 billion.Risk-in-force (RIF): $59.31 billion versus $57.84 billion estimated by three analysts on average.Combined ratio: 34.3% versus the three-analyst average estimate of 34.8%.Loss ratio: 13.9% versus the three-analyst average estimate of 13.7%.Expense ratio: 20.4% versus the three-analyst average estimate of 21.1%.Revenues- Net investment income: $27.53 million versus the three-analyst average estimate of $25.22 million. The reported number represents a year-over-year change of +21.2%.Revenues- Net premiums earned: $152.46 million versus $153.38 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +6.2% change.Revenues- Other revenues: $0.26 million versus $0.26 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +12.9% change.View all Key Company Metrics for NMI Holdings here>>>

Shares of NMI Holdings have returned +1.6% over the past month versus the Zacks S&P 500 composite's no change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Centrus Energy Corp. (LEU - Free Report) reported $146.2 million in revenue for the quarter ended December 2025, representing a year-over-year decline of 3.6%. EPS of $0.79 for the same period compares to $3.20 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $145.4 million, representing a surprise of +0.55%. The company delivered an EPS surprise of -44.52%, with the consensus EPS estimate being $1.42.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Centrus Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Separative work units: $111 million versus $88.25 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +127.9% change.Revenue- Technical solutions: $21.8 million compared to the $27.53 million average estimate based on three analysts. The reported number represents a change of -26.6% year over year.Revenue- Uranium: $13.4 million compared to the $23.24 million average estimate based on three analysts. The reported number represents a change of -81.7% year over year.View all Key Company Metrics for Centrus Energy here>>>

Shares of Centrus Energy have returned -10.7% over the past month versus the Zacks S&P 500 composite's no change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.

Highwoods Properties (HIW - Free Report) reported $203.36 million in revenue for the quarter ended December 2025, representing a year-over-year decline of 1.1%. EPS of $0.90 for the same period compares to -$0.03 a year ago.

The reported revenue represents a surprise of -2.39% over the Zacks Consensus Estimate of $208.34 million. With the consensus EPS estimate being $0.84, the EPS surprise was +7.26%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Highwoods Properties performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Rental and other revenues- Lease termination fees, net: $0.33 million compared to the $0.5 million average estimate based on two analysts. The reported number represents a change of -67.1% year over year.Rental and other revenues- Contractual rents, net: $169.85 million versus $173.46 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -2.4% change.Rental and other revenues- Other miscellaneous operating revenues: $14.2 million versus the two-analyst average estimate of $11.3 million. The reported number represents a year-over-year change of +32.5%.Rental and other revenues- Cost recoveries billed under lease arrangements, net: $14.6 million versus the two-analyst average estimate of $17.04 million. The reported number represents a year-over-year change of -16.6%.Rental and other revenues- Straight-line rental income, net: $4.38 million versus the two-analyst average estimate of $3.65 million. The reported number represents a year-over-year change of +91.4%.Net Earnings Per Share (Diluted): $0.26 versus the two-analyst average estimate of $0.13.View all Key Company Metrics for Highwoods Properties here>>>

Shares of Highwoods Properties have returned -5.3% over the past month versus the Zacks S&P 500 composite's no change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Bravura Solutions Limited (BVSFF) Q2 2026 Earnings Call February 10, 2026 5:30 PM EST

Company Participants

Colin Greenhill - Group Chief Executive Officer
Neil Montford - Chief Financial Officer

Conference Call Participants

Olivier Coulon - E&P, Research Division
Tim Lawson - Macquarie Research
Cameron Halkett - Canaccord Genuity Corp., Research Division

Presentation

Operator

Thank you for standing by, and welcome to the Bravura Solutions Limited Half Year Results Announcement. [Operator Instructions]

I would now like to hand the conference over to Mr. Colin Greenhill. Please go ahead, sir.

Colin Greenhill
Group Chief Executive Officer

Good morning. Thank you for joining us for the presentation of Bravura Solutions first half 2026 results. My name is Colin Greenhill, and I'm the CEO. I'm joined today by our Chief Financial Officer, Neil Montford. I'll present to the following agenda: first half '26 highlights, capital management, first half '26 results details, outlook and guidance, questions and answers.

We had a strong first half. The key messages are: we continued to successfully deliver cash EBITDA, profitability improvement and revenue growth. Our strategy of growing with our existing customers continued to deliver additional revenue and profitability both in the current year and into the future. We see some opportunities to grow our existing U.K. customers and other customers globally. For example, we're excited to partner with the current U.K. customers to expand into the U.K. workplace area and to support 2 major customers with client integration projects.

Our business continues to generate strong cash flows and an interim dividend of $25.9 or $0.0577 per share has been announced. This is 100% of NPAT for the half and continues to represent strong confidence in the profitability and stability of the company. In addition, a special dividend of $20 million or $0.0446 per share has also been declared, which represents our commitment to deliver strong shareholder returns.

Centrus Energy Corp. (LEU - Free Report) came out with quarterly earnings of $0.79 per share, missing the Zacks Consensus Estimate of $1.42 per share. This compares to earnings of $3.2 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -44.52%. A quarter ago, it was expected that this company would post earnings of $0.2 per share when it actually produced earnings of $0.19, delivering a surprise of -5%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Centrus Energy, which belongs to the Zacks Mining - Non Ferrous industry, posted revenues of $146.2 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.55%. This compares to year-ago revenues of $151.6 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Centrus Energy shares have added about 13.8% since the beginning of the year versus the S&P 500's gain of 1.7%.

What's Next for Centrus Energy?While Centrus Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Centrus Energy was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.60 on $72.51 million in revenues for the coming quarter and $3.87 on $482.5 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Non Ferrous is currently in the top 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Energy Fuels (UUUU - Free Report) , has yet to report results for the quarter ended December 2025.

This uranium and vanadium miner and developer is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +63.2%. The consensus EPS estimate for the quarter has been revised 33.3% lower over the last 30 days to the current level.

Energy Fuels' revenues are expected to be $27 million, down 32.4% from the year-ago quarter.

Experienced kids advertising executive strengthens direct-to-brand strategy as Company provides business update

VANCOUVER, BC / ACCESS Newswire / February 10, 2026 / Kidoz Inc. (TSXV:KDOZ)(OTCQB:KDOZF) (the "Company"), a global AdTech platform delivering safe mobile gamer engagement at scale, today announced the appointment of John Nolie as Vice President of Sales, North America, as part of its continued focus on accelerating direct-to-brand revenue across the region.

Mr. Nolie brings deep experience across advertising, media, entertainment, and technology, with specific category expertise in kids and family privacy and compliance, including COPPA, CARU, CCPA, and GDPR-K. He previously co-founded and led battery POP, a kids-focused digital studio and agency, and has worked extensively across gaming, OTT, influencer, and brand sponsorships. His background includes building long-term brand and agency relationships, delivering compliant, high-impact campaigns for leading advertisers.

Management believes Mr. Nolie's experience and domain expertise further strengthen Kidoz's ability to expand direct brand partnerships and capitalize on growing demand for compliant, privacy-first advertising solutions within the kids and family segment.

"Kidoz has been a long-time strategic partner and I've had the pleasure of working closely with the team for several years," said John Nolie, Vice President of Sales, North America at Kidoz Inc. "I'm excited to formally join the organization at a time when privacy-first, COPPA-certified solutions are more critical than ever. With Kidoz's strong position in the kids and family ecosystem, industry-leading ad technology, and top-tier creative services, I see a significant opportunity to deepen brand partnerships and drive meaningful growth."

"We are thrilled to welcome John to the Kidoz team," said Jason Williams, CEO of Kidoz Inc. "As brands increasingly look for scalable, compliant solutions, John's deep experience in the kids and family market strengthens our ability to accelerate growth in North America and capitalize on the opportunities we see ahead in 2026."

As part of this appointment, Kidoz also provided a brief update on recent business developments. The Company continues to see strong momentum across its kids-safe advertising platform, supported by increasing regulatory scrutiny, brand safety requirements, and demand for privacy-by-design solutions.

Notably, the same underlying technology that supports Kidoz's core kids business is also available for privacy-first advertising across broader age segments within mobile gaming via Kidoz Inc.'s non-child network, Prado.

Kidoz recently increased capital markets visibility through participation in the DealFlow Discovery Conference and the release of a CEO interview with Small Cap Discoveries, highlighting the Company's strategy, privacy-first infrastructure, and positioning ahead of upcoming full-year financial reporting. The Company also continues to see adoption of its Kidoz Privacy Shield, a privacy-by-design advertising infrastructure certified under PRIVO's FTC-approved COPPA Safe Harbor and awarded the GDPR Kids Privacy Assured Shield, supporting compliant, scalable mobile advertising without reliance on personal identifiers.

Management believes these developments, combined with the appointment of Mr. Nolie, further align the Company's commercial execution with its strategic focus on compliant growth, trusted brand relationships, and long-term value creation.

For full details of the Company's operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Kidoz Inc. investor website at https://investor.kidoz.net or on the https://www.sedarplus.com website.

About Kidoz Inc.

Kidoz Inc. (TSXV:KDOZ)(OTCQB:KDOZF) (www.kidoz.net) is a global AdTech platform delivering safe mobile gamer engagement at scale.

Originally built to protect kids, the platform also now enables advertisers to reach audiences of all ages across the entire mobile gaming ecosystem, using privacy-first contextual targeting, including the growing segment of users who opt out of personal data tracking.

Its technology stack combines proprietary SDK integrations, the Kidoz Privacy Shield, and the Kite IQ contextual AI engine to deliver compliant, high-impact campaigns aligned with COPPA, GDPR-K, Apple ATT, and global standards. Google-certified and Apple-approved, Kidoz reaches more than a billion users worldwide.

Trusted by leading brands, Kidoz enables advertisers to reach high-value gaming audiences through a unified suite of managed, programmatic, SSP, DSP, and Ad Exchange solutions.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission. Specifically, readers should read the Company's Annual Report on Form 20-F, filed with the SEC and the Annual Financial Statements and Management Discussion & Analysis filed on SEDAR on April 24, 2025, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, and the TSX Venture Exchange Listing Application for Common Shares filed on June 29, 2015 on SEDAR, for a more thorough discussion of the Company's financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Kidoz Inc.

For more information contact:

Henry Bromley
CFO
[email protected]
(888) 374-2163

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Kidoz Inc.

AngloGold Ashanti (AU - Free Report) ended the recent trading session at $108.61, demonstrating a +1.32% change from the preceding day's closing price. The stock's change was more than the S&P 500's daily loss of 0.33%. Elsewhere, the Dow saw an upswing of 0.1%, while the tech-heavy Nasdaq depreciated by 0.59%.

The stock of gold miner has risen by 10.97% in the past month, lagging the Basic Materials sector's gain of 11.52% and overreaching the S&P 500's loss of 0%.

The investment community will be paying close attention to the earnings performance of AngloGold Ashanti in its upcoming release. The company is slated to reveal its earnings on February 20, 2026. In that report, analysts expect AngloGold Ashanti to post earnings of $1.9 per share. This would mark year-over-year growth of 113.48%. Meanwhile, the latest consensus estimate predicts the revenue to be $3.03 billion, indicating a 73.03% increase compared to the same quarter of the previous year.

AU's full-year Zacks Consensus Estimates are calling for earnings of $5.62 per share and revenue of $9.85 billion. These results would represent year-over-year changes of +154.3% and +70.08%, respectively.

Any recent changes to analyst estimates for AngloGold Ashanti should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 10.08% increase. AngloGold Ashanti presently features a Zacks Rank of #1 (Strong Buy).

Digging into valuation, AngloGold Ashanti currently has a Forward P/E ratio of 12.47. This signifies a discount in comparison to the average Forward P/E of 13.08 for its industry.

The Mining - Gold industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 51, putting it in the top 21% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Wingstop (WING - Free Report) closed at $259.70 in the latest trading session, marking a -7.83% move from the prior day. This move lagged the S&P 500's daily loss of 0.33%. At the same time, the Dow added 0.1%, and the tech-heavy Nasdaq lost 0.59%.

Shares of the restaurant chain witnessed a loss of 1.02% over the previous month, beating the performance of the Retail-Wholesale sector with its loss of 3.93%, and underperforming the S&P 500's loss of 0%.

Analysts and investors alike will be keeping a close eye on the performance of Wingstop in its upcoming earnings disclosure. The company's earnings report is set to go public on February 18, 2026. The company is forecasted to report an EPS of $0.84, showcasing a 4.55% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $176.06 million, reflecting a 8.8% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of $3.92 per share and a revenue of $697.2 million, demonstrating changes of +7.1% and +11.41%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Wingstop. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.9% downward. Wingstop is currently sporting a Zacks Rank of #4 (Sell).

Digging into valuation, Wingstop currently has a Forward P/E ratio of 59.75. Its industry sports an average Forward P/E of 19.54, so one might conclude that Wingstop is trading at a premium comparatively.

One should further note that WING currently holds a PEG ratio of 3.54. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Retail - Restaurants industry stood at 2.16 at the close of the market yesterday.

The Retail - Restaurants industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 184, which puts it in the bottom 25% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Southern Co. (SO - Free Report) ended the recent trading session at $90.72, demonstrating a +1.5% change from the preceding day's closing price. The stock outpaced the S&P 500's daily loss of 0.33%. Meanwhile, the Dow gained 0.1%, and the Nasdaq, a tech-heavy index, lost 0.59%.

Heading into today, shares of the power company had gained 3.04% over the past month, lagging the Utilities sector's gain of 5.05% and outpacing the S&P 500's loss of 0%.

