Ferguson is listed as an active director for three other businesses registered with Companies House: Ginger and Moss, set up as a lifestyle brand to sell tea, jewellery and housewares, a “motion picture production activities” business called Coat, and Librasol, classified under “artistic creation” on the official register for private companies.

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Q4: 2026-02-10 Earnings Summary

EPS of -$0.04 misses by $0.17

 | Revenue of $238.86M (-16.04% Y/Y) misses by $2.54M

International Petroleum Corporation (IPCO:CA) Analyst/Investor Day February 10, 2026 9:00 AM EST

Company Participants

William Lundin – CEO, President & Director
Nicki Duncan – Chief Operating Officer
Christopher Hogue – Senior Vice President of Canada
Christophe Nerguararian – Chief Financial Officer
Rebecca Gordon – Senior Vice President of Corporate Planning & Investor Relations
Curtis White

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Conference Call Participants

Laique Ahmad Amir Arif – ATB Cormark Capital Markets Inc., Research Division

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Presentation

William Lundin
CEO, President & Director

Okay. So welcome, everybody, to IPC’s Capital Markets Day presentation for 2026. I would like to say thanks to everyone joining in person here in London today for the event and those tuning in on the web. We have a lot of material to get through today and an exciting outlook for the company. But before going into the agenda and the materials within the presentation, we’d like to show a little video edit that was recently put together, just demonstrating the importance of energy and what’s taking place at Blackrod as well. So a little 5-minute edit we’ll put up.

[Presentation]

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William Lundin
CEO, President & Director

Fantastic. Okay. So with that, motivational video that got put forward. I will then now go into the overall presentation. So starting with the agenda here in traditional format, I will begin with the overall introduction as well as the overview and strategy for the company. And I’ll pass it to Nicki and Chris, who will go into the operational assets as well as at the corporate level.

And then Christophe will touch on the financial overview, specifically for 2026. Following that, Rebecca Gordon will expand on the reserves evaluation for the year. I will conclude with a summary slide and we’ll take some Q&A.

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So jumping right into it, to touch on the 2025 highlights after this slide, majority of

EFT Group plans move to business park

A Merseyside town is set for a ‘major’ economic boost, after plans were revealed for the transformation of a disused and vacant piece of land. Southport Business Park has long been vacant, but a family business from the seaside town, is aiming to deliver ‘incredible plans’ which will create new job opportunities, apprenticeships and economic growth, according to Sefton Council.

With support from the local authority’s Business and Regeneration team, EFT Group Ltd are set to relocate to the disused Southport Business Park, with the council granting a 999-year lease on plots F, G and H. The council said the next stage of the project involves ‘stringent planning processes’, which have already begun.

EFT Group specialises in life safety, security and construction services and has grown significantly in recent years. The company has committed to staying in Southport, where it employs a large local workforce and supports school-based apprenticeship schemes.

The council said Southport Business Park has remained undeveloped for more than a decade, due to ‘challenging ground conditions’ and the absence of government funding. Recently Cllr Marion Atkinson, leader of Sefton Council, joined company directors Adam Watts and Stewart Meechan for the official unveiling of the new EFT Global headquarters.

She said: “This move represents yet another major step forward for Southport’s economic future and I must commend our Business, Regeneration and Planning officers for working alongside EFT Group to help them get to this vitally important stage.

“Not only will we retain a thriving local business but we’ll also bring new life to a site that has been underused for far too long.

“EFT Group’s investment will create high-quality jobs and opportunities for residents while demonstrating our commitment to supporting homegrown businesses.

“By encouraging businesses to invest locally, provide apprenticeships and create meaningful employment, we doing everything we can to secure the long term economic recovery and improvement of Southport and Sefton.

“Businesses recognise what an incredible platform this part of the Liverpool City Region can be for their own growth and for us it helps keep amazing talent in our borough, supports our care experienced young people into work and ultimately builds a stronger future for everyone in Sefton.”

Jordan Duggan, co-director of EFT Group, added: “As a local family company, we are proud of our roots in Southport.

“This development reflects our commitment to the area and our belief in its future, with this investment EFT Group is firmly bedding our roots into Southport for the next 50 years, creating a lasting base for our business, our employees and the next generation of workers across Sefton.

“We look forward to continuing to work with stakeholders, the local authority and the community as this exciting project progresses.”

The proposal will now be debated at a future meeting of Sefton Council’s independent Planning Committee.

New Delhi: India’s chief negotiator for trade talks with the US, Darpan Jain, will lead a delegation to Washington next week to finalise the legal agreement for the India-US trade deal, which is likely to be signed in March, commerce secretary Rajesh Agrawal said Monday. The visit is likely to start on February 23.

