Financial Data and Key Metrics Changes - In Q4 2025, the company produced 120,000 gold equivalent ounces with an all-in sustaining cost (AISC) of $2,250 per ounce, or $2,002 per ounce excluding costs incurred at 현pler [13] - Net income attributable to shareholders in Q4 was $181 million, or $0.84 per diluted share, while adjusted net income was $190 million or $0.88 per diluted share [14] - Full year production reached 447,000 gold equivalent ounces, exceeding the midpoint of guidance, with full year AISC at $1,923 per ounce [14] - Free cash flow totaled $106 million in Q4 and $252 million for the full year, with over $400 million in free cash flow excluding changes in working capital [15] Business Line Data and Key Metrics Changes - Marigold produced 43,000 ounces of gold in Q4 with an AISC of $2,089 per ounce, and is expected to produce between 170,000-200,000 ounces in 2026 [19][20] - CC&V produced 39,000 ounces of gold in Q4 with an AISC of $1,596 per ounce, and full year production of 125,000 ounces exceeded guidance [22][23] - Seabee produced approximately 9,000 ounces at an AISC of $1,433 per ounce in Q4, with full year production expected to be 60,000-70,000 ounces [25] - Puna produced 2.1 million ounces of silver in Q4 with an AISC of $1,839 per ounce, and is expected to produce 6.25-7 million ounces in 2026 [27][28] Market Data and Key Metrics Changes - The company ended 2025 with $535 million in cash and over $1 billion in total liquidity, supporting continued investment in growth initiatives [15] - The company announced a share buyback program of up to $300 million, reflecting confidence in its financial position and share value [4][16] Company Strategy and Development Direction - The company is focused on advancing brownfield growth projects and has committed substantial capital investment for 2026, particularly in leach pad expansions at Marigold and CC&V [8][12] - The Hod Maden Development Project is highlighted as a significant asset with a $1.7 billion NPV and a 39% internal rate of return, with ongoing early site works [9][10][11] - The company aims to maintain a strong production profile while exploring additional growth opportunities across its portfolio [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued free cash flow generation in 2026 and the potential for year-on-year production growth [4][29] - The company is committed to addressing operational challenges, particularly at Marigold, and is implementing strategies to optimize ore blending and recovery [90] - Management noted that the future outlook for Puna is bright, with ongoing exploration and development efforts expected to extend operations beyond 2028 [45][94] Other Important Information - The company reported a nearly 40% year-over-year increase in gold equivalent mineral reserves, totaling 11 million ounces, driven by the incorporation of CC&V and Hod Maden [18] - The company has a conservative mineral reserve price assumption of $1,700 per ounce for gold, which may be reevaluated in future technical reports [77] Q&A Session Summary Question: Can you provide more color on Marigold's guidance range? - Management indicated that the guidance reflects a conservative approach, with updated plans considering ore blending requirements [32][33] Question: What silver prices are needed for Puna to extend operations beyond 2028? - Management noted that ongoing work at Chinchillas and Molina, along with favorable silver prices, supports the potential for extended operations [42][45] Question: What is the timeline for a construction decision on Hod Maden? - Management stated that early site works are ongoing, and a formal construction decision will follow a review process with partners [50][51] Question: Will there be a new mine plan for Puna including Cordilleras? - Management suggested that a new technical report may be considered as drilling programs conclude, potentially extending mine life [93] Question: What is the plan for CC&V to accelerate ounces into the mine plan? - Management indicated that mine extension is contingent on regulatory approvals and ongoing optimization efforts [97][99]

