Key Takeaways VMI lifted its quarterly dividend 13% to 77 cents per share, payable April 15, 2026.Valmont will allocate 50% of its operating cash flow to growth and 50% to dividends and buybacks.VMI says disciplined capital deployment and strong cash flow support long-term shareholder value.Valmont Industries, Inc. (VMI) recently announced a 13% increase in its quarterly cash dividend, underscoring the successful execution of the capital allocation priorities laid down by the company last year. Its board of ...

PresentationMike BeckmanVP & Head of Investor Relations Good morning, and welcome to the Texas Instruments 2026 Capital Management Call. I'm Mike Beckman, Head of Investor Relations, and I'm joined by our Chairman, President and Chief Executive Officer, Haviv Ilan; and our Chief Financial Officer, Rafael Lizardi. This call is being broadcast live over the web and can be accessed through our website at ti.com/ir. In addition, today's call is being recorded and will be available via replay on our website, al ...

On growth, executives said the best near-term value is expected to come from organic opportunities, particularly from the company’s significant resource base in South Africa’s PGM operations. The company said it has also developed a framework to evaluate external growth opportunities going forward.The company also reiterated a disciplined capital allocation approach it described as roughly split into thirds:Management said the strategic refresh presented to the market in late January can be summarized in on ...

Key Takeaways CRH's fourth-quarter EPS met estimates as it delivered margin expansion despite a slight revenue miss.CRH's Americas operations strength helped it offset softer residential demand trends during the quarter.The company guides higher 2026 adjusted EBITDA as it boosts dividends and shareholder returns.CRH plc (CRH) delivered mixed fourth-quarter 2025 results, with adjusted earnings meeting the Zacks Consensus Estimate and increasing on a year-over-year basis. Total revenues missed the consensus m ...

Completed the Previously Announced Sale of the St. Regis HoustonBETHESDA, Md., Feb. 18, 2026 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the "Company"), the nation's largest lodging real estate investment trust, today announced it has sold the 444-room Four Seasons Resort Orlando at Walt Disney World® Resort in Orlando, Florida and the 125-room Four Seasons Resort and Residences Jackson Hole in Teton Village, Wyoming, for a sale price of $1.1 billion. The Company purchased the hotels in 2 ...

Key Takeaways Home Depot reinforces long-term growth with disciplined capital allocation in fiscal 2025.Home Depot invested $900M in Q3 on stores, supply chain and tech, with capex at 2.5% of sales.Home Depot generated $13B in nine-month cash flow and paid out $2.3B in Q3 dividends.The Home Depot, Inc. (HD) continues to reinforce its long-term growth outlook through a disciplined and well-articulated capital allocation framework. Despite navigating a softer demand environment, the company has demonstrated r ...

Core Insights - The company delivered 2025 results in line with expectations by leveraging a diversified mix of regions, customers, and end markets to mitigate macro volatility [1] - Achieved year-over-year growth in both Fuel Systems and Aftermarket segments for three consecutive quarters, driven by strong performance in Asia and the Americas [1] - A strategic shift of Original Equipment Service (OES) sales from Aftermarket to Fuel Systems was implemented to streamline distribution and reduce administrative burdens [1] Financial Performance - Expanded the industrial and off-highway footprint to 6% of total sales, reflecting a deliberate pivot toward higher-growth, non-automotive adjacencies [1] - Aftermarket resilience was supported by an aging global vehicle fleet and the addition of approximately 5,800 new SKUs to enhance portfolio coverage [1] - Maintained a disciplined capital allocation strategy, returning over $500 million to shareholders since the spin-off while keeping net leverage at a conservative 1.3x [1]