The investment community will be closely monitoring the performance of Southern Co. in its forthcoming earnings report. The company is scheduled to release its earnings on February 19, 2026. The company is predicted to post an EPS of $0.56, indicating a 12% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $6.86 billion, indicating a 8.26% upward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $4.29 per share and a revenue of $29.12 billion, indicating changes of +5.93% and +8.95%, respectively, from the former year.

Investors might also notice recent changes to analyst estimates for Southern Co. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.29% lower. Currently, Southern Co. is carrying a Zacks Rank of #4 (Sell).

Looking at valuation, Southern Co. is presently trading at a Forward P/E ratio of 19.53. This denotes a premium relative to the industry average Forward P/E of 18.09.

We can also see that SO currently has a PEG ratio of 2.7. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Utility - Electric Power industry held an average PEG ratio of 2.64.

The Utility - Electric Power industry is part of the Utilities sector. Currently, this industry holds a Zacks Industry Rank of 83, positioning it in the top 34% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

PPL (PPL - Free Report) closed the most recent trading day at $36.07, moving +1.09% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.33%. Meanwhile, the Dow gained 0.1%, and the Nasdaq, a tech-heavy index, lost 0.59%.

Heading into today, shares of the energy and utility holding company had gained 2.53% over the past month, lagging the Utilities sector's gain of 5.05% and outpacing the S&P 500's loss of 0%.

Analysts and investors alike will be keeping a close eye on the performance of PPL in its upcoming earnings disclosure. The company's earnings report is set to go public on February 20, 2026. In that report, analysts expect PPL to post earnings of $0.42 per share. This would mark year-over-year growth of 23.53%. Our most recent consensus estimate is calling for quarterly revenue of $2.34 billion, up 5.76% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $1.82 per share and revenue of $9.07 billion, which would represent changes of +7.69% and +7.18%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for PPL. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.04% lower. Currently, PPL is carrying a Zacks Rank of #3 (Hold).

In terms of valuation, PPL is currently trading at a Forward P/E ratio of 18.26. This valuation marks a premium compared to its industry average Forward P/E of 18.09.

It is also worth noting that PPL currently has a PEG ratio of 2.49. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Utility - Electric Power industry was having an average PEG ratio of 2.64.

The Utility - Electric Power industry is part of the Utilities sector. This group has a Zacks Industry Rank of 83, putting it in the top 34% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Hyster-Yale (HY - Free Report) closed the most recent trading day at $37.26, moving +1.8% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.33%. Meanwhile, the Dow gained 0.1%, and the Nasdaq, a tech-heavy index, lost 0.59%.

Coming into today, shares of the maker of lift trucks and aftermarket parts had gained 7.96% in the past month. In that same time, the Industrial Products sector gained 11.29%, while the S&P 500 gained 0%.

The investment community will be closely monitoring the performance of Hyster-Yale in its forthcoming earnings report. The company's upcoming EPS is projected at -$1.2, signifying a 181.63% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $916.43 million, reflecting a 14.15% fall from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of -$0.93 per share and a revenue of $3.76 billion, demonstrating changes of -110.36% and -12.67%, respectively, from the preceding year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Hyster-Yale. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Currently, Hyster-Yale is carrying a Zacks Rank of #3 (Hold).

The Manufacturing - Construction and Mining industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 88, putting it in the top 36% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow HY in the coming trading sessions, be sure to utilize Zacks.com.

In the latest trading session, BigBear.ai Holdings, Inc. (BBAI - Free Report) closed at $4.56, marking a -6.37% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.33%. Meanwhile, the Dow gained 0.1%, and the Nasdaq, a tech-heavy index, lost 0.59%.

Shares of the company have depreciated by 22.82% over the course of the past month, underperforming the Computer and Technology sector's loss of 1.09%, and the S&P 500's loss of 0%.

Analysts and investors alike will be keeping a close eye on the performance of BigBear.ai Holdings, Inc. in its upcoming earnings disclosure. On that day, BigBear.ai Holdings, Inc. is projected to report earnings of -$0.05 per share, which would represent a year-over-year decline of 25%. In the meantime, our current consensus estimate forecasts the revenue to be $32.44 million, indicating a 26% decline compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of -$0.93 per share and a revenue of $132.81 million, demonstrating changes of +15.45% and -16.07%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for BigBear.ai Holdings, Inc. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, BigBear.ai Holdings, Inc. is carrying a Zacks Rank of #3 (Hold).

The Computers - IT Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 143, positioning it in the bottom 42% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Core & Main (CNM - Free Report) closed the most recent trading day at $57.83, moving +1.96% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.33%. Elsewhere, the Dow gained 0.1%, while the tech-heavy Nasdaq lost 0.59%.

Heading into today, shares of the distributor of water and fire protection products had gained 0.39% over the past month, lagging the Industrial Products sector's gain of 11.29% and outpacing the S&P 500's loss of 0%.

Analysts and investors alike will be keeping a close eye on the performance of Core & Main in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.48, signifying a 45.45% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.58 billion, down 6.82% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.93 per share and revenue of $7.66 billion, indicating changes of +37.56% and +2.98%, respectively, compared to the previous year.

Investors should also note any recent changes to analyst estimates for Core & Main. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Core & Main currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Core & Main is presently being traded at a Forward P/E ratio of 17.8. For comparison, its industry has an average Forward P/E of 20.42, which means Core & Main is trading at a discount to the group.

Investors should also note that CNM has a PEG ratio of 2.02 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Manufacturing - Tools & Related Products stocks are, on average, holding a PEG ratio of 1.83 based on yesterday's closing prices.

The Manufacturing - Tools & Related Products industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 70, which puts it in the top 29% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

In the latest trading session, Humacyte, Inc. (HUMA - Free Report) closed at $1.05, marking a -13.93% move from the previous day. This move lagged the S&P 500's daily loss of 0.33%. Meanwhile, the Dow gained 0.1%, and the Nasdaq, a tech-heavy index, lost 0.59%.

Shares of the company have appreciated by 7.96% over the course of the past month, outperforming the Medical sector's loss of 1.02%, and the S&P 500's loss of 0%.

Investors will be eagerly watching for the performance of Humacyte, Inc. in its upcoming earnings disclosure. The company is expected to report EPS of -$0.13, up 18.75% from the prior-year quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.25 per share and a revenue of $3.15 million, representing changes of +76.19% and 0%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Humacyte, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Humacyte, Inc. is currently a Zacks Rank #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This group has a Zacks Industry Rank of 86, putting it in the top 36% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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SummaryNintendo is breaking records with Switch 2’s unprecedented sales and robust software attach rates, reinforcing its dominant industry position.Despite short-term headwinds from DRAM cost inflation and yen volatility, NTDOY’s diversified IP monetization and cost advantages underpin long-term resilience.Switch 2’s strong third-party support, blockbuster software pipeline, and upcoming Super Mario Galaxy movie are poised to drive further revenue growth.With a 51% implied upside to fair value, we continue to accumulate shares and expect sustainable growth beyond the Switch 2 cycle. Getty Images

This article was co-produced by Jeff Hopkins.

Introduction In our initial coverage of Nintendo (NTDOY) from October 2024, we detailed our investment thesis on the company's success, not just in the video gaming industry but also in

Analyst’s Disclosure: I/we have a beneficial long position in the shares of NTDOY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Rafael Rogelio Barradas Servín

Good morning, everyone, and welcome to this webinar to discuss Grupo Carso's results for the fourth quarter of 2025. Before we begin, I would like to remind you that this event is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially.

Hosting today's conference are Mr. Arturo Spinola, Chief Financial Official of Grupo Carso; and I, Rogelio Barradas from Investor Relations. We will first provide a brief overview of the fourth quarter financial results and then proceed to the Q&A questions -- Q&A session. I'm sorry.

Consolidated sales of Grupo Carso totaled MXN 54.9 billion, decreasing 4.7% compared to 4Q of '24, mainly explained by lower sales across divisions due to the appreciation of Mexican peso. Grupo Sanborns was the division with the largest positive impact in revenues, driven by better seasonal sales.

Consolidated operating income reached MXN 4.1 million, a 40.9% decrease versus the same period last year. This reduction came from lower profitability in several divisions attributable to the conclusion of major infrastructure projects, the impact of a stronger peso, the implementation of new IT platforms in the commercial division, and inflationary pressures on salaries and expenses. EBITDA for Grupo Carso totaled MXN 6.3 billion, decreasing 31.7% versus MXN 9.2 billion in 4Q '24 . Controlling net income totaled MXN 3.1 billion, decreasing 18.9%, mainly due to lower operating results and foreign exchange impacts.

Regarding the performance by division, Grupo Sanborns revenues reached MXN 25.8 billion, increasing 2.3%, supported by solid seasonal

HomeIndustriesConsumer ProductsEarnings ResultsEarnings ResultsMattel’s stock drops 25% after earnings, while Hasbro’s rises to highest point in six yearsPublished: Feb. 10, 2026 at 5:47 p.m. ET

Shares of Mattel sank 25% in the after-hours session Tuesday after the toymaker reported a lackluster holiday quarter, which stung all the more because rival Hasbro unveiled much better results earlier in the day and saw its stock rise to its highest point in six years.

Both toymakers faced a difficult holiday season, marred by tariffs and intensive promotions. But only one had “Magic: The Gathering.”

About the Author

Claudia Assis is a San Francisco-based reporter for MarketWatch. Follow her on Twitter @ClaudiaAssisMW.

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Not for distribution to US Newswire Services or for dissemination in the United States

Surrey, British Columbia--(Newsfile Corp. - February 10, 2026) - Desert Gold Ventures Inc. (TSXV: DAU) ("Desert Gold" or the "Company") is pleased to announce the closing of its previously announced non-brokered private placement of units ("Units"), whereby it issued 89,772,500 Units at a price of C$0.08 per Unit for aggregate gross proceeds of C$7,181,800 pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the "Offering").

Under the Offering, each Unit consisted of one Common share of the Company ("Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder thereof to purchase one additional Common Share at a price of C$0.12 at any time on or before the date which is 24 months following the date of issuance.

The Company intends to use the net proceeds from the Offering to commission the first phase of its gravity plant at the Company's fully permitted Barani East gold oxide project in West Mali and for resource expansion and exploration drilling at its SMSZ Project in Western Mali and Tiegba Gold Project in Cote d'Ivoire, and for general working capital purposes, all as more specifically described in the Offering Document.

Closing of the Offering was conditionally approved by the TSX Venture Exchange ("TSXV"), and the securities issued under the Offering will not be subject to a four-month and one-day statutory hold period. In connection with the Offering, the Company paid an aggregate of C$265,986 in finder's fees and issued, in aggregate, 3,324,825 non-transferable finder's warrants, entitling the holder thereof to purchase one Common Share at a price of C$0.08 at any time on or before the date which is 24 months following the date of issuance. Canaccord Genuity Corp., Haywood Securities Inc., Research Capital Corporation, Red Cloud Securities Inc., and Fonds Lounge acted as finders in connection with the Offering.

The securities have not and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About Desert Gold Ventures

Desert Gold is a gold exploration and development company which controls properties in both Mali and Cote d'Ivoire. This includes the 440km2 SMSZ Project in Western Mali as well as the newly optioned 297km2 Tiegba Gold Project in Western Cote d'Ivoire within the prolific Birimian greenstone belt.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Such forward-looking information is provided to inform the Company's shareholders and potential investors about management's assessment of the Company's plans and operations relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions, although not all forward-looking information contains these identifying words.

More particularly and without limitation, the forward‐looking information in this news release includes (i) expectations regarding the Company's financing plans; (ii) expectations concerning the Company's plans and objectives in respect of the Offering's net proceeds; (iii) final TSXV approval in respect of the Offering and the timing of receipt thereof; and (iv) expectations concerning the Company's future plans, objectives, strategies, and goals relating to its business. Forward-looking information is based on a number of factors and assumptions that have been used to develop such information, but which may prove to be incorrect and are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release reflects the Company's current expectations, assumptions and/or beliefs based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283467

Source: Desert Gold Ventures Inc.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In CoreWeave (CRWV) To Contact Him Directly To Discuss Their Options

If you purchased or acquired CoreWeave securities between March 28, 2025 and December 15, 2025, and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Fortunato directly at (212) 355-4648.

Click here to participate in the action.

NEW YORK, Feb. 10, 2026 (GLOBE NEWSWIRE) --

What’s Happening:

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against CoreWeave, Inc. (“CoreWeave” or the “Company”) (NASDAQ:CRWV) in the United States District Court for the District of New Jersey on behalf of all persons and entities who purchased or otherwise acquired CoreWeave securities between March 28, 2025 and December 15, 2025, both dates inclusive (the “Class Period”). Investors have until March 13, 2026 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Allegation Details:

The lawsuit alleges that Defendants issued false and misleading statements and/or failed to disclose that: (i) Defendants had overstated CoreWeave’s ability to meet customer demand for its service; (ii) Defendants materially understated the scope and severity of the risk that CoreWeave’s reliance on a single third-party data center supplier presented for CoreWeave’s ability to meet customer demand for its services; and (iii) the foregoing was reasonably likely to have a material negative impact on the Company’s revenue. Next Steps:

If you purchased or otherwise acquired CoreWeave shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in securities, derivative, and commercial litigation as well as individuals in consumer protection and data privacy litigation. The firm has a nationwide practice and routinely handles cases in both federal and state courts. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Follow us for updates on LinkedIn and Facebook, and keep up with other news by following Brandon Walker, Esq. on LinkedIn.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com

Q4: 2026-02-09 Earnings SummaryEPS of $0.24 misses by $0.04

 |

Revenue of

$272.19M

(-4.96% Y/Y)

beats by $3.10M

Kilroy Realty Corporation (KRC) Q4 2025 Earnings Call February 10, 2026 1:00 PM EST

Company Participants

Douglas Bettisworth
Angela Aman - CEO & Director
Eliott Trencher - EVP & Chief Investment Officer
Jeffrey Kuehling - Treasurer, Executive VP & CFO
A. Paratte - Executive VP & Chief Leasing Officer

Conference Call Participants

Jana Galan - BofA Securities, Research Division
Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
Blaine Heck - Wells Fargo Securities, LLC, Research Division
Seth Bergey - Citigroup Inc., Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division
Vikram Malhotra - Mizuho Securities USA LLC, Research Division
Brendan Lynch - Barclays Bank PLC, Research Division
Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Michael Carroll - RBC Capital Markets, Research Division
John Kim - BMO Capital Markets Equity Research
Peter Abramowitz - Deutsche Bank AG, Research Division
Dylan Burzinski - Green Street Advisors, LLC, Research Division
Upal Rana - KeyBanc Capital Markets Inc., Research Division

Presentation

Operator

Hello, everyone, and welcome to the KRC 4Q '25 Earnings Conference Call. My name is Emily, and I'll be coordinating your call today. [Operator Instructions] I will now hand over to Doug Bettisworth, Vice President of Corporate Finance to begin. Please go ahead, Doug.

