Market Signal Briefing

– Webcast to be held Wednesday, February 11, 2026, at 8:00 a.m. ET – February 10, 2026 18:00 ET  | Source: Upstream Bio

WALTHAM, Mass., Feb. 10, 2026 (GLOBE NEWSWIRE) -- Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders, today announced it will report top-line results from the Phase 2 VALIANT trial of verekitug, the only known antagonist currently in clinical development that targets and inhibits the thymic stromal lymphopoietin (TSLP) receptor, on Wednesday, February 11, 2026 at 8:00 a.m. ET.

The VALIANT trial (NCT06196879) is a Phase 2 global, randomized, double-blind, placebo-controlled, dose-ranging, parallel group clinical trial that evaluated the safety and efficacy of verekitug for up to 60 weeks, with a minimum of 24 weeks of treatment, in 478 patients with severe asthma. Participants were randomized into one of four groups, receiving either 100 mg of verekitug every 24 weeks, 400 mg of verekitug every 24 weeks, 100 mg of verekitug every 12 weeks, or placebo, administered subcutaneously.

Webcast Information
Upstream Bio’s webcast to discuss the top-line results from the Phase 2 VALIANT trial will begin Wednesday, February 11, 2026, at 8:00 a.m. ET. The live webcast can be accessed via this link or on the Events tab on the Investors section of the Company’s website at https://investors.upstreambio.com/news-events/events. A replay of the webcast will be available on the website following the call.

About Upstream Bio
Upstream Bio is a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. The Company is developing verekitug, the only known antagonist currently in clinical development that targets the receptor for thymic stromal lymphopoietin (TSLP), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. The Company has advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of chronic rhinosinusitis with nasal polyps (CRSwNP), severe asthma, and chronic obstructive pulmonary disease (COPD). Upstream Bio’s team is committed to maximizing verekitug’s unique attributes to address the substantial unmet needs for patients underserved by today’s standard of care. To learn more, please visit www.upstreambio.com.

Investor and Media Contact:
Meggan Buckwell
Director, Corporate Communications and Investor Relations
[email protected]

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SummaryGlencore is not only one of the giants in copper mining but is also #1 in other minerals and metals. It is also the #1 trading metals and resources firm in the world.GLNCY’s unique trading arm, recycling operations, and global logistics network drive resilience and profit from volatility in metals and energy markets.Despite its breadth, GLNCY’s share price appreciation lags that of peers, creating a misunderstood value opportunity relative to pure-play copper competitors.I see a bright future for GLNCY, underpinned by mining success, scale in recycling, and unmatched commodity-trading expertise.Looking for more investing ideas like this one? Get them exclusively at The Investor's Edge®. Learn More » Oil, Copper, and Zinc. Just 3 examples of Glencore's trading prowess.

Torsten Asmus/iStock via Getty Images

There is no “current” shortage of copper.

Yes, there is a hysteria that there will not be enough copper to physically connect what is

Analyst’s Disclosure: I/we have a beneficial long position in the shares of GLNCY 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.

I offer my analyses for your due diligence and welcome your comments or questions.

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.

The Food and Drug Administration refused to start a review of Moderna's application for its experimental flu shot, the company announced Tuesday, in another sign of the Trump administration's influence on tightening vaccine regulations in the U.S. 

Moderna said the move is inconsistent with previous feedback from the agency from before it submitted the application and started phase three trials on the shot, called mRNA-1010. The drugmaker said it has requested a meeting with the FDA to "understand the path forward." 

Moderna noted that the agency did not identify any specific safety or efficacy issues with the vaccine, but instead objected to the study design, despite previously approving it. The company added that the move won't impact its 2026 financial guidance.

Moderna's jab showed positive phase three data last year, meeting all of the trial goals. At the time, Moderna said the stand-alone flu shot was key to its efforts to advance a combination vaccine targeting both influenza and Covid-19.

The announcement follows sweeping changes to U.S. immunization policy over the past year under Health and Human Services Secretary Robert F. Kennedy Jr., a prominent vaccine skeptic. 

Moderna on Tuesday specifically pointed to the FDA's top vaccine regulator, Vinay Prasad, who returned to the agency in August after being ousted. Prasad, who heads the agency's Center for Biologics Evaluation and Research, or CBER, has been vocal about tightening regulations for vaccines and recently linked child deaths to Covid shots. 

In a letter signed by Prasad on Feb. 3, he said the sole reason why the FDA refused to review the application was because of how the clinical trial on the shot was designed.

The agency specifically took issue with Moderna's decision to compare its product to a standard, approved flu shot, arguing that it "does not reflect the best-available standard of care." As a result, the FDA said the study did not meet its definition of an "adequate and well-controlled" trial.

Moderna disputes that reasoning, noting that FDA rules and guidance do not actually require trials to use the most advanced or highest-dose vaccine as a comparator in clinical studies. 

"This decision by CBER, which did not identify any safety or efficacy concerns with our product, does not further our shared goal of enhancing America's leadership in developing innovative medicines," Moderna CEO Stéphane Bancel said in a release. "It should not be controversial to conduct a comprehensive review of a flu vaccine submission that uses an FDA-approved vaccine as a comparator in a study that was discussed and agreed on with CBER prior to starting."

Moderna said it expects the earliest approval for its flu shot to be in late 2026 or late 2027, pending regulatory reviews in the U.S., Europe, Canada and Australia.

The FDA said it does not comment on regulatory communications to individual sponsors.

Red Rock Resorts (RRR - Free Report) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.76 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +81.07%. A quarter ago, it was expected that this company would post earnings of $0.36 per share when it actually produced earnings of $0.68, delivering a surprise of +88.89%.

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

Red Rock Resorts, which belongs to the Zacks Gaming industry, posted revenues of $511.78 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.07%. This compares to year-ago revenues of $495.7 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.

Red Rock Resorts shares have added about 5.8% since the beginning of the year versus the S&P 500's gain of 1.7%.

What's Next for Red Rock Resorts?While Red Rock Resorts 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 Red Rock Resorts was mixed. 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 #3 (Hold) for the stock. So, the shares are expected to perform in line with 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 $0.53 on $510.47 million in revenues for the coming quarter and $1.93 on $2.04 billion 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, Gaming is currently in the bottom 29% 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.

One other stock from the same industry, Light & Wonder (LNWO - Free Report) , is yet to report results for the quarter ended December 2025. The results are expected to be released on February 24.

This instant-win lottery ticket maker is expected to post quarterly earnings of $1.67 per share in its upcoming report, which represents a year-over-year change of +17.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Light & Wonder's revenues are expected to be $915.39 million, up 14.9% from the year-ago quarter.

Vancouver, British Columbia--(Newsfile Corp. - February 10, 2026) - Aegis Critical Energy Defence Corp. (CSE: QESS) (OTCQB: QESSF) (FSE: JG6) ("Aegis" or the "Company") is excited to announce that Aegis and its partners, including Quantum eMotion, SEETEL New Energy, and Malahat Energy Systems, have formed working groups to drive integration with BESS, targeting a late Q2 rollout for our new collaborative product. Aegis provides a comprehensive corporate update highlighting major milestones in its strategic energy technology roadmap, ongoing business development activities, and relevant sector growth dynamics for investors and shareholders.

Battery Energy Storage System (BESS) Market & Industry Dynamics

Aegis continues to advance its core Battery Energy Storage Systems ("BESS") offerings into critical infrastructure, defence, industrial, and AI data centre markets at a time of robust sector growth. These macro trends underline growing demand for resilient grid support and mission-critical uptime solutions—a strategic area of focus for Aegis.

Long-Term 2 (LT2) Bid Participation - Ontario Capacity Stream

Aegis, through its subsidiary project company Cordelia BESS Inc., has posted a $500,000 bond and submitted a proposal in response to the Independent Electricity System Operator's ("IESO") Long-Term 2 ("LT2") Request for Proposals — Capacity Stream (C1), expected outcome of LT2 is Q2 2026. The bid contemplates development of a ~90 MWh grid-scale BESS project in Ontario adjacent to an existing substation, subject to the IESO's evaluation, regulatory approvals, and commercial conditions. The LT2 process is designed to secure dispatchable capacity amid forecasted demand growth associated with electrification and industrial activity.

Formation of Homeland Nuclear Energy Inc. - SMR & Micro-Reactor Focus

In a strategic extension of its product portfolio, Aegis announced the official formation of its new wholly-owned subsidiary, Homeland Nuclear Energy Inc., dedicated to the development, integration, and deployment of Small Modular Reactors (SMRs) and Micro Modular Reactors (MMRs) within hybrid energy systems. Homeland Nuclear will focus on:

Standardized nuclear-to-microgrid integration interfaces;

Carbon-free power solutions for remote communities, strategic ports, and defence installations;

Regulatory leadership and safety-oriented deployment pathways.

The launch aligns with emerging global and defence sector interest in scalable baseload nuclear systems that can meet energy security and decarbonization objectives—an area where projected SMR market capacity is forecast to grow materially over the next decade.

Aegis also executed a Memorandum of Understanding ("MOU") with Malahat Energy Systems Inc. and Ontario Tech University to advance research and development of hybrid nuclear energy architectures that integrate SMRs with BESS and intelligent controls. This collaboration positions Aegis at the nexus of next-generation dispatchable energy solutions for mission-critical and industrial use cases.

Partnerships & Confidential Framework Agreements - Key Highlights

Strategic Partnerships & Commercial Expansion

Aegis is expanding into high-growth critical infrastructure sectors through a strategic partnership with Pixii Americas Inc.Under the agreement, Aegis will supply next-generation battery solutions designed for telecom network resilience, uptime, and performance.Telecommunications Sector Engagement

Aegis is in active discussions with a top-three Canadian telecommunications operator.Discussions focus on deployment opportunities to strengthen network reliability across major markets.These engagements reflect strong market demand for integrated, resilient energy solutions that support uninterrupted service delivery.Joint Steering Committee to Accelerate Quantum-Secure Battery Integration for Critical Infrastructure

Following the previously announced collaboration between Aegis Critical Energy Defence Corp. and Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF):

Joint Development Steering Committee has completed its first working sessionTechnical architecture to integrate Quantum eMotion's hardware-based QRNG chips into Aegis' next-generation energy storage systems, including QRNG-secured firmware and encrypted BMS is underwayIP co-ownership and commercialization framework confirmed under Canadian jurisdictionPrototype systems targeted for Q1 2026 field trials with Canadian defence, telecom, and utility partnersOrganizational Development & Maritime Strategy

Aegis appointed a Chief Maritime Officer Raoul Jack PEng with 30 plus industry experience most recently Managing Partner of Vard Electro a key supplier to Canada Defence and Maritime industries.Role supports expansion into Maritime, Arctic, and mobile energy deployment strategies.Focus areas include integrating BESS and hybrid power systems across:Arctic & Defence Alignment

Appointment aligns with increased geopolitical focus on the Arctic, driven by:Climate changeShipping accessResource developmentNational security considerationsArctic and sub-Arctic regions require ruggedized, modular energy solutions due to:Extreme coldLimited grid accessLogistical constraintsHigh reliability requirementsAegis is aligning its capabilities with the needs of NATO-aligned governments, supporting energy resilience for:Ports and naval facilitiesRadar and communications installationsForward operating basesOther defence-critical nodesU.S. Market Expansion

Aegis initiated its first operational installation in the United States, marking a major milestone in North American growth.In February 2026, Aegis began installing the first unit of a multi-unit deployment program in the Carolinas and later in February scheduled for Indiana installations.Aegis's modular BESS solutions address challenges related to:Grid reliabilityPeak demand constraintsOperational uptime requirementsManagement views this as a foundational reference project for future U.S. opportunities inlife sciencesData centresAdvanced manufacturingCritical infrastructure sectorsInvestor & Shareholder Outlook

Aegis's strategy spans:BESS deploymentsNuclear-hybrid innovationsGlobal partnershipsdefence, data centres, industrial hubs, and remote infrastructure.Strategic Technology Partnerships

Aegis continues collaboration with:Ontario Tech UniversitySEETEL New EnergySuperQQuantum eMotion Corp.University of AlbertaSeaspanNorthwest MettechPixii Americas Inc.Joint development efforts target:Quantum-secured energy storageDefence-grade power systemsIntegration with SMRs and MMRsCyber-resilient, quantum-safe energy platformsSpin-Out of Hydrogen Storage Asset

Aegis entered into an Arrangement Agreement and Plan of Arrangement (Feb 3, 2026) with its wholly-owned subsidiary Greentech Hydrogen Innovations Corp.Patent-pending hydrogen storage and distribution system (Application No. 18/839,337) will be transferred to Spinco via the Arrangement.Spinco will become a reporting issuer in BC, Alberta, and Ontario upon completion.Board believes the Arrangement will:Streamline reorganization of the hydrogen assetAllow Aegis to focus on sales and strategic partnershipsSupport commercialization of quantum-secured energy storage and defence systemsHighlights:

On February 2, 2026, Aegis and Subco entered into a debt settlement agreement whereby Subco agreed to settle $83,314.39 of debt for the total consideration of 4,165,719 common shares of Subco ("Subco Shares") at a deemed price of $0.02 per Subco Share. As a result of the debt settlement, Subco has a total of 4,165,819 Subco Shares issued and outstanding, all of which are owned by Aegis.

Pursuant to the Arrangement, Aegis shall distribute 3,749,319 Subco Shares (the "Spin-Out Shares") to the shareholders of Aegis (the "Aegis Shareholders") on a pro rata basis in a manner whereby Spinco will issue 3,749,319 Spin-Out Shares to the Aegis Shareholders, subject to rounding down of the fractional shares and subject to the exercise of the rights of dissent such that the Aegis Shareholders (other than dissenting shareholders) will become holders of the Spin-Out Shares, with Aegis holding the balance of 416,500 Subco Shares.

Upon completion of the Arrangement, (i) the Asset held by Subco, which is the Company's pre-existing wholly-owned subsidiary, will become the Asset of Spinco, (ii) Spinco will become a reporting issuer in the Provinces of British Columbia, Alberta and Ontario, (iii) each Aegis Shareholder will continue to be a shareholder of the Company, (iv) all Aegis Shareholders will have become shareholders of Spinco, and (v) Aegis will retain its working capital for its assets, and subject to meeting the continuous listing requirements will remain listed on the Canadian Securities Exchange (the "CSE") and continue to trade under the trading symbol, QESS, as a technology company.

Required Approvals:

The Arrangement is subject to the approvals of the Supreme Court of British Columbia (the "Court"), the Aegis Shareholders at the annual general and special meeting to be scheduled for April 7, 2026 (the "Meeting"), and the CSE.

Details of the Arrangement will be provided in a management information circular that will be mailed to all Aegis Shareholders prior to the Meeting. At the Meeting, the Aegis Shareholders will be asked to vote on a special resolution approving the Arrangement, among other resolutions.

The Arrangement Agreement will be posted on the Company profiles on SEDAR+, the CSE and the OTCQB.

Share Distribution Record Date:

The Share Distribution Record Date will be determined by the board of directors of the Company and will be announced in advance by way of a news release following required approvals. No outstanding warrants or options of the Company will be exchanged for warrants or options of Spinco.

The Company will provide further updates to confirm the mailing of the Meeting materials and voting information.

About the Independent Electricity System Operator (IESO)

The Independent Electricity System Operator (IESO) is the Crown corporation responsible for operating and planning the electricity system and wholesale electricity market in the Province of Ontario. Established under the Electricity Act, 1998, the IESO manages Ontario's bulk electricity system and ensures the reliable supply of electricity across the province.

About Quantum eMotion

Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) (FSE: 34Q0) is a Canadian deep-tech company developing quantum-safe cybersecurity solutions based on its patented Quantum Random Number Generator (QRNG) and Entropy-as-a-Service platform, securing data and communications for the quantum era. For more information, visit https://www.quantumemotion.com/

About SEETEL New Energy

SEETEL New Energy Co. Ltd. (TW: 7740) is a Taiwan-based manufacturer and systems integrator specializing in high-performance lithium battery modules and energy-storage systems for global industrial and grid applications.

Learn more at www.homelandnuclearenergy.com

About Ontario Tech University

Ontario Tech University is a leading public research institution with strengths in nuclear engineering, energy systems, cyber security, and applied technology - home to Canada's only fully accredited undergraduate nuclear engineering program and the Centre for Small Modular Reactors. For more information visit https://ontariotechu.ca/

About Pixii Americas Inc.

Pixii Americas Inc leads the way in delivering innovative Battery Energy Storage Systems (BESS), empowering a secure and sustainable energy future. With our North America headquarters in Littleton, Colorado, we combine decades of expertise in power conversion, modular design, and advanced energy management to address the evolving demands of the energy storage sector. Pixii takes pride in adhering to the highest standards of quality and security. www.pixii.com

About Malahat Energy Systems Inc.

MES, an Indigenous-led enterprise affiliated with the Malahat Nation, will play a central role in system development, manufacturing, and Indigenous participation across defence and clean energy. For more information, visit https://malahatbattery.com.

About Aegis Critical Energy Defence Corp.

Aegis Critical Energy Defence Corp. (CSE: QESS) (OTCQB: QESSF) (FSE: JG6) develops and integrates advanced battery energy storage systems for defence, critical infrastructure, industrial, and AI data centre applications. Through strategic partnerships with Indigenous communities and global technology leaders, Aegis delivers rugged, intelligent, and secure energy systems designed for the next generation of mission-critical operations.

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Aegis Critical Energy Defence Corp.'s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities 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/283493

Source: Aegis Critical Energy Defence Corp.

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February 10, 2026 17:00 ET  | Source: Computer Modelling Group Ltd

CALGARY, Alberta, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX: CMG) is pleased to announce the appointment of Christopher Wright to its Board of Directors, effective today. Mr. Wright brings extensive experience in global investment, board governance, and growth strategy.

Mr. Wright served on the Board of Roper Technologies (NYSE: ROP, S&P 500, Sarasota FL), a market leading vertical software and technology business, for thirty-five years. During his tenure, Roper completed over 60 acquisitions, successfully growing its enterprise value to more than US$60 Billion in June 2025 when he stepped back from its Board.

“Christopher’s track record in overseeing the scaling of publicly listed and privately owned vertical software and other businesses, along with his experience in building stakeholder value in international markets, brings a perspective that will be invaluable as we continue to execute our strategy,” commented Pramod Jain, CEO. “His deep expertise in M&A and ability to unlock opportunity in a wide range of market environments will strengthen our strategic vision and execution. It is a privilege to welcome Christopher to the Board, and I look forward to working closely with him.”

Mr. Wright was a co-founding Board member and lead external investor in Idox plc, a UK (AIM market) B2B software company focused on the UK local government applications. Until 2019, he was Chairman of a UK based asset management company focused on small-cap listed software companies. He also served as Global Head of Private Equity and sat on the group management board of Dresdner Kleinwort, a leading Anglo-German investment bank.

He remains a director of Merifin Capital, a single-family office based in Europe investing in venture, private equity and related asset classes, and has served for over a decade on the Board at Sutton Trust, a UK charitable organization.

He brings extensive experience chairing and/or serving on boards and audit, compensation, and executive committees.

Mr. Wright is graduate of Oxford University and an Hon. Fellow of Corpus Christi College, Oxford.

About CMG

CMG (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. CMG is headquartered in Calgary, AB, with offices in Houston, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, Kuala Lumpur, Oslo, Stavanger, and Kaiserslautern. For more information, please visit www.cmgl.ca.

Contact Data For investor inquiries, please contact: Kim MacEachern Director, Investor Relations For media inquiries, please contact:

TORONTO, Feb. 10, 2026 (GLOBE NEWSWIRE) -- DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or the “Company”) announced its operating and financial results for the fourth quarter and full year ended December 31, 2025.

