Companhia Paranaense de Energia (NYSE:ELP) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Company ParticipantsDaniel Slaviero - CEOFelipe Gutterres - CFORodolfo Lima - General DirectorConference Call ParticipantsBruno Amorim - Equity Research AnalystMaria Carolina Carneiro - Equity Research AnalystOperatorGood morning, ladies and gentlemen. Welcome to the Companhia Paranaense de Energia Copel video conference call to discuss the results for the fourth quarter and full year 2025. This video conference i ...

Core Viewpoint - Aura Minerals Inc. has declared a dividend of US$0.66 per common share, totaling approximately US$55.12 million, exceeding the minimum set in its Dividend Policy [1][4]. Dividend Details - The dividend will be paid in US dollars on March 18, 2026, to shareholders of record as of March 11, 2026 [2][8]. - Holders of Brazilian Depositary Receipts (BDRs) will receive US$0.22 per BDR, with payment expected around March 26, 2026 [3][8]. - The exchange rate for the dividend payment to BDR holders will be based on the market rate prior to the payment date, with an example rate of BRL 5.1434 per USD [3]. Financial Performance - In Q4, the company achieved record-high production at stable costs, supported by higher gold prices, resulting in record EBITDA [4]. - The trailing 12-month dividend and buyback yield stands at 6.2%, positioning Aura among leading gold miners for total shareholder returns [4]. Strategic Milestones - The company has declared commercial production at Borborema, completed the MSG acquisition, secured an early-works license for Era Dorada, advanced the Matupá project, and signed a road-relocation agreement at Borborema [4]. - These milestones demonstrate the execution of the company's strategy to develop high-return greenfield projects and grow production above 600 koz GEO per year [4]. Company Overview - Aura Minerals focuses on the development and operation of gold and base metal projects in the Americas, with six operating assets and several projects in various stages of development [6].

Core Viewpoint - Aura Minerals Inc. has declared a dividend of US$0.66 per common share, totaling approximately US$55.1 million, exceeding the minimum set in its Dividend Policy [1][4]. Dividend Announcement - The dividend will be paid in US dollars on March 18, 2026, to shareholders of record as of March 11, 2026 [2]. - Holders of Brazilian Depositary Receipts (BDRs) will receive US$0.22 per BDR, with payment expected around March 26, 2026 [3]. Financial Performance - In Q4, the company achieved record-high production at stable costs, supported by higher gold prices, resulting in record EBITDA [4]. - The trailing 12-month dividend and buyback yield stands at 6.2%, positioning Aura among leading gold miners for total shareholder returns [4]. Strategic Milestones - The company declared commercial production at Borborema, completed the MSG acquisition, secured an early-works license for Era Dorada, advanced the Matupá project, and signed a road-relocation agreement at Borborema [4]. Company Overview - Aura Minerals focuses on the development and operation of gold and base metal projects in the Americas, with six operating assets and several projects in various stages of development [6].

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported net investment income of $0.45 per share, a slight decrease from $0.46 in the prior quarter, while net asset value (NAV) per share declined to $19.10 from $19.28 due to unrealized losses from certain portfolio companies [3][16] - The company maintained a net debt to equity ratio of 1.20 times, below the upper end of its target range of 1.30 times, preserving flexibility for prudent portfolio growth [5][18] - The weighted average interest rate on total borrowings decreased to 5.83% from 5.99% quarter-over-quarter, reflecting lower base rates [18] Business Line Data and Key Metrics Changes - The investment portfolio at fair value totaled approximately $1.6 billion, consistent with the prior quarter, and consisted primarily of first lien loans, representing 91% of the portfolio [9][16] - Gross deployment in the fourth quarter totaled $71 million, with five new platform investments totaling $29 million, while net realizations were approximately $7 million due to exits and repayments [12][16] - The weighted average yield on income-producing securities at cost decreased by 40 basis points quarter-over-quarter, ending the year at 10% [12] Market Data and Key Metrics Changes - The private credit market remains competitive, with strong capital formation and a growing number of lenders competing for high-quality transactions, leading to tighter spreads [7][8] - The company noted subdued exit activity in private equity over the past three years, with sponsors favoring recapitalizations and dividend transactions [8] Company Strategy and Development Direction - The company emphasizes capital preservation and maintaining a stable NAV profile through disciplined underwriting and diversified positioning [4][20] - Management is actively reviewing options to enhance earnings durability and align with shareholder interests, including evaluating the fee structure and base dividend level [7][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for private credit, emphasizing the importance of disciplined underwriting and active portfolio management [9][20] - The company is navigating a dynamic environment with expectations of lower base rates impacting yields, but remains well-positioned for stability [7][20] Other Important Information - The company has a spillover income of approximately $1.16 per share, providing support during the current rate transition [7] - The supplemental dividend policy remains in place, but no supplemental dividend will be paid related to Q4 earnings due to NAV declines [41] Q&A Session Summary Question: Discussion on long-term positioning and dividend structure - Management indicated that the review focuses on long-term earnings durability and alignment with shareholders, including evaluation of the fee structure and base dividend level [26][27] Question: Details on non-accrual investments - One non-accrual investment was realized at close to the mark, contributing to a decrease in non-accruals [29] Question: Future earnings and spread expectations - Management noted that spreads have stabilized for high-quality assets, and there is optimism for increased deal activity in the near term [31][32] Question: Drivers of realized gains and unrealized losses - Realized gains were driven by an investment sold during the quarter, while unrealized losses were primarily due to two investments placed on non-accrual [35][36] Question: Rationale for reinvesting proceeds instead of buybacks - The company is balancing investments in private credit with share repurchases, focusing on durable income for shareholders [39][40] Question: Status of the supplemental dividend policy - The supplemental dividend policy remains in place, but no supplemental dividend will be paid this quarter due to NAV constraints [41][42]