Douglas Bettisworth

Good morning, everyone. Thank you for joining us. On the call with me today are Angela Aman, CEO; Jeffrey Kuehling, EVP and CFO and Treasurer; and Eliott Trencher, EVP, CIO. In addition, Justin Smart, President; and Rob Paratte, EVP, Chief Leasing Officer, will be available for Q&A.

Please note that some of the information we will be discussing during this call is forward-looking in nature. Please refer to our supplemental package for a statement regarding the forward-looking information on this call and in the supplemental. This call is being webcast live on our website and will be

Amazon owns more than 5% of Beta Technologies' stock. Amazon invested in 2021 out of its Climate Pledge Fund.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”, the “Corporation”) (TSX: S), a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition – today reported its financial results for the three months and year ended December 31, 2025 and provided its 2026 guidance. All amounts are in Canadian dollars unless otherwise noted.

Dr. Peter Hancock, Interim Chief Executive Officer of Sherritt commented, “Following recent changes to management and the Board, Sherritt is sharpening its focus on maximizing the performance and potential of the Moa Joint Venture, particularly through optimizing mining operations. Our comprehensive operational review of the Moa mine identified key improvement opportunities, and we are taking decisive action to address them through targeted investments in equipment, expertise, and process optimization.”

Dr. Hancock continued: “We are implementing a multi-faceted turnaround plan that includes new mining equipment, additional technical expertise, and debottlenecking projects to improve efficiency and reliability. While ramping up production of mixed sulphides will take time, we are confident this plan will support increased output utilizing our recently completed expansion projects and unlock significant value over the mine’s long life.”

In addition, Sherritt announces that John Ewing has stepped down from its board of directors (the “Board”) effective today in order to dedicate his full attention to his role as Chief Investment Officer of Ewing Morris & Co. Investment Partners.

Mr. Ewing commented, “It has been a privilege to serve on Sherritt’s Board during an important period of transition and renewal. I’m pleased with how the Board has been strengthened and I have full confidence in Dr. Peter Hancock as Interim Chief Executive Officer and in the leadership team’s ability to execute Sherritt’s strategy going forward. Ewing Morris remains an engaged shareholder, and we look forward to what the future holds for the company.”

Brian Imrie, Chair of the Board commented, “I would like to extend my sincere appreciation to John for his valuable contributions to the Board and look forward to our continued engagement with him in his capacity as a valued shareholder.”

FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND SELECTED DEVELOPMENTS(1)

Operational Performance

Finished nickel and cobalt production at the Moa Joint Venture (“Moa JV”) in Q4 2025 was 3,816 tonnes and 424 tonnes, respectively, (Sherritt’s share(1)). Full year 2025 production reached 25,240 tonnes of nickel and 2,728 tonnes of cobalt (100% basis) both within revised annual guidance ranges(2). Finished nickel and cobalt sales in Q4 2025 were 3,710 tonnes and 437 tonnes, respectively. Full year 2025 sales totaled 13,145 tonnes and 1,535 tonnes, respectively. Net direct cash cost (“NDCC”)(3) was US$6.01/lb in Q4 2025. Full year 2025 NDCC(3) of US$5.96/lb was within the original guidance range, benefitting from higher cobalt by-product credits and ongoing cost optimization initiatives. Electricity production reached 210 GWh in Q4 2025. Full year 2025 production totaled 799 GWh, largely in line with the annual guidance range of 800 GWh to 850 GWh. The Boca de Jaruco facility operated in frequency control in December at the request of Unión Eléctrica (“UNE”) which had not been factored into guidance. Energas was fully compensated for this reduction. Electricity unit operating cost(3) was $23.48/MWh in Q4 2025. Full year 2025 unit operating cost(3) of $23.33/MWh was at the low end of the annual guidance range. Financial Performance

Net loss from continuing operations was $15.7 million, or $(0.03) per share in Q4 2025 and $65.4 million, or $(0.14) per share for the full year 2025. Adjusted net loss from continuing operations(3) was $13.9 million or $(0.03) per share in Q4 2025 and $77.2 million or $(0.17) per share for the full year. Q4 2025, adjusted net loss from continuing operations primarily excludes foreign exchange and net revaluation gains and losses and the $3.5 million loss from operations of Sherritt’s Oil and Gas division. Full year 2025, adjusted net loss from continuing operations primarily excludes a $32.4 million gain on debt and equity transactions (“Debt and Equity Transactions”) and $11.7 million of net revaluation gains and losses partially offset by the $22.0 million loss from Oil and Gas division operations (primarily due to updates to contractually obligated environmental rehabilitation costs on legacy assets in Spain). Adjusted EBITDA(3) was $(1.5) million in Q4 2025 and $7.1 million for the full year 2025. Available liquidity in Canada as of December 31, 2025 was $43.7 million. Strategic and Organizational Developments

Power division dividends in Canada from Energas were $7.8 million in Q4 2025 bringing full year 2025 dividends to $26.0 million – double the $13.0 million received in 2024 and in line with prior disclosure. Cost reduction initiatives were implemented in Q3 2025, which included a further workforce reduction with a focus on non-operating roles across Canadian operations. The cost reduction initiatives are expected to deliver approximately $20.0 million in annual savings (100% basis) and are in addition to the $17.0 million in annual savings (100% basis) achieved through the 2024 initiatives. Debt restructuring completed in April 2025 consolidated the Corporation’s debt, extended the maturity to November 2031, reduced debt obligations by $68.0 million(4) and decreased annual interest expense by approximately $3.0 million. Board and leadership transition: In November 2025, Brian Imrie was appointed as independent director and Chair of the Board, bringing extensive leadership, capital markets and mining-sector experience. In December, the Board also welcomed Brett Richards, an experienced mining executive with more than 37 years of industry experience, as an independent director. Dr. Peter Hancock, a seasoned mining industry executive with more than 35 years of experience that includes overseeing nickel mining operations, was appointed Interim Chief Executive Officer. Dr. Hancock previously served as an independent director since November 2021 and Chair of the Reserves, Operations and Capital Sustainability Committee since March 2022. The Board has launched a comprehensive search for a permanent Chief Executive Officer, which will include consultation with shareholders and other stakeholders. (1)

References to operational and financial metrics in this press release, unless otherwise indicated, are to “Sherritt’s share” which is consistent with the Corporation’s definition of reportable segments for financial statement purposes. Sherritt’s share of “Metals” includes the Corporation’s 50% interest in the Moa JV, its 100% interest in the utility and fertilizer operations in Fort Saskatchewan (“Fort Site”) and its 100% interests in subsidiaries established to buy, market and sell certain of the Moa JV’s nickel and cobalt production and the Corporation’s cobalt inventory received under the Cobalt Swap agreement (“Metals Marketing”). Sherritt’s share of Power includes the Corporation’s 33⅓% interest in Energas. References to Corporate and Other and Oil and Gas includes the Corporation’s 100% interest in these businesses. Corporate and Other refers to the Corporate head office and growth and market development support. Fort Site refers to the Corporation’s 100% interest in the utility and fertilizer operations.

(2)

Guidance refers to 2025 guidance as most recently updated and disclosed in the Corporation’s Management Discussion and Analysis for the three and nine months ended September 30, 2025. See the Outlook section for more information.

(3)

Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section of this press release.

(4)

Principal amount of Second Lien Notes and PIK Notes at the transaction date and the premium required to be paid on maturity of the Second Lien Notes in November 2026, net of the principal amount of Amended Senior Secured Notes issued. See the Capital Resources section of the Corporation’s Management Discussion and Analysis for the year ended December 31, 2025 (“MD&A”) for details.

OPERATIONAL UPDATE AND 2026 GUIDANCE

Operational update

In early 2026 Sherritt and its joint venture partner completed an operational review of the Moa mine, establishing the foundation for an actionable turnaround plan aimed at stabilizing operations and restoring mixed sulphides production to pre-2025 levels. The review identified key opportunities for improvement, including optimizing mining operations to increase production rates, enhancing workforce stability and technical expertise, and reducing maintenance downtime at the Moa processing facility.

To address these priorities, Sherritt has initiated a comprehensive turnaround plan that includes investing in additional mining equipment, deploying experienced technical personnel, a revised mining plan and allocating resources to improve operational performance and maintenance efficiency. Sherritt is also advancing several debottlenecking initiatives to enhance production efficiency. Sherritt’s share of the 2026 turnaround investments is included in its spending on capital(1) guidance.

As these initiatives progress through 2026, Sherritt expects mixed sulphides production to recover steadily, reaching pre-2025 levels by year-end. Following the completion of the operational turnaround, Sherritt will focus on ramping up production to realize the full benefits of its expansion program.

2026 Guidance

Metals

Finished nickel and cobalt production are expected to be 26,000 to 28,000 tonnes (100% basis) and 2,750 to 2,850 tonnes (100% basis), respectively. Nickel production is up from 2025 as a result of higher mixed sulphides production which is expected to be 30,000 to 32,000 tonnes (100% basis) of contained nickel and cobalt weighted to the second half of the year as the operational turnaround plan takes effect. NDCC(1) is expected to be US$5.75 to US$6.25 per pound of nickel sold, consistent with 2025 levels benefitting from higher expected production and sales volumes, ongoing cost optimization initiatives, and higher cobalt by-product credits, partially offset by higher sulphur prices. NDCC(1) guidance for 2026 is based on a forecast cobalt reference price of US$23.50 per pound and forecast sulphur price of US$439.00 per tonne including freight and handling. Sustaining spending on capital(1): Expected to be $35.0 to $40.0 million (Moa JV 50% basis, Fort Site 100% basis), including additional mining equipment and refurbishment of various equipment as part of the operational turnaround plan at Moa. Tailings facility – expected to be $25.0 to $30.0 million (50% basis) related to the Moa JV’s tailings management project which incorporates savings and deferred spending to 2027 through design optimization, improved material sourcing, and strategic procurement, while maintaining the expected date for commencing operations at year-end 2026. Growth spending on capital(1): Improvement debottlenecking projects – expected to be $2.5 to $5.0 million (50% basis) which includes projects to enhance processing performance at Moa so the full benefit of the expansion program can be realized. Efforts are underway to finance the Metals division’s capital requirements.

Power

Electricity production is expected to be 825 to 875 GWh (33⅓% basis), reflecting expectations that the Varadero facility will operate in frequency control for the majority of 2026. Electricity unit operating cost(1) is expected to be $27.25 to $28.75 per MWh slightly above 2025 levels due to planned maintenance activities weighted toward the first half of the year. Spending on capital(1) is expected to be $3.0 million (33⅓% basis). This guidance is based on current expectations, assumptions and projections about future events, including commodity and product prices and demand, the ability to successfully source required input commodities, operational performance, and other factors. Refer to the Forward-Looking Statements for further information.

Dividends and distributions

Based on 2026 guidance estimates for production volumes, unit operating costs(1) and spending on capital(1) as well as consensus 2026 prices for nickel and cobalt:

Sherritt does not expect to receive any cash or cobalt distributions under the Cobalt Swap agreement. As defined by the agreement, any shortfall in the annual minimum payment amount will be added to the following year. Power dividends in Canada from Energas are expected to be $20.0 million to $25.0 million. Refer to the risks related to Sherritt’s corporate structure in the Corporation’s 2024 Annual Information Form for further information on risks related to distributions from the Moa JV and dividends in Canada from Energas.

DEVELOPMENTS SUBSEQUENT TO THE QUARTER

Organizational restructuring and cost optimization

Consistent with the Corporation’s strategic focus on core operations and cost discipline, Sherritt eliminated the position of Chief Commercial Officer in early 2026. As part of ongoing cost optimization initiatives, Sherritt’s executive management team has been streamlined from seven members at the beginning of 2024 to four, optimizing the organization for operational focus and efficiency.

Nickel put options

As part of its disciplined risk management approach, Sherritt purchased put options on 3,750 tonnes of nickel, or 625 tonnes per month, at an exercise price of US$7.48/lb (US$16,500/tonne) at a cost of $2.4 million for the six-month period from February 1, 2026 to July 31, 2026. Settlements are received in cash monthly based on the average monthly nickel price on the London Metal Exchange. The put options provide Sherritt with full exposure to upward changes in nickel prices, while protecting against downward changes during periods of high volatility by providing a minimum price of US$7.48/lb on a portion of nickel production from the Moa JV during the six-month period.

