FTAI Infrastructure (NasdaqGS:FIP) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsAlan Andreini - Head of Investor RelationsKen Nicholson - CEO and PresidentConference Call ParticipantsBrian McKenna - Managing Director, and Equity Research AnalystCraig Shere - Director of Research, and Senior Equity AnalystGiuliano Anderes Bologna - Managing Director, and Equity Research AnalystSherif Elmaghrabi - Equity Research Analyst, and Vice PresidentOperatorGood day, and thank you for standin ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 reached a record $80.2 million, up from $70.9 million in Q3 2025 and $29.2 million in Q4 2024 [5][6] - For the full fiscal year 2025, adjusted EBITDA was $232.3 million, significantly higher than $127.6 million in fiscal 2024 [6] - The company exited 2025 with an EBITDA run rate of over $320 million annually, indicating strong future performance [7] Business Line Data and Key Metrics Changes - Rail segment adjusted EBITDA was $41.3 million in Q4, with $22 million from Transtar and $19.3 million from Wheeling [7][8] - Long Ridge generated $36.2 million in EBITDA for Q4, a slight increase from $35.7 million in Q3 [19] - Jefferson terminal reported $13.6 million in adjusted EBITDA for Q4, up from $11 million in Q3 [21] Market Data and Key Metrics Changes - Wheeling's Q4 revenue was $43.8 million, an 8% year-over-year increase, with adjusted EBITDA up 34% year-over-year [15] - Gas production at Long Ridge averaged approximately 105,000 MMBtu per day, setting a new record [9] - Jefferson terminal volumes averaged 210,000 barrels per day, driven by the new ammonia export contract [21] Company Strategy and Development Direction - The company is focused on integrating Transtar and Wheeling, with a target of $20 million in annual cost savings [12] - Plans to monetize Long Ridge are progressing, with expectations for a sale announcement in the first half of 2026 [12][56] - The company is pursuing four M&A opportunities in the rail sector, aiming to enhance its freight rail business [40][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong macro environment for power generation, anticipating continued growth for Long Ridge [20] - The company is optimistic about the demand for services at Jefferson, expecting significant revenue contributions from new contracts [22] - Management highlighted the importance of deleveraging and optimizing operations while exploring strategic acquisitions [40] Other Important Information - A new term loan of approximately $1.3 billion was closed, used to repay a bridge loan related to the Wheeling acquisition [11] - The company is advancing construction on phase two of the Repauno project, with expectations for operational commencement in early 2027 [35][36] Q&A Session Summary Question: Expansion of business development opportunities at Jefferson - Management noted increased commercial interest at Jefferson, with potential for $10 million-$15 million in incremental EBITDA from ammonia contracts and additional refined products [28][30] Question: Updates on Repauno phase two and three - Management clarified that phase two is on track for early 2027, with significant demand driving the need for phase three [35][36] Question: M&A opportunities in the rail segment - Management confirmed active pursuit of four actionable M&A opportunities, focusing on smaller properties that fit well with existing operations [46][48] Question: Impact of Long Ridge asset sales on data center discussions - Management indicated no impact on data center developments, with a goal to announce a transaction for Long Ridge in the first half of 2026 [56]

Captured significant organic growth through 3.7 million square feet of leasing activity with renewal spreads averaging approximately 12% above expiring rents.Maintained high portfolio stability with 97% occupancy and 66% of the tenant base holding investment-grade or implied investment-grade ratings.Realized operational efficiencies and reduced G&A and capital expenditures by simplifying the corporate structure and eliminating multi-tenant complexity.Improved portfolio quality by increasing investment-grade ...

Grifols (NasdaqGS:GRFS) Q4 2025 Earnings call February 26, 2026 12:30 PM ET Company ParticipantsDani Segarra - Head of Investor Relations and SustainabilityJaime Escribano - Head of Iberian Small and Mid Caps EquitiesNacho Abia - CEORahul Srinivasan - CFORoland Wandeler - President of BiopharmaConference Call ParticipantsJustin Smith - Biopharma Equity Research AnalystNone - AnalystNone - AnalystÁlvaro Lenze - Healthcare and SMC Equity AnalystDani SegarraHello, everyone, and thank you for joining us today f ...

Grifols (NasdaqGS:GRFS) Q4 2025 Earnings call February 26, 2026 12:30 PM ET Speaker1Hello, everyone, and thank you for joining us today for Grifols' fourth quarter and full year 2025 earnings call. My name is Dani Segarra, and I serve as the Head of Investor Relations and Sustainability. Today, I'm joined by Grifols' Chief Executive Officer, Nacho Abia, President of Biopharma, Roland Wandeler, and Chief Financial Officer, Rahul Srinivasan. As usual, is our usual practice, today's call will last about an hou ...