Highlights

(Unless otherwise stated, all monetary figures in this news release are expressed in U.S. dollars, and all operational and financial information contained in this news release is related to continuing operations.)

Record free cash flow generation: Generated $505 million of free cash flow1 and $492 million of cash provided from operating activities of continuing operations.Record adjusted net earnings per share: Reported adjusted net earnings1 of $443 million ($2.39 per share1) and net earnings from continuing operations of $369 million ($1.99 per share).11-year track record of operational delivery: DPM achieved its gold production guidance, producing 244,979 ounces of gold and 30.0 million pounds of copper.Vareš ramp-up to full production on-track: On track to achieve 850,000 tonnes per year by year-end, with an improved 2026 production forecast of 30,000 to 35,000 ounces of gold and 3.5 to 4.1 million ounces of silver.Advancing Čoka Rakita: Approval to initiate the Special Purpose Spatial Plan, a key milestone, received in November 2025. Mine construction is expected to commence in early 2027.Rakita camp district scale potential: Announced initial Inferred Mineral Resource Estimate for the Rakita camp of 84.4 million tonnes at a grade of 0.97 g/t Au for 2.6 million ounces of gold and at a grade of 1.02% Cu for 1.9 billion pounds of contained copper, with significant potential for continued growth as all three deposits remain open in multiple directions.2Chelopech mine life extended to 2036: Updated Mineral Reserve and Mineral Resource estimate and life of mine plan for Chelopech extends mine life to 2036 and sustains production at an annual average of approximately 160,000 GEO.3Adding value through exploration: Discovered high-grade Wedge Zone Deep prospect, located on the Chelopech mine concession, close to existing mine infrastructure and Mineral Reserves.Growing high-margin production: Average annual production of 350,000 gold equivalent ounces4 ("GEO") over the next three years, with an all-in sustaining cost of $1,450 per GEO sold1.Substantial liquidity for growth: Ended the quarter with a total of $497.8 million in cash and cash equivalents. New revolving $400 million credit facility with accordion feature to $550 million.Continued capital discipline: Returned $145.5 million, representing 29% of free cash flow, to shareholders during 2025 through dividends paid and shares repurchased. Board of Directors has authorized the repurchase of up to $200 million of shares within 2026.Track record of responsible mining: DPM scored in the top decile among metals and mining companies in the S&P Global Corporate Sustainability Assessment for the fifth consecutive year.
_______________________________
1 Free cash flow, adjusted net earnings, adjusted basic earnings per share, all-in sustaining cost per ounce of gold sold and all-in sustaining cost per GEO sold are non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures.
2 Refer to the "Technical Report - Mineral Resource Estimate for Dumitru Potok, Frasen and Rakita North Prospects, Eastern Serbia," dated January 16, 2026, available on the Company's website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.
3 Refer to the news release "DPM Extends Chelopech Mine Life to Ten Years; Provides Updated Mineral Reserve and Resource Estimate and Life of Mine Plan" dated February 5, 2026, available on the Company's website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.
4 The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metal produced or sold, as applicable, by the respective assumed metal prices, and dividing the resulting figure by assumed gold price.

CEO Commentary

David Rae, President and Chief Executive Officer, made the following comments in relation to the fourth quarter and year-end 2025 results:

“We once again generated record financial results in 2025, including $505 million of free cash flow, demonstrating the quality of our low-cost, high-margin mining operations. Our exceptional 11-year track record of delivery has created long-term shareholder value and underpins our ability to realize Vareš' full potential and grow the business with Čoka Rakita, which is on track for first concentrate production in the first half of 2029.

“Together with the Čoka Rakita project, the initial Inferred Mineral Resource Estimates for Dumitru Potok, Frasen and Rakita North prospects completed in December highlight the Rakita camp's potential as a Tier One gold asset for DPM, offering a rare combination of scale, grade and longevity. Further upside potential remains as we test the continuation of the system with step-out drilling on the adjacent licence.

“DPM continues to be in a very strong position to carry out our strategy of becoming a mid-tier gold producer. This is driven by the quality of our team, our high-margin production base generating significant free cash flow, and our financial strength to internally fund growth and exploration activities while continuing to return capital to shareholders.”

Use of non-GAAP Financial Measures

Certain financial measures referred to in this news release are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by DPM are based on management’s reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

The Company uses the following non-GAAP financial measures and ratios in this news release:

mine cash costcash cost per tonne of ore processedmine cash cost of salescash cost per ounce of gold soldall-in sustaining costall-in sustaining cost per GEO soldall-in sustaining cost per ounce of gold soldadjusted earnings (loss) before interest, taxes, depreciation and amortization (“adjusted EBITDA”)adjusted net earnings (loss)adjusted basic earnings (loss) per sharecash provided from operating activities, before changes in working capitalfree cash flowaverage realized metal prices
For a detailed description of each of the non-GAAP financial measures and ratios used in this news release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release.

Key Operating and Financial Highlights from Continuing Operations

$ millions, except where noted Fourth Quarter Full YearEnded December 31, 20252024Change 20252024ChangeOperating Highlights(1)        Ore processedt786,091748,1965% 2,978,1372,916,0272%Metals contained in concentrates produced:        Gold        Chelopechoz45,71441,9019% 174,434167,0294%Ada Tepeoz24,55228,918(15%) 70,54594,306(25%)Total gold in concentrates producedoz70,26670,819(1%) 244,979261,335(6%)CopperKlbs9,8797,78127% 29,99529,6711%Payable metals in concentrates sold:        Gold        Chelopechoz40,14236,8629% 150,524142,0046%Ada Tepeoz23,31928,003(17%) 68,51592,124(26%)Total payable gold in concentrates soldoz63,46164,865(2%) 219,039234,128(6%)CopperKlbs7,6476,65215% 24,83425,062(1%)Cost of sales per ounce of gold sold(2):        Chelopech$/oz1,1721,02714% 1,1291,0706%Ada Tepe$/oz1,6381,00263% 1,7811,18151%Consolidated$/oz1,3431,01632% 1,3331,11320%All-in sustaining cost per ounce of gold sold(3):        Chelopech$/oz453799(43%) 616695(11%)Ada Tepe$/oz98969443% 1,10174548%Consolidated$/oz1,08290420% 1,12187229%Capital expenditures incurred(4):        Sustaining(5) 10.79.89% 32.834.2(4%)Growth and other(6) 17.92.1762% 55.517.2223%Total capital expenditures 28.611.9140% 88.351.472%Financial Highlights(1)        Average realized prices(3):        Gold$/oz4,3232,66362% 3,6322,43449%Copper$/lb5.153.9132% 4.644.1612%Revenue 352.5179.197% 950.5607.057%Cost of sales 101.065.953% 344.6260.732%Earnings before income taxes 183.194.394% 422.0276.153%Adjusted EBITDA(3) 230.0110.8108% 585.6326.979%Net earnings 157.386.781% 369.2243.252%Basic earnings per share$/sh0.710.4945% 1.991.3547%Adjusted net earnings(3) 170.482.6106% 443.2232.291%Adjusted basic earnings per share(3)$/sh0.770.4667% 2.391.2985%Cash provided from operating activities(7) 152.582.784% 491.6296.866%Free cash flow(3) 182.891.799% 504.9305.166% (1) Operating highlights for the fourth quarter and full year of 2025 did not include the operating results of Vareš. For a more detailed discussion on the operating results of Vareš, refer to the “Review of Operating Results by Segment – Review of Vareš Results” section of the Management’s Discussion and Analysis (“MD&A”). In the meantime, financial highlights for the year of 2025 included the pre-commercial production financial results of Vareš during the period from September 3 to December 31, 2025, in compliance with IFRS, with the exception of average realized metal price, which is a non-GAAP measure and its exclusion of Vareš was consistent with the operating highlights above.
(2) Cost of sales per ounce of gold sold represents total cost of sales for Chelopech and Ada Tepe, divided by total payable gold in concentrates sold.
(3) All-in sustaining cost per ounce of gold sold, average realized metal prices, adjusted EBITDA, adjusted net earnings, adjusted basic earnings per share, and free cash flow are non-GAAP financial measures or ratios. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures.
(4) Capital expenditures incurred are reported on an accrual basis and do not represent the cash outlays for capital expenditures.
(5) Sustaining capital expenditures are generally defined as expenditures that support the ongoing operation of the asset or business without any associated increase in capacity, life of assets or future earnings. This measure is used by management and investors to assess the extent of non-discretionary capital spending being incurred by the Company each period.
(6) Growth capital expenditures are generally defined as capital expenditures that expand existing capacity, increase life of assets and/or increase future earnings. This measure is used by management and investors to assess the extent of discretionary capital spending being undertaken by the Company each period.
(7) Excludes cash used in operating activities of discontinued operations of $7.4 million (2024 – $61.0 million) and cash provided from operating activities of discontinued operations of $160.5 million (2024 – cash used in operating activities of discontinued operations of $152.1 million), respectively, during the fourth quarter and full year of 2025.

Performance Highlights

A table comparing production, sales and cash cost measures by asset for the fourth quarter and full year ended December 31, 2025 against 2025 guidance is located on page 17 of this news release.

In the fourth quarter and full year of 2025, the Company’s Chelopech and Ada Tepe operations delivered gold production in line with expectations, and both mines achieved production guidance for the year 2025.

Highlights include the following:

Chelopech, Bulgaria: Gold contained in concentrates produced in the fourth quarter and full year of 2025 was higher than 2024 due primarily to higher gold grades, in line with the mine plan.

Copper production in the fourth quarter of 2025 was higher than 2024 due primarily to higher copper grades. Copper production in 2025 was comparable to 2024.

Payable gold in concentrates sold in the fourth quarter and full year of 2025 was higher than 2024 due primarily to higher gold production, with favourable payable gold terms for the full year.

Payable copper in concentrate sold in the fourth quarter of 2025 was 15% higher than 2024 due primarily to higher copper production. Payable copper in concentrate sold in 2025 was comparable to 2024.

All-in sustaining cost per ounce of gold sold in the fourth quarter and full year of 2025 was lower than 2024 due primarily to higher by-product credits reflecting higher realized prices and volumes of copper sold, and higher volumes of gold sold, partially offset by a stronger Euro relative to the U.S. dollar, higher labour costs, higher royalties, and lower cash outlays for sustaining capital expenditures.

Ada Tepe, Bulgaria: Gold contained in concentrate produced in the fourth quarter and full year of 2025 was lower than 2024 due primarily to mining in lower grade zones, in line with the mine plan.

Payable gold in concentrate sold in the fourth quarter and full year of 2025 was consistent with the gold production compared to 2024.

All-in sustaining cost per ounce of gold sold in the fourth quarter and full year of 2025 was higher than 2024 due primarily to lower volumes of gold sold and a stronger Euro relative to the U.S. dollar, and higher rehabilitation related depreciation expenses as a result of an updated closure plan for Ada Tepe, as well as lower cash outlays for sustaining capital expenditures in the fourth quarter of the year.

Consolidated Operating Highlights

Operating highlights discussed below exclude the operating results of Vareš, except for cost of sales.

Production: Gold contained in concentrates produced in the fourth quarter of 2025 was comparable to 2024, due primarily to higher gold grades at Chelopech offset by mining in lower grade zones at Ada Tepe. Gold contained in concentrates produced in 2025 was 6% lower than 2024, due primarily to lower gold grades and recoveries at Ada Tepe.

Copper production in the fourth quarter of 2025 was 27% higher than 2024 due primarily to higher copper grades. Copper production in 2025 was comparable to 2024.

Deliveries: Payable gold in concentrates sold in the fourth quarter and full year of 2025 was 2% lower than and 6% lower than 2024, respectively, primarily reflecting gold production.

Payable copper in concentrate sold in the fourth quarter of 2025 was 15% higher than 2024 due primarily to higher copper production. Payable copper in concentrate sold in 2025 was comparable to 2024.

Cost measures: Cost of sales in the fourth quarter and full year of 2025 was 53% and 32% higher than 2024, respectively, due primarily to Vareš operating costs and a non-cash fair value adjustment on inventories recognized in cost of sales at Vareš following the acquisition of Adriatic, higher depreciation expense, higher labour cost, a stronger Euro relative to the U.S. dollar and higher royalties reflecting higher metal prices.

All-in sustaining cost per ounce of gold sold in the fourth quarter of 2025 was 20% higher than 2024 due primarily to higher mark-to-market adjustments to share-based compensation expenses reflecting DPM’s strong share price performance, and a stronger Euro relative to the U.S. dollar, partially offset by higher by-product credits reflecting higher realized prices and volumes for copper sold. All-in sustaining cost per ounce of gold sold in 2025 was 29% higher than 2024 due primarily to higher mark-to-market adjustments to share-based compensation expenses, lower volumes of gold sold and a stronger Euro relative to the U.S. dollar, partially offset by higher by-product credits reflecting higher realized prices for copper and silver sold.

Mark-to-market adjustments to share-based compensation expenses resulted in an increase of $344 and $242 per ounce of gold sold, respectively, in the fourth quarter and full year of 2025, compared to a decrease of $7 and an increase of $28 per ounce of gold sold in the corresponding periods in 2024.

Capital expenditures: Sustaining capital expenditures incurred in the fourth quarter of 2025 were 9% higher than 2024, due primarily to timing of expenditures at Chelopech, partially offset by lower deferred stripping costs as a result of lower stripping ratios at Ada Tepe. Sustaining capital expenditures incurred in 2025 were 4% lower than 2024 due primarily to changes in deferred stripping costs as a result of changes in the stripping ratios at Ada Tepe, in line with the mine plan.

Growth and other capital expenditures incurred in the fourth quarter and full year of 2025 were $15.8 million and $38.3 million higher than 2024, respectively, due primarily to costs related to the Čoka Rakita project being capitalized from 2025 as a result of the project’s advancement to the feasibility study (“FS”) stage.

Consolidated Financial Highlights

DPM achieved record financial results for 2025 in revenue, earnings and free cash flow, reflecting high realized metal prices, combined with the Company’s stable operating performance for the year. Financial results in 2025 also reflected the inclusion of Vareš for the period of September 3 to December 31, 2025.

Revenue: Revenue in the fourth quarter and full year of 2025 was 97% and 57% higher than 2024, respectively, due primarily to higher realized metal prices, partially offset by lower volumes of gold sold at Ada Tepe. Revenue in the fourth quarter and full year of 2025 also benefited from the post-acquisition revenue from Vareš.

Net earnings: Net earnings from continuing operations in the fourth quarter of 2025 were 81% higher than 2024, due primarily to higher revenue, partially offset by higher cost of sales, higher mark-to-market adjustments to share-based compensation expenses and a fair value loss on copper stream liability of $8.5 million. Net earnings from continuing operations in 2025 were 52% higher than 2024, due primarily to the same factors affecting the quarter, partially offset by the 2025 Bulgarian levy of $24.4 million Adriatic acquisition related costs of $15.4 million and a fair value loss on copper stream liability of $9.2 million.

Adjusted net earnings: Adjusted net earnings from continuing operations in the fourth quarter and full year of 2025 were 106% and 91% higher than 2024, respectively, due primarily to the same factors affecting net earnings from continuing operations, with the exception of adjusting items primarily related to the 2025 Bulgarian levy, Adriatic acquisition related costs, the non-cash fair value adjustment on inventories at Vareš, and the fair value loss on copper stream liability, as well as a net termination fee received from Osino Resources Corp. (“Osino”) in 2024.

Cash provided from operating activities: Cash provided from operating activities of continuing operations in the fourth quarter and full year of 2025 was 84% and 66% higher than 2024, respectively, due primarily to higher earnings generated in the periods and the timing of deliveries and subsequent receipt of cash, partially offset by the timing of payments to suppliers, the payments of the 2025 Bulgarian levy and higher income taxes paid.

Free cash flow: Free cash flow from continuing operations in the fourth quarter and full year of 2025 was 99% and 66% higher than 2024, respectively, due primarily to higher adjusted net earnings generated in the periods, partially offset by the payments of the 2025 Bulgarian levy. Free cash flow is calculated before changes in working capital.

Vareš Update

On September 3, 2025, DPM completed the acquisition of Adriatic, integrating the Vareš operation into its portfolio. Integration activities have progressed well, and DPM continues to advance its priorities for Vareš with a focus on ramping up to full production by year-end 2026. Development rates have continued to progress in-line with plan, and mine production recommenced in January 2026. Construction of the paste backfill plant is well-advanced, and expected to be commissioned in the third quarter.

Vareš production in 2026 is now expected to be better as compared to the estimates in the technical report entitled "Amended and Rested NI 43-101 Technical Report on the Vareš Operation, Bosnia and Herzegovina" dated June 9, 2025, with increased ore processed and higher gold and silver grades. This technical report has been posted on the Company’s website at www.dpmmetals.com and filed on SEDAR+ at www.sedarplus.ca. See the section of the news release entitled "2026 Guidance and Three-Year Outlook" for further details.

Development Projects Update

Čoka Rakita, Serbia

During the fourth quarter, DPM completed the FS for the Čoka Rakita project as planned. The FS confirmed robust economics for a high-margin underground gold mining operation with first quartile life of mine all-in sustaining costs of $644 per ounce of gold sold, and an attractive internal rate of return of 68% and net present value of $2.2 billion, using a $3,500 per ounce gold price assumption. Based on the positive results, DPM is proceeding to execution readiness and construction permitting, with first concentrate production anticipated in the first half of 2029.

Activities during 2025 focused on completing various technical studies and the FS, while advancing the design to a basic engineering level. Project execution readiness as well as operational readiness planning continued, leveraging the project’s proximity to DPM’s Chelopech underground mine and Ada Tepe processing facilities to support training and development of key personnel for future operating roles.

In November 2025, a key permitting milestone was achieved with the approval to initiate the Special Purpose Spatial Plan process. Permitting activities continue, with a detailed permitting timeline focused on supporting commencement of construction in early 2027. Most baseline studies required for the Environmental and Social Impact Assessment have been completed. The approval and adoption of the SPSP is expected in the second half of 2026, following which DPM anticipates submitting the exploitation field application in accordance with the Serbian permitting process. The Company continues to proactively engage with relevant authorities and stakeholders to support timely advancement of remaining permits and approvals.

Consistent with its approach across all operations, DPM seeks to build and maintain strong partnerships with local communities and governments. The Company has had a local presence in Serbia since 2004 and has developed strong relationships in the region. Proactive stakeholder engagement continued throughout 2025 and remains a core component of the Company’s approach as the project advances.

Planning for the Čoka Rakita project continues to emphasize responsible environmental management, social development, and the design, operation, and closure of the mine in accordance with industry best practices and applicable Serbian and European Union standards.

In 2025, the Company incurred $38.4 million of growth capital expenditures for the Čoka Rakita project. For 2026, the Company has planned $49 million to $53 million of growth capital expenditures primarily related to pre-construction activities, including detailed engineering, environmental and permitting activities, early works, and operational readiness planning. Subject to permitting progress and schedule acceleration, approximately $42 million of pre-committed initial capital for the project was also included in the 2026 detailed guidance related to early contractor engagement and procurement activities in advance of a formal construction decision, which is expected in early 2027.

See the “NI 43-101 Technical Report Čoka Rakita Project Feasibility Study, Eastern Serbia” dated January 9, 2026, for additional information, which has been posted on the Company’s website at www.dpmmetals.com and filed on SEDAR+ at www.sedarplus.ca.

