Core Insights - Canada Nickel Company has successfully completed an in-situ carbon sequestration pilot study at its Crawford Nickel Project, demonstrating a new pathway for permanent CO2 storage [1] - The pilot project sequestered approximately 12 tonnes of CO2, indicating the potential for large-scale decarbonization in mining operations [1] Group 1: Project Details - The carbon sequestration pilot was conducted in collaboration with the U.S. Department of Energy's Advanced Research Projects Agency – Energy, led by the University of Texas at Austin [1] - The pilot involved short-duration injection trials and continuous CO2-saturated water injection into a well drilled to a depth of 396 meters, confirming that the injected CO2 remained dissolved without surface leakage [1] - Monitoring of seismicity and water chemistry will continue in the coming months to ensure the effectiveness of the carbon sequestration process [1] Group 2: Economic and Environmental Impact - The direct injection approach has the potential to lower future mining costs by pre-conditioning and fracturing the rock mass, making it less energy-intensive for subsequent mining processes [1] - The initiative is part of Canada Nickel's vision for a Zero-Carbon Industrial Cluster in the Timmins region, expanding the company's carbon capture and storage capabilities [1] - The results from this study will inform future post-mining carbon sequestration strategies, enhancing the environmental and economic value of mining operations [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-31826 Centene Corporation (Exact name of registrant as specified in its charter) Delaware 42-1406317 (State or other jurisdiction of ...

Core Insights - Ambetter Health, in collaboration with KABOOM! and the City of Hialeah, has successfully completed a new playground at Southeast Park, built in a single day on January 30, 2026 [1] - The initiative aims to provide local children with a safe space for play, social interaction, and outdoor recreation, promoting healthier lifestyles [1] Company Overview - Ambetter Health is a product offered by Centene Corporation through the Health Insurance Marketplace, focusing on serving underserved populations [1] - The company emphasizes community engagement and health promotion through initiatives like the playground project [1] Partnership Details - The project marks the second collaboration between Ambetter Health, KABOOM!, and the City of Hialeah, following a successful playground build at Bucky Dent Park in 2019 [1] - KABOOM! is a national nonprofit dedicated to addressing playspace inequity, having created or transformed over 17,000 playspaces and ensuring access for more than 12 million children [1] Community Impact - The new playground is seen as an investment in children's health and happiness, with over 100 volunteers participating in its construction [1] - The City of Hialeah, which has a predominantly Hispanic population, aims to provide quality and affordable services to its residents, enhancing community well-being through such projects [1]

Core Insights - Centene Corporation (NYSE:CNC) is recognized as a promising healthcare stock priced under $50, with Morgan Stanley maintaining a Hold rating and a price target of $38.00 [1][2] Financial Performance - For the full year 2025, Centene reported a GAAP diluted loss per share of $13.53 and an adjusted diluted Earnings Per Share (EPS) of $2.08 [2] - The consolidated Health Benefits Ratio (HBR) for fiscal Q4 2025 was 94.3%, with a Commercial HBR of 95.4%, exceeding expectations by 100 basis points, attributed to net out-of-period items [2] - The Medicaid HBR for the quarter was 93.0%, showing a sequential improvement of 40 basis points compared to Q3 [2] Future Outlook - Centene anticipates renewed adjusted diluted EPS growth and significant margin improvement in 2026, projecting full-year adjusted diluted EPS to exceed $3.00 [3] - This projection indicates a substantial recovery in the company's embedded earnings power [3] Company Overview - Centene Corporation operates as a healthcare enterprise providing services to government-sponsored healthcare programs, with segments including Medicaid, Medicare, Commercial, and Other [4]

Group 1: U.S. Health Insurance Industry - A U.S. House Judiciary Committee investigation into alleged fraud within the Affordable Care Act (ACA) premium subsidy program has intensified, with subpoenas issued to eight prominent health insurers including Elevance Health (ELV), CVS Health (CVS), Centene (CNC), Guidewell, and Oscar Health (OSCR) [2] - The investigation focuses on potential fraud related to premium subsidies in the individual market, particularly as enhanced premium tax credits for ACA coverage expired on January 1 [2] - Reports suggest that without subsidy extensions, premiums for approximately 22 million ACA enrollees could more than double [2] Group 2: European Defense Industry - European nations are advancing discussions to bolster their defense capabilities and reduce reliance on the United States, with proposals for a phased transfer of military responsibilities from the U.S. to Europe over the next five to ten years [3] - This initiative is driven by concerns over potential shifts in U.S. foreign policy and aims to present a plan to the U.S. before the annual NATO leaders' summit in The Hague in June [3] - The discussions involve commitments to increase European defense spending and military capabilities, potentially including the establishment of a joint armed force of at least 100,000 troops [3] Group 3: Eurozone Liquidity Conditions - The European Central Bank (ECB) reported that 37 million euros were borrowed through its overnight loan facility, while a significantly larger amount of 2394.41 billion euros was deposited using the overnight deposit facility [5] - These figures provide insight into liquidity conditions within the Eurosystem, with the marginal lending facility rate at 2.40% and the deposit facility rate at 2.00%, both remaining unchanged [5]