Geopolitical update

In early 2026, Venezuela ceased oil exports to Cuba as a result of recent geopolitical turmoil in the country. Venezuela has historically been a major supplier of oil to Cuba, and this supply disruption may exacerbate Cuba’s existing economic challenges. In addition, on January 29, 2026, the U.S. government issued an Executive Order declaring a national emergency with respect to the government of Cuba and authorized the imposition of tariffs on countries that supply oil to Cuba, which may further heighten the risk of oil supply disruption to Cuba. The Corporation continues to monitor geopolitical and regulatory developments and to engage with its Cuban joint venture partner as appropriate.

Board update

Sherritt announces that John Ewing has stepped down from the Board effective today in order to dedicate his full attention to his role as Chief Investment Officer of Ewing Morris & Co. Investment Partners.

Q4 2025 FINANCIAL HIGHLIGHTS

For the three months ended

For the year ended

2025

2024

2025

2024

$ millions, except per share amount

December 31

December 31

Change

December 31

December 31

Change

Revenue

$

55.5

$

45.7

21

%

$

177.3

$

158.8

12

%

Combined revenue(1)

163.2

160.3

2

%

532.9

577.6

(8

%)

Loss from operations and joint venture

(10.7

)

(16.9

)

37

%

(74.5

)

(43.5

)

(71

%)

Net loss from continuing operations

(15.7

)

(22.5

)

30

%

(65.4

)

(73.1

)

11

%

Net loss for the period

(15.8

)

(22.9

)

31

%

(65.7

)

(72.8

)

10

%

Adjusted EBITDA(1)

(1.5

)

14.4

(110

%)

7.1

32.4

(78

%)

Adjusted loss from continuing operations(1)

(13.9

)

(10.2

)

(36

%)

(77.2

)

(56.3

)

(37

%)

Net loss from continuing operations ($ per share)

(0.03

)

(0.06

)

50

%

(0.14

)

(0.18

)

22

%

Adjusted loss from continuing operations ($ per share)(1)

(0.03

)

(0.03

)

-

(0.17

)

(0.14

)

(21

%)

Cash provided (used) by continuing operations for operating activities

12.1

(21.5

)

156

%

21.2

(25.9

)

182

%

Combined free cash flow(1)

7.5

(20.2

)

137

%

(20.3

)

(19.2

)

(6

%)

Average exchange rate (CAD/US$)

1.395

1.398

-

1.398

1.370

2

%

2025

2024

$ millions, as at

December 31

December 31

Change

Cash and cash equivalents

Canada

$

13.4

$

32.1

(58

%)

Cuba(2)

109.4

113.0

(3

%)

Other

2.1

0.6

250

%

124.9

145.7

(14

%)

Loans and borrowings

316.0

372.5

(15

%)

The Corporation's share of cash and cash equivalents in the Moa Joint Venture, not included in the above balances:

$

12.8

$

5.7

124

%

Cash and cash equivalents were $124.9 million as at December 31, 2025 compared to $120.2 million at September 30, 2025 and $145.7 million at December 31, 2024. As at December 31, 2025, total available liquidity in Canada was $43.7 million, composed of cash and cash equivalents in Canada of $13.4 million and available credit facilities of $30.3 million.

During the quarter, significant cash inflows included $7.8 million of dividends in Canada from Energas and $12.1 million cash provided by continuing operations primarily reflecting timing of working capital receipts and payments, including $8.2 million of fertilizer spring season pre-buys at Fort Site and $12.3 million payment of interest on the Amended Senior Secured Notes. In addition, Sherritt had $5.8 million of expenditures on property, plant and equipment.

During the year, significant cash inflows included $26.0 million of dividends in Canada from Energas and $21.2 million cash provided by continuing operations primarily reflecting timing of working capital receipts and payments, including $6.2 million of proceeds on the sale of cobalt it received under the Cobalt Swap in 2024 offset by $21.0 million in payments of interest on the Second Lien and Amended Senior Secured Notes and Sherritt paid $12.1 million on contractually obligated rehabilitation and closure costs related to legacy Oil and Gas assets in Spain. In addition, Sherritt had $16.0 million of expenditures on property, plant and equipment and $15.9 million of transaction costs related to the Debt and Equity Transactions.

As at December 31, 2025, the Corporation was in compliance with all its debt covenants.

REVIEW OF OPERATIONS

Metals

For the three months ended

For the year ended

2025

2024

2025

2024

$ millions (Sherritt's share), except as otherwise noted

December 31

December 31

Change

December 31

December 31

Change

FINANCIAL HIGHLIGHTS(1)

Revenue

$

149.1

$

148.3

1

%

$

481.6

$

526.6

(9

%)

Cost of sales

165.5

146.6

13

%

521.5

532.3

(2

%)

(Loss) earnings from operations

(18.0

)

(1.0

)

nm(3)

(48.4

)

(18.5

)

(162

%)

Adjusted EBITDA(2)

(0.5

)

14.6

(103

%)

11.3

40.0

(72

%)

CASH FLOW(1)

Cash provided by continuing operations for operating activities(2)

$

20.9

$

5.9

254

%

$

53.6

$

93.1

(42

%)

Free cash flow(2)

7.2

(0.3

)

nm(3)

7.1

59.1

(88

%)

PRODUCTION VOLUMES (tonnes)

Mixed sulphides ("MSP")(4)

2,535

3,552

(29

%)

12,650

15,847

(20

%)

Finished nickel

3,816

3,853

(1

%)

12,620

15,166

(17

%)

Finished cobalt

424

465

(9

%)

1,364

1,603

(15

%)

Fertilizer

57,486

67,648

(15

%)

227,766

250,272

(9

%)

NICKEL RECOVERY(5) (%)

82

%

84

%

(2

%)

83

%

86

%

(3

%)

SALES VOLUMES (tonnes)

Finished nickel

3,710

4,326

(14

%)

13,145

15,678

(16

%)

Finished cobalt

437

465

(6

%)

1,535

1,638

(6

%)

Fertilizer

61,135

63,299

(3

%)

166,817

179,135

(7

%)

AVERAGE-REFERENCE PRICE(6) (US$ per pound)

Nickel

$

6.75

$

7.27

(7

%)

$

6.88

$

7.63

(10

%)

Cobalt

23.10

11.59

99

%

17.69

12.77

39

%

AVERAGE-REALIZED PRICE(2) (CAD)

Nickel ($ per pound)

$

9.51

$

9.98

(5

%)

$

9.63

$

10.30

(7

%)

Cobalt ($ per pound)

25.26

12.30

105

%

18.80

13.30

41

%

Fertilizer ($ per tonne)

553.68

502.93

10

%

565.02

503.19

12

%

UNIT OPERATING COST(2) (US$)

Nickel - net direct cash cost (US$ per pound)

$

6.01

$

5.44

10

%

$

5.96

$

5.94

-

SPENDING ON CAPITAL(2)(CAD)

Sustaining

Moa JV (50% basis), Fort Site (100% basis)

$

5.9

$

1.4

321

%

$

27.2

$

15.2

79

%

Moa JV - Tailings facility (50% basis)

7.3

4.6

59

%

24.3

13.1

85

%

Growth - Moa JV (50% basis)

1.1

5.3

(79

%)

7.4

11.4

(35

%)

$

14.3

$

11.3

27

%

$

58.9

$

39.7

48

%

(1)

The amounts included in the Financial Highlights, and cash flow sections for Metals above include the combined results of the Moa JV, Fort Site and Metals Marketing. Breakdowns of revenue, Adjusted EBITDA, and the components of free cash flow (cash provided (used) by continuing operations for operating activities and Property, plant and equipment expenditures) for each of these operations are included in the Combined Revenue, Adjusted EBITDA and Free cash flow reconciliations, respectively, in the Non-GAAP and other financial measures section of this press release.

(2)

Non-GAAP financial measures. For additional information see the Non-GAAP and other financial measures section of this press release.

(3)

Not meaningful (“nm”).

(4)

Mixed sulphides = mixed sulphide precipitate (MSP).

(5)

The nickel recovery rate measures the amount of finished nickel that is produced compared to the original nickel content of the ore that was mined.

(6)

Reference sources: Nickel – London Metal Exchange (“LME”). Cobalt - Average chemical-grade cobalt price published per Argus.

For the three months ended December 31, 2025

Revenue

Metals revenue was $149.1 million compared to $148.3 million in the prior year period.

Nickel revenue was $77.8 million compared to $95.3 million in the prior year period. Nickel revenue was lower due to lower sales volume and a lower average-realized price(1) of nickel. Sales volume was 3,710 tonnes compared to 4,326 tonnes primarily due to lower finished production outlined below. The average-realized price(1) of nickel was $9.51/lb compared to $9.98/lb in the prior year period.

Cobalt revenue was $24.3 million compared to $12.6 million in the prior year period. Cobalt revenue was higher as the higher average-realized price(1) of cobalt more than offset the lower sales volume. Sales volume was 437 tonnes compared to 465 tonnes in the prior year period primarily due to lower finished production outlined below. The average-realized price(1) of cobalt was $25.26/lb compared to $12.30/lb in the prior year period with the 105% increase primarily due to the Democratic Republic of the Congo’s cobalt export ban implemented in February 2025 and replaced by the quota system which began in October 2025 restricting global supply.

Fertilizer revenue was $33.9 million compared to $31.8 million in the prior year period. Fertilizer revenue was higher due to the higher average-realized price(1) of fertilizers which more than offset lower sales volume. The average-realized price(1) of fertilizers was $553.68/tonne compared to $502.93/tonne the prior year period while sales volume of 61,135 tonnes compared to 63,299 tonnes consistent with lower metals production.

In addition, Metals had higher sulphuric acid revenue compared to the prior year as a result of higher sales volume and prices.

Production

Mixed sulphides production at the Moa JV was 2,535 tonnes of contained nickel and cobalt compared to 3,552 tonnes in the prior year period. Lower production was primarily due to below-plan mined ore volume, lower leach train availability, a delay in fuel oil procurement, national grid power outages and periods of reduced operating rates following Hurricane Melissa.

The continuation of lower-than-expected production of mixed sulphides at Moa impacted feed availability at the refinery in the quarter. Sherritt’s share of finished nickel and cobalt production of 3,816 tonnes and 424 tonnes, respectively, was only marginally lower compared to 3,853 tonnes and 465 tonnes in the prior year period as the refinery drew down its MSP inventory from Q3 2025. Sherritt did not acquire additional third-party feed given high payabilities in the intermediate market.

Fertilizer production of 57,486 tonnes was lower compared to 67,648 tonnes in the prior year period primarily due to the planned biennial ammonia plant turnaround.

NDCC(1)

NDCC(1) per pound of nickel sold was US$6.01/lb compared to US$5.44/lb in the prior year period.

MPR/lb was higher primarily as a result of higher input commodity prices driven by sulphur and natural gas prices which were 90% and 71% higher, respectively, compared to Q4 2024. Fuel oil and diesel prices were relatively unchanged in the current year period. Higher MPR/lb was also, in part, due to lower nickel sales volume compared to the prior year period. MPR/lb was positively impacted by the benefits from ongoing cost optimization initiatives. Higher MPR/lb was partly offset by lower third-party feed costs.

Cobalt by-product credits were higher primarily as a result of the 105% improvement in average-realized cobalt price(1) which offset lower cobalt sales volume. Fertilizer net by-product credits were lower as marginally higher fertilizer revenue was more than offset by higher production costs primarily due to higher natural gas prices and higher planned maintenance.

Spending on capital(1)

Sustaining spending on capital of $5.9 million was higher compared to $1.4 million in the prior year period.

Sustaining spending on capital related to the tailings facility was $7.3 million compared to $4.6 million in the prior year period.

Growth spending on capital was $1.1 million compared to $5.3 million in the prior year period as final spending on the Moa JV expansion program was completed during the quarter.

For the year ended December 31, 2025

Revenue

Metals revenue was $481.6 million compared to $526.6 million in the prior year.

Nickel revenue was $279.0 million compared to $355.9 million in the prior year. Nickel revenue was lower due to lower sales volume and a lower average-realized price(1) of nickel. Sales volume was 13,145 tonnes compared to 15,678 tonnes primarily due to lower finished production outlined below. The average-realized price(1) of nickel was $9.63/lb compared to $10.30/lb in the prior year.

Cobalt revenue was $63.6 million compared to $48.0 million in the prior year. Cobalt revenue was higher as the higher average-realized price(1) of cobalt more than offset the lower sales volume. Sales volume was 1,535 tonnes compared to 1,638 tonnes in the prior year primarily due to lower finished production outlined below. The average-realized price(1) of cobalt of $18.80/lb was 41% higher compared to $13.30/lb in the prior year.

Fertilizer revenue was $94.3 million compared to $90.1 million in the prior year. Fertilizer revenue was higher due to a higher average-realized price(1) of fertilizers which more than offset lower sales volume. The average-realized price(1) of fertilizers was $565.02/tonne compared to $503.19/tonne in the prior year while sales volume was 166,817 tonnes compared to 179,135 tonnes consistent with lower metals production.

In addition, Metals had higher sulphuric acid revenue compared to the prior year as a result of higher sales volume and prices.

Production

Mixed sulphides production at the Moa JV was 12,650 tonnes of contained nickel and cobalt compared to 15,847 tonnes in the prior year. Lower production was primarily due to below-plan mined ore volume, unplanned maintenance of the processing facilities in Moa and the ongoing challenging economic conditions and operating environment in Cuba.

