MIDLAND, Texas--(BUSINESS WIRE)--Permian Resources Corporation ("Permian Resources†or the "Company†) (NYSE: PR) today announced its fourth quarter and full year 2025 financial and operational results and 2026 financial and operational plans. Fourth Quarter 2025 Financial and Operational Highlights Full Year 2025 Financial and Operational Highlights 2026 Financial and Operational Plan Management Commentary "2025 marked our third consecutive year of operational execution as a public company, and I could not ...

Centuri (NYSE:CTRI) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker7Welcome to Centuri's fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Nate Tetlow, Vice President, Investor Relations. Please, you may begin.Speaker6Thank you, Angeline. Hello, everyone. This morning, we issued and post ...

Core Viewpoint - Catheter Precision, Inc. has announced a definitive agreement to divest its atherectomy catheter technologies, enhancing capital efficiency and focusing on its high-growth electrophysiology platform [1][2]. Strategic Rationale - The transaction is expected to accelerate execution across the electrophysiology product portfolio while maintaining exposure to the future commercial success of the divested technologies [4]. Transaction Highlights - The company will receive an upfront cash payment of $15 million upon closing [7]. - It will retain a 5% equity stake in the acquiring company, with anti-dilution protection for up to $5 million of additional equity capital invested [7]. - A ten-year royalty payments agreement will be established, starting with a 1.5% baseline that increases to 3% on quarterly net sales exceeding $5 million [7]. - The transaction is designed to create potential long-term equity upside participation and recurring revenue through performance-based royalties [7]. Company Overview - Catheter Precision is a U.S.-based medical device company focused on advancing the treatment of cardiac arrhythmias through innovative electrophysiology technologies developed in collaboration with leading physicians [5].

4Q & FY 2025 Earnings FEBRUARY 17, 2026 Forward-Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela and changes in China-Taiwan relations, ...

Management attributed the Q4 production beat to strong new well performance and a 2% outperformance in base production management, which added approximately 5,000 barrels of oil per day. Capital efficiency improved by 15% compared to preliminary 2025 outlooks, driven by a 4% reduction in capital spending through advanced drilling and completion cycle times. The business optimization program has captured 85% of its $1 billion target within one year, shifting from a temporary initiative to a core cultur ...

Core Insights - Ascendis Pharma A/S is a biopharmaceutical company focused on developing therapies for rare diseases using its proprietary TransCon technology for long-acting prodrugs [1] - The company faces challenges in capital efficiency, as indicated by its negative return on invested capital (ROIC) [1] Financial Metrics - Ascendis Pharma's ROIC is -18.95%, significantly lower than its weighted average cost of capital (WACC) of 5.88%, indicating insufficient returns to cover capital costs [2] - In contrast, argenx SE has a ROIC of 7.68% and a WACC of 4.55%, resulting in a ROIC to WACC ratio of 1.69, demonstrating effective capital utilization [3] - Apellis Pharmaceuticals, Inc. also shows efficient capital use with a ROIC of 8.81% and a WACC of 5.31%, leading to a ROIC to WACC ratio of 1.66 [4] - Blueprint Medicines Corporation shares a similar challenge with Ascendis, having a negative ROIC of -13.09% against a WACC of 8.26%, highlighting inefficiencies in capital utilization [5]

Financial Data and Key Metrics Changes - Adjusted Operating Income increased by 31% year-over-year in Q4 2025, marking the highest level in four years [5] - Full-year Adjusted Operating Income available to common stockholders was over $1.5 billion, a 23% improvement compared to 2024 [25] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share [26] Business Line Data and Key Metrics Changes - Annuities delivered operating income of $311 million for Q4, with total sales volumes up 25% year-over-year [11][30] - Group Protection's full-year operating earnings increased by 16% to $493 million, with a margin improvement to 9% [28] - Life insurance delivered operating earnings of $77 million for Q4, a significant improvement from an operating loss of $15 million in the prior year [36] Market Data and Key Metrics Changes - RILA sales increased by 35% in 2025, reflecting strong customer demand [12] - Fixed Annuity sales increased by 11%, while Variable Annuity sales rose by 27% year-over-year [12] - Group Protection's full-year premium growth was nearly 7%, driven by strong sales and persistency [19] Company Strategy and Development Direction - The company is focused on increasing risk-adjusted returns, reducing volatility, and growing its franchise [7] - Strategic realignment efforts are aimed at optimizing the operating model and enhancing capital efficiency [9] - The company is prioritizing profitable growth over top-line sales growth, particularly in annuities [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite potential market volatility [10] - The company expects to sustain momentum in earnings growth and improve the quality of earnings over time [22] - Management highlighted the importance of maintaining expense discipline and optimizing the investment strategy [41][42] Other Important Information - The investment portfolio delivered an annualized return of nearly 12% for Q4, exceeding targets [24] - The company completed the consolidation of several life insurance captive entities, which is expected to improve free cash flow [43][69] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns [44] Q&A Session Summary Question: Capital return expectations for 2026 - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for preferred stock redemption [52][54] Question: Future remittances and shareholder returns - Management confirmed that remittances are expected to grow, and there is potential for increased capital return to shareholders in the future [60][61] Question: Impact of captive consolidation on earnings - Management noted that the captive consolidation completed in Q4 provided a $10 million benefit to life earnings and is part of broader efforts to improve free cash flow [69]