Exploration

Rakita Camp, Serbia

During the fourth quarter, DPM published an Inferred Mineral Resource Estimate for the Dumitru Potok, Frasen and Rakita North prospects. The prospects are located on the Čoka Rakita and the Potaj Čuka exploration license, and are within one kilometre of the Čoka Rakita project. The total Inferred Mineral Resource Estimate, effective as of October 23, 2025, comprises 2.6 million ounces of gold and 1.9 billion pounds of copper contained within 84.4 million tonnes grading 0.97 g/t gold and 1.02% copper, and assumes an underground mining scenario. The Inferred Mineral Resource Estimate demonstrates the Rakita camp’s potential as a district-scale gold-copper system. Each of Dumitru Potok, Rakita North and Frasen remain opens in multiple directions and sits alongside several high-potential targets along a six-kilometre trend.

When viewed separately, the Dumitru Potok Mineral Resource represents a significant higher-grade core totalling 64.1 Mt grading 1.07 g/t gold for 2.2 million ounces of contained gold and 1.08% copper for 1.5 billion pounds of contained copper. The Rakita North Inferred Mineral Resource totals 17.9 million tonnes grading 0.56 g/t gold for 0.3 million ounces of contained gold and 0.84% copper for 0.3 billion pounds of contained copper. The Frasen Inferred Mineral Resource totals 2.4 million tonnes grading 1.21 g/t gold for 95 thousand ounces of contained gold and 0.70% copper for 37 million pounds of contained copper.

Drilling is currently paused on the Čoka Rakita licence pending the normal course renewal of permits and is anticipated to recommence in the second quarter of 2026. Field work focused on the Potaj Čuka and Pešter Jug exploration licences, including scout drilling campaigns at the Valja Saka prospect and other Potaj Čuka targets, with 13,674 metres of drilling completed during the fourth quarter of 2025 and 60,528 metres year-to-date.

On the Potaj Čuka licence, the main focus was the Valja Saka prospect, which has been prioritized for further exploration. During the fourth quarter, the drilling campaign continued with six drill rigs to test higher-grade mineralization. Drilling also encountered different mineralization styles and confirmed the interpreted structural architecture. At other Potaj Čuka targets, individual gold grades were intersected along with alteration styles that represent an excellent vector toward potentially mineralized zones, which will support the design of a follow-up program.

In 2025, the Company incurred $36.1 million for Rakita camp exploration activities. In 2026, the Company has planned a total of $25 million to $30 million, primarily focused on Čoka Rakita and Potaj Čuka licences.

Chelopech, Bulgaria

DPM remains committed to extending the life of the Chelopech mine through its focused in-mine exploration program targeting resource development. During 2025, the Company completed 44,464 metres of drilling with 14,798 meters dedicated to extensional drilling. The program aimed to expand the existing mineralization, improve ore boundary definition, and increase confidence in the Mineral Resource Estimate.

In November 2025, DPM announced the discovery of new high-grade mineralization at the WZD target, which is located within the northern flank of the Chelopech mine concession and approximately 300 metres below existing Mineral Reserves and current mine infrastructure. This significant discovery, which was made in a relatively underexplored and deep area of the mine concession demonstrates that the level of the WZD target is highly prospective, and that the hydrothermal system has potential for additional discoveries at this depth. Given the significance of the WZD target, DPM has planned an additional 10,000 metres of drilling, which is expected to be completed within the first quarter of 2026. DPM intends to provide an update on results from drilling in the second quarter of 2026.

Brownfield exploration continued within the Chelopech mine concession and Brevene exploration licence during the fourth quarter of 2025 with a total of 12,587 metres of exploration and target delineation drilling across eight active diamond drill rigs. The Company continues to advance the process of converting the Brevene exploration licence to a Commercial Discovery, the next phase of work towards converting the licence to a mining concession under the Bulgarian permitting process. Surface drilling continues sequentially, following receipt of drilling permits, with six drill rigs focused on assessing the mineral resource potential in the Vozdol area and prioritized targets within the exploration licence.

In 2025, the Company incurred $10.8 million for Chelopech brownfield exploration activities. In 2026, the Company has planned a total of $16 million to $17 million for Chelopech brownfield exploration activities, primarily focused on testing near-mine targets on the Chelopech mine concession.

For more information regarding the Wedge Zone Deep prospect, see the Company news release dated November 19, 2025, entitled "DPM Metals Announces Discovery of New High-Grade Mineralization at the Chelopech Mine; Results Include 68.3 metres at 7.42 g/t AuEq," available on DPM's website at www.dpmmetals.com and SEDAR+ at www.sedarplus.ca.

Vareš, Bosnia and Herzegovina

During the fourth quarter of 2025, exploration activities at Vareš focused on the Seliste and Brezik West prospects, which are located on the Veovaca-Orti-Seliste-Mekuse and Droskovac-Brezik exploration licences, respectively, approximately 10 kilometres to the southeast of the Rupice mine and along the same geological trend. Work undertaken included drilling, mapping, soil/rock sampling and three-dimensional modelling. A total of 968 metres were drilled with two diamond rigs. Nine scout holes from Seliste returned positive results, supporting planned infill and extensional drilling in 2026.

In 2025, the Company incurred $2.2 million for Vareš exploration activities. In 2026, the Company has planned a total of $10 million to $11 million in expenditures for Vareš brownfield exploration, and $1 million to $2 million for Bosnia greenfield exploration. This will include testing the extension of mineralization to the east and at depth, as well as scout drilling of newly outlined geophysical targets along the same mineralization trend and to the south of the known orebody.

Senior Management Team Update

DPM today announced the appointment of João Zanon as Senior Vice President, Capital Projects and Evaluations, effective March 2, 2026. In this newly created executive leadership position, Mr. Zanon will lead the strategic direction and execution of capital projects from pre-feasibility, construction and handover to operations, optimizing asset value and ensuring alignment with the Company's strategy. He will also oversee technical evaluations for potential acquisitions, supporting the corporate development team.

Mr. Zanon brings over twenty years of global experience in delivering complex capital projects safely, leading projects from their conceptual design through to operations. Most recently, he was Director, Project Management for Maaden, responsible for leading $2 billion in project development activities annually. He has also held Vice President project development roles with Ero Copper Corp. and Vale S.A.

Kelly Stark-Anderson, Executive Vice-President, Corporate Affairs, General Counsel and Corporate Secretary, has provided her resignation from DPM effective May 31, 2026. Ms. Stark-Anderson has been a critical part of the Company's leadership team, first joining DPM in 2017 to head up the Legal and Compliance department, growing her responsibilities to include Human Resources and Business Optimization, and, for a period of time, Sustainability. One of the areas of significant impact includes her leadership of the refresh of our corporate purpose and values in 2020, which continues to act as the foundation of DPM’s culture and strategic direction. Ms. Stark-Anderson also played a significant role in shaping the Company’s successful growth, including the recent acquisition of Adriatic, and she has developed a strong team which will help to ensure a seamless transition. A search process has been initiated for a suitable replacement.

Dr. Nikolay Hristov, Senior Vice President, Sustainable Business Development, will be departing the company at the end of April 2026. Dr. Hristov began working with DPM at the Chelopech mine in 2004, becoming Vice President and General Manager in 2011, and led the capital project to expand the mine. He relocated to Toronto in 2015 to lead the Sustainability function, where he has been a passionate advocate for DPM’s leadership position as a responsible mining company, driving the incorporation of sustainability across all levels of the organization, strategy and operating model. Dr. Hristov consistently provided support to operations and projects navigating complex social and political environments, and helped to establish and support the Loma Larga project team. He will continue to support a smooth transition over the coming months.

Balance Sheet Strength and Financial Flexibility

The Company continues to maintain a strong cash and liquidity position and is well-positioned to fund growth, ending the year with a cash position of $497.8 million, no debt and an undrawn $400.0 million new committed revolving credit facility (the "New RCF”).

Cash and cash equivalents decreased by $137.0 million in 2025 due primarily to cash consideration paid for the acquisition of Adriatic, the repayment of Adriatic debt immediately after the closing of the acquisition, payments for shares repurchased under the Normal Course Issuer Bid (“NCIB”), cash outlays for capital expenditures, dividends paid and income taxes paid, partially offset by earnings generated in the period, a net cash inflow of $160.5 million related to the DPM Tolling Agreement, and cash interest received.

In February 2026, DPM replaced its current RCF with the New RCF with a consortium of five banks that matures in February 2030. Overall, this facility contains more favourable terms and conditions than the current RCF, providing added flexibility, a four-year extended term, and lower pricing. Initially, DPM is permitted to borrow up to an aggregate principal amount of $400.0 million, which can be increased pursuant to an accordion feature that permits, subject to certain conditions, the facility to be increased to $550.0 million.

Return of Capital to Shareholders

In line with its disciplined capital allocation framework, DPM continues to return excess capital to shareholders, which currently includes a sustainable quarterly dividend and periodic share repurchases under the NCIB.

During 2025, the Company returned a total of $145.5 million to shareholders through the repurchase of approximately 10.0 million shares, for a total cash payment of $116.1 million, and $29.4 million of dividends paid.

The Company’s Board of Directors has approved the renewal of the NCIB (the “New Bid”) and the Company expects to seek approval from the TSX for the New Bid in due course during the first quarter of 2026. If accepted, the New Bid will be made in accordance with the applicable rules and policies of the TSX and applicable Canadian securities laws. The Company expects to be able to purchase up to 5% of its issued and outstanding common shares over a period of twelve months under the New Bid.

The Company’s Board of Directors has authorized management to repurchase up to $200 million of the Company’s shares under the New Bid.

The actual timing and number of common shares that may be purchased under the NCIB will be undertaken in accordance with DPM’s capital allocation framework, having regard for such things as DPM’s financial position, business outlook and ongoing capital requirements, as well as its share price relative to market peers and intrinsic value and overall market conditions.

On February 10, 2026, the Company declared a dividend of $0.04 per common share payable on April 15, 2026 to shareholders of record on March 31, 2026.

Three-Year Outlook (2026 to 2028)

The following sections of this news release, under the headings “Detailed 2026 Guidance” and “Three-Year Outlook (2026 to 2028)”, represent forward-looking information and readers are cautioned that actual results may vary materially from the Company’s expectations. Refer to the “Cautionary Note Regarding Forward Looking Statements” located on page 18 of this news release and the “Risks and Uncertainties” section of the MD&A issued on February 10, 2026, available on the Company’s website (www.dpmmetals.com) and filed on SEDAR+ (www.sedarplus.ca).

The Company’s three-year outlook and 2026 detailed guidance include operating and financial results of Vareš. The Company continues to fund its high-quality organic growth pipeline and exploration activities, and accelerate precious metals production from the Vareš mine as it ramps up to full production in the fourth quarter of 2026. As reflected in the outlook, DPM continues to maintain low-cost, high-margin mining operations, in line with its proven track record of delivering long-term shareholder value.

Starting in 2026, the Company will report and provide guidance and outlook on metals production and all-in sustaining cost on a gold equivalent ounce (“GEO”) basis, reflecting the addition of the polymetallic Vareš mine. Highlights of the three-year outlook include:

Metals production: Metals production is expected to average approximately 350,000 GEO annually over the next three years. The growth in production is driven primarily by the contribution from Vareš and stable production at Chelopech, partially offset by lower production at Ada Tepe as it reaches the end of its mine life by mid-2026.Maintains low-cost position: Consolidated all-in sustaining cost over the next three years is expected to average approximately $1,450 per GEO sold. This outlook reflects variations in metals production and sales year over year, as well as the impact of higher local currency operating costs, combined with a stronger Euro relative to the U.S. dollar as compared to 2025.Exploration expenses: Exploration activities remain a strategic focus for the Company. Reflecting the success of its exploration programs at increasing shareholder value, DPM is increasing its investment in exploration in 2026 by approximately $10 million as compared to 2025. In 2026, exploration expenses will continue to support drilling at prospective targets around the Čoka Rakita project and surrounding licences, extending the mine life at Chelopech, advancing the geological understanding at Vareš, together with disciplined exploration spending related to other targets and new opportunities in Serbia, Bulgaria and Bosnia and Herzegovina. The Company has allocated approximately $30 million to $40 million for 2027 and 2028, consistent with previous three-year outlook, with potential for further investment in exploration based on ongoing success and the prospectivity of the Company’s exploration prospects.Sustaining capital expenditures: Chelopech is expected to maintain stable sustaining capital expenditures over the next three years. Vareš is expected to incur approximately $10 million to $20 million sustaining capital each year primarily related to the underground capital development. No sustaining capital expenditures are expected at Ada Tepe as the mine reaches the end of its life by mid-2026.Growth capital expenditures: The three-year outlook for growth capital expenditures primarily relates to the initial capital for the Čoka Rakita project, which is expected to commence construction in early 2027 and achieve first production of concentrate in the first half of 2029. In 2026, growth capital for Čoka Rakita project also includes pre-construction activities, such as detailed engineering, environmental and permitting, early works and operational readiness. Growth capital expenditures in 2026 also include expenditures at Vareš to support the development and ramp-up to commercial production, as well as limited expenditures related to the Loma Larga project, comprising primarily of running costs. DPM is planning to minimize spending at the Loma Larga project pending resolution of the revocation of the environmental licence.
The Company’s three-year outlook is set out in the following table:

$ millions, unless otherwise indicated 2025
Results, excluding Vareš(1)2026
Guidance(2)2027
Outlook(2)2028
Outlook(2)Gold contained in concentrates produced(3)Koz245195 - 225200 - 220155 - 175ChelopechKoz174150 - 170160 - 175125 - 140Ada TepeKoz7115 - 20  VarešKoz 30 - 3540 - 4530 - 35Silver contained in concentrate produced(3)Koz2973,700 - 4,4005,200 - 5,9005,100 - 5,700ChelopechKoz297200 - 300200 - 300200 - 300VarešKoz 3,500 - 4,1005,000 - 5,6004,900 - 5,400Copper contained in concentrate produced(3)Mlbs3034 - 4028 - 3330 - 35ChelopechMlbs3029 - 3421 - 2522 - 26VarešMlbs 5 - 67 - 88 - 9Zinc contained in concentrate produced - Vareš(3)Mlbs 59 - 7191 - 10183 - 92Lead contained in concentrate produced - Vareš(3)Mlbs 35 - 4246 - 5250 - 56GEO produced(3),(4),(5)Koz288305 - 365355 - 400320 - 365ChelopechKoz217185 - 215190 - 210160 - 180Ada TepeKoz7115 - 20  VarešKoz 105 - 130165 - 190160 - 185GEO sold(4),(5)Koz255265 - 310285 - 325255 - 290ChelopechKoz186170 - 190165 - 185135 - 155Ada TepeKoz6915 - 20  VarešKoz 80 - 100120 - 140120 - 135All-in sustaining cost per GEO sold(4),(5),(6),(7)$/GEO1,4771,300 - 1,4501,350 - 1,5001,450 - 1,600Exploration expenses(4) 5760 - 7030 - 4030 - 40Sustaining capital expenditures(4),(8) 3325 - 3235 - 4631 - 42Chelopech 1916 - 1816 - 1816 - 18Ada Tepe 12   Vareš  8 - 1218 - 2614 - 22Corporate 21 - 21 - 21 - 2Growth capital expenditures(4),(8),(9) 56200 - 230179179 (1) Full year 2025 results did not include the operating and financial results of Vareš as it was acquired on September 3, 2025.
(2) The Company’s 2026 guidance and three-year outlook are forecast to vary from quarter to quarter depending on mine sequencing, the timing of concentrate deliveries and planned maintenances, as well as the schedule for, and execution of each capital project.
(3) Metals contained in concentrates produced are prior to deductions associated with smelter terms.
(4) Based on, where applicable, a Euro/US$ exchange rate of 1.20, and metal prices of $50/oz for silver, $5.00/lb for copper, and $1.30/lb for zinc for all years. Lead prices are assumed to be $0.90/lb in 2026, and $0.95/lb in 2027 and 2028. Gold prices are assumed to be $4,200/oz in 2026, $3,900/oz in 2027 and $3,600/oz in 2028.
(5) The Company uses conversion ratios for calculating GEO for its silver, zinc, lead and copper production, which are calculated by multiplying the volumes of metal produced by the respective assumed metal prices, and dividing the resulting figure by assumed gold prices for each of the three years in the outlook.
(6) All-in sustaining cost per GEO is calculated as all-in sustaining cost divided by GEO sold for each of the years in the outlook.
(7) Current assumptions for royalties are at a rate of 1.5% and 6% for Chelopech and Ada Tepe, respectively, based on the gross value of metals contained in ore mined, and at a rate of $2.18 per tonne of ore mined for Vareš for all years. On January 30, 2026, the Bulgarian government adopted new royalty rates for applicable mining concessions, increasing the royalty rates to 2% - 6% for gold and silver, and 2% - 5% for copper. These new rates do not apply to the existing Chelopech concession, which is subject to fixed royalty terms and expires in 2029. The new rates will become applicable to Chelopech upon renewal of its concession agreement in 2029.
(8) Represent capital expenditures on an accrual basis and do not represent the cash outlays for capital expenditures.
(9) The 2026 to 2028 three-year outlook provided for growth capital expenditures relates primarily to the estimated construction costs for the Čoka Rakita project, as per the “NI 43-101 Technical Report Feasibility Study Čoka Rakita Project Eastern Serbia” dated January 9, 2026. See the “Development and Other Major Projects – Čoka Rakita Project” section contained in this MD&A for further details. In 2026, growth capital expenditures also include the ramp-up and development cost for the Vareš mine and the capitalized pre-commercial production operating costs at Vareš with a total of $100 million to $125 million, the pre-construction costs of $49 million to $53 million for the Čoka Rakita project, as well as the estimated cost for the Loma Larga project of approximately $5 million.