In 2025, continued lower-than-expected production of mixed sulphides at Moa impacted feed availability at the refinery. Sherritt’s share of finished nickel and cobalt production was 12,620 tonnes and 1,364 tonnes, respectively, compared to 15,166 tonnes and 1,603 tonnes in the prior year. As well, primarily in the second half of 2025, Sherritt did not acquire additional third-party feed. Finished nickel and cobalt production were at the lower ends of their revised 2025 guidance ranges.

Fertilizer production of 227,766 tonnes was lower compared to 250,272 tonnes in the prior year primarily due to lower metals production and the planned biennial ammonia plant turnaround.

NDCC(1)

NDCC(1) per pound of nickel sold was US$5.96/lb compared to US$5.94/lb in the prior year. NDCC(1) was within the guidance range originally disclosed at the start of the year.

MPR/lb was higher, driven primarily by higher input commodity prices and the impact of lower nickel sales volume on per unit cost. During the year, sulphur and natural gas prices were 54% and 29% higher, respectively, compared to 2024. Fuel oil and diesel prices were slightly lower in the current year. MPR/lb also benefitted from ongoing cost optimization initiatives.

Cobalt by-product credits were higher primarily as a result of the 41% higher average-realized price(1) of cobalt which offset lower cobalt sales volume.

Spending on capital(1)

Sustaining spending on capital was $27.2 million compared to $15.2 million in the prior year with higher spending in 2025 partially attributable to higher mining equipment replacement costs to improve mining operations. Sustaining spending on capital for the year however was lower than revised guidance as Sherritt continued to prudently manage capital spending in light of low nickel prices during 2025.

Sustaining spending on capital related to the tailings facility was $24.3 million compared to $13.1 million in the prior year and was lower than revised guidance as the joint venture delayed non-essential spending in an effort to manage liquidity. Expenditures in 2025 included costs associated with the construction of the embankments and materials and supplies required for the tailings pipelines. This prudent approach to managing liquidity, design optimization, improved material sourcing, and strategic procurement has deferred some spending to 2027 which is not expected to affect commencement of operations by the end of 2026.

Growth spending on capital was $7.4 million compared to $11.4 million in the prior year as the Moa JV expansion program was completed in the year.

Power

For the three months ended

For the year ended

2025

2024

2025

2024

$ millions (33 ⅓% basis), except as otherwise noted

December 31

December 31

Change

December 31

December 31

Change

FINANCIAL HIGHLIGHTS

Revenue

$

13.3

$

11.1

20

%

$

49.2

$

47.8

3

%

Cost of sales

5.5

5.9

(7

%)

20.8

30.1

(31

%)

Earnings from operations

6.6

4.8

38

%

22.2

13.5

64

%

Adjusted EBITDA(1)

7.3

5.5

33

%

24.8

16.0

55

%

CASH FLOW

Cash provided (used) by continuing operations for operating activities(1)

$

13.1

$

(1.1

)

nm(3)

$

34.2

$

(9.8

)

449

%

Free cash flow(1)

12.6

(1.6

)

888

%

32.6

(12.7

)

357

%

PRODUCTION AND SALES

Electricity (GWh(2))

210

171

23

%

799

816

(2

%)

AVERAGE-REALIZED PRICE(1)

Electricity ($/MWh(2))

$

52.99

$

53.19

-

$

53.03

$

52.01

2

%

UNIT OPERATING COSTS(1)

Electricity ($/MWh)

$

23.48

$

30.64

(23

%)

$

23.33

$

34.29

(32

%)

SPENDING ON CAPITAL(1)

Sustaining

$

0.5

$

0.3

67

%

$

1.6

$

2.9

(45

%)

Frequency control

As a result of the nationwide power outages in Cuba and challenges facing the national power grid, the government agency UNE required Energas to operate certain facilities in frequency control to help stabilize the power grid. Energas has been fully compensated for the reductions in production at its facilities and as a result there has been no impact to Power’s Adjusted EBITDA(1), earnings from operations or dividends from Energas to Sherritt in Canada.

For the three months ended December 31, 2025

Revenue

Revenue of $13.3 million was higher than the prior year period of $11.1 million primarily due to higher electricity production as discussed below.

Production

Electricity production of 210 GWh was higher than the prior year period of 171 GWh benefiting from the increased natural gas being supplied to Energas’ facilities including the new gas well that was brought online in Q4 2024 and the replacement gas well that was brought online in Q3 2025 to offset the loss of gas production from a legacy CUPET well.

Unit operating cost(1)

Unit operating cost(1) was $23.48/MWh improving from $30.64/MWh during the prior year period primarily as a result of lower maintenance costs.

Spending on capital(1)

Spending on capital(1) was $0.5 million.

Dividends from Energas

Sherritt received $7.8 million of dividends in Canada from Energas in Q4 2025 compared to $7.0 million in Q4 2024.

For the year ended December 31, 2025

Revenue

Revenue of $49.2 million was higher than the prior year of $47.8 million primarily due to higher compensation received from the Energas facilities operating in frequency control and higher average-realized prices(1) largely offset slightly lower electricity production.

Production

Electricity production was 799 GWh compared to 816 GWh in the prior year and was largely in line with the low end of the 2025 guidance range. While capable of producing more, the Boca de Jaruco facility was required by UNE to operate in frequency control for periods toward the end of 2025 to help stabilize the national power grid which had not been factored into Sherritt’s guidance. Energas was fully compensated for this reduction. The lower electricity production compared to the prior year was primarily due to operating in frequency control partially offset by increased natural gas being supplied from new and existing wells as described above.

Unit operating cost(1)

Unit operating cost(1) was $23.33/MWh improving from $34.29/MWh in the prior year and was at the lower end of the 2025 guidance range. The lower unit operating cost(1) was primarily as a result of lower maintenance costs. In the current year, maintenance costs included only one major turbine inspection which was completed in the first quarter. In the prior year, higher planned maintenance work in Q2 2024 and Q3 2024 included major inspections on three gas turbines and included bringing online another turbine to process gas being received from the new well that was brought into production in Q4 2024.

Spending on capital(1)

Spending on capital(1) was $1.6 million in line with 2025 guidance.

Dividends from Energas

Sherritt received $26.0 million in 2025 which was double the $13.0 million received in 2024 in line with Sherritt’s prior disclosure.

OUTLOOK

2025 and 2026 production volumes, unit operating costs(1) and spending on capital(1) guidance

Production volumes, unit operating costs(1) and spending on capital(1)

2025

Guidance(2)

Year-to-date

actual to

December 31, 2025

2026

Guidance

Production volumes

Metals - Moa JV (100% basis, tonnes)

Nickel, finished

25,000 - 26,000

25,240

26,000 - 28,000

Cobalt, finished

2,700 - 2,800

2,728

2,750 - 2,850

Electricity (33⅓% basis, GWh)

800 - 850

799

825 - 875

Unit operating costs(1)

Metals - NDCC (US$ per pound)

$5.75 - $6.25

$5.96

$5.75 - $6.25

Electricity - unit operating cost ($ per MWh)

$23.00 - $24.50

$23.33

$27.25 - $28.75

Spending on capital(1)($ millions)

Sustaining

Metals - Moa JV (50% basis), Fort Site (100% basis)

$30.0

$27.2

$35.0 - $40.0

Metals - Moa JV (50% basis) - Tailings facility

$30.0

$24.3

$25.0 - $30.0

Power (33⅓% basis)

$2.0

$1.6

$3.0

Growth

Metals - Moa JV (50% basis) - Expansion

$7.0

$7.4

-

Metals - Moa JV (50% basis) - Improvement debottlenecking projects

-

-

$2.5 - $5.0

Spending on capital(3)

$69.0

$60.5

$65.5 - $78.0

2026 Guidance

Metals

Finished nickel and cobalt production are expected to be 26,000 to 28,000 tonnes (100% basis) and 2,750 to 2,850 tonnes (100% basis), respectively. Nickel production is up from 2025 as a result of higher mixed sulphides production which is expected to be 30,000 to 32,000 tonnes (100% basis) of contained nickel and cobalt weighted to the second half of the year as the operational turnaround plan takes effect. NDCC(1) is expected to be US$5.75 to US$6.25 per pound of nickel sold, consistent with 2025 levels benefitting from higher expected production and sales volumes, ongoing cost optimization initiatives, and higher cobalt by-product credits, partially offset by higher sulphur prices. NDCC(1) guidance for 2026 is based on a forecast cobalt reference price of US$23.50 per pound and forecast sulphur price of US$439.00 per tonne including freight and handling. Sustaining spending on capital(1): Expected to be $35.0 to $40.0 million (Moa JV 50% basis, Fort Site 100% basis), including additional mining equipment and refurbishment of various equipment as part of the operational turnaround plan at Moa. Tailings facility – expected to be $25.0 to $30.0 million (50% basis) related to the Moa JV’s tailings management project which incorporates savings and deferred spending to 2027 through design optimization, improved material sourcing, and strategic procurement, while maintaining the expected date for commencing operations at year-end 2026. Growth spending on capital(1): Improvement debottlenecking projects – expected to be $2.5 to $5.0 million (50% basis) which includes projects to enhance processing performance at Moa so the full benefit of the expansion program can be realized. Efforts are underway to finance the Metals division’s capital requirements.

Power

Electricity production is expected to be 825 to 875 GWh (33⅓% basis), reflecting expectations that the Varadero facility will operate in frequency control for the majority of 2026. Electricity unit operating cost(1) is expected to be $27.25 to $28.75 per MWh slightly above 2025 levels due to planned maintenance activities weighted toward the first half of the year. Spending on capital(1) is expected to be $3.0 million (33⅓% basis). This guidance is based on current expectations, assumptions and projections about future events, including commodity and product prices and demand, the ability to successfully source required input commodities, operational performance, and other factors. Refer to the Forward-Looking Statements for further information.

Dividends and distributions

Based on 2026 guidance estimates for production volumes, unit operating costs(1) and spending on capital(1) as well as consensus 2026 prices for nickel and cobalt:

Sherritt does not expect to receive any cash or cobalt distributions under the Cobalt Swap agreement. As defined by the agreement, any shortfall in the annual minimum payment amount will be added to the following year. Power dividends in Canada from Energas are expected to be $20.0 million to $25.0 million. Refer to the risks related to Sherritt’s corporate structure in the Corporation’s 2024 Annual Information Form for further information on risks related to distributions from the Moa JV and dividends in Canada from Energas.

CONFERENCE CALL AND WEBCAST

Sherritt will hold its conference call and webcast February 11, 2026, at 10:00 a.m. Eastern Time to review its fourth quarter and full year 2025 results. Dial-in and webcast details are as follows:

North American callers, please dial:

1 (800) 717-1738

  International callers, please dial:

1 (289) 514-5100

  Passcode

99379

  Webcast and slide presentation:

www.sherritt.com

A recording of the webcast will be available on Sherritt’s website following the conference call.

FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS (“MD&A”)

Sherritt’s consolidated financial statements and MD&A for the year ended December 31, 2025 are available at www.sherritt.com or on SEDAR+ at www.sedarplus.ca. and should be read in conjunction with this news release. Financial and operating data can also be viewed in the investor relations section of Sherritt’s website.

NON-GAAP AND OTHER FINANCIAL MEASURES

Management uses the following non-GAAP and other financial measures in this press release and other documents: combined revenue, adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), average-realized price, unit operating cost/net direct cash cost (NDCC), adjusted net earnings/loss from continuing operations, adjusted net earnings/loss from continuing operations per share, spending on capital, combined cash provided (used) by continuing operations for operating activities and combined free cash flow.

Management uses these measures to monitor the financial performance of the Corporation and its operating divisions and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace IFRS® Accounting Standards (“IFRS”) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies.

The non-GAAP and other financial measures are reconciled to their most directly comparable IFRS measures in the Appendix below.

ABOUT SHERRITT

Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The Corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America. Sherritt’s Moa Joint Venture produces cost competitive critical minerals while maintaining high sustainability standards and has an estimated mine life of approximately 25 years.

The Corporation’s Power division, through its ownership in Energas, is the largest independent energy producer in Cuba with installed electrical generating capacity of 506 MW, representing approximately 10% of the national electrical generating capacity in Cuba. Energas processes domestically sourced raw natural gas to generate electricity for sale to the Cuban national electrical grid. The Energas facilities are comprised of two combined cycle plants that produce low-cost electricity from one of the lowest carbon emitting sources of power in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”, “potential”, “projected”, “continue” or other similar words or phrases. Specifically, forward-looking statements in this document include, but are not limited to, statements regarding strategies, plans and estimated production amounts resulting from expansion of mining operations at the Moa JV; the results of the operational transition plan in increasing MSP, nickel and cobalt production; statements set out in the “Outlook” section of this press release; certain expectations regarding production volumes and increases, inventory levels, operating costs, capital spending and intensity, including amount and timing of spending on the tailings management facility; the availability of additional gas supplies; sales volumes; revenue, costs and earnings; the amount and timing of dividend distributions from the Moa JV, including in the form of finished cobalt or cash under the Cobalt Swap; the amount and timing of dividend distributions from Energas; growing shareholder value; expected annualized savings from cost reduction measures and workforce reduction; sufficiency of working capital management and capital project funding; strengthening the Corporation’s capital structure and amounts of certain other commitments.

Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share price volatility; nickel, cobalt and fertilizer production results; realized prices for production; earnings and revenues; risks related to the U.S. government policy toward Cuba; current and future economic conditions in Cuba; the level of liquidity and access to funding; global demand for electric vehicles and the anticipated corresponding demand for cobalt and nickel; revenues and net operating results; environmental risks and liabilities; compliance with applicable environmental laws and regulations; advancements in environmental and greenhouse gas (“GHG”) reduction technology; GHG emissions reduction goals and the anticipated timing of achieving such goals, if at all; statistics and metrics relating to Environmental, Social and Governance (“ESG”) matters which are based on assumptions or developing standards; environmental rehabilitation provisions; environmental risks and liabilities; compliance with applicable environmental laws and regulations; Sherritt share price volatility; and certain corporate objectives, goals and plans for 2026. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that the assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections.