Financial Data and Key Metrics Changes - In Q4 2025, revenues grew by 7.3% driven by better-than-expected contributions from pricing, volume, and M&A despite headwinds from foreign exchange [13] - Adjusted EBITDA for the full year reached $1.985 billion, with a margin of 30% for the first time in company history, reflecting a 130 basis point increase over 2024 [7][9] - Adjusted Free Cash Flow for Q4 was $425 million, totaling $756 million for 2025, ahead of plan due to EBITDA outperformance [16] Business Line Data and Key Metrics Changes - Q4 pricing increased by 6.4% for the quarter and 6.1% for the year, exceeding original plans [13] - Adjusted EBITDA margins in the Canadian segment increased by 175 basis points, while U.S. margins were up materially when excluding prior year hurricane volumes [15] - C&D-related volume remained soft, but the company is positioned for recovery when the economy improves [14] Market Data and Key Metrics Changes - Q4 volumes were 70 basis points ahead of plan, attributed to unanticipated special waste activity [14] - The pricing environment remains constructive, with expectations for continued pricing above internal cost of inflation [8] - Commodity prices decreased by 33% year-over-year, impacting margins, but underlying consolidated margins improved by over 150 basis points from the prior year [15][18] Company Strategy and Development Direction - The company aims to achieve low- to mid-30s margins by 2028, supported by operational efficiencies and capital allocation strategies [9][11] - The relocation of the executive headquarters to the U.S. is expected to enhance visibility with investors and broaden eligibility for U.S. equity indices [12] - The company plans to continue focusing on M&A opportunities within existing markets to leverage infrastructure and achieve higher returns [65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet and potentially exceed 2026 guidance, citing multiple avenues for upside [12] - The macro environment remains challenging, but there are signs of improvement in customer sentiment and capital plans for 2026 [98] - The company is committed to maintaining leverage in the low to mid-3s range while pursuing growth opportunities [24] Other Important Information - The company completed $1 billion in M&A and repurchased over $3 billion of its own shares in 2025 [10][16] - The adjusted Free Cash Flow conversion improved to 38%, despite headwinds from M&A and FX [16] - The company expects 2026 revenue to be approximately $7 billion, an 8% increase over 2025 [18] Q&A Session Summary Question: Does the leverage guidance assume no incremental M&A and buyback? - Management confirmed that the leverage guidance is committed to low to mid threes, and any M&A or buybacks would increase that number [24] Question: Can you break down the EBITDA bridge for 2026? - Management acknowledged the complexity of the EBITDA bridge, noting that organic EBITDA growth is expected to be in the mid- to high single digits [25][27] Question: What is the expected ramp for EPR and R&G investments? - Management indicated that EPR contributions will be front-end loaded, with expectations for a significant portion in Q1 [33] Question: How do you balance M&A and share buybacks? - Management stated that while the stock is undervalued, they will continue to evaluate both M&A opportunities and share buybacks based on market conditions [40][41] Question: How did GIP and ES perform in 2025? - Management reported that both businesses performed in line with expectations, with GIP primarily driven by government contracts [48] Question: Is there any guidance for Q1? - Management provided Q1 revenue guidance of CAD 1.6 billion to CAD 1.625 billion, with a margin of approximately 28.8% [55]

