Financial Data and Key Metrics Changes - The company reported record revenues exceeding $6 billion for the first time in its history, with a 5% increase in adjusted EBITDA for 2025 [7][19] - Q4 revenue increased by 5% to $1.5 billion, with adjusted EBITDA rising 8% to $279 million, marking the highest growth rates seen in fiscal 2025 [19][20] - The adjusted EBITDA margin improved by 60 basis points year-over-year to 18.6% for Q4, and by 40 basis points for the full year [20][21] Business Line Data and Key Metrics Changes - The Environmental Services (ES) segment achieved a 6% growth in adjusted EBITDA, with a margin increase of 60 basis points [7][19] - Technical Services revenue rose by 8%, while Safety-Kleen Environmental Services revenue grew by 7%, driven by pricing and higher volumes [8] - Field Services revenue grew by 13% in Q4, significantly aided by large-scale emergency response projects [8][9] Market Data and Key Metrics Changes - The company handled nearly 22,000 emergency response events in 2025, reflecting a strong demand for its services [9][57] - The PFAS incineration study released in partnership with the EPA is generating increased discussions with customers, indicating a growing market opportunity [10][11] - The company anticipates a 20% growth rate for its PFAS business in 2026, consistent with past performance [11] Company Strategy and Development Direction - The company plans to continue expanding its Environmental Services business organically while enhancing earnings potential through strategic initiatives [28][29] - A $130 million acquisition of environmental businesses from Depot Connect International is expected to generate annual revenue of approximately $40 million [15][16] - The company is also investing $50 million to expand its vacuum truck fleet to capitalize on growth opportunities [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering growth in revenue and adjusted EBITDA for 2026, supported by modest economic assumptions and potential upside [18][29] - The company is entering 2026 with strong momentum in its hazardous waste collection businesses and expects continued strong performance from its incinerator and PFAS projects [18][29] - Management highlighted the importance of maintaining a balanced view on growth expectations, considering potential market fluctuations [76] Other Important Information - The company achieved a record $509 million in annual adjusted free cash flow, representing nearly 44% of its 2025 adjusted EBITDA [23] - The net debt to EBITDA ratio improved to approximately 1.8x, the lowest leverage in nearly 15 years [22] - The company plans to continue share repurchases, having executed $133 million in repurchases in Q4 alone [17][24] Q&A Session Summary Question: Update on captive market and incineration pricing trends - Management indicated active discussions in the captive market with potential closures expected in the future, while incineration pricing is anticipated to improve in the mid to upper single digits [34][36] Question: Confidence in industrial services growth - Management noted positive indicators from customers regarding turnaround needs, but maintained a conservative outlook for 2026 [38][41] Question: Internal growth investments versus acquisitions - Management clarified that the balance sheet allows for both internal growth investments and acquisitions, with a focus on ROI [42][45] Question: M&A pipeline and opportunities - Management confirmed ongoing interest in environmental services acquisitions, with several opportunities being pursued [50] Question: Drivers of Safety-Kleen EBITDA expectations - Management acknowledged challenges in base oil pricing affecting Q1 but expects improvements throughout the year [51][53] Question: Emergency response work quantification - Management reported over 22,000 emergency response events in 2025, with expectations for continued growth in this area [57][60]

4Q25 Earnings Summary February 17, 2026 1 4th Quarter 2025 Earnings Summary Conference Call Wednesday, February 18, 2026 10:00 a.m. ET Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=IMeg0PNW Participant dial-in numbers: Domestic callers: (877) 402-8037 International callers: (201) 378-4913 2 General Disclosure 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 ...