The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, risks related to Sherritt’s operations in Cuba; risks related to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-Burton legislation; level of liquidity of Sherritt, including access to capital and financing; commodity risks related to the production and sale of nickel cobalt and fertilizers; the impact of global conflicts; changes in the global price for nickel, cobalt, fertilizers or certain other commodities; security market fluctuations and price volatility; the ability of the Moa Joint Venture to pay dividends; the risk to Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa Joint Venture; risk of future non-compliance with debt restrictions and covenants; political, economic and other risks of foreign operations; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; uncertainty about the pace of technological advancements required in relation to achieving ESG targets; risks to information technologies systems and cybersecurity; risks associated with the operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; the possibility of equipment and other failure; potential interruptions in transportation; identification and management of growth opportunities; the ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; variability in production at Sherritt’s operations in Cuba; risks associated with mining, processing and refining activities; risks associated with the operation of large projects generally; risks related to the accuracy of capital and operating cost estimates;; uncertainty of gas supply for electrical generation; reliance on key personnel and skilled workers; growth opportunity risks; uncertainty of resources and reserve estimates; the potential for shortages of equipment and supplies, including diesel; supplies quality issues; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; credit risks; competition in product markets; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations; bribery and corruption risks, including failure to comply with the Corruption of Foreign Public Officials Act or applicable local anti-corruption law; the ability to accomplish corporate objectives, goals and plans for 2026; and the ability to meet other factors listed from time to time in the Corporation’s continuous disclosure documents.

The Corporation, together with its Moa JV, is pursuing a range of growth and expansion opportunities, including without limitation, process technology solutions, development projects, commercial implementation opportunities, life of mine extension opportunities and the conversion of mineral resources to reserves. In addition to the risks noted above, factors that could, alone or in combination, prevent the Corporation from successfully achieving these opportunities may include, without limitation: identifying suitable commercialization and other partners; successfully advancing discussions and successfully concluding applicable agreements with external parties and/or partners; successfully attracting required financing; successfully developing and proving technology required for the potential opportunity; successfully overcoming technical and technological challenges; successful environmental assessment and stakeholder engagement; successfully obtaining intellectual property protection; successfully completing test work and engineering studies, prefeasibility and feasibility studies, piloting, scaling from small scale to large scale production, procurement, construction, commissioning, ramp-up to commercial scale production and completion; and securing regulatory and government approvals. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Corporation. In addition, the Corporation will incur costs in pursuing any particular opportunity, which may be significant.

Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March 24, 2025 for the period ending December 31, 2024, which is available on SEDAR+ at www.sedarplus.ca.

The Corporation may, from time to time, make oral forward-looking statements. The Corporation advises that the above paragraph and the risk factors described in this press release and in the Corporation’s other documents filed with the Canadian securities authorities should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from those in the oral forward-looking statements. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.

APPENDIX – NON-GAAP AND OTHER FINANCIAL MEASURES

Management uses the measures below to monitor the financial performance of the Corporation and its operating divisions and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace IFRS Accounting Standards measures, and do not have a standard definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies.

The non-GAAP and other financial measures are reconciled in the sections below to the most directly comparable IFRS Accounting Standards in the sections below.

Combined revenue

The Corporation uses combined revenue as a measure to help management assess the Corporation’s financial performance across its core operations. Combined revenue includes the Corporation’s consolidated revenue, less Oil and Gas revenue, and includes the revenue of the Moa JV within the Metals reportable segment on a 50% basis. Revenue of the Moa JV is included in share of earnings of Moa Joint Venture, net of tax, as a result of the equity method of accounting and excluded from the Corporation’s consolidated revenue.

Revenue at Oil and Gas is excluded from Combined revenue as the segment is not currently exploring for or producing oil and gas and its revenue relate to ancillary drilling services, provided to a customer and agencies of the Government of Cuba, which is not reflective of the Corporation’s core operating activities or revenue generation potential.

Management uses this measure to reflect the Corporation’s economic interest in its operations prior to the application of equity accounting to help allocate financial resources and provide investors with information that it believes is useful in understanding the scope of Sherritt’s business, based on its economic interest, irrespective of the accounting treatment.

The table below reconciles combined revenue to revenue per the financial statements:

For the three months ended

For the year ended

2025

2024

2025

2024

$ millions

December 31

December 31

Change

December 31

December 31

Change

Revenue by reportable segment

Metals(1)

$

149.1

$

148.3

1

%

$

481.6

$

526.6

(9

%)

Power

13.3

11.1

20

%

49.2

47.8

3

%

Corporate and Other

0.8

0.9

(11

%)

2.1

3.2

(34

%)

Combined revenue

$

163.2

$

160.3

2

%

$

532.9

$

577.6

(8

%)

Adjustment for Moa Joint Venture

(113.8

)

(115.6

)

(370.8

)

(434.5

)

Adjustment for Oil and Gas

6.1

1.0

510

%

15.2

15.7

(3

%)

Financial statement revenue

$

55.5

$

45.7

21

%

$

177.3

$

158.8

12

%

Adjusted EBITDA

The Corporation defines Adjusted EBITDA as earnings/loss from operations and joint venture, which excludes net finance expense, income tax expense and loss from discontinued operations, net of tax, as reported in the financial statements for the period, adjusted for: depletion, depreciation and amortization; impairment losses on non-current non-financial assets and investments; and gains or losses on disposal of property, plant and equipment of the Corporation and the Moa JV. The exclusion of impairment losses eliminates the non-cash impact of the losses.

Earnings/loss from operations at Oil and Gas (net of depletion, depreciation and amortization and impairment, if applicable) is deducted from/added back to Adjusted EBITDA as the segment is not currently exploring for or producing oil and gas and its financial results relate to ancillary drilling services, provided to a customer and agencies of the Government of Cuba, and environmental rehabilitation costs for legacy assets, which are not reflective of the Corporation’s core operating activities or cash generation potential.

Management uses Adjusted EBITDA internally to evaluate the cash generation potential of Sherritt’s operating divisions on a combined and segment basis as an indicator of ability to fund working capital needs, meet covenant obligations, service debt and fund capital expenditures, as well as provide a level of comparability to similar entities. Management believes that Adjusted EBITDA provides useful information to investors in evaluating the Corporation’s operating results in the same manner as management and the Board of Directors.

The tables below reconcile loss from operations and joint venture per the financial statements to Adjusted EBITDA:

$ millions, for the three months ended December 31

2025

Adjustment

for Moa

Joint

Venture

Corporate

and

Other

Metals(1)

Power

Oil and

Gas

Total

(Loss) earnings from operations and joint venture per financial statements

$

(18.0

)

$

6.6

$

(3.5

)

$

(8.5

)

$

12.7

$

(10.7

)

Add (deduct):

Depletion, depreciation and amortization

3.2

0.7

-

0.2

-

4.1

Oil and Gas earnings from operations, net of depletion, depreciation and amortization

-

-

3.5

-

-

3.5

Adjustments for share of loss of Moa Joint Venture:

Depletion, depreciation and amortization

14.3

-

-

-

-

14.3

Net finance expense

-

-

-

-

2.1

2.1

Income tax recovery

-

-

-

-

(14.8

)

(14.8

)

Adjusted EBITDA

$

(0.5

)

$

7.3

$

-

$

(8.3

)

$

-

$

(1.5

)

$ millions, for the three months ended December 31

2024

Adjustment

for Moa

Joint

Venture

Corporate

and

Other

Metals(1)

Power

Oil and

Gas

Total

(Loss) earnings from operations and joint venture per financial statements

$

(1.0

)

$

4.8

$

(18.8

)

$

(5.8

)

$

2.9

$

(17.9

)

Add (deduct):

Depletion, depreciation and amortization

2.8

0.7

0.1

0.1

-

3.7

Impairment of intangible assets

-

-

8.4

-

-

8.4

Oil and Gas earnings from operations, net of depletion, depreciation and amortization

-

-

10.3

-

-

10.3

Adjustments for share of loss of Moa Joint Venture:

Depletion, depreciation and amortization

12.8

-

-

-

-

12.8

Net finance expense

-

-

-

-

0.7

0.7

Income tax recovery

-

-

-

-

(3.6

)

(3.6

)

Adjusted EBITDA

$

14.6

$

5.5

$

-

$

(5.7

)

$

-

$

14.4

$ millions, for the year ended December 31

2025

Adjustment

for Moa

Joint

Venture

Corporate

and

Other

Metals(2)

Power

Oil and

Gas

Total

(Loss) earnings from operations and joint venture per financial statements

$

(48.4

)

$

22.2

$

(22.0

)

$

(29.8

)

$

3.5

$

(74.5

)

Add (deduct):

Depletion, depreciation and amortization

10.6

2.6

0.1

0.8

-

14.1

Oil and Gas loss from operations, net of depletion, depreciation and amortization

-

-

21.9

-

-

21.9

Adjustments for share of loss of Moa Joint Venture:

Depletion, depreciation and amortization

49.1

-

-

-

-

49.1

Net finance expense

-

-

-

-

9.0

9.0

Income tax recovery

-

-

-

-

(12.5

)

(12.5

)

Adjusted EBITDA

$

11.3

$

24.8

$

-

$

(29.0

)

$

-

$

7.1

$ millions, for the year ended December 31

2024

Adjustment

for Moa

Joint

Venture

Corporate

and

Other

Metals(2)

Power

Oil and

Gas

Total

(Loss) earnings from operations and joint venture per financial statements

$

(18.5

)

$

13.5

$

(18.3

)

$

(24.4

)

$

4.2

$

(43.5

)

Add (deduct):

Depletion, depreciation and amortization

10.5

2.5

0.2

0.8

-

14.0

Impairment of intangible assets

-

-

8.4

-

-

8.4

Oil and Gas loss from operations, net of depletion, depreciation and amortization

-

-

9.7

-

-

9.7

Adjustments for share of loss of Moa Joint Venture:

Depletion, depreciation and amortization

47.5

-

-

-

-

47.5

Impairment of property, plant and equipment

0.5

-

-

-

-

0.5

Net finance expense

-

-

-

-

1.0

1.0

Income tax recovery

-

-

-

-

(5.2

)

(5.2

)

Adjusted EBITDA

$

40.0

$

16.0

$

-

$

(23.6

)

$

-

$

32.4

Average-realized price

Average-realized price is generally calculated by dividing revenue by sales volume for the given product in a given segment. The average-realized price for power excludes frequency control, by-product and other revenue, as this revenue is not earned directly for power generation. Refer to the Power Review of operations section for further details on frequency control revenue, which Energas receives in compensation for lost sales of electricity as a result of frequency control.

Management uses this measure, and believes investors use this measure, to compare the relationship between the revenue per unit and direct costs on a per unit basis in each reporting period for nickel, cobalt, fertilizer and power and provide comparability with other similar external operations.

Average-realized price for fertilizer is the weighted-average realized price of ammonia and various ammonium sulphate products.

Average-realized price for nickel and cobalt are expressed in Canadian dollars per pound sold, while fertilizer is expressed in Canadian dollars per tonne sold and electricity is expressed in Canadian dollars per megawatt hour sold.

The tables below reconcile revenue per the financial statements to average-realized price:

$ millions, except average-realized price and sales volume, for the three months ended December 31

2025

Metals

Adjustment

for Moa Joint

Venture

Nickel

Cobalt

Fertilizer

Power

Other(1)

Total

Revenue per financial statements

$

77.8

$

24.3

$

33.9

$

13.3

$

20.0

$

(113.8

)

$

55.5

Adjustments to revenue:

Frequency control, by-product and other revenue

-

-

-

(2.2

)

Revenue for purposes of average-realized price calculation

77.8

24.3

33.9

11.1

Sales volume for the period

8.2

1.0

61.1

210

Volume units

Millions of

Millions of

Thousands

Gigawatt

pounds

pounds

of tonnes

hours

Average-realized price(2)(3)(4)

$

9.51

$

25.26

$

553.68

$

52.99

$ millions, except average-realized price and sales volume, for the three months ended December 31

2024

Metals

Adjustment

for Moa Joint

Venture

Nickel

Cobalt

Fertilizer

Power

Other(1)

Total

Revenue per financial statements

$

95.3

$

12.6

$

31.8

$

11.1

$

10.5

$

(115.6

)

$

45.7

Adjustments to revenue:

Frequency control, by-product and other revenue

-

-

-

(1.9

)

Revenue for purposes of average-realized price calculation

95.3

12.6

31.8

9.2

Sales volume for the period

9.6

1.0

63.3

171

Volume units

Millions of

Millions of

Thousands

Gigawatt

pounds

pounds

of tonnes

hours

Average-realized price(2)(3)(4)

$

9.98

$

12.30

$

502.93

$

53.19

$ millions, except average-realized price and sales volume, for the year ended December 31

2025

Metals

Adjustment

for Moa Joint

Venture

Nickel

Cobalt

Fertilizer

Power

Other(1)

Total

Revenue per financial statements

$

279.0

$

63.6

$

94.3

$

49.2

$

62.0

$

(370.8

)

$

177.3

Adjustments to revenue:

Frequency control, by-product and other revenue

-

-

-

(6.9

)

Revenue for purposes of average-realized price calculation

279.0

63.6

94.3

42.3

Sales volume for the period

29.0

3.4

166.8

799

Volume units

Millions of

Millions of

Thousands

Gigawatt

pounds

pounds

of tonnes

hours

Average-realized price(2)(3)(4)

$

9.63

$

18.80

$

565.02

$

53.03

$ millions, except average-realized price and sales volume, for the year ended December 31

2024

Metals

Adjustment

for Moa Joint

Venture

Nickel

Cobalt

Fertilizer

Power

Other(1)

Total

Revenue per financial statements

$

355.9

$

48.0

$

90.1

$

47.8

$

51.5

$

(434.5

)

$

158.8

Adjustments to revenue:

Frequency control, by-product and other revenue

-

-

-

(5.3

)

Revenue for purposes of average-realized price calculation

355.9

48.0

90.1

42.5

Sales volume for the period

34.6

3.6

179.1

816

Volume units

Millions of

Millions of

Thousands

Gigawatt

pounds

pounds

of tonnes

hours

Average-realized price(2)(3)(4)

$

10.30

$

13.30

$

503.19

$

52.01

(1)

Other revenue includes other revenue from the Metals reportable segment, revenue from the Oil and Gas reportable segment, a non-core reportable segment, and revenue from the Corporate and Other reportable segment.

