VICI Properties (NYSE:VICI) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsDavid Kieske - CFOEdward Pitoniak - CEOGabe Wasserman - Chief Accounting OfficerJohn Payne - President and COORich Hightower - Managing DirectorSamantha Gallagher - Executive Vice President, General Counsel, and SecretaryConference Call ParticipantsAnthony Paolone - Research AnalystBarry Jonas - Director and Senior Equity AnalystCaitlin Burrows - Vice President and Stock AnalystChad Beynon - Stock AnalystDavi ...

VICI Properties (NYSE:VICI) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsDavid Kieske - CFOEdward Pitoniak - CEOGabe Wasserman - Chief Accounting OfficerJohn Payne - President and COORich Hightower - Managing DirectorSamantha Gallagher - Executive Vice President, General Counsel, and SecretaryConference Call ParticipantsAnthony Paolone - Research AnalystBarry Jonas - Director and Senior Equity AnalystCaitlin Burrows - Vice President and Stock AnalystChad Beynon - Stock AnalystDavi ...

VICI Properties (NYSE:VICI) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Speaker13Good day, ladies and gentlemen. Thank you for standing by. Welcome to the VICI Properties Fourth Quarter and Full Year 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. Please note that this conference call is being recorded today, February 26, 2026. I will now turn the call over to Samantha Gallagher, General Counsel with VICI Properties.Speaker15Thank you, Operator, good morning. E ...

Financial Data and Key Metrics Changes - The fourth quarter net asset value (NAV) decreased by $654 million compared to the third quarter, despite an 11% performance increase in funds for the quarter [4] - For the year, the funds were approximately flat including refining hedges and up 7% excluding refining hedges [5] Business Line Data and Key Metrics Changes - Energy segment's adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, impacted by low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The company remains optimistic about the medium-term refining outlook, citing limited global capacity expansions and new pipeline projects [4] - The company has approximately $750 million in cash at the funds, which has recently increased to over $1.2 billion [9] Company Strategy and Development Direction - The company is taking a more cautious view of the market, focusing on defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit [10] Management's Comments on Operating Environment and Future Outlook - Management believes there are no material changes to CVI's outlook and is optimistic about improving profitability through better capture rates [4] - The company is focused on maintaining liquidity to capitalize on opportunities within and outside existing operating segments [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - A new CEO was appointed for the Food Packaging segment to lead through a transformative period [12] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may have concluded without notable inquiries or responses [15]

Financial Data and Key Metrics Changes - The fourth quarter NAV decreased by $654 million compared to the third quarter, despite an 11% increase in fund performance for the quarter [4] - For the year, the company was approximately flat including refining hedges and up 7% excluding refining hedges [5] Business Line Data and Key Metrics Changes - Energy segment's Adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, impacted by low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 Adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's Adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's Adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's Adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The company remains optimistic about the medium-term refining outlook, citing limited capacity expansions globally and new pipeline projects [4] - The cash balance at the funds increased to greater than $1.2 billion as of year-end [9] Company Strategy and Development Direction - The company is taking a more cautious view of the market, focusing on defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit [10] Management's Comments on Operating Environment and Future Outlook - Management believes there are no material changes to CVI's outlook and remains optimistic about profitability improvements [4] - The company is focused on maintaining liquidity to capitalize on opportunities within and outside existing operating segments [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - The CEO position in Food Packaging was changed, bringing back Tom Davis to lead during a transformative period [12] Q&A Session Summary - The Q&A session was brief and concluded without specific questions being documented in the provided content [15][17]

Financial Data and Key Metrics Changes - The fourth quarter net asset value (NAV) decreased by $654 million compared to the third quarter, despite an 11% increase in fund performance for the quarter [4] - For the year, the funds were approximately flat including refining hedges and up 7% excluding refining hedges [5] - The company maintained a cash balance of approximately $750 million at year-end, which has since increased to over $1.2 billion [9] Business Line Data and Key Metrics Changes - Energy segment's adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, primarily due to low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The refining outlook remains optimistic due to limited global capacity expansions and new pipeline projects that should improve regional profitability [4] - The automotive segment is focusing on product, pricing, labor, and distribution strategy to enhance revenue [11] Company Strategy and Development Direction - The company is taking a more cautious view of the market, preferring defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit, indicating a stable approach to shareholder returns [10] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the medium-term refining outlook despite share price declines in CVI [4] - The company is focused on building asset value and maintaining liquidity to capitalize on opportunities [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - A new CEO was appointed for the Food Packaging segment to lead through a transformative period [12] Q&A Session Summary - No specific questions or answers were recorded in the provided content, indicating a lack of engagement during the Q&A segment [15][16]

Group 1 - The casino operator exceeded expectations in Las Vegas, indicating strong performance despite concerns related to prediction markets and soft leisure travel [1] - The company reported robust revenue growth, showcasing resilience in the face of market uncertainties [1] - There is a positive outlook for the company's future performance, driven by strategic initiatives and market positioning [1] Group 2 - The operator's ability to push back against fears suggests confidence in its operational strategies and market demand [1] - The company is adapting to changing consumer behaviors and preferences, which may enhance its competitive edge [1] - Overall, the casino industry is showing signs of recovery and growth, reflecting broader trends in leisure and entertainment sectors [1]

Group 1 - The betting company reported a decrease in profit compared to the prior-year quarter [1] - The decline in profit was primarily attributed to gains on asset sales exceeding $350 million in the previous year [1]

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Core Insights - The casino floor performance is declining despite the iconic status of establishments like Caesars Palace, which has been operational for over 50 years [1] Group 1: Industry Overview - The casino and gaming sector is experiencing challenges, with a noted decrease in performance on the casino floor [1] - The House Edge provides in-depth research and actionable insights for investors in the casino, online betting, and entertainment industries [2] Group 2: Expert Analysis - Howard Jay Klein, with 30 years of experience in major casino operations, emphasizes the importance of management quality in investment decisions [2] - Klein leads an investing group that offers a model portfolio reviewed monthly, featuring actionable analysis and recommendations for gaming companies [2]