Earlier this month, India and the US released a joint statement to announce that a framework for an interim trade agreement has been finalised. “The joint statement lays down the contours of the deal. Now, the contours of the deal have to be translated into a legal agreement, which will be signed between the two sides,” Agrawal said.

The two sides are engaged in finalising that legal agreement, and virtual talks are going on.

“Next week, chief negotiator Darpan Jain will be leading a delegation to the US to finalise the legal (pact) to work towards the legal agreement. That work will carry on next week in Washington and, if need be, thereafter in March and July,” Agrawal said.

There is an effort to close and sign the deal in March, he said “but I have not put a deadline on it because legal agreement finalisation also has certain intricacies, which both sides will have to resolve.”
While Washington has already eliminated the 25% punitive tariffs on India for buying Russian crude, it is yet to issue an executive order to implement the reduction in reciprocal tariffs on Indian goods to 18% from 25%. “I am told they are processing it. It should be done fast. Our expectation is that it should be done this week, but in case it is not done, the team is there next week, and we can pursue and see why it is taking time,” Agrawal said. He explained that the agreement is that 18%will be done in the interim pact, and the remaining tariff lines, wherever reciprocal tariffs are expected to go down to zero, that would be done after the legal agreement is signed.

“And from our side also, any reduction in tariff, any market access, preferential market access will be extended only after the legal agreement is signed,” he said.

On India getting concessional duty access for garments made using American yarn and cotton under its bilateral trade agreement with the US, like the benefit currently extended to Bangladesh under a US trade deal, the secretary said that India imports around $200-250 million of US cotton on average. “And the variety being imported, I presume, is the same variety which we get the preferential market access,” he added.

An official said that India is a net importer of cotton and it needs more of it as it eyes higher exports of textiles to the EU and US.

Agri, digital trade
Trade agreements with the US and the EU have opened up an opportunity of $400 billion for India’s agriculture sector, an official said.

At present, India’s agricultural exports to the US are 2.8 billion, while imports are $1.5 billion. Overall, India’s imports of agri goods are worth $35 billion, while exports are valued at $51-52 billion, and the figures are increasing.

On the US including references to agriculture and digital trade in their fact sheet, which are not there in the joint statement, the official said: “Pulses weren’t there in the joint statement. So, in the factsheet it was innocuous.” Officials said that the two sides haven’t discussed digital taxes, ecommerce moratorium or equalisation levy in the negotiations in the first tranche of the trade deal.

“On barriers to digital trade, it is for both sides to identify in the BTA. Digital taxes we haven’t even discussed,” said an official.

India’s non-marine agricultural exports to the US are worth $2.8 billion and imports $1.5 billion.

On India buying DDGS (Dried Distillers Grain with Solubles) from the US, the official said: “We haven’t agreed to any GM. Anything coming into the country has to go through bio security. There are TRQ (Tariff Rate Quota) wherever we’ve opened up in agriculture”, adding that the EU and the US are $400 bn agriculture economies.

Fat Tuesday, also widely known as Mardi Gras, falls on Tuesday, Feb. 17, 2026, marking the culmination of the Carnival season and the final day of indulgence before the solemn 40-day period of Lent begins on Ash Wednesday, Feb. 18.

The date shifts annually because it is tied to the movable feast of Easter, calculated as the first Sunday after the first full moon following the spring equinox. In 2026, Easter Sunday lands on April 5, placing Ash Wednesday exactly 46 days earlier and Fat Tuesday the day before that. This year’s celebration coincides with Lunar New Year on Feb. 17, creating an unusual overlap of major cultural and religious observances.

Fat Tuesday derives its name from the French “Mardi Gras,” literally “Fat Tuesday,” referring to the tradition of consuming rich, fatty foods — especially those containing meat, dairy and eggs — before the Lenten fast that prohibits such items for many Christians. The day is also called Shrove Tuesday in some traditions, from the old English practice of being “shriven” or confessed before Lent, and Pancake Tuesday in parts of the United Kingdom and

Commonwealth nations, where people traditionally eat pancakes to use up rich ingredients.
The roots of Fat Tuesday trace back to pre-Christian spring festivals that celebrated fertility and renewal, later incorporated into Christian observances. By the Middle Ages, the custom had evolved into a day of feasting and revelry across Europe to clear pantries of forbidden foods ahead of Lent’s austerity. French colonists brought the tradition to the Americas in the 17th and 18th centuries, where it flourished particularly in New Orleans.