This improvement meaningfully enhanced our financial flexibility and positioned us to act from a position of strength in the debt capital markets. This enabled us to further de-risk our balance sheet by executing a $1.8 billion refinancing of our revolving credit facility, which secured improved pricing, enhanced liquidity, and extended the maturity from October 2026 to August 2030, including two additional six-month extension options, and extended the maturity from October 2026 to August 2030. Our decisive ...

Financial Data and Key Metrics Changes - For Q4 2025, the company recorded revenue of $117 million and net income attributable to common stockholders of $37.2 million [14] - AFFO was $48.5 million, or $0.22 per share for Q4 2025, and $0.99 per share for the full year, exceeding the revised guidance range of $0.95-$0.97 [14][18] - The outstanding debt balance was $2.6 billion at the end of 2025, a reduction of $2.1 billion from the end of 2024, with a Net Debt to Adjusted EBITDA ratio of 6.7x [15][16] Business Line Data and Key Metrics Changes - The company executed a $1.8 billion multi-tenant retail portfolio sale, which was a significant milestone in its disposition program, contributing to a total of approximately $3.4 billion in asset sales [5][6] - The sale of the McLaren Campus generated approximately $108 million of value above its original acquisition price, increasing the proportion of investment-grade tenants among the top 10 tenants to 80% [6][7] - The portfolio's occupancy stood at 97%, with a weighted average remaining lease term of 6.1 years, and 66% of tenants had an investment-grade or implied investment-grade rating [10] Market Data and Key Metrics Changes - The company noted a strong performance in leasing, executing leases on more than 3.7 million sq ft during 2025, achieving renewal spreads of approximately 12% above expiring rents [11] - The average annual contractual rental increase was 1.4%, excluding the impact of 19.6% of the portfolio with CPI-linked leases that historically experienced higher increases [11] Company Strategy and Development Direction - The company is evolving from a strategy focused on deleveraging and dispositions to one centered on the accretive recycling of capital, with a focus on selective asset sales and redeploying proceeds into single-tenant, industrial, and retail acquisitions [9][21] - The management emphasized the importance of maintaining a disciplined approach to capital allocation, balancing share repurchases with strategic acquisitions [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for future growth, highlighting a clear path to earnings growth driven by disciplined capital recycling and continued deleveraging [20] - The company is currently evaluating multiple redeployment opportunities that can be funded within its existing capital framework [10][19] Other Important Information - The company repurchased 17.2 million shares for a total of $135.9 million at a weighted average price of $7.88, representing an implied AFFO yield of approximately 12% [8][18] - Initial guidance for 2026 is set at AFFO in the range of $0.80-$0.84 per share, with a focus on reducing office exposure [18][19] Q&A Session Summary Question: Perspective on the McLaren office sale - The sale was driven by a third-party inquiry rather than a highly marketed transaction, reflecting the asset's strong brand and quality [27] Question: Replicating pricing for additional office sales - Management believes the net lease office portfolio can achieve similar pricing to the McLaren sale and is actively marketing several office assets [28] Question: Capital allocation strategy - The buyback remains an important tool, and management will continue to evaluate opportunities for both share repurchase and acquisitions [30] Question: Strategy for office asset dispositions - The focus is on highlighting the implied value of the office portfolio while intentionally marketing properties to unlock value [39] Question: Transaction guidance breakdown - Management clarified that the guidance reflects a balance of continued deleveraging and earnings growth through opportunistic share repurchases and acquisitions [41] Question: Cap rates and acquisition targets - While specific cap rates were not disclosed, management emphasized a focus on accretion and maintaining strong relationships with developers and brokers for acquisition opportunities [44] Question: Office lease expirations and discussions - The majority of 2026 office lease expirations are concentrated in Europe, with ongoing positive discussions with tenants [82]

Global Net Lease (NYSE:GNL) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsChris Masterson - Chief Financial OfficerCraig Kucera - Managing Director, Equity ResearchJay Kornreich - Vice President, REIT Equity ResearchJohn Kim - Managing Director, Equity Research (REITs)Jordan Schonfeld - Vice President, Investor RelationsMichael Gorman - Managing Director, REITsMichael Weil - Chief Executive Officer and PresidentMitch Germain - Managing DirectorUpal Rana - Director, Equity ResearchN ...

Global Net Lease (NYSE:GNL) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Speaker8Good afternoon, and welcome to the Global Net Lease's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now ...

Gibraltar Industries (NasdaqGS:ROCK) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsCarolyn Capaccio - Senior Vice PresidentDaniel Moore - Partner and Director of ResearchJoseph Lovechio - Chief Financial OfficerWilliam Bosway - Chairman, President, and Chief Executive OfficerConference Call ParticipantsJustin Mechetti - Equity Research AnalystOperatorGreetings, welcome to the Gibraltar Industries Fourth Quarter 2025 Financial Results Conference Call. At this time, all participants ...