Financial Data and Key Metrics Changes - The company reported a decline in earnings year-over-year, with Adjusted EBIT in the Acetyl Chain down approximately $400 million and Engineered Materials down about $120 million [17][19] - The focus remains on cash generation, with a strong cash generation performance in 2025 despite the earnings decline [6][7] - The company is targeting free cash flow between $650 million and $750 million for 2026, with various scenarios considered for demand [44][72] Business Line Data and Key Metrics Changes - In the Acetyl Chain, the decline was primarily driven by volume and price, with significant impacts from the acetate tow business and margin compression in China [18][19] - Engineered Materials showed a mixed performance, with both volume and price declines, but cost benefits were noted [19] - The company anticipates growth in Engineered Materials, particularly in electronics and automotive sectors, while the Acetyl Chain may face challenges [21][22] Market Data and Key Metrics Changes - The electronics market is currently a bright spot, driven by AI and data center build-outs, while the automotive sector shows mixed signals, particularly in China [12][13] - The company noted some softness in the automotive market in China due to changes in EV credits and stimulus [12] - The demand environment is expected to improve in the second half of 2026, with seasonal improvements noted in early 2026 [86] Company Strategy and Development Direction - The company is focused on cash generation and reducing debt, with plans to achieve $1 billion in divestitures by the end of 2027 [14][75] - There is a strategic emphasis on divesting non-core business segments, particularly joint ventures [14][15] - The company aims to adapt to structural changes in the market, such as the shift from ICE to EV in China, and is working on enhancing operational efficiency [36][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, emphasizing the importance of cost reduction and cash flow generation [6][40] - The outlook for 2026 includes expectations for improved EBIT growth in Engineered Materials, while the Acetyl Chain may face challenges [20][21] - Management highlighted the need for continued evaluation of market conditions and operational adjustments to maintain profitability [80][81] Other Important Information - The company expects a cost benefit of $20 million to $25 million from the closure of the Lanaken plant, with some benefits expected to materialize in 2026 [9][106] - The company is actively managing working capital and inventory levels to avoid service issues while targeting further reductions [51][52] Q&A Session Summary Question: Thoughts on selling equity to address balance sheet issues - Management emphasized a focus on cash generation and debt management rather than equity sales, indicating confidence in the current strategy [6] Question: Expectations for pricing in contracts for 2026 - Management noted little change in contract pricing, with more competition observed in the spot market [8] Question: Sequential improvement in engineering materials - Management identified electronics as a bright spot, while the automotive sector remains mixed, particularly in China [12][13] Question: Timing and potential assets for divestiture - Management is confident in achieving the $1 billion divestiture target by 2027, with a focus on non-core business segments [14][15] Question: Analysis of EBIT changes in Acetyl Chain and Engineered Materials - Management attributed declines to volume and price changes, with specific challenges noted in the acetate tow business [18][19] Question: Free cash flow guidance and working capital management - Management expressed confidence in achieving free cash flow targets through various levers, despite potential demand challenges [40][72] Question: Expectations for acetyl pricing in China - Management does not anticipate significant uplifts in acetyl pricing, citing overcapacity as a concern [66][67] Question: Impact of turnaround on second quarter earnings - Management indicated that turnaround expenses would be a factor in Q2 earnings, with expectations for a similar lift as previously noted [68]

Investor Presentation Fourth Quarter 2025 Results TRUST • TEAMWORK • HEART • EVOLUTION 1 February 17, 2026 Cautionary Statements The Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that a company anticipates as of a given date to be economically and legally producible and deliverable by application of development projects to known accumulations. This presentation contains certain terms and estima ...

Financial Data and Key Metrics Changes - The company generated over $10 per share of free cash flow in 2025, totaling $832 million for the year, with a 25% increase in fourth quarter free cash flow compared to the previous year [4][6] - Total revenue before fuel surcharge was $1.7 billion, down from $1.8 billion a year earlier, with operating income of $127 million, reflecting a margin of 7.6% [5][6] - Net cash from operating activities improved to $282 million, an 8% increase over the prior year quarter [6] Business Segment Data and Key Metrics Changes - LTL (Less Than Truckload) revenue was $661 million, down 10% year-over-year, with operating income of $62 million and an adjusted operating ratio (OR) of 89.9 [6][7] - Truckload revenue was $674 million, down from $693 million the prior year, with operating income of $48 million and an OR of 93.2% [8] - Logistics revenue was $358 million, down from $410 million, with operating income of $31 million and a margin of 8.7% [9] Market Data and Key Metrics Changes - The company noted modest signs of stabilization in overall freight dynamics, with a focus on preparing for a potential industry rebound [4] - The U.S. LTL market remains soft, with expectations of continued challenges in 2026 [16][18] Company Strategy and Development Direction - The company emphasizes strong free cash flow generation and strategic capital allocation, including opportunistic share repurchases and dividend increases [5][10] - There is a focus on improving operational efficiency and service quality, particularly in the U.S. LTL segment, with plans to enhance management tools and sales stability [20][21] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging environment in 2026, particularly for LTL, while expressing cautious optimism for improvements in truckload and logistics segments [16][17] - The company is preparing for potential upturns in the truckload sector, driven by regulatory changes and market dynamics [14][18] Other Important Information - The company announced a change in its board of directors, with André Bérard retiring and Diane Giard appointed as the new lead director [11] - The company is exploring smaller acquisition opportunities while remaining cautious about larger deals until market conditions stabilize [74][75] Q&A Session Summary Question: Guidance for fiscal year and scenarios for 2026 - Management provided guidance of $0.50-$0.60 for Q1 2026, indicating a cautious outlook due to ongoing freight recession [14] Question: Segment margin drivers behind EPS guidance - Management expects around 250 basis points of sequential margin deterioration in U.S. LTL, with unique challenges in Q1 due to weather impacts [32] Question: Pricing improvements in contracted rates - Spot rates are increasing, but long-term contract rates are slower to adjust, with expectations for future improvements as supply and demand dynamics shift [42][44] Question: Specialty truckload business outlook - Management highlighted early signs of improvement in specialty truckload, particularly in energy and industrial sectors, with a focus on high-value freight [56][58] Question: Impact of non-domiciled CDL on capacity - The company noted that the impact of non-domiciled CDL is more pronounced in the van segment than in specialty truckload, with expectations for gradual improvements in revenue per mile [90] Question: Logistics segment performance and margin expansion - Management confirmed that logistics margins expanded sequentially from Q3 to Q4, with ongoing efforts to improve service metrics [63][64]