Core Insights - Health Net, a managed care health plan under Centene Corporation, partnered with the Pro Football Hall of Fame to host impactful events in Sacramento, "Salute to Service" and "Strong Youth, Strong Communities," aimed at recognizing local heroes and empowering the next generation [1][10] Group 1: Salute to Service Event - The "Salute to Service" event honored healthcare heroes at WellSpace Health Alhambra Community Health Center, recognizing the essential work of medical professionals serving vulnerable communities in Sacramento [2][4] - Health Net emphasized the importance of community support and honoring those who dedicate their lives to helping others, aiming to inspire youth leadership with compassion and resilience [3][10] Group 2: Strong Youth, Strong Communities Event - The "Strong Youth, Strong Communities" assembly at River City High School engaged over 2,000 students with motivational talks from professional football legends and community leaders, providing life skills and leadership lessons [7][9] - The event focused on educating youth about mental health and empowering them to improve their lives and communities, highlighting the importance of resilience and support systems [8][9] Group 3: Organizational Commitment - Both events reflect Health Net's and the Pro Football Hall of Fame's commitment to honoring those who serve and inspiring youth in the Sacramento metropolitan area [10] - Health Net and Centene Corporation maintain a long-standing commitment to the military community, addressing a wide range of healthcare needs for veterans and active military families [10][12]

Core Insights - The article emphasizes the importance of unique insights and knowledge in stock analysis, aiming to provide contrasting views on investment portfolios [1] Group 1 - The analyst expresses a commitment to sharing personal opinions and insights without any financial compensation from the companies mentioned [2] - The analysis is intended solely for informational purposes, highlighting the necessity for investors to conduct their own research and due diligence [3] - There is a clear disclaimer that past performance does not guarantee future results, and no specific investment recommendations are made [4]

Core Viewpoint - Centene expects a rebound in 2026 with adjusted EPS greater than $3, implying over 40% year-over-year growth, driven by Medicaid margin stability, significant margin recovery in Marketplace, and continued improvement toward Medicare Advantage break-even by 2027 [1][4][7] Medicaid - Centene reported a fourth-quarter health benefits ratio (HBR) of 93.0%, showing a 40 basis points sequential improvement and 190 basis points improvement from Q2 levels [8] - The company anticipates a mid-4% net rate impact and mid-4% net trend for 2026, while expecting ongoing Medicaid membership attrition, closing 2025 at 12.5 million members [11][12] - Management is focused on restoring sustainable profitability in Medicaid through operational levers such as network optimization and clinical programs [9] Marketplace - The Marketplace segment is expected to face a smaller membership base due to the expiration of Enhanced Advance Premium Tax Credits (EAPTC), with Ambetter membership projected at approximately 3.5 million by Q1 2026, down from 5.5 million in December [5][15] - Centene anticipates Marketplace pre-tax margins to recover to around 4% in 2026, compared to a loss of approximately 1% in 2025 [17] - The company has accounted for estimated 2026 No Surprises Act costs in its guidance and is advocating for reform [14] Medicare - Centene's Medicare segment is expected to grow premium revenue by about $7.5 billion, with membership projected at approximately 8.7 million coming out of open enrollment [20] - The company aims for break-even results in Medicare Advantage by 2027, with dual-eligible members making up roughly 40% of its Medicare Advantage business [19] - The direct subsidy for Part D increased from $143 to $200, which is expected to raise the HBR without requiring higher SG&A [21] Financial Guidance - For 2026, Centene guided premium and service revenue between $170 billion and $174 billion, with a consolidated HBR of 90.9% to 91.7% [23][24] - The company expects the majority of 2026 adjusted EPS to occur in Q1, with a step-down through the year and a loss anticipated in Q4 [26] - Centene ended 2025 with approximately $400 million in cash for corporate use and reduced debt by $189 million in Q4, reporting a debt-to-cap ratio of 46.5% [25]

Core Insights - Centene Corporation reported a quarterly loss of $1.19 per share, which was better than the estimated loss of $1.22 per share [1][3] - The company's revenue for the quarter ending December 2025 was $49.73 billion, exceeding the estimated $48.41 billion and representing a 21.9% increase from the previous year's $40.81 billion [2][6] - For the full year 2025, Centene reported a GAAP diluted loss per share of $13.53, while the adjusted diluted earnings per share were $2.08, with projections for adjusted diluted earnings per share to exceed $3.00 in 2026 [4][6] Financial Performance - Centene's EPS of -$1.19 was a positive surprise compared to the Zacks Consensus Estimate of a $1.25 loss, marking a 4.76% positive deviation [3] - The company has consistently exceeded consensus revenue estimates over the past four quarters, demonstrating strong performance [2] - The Health Benefits Ratio (HBR) for the fourth quarter of 2025 was 94.3%, indicating improvements in Medicaid HBR [4][6] Financial Metrics - Centene's price-to-earnings (P/E) ratio is -3.55, and the price-to-sales ratio is 0.10, reflecting its current negative earnings situation [5] - The debt-to-equity ratio stands at 0.84, suggesting a moderate level of debt compared to equity [5] - A current ratio of 1.08 indicates that Centene maintains a reasonable level of short-term financial health [5]

Core Viewpoint - Centene Corporation reported a fourth-quarter adjusted loss despite revenue exceeding Wall Street expectations, primarily due to high costs in the Commercial segment, leading to a more than 6% drop in shares following the announcement [1]. Financial Performance - The company recorded an adjusted loss of $1.19 per share for the quarter, which was slightly better than analyst expectations of a $1.22 loss [2]. - Revenue increased by 23% year over year to $49.73 billion, surpassing the consensus estimate of $48.39 billion [2]. - The consolidated health benefits ratio (HBR) rose sharply to 94.3%, compared to 89.6% in the same quarter last year [2]. Segment Analysis - The Commercial segment had an HBR of 95.4%, which was approximately 100 basis points above company expectations due to net out-of-period items [3]. - The Medicaid segment showed improvement with an HBR of 93.0%, reflecting a 40-basis-point sequential improvement from the third quarter [3]. Future Guidance - For the full year 2025, Centene reported adjusted earnings of $2.08 per share on revenue of $194.78 billion, indicating a 20% increase compared to 2024 [4]. - The company provided guidance for 2026, projecting adjusted earnings per share of more than $3.00, demonstrating confidence in its recovery efforts [4].