Detailed 2026 Guidance

The Company’s detailed guidance for 2026 is set out in the following table:

$ millions, unless otherwise indicated ChelopechAda TepeVarešCorporate
and OtherConsolidated
GuidanceOre processedKt2,100 - 2,200350 - 400420 - 500 2,870 - 3,100Cash cost per tonne of ore processed(1),(2),(3)$/t69 - 7499 - 110251 - 289  Metals contained in concentrates produced(4)      GoldKoz150 - 17015 - 2030 - 35 195 - 225SilverKoz200 - 300 3,500 - 4,100 3,700 - 4,400CopperMlbs29 - 34 5 - 6 34 - 40ZincMlbs  59 - 71 59 - 71LeadMlbs  35 - 42 35 - 42GEO produced(1),(5)Koz185 - 21515 - 20105 - 130 305 - 365Payable metals in concentrates sold      GoldKoz135 - 15515 - 2025 - 30 175 - 205SilverKoz200 - 300 3,100 - 3,700 3,300 - 4,000CopperMlbs25 - 29 1 - 2 26 - 31ZincMlbs  44 - 53 44 - 53LeadMlbs  27 - 32 27 - 32GEO sold(1),(5)Koz170 - 19015 - 2080 - 100 265 - 310All-in sustaining cost per GEO(1),(2),(6),(7)$/GEO1,250 - 1,4001,850 - 2,200900 - 1,050 1,300 - 1,450Corporate general and administrative expenses(8)    25 - 3025 - 30Exploration expenses(1)     60 - 70Sustaining capital expenditures(1),(9) 16 - 18 8 - 121 - 225 - 32Growth capital expenditures(1),(9),(10) 4 - 5 100 - 12596 - 100200 - 230 (1) Based on, where applicable, a Euro/US$ exchange rate of 1.20, and metal prices of $4,200/oz for gold, $50/oz for silver, $5.00/lb for copper, $1.30/lb for zinc and $0.90/lb for lead.
(2) Current assumptions for royalties are at a rate of 1.5% and 6% for Chelopech and Ada Tepe, respectively, based on the gross value of metals contained in ore mined, and at a rate of $2.18 per tonne of ore mined for Vareš. On January 30, 2026, the Bulgarian government adopted new royalty rates for applicable mining concessions, increasing the royalty rates to 2% - 6% for gold and silver, and 2% - 5% for copper. These new rates do not apply to the existing Chelopech concession, which is subject to fixed royalty terms and expires in 2029. The new rates will become applicable to Chelopech upon renewal of its concession agreement in 2029.
(3) 2026 cash cost per tonne of ore processed for Vareš is calculated based on gross operating costs, prior to pre-commercial production cost capitalization, divided by total volumes of ore processed.
(4) Metals contained in concentrates produced are prior to deductions associated with smelter terms.
(5) The Company uses conversion ratios for calculating GEO for its silver, copper, zinc and lead production and sales, which are calculated by multiplying the volumes of metal produced or sold, as applicable, by the respective assumed metal prices, and dividing the resulting figure by assumed gold price.
(6) All-in sustaining cost per GEO is a non-GAAP financial ratio and is calculated as all-in sustaining cost divided by GEO sold. Refer to the “Non-GAAP Financial Measures” section commencing on page 20 of this news release for more information, including reconciliations to IFRS measures.
(7) Allocated general and administrative expenses are reflected in the consolidated all-in sustaining cost per GEO, however are not reflected in the all-in sustaining cost per GEO for each of the mine operations, given that the nature of such expenses is more reflective of the Company’s consolidated all-in sustaining cost and not pertaining to the individual operations of the Company.
(8) Excludes share-based compensation expense of approximately $6 million, before mark-to-market adjustments from movements in the Company’s share price, given the volatile nature of this expense.
(9) Represent capital expenditures on an accrual basis and do not represent the cash outlays for capital expenditures.
(10) Growth capital expenditures in Corporate and Other include $91 million to $95 million for the Čoka Rakita project, consisting of $49 million to $53 million in pre-construction costs and, subject to permitting progress and schedule acceleration, approximately $42 million in pre-committed initial capital, as well as approximately $5 million of estimated costs for the Loma Larga project.

Key Assumptions and Sensitivities

Certain key cost measures in the Company’s detailed guidance for 2026 are sensitive to market assumptions, including copper price and foreign exchange rates. The following table demonstrates the effect of a 10% change in these market assumptions for the remainder of the year on the consolidated all-in sustaining cost provided in the 2026 guidance.

 AssumptionsHypothetical
changeGEO Sold
(Koz)All-in
sustaining cost
($/GEO)Metal Prices    Gold$4,200/oz+/- 10%-10 / +12+50 / -56Silver$50/oz+/- 10%+/- 5-/+ 21Copper$5.00/lb+/- 10%+/- 3-/+ 15Zinc$1.30/lb+/- 10%+/- 2-/+ 7Lead$0.90/lb+/- 10%+/- 1-/+ 3Foreign Exchange    Euro/US$1.20+/- 10% +/- 93
Additional detail on the Company’s three-year outlook is set out below:

Chelopech

The three-year outlook for gold and copper production at Chelopech is in line with the updated mine plan released on February 5, 2026.

Cash cost per tonne of ore processed in 2026 is expected to be higher than 2025 due primarily to a weaker U.S. dollar relative to the Euro and higher local currency operating costs.

All-in sustaining cost per GEO sold in 2026 is expected to be higher than 2025 due primarily to a weaker U.S. dollar relative to the Euro, higher local currency operating costs and lower volumes of GEO sold.

Sustaining capital expenditures over the next three years are expected to remain consistent with 2025. Growth capital expenditures relating to resource development drilling and margin improvement projects are expected to be comparable to the previous outlook as the Company accelerates the conversion of resources to reserves to support mine life extension.

Ada Tepe

Gold production at Ada Tepe for 2026 is expected to be between 15,000 and 20,000 ounces as the mine reaches the end of its life by mid-2026. The processing facilities are scheduled to be dismantled and transported for refurbishment and installation to support the Čoka Rakita project’s construction schedule.

Cash metrics are expected to be higher in 2026 as compared to 2025, due primarily to lower volumes of ore processed and lower volumes of gold sold.

The Company is actively planning and preparing the mine closure, with the major rehabilitation related activities expected to commence in 2027.

Vareš

2026 represents a transitional year for Vareš, as DPM progresses the ramp-up to 850,000 tonnes per annum. Metals production is expected to be heavily weighted to the second half of the year, representing approximately two-thirds of 2026 GEO production.

In 2026, a significant portion of cash operating costs at Vareš is expected to be capitalized to growth capital expenditures prior to the mine achieving commercial production. As reflected in the detailed 2026 guidance, DPM is accelerating precious metals production, with gold and silver production expected to be higher than previously anticipated in the technical report entitled “Amended and Restated NI 43-101 Technical Report on the Vareš Mine, Bosnia and Herzegovina” dated June 9, 2025 (the “Vareš Technical Report”). The Company is forecasting cash operating costs, before capitalization, to be higher than previously anticipated in the Vareš Technical Report, offset by higher projected cash flow and margins as a result of increased metals prices. As the mine achieves commercial production, the Company will be evaluating opportunities to optimize the cost structure for 2027 and beyond, targeting the cash cost per tonne metrics outlined in the Vareš Technical Report.

Growth capital expenditures at Vareš in 2026 is expected to range between $100 million and $125 million. Approximately half of these expenditures relate to the capitalization of operating costs prior to commercial production, with the remainder attributable to the ramp-up and development of the mine to achieve an 850,000 tonne per year operating rate by the fourth quarter of 2026. Expenditures include mine ventilation improvements, optimization of the mine design and mining methods, and completing construction of the paste backfill plant, which is on track to be commissioned during the third quarter of 2026.

Čoka Rakita project

Growth capital expenditures for 2026 associated with the Čoka Rakita project of $49 million to $53 million are expected to cover pre-construction activities, including early works and detailed engineering, environmental and permitting, as well as operational readiness. The Company is targeting commencement of construction in early 2027 and has provided a three-year outlook for the growth capital related to the construction of the Čoka Rakita project.

Loma Larga project

DPM is considering all its options to preserve value and optionality for shareholders following the revocation of the environmental licence in October 2025, including evaluation of all legal avenues.

As a result, the Company is planning to minimize spending at Loma Larga until the matter related to the environmental licence is resolved.

Exploration expenses

With the Company’s continued strategic focus on growth initiatives, exploration activities will be centred on the brownfield projects in Serbia, Bulgaria and Bosnia to grow the existing resource base. Exploration expenditures in 2026.

Selected Production, Delivery and Cost Performance, excluding Vareš, versus 2025 Guidance

  Q4 202520252025 Consolidated Guidance
 ChelopechAda TepeConsolidatedChelopechAda TepeConsolidatedOre processedKt550.0236.1786.12,181.5796.72,978.22,700 – 2,900Metals contained in concentrates produced        GoldKoz45.724.670.3174.470.5244.9225 – 265CopperMlbs9.9–9.930.0–30.028 – 33Payable metals in concentrates sold        GoldKoz40.123.363.5150.568.5219.0205 – 240CopperMlbs7.6–7.624.8–24.825 – 29All-in sustaining cost per ounce of gold sold$/oz4539891,0826161,1011,121780 – 900
For additional information regarding the Company's detailed guidance for 2025 and current three-year outlook, please refer to the “Three-Year Outlook” section of the MD&A.

Fourth Quarter 2025 Results Conference Call and Webcast

At 9 a.m. EDT on Wednesday, February 11, 2026, DPM will host a conference call and audio webcast to discuss the results, followed by a question-and-answer session. To participate via conference call, register in advance at the link provided below to receive the dial-in information as well as a unique PIN code to access the call.

The call registration and webcast details are as follows:

This news release and DPM’s audited consolidated financial statements and MD&A for the quarter and year ended December 31, 2025 are posted on the Company’s website at www.dpmmetals.com and have been filed on SEDAR+ at www.sedarplus.ca.

Qualified Person

The technical and scientific information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, and has been reviewed and approved by Ross Overall, B.Sc. (Applied Geology), Director, Corporate Technical Services, of DPM, who is a Qualified Person as defined under NI 43-101, and who is not independent of the Company.

About DPM Metals Inc.

DPM Metals Inc. is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Bosnia and Herzegovina, Serbia and Ecuador. The Company’s purpose is to unlock resources and generate value to thrive and grow together. Our strategic objective is to become a mid-tier precious metals company, which is based on sustainable, responsible and efficient gold production from our portfolio, the development of quality assets, and maintaining a strong financial position to support growth in mineral reserves and production through disciplined strategic transactions. This strategy creates a platform for robust growth to deliver above-average returns for our shareholders. DPM trades on the Toronto Stock Exchange (symbol: DPM) and the Australian Securities Exchange as a Foreign Exempt Listing (symbol: DPM).

For further information, please contact:

Jennifer Cameron
Director, Investor Relations
Tel: (416) 219-6177
[email protected]

Cautionary Note Regarding Forward Looking Statements

This news release contains “forward looking statements” or “forward looking information” (collectively, “Forward Looking Statements”) that involve a number of risks and uncertainties. Forward Looking Statements are statements that are not historical facts and are generally, but not always, identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “guidance”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or that state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The Forward Looking Statements in this news release relate to, among other things: forecasted results of production in 2026 and onward and the ability of the Company to meet previously provided guidance in respect thereof; expected cash flows; the price of gold, copper, and silver, and other minerals; estimated capital costs, all-in sustaining costs, operating costs and other financial metrics, including those set out in the outlook and guidance provided by the Company; the integration of the Vareš operation into the Company's portfolio of assets; expectations regarding production from the Vareš operation and the anticipated timing thereof; next steps in the development of the Vareš operation; currency fluctuations; results of economic studies; the intention to complete the FS in respect of the Čoka Rakita project and the anticipated timing thereof; anticipated steps in the continued development of the Čoka Rakita project, including exploration, permitting activities, environmental assessments, and stakeholder engagement, and the timing for completion and anticipated results thereof; exploration activities at the Company’s operating and development properties, including the Rakita camp, and the anticipated results thereof; actions which may be taken by the Company following the revocation of the environmental license for the Loma Larga project; permitting requirements, the ability of the Company to obtain such permits, and the anticipated timing thereof; anticipated amounts of future expenditures at the Company's operating and development properties, including expenses related to exploration activities; statements under the heading “2026 Guidance and Three-year Outlook”; timing of payments and amounts of dividends; and the number of common shares of the Company that may be purchased under the NCIB.

Forward Looking Statements are based on certain key assumptions and the opinions and estimates of management and Qualified Person (in the case of technical and scientific information), as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the Forward Looking Statements. In addition to factors already discussed in this news release, such factors include, among others: fluctuations in metal prices and foreign exchange rates; risks arising from the current economic environment and the impact on operating costs and other financial metrics, including risks of recession; the commencement, continuation or escalation of geopolitical crises and armed conflicts and their direct and indirect effects on the operations of DPM; risks arising from counterparties being unable to or unwilling to fulfill their contractual obligations to the Company; the speculative nature of mineral exploration, development and production, including changes in mineral production performance, exploitation and exploration results; the Company’s dependence on its operations at the Chelopech and Ada Tepe mines and the Vareš operation; changes in tax and tariff regimes in the jurisdictions in which the Company operate or which are otherwise applicable to the Company’s business, operations, or financial condition; possible inaccurate estimates relating to future production, operating costs and other costs for operations; possible variations in ore grade and recovery rates; inherent uncertainties in respect of conclusions of economic evaluations, economic studies and mine plans; uncertainties with respect to the results of technical studies of the Company's exploration and development projects and the results thereof; the Company’s dependence on continually developing, replacing and expanding its mineral reserves; uncertainties and risks inherent to developing and commissioning new mines into production, which may be subject to unforeseen delays; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the Company's initiatives are still in the early stages and may not materialize; risks related to the Company's ability to develop the Loma Larga project and to obtain necessary permits in respect thereof; changes in project parameters, including schedule and budget, as plans continue to be refined; risks related to the financial results of operations, changes in interest rates, and the Company's ability to finance its operations; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company’s activities; accidents, labour disputes and other risks inherent to the mining industry; failure to achieve certain cost savings; risks related to the Company's ability to manage environmental and social matters, including risks and obligations related to closure of the Company's mining properties; risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; land reclamation and mine closure requirements, and costs associated therewith; the Company's controls over financial reporting and obligations as a public company; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; opposition by social and non-governmental organizations to mining projects; uncertainties with respect to realizing the anticipated benefits from the development of the Company's exploration and development projects; cyber-attacks and other cybersecurity risks; competition in the mining industry; exercising judgment when undertaking impairment assessments; claims or litigation; limitations on insurance coverage; changes in values of the Company's investment portfolio; changes in laws and regulations, including with respect to taxes, and the Company's ability to successfully obtain all necessary permits and other approvals required to conduct its operations; employee relations, including unionized and non-union employees, and the Company's ability to retain key personnel and attract other highly skilled employees; ability to successfully integrate acquisitions or complete divestitures; unanticipated title disputes; volatility in the price of the common shares of the Company; potential dilution to the common shares of the Company; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to holding assets in foreign jurisdictions; conflicts of interest between the Company and its directors and officers; the timing and amounts of dividends; there being no assurance that the Company will purchase additional common shares of the Company under the NCIB, as well as those risk factors discussed or referred to in the MD&A, the Company's most recent AIF, the Company's management information circular dated July 11, 2025, and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR+ at www.sedarplus.ca.

The reader has been cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company’s Forward Looking Statements reflect current expectations regarding future events and speak only as of the date hereof. Other than as it may be required by law, the Company undertakes no obligation to update Forward Looking Statements if circumstances or management’s estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on Forward Looking Statements.

Non-GAAP Financial Measures

Certain financial measures referred to in this news release are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by DPM are based on management’s reasonable judgment and are consistently applied. These measures are used by management and investors to assist with assessing the Company’s performance, including its ability to generate sufficient cash flow to meet its return objectives and support its investing activities and debt service obligations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-GAAP financial measures and ratios, together with other financial measures calculated in accordance with IFRS, are considered to be important factors that assist investors in assessing the Company’s performance.

Cash cost and all-in sustaining cost measures 

Mine cash cost; mine cash cost of sales; and all-in sustaining cost are non-GAAP financial measures. Cash cost per tonne of ore processed; cash cost per ounce of gold sold; all-in sustaining cost per ounce of gold sold, and all-in sustaining cost per GEO sold are non-GAAP ratios. These measures capture the important components of the Company’s production and related costs. Management and investors utilize these metrics as an important tool to monitor cost performance at the Company’s operations. In addition, the Human Capital and Compensation Committee of the Board of Directors uses certain of these measures, together with other measures, to set incentive compensation goals and assess performance.

The following table provides a reconciliation of the Company’s cash cost per tonne of ore processed to its cost of sales, excluding Vareš:

$ thousands Fourth Quarter Full Yearunless otherwise indicated 2025 2024  2025 2024        Chelopech      Ore processedt550,018 550,678  2,181,462 2,143,664 Cost of sales 47,050 37,872  169,892 151,926 Add/(deduct):      Depreciation and amortization (9,105)(8,004) (34,498)(31,746)Change in concentrate inventory 2,019 (215) 2,072 276 Mine cash cost(1) 39,964 29,653  137,466 120,456 Cost of sales per tonne of ore processed(2)$/t86 69  78 71 Cash cost per tonne of ore processed(2)$/t73 54  63 56        Ada Tepe      Ore processedt236,073 197,518  796,675 772,363 Cost of sales 38,201 28,053  122,059 108,775 Add/(deduct):      Depreciation and amortization (21,399)(13,922) (64,851)(54,855)Change in concentrate inventory 83 (74) 38 (152)Mine cash cost(1) 16,885 14,057  57,246 53,768 Cost of sales per tonne of ore processed(2)$/t162 142  153 141 Cash cost per tonne of ore processed(2)$/t72 71  72 70  (1) Cash costs are reported in U.S. dollars, although the majority of costs incurred are denominated in non-U.S. dollars, and consist of all production related expenses including mining, processing, services, royalties and general and administrative.
(2) Represents cost of sales and mine cash cost, respectively, divided by tonnes of ore processed.

The following tables provide, for the periods indicated, a reconciliation of the Company’s cash cost per ounce of gold sold, all-in sustaining cost per ounce of gold sold and all-in sustaining cost per GEO sold to its cost of sales, excluding Vareš:

$ thousands, unless otherwise indicated Chelopech

Ada Tepe
Consolidated,
excluding Vareš
For the quarter ended December 31, 2025Cost of sales(1) 47,050 38,201 85,251 Add/(deduct):    Depreciation and amortization (9,105)(21,399)(30,504)Treatment charges, transportation and other related selling costs(2) 22,879 483 23,362 By-product credits(3) (48,556)(991)(49,547)Mine cash cost of sales 12,268 16,294 28,562 Rehabilitation related accretion and depreciation expenses(4) 14 4,922 4,936 Allocated general and administrative expenses(5) - - 27,426 Cash outlays for sustaining capital expenditures(6) 5,395 1,626 7,021 Cash outlays for leases(6) 505 213 718 All-in sustaining cost, net of by-product credits 18,182 23,055 68,663 Payable gold in concentrates soldoz40,142 23,319 63,461 Cost of sales per ounce of gold sold(7)$/oz1,172 1,638 1,343 Cash cost per ounce of gold sold(7)$/oz306 699 450 All-in sustaining cost per ounce of gold sold(7)$/oz453 989 1,082 All-in sustaining cost, before by-product credits 66,738 24,046 118,210 GEO sold(8)oz51,290 23,551 74,841 All-in sustaining cost per GEO sold(9)$/GEO1,301 1,021 1,579  $ thousands, unless otherwise indicated Chelopech
Ada Tepe
Consolidated,
excluding Vareš
For the quarter ended December 31, 2024Cost of sales(1) 37,872 28,053 65,925 Add/(deduct):    Depreciation and amortization (8,004)(13,922)(21,926)Treatment charges, transportation and other related selling costs(2) 20,259 1,481 21,740 By-product credits(3) (27,790)(329)(28,119)Mine cash cost of sales 22,337 15,283 37,620 Rehabilitation related accretion expenses(4) 73 484 557 Allocated general and administrative expenses(5) - - 9,785 Cash outlays for sustaining capital expenditures(6) 6,677 3,492 10,169 Cash outlays for leases(6) 351 178 529 All-in sustaining cost, net of by-product credits 29,438 19,437 58,660 Payable gold in concentrates soldoz36,862 28,003 64,865 Cost of sales per ounce of gold sold(7)$/oz1,027 1,002 1,016 Cash cost per ounce of gold sold(7)$/oz606 546 580 All-in sustaining cost per ounce of gold sold(7)$/oz799 694 904  (1) Included in cost of sales were share-based compensation expenses of $3.9 million (2024 – $0.3 million) in the fourth quarter of 2025.
(2) Represent revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.
(3) Represents copper and silver revenue.
(4) Included in cost of sales and finance cost in the consolidated statements of earnings (loss).
(5) Represent an allocated portion of DPM’s general and administrative expenses, including share-based compensation expenses of $21.4 million (2024 – $0.7 million) for the fourth quarter of 2025, based on Chelopech’s and Ada Tepe’s proportion of total revenue, including revenue from Vareš in 2025 and revenue from discontinued operations in 2024. Allocated general and administrative expenses, including corporate social responsibility expenses and excluding depreciation and amortization, are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for Chelopech and Ada Tepe.
(6) Included in cash used in investing activities and financing activities, respectively, in the consolidated statements of cash flows.
(7) Represents cost of sales, mine cash cost of sales and all-in sustaining cost, net of by-product credits, respectively, divided by payable gold in concentrates sold.
(8) The Company uses conversion ratios for calculating GEO for its silver and copper production and sales, which are calculated by multiplying the volumes of metal sold, as applicable, by the respective average realized metal prices, and dividing the resulting figure by the average realized gold price. GEO sold for the fourth quarter of 2025 was based on average realized prices of $4,323/oz for gold, $70.72/oz for silver and $5.15/lb for copper.
(9) Represents all-in sustaining cost, before by-product credits, divided by GEO sold.