Financial Data and Key Metrics Changes - In Q4 2025, SSR Mining generated over $100 million in free cash flow, finishing the year with $535 million in cash and more than $1 billion in liquidity [4][14] - Full year production reached 447,000 gold equivalent ounces, exceeding the midpoint of guidance, with a full year AISC of $1,923 per ounce [13][14] - Free cash flow totaled $252 million for the full year, with over $400 million when excluding changes in working capital [14] Business Line Data and Key Metrics Changes - Marigold produced 43,000 ounces of gold in Q4 2025, with AISC of $2,089 per ounce, and is expected to produce between 170,000-200,000 ounces in 2026 [19][20] - CC&V produced 39,000 ounces of gold in Q4 2025, with AISC of $1,596 per ounce, and is expected to produce 125,000-150,000 ounces in 2026 [22][24] - Puna exceeded its production guidance for the third consecutive year, producing 2.1 million ounces of silver in Q4 2025, with AISC of $1,839 per ounce [27] Market Data and Key Metrics Changes - The company holds 11 million ounces of gold equivalent mineral reserves, up nearly 40% year-over-year, driven by the incorporation of CC&V and Hod Maden [18] - Mineral reserve price assumptions remained conservative at $1,700 per ounce for gold and $20.50 per ounce for silver [18] Company Strategy and Development Direction - SSR Mining plans to allocate a substantial amount of capital investment in 2026 to advance growth opportunities, particularly in brownfield projects [7][11] - The company announced a share buyback program of up to $300 million, indicating confidence in its portfolio value [4][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued free cash flow generation in 2026 and highlighted strong operational results from key assets [4][29] - The company is focused on maintaining a strong financial position while pursuing growth initiatives across its portfolio [29] Other Important Information - The Hod Maden Development Project is highlighted as a significant asset with a $1.7 billion NPV and a 39% internal rate of return at consensus metal prices [6][9] - The company is advancing engineering and site establishment activities at Hod Maden, with a construction decision expected after ongoing reviews [48][50] Q&A Session Summary Question: Can you provide more color on Marigold's guidance? - Management indicated that the guidance range of 170,000-200,000 ounces is a good indication of expected delivery, considering updated blending requirements [31][32] Question: What silver prices are needed for Puna to extend operations beyond 2028? - Management noted that ongoing work at Chinchillas and Molina could allow for extended operations, with current silver prices supporting this outlook [41][44] Question: What is the timeline for a construction decision on Hod Maden? - Management stated that site work is ongoing, and a construction decision will follow a review process with partners, but no specific timeline was provided [48][49] Question: Why is the guidance for Puna's silver production lower than previously stated? - Management explained that the timing of ounces has changed due to ongoing work at Chinchillas, but production levels are expected to be maintained at a higher level for longer [60][62] Question: What is the plan for CC&V to accelerate production? - Management indicated that the mine extension is contingent on obtaining Amendment Fourteen approval, which will allow for pad expansions and further optimization [91][92]

Core Insights - EQT Corporation reported strong financial and operational results for Q4 and full year 2025, with significant increases in production, cash flow, and reserves, while providing optimistic guidance for 2026 [1][2][3] Financial Performance - Q4 2025 total sales volume reached 609 Bcfe, a slight increase from 605 Bcfe in Q4 2024, with an average realized price of $3.44 per Mcfe, up from $3.01 [1] - Full year 2025 total sales volume was 2,382 Bcfe, compared to 2,228 Bcfe in 2024, with an average realized price of $3.19 per Mcfe, up from $2.74 [2] - Net income attributable to EQT for Q4 2025 was $677 million, compared to $418 million in Q4 2024, and for the full year, it was $2,039 million, significantly up from $231 million in 2024 [1][2] - Free cash flow attributable to EQT for Q4 2025 was $744 million, up from $580 million in Q4 2024, and for the full year, it was $2,503 million, compared to $684 million in 2024 [2] Operational Highlights - Proved reserves increased by 7% year-over-year to 28.0 Tcfe, with a total standardized measure of discounted future net cash flows of $21 billion [1][2] - The company achieved record operational efficiencies, including the fastest quarterly completions pace and the most lateral footage drilled in 24 and 48 hours [1] - Production uptime during Winter Storm Fern was approximately twice as good as peers in Appalachia, demonstrating resilience in challenging conditions [1] 2026 Guidance - The company expects to exit 2026 with approximately $4.7 billion in net debt and projects free cash flow of around $3.5 billion for the year [1][2] - Production forecast for 2026 is set between 2,275 and 2,375 Bcfe, with maintenance capital expenditures estimated at $2,070 to $2,210 million [1][2] - Growth capital expenditures for 2026 are planned at $580 to $640 million, focusing on high-return infrastructure projects [1][2] Strategic Moves - EQT increased its ownership in the Mountain Valley Pipeline (MVP) from approximately 49% to 53% through a $115 million acquisition [1][3] - The company has increased its hedge percentage for 2026 from 7% to 25%, with collars set at average floor and ceiling prices of $3.94 and $5.70 per MMBtu, respectively [1]

PresentationAndrew LazarBarclays Bank PLC, Research Division All right. If we could just find our seats, we'll kick off our next presentation. We're thrilled to welcome back Conagra Brands to the CAGNY stage. Please first join me in thanking Conagra for again generously sponsoring yesterday evening's reception. Conagra is in a very different place this year, having moved past much of the supply chain issues from a year ago, and now seeing underlying business momentum moving in the right direction. So too i ...