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported net investment income of $0.45 per share, a slight decrease from $0.46 in the prior quarter [3][16] - Net asset value (NAV) per share declined to $19.10 as of December 31, down from $19.28 at the end of the third quarter, primarily due to unrealized losses from certain portfolio companies [3][16] - The company ended the year with a net debt to equity ratio of 1.20 times, below the upper end of the target range of 1.30 times, preserving flexibility for portfolio growth [5] Business Line Data and Key Metrics Changes - The investment portfolio at fair value totaled approximately $1.6 billion across 184 companies, with an average investment size of about 0.6% of the total portfolio [9] - The weighted average yield on income-producing securities at cost decreased by 40 basis points quarter-over-quarter, ending the year at 10% [12] - Non-accruals increased from 3.3% and 1.6% as of September 30 to 4.1% and 2% as of December 31, driven by two new non-accrual investments [14] Market Data and Key Metrics Changes - The private credit market remains competitive, with strong capital formation and a growing number of lenders competing for high-quality transactions, resulting in tighter spreads [7][8] - The company noted subdued exit activity in private equity over the past three years, with sponsors favoring recapitalizations and dividend transactions [8] Company Strategy and Development Direction - The company emphasizes capital preservation and is actively managing the portfolio to maintain long-term NAV stability [4] - The focus remains on disciplined underwriting, diversified positioning, and investing in senior secured sponsor-backed companies [4][20] - The management team is evaluating options to enhance earnings durability and align with shareholder interests, including a review of the fee structure and dividend levels [26][27] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the long-term outlook for private credit, emphasizing the importance of disciplined underwriting and active portfolio management [9] - The company is navigating a dynamic environment with expectations of lower base rates impacting yields, but remains well-positioned for stability [20] - Management acknowledged the earnings headwinds facing the BDC space due to forward base rate expectations and is reviewing strategies to ensure durable earnings [7][20] Other Important Information - The company declared a quarterly cash dividend of $0.42 per share for the first quarter of 2026, payable on April 15, 2026 [3][18] - The company has a buyback program in place and continues to evaluate the attractiveness of new investments relative to share repurchases [39] Q&A Session Summary Question: Discussion on long-term positioning and dividend structure - Management indicated that the review focuses on long-term earnings durability and alignment with shareholders, including evaluation of the fee structure and base dividend level [26][27] Question: Details on non-accrual exit and sale - One non-accrual investment was realized at close to the mark [29] Question: Future earnings and spread expectations - Management noted that spreads have stabilized for high-quality assets and observed an increase in deal activity, indicating potential for capturing excess spread [31][32] Question: Main drivers of realized gains and unrealized losses - Realized gains were driven by an investment sold during the quarter, while unrealized losses were primarily from two investments placed on non-accrual [35][36] Question: Rationale for reinvesting proceeds instead of buybacks - The company is balancing investments in private credit with share repurchases, focusing on durable income for shareholders [39][40] Question: Status of the supplemental dividend policy - The supplemental dividend policy remains in place, but no supplemental dividend will be paid for Q4 earnings due to NAV constraints [41][42]

International Paper (NYSE:IP) 2026 Conference February 26, 2026 08:15 AM ET Company ParticipantsAndy Silvernail - CEOModeratorOur next guest is presenting today. We have Andy Silvernail, Chief Executive Officer of International Paper. It's been kind of an interesting time last couple of weeks. What do you say, Andy?Andy SilvernailYeah.ModeratorYeah, also in the audience is Lance Loeffler, Chief Financial Officer of the company. He's been with the company since 2025, and also from the investor relations effo ...

