Barnes Group Inc.

Q1 performance: strong delivery + cash generation (and “quality” beyond price) - Gold production 719k oz (+4% YoY), above guidance; copper production 49k tons (in line with plan; +11% YoY). - Earnings momentum: Adjusted net earnings +173% YoY; attributable EBITDA +103% YoY (margin expansion cited as execution-driven, not just higher gold price). - Cash: free cash flow +320% YoY to $1.6B; attributable free cash flow +195% YoY to $1.2B. - Balance sheet: ended with $2.4B net cash, giving “flexibility” for investment and shareholder returns.

Shareholder returns: dividend + major buyback - Quarterly dividend declared: $0.175/share. - $3B share buyback authorization announced in Q1 results. - Dividend framework (per CFO): base dividend $0.175/quarter, topped at year-end to target ~30% of attributable free cash flow; policy described as 50% attributable free cash flow used for year-end top-up (not impacted by buyback activity).

2026 outlook/forecast remains unchanged; typical seasonality + confidence on commitments - Full-year guidance unchanged. - Q2 gold production outlook: 730k–770k oz (management says above Q1 and consistent with plan). - Expect higher gold in Q3/Q4 (stated as typical for their business); copper higher in 2H vs 1H. - Confidence: management says they’ve now delivered commitments for the second quarter in a row, positioning for success against all four 2026 priorities by year-end.