Financial Data and Key Metrics Changes - Adjusted Operating Income increased by 31% year-over-year for Q4 2025, marking the highest level in four years, with full-year Adjusted Operating Income exceeding $1.5 billion, a 23% improvement compared to 2024 [5][25][26] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share, driven by favorable market conditions [26] - The company reported a strong alternative investments portfolio return of nearly 12% for the quarter [25][42] Business Line Data and Key Metrics Changes - Annuities delivered operating income of $311 million for Q4, with total sales volumes up 25% year-over-year, driven by a shift towards spread-based products [10][31] - Group Protection achieved operating earnings of $493 million for the full year, up 16% from 2024, with a margin improvement to 9% [28][30] - Life insurance operating earnings improved significantly to $77 million for Q4, compared to an operating loss of $15 million in the prior year [36][38] Market Data and Key Metrics Changes - RILA sales increased by 35% in 2025, while Fixed Annuity sales rose by 11%, reflecting strong market demand [11][12] - Group Protection's full-year premium growth was nearly 7%, with strong sales across all products and segments [19][30] - Retirement Plan Services reported average account balances increasing nearly 9% year-over-year to $124 billion, despite net outflows of approximately $1 billion for the quarter [35][36] Company Strategy and Development Direction - The company is focused on improving risk-adjusted returns on capital, reducing volatility, and growing its franchise through strategic realignment and operational enhancements [6][7] - There is an emphasis on products with higher risk-adjusted margins and stable cash flows to strengthen business resilience [8][9] - The company aims to maintain disciplined expense management while investing strategically to support long-term priorities [7][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value, despite potential market volatility and economic changes [9][23] - The company is committed to enhancing capital efficiency and optimizing its operating model to support sustainable growth [22][48] - Looking ahead to 2026, management expects continued earnings growth and a focus on profitable growth over top-line sales growth [12][16] Other Important Information - The company completed the consolidation of several life insurance captive entities, which is expected to improve GAAP earnings by approximately $25 million to $30 million in 2026 [71] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns to shareholders [44][49] Q&A Session Summary Question: Capital return expectations for 2026 - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for optimal handling of preferred securities [52][54] Question: Excess cash management at the holding company - Management confirmed that excess cash would primarily be used for managing preferred securities and increasing capital return to shareholders [56][57] Question: Life insurance business improvements - Management discussed the benefits of captive consolidation and ongoing efforts to enhance the free cash flow profile of the legacy life block, projecting further improvements in earnings [70][71]

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Financial Data and Key Metrics Changes - In Q4 2025, NOI increased by 16% sequentially and almost 60% year-over-year, driven by acquisitions and organic growth [12] - Same-property NOI grew by 3.3% for the full year and 1.5% for Q4, despite a 50 basis point headwind from uncollectible revenue [14] - The company is forecasting FFO guidance for 2026 in the range of $1.17 to $1.21 per share, representing a 12% year-over-year growth [15][16] Business Line Data and Key Metrics Changes - The company signed over 400,000 sq ft of new leases and renewals in 2025, with new lease spreads averaging 20% and renewal spreads just under 10% [6] - The lease rate remained unchanged at 96.7%, with occupancy up 20 basis points [13] Market Data and Key Metrics Changes - The total U.S. market for convenience retail assets is 950 million sq ft, significantly larger than the company's current portfolio of almost 5 million sq ft [7] - The company has built a significant network of relationships with sellers and brokers, with 27% of acquisitions being direct and off-market [8] Company Strategy and Development Direction - The company focuses on acquiring top-tier convenience retail assets, emphasizing capital efficiency and a first-mover advantage in the sector [5] - The strategy includes investing in simple, flexible buildings that align with consumer behavior, catering to daily errands rather than destination shopping [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in the convenience sector, citing a significant addressable investment market and a strong team to support growth [11] - The company expects to generate double-digit cash flow growth for several years, driven by capital efficiency and reinvestment of retained cash flow [11] Other Important Information - The company ended the year with a leverage ratio of less than 20%, providing substantial liquidity for future acquisitions [19] - The company has a unique capital structure aligned with its business plan, having raised $600 million in debt capital since formation [18] Q&A Session Summary Question: Can you talk about the acquisition pipeline and cap rates? - Management indicated that cap rates have remained just north of 6%, with a wide range depending on various factors [24] - The company has visibility on about half of the $700 million acquisition pipeline for 2026 [25] Question: Can you discuss same-store NOI and leasing spreads? - Management noted that leasing spreads are expected to return to low 20s, and same-property NOI guidance for 2026 is a wide range of 2%-4% [28][30] Question: Are there any operating synergies from having multiple properties in single markets? - Management acknowledged some operational synergies but emphasized that the high recovery rate of the asset class limits their impact on same-store NOI [36] Question: What is the thought process on incremental equity issuance versus building out the debt ladder? - Management highlighted a broad range of options for funding, including equity issuance and private placement, while maintaining a strong liquidity position [52] Question: Are there any planned dispositions for 2026? - Management confirmed that there are no planned dispositions, as the business model focuses on long-term ownership of acquired assets [63][65]