$ thousands, unless otherwise indicated Chelopech
Ada Tepe
Consolidated,
excluding
Vareš
For the year ended December 31, 2025Cost of sales(1) 169,892 122,059 291,951 Add/(deduct):    Depreciation and amortization (34,498)(64,851)(99,349)Treatment charges, transportation and other related selling costs(2) 69,502 877 70,379 By-product credits(3) (129,686)(1,790)(131,476)Mine cash cost of sales 75,210 56,295 131,505 Rehabilitation related accretion and depreciation expenses(4) 55 6,720 6,775 Allocated general and administrative expenses(5) - - 77,326 Cash outlays for sustaining capital expenditures(6) 15,282 11,611 26,893 Cash outlays for leases(6) 2,169 789 2,958 All-in sustaining cost, net of by-product credits 92,716 75,415 245,457 Payable gold in concentrates soldoz150,524 68,515 219,039 Cost of sales per ounce of gold sold(7)$/oz1,129 1,781 1,333 Cash cost per ounce of gold sold(7)$/oz500 822 600 All-in sustaining cost per ounce of gold sold(7)$/oz616 1,101 1,121 All-in sustaining cost, before by-product credits 222,402 77,205 376,933 GEO sold(8)oz186,394 69,003 255,397 All-in sustaining cost per GEO sold(9)$/GEO1,193 1,119 1,476  $ thousands, unless otherwise indicated 
Chelopech
Ada Tepe
Consolidated,
excluding
Vareš
For the year ended December 31, 2024Cost of sales(1) 151,926 108,775 260,701 Add/(deduct):    Depreciation and amortization (31,746)(54,855)(86,601)Treatment charges, transportation and other related selling costs(2) 70,095 3,063 73,158 By-product credits(3) (109,113)(1,108)(110,221)Mine cash cost of sales 81,162 55,875 137,037 Rehabilitation related accretion expenses(4) 232 1,454 1,686 Allocated general and administrative expenses(5) - - 36,844 Cash outlays for sustaining capital expenditures(6) 16,136 10,562 26,698 Cash outlays for leases(6) 1,154 722 1,876 All-in sustaining cost, net of by-product credits 98,684 68,613 204,141 Payable gold in concentrates soldoz142,004 92,124 234,128 Cost of sales per ounce of gold sold(7)$/oz1,070 1,181 1,113 Cash cost per ounce of gold sold(7)$/oz572 607 585 All-in sustaining cost per ounce of gold sold(7)$/oz695 745 872  (1) Included in cost of sales were share-based compensation expenses of $7.4 million (2024 – $2.1 million) in 2025.
(2) Represents revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.
(3) Represents copper and silver revenue.
(4) Included in cost of sales and finance cost in the consolidated statements of earnings (loss).
(5) Represents an allocated portion of DPM’s general and administrative expenses, including share-based compensation expenses of $52.8 million (2024 – $11.1 million) in 2025, based on Chelopech and Ada Tepe’s proportion of total revenue, including revenue from Vareš in 2025 and revenue from discontinued operations in 2024. Allocated general and administrative expenses are reflected in consolidated all-in sustaining cost and are not reflected in the cost measures for Chelopech and Ada Tepe.
(6) Included in cash used in investing activities and financing activities, respectively, in the consolidated statements of cash flows.
(7) Represents cost of sales, mine cash cost of sales and all-in sustaining cost, net of by-product credits, respectively, divided by payable gold in concentrates sold.
(8) The Company uses conversion ratios for calculating GEO for its silver and copper production and sales, which are calculated by multiplying the volumes of metal sold, as applicable, by the respective average realized metal prices, and dividing the resulting figure by the average realized gold price. GEO sold for 2025 was based on average realized prices of $3,632/oz for gold, $54.50/oz for silver and $4.64/lb for copper.
(9) Represents all-in sustaining cost, before product credits, divided by GEO sold.

Adjusted net earnings (loss) and adjusted basic earnings (loss) per share

Adjusted net earnings (loss) is a non-GAAP financial measure and adjusted basic earnings (loss) per share is a non-GAAP ratio used by management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods.

Adjusted net earnings (loss) are defined as net earnings, adjusted to exclude specific items that are significant, but not reflective of the underlying operations of the Company, including:

impairment charges or reversals thereof;unrealized and realized gains or losses related to investments carried at fair value;significant tax adjustments not related to current period earnings; andnon-recurring or unusual income or expenses that are either not related to the Company’s operating segments or unlikely to occur on a regular basis. The following table provides a reconciliation of adjusted net earnings to net earnings from continuing operations:

$ thousands, except per share amounts Fourth Quarter Full YearEnded December 31, 20252024  20252024 Net earnings 157,33886,762  369,226243,240 Add/(deduct):      Adriatic acquisition related costs, net of income taxes of $nil --  15,406- Non-cash fair value adjustment on inventories, net of income tax recoveries of $3,051(1) 4,534-  27,457- 2025 Bulgarian levy, net of income tax recoveries of $2,438(2) --  21,938- Fair value loss on copper stream liability, net of taxes of $nil 8,522-  9,216- Net termination fee received from Osino, net of income taxes of $nil --  -(6,901)Deferred tax recovery adjustments not related to current period earnings(3) -(4,099) -(4,099)Adjusted net earnings 170,39482,663  443,243232,240 Basic earnings per share$/sh0.710.49  1.991.35 Adjusted basic earnings per share$/sh0.770.46  2.391.29  (1) Represents a non-cash fair value adjustment on inventories recognized in cost of sales with the sale of inventories at Vareš, following the acquisition of Adriatic.
(2) Represents a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.
(3) Represents income tax recoverables and changes in unrecognized tax benefits included in net earnings for the year ended December 31, 2024, which were related to an accelerated tax depreciation on depreciable assets directly related to the ore deposit at Ada Tepe.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure used by management and investors to measure the underlying operating performance of the Company’s operating segments. Presenting these measures from period to period helps management and investors evaluate earnings trends more readily in comparison with results from prior periods. In addition, the Human Capital and Compensation Committee of the Board of Directors uses adjusted EBITDA, together with other measures, to set incentive compensation goals and assess performance.

Adjusted EBITDA excludes the following from earnings before income taxes:

depreciation and amortization;interest income;finance cost;impairment charges or reversals thereof;unrealized and realized gains or losses related to investments carried at fair value; andnon-recurring or unusual income or expenses that are either not related to the Company’s operating segments or unlikely to occur on a regular basis. The following table provides a reconciliation of adjusted EBITDA to earnings (loss) before income taxes from continuing operations:

$ thousandsFourth Quarter Full YearEnded December 31,2025 2024  2025 2024 Earnings before income taxes183,032 94,357  421,979 276,127 Add/(deduct):     Depreciation and amortization35,360 22,669  107,404 89,249 Finance costs1,069 875  4,686 3,098 Interest income(3,023)(7,075) (27,933)(34,640)Non-cash fair value adjustment on inventories(1)5,038 -  30,508 - Adriatic acquisition related costs- -  15,406 - Fair value loss on copper stream liability8,522 -  9,216 - 2025 Bulgarian levy(2)- -  24,376 - Net termination fee received from Osino- -  - (6,901)Adjusted EBITDA229,998 110,826  585,642 326,933  (1) Represents a non-cash fair value adjustment on inventories recognized in cost of sales with the sale of inventories at Vareš, following the acquisition of Adriatic.
(2) Represents a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines.

Cash provided from operating activities, before changes in working capital

Cash provided from operating activities, before changes in working capital, is a non-GAAP financial measure defined as cash provided from operating activities excluding changes in working capital as set out in the Company’s consolidated statements of cash flows. This measure is used by the Company and investors to measure the cash flow generated by the Company’s operating segments prior to any changes in working capital, which at times can distort performance.

Free cash flow

Free cash flow is a non-GAAP financial measure defined as cash provided from operating activities, before changes in working capital which includes changes in share-based compensation liabilities, less cash outlays for sustaining capital expenditures, mandatory principal repayments and interest payments related to debt and leases. Free cash flow excludes non-recurring or unusual income or expenses that are not related to the Company’s operating segments. This measure is used by the Company and investors to measure the cash flow available to fund growth related initiatives and capital expenditures, dividends and share repurchases.

The following table provides a reconciliation of cash provided from operating activities, before changes in working capital and free cash flow to cash provided from operating activities of continuing operations:

$ thousandsFourth Quarter Full YearEnded December 31,2025 2024  2025 2024 Cash provided from operating activities(1)152,519 82,689  491,562 296,771 Excluding:     Changes in working capital(2)44,794 21,981  26,800 45,368 Cash provided from operating activities, before changes in working capital(3)197,313 104,670  518,362 342,139 Adriatic acquisition related costs- -  15,406 - Fair value loss on copper stream liability8,522 -  9,216 - 2025 Bulgarian levy(4)(12,188)-  - - Cash outlays for sustaining capital expenditures(5)(7,528)(11,028) (28,002)(29,771)Principal repayments related to leases(5)(2,803)(1,365) (7,361)(4,998)Interest payments(5)(512)(601) (2,688)(1,792)Other non-cash items- -  - (500)Free cash flow182,804 91,676  504,933 305,078  (1) Excludes cash used in operating activities of discontinued operations of $7.4 million (2024 – $61.0 million) and cash provided from operating activities of discontinued operations of $160.5 million (2024 – cash used in operating activities of discontinued operations of $152.1 million), respectively, during the fourth quarter and full year of 2025.
(2) Excludes an unfavourable change of $7.4 million(2024 – an unfavourable change of $65.3 million) and a favourable change of $160.5 million (2024 – an unfavourable change of $166.1 million) in working capital from discontinued operations, respectively, during the fourth quarter and full year of 2025.
(3) Excludes cash provided from operating activities of discontinued operations, before changes in working capital, of $4.3 million and $14.0 million, respectively, during the fourth quarter and full year of 2024.
(4) Represents an accrual of a one-time levy to the 2025 Bulgarian state budget in respect of both the Chelopech and Ada Tepe mines. During the fourth quarter of 2025, $12.2 million was paid in cash. As at December 31, 2025.
(5) Included in cash used in investing and financing activities, respectively, in the consolidated statements of cash flows.

Average realized metal prices

Average realized gold and copper prices are non-GAAP ratios used by management and investors to highlight the price actually realized by the Company relative to the average market price, which can differ due to the timing of sales, hedging and other factors.

Average realized gold and copper prices represent the average per unit price recognized in the Company’s consolidated statements of earnings (loss) prior to any deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

The following table provides a reconciliation of the Company’s average realized gold and copper prices to its revenue, excluding Vareš:

$ thousands, unless otherwise stated Fourth Quarter Full YearEnded December 31, 2025 2024  2025 2024 Total revenue 352,434 179,101  950,481 606,992 Add/(deduct):      Vareš revenue (51,914)-  (93,733)- Treatment charges and other deductions(1) 23,362 21,740  70,379 73,158 Silver revenue (10,202)(2,094) (16,337)(5,950)Revenue from gold and copper 313,680 198,747  910,790 674,200 Revenue from gold 274,335 172,726  795,650 569,917 Payable gold in concentrates soldoz63,461 64,865  219,039 234,128 Average realized gold price per ounce$/oz4,323 2,663  3,632 2,434 Revenue from copper 39,345 26,021  115,140 104,283 Payable copper in concentrate soldKlbs7,647 6,652  24,834 25,062 Average realized copper price per pound$/lb5.15 3.91  4.64 4.16  (1) Represent revenue deductions for treatment charges, refining charges, penalties, freight and final settlements to adjust for any differences relative to the provisional invoice.

New Glasgow, Nova Scotia--(Newsfile Corp. - February 10, 2026) - Crombie Real Estate Investment Trust (TSX: CRR.UN) ("Crombie") today announced results for its fourth quarter and year ended December 31, 2025. Management will host a conference call to discuss the results at 10:00 a.m. (EST), February 11, 2026.

"All pillars of our Building Together strategy combined to deliver a standout 2025. Disciplined execution across the platform produced record committed occupancy of 97.7%, robust commercial same-asset property cash NOI growth of 3.7%, and FFO(1) per unit and AFFO(1) per unit growth of 4.8% and 6.5% for the year," said Mark Holly, President and CEO.

"Prudent financial management continued to strengthen our balance sheet, earning us a credit rating upgrade from BBB (low) to BBB and enabling a $0.01 per unit increase to our annual distribution. We also established programmatic partnerships in Halifax and Vancouver that contribute management and development fees while preserving balance sheet flexibility. Looking ahead to 2026, we will continue executing against our Building Together strategy: owning and operating essential real estate at the heart of Canadian communities, deploying capital with discipline, and growing cash flow while compounding long-term value for Unitholders." 

FOURTH QUARTER SUMMARY
(In thousands of Canadian dollars, except per Unit amounts and square feet and as otherwise noted)

Information in this press release is a select summary of results. This press release should be read in conjunction with Crombie's Management's Discussion and Analysis for three months and year ended December 31, 2025 and Consolidated Financial Statements and Notes for the years ended December 31, 2025, and December 31, 2024. Full details on our results can be found at www.crombie.ca and www.sedarplus.ca.

Operational Highlights

Committed occupancy of 97.7% and economic occupancy of 97.4%; a 90 basis point increase on both measures, compared to the fourth quarter of 2024Renewals of 239,000 square feet at rents 10.0% above expiring rental ratesAn increase of 12.1% for the three months ended December 31, 2025 using the weighted average rental rate during the renewal termAcquired one grocery-anchored retail property in Etobicoke, Ontario, representing 51,000 square feet, for total purchase price of $28,472 Invested $13,984 in modernizations during the quarter(1) Non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of FFO, AFFO, commercial same-asset property cash NOI, debt to gross fair value, and debt to trailing 12 months adjusted EBITDA.

Financial Highlights

Three months ended December 31,

2025

2024

Variance

%
Property revenue$122,118
$121,595
$523

0.4 %
Revenue from management and development services$2,549
$1,397
$1,152

82.5 %
Operating income attributable to Unitholders$25,235
$76,143
$(50,908)
(66.9) %
Funds from operations ("FFO") (1) per Unit - basic and diluted$0.33
$0.32
$0.01

3.1 %
Adjusted funds from operations ("AFFO") (1) per Unit - basic and diluted$0.29
$0.28
$0.01

3.6 %
Commercial same-asset property cash ("NOI") (1)$84,329
$81,031
$3,298

4.1 %
Available Liquidity$669,229
$682,218
$(12,989)
(1.9) %
Debt to gross fair value (1) (2)
42.1 %

43.6 %

 

(1.5) %
Debt to trailing 12 months adjusted EBITDA (1) (2)
7.69x

7.96x

-0.27x

(3.4) %
(1) Non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of FFO, AFFO, commercial same-asset property cash NOI, debt to gross fair value, and debt to trailing 12 months adjusted EBITDA.
(2) At Crombie's proportionate share including joint ventures. 

Operational Metrics

December 31, 2025

December 31, 2024
Number of investment properties (1)
298

295
Gross leasable area (2)
18,255,000

18,433,000
Economic occupancy (3)
97.4 %

96.5 %
Committed occupancy (4)
97.7 %

96.8 %
Total properties inclusive of joint ventures and residential property (5)
308

304
Gross leasable area inclusive of joint ventures and residential property
18,872,000

19,050,000
(1) This includes properties owned at full and partial interests, excluding joint ventures, wholly owned residential, and properties under development.
(2) Gross leasable area is adjusted to reflect Crombie's proportionate interest in partially owned properties, excluding joint ventures and a wholly owned residential asset.
(3) Represents space currently under lease contract and rent has commenced.
(4) Represents current economic occupancy plus completed lease contracts for future occupancy of currently vacant space.
(5) Inclusive of properties under development.

Committed occupancy of 97.7% included 59,000 square feet of space committed at December 31, 2025. VECTOM and Major Markets represent 28,000 square feet of committed space. The increase in committed occupancy compared to September 30, 2025 was due to new leasing activity.

New commercial leases increased occupancy by 259,000 square feet at December 31, 2025, at an average first-year rate of $16.67 per square foot.

Renewal activity for the fourth quarter of 2025 consisted of 239,000 square feet with an increase of 10.0% over expiring rental rates. The primary driver of renewal growth in the quarter was 239,000 square feet of retail renewals.

When comparing the expiring rental rates to the weighted average rental rate for the renewal term, Crombie achieved an increase of 12.1% for the three months ended December 31, 2025.

Financial Metrics

Three months ended December 31,

 

Year ended December 31,

2025

2024

Variance
% 

2025

2024

Variance

%
Net property income (1)$78,828
$78,150
$678
0.9 % 
$316,789
$301,685
$15,104

5.0 %
Operating income attributable to Unitholders$25,235
$76,143
$(50,908)(66.9) % 
$116,479
$158,265
$(41,786)
(26.4) %
Commercial same-asset property cash NOI (1)$84,329
$81,031
$3,298
4.1 % 
$329,872
$318,173
$11,699

3.7 %
FFO (1)$60,614
$58,131
$2,483
4.3 % 
$240,126
$227,049
$13,077

5.8 %
Per Unit - Basic and diluted$0.33
$0.32
$0.01
3.1 % 
$1.30
$1.24
$0.06

4.8 %
Payout ratio (1)
69.2 %

70.3 %

 
(1.1) % 

69.1 %

71.6 %

 

(2.5) %
AFFO (1)$53,663
$51,298
$2,365
4.6 % 
$212,366
$197,304
$15,062

7.6 %
Per Unit - Basic and diluted$0.29
$0.28
$0.01
3.6 % 
$1.15
$1.08
$0.07

6.5 %
Payout ratio (1)
78.2 %

79.7 %

 
(1.5) % 

78.1 %

82.4 %

 

(4.3) %
(1) Net property income, commercial same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio are non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of net property income, commercial same-asset property cash NOI, FFO, FFO payout ratio, AFFO, and AFFO payout ratio.

Fourth Quarter and Year-End 2025 Results

Operating income attributable to Unitholders

The decrease in operating income in the fourth quarter of 2025 was primarily due to a gain on the acquisition of the remaining 50% interest in the Davie Street residential property in the fourth quarter of 2024, higher tenant incentive amortization from modernizations, higher depreciation and amortization primarily due to accelerated depreciation on properties scheduled for redevelopment, and higher general and administrative expenses primarily due to increased Unit-based compensation costs driven by a higher Unit price. The decrease in operating income was offset in part by growth in property revenue from renewals and new leasing, lower net impairments of investment properties compared to the same period in 2024, and an increase in development fees from newly formed joint ventures.

In addition to the items discussed above for the quarter, the annual decrease was further driven by decreased property revenue from dispositions and an increase in interest expense from the 2024 net issuance of senior unsecured notes. This was partially offset by higher net property income from the acquisition of the remaining 50% interest in the Davie Street residential property in the fourth quarter of 2024, year-over-year growth in property revenue from supplemental rent from modernization investments, lease terminations, and recently completed developments. Further offsetting the decrease was recognition of deferred revenue related to development management services provided to a third party, higher gain on disposal of investment properties, and increased gain on derecognition of a right-of-use asset compared to the prior year.