Core Viewpoint - Diamondback Energy (FANG) is expected to report fourth-quarter 2025 results on February 23, with a consensus estimate of $1.88 earnings per share and $3.2 billion in revenues, indicating a year-over-year decline in both metrics [1][3]. Group 1: Previous Quarter Performance - In the third quarter, Diamondback reported adjusted earnings per share of $3.08, exceeding the consensus estimate of $2.85, with revenues of $3.9 billion, surpassing expectations by 13.4% [2]. - The company has consistently beaten the Zacks Consensus Estimate in the last four quarters [3]. Group 2: Production and Financial Metrics - Diamondback holds over 850,000 net acres in the Delaware and Midland regions, with production exceeding 900,000 barrels of oil equivalent per day [4]. - The company’s average fourth-quarter production is projected to be 947,927.5 BOE/d, reflecting a 7.3% increase from the previous year [5]. - Despite a decline in oil prices, Diamondback expanded free cash flow per share by 15% in the first nine months of 2025, while maintaining a reinvestment rate of approximately 36% at $63 oil [6][8]. Group 3: Earnings Expectations - The earnings model indicates a likely earnings beat for Diamondback, supported by a positive Earnings ESP of +0.91% and a Zacks Rank of 3 [7][9]. - The consensus estimate for the fourth quarter shows a 48.4% decline in earnings year-over-year and a 14.8% decrease in revenues [3].

Q4 Investor Presentation Feb 2026 Disclosures Forward-Looking Statements This presentation may contain "forward-looking statements," which include information concerning Celanese Corporation's (the "Company") plans objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upo ...

Core Insights - Constellium SE reported near-record results for 2025, with a record fourth quarter Adjusted EBITDA, despite a challenging macroeconomic environment [2][3] - The company generated strong Free Cash Flow of $178 million in 2025 and returned $115 million to shareholders through share repurchases [2][3] - Looking ahead, Constellium expects stable demand trends to continue into early 2026 and has launched a new operational excellence program, Vision 2028 [2][4] Financial Performance - Fourth quarter 2025 shipments were 365 thousand metric tons, an increase of 11% compared to Q4 2024, with revenue of $2.2 billion, up 28% year-over-year [3][6] - Full year 2025 shipments totaled 1.5 million metric tons, a 4% increase from 2024, with revenue reaching $8.4 billion, a 15% increase [7][3] - Net income for Q4 2025 was $113 million, compared to a net loss of $47 million in Q4 2024, while full year net income was $275 million, up from $60 million in 2024 [3][21] Segment Performance - Aerospace & Transportation (A&T) segment saw Q4 2025 shipments of 53 thousand metric tons, up 21% year-over-year, with revenue of $527 million, a 23% increase [8][9] - Packaging & Automotive Rolled Products (P&ARP) segment reported Q4 2025 shipments of 265 thousand metric tons, an 11% increase, with revenue of $1.3 billion, up 34% [11][12] - Automotive Structures & Industry (AS&I) segment had Q4 2025 shipments of 46 thousand metric tons, a 5% increase, with revenue of $368 million, a 12% increase [13][14] Cash Flow and Capital Management - Cash from operations for the full year 2025 was $489 million, compared to $301 million in 2024 [22] - Free Cash Flow for 2025 was $178 million, a significant improvement from a negative $100 million in 2024 [23] - The company repurchased 8.9 million shares for $115 million during 2025, reducing leverage to 2.5x by year-end [3][26] Outlook - For 2026, Constellium expects Adjusted EBITDA to be in the range of $780 million to $820 million, excluding non-cash metal price lag impacts, and Free Cash Flow to exceed $200 million [4][27] - The company aims to achieve Adjusted EBITDA of $900 million and Free Cash Flow of $300 million by 2028 [4][27]

Core Insights - The article emphasizes the importance of identifying underpriced equities with strong upside potential and overappreciated companies with inflated valuations in investment strategies [1] - It highlights the significance of analyzing Free Cash Flow and Return on Capital for deeper investment insights beyond basic profit and sales analysis [1] - The author acknowledges that while some growth stocks may deserve premium valuations, it is crucial for investors to investigate whether the market's current opinions are accurate [1] Industry Focus - The research primarily concentrates on the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1] - The analysis also extends to various other industries such as mining, chemicals, and luxury goods [1]

SSR Mining (NasdaqGS:SSRM) Q4 2025 Earnings call February 17, 2026 05:00 PM ET Company ParticipantsAlex Hunchak - VP of Investor Relations & Capital MarketsBill MacNevin - EVP of Operations and SustainabilityCosmos Chiu - Managing Director and Director of Precious Metals Equity ResearchMichael Sparks - CFORod Antal - Executive ChairmanConference Call ParticipantsDon DeMarco - AnalystGeorge Eadie - AnalystOvais Habib - AnalystOperatorHello everyone, and welcome to SSR Mining's fourth quarter and full year 20 ...