Core Viewpoint - Viatris Inc. has announced a 2026 dividend policy of $0.48 per share and a quarterly dividend of $0.12, marking the sixth consecutive year of dividend payments [1] Company Overview - Viatris is a global healthcare company that aims to bridge the gap between generics and brand-name drugs, providing access to high-quality medicines for approximately 1 billion patients annually [1] - The company is headquartered in the U.S. with global centers in Pittsburgh, Shanghai, and Hyderabad, India [1] Dividend Announcement - The Board of Directors approved a dividend policy of $0.48 per share for 2026 and declared a quarterly dividend of $0.12 per share [1] - The dividend is scheduled to be paid on March 18, 2026, to shareholders of record as of March 9, 2026 [1]

Core Insights - Santander aims to achieve a profit exceeding 20 billion euros ($23.61 billion) by 2028, driven by a profitability ratio increase to above 20% through synergies from recent acquisitions in the U.S. and Britain [1][1][1] Financial Targets - The bank's strategic plan includes a target cost-to-income ratio of around 36% by the end of 2028, down from 41.2% in 2025, and from 45.3% when accounting for additional costs like banking tax [1][1] - Santander plans to operate with a core tier-1 capital ratio of approximately 13% by 2028 [1] Dividend Policy - The current remuneration policy includes a 50% payout ratio, distributed equally in cash and shares. From 2027, the cash proportion will increase to 35%, with around 15% in shares [1][1] Strategic Goals - The bank aims to serve over 210 million customers across Europe and the Americas, focusing on customer growth and disciplined execution of its global business model to drive higher revenues and lower costs [1][1][1]

AngloGold Ashanti (NYSE:AU) Q4 2025 Earnings call February 20, 2026 08:00 AM ET Speaker6Good afternoon, ladies and gentlemen, and welcome to the AngloGold Ashanti Q4 2025 earnings release. All participants will be in listen-only mode. A question and answer session will follow the formal presentation. If you should require operator assistance during the conference, please key in star and then zero on your telephone keypad. Please note that this event is being recorded. I will now hand you over to Mr. Stewart ...

Core Viewpoint - Perseus Mining Limited reported significant financial improvements for H1 FY26, including a profit after tax of US$185.5 million and a 100% increase in interim dividend to AUD 5.0 cents per share, reflecting strong operational performance and cash flow generation [1][6]. Financial Performance Summary - Revenue for H1 FY26 reached US$608.5 million, a 5% increase compared to the previous year, driven by a 38% rise in average gold price to US$3,241 per ounce, despite a 23% decrease in gold sold [6][9]. - EBITDA was reported at US$315.5 million, while operating cash flow was US$193.4 million, down 22% from the previous year [6][10]. - Profit after tax decreased by 8% to US$185.5 million compared to US$201.1 million in H1 FY25 [6][10]. - The company maintained a strong balance sheet with net tangible assets increasing to US$2,132 million and cash and bullion totaling US$755 million [5][12]. Dividend Declaration - The interim dividend declared is AUD 5.0 cents per share, representing a 100% increase from the previous interim dividend of AUD 2.5 cents per share, with an estimated outflow of US$47.3 million [15][6]. - The dividend yield is calculated at 0.91% based on a volume-weighted average share price of AUD 5.499 as of December 31, 2025 [15]. Operational Insights - The company experienced a transition in mining areas and significant advancements in capital growth projects, contributing to robust cash flows and a strong balance sheet [3][4]. - Higher royalties were incurred due to increased gold prices and a 2% rise in royalty rates in Côte d'Ivoire, amounting to US$20 million for the half year [14]. - The company reported a foreign exchange loss of US$26.9 million, primarily due to the weakening of the USD [14]. Production and Cost Guidance - Perseus confirmed FY26 market guidance for gold production between 400,000 to 440,000 ounces at an all-in site cost (AISC) of US$1,600 to US$1,760 per ounce [6][22].