Commercial same-asset property cash NOI

The increase in commercial same-asset property cash NOI for the quarter was primarily due to renewals, contractual rent step-ups, and new leasing.

The annual increase was driven by the items discussed above for the quarter as well as increased supplemental rent from modernization investments.

FFO

The increase in FFO in the quarter was primarily due to property revenue growth as discussed above, and increased revenue from management and development services. This was offset in part by higher general and administrative expenses primarily due to increased Unit-based compensation costs driven by higher Unit price.

In addition to the items discussed above for the quarter, the annual increase was further driven by higher net property income from the acquisition of the remaining 50% interest in the Davie Street residential property in the fourth quarter of 2024, increased supplemental rent from modernization investments, lease termination income from disposed properties, and property revenue growth from recently completed developments. This was partially offset by decreased property revenue from dispositions and an increase in general and administrative expenses related to filling vacant roles and increased Unit-based compensation costs primarily driven by higher Unit price, and an increase in interest expense from the 2024 net issuance of senior unsecured notes.

AFFO

The increase in AFFO was primarily due to the same factors impacting FFO for both the quarter and on an annual basis. 

Financial Condition Metrics

December 31, 2025

December 31, 2024
Fair value of unencumbered investment properties$3,911,000
$3,662,000
Available liquidity (1)$669,229
$682,218
Debt to gross book value - cost basis (2)
45.5 %

45.7 %
Debt to gross fair value (3) (4)
42.1 %

43.6 %
Weighted average interest rate
4.1 %

4.1 %
Debt to trailing 12 months adjusted EBITDA (3) (4)
7.69x

7.96x
Interest coverage ratio (3) (4) (5)
3.39x

3.31x
(1) Represents the undrawn portion on the credit facilities, excluding joint facilities with joint operation partners.
(2) See Capital Management note in the Financial Statements.
(3) Non-GAAP financial measures used by management to evaluate Crombie's business performance. See "Cautionary Statements and Non-GAAP Measures" below for a reconciliation of debt to gross fair value, debt to trailing 12 months adjusted EBITDA, and interest coverage ratio.
(4) See Debt Metrics section in the Management's Discussion and Analysis.
(5) For the three months ended December 31, 2025 and December 31, 2024. 

Portfolio Optimization

Our development program is divided into major development projects with a total estimated cost greater than $50,000, and non-major development projects with a total estimate cost below $50,000.

Major Development

Crombie currently has one active major development, held within a joint venture, The Marlstone, a 291-unit residential rental project in Halifax, Nova Scotia, under construction. Demolition and existing building upgrades have occurred and construction continues to progress. Pre-leasing began in October 2025 and completion is expected in the second quarter of 2026.

Non-major Development

Non-major developments are shorter in duration and thus carry less overall risk as compared to Crombie's major development pipeline. These projects have the ability to create value while enhancing the overall quality of the portfolio.

In the fourth quarter of 2025, Crombie invested $13,984 in its modernization program.

The table below summarizes active non-major developments within Crombie's portfolio at December 31, 2025.

At Crombie's Share
Type
Project Count

Estimated GLA on Completion

Estimated Total Cost

Estimated Cost to Complete (2)
Land-use intensification, redevelopments and other
1

26,000
$10,700
$8,883
Modernizations (1)
61

-

38,002

-
Total non-major developments
62

26,000
$48,702
$8,883
(1) Modernizations are capital investments to modernize/renovate Crombie-owned grocery-anchored properties in exchange for a defined return and potential extended lease term. The spend on completed modernizations for the three months and year ended December 31, 2025 was $13,984 and $38,002, respectively (three months and year ended December 31, 2024 - $7,067 and $38,223, respectively).
(2) Estimated cost to complete reflects approved projects currently in progress. It does not include potential future projects for which approvals have not yet been obtained.

Highlighted Subsequent Events 

Acquisition Activity

On February 10, 2026, Crombie entered into a binding agreement to acquire a 100% interest in a retail support centre industrial property from Empire totalling 484,000 square feet for $115,400, excluding closing and transaction costs. This acquisition is scheduled to close in February 2026. 

Conference Call and Webcast

Crombie will provide additional details regarding its fourth quarter and year ended December 31, 2025 results on a conference call to be held Wednesday, February 11, 2026, beginning at 10:00 a.m. (EST). Accompanying the conference call will be a presentation that will be available on the Investors section of Crombie's website. To join this conference call, you may dial (412) 717-9224 or (844) 763-8274. To join the conference call without operator assistance, you may register and enter your details at https://registrations.events/easyconnect/3377788/recpoH9ccxztPd8Qe/ to receive an instant automated call back. You may also listen to a live audio webcast of the conference call by visiting the Investors section of Crombie's website at www.crombie.ca.

Replay will be available until midnight February 18, 2026 by dialing (855) 669-9658 and entering passcode 6450280#, or on the Crombie website for 90 days following the conference call. 

Non-GAAP Measures and Cautionary Statements

Net property income, commercial same-asset property cash NOI, FFO, AFFO, FFO payout ratio, AFFO payout ratio, debt to trailing 12 months adjusted EBITDA, debt to gross fair value, and interest coverage ratio are non-GAAP financial measures that do not have a standardized meaning under International Financial Reporting Standards ("IFRS"). These measures as computed by Crombie may differ from similar computations as reported by other entities and, accordingly, may not be comparable to other such entities. Management includes these measures as they represent key performance indicators to management, and it believes certain investors use these measures as a means of assessing Crombie's financial performance. For additional information on these non-GAAP measures see our Management's Discussion and Analysis for the three months and year ended December 31, 2025.

The reconciliations for each non-GAAP measure included in this press release are outlined as follows:

Net Property Income

Management uses net property income as a measure of performance of properties period over period.

Net property income is as follows:

Three months ended December 31,
 
Year ended December 31,

2025

2024

Variance
 
2025

2024

Variance
Property revenue$122,118
$121,595
$523
 $488,711
$471,025
$17,686
Property operating expenses
(43,290)
(43,445)
155
 
(171,922)
(169,340)
(2,582)Net property income$78,828
$78,150
$678
 $316,789
$301,685
$15,104
Same-Asset Property Cash NOI

Crombie measures certain performance and operating metrics on a same-asset basis to evaluate the period-over-period performance of those properties owned and operated by Crombie. "Same-asset" refers to those properties that were owned and operated by Crombie for the current and comparative reporting periods. Properties that will be undergoing a redevelopment in a future period and those for which planning activities are underway are also in this category until such development activities commence and/or tenant leasing/renewal activity is suspended. Same‐asset property cash NOI reflects Crombie's proportionate ownership of jointly operated properties (and excludes any properties held in joint ventures).

Management uses net property income on a cash basis (property cash NOI) as a measure of performance, as it reflects the cash generated by properties period over period.Net property income on a cash basis, which excludes non-cash straight-line rent recognition and amortization of tenant incentive amounts, is as follows:

Three months ended December 31,
 
Year ended December 31,

2025

2024

Variance
 
2025

2024

Variance
Net property income$78,828
$78,150
$678
 $316,789
$301,685
$15,104
Non-cash straight-line rent
(939)
(872)
(67) 
(3,784)
(5,035)
1,251
Non-cash tenant incentive amortization (1)
9,352

7,725

1,627
 
32,945

29,227

3,718
Property cash NOI
87,241

85,003

2,238
 
345,950

325,877

20,073
Acquisitions and dispositions property cash NOI
576

292

284
 
11,575

968

10,607
Development property cash NOI
262

1,097

(835) 
2,429

4,153

(1,724)Acquisitions, dispositions, and development property cash NOI
838

1,389

(551) 
14,004

5,121

8,883
Same-asset property cash NOI$86,403
$83,614
$2,789
 $331,946
$320,756
$11,190

 

 

 
 
 

 

 
Commercial same-asset property cash NOI(*) $84,329
$81,031
$3,298
 $329,872
$318,173
$11,699
Residential same-asset property cash NOI(*) (2)
2,074

2,583

(509) 
2,074

2,583

(509)Same-asset property cash NOI(*) $86,403
$83,614
$2,789
 $331,946
$320,756
$11,190
(1) Refer to "Amortization of Tenant Incentives" in the Management's Discussion and Analysis for a breakdown of tenant incentive amortization.
(2) Residential includes 100% owned residential property.

FFO

Crombie follows the recommendations of the Real Property Association of Canada ("REALPAC") publication "REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)" in calculating FFO and has applied these recommendations to the FFO amounts included in this press release.

The reconciliation of FFO for the three months and year ended December 31, 2025 and 2024 is as follows:

Three months ended December 31,
 
Year ended December 31,

2025

2024

Variance
 
2025

2024

Variance
Decrease in net assets attributable to Unitholders$(16,543)$37,845
$(54,388) $(51,874)$(4,052)$(47,822)Add (deduct):
 

 

 
 
 

 

 
Amortization of tenant incentives
9,352

7,725

1,627
 
32,945

29,227

3,718
Net (gain) loss on disposal of investment properties
-

996

(996) 
(3,089)
(1,167)
(1,922)Gain on acquisition of control of joint venture
-

(51,794)
51,794
 
-

(51,794)
51,794
Gain on derecognition of right-of-use-asset
-

(405)
405
 
(1,770)
(405)
(1,365)Impairment of investment properties
8,400

3,100

5,300
 
8,400

5,100

3,300
Reversal of impairment of investment properties
(6,680)
-

(6,680) 
(6,680)
-

(6,680)Depreciation and amortization of investment properties
22,621

20,826

1,795
 
87,219

80,054

7,165
Adjustments for equity-accounted investments
882

841

41
 
3,481

4,548

(1,067)Principal payments on right-of-use assets
65

62

3
 
214

242

(28)Internal leasing costs
739

637

102
 
2,927

2,979

(52)Distributions to Unitholders
41,975

40,889

1,086
 
165,901

162,587

3,314
Change in fair value of financial instruments (1)
(197)
(2,591)
2,394
 
2,452

(270)
2,722
FFO$60,614
$58,131
$2,483
 $240,126
$227,049
$13,077
Weighted average Units - basic and diluted (in 000's)
186,458

183,657

2,801
 
185,431

182,567

2,864
FFO per Unit - basic and diluted$0.33
$0.32
$0.01
 $1.30
$1.24
$0.06
FFO payout ratio (%)
69.2 %

70.3 %

(1.1) %
 
69.1 %

71.6 %

(2.5) %
(1) Includes the fair value changes of Crombie's deferred unit plan and fair value changes of financial instruments which do not qualify for hedge accounting.

AFFO

Crombie follows the recommendations of the "REALPAC Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS (January 2022)" in calculating AFFO and has applied these recommendations to the AFFO amounts included in this press release.

The reconciliation of AFFO for the three months and year ended December 31, 2025 and 2024 is as follows:

Three months ended December 31, Year ended December 31,
20252024Variance 20252024VarianceFFO$60,614$58,131$2,483 $240,126$227,049$13,077Add (deduct):       Straight-line rent adjustment(939)(872)(67) (3,784)(5,035)1,251Straight-line rent adjustment included in loss from equity-accounted investments(13)(2)(11) (34)153(187)Internal leasing costs(739)(637)(102) (2,927)(2,979)52Maintenance expenditures on a square footage basis(5,260)(5,322)62 (21,015)(21,884)869AFFO$53,663$51,298$2,365 $212,366$197,304$15,062Weighted average Units - basic and diluted (in 000's)186,458183,6572,801 185,431182,5672,864AFFO per Unit - basic and diluted$0.29$0.28$0.01 $1.15$1.08$0.07AFFO payout ratio (%)78.2 %79.7 %(1.5) % 78.1 %82.4 %(4.3) %Debt Metrics

Debt to gross fair value is a non-GAAP measure and may not be comparable to that used by other entities.

The fair value included in this calculation reflects the fair value of the properties as at December 31, 2025 and December 31, 2024, respectively, based on each property's current use as a revenue-generating investment property. Additionally, as properties are prepared for redevelopment, Crombie considers each property's progress through entitlement in determining the fair value of a property.

December 31, 2025December 31, 2024Fixed rate mortgages$807,091$827,930Senior unsecured notes1,500,0001,500,000Unsecured non-revolving credit facility50,00050,000Construction financing facility-13,447Joint operation credit facility3,6233,520Unsecured bilateral credit facility10,000-Debt held in joint ventures, at Crombie's share (1) (2)244,495185,991Lease liabilities31,12933,937Adjusted debt$2,646,338$2,614,825
  Investment properties, fair value$5,841,000$5,604,000Investment properties held in joint ventures, fair value, at Crombie's share (2)347,500285,000Other assets, cost (3)77,73882,296Other assets, cost, held in joint ventures, at Crombie's share (2) (3) (4)4,3925,755Cash and cash equivalents1,66110,021Cash and cash equivalents held in joint ventures, at Crombie's share (2)6,2843,434Deferred financing charges9,09311,669Gross fair value$6,287,668$6,002,175Debt to gross fair value42.1 %43.6 %(1) Includes Crombie's share of fixed rate mortgages, floating rate construction loans, floating rate revolving credit facilities, and lease liabilities held in joint ventures.
(2) See the "Joint Ventures" section in the Management's Discussion and Analysis.
(3) Excludes tenant incentives, accumulated amortization, and accrued straight-line rent receivable.
(4) Includes deferred financing charges.

The following table presents a reconciliation of operating income attributable to Unitholders to adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure and should not be considered an alternative to operating income attributable to Unitholders, and may not be comparable to that used by other entities.

Three months ended
December 31, 2025December 31, 2024Operating income attributable to Unitholders$25,235$76,143Amortization of tenant incentives9,3527,725Net loss on disposal of investment properties-996Gain on acquisition of control of joint venture-(51,794)Gain on derecognition of right-of-use asset-(405)Impairment of investment properties8,4003,100Reversal of impairment of investment properties(6,680)-Depreciation and amortization23,20121,196Finance costs - operations24,54425,401Loss from equity-accounted investments241130Property revenue in joint ventures, at Crombie's share3,8683,797Amortization of tenant incentives in joint ventures, at Crombie's share8178Property operating expenses in joint ventures, at Crombie's share(1,263)(1,199)General and administrative expenses in joint ventures, at Crombie's share(30)(43)Taxes - current34Adjusted EBITDA [1]$86,952$85,129Trailing 12 months adjusted EBITDA [3]$344,072$328,558
  Finance costs - operations$24,544$25,401Finance costs - operations in joint ventures, at Crombie's share2,0151,922Amortization of deferred financing charges(734)(1,433)Amortization of deferred financing charges in joint ventures, at Crombie's share(201)(210)Adjusted interest expense [2]$25,624$25,680
  Debt outstanding (see Debt to Gross Fair Value) (1) [4]$2,646,338$2,614,825
  Interest coverage ratio {[1]/[2]}3.39x3.31xDebt to trailing 12 months adjusted EBITDA {[4]/[3]}7.69x7.96x(1) Includes debt held in joint ventures, at Crombie's share.

This press release contains forward-looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects, and opportunities. Wherever possible, words such as "may", "will", "estimate", "anticipate", "believe", "expect", "intend", "plan", "continue", and similar expressions have been used to identify these forward-looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie. Forward-looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2024 annual Management's Discussion and Analysis under "Risk Management" and the Annual Information Form for the year ended December 31, 2024 under "Risks", could cause actual results, performance, achievements, prospects, or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and a reader should not place undue reliance on the forward-looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct, and Crombie can give no assurance that actual results will be consistent with these forward-looking statements.

Specifically, this document includes, but is not limited to, forward-looking statements regarding expected timing, cost, and completion of entitlement and development, which may be impacted by ordinary real estate market cycles, the availability of labour, ability to attract tenants, estimated GLA, tenant rents, building sizes, financing and the cost of any such financing, capital resource allocation decisions and general economic conditions, as well as entitlement and development activities undertaken by related parties not under the direct control of Crombie, Crombie's ability to earn recurring development and management fees, and its ability to make decisions that maximize Unitholder value. 

About Crombie REIT

Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow. As one of the country's leading owners, operators, and developers of quality real estate assets, Crombie's portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-use residential properties. As at December 31, 2025, our portfolio contained 308 properties comprising approximately 18.9 million square feet, inclusive of joint ventures at Crombie's share, and a significant pipeline of future development projects. Learn more at www.crombie.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283431

Source: Crombie Real Estate Investment Trust

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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- AGCO (NYSE: AGCO) announced today it will participate in Citi's 2026 Global Industrial Tech and Mobility Conference on Thursday, February 19, 2026. The conference will include a fireside chat with Damon Audia, Senior Vice President and Chief Financial Officer, at 10:30 a.m. Eastern Time. Investors may listen to a live webcast of the presentation by accessing the "Events" section of the company's Investor Relations website at https://investors.agcocorp.com/events-and-presentations/upcoming-events. The webcast will also be archived immediately afterward for 12 months.

About AGCO:
AGCO (NYSE: AGCO) is a global leader in agricultural machinery and precision agriculture technologies. Driven by a Farmer-First strategy, AGCO delivers value through its differentiated leading brands, Fendt™, Massey Ferguson™, PTx™ and Valtra™.  AGCO's high-performance equipment and smart farming solutions, including brand-agnostic retrofit technologies and autonomous offerings, empower farmers to drive productivity while sustainably feeding the world. For more information, visit www.agcocorp.com.  

SOURCE AGCO Corporation

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February 10, 2026 17:00 ET  | Source: Andrew Peller Limited

GRIMSBY, Ontario, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Andrew Peller Limited (TSX: ADW.A / ADW.B) (“APL” or the “Company”) today announced results for the three and nine months ended December 31, 2025. All amounts are expressed in Canadian dollars unless otherwise stated.

THIRD QUARTER 2026 HIGHLIGHTS

Revenue was $108.8 million, up from $105.4 million in Q3 2025;Gross margin of 41.8%, up from 40.2% in the prior year;EBITA increased by 6.1% to $19.7 million, from $18.5 million in Q3 2025; andNet earnings improved to $7.9 million, compared to $7.7 million in Q3 2025. YTD 2026 HIGHLIGHTS

Revenue was $313.5 million, compared with $314.1 million in the prior year;Gross margin of 43.3%, up from 40.4% in the prior year;EBITA increased to $57.1 million, from $49.4 million in the prior year;Net earnings grew to $21.4 million ($0.50 per Class A Share), compared to $11.9 million ($0.28 per Class A Share) in the prior year; andDividends of $0.185 per Class A Share and $0.161 per Class B Share. “Highlighted by top-line growth and continued expansion in our margins and earnings, it was another strong quarter for the Company. These results reflect positive trends across multiple trade channels and regions, including a strong quarter in Western Canada and sustained momentum in emerging channels in Ontario,” said Paul Dubkowski, Chief Executive Officer. “With our strong balance sheet and continued momentum, we are making targeted investments in growth aimed at continuing to gain share in core markets, while positioning the Company for success in high-growth product segments.”