Core Viewpoint - The company is increasing its investment in Alphabet by purchasing 50 shares at approximately $301 each, raising its total holdings to 200 shares, which will increase its portfolio weighting in Alphabet from 1.15% to 1.55% [1] Financial Performance - Alphabet's shares have declined about 9% since its earnings report, despite strong revenue and earnings-per-share results driven by growth in Search and Google Cloud [1] - The company reported free cash flow of approximately $70 billion for both 2024 and 2025, but this is projected to decrease to about $33 billion in 2026 [1] Capital Expenditure Plans - Alphabet plans to spend between $175 billion and $185 billion on capital expenditures in 2026, significantly higher than the Street's estimate of $115 billion and the $91 billion spent in the previous year [1] - This ambitious spending plan has raised concerns about the company's free cash flow, which is impacting investor sentiment across major tech stocks [1] Competitive Position - Google Cloud is experiencing significant growth, with a 55% year-over-year increase in its backlog, which reached $240 billion [1] - The company is perceived to have a clearer path to success compared to its peers, making it a preferred investment choice during the current tech market downturn [1]

Core Insights - The company made significant progress in capital allocation priorities in 2025, highlighted by the acquisition of Phoenix and a return of approximately $41 million to shareholders through dividends [1][11] - The integration of Phoenix is progressing well, and the company expects continued growth and a quarterly dividend throughout 2026 [1][12] Financial Performance - The consolidated adjusted EBITDA for 2025 was $219.2 million, reflecting a decrease of $53.6 million compared to the previous year, primarily due to lower coke sales volumes and market conditions [3][7] - The fourth quarter net loss attributable to the company was $1 per share, down from $1.28 in 2024, influenced by one-time items including asset impairment charges and restructuring costs related to the Phoenix acquisition [5][6] - The domestic coke segment faced challenges due to a change in the mix of contract and spot coke sales, resulting in lower economics on the Granite City contract extension and a breach of contract by Algoma [2][8] Operational Highlights - The company achieved a total recordable incident rate of 0.55, emphasizing its commitment to safety [3] - The domestic coke business delivered an adjusted EBITDA of $170 million, down $64.7 million from the prior year, impacted by contract changes and lower sales volumes [8] - The Industrial Services segment, including the new Phoenix Global business, reported an adjusted EBITDA of $62.3 million, an increase of $11.9 million year-over-year, driven by the addition of Phoenix Global [9] Future Outlook - For 2026, the company expects consolidated adjusted EBITDA to be between $230 million and $250 million, with domestic coke adjusted EBITDA projected to be lower by $2 million to $8 million [15][20] - The Industrial Services segment is anticipated to see an increase in adjusted EBITDA by $28 million to $38 million, benefiting from a full year of Phoenix Global and improved market conditions [15][20] - The company plans to utilize excess free cash flow to pay down outstanding borrowings and maintain a gross leverage target below three times [14][21]