In the United States, Mardi Gras is synonymous with New Orleans, where Carnival season officially begins on Epiphany, or King’s Day, on Jan. 6 — the date the Magi visited the infant Jesus. The 2026 season runs from Jan. 6 to Feb. 17, featuring hundreds of parades organized by krewes (social clubs), elaborate floats, marching bands, throws of beads, doubloons, cups and MoonPies, and masked balls.

Major 2026 parades in New Orleans include longstanding favorites like Endymion on Feb. 14 (Saturday before Fat Tuesday), Bacchus on Feb. 15 and Zulu and Rex on Fat Tuesday itself. Zulu, founded in 1909 as one of the first Black krewes, features signature coconut throws and a unique satirical style, while Rex, the “King of Carnival,” dates to 1872 and represents the pinnacle of old-line Mardi Gras tradition.

Beyond New Orleans, Fat Tuesday celebrations thrive in other Gulf Coast cities. Mobile, Alabama — often called the birthplace of American Mardi Gras, with roots in 1703 — hosts over 40 parades from late January through Feb. 17, 2026, including the Order of Athena, Knights of Revelry and Comic Cowboys. Galveston, Texas, runs events from Feb. 6-17, featuring block parties and themed parades. Lafayette and Baton Rouge in Louisiana also feature vibrant community parades and king cake parties.

King cake, a cinnamon-swirled pastry decorated in purple, green and gold — the official Mardi Gras colors symbolizing justice, faith and power — is a staple of the season. A small plastic baby figurine is baked inside, and whoever finds it in their slice hosts the next party or provides the next cake.

Globally, Fat Tuesday takes different forms. In Brazil, it aligns with Carnival in Rio de Janeiro, featuring samba parades and street parties. In Germany, it’s Fasching or Karneval, with costume balls. In Poland, the related “Fat Thursday” (Tłusty Czwartek) features pączki (filled doughnuts) a week earlier. In Sweden and Finland, semla buns mark the day.

For many Christians, particularly Catholics, Orthodox and some Protestants, Fat Tuesday represents a final opportunity for merrymaking before Lent’s focus on prayer, fasting and almsgiving. The Lenten fast traditionally involves abstaining from meat on Fridays and limiting indulgences, though practices vary by denomination and individual.

In 2026, the holiday arrives amid typical winter weather challenges in the South, but forecasts suggest mild conditions for parades. Public health officials continue to emphasize crowd safety, hydration and responsible celebration following lessons from past years.

Fat Tuesday’s cultural significance extends beyond religion. It serves as a communal release valve, a celebration of excess in a society often marked by restraint, and a showcase of local heritage through music, food and pageantry. New Orleans’ economy benefits enormously, with millions of visitors boosting tourism revenue during the season.
As Feb. 17 approaches, preparations are in full swing. Krewe members finalize costumes, float builders add finishing touches, and bakeries produce thousands of king cakes.

Whether in the streets of New Orleans, Mobile or quieter observances at home with pancakes and family, Fat Tuesday 2026 invites people to feast, forgive and prepare for reflection.

The day reminds observers that joy and discipline coexist in faith and culture. After the last bead is caught and the final float rolls by, Ash Wednesday dawns with the sign of the cross in ashes and the words, “Remember you are dust, and to dust you shall return.”

Council and developer want to build market space in civic centre

Striking CGIs show how a planned food hall at Wythenshawe Civic Centre could look if a planning application is approved.

Manchester council and developers Muse want to build the ‘bustling’ new venue next to the former Peacocks store, on the corner of Hale Top and The Birtles.

Three vacant shops would be combined into one new market, with space for several local food traders and a shared seating area, according to plans submitted by the developer.

Designed by architects IF DO, the designs include a brand new facade with trendy matchstick ceramic tiling and a wrap-around canopy to provide shelter for outdoor diners.

Joel Chandler, senior development manager Muse, said plans are ‘moving at pace’, adding: “The food hall will be a hive for a range of local outlets and will provide new spaces for the community to spend time in and give the town’s night-time economy a major boost.

“We’re already talking with potential vendors about taking space in the food hall following some great conversations with the local community about what types of cuisine they would like to see.”

The planning application is for external alterations to the building, and is currently open to public consultation.

The project is part of a wider plan to revamp Wythenshawe Civic Centre, which the council acquired from property owners St Modwen in 2022. The scheme has so far received £20m of funding from the government and £11.9m from the town hall.

It includes a new ‘culture hub’ nearby, which is currently under construction, and improvements to public spaces due to be completed by 2027.

Council leader Bev Craig has said the regeneration plans are in response to Wythenshawe residents, who asked for ‘more things to do, opportunities to spend time in Civic and night time attractions that give the area a lift and attract visitors’.