Financial Highlights
(Financial Statements and the Company’s Management Discussion and Analysis for the period can be obtained on the Company’s web site at ir.andrewpeller.com)

For the three and nine months ended December 31,Three monthsNine months(in $000, except per share amounts) 2025  2024  2025  2024 Revenue$108,835 $105,385 $313,521 $314,088 Gross margin(1) 45,525  42,384  135,812  126,890 Gross margin (% of revenue) 41.8% 40.2% 43.3% 40.4%Selling and administrative expenses 25,839  23,837  78,716  77,505 EBITA(1) 19,686  18,547  57,096  49,385 Interest expense 3,130  4,219  10,123  13,118 Net unrealized (gain) loss on derivative financial instruments (323) (556) (880) 1,175 Other (income) expenses, net (180) 1,637  713  2,845 Net earnings 7,916  7,677  21,407  11,862 Earnings per share – Class A basic$0.18 $0.18 $0.50 $0.28 Earnings per share – Class B basic$0.16 $0.15 $0.44 $0.24 Dividend per share – Class A  $0.185 $0.185 Dividend per share – Class B  $0.161 $0.161  (1) Please refer to the Company’s MD&A concerning “Non-IFRS Measures”

Financial Review 

Revenue for the three months ended December 31, 2025 increased by 3.3% compared to the same period in the prior year, driven primarily by strong performance in Western Canada and growth in wine club sales. This increase is partially offset by expected softness in the Company’s owned retail stores as the Ontario retail market continues to evolve. Revenue for the nine months ended December 31, 2025 was relatively consistent with the prior year as the Company was able to offset the benefit from the LCBO strike in the second quarter of fiscal 2025. Several of the Company’s well-established trade channels delivered strong performance, particularly sales to third party restaurants and hospitality locations. Performance in grocery and big-box stores also remained strong during the continued evolution of the Ontario retail market, and traffic at the Company’s estate properties continued to grow. These gains were offset by some softness in the Company’s owned retail stores and its personal winemaking business.

Gross margin as a percentage of revenue increased to 41.8% from 40.2% for the three months ended December 31, 2025, and to 43.3% from 40.4% for the nine months ended December 31, 2025. The improvement was driven by lower input costs including glass bottles and inbound freight, resulting from the Company’s ongoing cost savings programs. This favorability was partially offset by additional distribution costs incurred to serve the evolving Ontario retail market. Margin also improved due to the Ontario Grape Support Program (“OGSP”) which contributed $2.1 million and $6.6 million in the three and nine month periods ended December 31, 2025, respectively. This program was not in effect during the comparable periods in fiscal 2025.

As a percentage of revenue, selling and administrative expenses increased to 23.7% from 22.6% for the three months ended December 31, 2025 and to 25.1% from 24.7% for the nine months ended December 31, 2025. The increase reflects an increase in investments made for advertising and promotion expenses for innovation and to serve the evolving Ontario retail market.

EBITA was $19.7 million in the third quarter of fiscal 2026, up 6.1% from $18.5 million in the third quarter of fiscal 2025. EBITA was $57.1 million for the nine months ended December 31, 2025, an increase of 15.6% compared with $49.4 million in the prior year.

Interest expense for the three and nine months ended December 31, 2025 decreased by 25.8% and 22.8% respectively, compared to prior year, due to lower average debt levels and reduced interest rates.

The Company recorded a net unrealized non-cash gain in the first nine months of fiscal 2026 of $0.9 million related to mark-to-market adjustments on interest rate swaps and foreign exchange contracts compared to a loss of $1.2 million in prior year. The Company has elected not to apply hedge accounting and accordingly the change in fair value of these financial instruments is reflected in the Company’s consolidated statement of earnings each reporting period. These instruments are considered to be effective economic hedges and are expected to mitigate the short-term volatility of changing foreign exchange and interest rates.

The Company generated net earnings of $7.9 million ($0.18 per Class A share) for the third quarter of fiscal 2026 compared to $7.7 million ($0.18 per Class A share) in the third quarter of the prior year and net earnings of $21.4 million ($0.50 per Class A share) for the nine months ended December 31, 2025 compared to $11.9 million ($0.28 per Class A share) in the prior year.

Investor Conference Call
The Company will hold conference call to discuss the results on Wednesday, February 11, 2026 at 10:00 a.m. ET. Paul Dubkowski, CEO, Renee Cauchi, CFO and Patrick O’Brien, President and CCO, will host the call, with a question and answer period following management’s presentation.

Q3 Conference Call Details:Date: Wednesday, February 11, 2026Time: 10:00 a.m. (ET)Dial-in numbers: Local Toronto / International: (437) 900-0527  North American Toll Free: (888) 510-2154  RapidConnect: https://emportal.ink/3LqsTGyWebcast: A live webcast will be available at ir.andrewpeller.comReplay: Following the live call, a recording will be available on the Company’s investor relations website at ir.andrewpeller.com    About Andrew Peller Limited        
Andrew Peller Limited is one of Canada’s leading producers and marketers of quality wines and craft beverage alcohol products. The Company’s award-winning premium and ultra-premium Vintners’ Quality Alliance brands include Peller Estates, Trius, Thirty Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate Winery, Tinhorn Creek Vineyards, Gray Monk Estate Winery, Raven Conspiracy, and Conviction. Complementing these premium brands are a number of popularly priced varietal offerings, wine-based liqueurs, craft ciders, and craft spirits. The Company owns and operates 101 well-positioned independent retail locations in Ontario under The Wine Shop, Wine Country Vintners, and Wine Country Merchants store names. The Company also operates Andrew Peller Import Agency and The Small Winemaker’s Collection Inc., importers and marketing agents of premium wines from around the world. With a focus on serving the needs of all wine consumers, the Company produces and markets premium personal winemaking products through its wholly owned subsidiary, Global Vintners Inc., the recognized leader in personal winemaking products. More information about the Company can be found at ir.andrewpeller.com.

The Company utilizes EBITA (defined as earnings before interest, amortization, loss on debt extinguishment and financing fees, net unrealized gains and losses on derivative financial instruments, other (income) expenses, and income taxes) to measure its financial performance. EBITA is not a recognized measure under IFRS. Management believes that EBITA is a useful supplemental measure to net earnings, as it provides readers with an indication of earnings available for investment prior to debt service, capital expenditures, and income taxes, as well as provides an indication of recurring earnings compared to prior periods. Readers are cautioned that EBITA should not be construed as an alternative to net earnings determined in accordance with IFRS as indicators of the Company’s performance or to cash flows from operating, investing, and financing activities as a measure of liquidity and cash flows. The Company also utilizes gross margin (defined as sales less cost of goods sold, excluding amortization). The Company’s method of calculating EBITA and gross margin may differ from the methods used by other companies and, accordingly, may not be comparable to measures used by other companies.

Andrew Peller Limited common shares trade on the Toronto Stock Exchange (symbols ADW.A and ADW.B).

FORWARD-LOOKING INFORMATION
Certain statements in this news release may contain “forward-looking statements” within the meaning of applicable securities laws including the “safe harbour provisions” of the Securities Act (Ontario) with respect to APL and its subsidiaries. Such statements include, but are not limited to, statements about the growth of the business; its launch of new premium wines and craft beverage alcohol products; sales trends in foreign markets; its supply of domestically grown grapes; and current economic conditions. These statements are subject to certain risks, assumptions, and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. The words “believe”, “plan”, “intend”, “estimate”, “expect”, or “anticipate”, and similar expressions, as well as future or conditional verbs such as “will”, “should”, “would”, “could”, and similar verbs often identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. With respect to forward-looking statements contained in this news release, the Company has made assumptions and applied certain factors regarding, among other things: future grape, glass bottle, and wine and spirit prices; its ability to obtain grapes, imported wine, glass, and other raw materials; fluctuations in foreign currency exchange rates; its ability to market products successfully to its anticipated customers; the trade balance within the domestic Canadian and international wine markets; market trends; reliance on key personnel; protection of its intellectual property rights; the economic environment; the regulatory requirements regarding producing, marketing, advertising, and labelling of its products; the regulation of liquor distribution and retailing in Ontario; the application of federal and provincial environmental laws; and the impact of increasing competition.

These forward-looking statements are also subject to the risks and uncertainties discussed in this news release, in the “Risks and Uncertainties” section and elsewhere in the Company’s MD&A and other risks detailed from time to time in the publicly filed disclosure documents of Andrew Peller Limited which are available at www.sedarplus.ca. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions which could cause actual results to differ materially from those conclusions, forecasts, or projections anticipated in these forward-looking statements. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The Company’s forward-looking statements are made only as of the date of this news release, and except as required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new information, future events or circumstances or otherwise.

For more information, please contact:        

Craig Armitage
[email protected]

Source: Andrew Peller Limited

Q3 Fiscal 2026 Highlights

Total revenues of $13.8 millionAdjusted EBITDA1 of $3.4 millionNet profit of $9.1 million, net profit before income taxes of $2.7 millionRoyalties of $3.1 million MONTREAL, Feb. 10, 2026 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (“D-BOX” or the "Company") (TSX: DBO) today reported financial results for its third quarter ended December 31, 2025.

“In Q3 2026, D-BOX continued to deliver on its benchmark goal of generating adjusted EBITDA in excess of its royalty revenues,” said Naveen Prasad, CEO of D-BOX. “With an all-time high of 86 gross new theatrical installations in the quarter our screen count continues to expand, helping fuel further potential royalty growth. This profitability, also driven in part by our diligent efforts in cost control, resulted in the Company recognizing certain unused tax losses and credits as a Deferred Tax Asset (“DTA”) of $6.4 million pushing net profit to $9.1 million in Q3. Our cash balance of $16.2 million provides the Company with the financial flexibility to continue its mission of expanding its operations and customer base in a strategic and methodical manner.”

Q3 2026 Operating Results

Third quarter royalty revenues decreased 3% to $3.1 million compared with $3.2 million last year. The year over year decline can be attributed to an overall decline of 6.9%1 in the North American domestic box office and specifically fewer large scale blockbuster releases and a higher proportion of titles that generated lower demand for premium theatrical experiences. This lower concentration among tentpole releases reduced the number of titles capable of driving audiences in search of immersive experiences. D-BOX-encoded movies once again delivered strong results among the highest grossing titles, including Avatar: Fire and Ash, Zootopia 2 and Wicked: For Good. D-BOX continued to expand its market presence, achieving a 12.8% year-over-year increase in screen footprint worldwide, bringing total active screens to 1,135.

Theatrical system sales increased 21% year-over-year, to $5.8 million. These results combined with a solid sales pipeline are indicative of the positive traction our brand is currently experiencing, particularly in the U.S., Australian and in Latin American markets. The sustained expansion of our screens in the U.S. is a clear indication of market acceptance of our commercial offering. While net new screen installations were equivalent to those for the same period last year, at 51, gross installations reached an all-time high of 86. There were 35 screens outside North America that the Company deactivated as they had been dormant and generating no revenue for the last 3 years, due to geopolitical hurdles in certain international markets.

The Company ended the quarter with $16.2 million in cash, and $4.1 million in deferred revenues, both up over $3 million due to advanced deposits received in December for theatrical orders to be delivered and installed over the coming months. Simulation and training and sim racing customer groups combined were down 8% year-over-year, in the third quarter mainly due to lower demand from simulation and training customers. Theatrical customers drove the increase in total revenues to $13.8 million, up 4% year-over-year.

The Company recorded a DTA of $6.4 million relating to the recognition of previously unused tax losses and unused tax credits. The Company has recognized the DTA based on the expectation that future taxable profit will be available against which the unused tax losses and credits can be utilized. The Company's recent history of success and the positive outlook for its future cash flows and taxable profit projections necessitate the asset be recorded.

Net profit reached a record $9.1 million which includes the recognition of the above mentioned $6.4 million deferred tax benefit. Adjusted EBITDA2 for the quarter totaled $3.4 million, representing a 24% Adjusted EBITDA margin², up 31% year-over-year and demonstrating continued focus on cost control and operational efficiency.

Given the inherent variability and seasonality of quarterly sales, we continue to emphasize the importance of assessing the Company’s performance on a trailing twelve-month basis.

Year-to-date Operating Results

Theatrical customers constituted 65% of total revenues for the nine months ended December 31, 2025, compared to 60% in the prior year. The Company's theatrical system sales surged by 74%, while royalties experienced a notable 31% uptick. These combined factors contributed to a record-breaking nine month year-to-date operations, with net profit before income taxes reaching $9.2 million, despite a $1.2 million restructuring charge related to the transition of the CEO and CFO roles. Gross margin increased two percentage points, from 52% to 54%. This change can be attributed largely to market mix and the previously mentioned increase in high-margin royalty revenues. The company has successfully paid off all its interest-bearing debt, positioning it well to capitalize on future cash flows from operations.

 Three month quarter endedYTD quarter endedFiscal year20262025Var.
 ($) Var.
(%) 20262025Var.
($) Var.
(%) Revenues from        System sales        Theatrical        5,838        4,831        1,007         21 %         16,347        9,370        6,977         74 % Simulation and training        1,529        1,956        (427)         (22) %         5,489        6,197        (708)         (11)% Sim racing        2,668        2,629        39         1 %         7,581        7,339        242         3 % Other        673        720        (47)         (7) %         1,967        2,485        (518)         (21)% Total system sales        10,708        10,136        572         6 %         31,384        25,391        5,993         24 % Rights for use, rental and maintenance ("royalties")        3,083        3,163        (80)         (3) %         11,553        8,787        2,766         31 % Total Revenues        13,791        13,299        492         4 %         42,937        34,178        8,759         26 % 
Balance Sheet and Liquidity

D-BOX closed the third quarter of fiscal 2026 in a position of financial strength, with $16.2 million in cash against total debt of $0.4 million which is non-interest bearing.

SUPPLEMENTAL FINANCIAL DATA - UNAUDITED

 Three month quarter endedYTD quarter endedFiscal year2026 2025 Var. (%) 2026 2025 Var. (%) Total Revenues        13,791         13,299         4 %         42,937         34,178         26 % Gross profit        7,087         6,687         6 %         23,301         17,666         32 % Operating expenses i        4,437         5,041         (12) %         14,092         14,117         —  % Operating income i        2,650         1,646         61 %         9,209         3,549         159 % Adjusted EBITDA 2, i        3,359         2,565         31 %         12,146         5,733         112 % Financial expenses (income)        (4)        104         (104) %         57         390         (85) % Net profit i        9,061         1,531         492 %         15,539         3,138         395 % Basic EPS        0.041         0.007         487 %         0.070         0.014         391 % Diluted EPS        0.040         0.007         470 %         0.068         0.014         377% Gross margin i        51 %         50%         1 p.p.         54 %         52 %         3 p.p. Operating expenses as % of total revenues 2, i        32 %         38%         (6) p.p.         33 %         41 %         (8) p.p. Operating margin 2, i        19 %         12%         7 p.p.         21 %         10 %         11 p.p. Adjusted EBITDA margin 2, i        24 %         19%         5 p.p.         28 %         17 %         12 p.p. Cash flows provided by operating activities i        5,985         2,287 162 %         10,095         5,288         91 % As at (in thousands of Canadian dollars)December 31, 2025
 March 31, 2025
 Total debt 2        367         1,221 Cash and cash equivalents        16,183         7,812 Net cash (net debt) 2        15,816         6,591 Adjusted EBITDA (LTM) 2        13,859         7,311  i)     Included in YTD quarter ended FY2026 is a restructuring charge of $1,207, related to a change in CFO and CEO

This release should be read in conjunction with the Company’s unaudited interim condensed consolidated financial statements and the Management’s Discussion and Analysis dated February 10, 2026. These documents are available at www.sedarplus.ca.

All dollar amounts are expressed in Canadian currency

NON-IFRS AND OTHER FINANCIAL PERFORMANCE MEASURES

D-BOX uses the following non-IFRS financial performance measures in its MD&A and other communications. The non-IFRS measures do not have any standardized meaning prescribed by IFRS and are unlikely to be comparable to similarly titled measures reported by other companies. Investors are cautioned that the disclosure of these metrics is meant to add to, and not to replace, the discussion of financial results determined in accordance with IFRS. Management uses both IFRS and non-IFRS measures when planning, monitoring and evaluating the Company’s performance. The non-IFRS performance measures are described as follows:

Adjusted EBITDA

EBITDA represents earnings before interest and financing, income taxes and depreciation and amortization. Adjustments to EBITDA are for items that are not necessarily reflective of the Company’s underlying operating performance. As there is no generally accepted method of calculating EBITDA, this measure is not necessarily comparable to similarly titled measures reported by other issuers. Adjusted EBITDA provides useful and complementary information, which can be used, in particular, to assess profitability and cash flow from operations. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenues. The following table reconciles adjusted EBITDA to net profit:

 Three month periodsNine month periods 2025202420252024Net profit9,0611,53115,5393,138Amortization of property and equipment298296910897Amortization of intangible assets130134412416Financial expenses (income)(4)10457390Income taxes (recoveries)(6,407)11(6,387)21Share-based payments2561930857Foreign exchange loss25470100409Restructuring costs——1,207405Adjusted EBITDA3,3592,56512,1465,733
Total Debt, Net Debt and Total Debt to Adjusted EBITDA

Total debt is defined as the total bank indebtedness, long-term debt (including any current portion), and net debt is calculated as total debt net of cash and cash equivalents. The Company considers total debt and net debt to be important indicators for management and investors to assess the financial position and liquidity of the Company and measure its financial leverage. These measures do not have any standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Total debt to Adjusted EBITDA ratio is calculated as total net debt divided by the last four quarters Adjusted EBITDA. We believe that total debt to Adjusted EBITDA is a useful metric to assess the Company’s ability to manage debt and liquidity.

Supplementary Financial Measures
Gross margin is defined as gross profit divided by total revenues.
Operating expenses as a percentage of sales are defined as operating expenses divided by total revenues.
Operating margin is defined as operating income divided by net sales.

ABOUT D-BOX

D-BOX Technologies Inc. (TSX: DBO) is a global leader in haptic technology, delivering immersive motion experiences that engage the body and spark the imagination. Our patented systems synchronize motion, vibration, and texture with on-screen content, enhancing storytelling across various platforms. With over 25 years of innovation, D-BOX's solutions are utilized in movie theaters, sim racing, and simulation & training. Headquartered in Montreal, Canada, with offices in Los Angeles, USA, D-BOX continues to redefine how audiences experience media worldwide. Visit https://www.d-box.com/.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Reid
Chief Financial Officer
D-BOX Technologies Inc.
[email protected]

D-BOX Media Relations

[email protected] 

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

Certain information included in this press release may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, activities, objectives, operations, strategy, business outlook, and financial performance and condition of the Corporation, or the assumptions underlying any of the foregoing. In this document, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information, by its very nature, is subject to numerous risks and uncertainties and is based on several assumptions which give rise to the possibility that actual results could differ materially from the Corporation’s expectations expressed in or implied by such forward-looking information and no assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including but not limited to the future plans, activities, objectives, operations, strategy, business outlook and financial performance and condition of the Corporation.

Forward-looking information is provided in this press release for the purpose of giving information about Management’s current expectations and plans and allowing investors and others to get a better understanding of the Corporation’s operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking information for any other purpose.

Forward-looking information provided in this document is based on information available at the date hereof and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control.

The risks, uncertainties and assumptions that could cause actual results to differ materially from the Corporation’s expectations expressed in or implied by the forward-looking information include, but are not limited to, the sustainability of net profit driven by continued strength in royalty revenues, the ongoing positive impact of past cost control measures on future profitability, and the sustained strength and value creation driven by its overall business model and operational discipline. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking information are discussed under “Risk Factors” in the Corporation’s annual information form for the fiscal year ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.ca.

Except as may be required by Canadian securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking information contained in this press release to reflect subsequent information, events, circumstances or otherwise.

The Corporation cautions readers that the risks described above are not the only ones that could have an impact on it. Additional risks and uncertainties not currently known to the Corporation or that the Corporation currently deems to be immaterial may also have a material adverse effect on the Corporation’s business, financial condition or results of operations.

1 According to https://www.boxofficemojo.com/

2 Please refer to "non-IFRS and other financial performance measures" in this press release

Datadog (DDOG) rallied after earnings as tech experienced a largely ho-hum day, with exceptions seen in Western Digital (WDC), Micron (MU), and other memory AI chip stocks. Elsewhere in markets, Paramount Skydance (PSKY) made an effort to make its takeover bid for Warner Bros.