(2)

Average-realized price may not calculate exactly based on amounts presented due to foreign exchange and rounding.

(3)

Power, average-realized price per MWh.

(4)

Fertilizer, average-realized price per tonne.

Unit operating cost/Net direct cash cost

With the exception of Metals, which uses NDCC, unit operating cost is generally calculated by dividing cost of sales as reported in the financial statements, less depreciation, depletion and amortization in cost of sales, the impact of impairment losses, gains and losses on disposal of property, plant, and equipment and exploration and evaluation assets and certain other non-production related costs, by the number of units sold.

Metals’ NDCC is calculated by dividing cost of sales, as reported in the financial statements, adjusted for the following: depreciation, depletion, amortization and impairment losses in cost of sales; cobalt by-product, fertilizer by-product and other revenue; cobalt gain/loss pursuant to the Cobalt Swap; realized gain/loss on natural gas swaps; royalties/territorial contributions; and other costs primarily related to the impact of opening and closing inventory values, by the number of finished nickel pounds sold in the period.

Unit operating costs for nickel and electricity are key measures that management and investors uses to monitor cost performance. NDCC of nickel is a widely-used performance measure for nickel producers which represents the direct cash cost associated with the mining, processing, refining and sale of finished nickel, net of by-product credits. Management uses unit operating costs/NDCC to assess how well the Corporation’s producing mine and power facilities are performing and to assess overall production efficiency and effectiveness internally across periods and compared to its competitors.

Unit operating cost (NDCC) for nickel is expressed in U.S. dollars per pound sold, while electricity is expressed in Canadian dollars per megawatt hour sold.

The tables below reconcile cost of sales per the financial statements to unit operating cost/NDCC:

$ millions, except unit cost and sales volume, for the three months ended December 31

2025

Adjustment

for Moa

Joint Venture

Metals

Power

Other(1)

Total

Cost of sales per financial statements

$

165.5

$

5.5

$

10.0

$

(128.8

)

$

52.2

Less:

Depletion, depreciation and amortization in cost of sales

(17.5

)

(0.6

)

148.0

4.9

Adjustments to cost of sales:

Cobalt by-product revenue - Moa JV and Cobalt Swap

(24.3

)

-

Fertilizer by-product revenue

(33.9

)

-

Other revenue

(13.1

)

-

Realized loss on natural gas swaps

0.8

-

Royalties/territorial contributions and other non-cash costs(2)

(5.1

)

-

Changes in inventories and other adjustments(3)

(3.4

)

-

Cost of sales for purposes of unit cost calculation

69.0

4.9

Sales volume for the period

8.2

210

Volume units

Millions of

Gigawatt

pounds

hours

Unit operating cost(4)(5)

$

8.44

$

23.48

Unit operating cost (US$ per pound) (NDCC)(6)

$

6.01

$ millions, except unit cost and sales volume, for the three months ended December 31

2024

Adjustment

for Moa

Joint Venture

Metals

Power

Other(1)

Total

Cost of sales per financial statements

$

146.6

$

5.9

$

11.8

$

(120.5

)

$

43.8

Less:

Depletion, depreciation and amortization in cost of sales

(15.6

)

(0.6

)

131.0

5.3

Adjustments to cost of sales:

Cobalt by-product revenue - Moa JV and Cobalt Swap

(12.6

)

-

Fertilizer by-product revenue

(31.8

)

-

Other revenue

(8.6

)

-

Cobalt loss

0.1

-

Royalties/territorial contributions and other non-cash costs(2)

(4.7

)

-

Changes in inventories and other adjustments(3)

0.4

-

Cost of sales for purposes of unit cost calculation

73.8

5.3

Sales volume for the period

9.6

171

Volume units

Millions of

Gigawatt

pounds

hours

Unit operating cost(4)(5)

$

7.66

$

30.64

Unit operating cost (US$ per pound) (NDCC)(6)

$

5.44

$ millions, except unit cost and sales volume, for the year ended December 31

2025

Adjustment

for Moa

Joint Venture

Metals

Power

Other(1)

Total

Cost of sales per financial statements

$

521.5

$

20.8

$

38.9

$

(417.8

)

$

163.4

Less:

Depletion, depreciation and amortization in cost of sales

(59.7

)

(2.1

)

461.8

18.7

Adjustments to cost of sales:

Cobalt by-product revenue - Moa JV and Cobalt Swap

(63.6

)

-

Fertilizer by-product revenue

(94.3

)

-

Other revenue

(44.7

)

-

Cobalt loss

0.3

-

Realized loss on natural gas swaps

2.8

-

Royalties/territorial contributions and other non-cash costs(2)

(21.3

)

-

Changes in inventories and other adjustments(3)

0.9

-

Cost of sales for purposes of unit cost calculation

241.9

18.7

Sales volume for the period

29.0

799

Volume units

Millions of

Gigawatt

pounds

hours

Unit operating cost(4)(5)

$

8.35

$

23.33

Unit operating cost (US$ per pound) (NDCC)(6)

$

5.96

$ millions, except unit cost and sales volume, for the year ended December 31

2024

Adjustment

for Moa

Joint Venture

Metals

Power

Other(1)

Total

Cost of sales per financial statements

$

532.3

$

30.1

$

27.5

$

(451.4

)

$

138.5

Less:

Depletion, depreciation and amortization in cost of sales

(58.0

)

(2.1

)

474.3

28.0

Adjustments to cost of sales:

Cobalt by-product revenue - Moa JV and Cobalt Swap

(48.0

)

-

Fertilizer by-product revenue

(90.1

)

-

Other revenue

(32.6

)

-

Cobalt loss

0.1

-

Royalties/territorial contributions and other non-cash costs(2)

(23.4

)

-

Changes in inventories and other adjustments(3)

1.3

-

Cost of sales for purposes of unit cost calculation

281.6

28.0

Sales volume for the period

34.6

816

Volume units

Millions of

Gigawatt

pounds

hours

Unit operating cost(4)(5)

$

8.15

$

34.29

Unit operating cost (US$ per pound) (NDCC)(6)

$

5.94

(1)

Other cost of sales is composed of the cost of sales of Oil and Gas, a non-core reportable segment, and cost of sales of the Corporate and Other reportable segment.

(2)

Royalties and territorial contributions are included in cost of sales but are excluded from NDCC as these costs are not direct mine cash costs. Other non-cash costs consist of inventory write-downs and other costs that are included in cost of sales but are excluded from NDCC as the costs are non-cash.

(3)

Changes in inventories and other adjustments is primarily composed of changes in inventories, the effect of average exchange rate changes and other items. These amounts are excluded from cost of sales but included in NDCC.

(4)

Unit operating cost/NDCC may not calculate exactly based on amounts presented due to foreign exchange and rounding.

(5)

Power, unit operating cost price per MWh.

(6)

Unit operating costs in US$ are converted at the average exchange rate for the period.

Adjusted net earnings/loss from continuing operations and adjusted net earnings/loss from continuing operations per share

The Corporation defines adjusted net earnings/loss from continuing operations as net earnings/loss from continuing operations less items not reflective of the Corporation’s current or future operational performance. These adjusting items include, but are not limited to, inventory write-downs/obsolescence, impairment of assets, gains and losses on the acquisition or disposal of assets, unrealized foreign exchange gains and losses, gains and losses on financial assets and liabilities and other one-time adjustments that have not occurred in the past two years and are not expected to recur in the next two years. While some adjustments are recurring (such as unrealized foreign exchange (gain) loss and revaluations of allowances for expected credit losses (ACL)), management believes that they do not reflect the Corporation’s current or future operational performance.

Net earnings/loss from continuing operations at Oil and Gas is deducted from/added back to adjusted earnings/loss from continuing operations as the segment is not currently exploring for or producing oil and gas and its financial results relate to ancillary drilling services, provided to a customer and agencies of the Government of Cuba, and environmental rehabilitation costs for legacy assets, which are not reflective of the Corporation’s core operating activities or future operational performance.

Adjusted net earnings/loss from continuing operations per share is defined consistent with the definition above and divided by the Corporation’s weighted-average number of common shares outstanding.

Management uses these measures internally and believes that they provide investors with performance measures with which to assess the Corporation’s current or future operational performance by adjusting for items or transactions that are not reflective of its current or future operational performance.

The tables below reconcile net earnings/loss from continuing operations and net earnings/loss from continuing operations per share, both per the financial statements, to adjusted net loss from continuing operations and adjusted net loss from continuing operations per share, respectively:

2025

2024

For the three months ended December 31

$ millions

$/share

$ millions

$/share

Net loss from continuing operations

$

(15.7

)

$

(0.03

)

$

(22.5

)

$

(0.06

)

Adjusting items:

Sherritt - Unrealized foreign exchange (gain) loss - continuing operations

(1.3

)

-

1.4

-

Corporate and Other - Realized gain on nickel put options

-

-

(2.5

)

(0.01

)

Corporate and Other - Unrealized loss on nickel put options

-

-

0.8

-

Metals - Moa JV - Inventory write-down/obsolescence

0.1

-

0.4

-

Metals - Fort Site - Unrealized gain on natural gas swaps

(1.0

)

-

(0.8

)

-

Metals - Fort Site - Realized loss on natural gas swaps

0.8

-

-

-

Metals - Fort Site - Inventory write-down/obsolescence

0.1

-

-

-

Metals - Metals Marketing - Cobalt loss

-

-

(0.1

)

-

Power - Gain on revaluation of GNC receivable

(1.8

)

-

(3.3

)

(0.01

)

Power - Loss (gain) on revaluation of Energas payable

0.5

-

(0.2

)

-

Oil and Gas - Impairment of intangible assets

-

-

8.4

0.02

Oil and Gas - Net loss from continuing operations, net of unrealized foreign exchange gain/loss and impairment of intangible assets

3.7

-

10.4

0.03

Total adjustments, before tax

$

1.1

$

-

$

14.5

$

0.03

Tax adjustments

0.7

-

(2.2

)

-

Adjusted net loss from continuing operations

$

(13.9

)

$

(0.03

)

$

(10.2

)

$

(0.03

)

2025

2024

For the year ended December 31

$ millions

$/share

$ millions

$/share

Net loss from continuing operations

$

(65.4

)

$

(0.14

)

$

(73.1

)

$

(0.18

)

Adjusting items:

Sherritt - Unrealized foreign exchange loss - continuing operations

(1.3

)

-

1.7

-

Sherritt's share - Severance related to restructuring and workforce reduction

3.6

0.01

3.5

0.01

Corporate and Other - Gain on Debt and Equity Transactions, net of transaction costs

(32.4

)

(0.07

)

-

-

Corporate and Other - Realized gain on nickel put options

-

-

(5.9

)

(0.02

)

Corporate and Other - Gain on repurchase of notes

-

-

(1.8

)

-

Metals - Moa JV - Impairment of property, plant and equipment

-

-

0.5

-

Metals - Moa JV - Inventory write-down/obsolescence

2.8

-

2.9

0.01

Metals - Moa JV - Cobalt loss

0.3

-

-

-

Metals - Fort Site - Inventory write-down

0.3

-

0.9

-

Metals - Fort Site - Unrealized loss (gain) on natural gas swaps

0.2

-

(0.8

)

-

Metals - Fort Site - Realized loss on natural gas swaps

2.8

-

-

-

Metals - Moa JV - Cobalt loss

-

-

(0.1

)

-

Power - Gain on revaluation of GNC receivable

(15.1

)

(0.03

)

(0.4

)

-

Power - Loss (gain) on revaluation of Energas payable

3.4

0.01

(0.2

)

-

Oil and Gas - Impairment of intangible assets

-

-

8.4

0.02

Oil and Gas - Net loss from continuing operations, net of unrealized foreign exchange gain/loss and impairment of intangible assets

22.5

0.05

9.7

0.02

Total adjustments, before tax

$

(12.9

)

$

(0.03

)

$

18.4

$

0.04

Tax adjustments

1.1

-

(1.6

)

-

Adjusted net loss from continuing operations

$

(77.2

)

$

(0.17

)

$

(56.3

)

$

(0.14

)

Spending on capital

The Corporation defines spending on capital for each segment as property, plant and equipment and intangible asset expenditures on a cash basis adjusted to the accrual basis in order to account for assets that are available for use by the Corporation and the Moa Joint Venture prior to payment and includes adjustments to accruals. The Metals segment’s spending on capital includes the Fort Site’s expenditures, plus the Corporation’s 50% share of the Moa Joint Venture’s expenditures, which is accounted for using the equity method for accounting purposes.