Financial Data and Key Metrics Changes - In Q4 2025, revenues grew by 7.3%, driven by better-than-expected contributions from pricing, volume, and M&A, despite headwinds from foreign exchange [12] - Adjusted EBITDA for the full year reached $1.985 billion, with Q4 margins at 30.2%, marking the highest Q4 margin in the company's history [13][14] - Adjusted Free Cash Flow for Q4 was $425 million, totaling $756 million for 2025, ahead of plan due to EBITDA outperformance [14] Business Line Data and Key Metrics Changes - Pricing increased by 6.4% for Q4 and 6.1% for the year, exceeding original expectations [12] - Adjusted EBITDA margins expanded by 175 basis points in the Canadian segment and increased in the U.S. segment, excluding the impact of prior year hurricane volumes [13] - C&D-related volume remained soft, but the company is positioned for recovery when the broader economy improves [12] Market Data and Key Metrics Changes - Q4 volumes were 70 basis points ahead of plan, attributed to unanticipated special waste activity [12] - The pricing environment remains constructive, with expectations for continued pricing above internal cost of inflation [6] - Commodity prices decreased by 33% year-over-year, impacting margins, but underlying consolidated margins improved by over 150 basis points from the prior year [13][17] Company Strategy and Development Direction - The company aims to achieve low- to mid-30s margins by 2028, with a focus on operational efficiency and capital allocation strategy [7][10] - The sale of the ES segment has simplified the business into a pure-play solid waste leader, enhancing equity value [8] - The relocation of the executive headquarters to the U.S. is expected to increase visibility with investors and broaden the shareholder base [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet and potentially exceed 2026 guidance, citing multiple avenues for upside [10][11] - The macro environment remains challenging, but there are signs of recovery in capital spending from large customers, which could lead to increased volume [92] - The company is committed to maintaining leverage in the low to mid-3s range while pursuing M&A opportunities [22] Other Important Information - The company completed $3 billion in share repurchases in 2025, with an additional $750 million deployed in the second half of the year due to favorable stock pricing [9] - Adjusted Free Cash Flow conversion improved to 38%, with expectations for further growth in 2026 [19] - The company plans to provide more detailed disclosures regarding the performance of GIP and ES in future quarterly releases [77] Q&A Session Summary Question: Does the leverage guidance assume no incremental M&A and buyback? - Management confirmed that the leverage guidance is based on exiting 2026 in the low to mid threes, with potential increases if M&A and buybacks occur [22] Question: Can you break down the EBITDA bridge for 2026? - Management acknowledged the components affecting EBITDA, including M&A rollover benefits and FX impacts, indicating organic EBITDA growth in the mid- to high single digits is achievable [24][25] Question: What is the outlook for incremental growth CapEx investments? - Management indicated that growth CapEx is front-end loaded, with expectations for significant contributions from EPR in Q1, tapering off through the year [30][32] Question: How are volumes expected to perform in 2026? - Management anticipates modestly positive volumes, with potential upside from EPR and market conditions improving [33][35] Question: How does the company balance M&A and share buybacks? - Management stated that while the stock is undervalued, they will continue to evaluate both M&A opportunities and share buybacks based on market conditions [37][38] Question: What is the expected cadence of pricing in 2026? - Management expects a strong start in Q1 with pricing tapering down throughout the year, indicating high visibility into pricing for 2026 [41][42] Question: How did GIP and ES perform in 2025? - Management reported that both businesses performed in line with expectations, with GIP primarily driven by government contracts [45] Question: Is there a plan for more disclosure on GIP and ES? - Management confirmed plans to provide more detailed disclosures on these businesses in future reports [77]

Core Viewpoint - Millicom, in partnership with NJJ, has acquired Telefonica's operations in Chile, structured to enhance strategic value while safeguarding its balance sheet [1][4]. Acquisition Structure - The acquisition is a joint venture with Millicom holding 49% and NJJ holding 51% [1][4]. - An initial payment of $50 million will be made to Telefonica, with potential additional earn-out payments up to $150 million based on structural value creation [1][5]. - The acquired business will not be consolidated into Millicom's financial statements during the joint ownership, and its financial obligations are non-recourse to Millicom [2][5]. Financial Stability - Telefonica is required to contribute CLP 79 billion (approximately USD 92 million) at closing to ensure balance sheet stability [2][7]. - The structure allows Millicom to maintain financial flexibility while capturing long-term strategic presence in South America [7][11]. Strategic Rationale - Millicom will operate the business from day one, applying its operational expertise to stabilize and strengthen the asset [8]. - The partnership aims to enhance competitiveness, operational efficiency, and support sustained investment in network quality and digital services in Chile [9][10]. - The acquisition is seen as an opportunity to reposition a challenged asset in a significant market at an attractive valuation [9][10]. Future Options - Millicom has the option to acquire NJJ's stake in the business in Year 5 and 6 post-closing at a 10% discount to Millicom's trading multiples [3][6]. - If Millicom does not exercise its option, NJJ can acquire Millicom's 49% stake under similar pricing terms [6].