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February 10, 2026 17:03 ET  | Source: Northrop Grumman Corporation

FALLS CHURCH, Va., Feb. 10, 2026 (GLOBE NEWSWIRE) -- The board of directors of Northrop Grumman Corporation (NYSE: NOC) declared a quarterly dividend of $2.31 per share on Northrop Grumman common stock, payable March 11, 2026, to shareholders of record as of the close of business February 23, 2026. Northrop Grumman continues to execute a disciplined capital allocation strategy that prioritizes investments in the manufacturing capabilities and capacity needed to deliver differentiating technologies quickly for our customers.

Northrop Grumman is a leading global aerospace and defense technology company. Our pioneering solutions equip our customers with the capabilities they need to connect and protect the world, and push the boundaries of human exploration across the universe. Driven by a shared purpose to solve our customers’ toughest problems, our employees define possible every day.

Contact: News Bureau
[email protected]

Todd Ernst (Investors)
[email protected]

As the ETF industry continues its record-breaking trajectory, the upcoming Exchange conference is shaping up to be the most consequential industry gathering of the year. From March 15–18, 2026, the industry will gather at the Virgin Hotel in Las Vegas for what has become the definitive summit for the ETF ecosystem. For financial advisors, the event offers a unique intersection of technical due diligence, macroeconomic strategy, and peer-to-peer networking.

“Exchange is the conference where all roads of the ETF universe connect. Advisors, data providers, issuers, thought leaders, and so much more. I can’t wait to be a part of it,” Todd Sohn, senior ETF and technical strategist at Strategas Asset Management, said.

A highlight of the 2026 agenda is the ETF Study Hall, where Sohn and Nate Geraci, president of NovaDius Wealth Management, will lead intensive due diligence sessions. 

Geraci, who will also record a live episode of his ETF Prime podcast on Tuesday, said during last week’s episode that the value of the event lies in the move from digital interaction to physical presence. “My favorite part of this event is just being able to see people in person,” Geraci said, echoing a sentiment shared by many who navigate the increasingly complex ETF landscape. “I hope everybody will join us,” he added.

3 Must Attend Sessions at Exchange International diversification and digital assets will take center stage in the breakout tracks. Sohn is set to moderate a session titled “A Smarter Way to Invest Internationally,“ featuring Todd Mathias of Franklin Templeton and Sandra Testani of American Century Investments. The discussion will likely focus on strategies like the Franklin International Dividend Multiplier ETF (XIDV) and the American Century Quality Diversified International ETF (QINT), as advisors look for compelling strategies in a volatile global market.

Simultaneously, the evolving crypto landscape remains a top priority for 2026. Geraci will moderate a session on incorporating cryptocurrency products into portfolios, featuring Bill Birmingham of Osprey Funds and Adam Morgan McCarthy of Kaiko Indices. With institutional adoption and regulatory clarity shifting rapidly, these sessions provide the actionable data advisors need to manage client expectations and portfolio risk.

Exchange conference registration is open.

For more news, information, and analysis visit the Thematic Investing Content Hub.

VettaFi LLC (“VettaFi”) is the index provider for XIDV and QINT for which it receives an index licensing fee. However, XIDV and QINT are not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of XIDV and QINT.

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The ride-hailing platform logged higher revenue boosted by double-digit growth in booking, but active riders and rides missed Wall Street's expectations.

Q4: 2026-02-09 Earnings SummaryEPS of -$0.02 misses by $0.07

 |

Revenue of

$453.71M

(-0.89% Y/Y)

beats by $13.48M

Vornado Realty Trust (VNO) Q4 2025 Earnings Call February 10, 2026 10:00 AM EST

Company Participants

Steven Borenstein - Executive VP, Corporation Counsel & Secretary
Steven Roth - Chairman of the Board & CEO
Michael Franco - President & CFO
Glen Weiss - Executive VP of Office Leasing & Co-Head of Real Estate
Thomas Sanelli - Executive VP of Finance & Chief Administrative Officer

Conference Call Participants

Dylan Burzinski - Green Street Advisors, LLC, Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
Floris Gerbrand Van Dijkum - Ladenburg Thalmann & Co. Inc., Research Division
John Kim - BMO Capital Markets Equity Research
Jana Galan - BofA Securities, Research Division
Alexander Goldfarb - Piper Sandler & Co., Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division
Vikram Malhotra - Mizuho Securities USA LLC, Research Division
Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division
Annabelle Ayer - Barclays Bank PLC, Research Division
Seth Bergey - Citigroup Inc., Research Division

Presentation

Operator

Good morning, and welcome to the Vornado Realty Trust Fourth Quarter 2025 Earnings Call. My name is Nick, and I will be your operator for today's call. This call is being recorded for replay purposes. [Operator Instructions]

I will now turn the call over to Mr. Steve Borenstein, Executive Vice President and Corporation Counsel. Please go ahead, sir.

Steven Borenstein
Executive VP, Corporation Counsel & Secretary

Welcome to Vornado Realty Trust fourth quarter earnings call. Yesterday afternoon, we issued our fourth quarter earnings release and filed our annual report on Form 10-K with the Securities and Exchange Commission. These documents as well as our supplemental financial information package are available on our website, www.vno.com, under the Investor Relations section.

In these documents and during today's call, we will discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in our

TL;DR

Bitcoin remains near $69,200, with sustained demand but without active catalysts that could drive an upward move. The lack of progress on the CLARITY Act and increased caution in traditional markets are reducing risk-taking. The $60,000 support level is tied to the average mining cost and spot ETF flows, which support the price but fail to trigger a bullish breakout. Bitcoin is trading near $69,200, moving sideways and showing a clear balance between sustained demand and a lack of active catalysts. BTC recovered from its recent lows but failed to establish a consistent upward move. The current dynamic reflects a market with lower short-term buying intensity and no signs of aggressive selling.

Investor behavior has shifted compared to previous phases. Speculative buying has lost prominence and given way to a wait-and-see phase. Capital allocation is focused on preserving exposure without materially increasing positions. This behavior limits volatility and keeps the price within a defined range.

Bitcoin Needs Regulatory Clarity and Progress One of the central factors is the absence of regulatory developments. Progress on the CLARITY Act has stalled in the U.S. Congress, removing expectations of clearer rules for the sector. This backdrop is compounded by a cooling of the optimism previously linked to the political landscape and by increased caution in traditional financial markets, where several firms have reduced exposure to risk assets.

Within this context, the narrative of Bitcoin as “digital gold” has returned to the center of market debate. Some analysts question its performance during periods of macroeconomic stress, while others argue for its role as a store of value amid the loss of purchasing power in fiat currencies. This divergence contributes to the lack of short-term directional consensus.

$60,000: A Key Level The $60,000 level functions as a structural support. This range sits close to Bitcoin’s average mining cost. A sustained drop below that level would impact the profitability of several mining operations, which would reduce BTC selling used to cover operating expenses. This relationship between price and production costs establishes a floor similar to those observed in commodity markets.

Institutional demand continues to play a central role. Unlike earlier cycles dominated by retail activity, buying flows now come mainly from spot Bitcoin ETFs and from companies adding BTC to their balance sheets. In a single session, spot ETFs recorded net inflows of around $300 million. This volume confirms active demand, albeit without signs of acceleration.

In the short term, the range between $60,000 and $71,000 concentrates trading activity. Increased selling pressure could push the price back toward support, while the absence of regulatory or macroeconomic announcements prevents a bullish breakout. The market remains in a consolidation phase supported by institutional flows and well-defined economic constraints

Reports circulating in the crypto community claim LayerZero is preparing to launch a proprietary blockchain called “Zero.” As reported by BitcoinWorld, the protocol posted, then deleted, a video said to announce its own chain (https://cryptorank.io/news/feed/b1a35-layerzero-deletes-video-announcing-chain).

TL;DR

Canaan’s Q4 revenue topped $196 million, up 121% year over year, with record shipments of 14.6 exahashes per second. Mining added $30.4 million as it produced 300 BTC at an implied $101,000, but a $85 million net loss reflected fair-value crypto hits. Bitcoin holdings rose from 1,750 BTC to 1,778 BTC in January; Canaan launched a 3-megawatt Manitoba heat-recovery pilot and guided Q1 revenue at $60 million to $70 million. Canaan delivered a sharp fourth-quarter rebound as demand for bitcoin mining hardware improved and the company kept expanding its digital-asset treasury. The quarter signals Canaan is using hardware momentum to rebuild revenue while compounding BTC exposure. The Singapore-based miner and hardware maker reported more than $196 million in Q4 revenue, up 121% from a year earlier and its strongest quarterly sales in three years. Shares rose about 1.5% Tuesday to around $0.62 after falling to a record low near $0.50 in the prior week, based on market pricing. Results were released Tuesday with updated guidance.

Shipments and mining output lift results as treasury strategy persists Mining machine sales did most of the lifting, with Canaan shipping a record 14.6 exahashes per second of computing power during the quarter, supported by large North American orders. Record shipments point to renewed fleet buildouts even as operators stay selective on capex. Mining operations added $30.4 million of revenue as the company mined 300 BTC in Q4 at an implied price near $101,000 per bitcoin. Bitcoin has since fallen about 32% to around $68,000, compressing the mark-to-market optics on newly produced coins. Management said the quarter set a three-year high for sales momentum overall.

Despite the revenue rebound, Canaan still recorded a net loss of $85 million, higher than the prior quarter, as falling crypto prices triggered fair-value losses tied to its cryptocurrency holdings. The print shows operating leverage improving while treasury volatility continues to drive earnings noise. By the end of December, the company held roughly 1,750 BTC and 3,951 ETH, valued at about $165 million at the time. It said part of the build also came from converting stablecoin proceeds from miner sales into bitcoin, and it ranks 38th among public BTC holders. according to BitcoinTreasuries data.

The balance-sheet strategy continued into the new year: Canaan mined an additional 83 BTC in January, lifting total bitcoin holdings to 1,778 BTC at month-end after balance-sheet adjustments and operational uses. Management is positioning bitcoin as strategic inventory while widening the business into energy and compute infrastructure. The company launched a 3-megawatt heat-recovery pilot in Manitoba, using mining equipment to provide greenhouse heating and monetize waste heat. Looking ahead, Canaan guided for Q1 2026 revenue of $60 million to $70 million as it navigates a depressed crypto market. It framed the pilot as scalable globally.

Dogecoin (CRYPTO: DOGE) plunged 4% while Shiba Inu (CRYPTO: SHIB) fell 2% on Tuesday, with both meme coins accelerating lower after breaking critical support levels. DOGE's $0.08 Target Dogecoin broke below the $0.10 psychological level, a significant technical failure.

TL;DR:

A human error credited 620,000 non-existent BTC to user accounts during a promotional event. The Financial Supervisory Service (FSS) is investigating legal violations and internal control deficiencies. Analysts warn of the risks of “paper Bitcoin” and its impact on global market confidence. Following the detection of a massive crediting of ghost Bitcoin in Bithumb, South Korea’s financial regulator has launched an exhaustive investigation. The incident occurred when an employee mistakenly entered the unit “BTC” instead of the local currency “won” during a promotion, inflating user balances by $42.8 billion.

The exchange claims to have recovered most of the funds, but approximately 125 BTC withdrawn by opportunistic users remain unsettled. Consequently, the Financial Supervisory Service (FSS) described the event as a serious threat to market order and operational transparency.

This error revives fears regarding “paper Bitcoin,” assets that exist only on the internal ledgers of centralized exchanges (CEX) and not on the blockchain. As a result, the crypto community is questioning whether the actual reserves of these platforms are sufficient to back their customers’ operations.

Control Failures and Distrust in Centralized Exchanges The FSS investigation points out that the error stemmed from a “single point of failure,” where a single staff member had the power to issue digital assets. Furthermore, on-chain data suggests a significant discrepancy between the figures reported by Bithumb and the massive withdrawals recorded after the incident.

On the other hand, CryptoQuant analysts assert that, at the time of the error, Bithumb held only 41,798 BTC in real reserves, a negligible number compared to the fictitious balance created. Therefore, the event not only exposed technical weaknesses but also triggered a capital outflow of $268 million due to the loss of confidence.

In summary, the case of ghost Bitcoin in Bithumb sets a negative precedent for digital asset regulation in Asia. The outcome of this investigation will determine whether custody and internal control standards in South Korea must be tightened to prevent future systemic collapses.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

XRP price continued falling today, as broader crypto selling pressure stayed strong across major tokens. At press time, XRP was trading at $1.40, down by 3.16% in 24 hours, as per CoinMarketCap data. The token has also dropped 10.74% over the past week and 32.97% over the past month.

Bitcoin Weakens and Crypto Market Dip Affects XRP Price XRP price is dipping today mainly because the wider crypto market is falling, with Bitcoin leading the move lower. The Bitcoin price dropped about 2.50%, and XRP followed the same direction as selling spread across altcoins. The overall crypto market cap also fell 2.50% to $2.34 trillion, confirming a broad risk-off session.

Sentiment indicators also showed the same pressure. CoinMarketCap’s Fear & Greed Index recovered slightly but stayed at 10, which still signals “Extreme Fear.” However, the low score shows traders are still cautious, which has kept buying activity limited during the decline.

Large wallet movements have added to the uncertainty. Whale Alert reported 125,000,000 XRP worth $177,053,247 transferred from an unknown wallet to an unknown wallet. Also, there was a prior movement of 116,661,476 XRP valued at $165,955,281 moved between unknown wallets. Whale Alert also reported another movement of 50,000,000 XRP worth $70,378,108 moved from an unknown wallet to Bybit.

Moving Averages and Volume Show XRP’s Weakness XRP has remained in a medium to long-term downtrend from mid-August 2025 through early February 2026. Price has consistently stayed below the 200-day moving average, which moves downward near $1.83. 

Source: Santiment

The 50-day moving average has also rolled over and previously crossed below the 200-day moving average, indicating XRP’s bearish structure. The sell-off increased after the XRP price dropped from the $3.30 to $3.10 range in early August. 

Since then, the token has formed lower highs and lower lows while breaking multiple support zones. Notably, relief rallies in September, November, and early January failed near $2.25 to $2.30, which now acts as key resistance.

A CoinGape market analysis noted the latest decline has pushed XRP into the $1,40 support zone. Although price led to a small bounce, buying strength remained limited. Volume spikes during sell-offs suggested heavy distribution, while rebounds happened on lighter volume, showing weaker conviction.

Analysts Predict Potential Near-term Prices Several analysts outlined key levels as the XRP price traded near February lows. Crypto Seth said XRP is retesting the 200-weekly level, which previously acted as resistance. He added that if XRP loses this area, the next retest could come near $1.00.

Analyst Ali also pointed to technical signals. He said the TD Sequential indicator timed XRP’s local top and is now flashing a buy signal. However, the price still remained below major moving averages, keeping the pressure.

CRYPTOWZRD described XRP’s daily close as indecisive and said XRPBTC strength could help XRP if Bitcoin dominance drops further. He added that XRP needs to hold above $1.53 for a long setup. He also said a retest of the $1.38 support followed by a reversal could offer a long opportunity.

Over the past few years, stablecoins have emerged as a conservative alternative to traditional cryptocurrencies like Bitcoin (BTC 2.66%). Unlike Bitcoin, which doesn't have a clearly defined market value, most stablecoins are directly pegged to the U.S. dollar.

It might seem counterintuitive to buy a stablecoin that is designed to never appreciate against the U.S. dollar, but it's useful for quick cross-border transfers and can be held without a bank account. It can also be staked on centralized and decentralized finance platforms to earn yields higher than those of savings accounts or CDs at conventional banks. That makes it a valuable asset for people who value their privacy or live in countries grappling with hyperinflation.

Two of those popular stablecoins are USD Coin (USDC +0.00%) and Ripple USD (RLUSD +0.01%). Let's see which one is a better buy right now.

Image source: Getty Images.

The differences between USD Coin and Ripple USD USD Coin, with a market cap of $73.3 billion, is the world's second-most-valuable stablecoin. Ripple USD, valued at only $1.5 billion, is the ninth-largest stablecoin.

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The fintech company Circle (CRCL 0.44%) launched USD Coin in 2018. It's backed on a 1:1 basis by U.S. dollars and short-term U.S. Treasuries, which financial institutions like BlackRock (BLK +0.54%) and BNY Mellon (BK 0.89%) hold, and it submits monthly attestations (reports from independent auditing firms) for its reserves.

That structure makes USD Coin more transparent than other stablecoins, but it's also firmly centralized, directly tethered to the U.S. dollar, and has its reserves held by large institutions. In other words, it's an unappealing choice for investors who want a fully decentralized token.

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Another fintech company, Ripple, launched Ripple USD in 2024. Each token is technically an "IOU" issued by an individual gateway (such as Bitstamp or GateHub) on the XRP Ledger. An issuing gateway backs that "IOU" with U.S. dollars in its own bank account.

When you buy Ripple USD, you need to check the issuing gateway's reputation. If that gateway fails because it didn't hold enough cash to back up its IOUs, your token could lose its peg to the U.S. dollar. Even though Ripple USD is decentralized across a wide range of gateways, it's still a trust-based system backed by real U.S. dollars.

The better buy: USD Coin For most investors, USD Coin is a better stablecoin than Ripple USD. Its structure is easier to understand, it doesn't rely on individual issuers, and its institutional backing should keep it firmly pegged to the U.S. dollar. Ripple USD's decentralized, trust-based approach is innovative, but it also makes it a less stable choice for conservative investors.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool recommends BlackRock. The Motley Fool has a disclosure policy.

TL;DR

Solana records the second-lowest median fee among major blockchains, at $0.0008 per transaction, only behind Avalanche. Ethereum maintains the highest median fees, around $0.019, while Polygon, Linea, BNB, Arbitrum, and Base are positioned above SOL. Solana’s cost structure remains stable thanks to high throughput and parallelized execution, allowing it to handle activity spikes efficiently. Solana ranks among the most used blockchains with the lowest transaction costs according to comparative fee data recorded in mid-January 2026. The network shows the second-lowest median fee among actively used chains, only behind Avalanche, and maintains a clear gap compared to several Ethereum-associated networks.

Solana’s median fee stands at approximately $0.0008. This places it more than three times lower than Base, whose median fee is around $0.0030. The difference is notable because Base is positioned as a low-cost Ethereum Layer-2 solution. This highlights the direct impact of execution-layer design on the effective costs users bear.

Across the analyzed networks, Ethereum records the highest median fees. Its value is around $0.019 and reflects a combination of sustained demand and recurring congestion at the base layer. Polygon and Linea fall within a mid-range of fees. BNB, Arbitrum, and Base have lower fees than Ethereum but consistently remain above Solana.

WHY SOLANA REMAINS SO LOW-COST Solana’s fee evolution has remained stable at the bottom of the chart, without abrupt spikes or pronounced fluctuations. This indicates a structurally low-cost model rather than isolated episodes of cheap transactions. The network maintains this profile through high throughput and a parallelized execution model, allowing activity increases without passing demand pressure onto per-transaction costs.

Using the median fee as a metric reflects what a typical user actually pays. Unlike peak values during congestion, the median shows the real cost under normal usage conditions. Networks built on rollup architectures retain some sensitivity to the settlement layer, especially during periods of higher calldata demand.

Applications that rely on frequent interactions, such as payments, gaming, or on-chain trading, operate under schemes where cost predictability is central. In this context, Solana maintains a low and stable fee profile compared to other networks. Other blockchains accept higher fees in exchange for tighter integration with Ethereum’s tooling and liquidity.

In pure transaction cost terms, the data position Solana among the most competitive networks in today’s market.