Microsoft has yet to confirm an official date for unveiling its next generation of Surface products, but industry speculation, leaks and historical patterns suggest an announcement could come in the spring of 2026, likely between April and May, for devices expected to launch shortly thereafter.

As of Feb. 16, 2026, the current flagship lineup — including the Surface Pro (often referred to as Surface Pro 11 or refreshed variants like the 12-inch model) and Surface Laptop (7th Edition) — continues to dominate reviews and sales as top-tier Copilot+ PCs powered primarily by Qualcomm Snapdragon X Elite and Plus processors. These devices, refreshed significantly in 2024 and with smaller-form tweaks in 2025, emphasize AI acceleration, exceptional battery life and premium builds.

Analysts and leakers anticipate the next major Surface refresh to incorporate advancements in Arm-based computing, potentially featuring Qualcomm’s Snapdragon X2 series (including X2 Elite, X2 Plus and Enhanced variants) or even AMD’s rumored Arm-based “Sound Wave” chip tailored for Microsoft’s ecosystem. Such upgrades would build on the Windows on Arm momentum, promising further gains in performance, efficiency and AI capabilities amid intensifying competition from Apple’s M-series Macs and emerging PC rivals.

Rumors trace back to mid-2025 leaks from sources like KeplerL2 on forums and reports from Notebookcheck and Windows Central, indicating AMD’s Sound Wave APUs were designed specifically for a 2026 Surface lineup. These chips target low-power, ultra-mobile devices, potentially powering successors to the Surface Pro and Surface Laptop, or even a refreshed Surface Go-style model. While AMD’s involvement would mark a diversification from Qualcomm partnerships, no official confirmation has emerged, and Qualcomm remains the dominant force in recent Surface Arm transitions.

Microsoft’s release cadence provides clues. The Surface Laptop 7 launched in mid-2024, with consumer models hitting shelves in June and business variants following in early 2025. A follow-up typically arrives 18-24 months later, aligning with spring 2026 for a Surface Laptop 8 or equivalent. Similarly, Surface Pro refreshes often follow suit, though a smaller 12-inch variant debuted in May 2025 alongside a redesigned Surface Laptop 13 in some reports.

Industry watchers point to April or May 2026 as a plausible window for announcements. This timing would allow Microsoft to showcase next-gen silicon at a dedicated event, similar to the May 2024 reveal that paired Surface hardware with Qualcomm and partners to highlight Copilot+ experiences. A spring launch would position new devices ahead of back-to-school and holiday seasons while capitalizing on Windows 11 updates, including version 26H1 features tied to new hardware in early 2026.

CES 2026 in January provided context but no Surface-specific bombshells. Qualcomm highlighted Snapdragon X2 advancements, with partners like HP, Asus and Dell announcing compatible laptops. Microsoft participated in broader Windows ecosystem showcases but held back on first-party hardware reveals. This restraint fuels speculation that Redmond is saving major announcements for a standalone Surface-focused event, a pattern seen in past years.

Potential features for the next lineup include enhanced NPU performance for deeper AI integration, improved displays (possibly OLED options), better repairability based on recent trends, and continued emphasis on all-day battery life. Pricing could start around $999 for base models, though premium configurations with new chips might push higher. Any AMD Sound Wave integration would represent a bold shift, offering competition within Arm and potentially better graphics or custom optimizations.

Challenges remain. Supply chain readiness for next-gen chips could delay timelines, as seen with past Qualcomm transitions. If Snapdragon X2 availability lags, Microsoft might opt for incremental updates or push announcements into fall 2026, aligning with traditional October hardware events. Windows 11’s evolving security and AI roadmap, including features like Baseline Security Mode rolled out in early 2026, will likely tie closely to new hardware.

Consumers eyeing upgrades face a decision point. Current Surface Pro and Laptop models remain highly rated for productivity, creativity and portability, often discounted during events like Presidents’ Day sales. Reviewers praise their balance of performance and design, with battery life outpacing many Intel-based rivals.

For those waiting, patience could yield meaningful improvements in efficiency and AI tools. Microsoft has not commented on specific dates or features, maintaining its tradition of surprise reveals. The company’s events page lists ongoing webinars and regional sessions but no hardware-focused keynote as of mid-February 2026.

As the PC market evolves with AI at its core, Microsoft’s Surface division continues to set benchmarks for Windows devices. Whether the next lineup arrives in spring with Snapdragon X2 power or introduces AMD’s Sound Wave surprises, expectations remain high for devices that blend premium hardware with seamless software integration.

Until an official invitation or teaser emerges, speculation will persist across forums, tech sites and social media. For now, the current generation holds strong, but the horizon points to exciting developments in the coming months.