Financial Data and Key Metrics Changes - The consolidated adjusted EBITDA for 2025 was $219.2 million, down $53.6 million from the prior year, primarily due to changes in contract and spot coke sales, lower economics on the Granite City contract extension, and lower handling volumes [5][10] - The fourth quarter net loss attributable to SunCoke was $1 per share, down $1.28 compared to Q4 2024, mainly driven by one-time items totaling $0.85 per share net of tax [8][9] - Full year net loss attributable to SunCoke was $0.52 per share, down $1.64 from 2024, influenced by one-time items including non-cash asset impairment charges [8][9] Business Line Data and Key Metrics Changes - The domestic coke business delivered full-year adjusted EBITDA of $170 million, down $64.7 million from the prior year, impacted by contract and spot coke sales mix and the Algoma breach [10] - The industrial services segment, including Phoenix Global, delivered full-year adjusted EBITDA of $62.3 million, an increase of $11.9 million year-over-year, primarily due to the addition of Phoenix Global [11] - Corporate and other expenses increased by $800,000 year-over-year to $13.1 million, reflecting results from legacy coal mining and Brazil coke-making businesses [11] Market Data and Key Metrics Changes - The domestic coke segment is expected to deliver adjusted EBITDA between $162 million and $168 million in 2026, with sales of approximately 3.4 million tons [16][18] - Industrial services adjusted EBITDA is projected to be between $90 million and $100 million in 2026, reflecting expectations for improved market conditions [19][20] Company Strategy and Development Direction - The company plans to utilize free cash flow to support capital allocation priorities, including paying down revolver balance and maintaining dividends [22][23] - The integration of Phoenix Global is progressing well, with expectations for growth potential in this business [7][23] - The company aims to maintain strong safety and environmental performance, which is central to delivering high-quality coke and industrial services [22] Management's Comments on Operating Environment and Future Outlook - Management anticipates a meaningful recovery in 2026, supported by an optimized coke fleet and extended coke-making contracts [15] - The company expects consolidated adjusted EBITDA to be between $230 million and $250 million in 2026, with a focus on deleveraging and maintaining a gross leverage target below 3x [15][21] - Management highlighted the impact of ongoing litigation with Algoma, expecting to recover losses from the breach of contract [28][30] Other Important Information - The company returned approximately $41 million to shareholders via dividends in 2025 and plans to continue this in 2026 [7] - Capital expenditures for 2025 were $66.8 million, slightly below the revised guidance of $70 million [13] Q&A Session Summary Question: Status of litigation with Algoma - Management confirmed they are pursuing arbitration against Algoma for breach of contract and expect to prevail [28][30] Question: EBITDA contribution from Phoenix Global - Management affirmed the anticipated annual EBITDA contribution from Phoenix Global is still expected to be around $60 million, with synergies of $5 million-$10 million [32] Question: Haverhill One closure and potential reopening - Management stated that Haverhill One could be restarted but would require significant capital investment and about 12-18 months [42] Question: Impact of Middletown turbine failure - Management indicated that the turbine failure will have a $10 million impact in the first quarter, with no earnings from power production until it is operational again [46][48] Question: Expected improvement in tons handled in the industrial segment - Management noted that guidance includes a full year of the new KRT contract and modest recovery across both KRT and CMT [52]

SunCoke Energy, Inc. Q4 & FY 2025 Earnings and 2026 Guidance Conference Call Forward-Looking Statements 2 This presentation should be reviewed in conjunction with the fourth quarter and full-year 2025 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on February 17, 2026 at 11:00 a.m. ET. This presentation contains "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Fo ...

Financial Data and Key Metrics Changes - The company reported full-year EBITDA of $248 million for 2025, exceeding previous expectations due to better-than-expected Q4 volumes, particularly in the Specialty segment [16][17] - Free cash flow for the year was $55 million, attributed to higher than expected EBITDA in Q4 and working capital initiatives [17][20] - Net debt at the end of the year was $920 million, with a leverage ratio of 3.7x, down from 3.8x at the end of Q3 [21] Business Line Data and Key Metrics Changes - The Rubber segment generated full-year Adjusted EBITDA of $155 million, impacted by lower tire production rates in key Western markets and a 4% increase in volumes mainly from South America and APAC [16][18] - The Specialty segment delivered Adjusted EBITDA of $94 million, reflecting a 5% decrease in volumes due to soft global industrial activity [17][19] Market Data and Key Metrics Changes - The tire industry faced challenges due to elevated imports and soft freight industry conditions, with truck and bus tires accounting for about one-third of carbon black consumption globally [10][15] - Recent trends indicate a potential reversal in consumer behavior, with Tier 2 and Tier 1 tires outselling Tier 3 brands for the first time last year [9][10] Company Strategy and Development Direction - The company is focused on managing costs and has implemented actions expected to drive $20 million in productivity and efficiency savings [11] - A shift towards a "win with our customer" strategy has been adopted to maintain market share amidst challenging conditions [12] - The company has amended its credit agreement to provide flexibility during this cycle, ensuring ample headroom for leverage [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about potential recovery in the tire industry, citing improvements in underlying carbon black indicators and a possible rebound in freight activity [15][25] - The company anticipates generating Adjusted EBITDA between $160 million and $200 million for 2026, with free cash flow expected to be between $25 million and $50 million [23][24] Other Important Information - The company achieved a near-record year for employee safety, with only three incidents reported across its global network [6][7] - The company has rationalized 3-5 production lines to improve operational efficiency [11][60] Q&A Session Summary Question: Guidance and Rubber Segment Impact - The company acknowledged a potential $60 million negative impact from contract outcomes, emphasizing that they did not trade off pricing for volume [27][28][30] Question: Free Cash Flow Expectations - Management indicated that the expected free cash flow range for 2026 is $25 million to $50 million, driven by active management of working capital and CapEx [35][36] Question: Accounts Payable Increase - The increase in accounts payable to $197 million is being actively managed, with a focus on terms extensions [47][53] Question: Conductive Carbons Update - The startup of the La Porte plant has been delayed to 2027 to better align with market demand [54][67] Question: Tire Shipments in Europe - Tire imports to Europe were more stable than in the U.S., with no significant surge observed [56] Question: Capacity Under Contract - The company noted a slight decrease in contracted capacity compared to normal years, with some flexibility in contract structures [40][41]