Combined spending on capital is the aggregate of each segment’s spending on capital or the Corporation’s consolidated property, plant and equipment and intangible asset expenditures and the property, plant and equipment and intangible asset expenditures of the Moa Joint Venture on a 50% basis, all adjusted to the accrual basis.

Combined spending on capital is used by management, and management believes this information is used by investors, to analyze the Corporation and the Moa Joint Venture’s investments in non-current assets that are held for use in the production of nickel, cobalt, fertilizers, oil and gas and power generation.

The tables below reconcile property, plant and equipment and intangible asset expenditures per the financial statements to combined spending on capital, expressed in Canadian dollars:

$ millions, for the three months ended December 31

2025

Adjustment

for Moa

Joint Venture

Total

derived

from

financial

statements

Combined

total

Metals

Power

Other(1)

Property, plant and equipment expenditures(2)

$

13.7

$

0.5

$

-

$

14.2

$

(8.4

)

$

5.8

Intangible asset expenditures(2)

-

-

-

-

-

-

13.7

0.5

-

14.2

$

(8.4

)

$

5.8

Adjustments:

Accrual adjustment

0.6

-

-

0.6

Spending on capital

$

14.3

$

0.5

$

-

$

14.8

$ millions, for the three months ended December 31

2024

Adjustment

for Moa

Joint Venture

Total

derived from

financial

statements

Metals

Power

Other(1)

Combined

total

Property, plant and equipment expenditures(2)

$

6.2

$

0.5

$

-

$

6.7

$

(4.5

)

$

2.2

Intangible asset expenditures(2)

-

-

-

-

-

-

6.2

0.5

-

6.7

$

(4.5

)

$

2.2

Adjustments:

Accrual adjustment

5.1

(0.2

)

0.1

5.0

Spending on capital

$

11.3

$

0.3

$

0.1

$

11.7

$ millions, for the year ended December 31

2025

Adjustment

for Moa

Joint Venture

Total

derived from

financial

statements

Metals

Power

Other(1)

Combined

total

Property, plant and equipment expenditures(2)

$

46.5

$

1.6

$

0.1

$

48.2

$

(32.2

)

$

16.0

Intangible asset expenditures(2)

-

-

-

-

-

-

46.5

1.6

0.1

48.2

$

(32.2

)

$

16.0

Adjustments:

Accrual adjustment

12.4

-

-

12.4

Spending on capital

$

58.9

$

1.6

$

0.1

$

60.6

$ millions, for the year ended December 31

2024

Adjustment

for Moa

Joint Venture

Total

derived from

financial

statements

Metals

Power

Other(1)

Combined

total

Property, plant and equipment expenditures(2)

$

34.0

$

2.9

$

-

$

36.9

$

(30.3

)

$

6.6

Intangible asset expenditures(2)

-

-

0.2

0.2

-

0.2

34.0

2.9

0.2

37.1

$

(30.3

)

$

6.8

Adjustments:

Accrual adjustment

5.7

-

(0.1

)

5.6

Spending on capital

$

39.7

$

2.9

$

0.1

$

42.7

Combined cash provided (used) by continuing operations for operating activities and combined free cash flow

The Corporation defines cash provided/used by continuing operations for operating activities by segment as cash provided/used by continuing operations for operating activities for each segment calculated in accordance with IFRS Accounting Standards and adjusted to remove the impact of cash provided/used by wholly-owned subsidiaries. Combined cash provided/used by continuing operations for operating activities is the aggregate of each segment’s cash provided/used by continuing operations for operating activities including the Corporation’s 50% share of the Moa JV’s cash provided/used by continuing operations for operating activities, which is accounted for using the equity method of accounting and excluded from consolidated cash provided/used by continuing operations for operating activities.

The Corporation defines free cash flow for each segment as cash provided/used by continuing operations for operating activities by segment, less cash expenditures on property, plant and equipment and intangible assets, including exploration and evaluation assets. Combined free cash flow is the aggregate of each segment’s free cash flow or the Corporation’s consolidated cash provided/used by continuing operations for operating activities, less consolidated cash expenditures on property, plant and equipment and intangible assets, including exploration and evaluation assets, less distributions received from Moa JV, plus cash provided/used by continuing operations for operating activities for the Corporation’s 50% share of the Moa JV, less cash expenditures on property, plant and equipment and intangible assets for the Corporation’s 50% share of the Moa JV.

The Corporate and Other segment’s cash used by continuing operations for operating activities is adjusted to exclude distributions received from Moa JV. Distributions from the Moa JV excluded from Corporate and Other are included in the Adjustment for Moa Joint Venture to arrive at total cash provided/used by continuing operations for operating activities per the financial statements.

The Metals segment’s free cash flow includes the Fort Site and Metals Marketing’s free cash flow, plus the Corporation’s 50% share of the Moa JV’s free cash flow, which is accounted for using the equity method for accounting purposes.

Combined cash provided/used by continuing operations for operating activities and combined free cash flow are used by management, and management believes this information is used by investors, to analyze cash flows generated from operations and assess its operations’ ability to provide cash or its use of cash, and in the case of combined free cash flow, after funding cash capital requirements, to service current and future working capital needs and service debt.

The tables below reconcile combined cash used by continuing operations for operating activities to cash provided by continuing operations per the financial statements to combined free cash flow:

$ millions, for the three months ended December 31

2025

Adjustment

for Moa

Joint

Venture

Total

derived

from

financial

statements

Corporate

and

Other

Metals(1)(2)

Power

Oil and

Gas

Combined

total

Cash provided (used) by continuing operations for operating activities

$

20.9

$

13.1

$

5.6

$

(17.9

)

$

21.7

$

(9.6

)

$

12.1

Less:

Property, plant and equipment expenditures

(13.7

)

(0.5

)

-

-

(14.2

)

8.4

(5.8

)

Free cash flow

$

7.2

$

12.6

$

5.6

$

(17.9

)

$

7.5

$

(1.2

)

$

6.3

$ millions, for the three months ended December 31

2024

Adjustment

for Moa

Joint

Venture

Total

derived

from

financial

statements

Corporate

and

Other

Metals(1)(2)

Power

Oil and

Gas

Combined

total

Cash provided (used) by continuing operations for operating activities

$

5.9

$

(1.1

)

$

(3.2

)

$

(15.1

)

$

(13.5

)

$

(8.0

)

$

(21.5

)

Less:

Property, plant and equipment expenditures

(6.2

)

(0.5

)

-

-

(6.7

)

4.5

(2.2

)

Free cash flow

$

(0.3

)

$

(1.6

)

$

(3.2

)

$

(15.1

)

$

(20.2

)

$

(3.5

)

$

(23.7

)

$ millions, for the year ended December 31

2025

Corporate

and

Other

Total

derived

from

financial

statements

Metals(3)(4)

Power

Oil and

Gas

Combined

total

Adjustment

for Moa

Joint

Venture

Cash provided (used) by continuing operations for operating activities

$

53.6

$

34.2

$

(8.6

)

$

(51.3

)

$

27.9

$

(6.7

)

$

21.2

Less:

Property, plant and equipment expenditures

(46.5

)

(1.6

)

(0.1

)

-

(48.2

)

32.2

(16.0

)

Free cash flow

$

7.1

$

32.6

$

(8.7

)

$

(51.3

)

$

(20.3

)

$

25.5

$

5.2

$ millions, for the year ended December 31

2024

Oil and

Gas

Corporate

and

Other

Combined

total

Total

derived

from

financial

statements

Metals(3)(4)

Power

Adjustment

for Moa

Joint

Venture

Cash provided (used) by continuing operations for operating activities

$

93.1

$

(9.8

)

$

(23.9

)

$

(41.5

)

$

17.9

$

(43.8

)

$

(25.9

)

Less:

Property, plant and equipment expenditures

(34.0

)

(2.9

)

-

-

(36.9

)

30.3

(6.6

)

Intangible expenditures

-

-

(0.2

)

-

(0.2

)

-

(0.2

)

Free cash flow

$

59.1

$

(12.7

)

$

(24.1

)

$

(41.5

)

$

(19.2

)

$

(13.5

)

$

(32.7

)

(1)

Cash provided by continuing operations for operating activities for the Moa JV, Fort Site and Metals Marketing was $9.4 million, $11.3 million and $0.2 million, respectively, for the three months ended December 31, 2025 (December 31, 2024 - $19.9 million, $(12.1) million and $(1.9) million, respectively).

(2)

Property, plant and equipment expenditures and intangible expenditures for the Moa JV, Fort Site and Metals Marketing was $8.4 million, $5.3 million and nil, respectively, for the three months ended December 31, 2025 (December 31, 2024 - $4.3 million, $1.9 million and nil, respectively).

(3)

Cash provided by continuing operations for operating activities for the Moa JV, Fort Site and Metals Marketing was $6.6 million, $39.4 million and $7.6 million, respectively, for the year ended December 31, 2025 (December 31, 2024 - $55.7 million, $35.8 million and $1.6 million, respectively).

(4)

Property, plant and equipment expenditures and intangible expenditures for the Moa JV, Fort Site and Metals Marketing was $32.2 million, $14.3 million and nil, respectively, for the year ended December 31, 2025 (December 31, 2024 - $30.2 million, $3.8 million and nil, respectively).

The company said the agency wouldn't review its application on the grounds that the study testing the shot wasn't sufficient.

MONTREAL, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Stingray Group Inc. (“Stingray”), the world’s leading connected streaming media company, announced today that its subordinate voting shares and variable subordinate voting shares will trade under a single ticker on the Toronto Stock Exchange (“TSX”) effective as of February 13, 2026.

Stingray’s subordinate voting shares currently trade on the TSX under the symbol "RAY.A" and bear CUSIP number 86084H100. Stingray’s variable subordinate voting shares currently trade on the TSX under the symbol "RAY.B" and bear CUSIP number 86084H209. As of February 13, 2026, each of the subordinate voting shares and variable subordinate voting shares will trade on the TSX under a single ticker designated "RAY", will bear CUSIP number 86084H407 and will be designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Subordinate Voting and Variable Subordinate Voting Shares" of Stingray.

This change, which will allow the demand and liquidity for both classes of shares on the TSX to be consolidated under a single ticker, is designed to improve the liquidity for the variable subordinate voting shares which have historically had lower trading volumes.

The trading of Stingray subordinate voting shares and variable subordinate voting shares under a single ticker is limited solely to the administration of trading of the Stingray shares on the TSX. This change does not involve any amendment to Stingray’s articles of incorporation, by-laws or share capital structure, nor to the terms and conditions or the voting and ownership restrictions attaching to the subordinate voting shares and variable subordinate voting shares.

Pursuant to Stingray’s articles of incorporation, the subordinate voting shares may only be held and controlled by Canadians, and the variable subordinate voting shares may only be held and controlled by non-Canadians, and each class is automatically assigned based on the Canadian or non-Canadian status of their holder. If a non-Canadian acquires Stingray shares on the TSX, such holder will automatically be assigned variable subordinate voting shares. Similarly, if a Canadian acquires Stingray shares on the TSX, such holder will automatically be assigned subordinate voting shares.

The combination of trading under a single ticker on the TSX will not result in any changes to the voting procedures currently adopted by Stingray for purposes of shareholder meetings, and shareholders who wish to vote at meetings (either by proxy or by attending the meeting virtually or in person) will continue to be required to complete a Declaration of Canadian Status in order to enable Stingray to comply with the restrictions imposed by its articles and by-laws and the Broadcasting Act (Canada) on the ownership and voting of its voting securities.

In addition to declarations obtained for the purposes of voting at shareholder meetings, through periodic surveys of its beneficial shareholders conducted by its transfer agent and CDS Clearing and Depository Services Inc., Stingray will continue to regularly monitor the number of its shares beneficially held and controlled by Canadians which represent subordinate voting shares and the number of its shares beneficially held or controlled by non-Canadians which represent variable subordinate voting shares.

Additional information relating to the terms of the subordinate voting shares and variable subordinate voting shares is included in Stingray’s Annual Information Form, filed with the securities regulatory authorities in Canada, available at www.sedarplus.ca.

About Stingray 
Stingray Group Inc., the world’s leading connected streaming media company, delivers the best curated audio and video content to consumers worldwide. As a pioneer in multiplatform streaming and distribution, Stingray’s vast digital content portfolio includes thousands of live audio and radio stations, premium music channels, concerts and music documentaries, karaoke products, as well as ambience and wellness channels. Its offering is distributed via connected TVs, smart speakers, mobile, connected cars and retail. Reaching hundreds of millions of consumers every month, Stingray’s products offer an unparalleled advertising reach, enabling brands to connect with an engaged audience across the world. Home to globally renowned brands such as TuneIn, Singing Machine, Stingray Karaoke and Qello Concerts, Stingray is powered by a worldwide team of more than 1,000 employees. For more information, visit www.stingray.com.

Forward-Looking Information 
This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, Stingray’s expectations that the ticker consolidation will improve the liquidity of its variable subordinate voting shares. This information is based upon certain material factors or assumptions, including that the trading volumes and liquidity of Stingray’s shares under a single ticker will more closely reflect the current trading volumes and liquidity of Stingray’s subordinate voting shares, that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors – many of which are beyond Stingray’s control – affect the operations, performance and results of Stingray and its business, including the trading activity of its shares, and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "may", "will", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Additional information about the risks and uncertainties affecting Stingray’s business can be found under the heading entitled “Risk Factors” in Stingray's Annual Information Form for the year ended March 31, 2025, which is available on SEDAR+ at www.sedarplus.ca. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

For more information, please contact:

Mathieu Peloquin, CPA
Senior Vice-President, Marketing and Communications
Stingray Group Inc.
(514) 664-1244, ext. 2362
[email protected]