Financial Data and Key Metrics Changes - For 2025, net sales increased by 5.4% to $1.552 billion, and adjusted EBITDA increased by 13.9% to $275.3 million compared to 2024 [4][9] - The adjusted gross profit margin for the full year 2025 increased by 60 basis points to 48.7% from 48.1% in 2024 [15] - Free Cash Flow for 2025 totaled $35.1 million, down from $98.1 million in 2024, impacted by $65 million of tariff costs [17] Business Line Data and Key Metrics Changes - Hardware and Protective Solutions (HPS) net sales increased by 7.8% to $1.2 billion, with adjusted EBITDA rising by 26% to $196.3 million [10] - Robotics and Digital Solutions (RDS) net sales increased by 1.6% to $220.2 million, with nearly 3,500 MiniKey 3.5 machines installed [11][12] - Canadian business net sales decreased by 6.6% compared to the prior year, with adjusted EBITDA margins just shy of 10% [12] Market Data and Key Metrics Changes - Existing home sales remained soft at 4.06 million, unchanged from 2024 and well below the 10-year average of 5 million, impacting home improvement projects [8] - Market volumes were down about 5% in 2025, contributing to challenges in sales growth [8] Company Strategy and Development Direction - The company plans to focus on new business wins and expanding its pro business, which is expected to diversify the customer base and provide growth opportunities [13][14] - The M&A pipeline is healthy, with several bolt-on acquisition opportunities being pursued [13] - The company aims to maintain a strong balance sheet to invest in organic growth and M&A opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth in 2026, with net sales expected to be between $1.6 billion and $1.7 billion, representing a 6.3% increase compared to 2025 [5][19] - The company anticipates that 2026 will be a more normal operating year, with expectations for mid-single-digit growth in net sales [20] - Management noted that the first quarter of 2026 is expected to be the low point for gross margins due to high-cost inventory [29] Other Important Information - The company invested $70 million in capital expenditures in 2025, down from $85 million in 2024, with plans to invest between $70 million and $75 million in 2026 [18][21] - The company plans to continue stock repurchases to offset dilution from employee equity grants [22] Q&A Session Summary Question: Can you walk through the cadence of the gross margins for Q1? - Management indicated that Q1 will likely be the low point for gross margins, with expectations slightly below the 46%-47% range due to high-cost inventory [29][30] Question: What gives confidence in new business wins for 2026? - Management highlighted several initiatives and new products, along with a strong sales team, as reasons for optimism in securing new business [31][32] Question: What is the outlook for the Protective Solutions business? - Management noted near-term dynamics affecting sales but expressed confidence in growth due to new product launches in 2026 [37][39] Question: How does the company view the Canadian market for 2026? - Management expects the Canadian market to return to growth as the economy improves, particularly in the spring season [49] Question: What are the long-term growth targets for the company? - Management reaffirmed confidence in long-term targets of 6% organic revenue growth and 10% EBITDA growth, with discussions planned for the upcoming Investor Day [55][56] Question: How is the company positioned regarding potential chip shortages? - Management stated that they are in good shape regarding supply and do not anticipate challenges from chip shortages [57] Question: What is the current M&A environment? - Management expressed excitement about the M&A landscape, noting more opportunities are emerging and they expect to pursue 1-2 deals in 2026 [67][70]