Financial Data and Key Metrics Changes - The company reported a record EBITDA of $2.7 billion for Q4 2025, surpassing the previous record of $2.6 billion in Q4 2024 [5][22] - Net income attributable to common unit holders was $1.6 billion, or $0.75 per common unit on a fully diluted basis for Q4 2025 [12] - Adjusted cash flow from operations grew 5% to $2.4 billion in Q4 2025, contributing to a record $8.7 billion for the full year [12][15] Business Line Data and Key Metrics Changes - The company experienced weaker pay market margins in 2025, with RGP and PGP spreads dropping from $0.14 per pound in Q4 2024 to $0.03 per pound in Q4 2025 [6][7] - The company is fully contracted on its ethane export terminals and processing trains, with expectations for modest growth in 2026 and double-digit growth in 2027 as new assets ramp up [8][19] Market Data and Key Metrics Changes - Crude oil prices averaged about $12 a barrel lower than in 2024, impacting price spreads and overall performance [6] - The company loaded between 350 and 360 million barrels across 744 ships in 2025, with expectations to export near 1.5 million barrels a day of NGLs by next year [9] Company Strategy and Development Direction - The company aims for modest adjusted EBITDA and cash flow growth in 2026, with a target of 10% growth in 2027 as new assets come online [19][22] - The partnership with ExxonMobil is seen as a significant opportunity, with plans for expansion and collaboration on various projects [9][72] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment is shaped by new market realities, including lower commodity prices and weaker spreads [6][19] - The company expects discretionary free cash flow to be around $1 billion in 2026, with a focus on buybacks and debt retirement [20][21] Other Important Information - The company repurchased approximately $50 million of its common units in Q4 2025, totaling about $300 million for the year [14] - Total capital investments were $1.3 billion in Q4 2025, with $1 billion allocated for growth capital projects [15][16] Q&A Session Summary Question: Outlook for 2026 and 2027 growth - Management indicated that growth in 2026 is expected to be at the lower end of the 3%-5% range, with a more favorable outlook for 2027 [30] Question: NGL export cadence and earnings contribution - Management explained that the Neches River Terminal's ramp-up will continue into 2026, with full utilization expected by the second quarter [32] Question: Impact of Waha prices on operations - Management clarified that low Waha prices benefit gas transport capacity, while higher prices allow for monetization through storage assets [35] Question: Producer customers' plans for 2026 - Management reported that Midland volumes are outperforming expectations, with a record number of well connections [37] Question: Negotiating power of larger E&Ps - Management expressed confidence in their ability to negotiate favorable contracts regardless of E&P size [42] Question: Buyback strategy and methodology - Management confirmed that 50%-60% of discretionary free cash flow is expected to be allocated towards buybacks [52] Question: Demand trends in international markets - Management noted resilient demand for U.S. LPG in new markets, indicating healthy long-term interest in export capacity [57] Question: Opportunities for collaboration with Exxon - Management highlighted ongoing collaboration with Exxon across multiple projects, emphasizing the potential for future growth [72]

Financial Data and Key Metrics Changes - The company reported a record EBITDA of $2.7 billion for Q4 2025, surpassing the previous record of $2.6 billion in Q4 2024 [4] - Net income attributable to common unit holders was $1.6 billion, or $0.75 per common unit on a fully diluted basis for Q4 2025 [11] - Adjusted cash flow from operations grew 5% to $2.4 billion in Q4 2025, leading to a record $8.7 billion for the full year [11][12] - The distribution declared for Q4 2025 was $0.55 per common unit, a 2.8% increase from Q4 2024 [11] Business Line Data and Key Metrics Changes - The company experienced weaker pay market margins in 2025, with RGP and PGP spreads dropping from $0.14 per pound in Q4 2024 to $0.03 per pound in Q4 2025 [5] - The company has fully contracted its ethane export terminals and processing trains, with expectations for modest growth in 2026 and double-digit growth in 2027 as assets ramp up [6][17] Market Data and Key Metrics Changes - Crude oil prices averaged about $12 per barrel lower than in 2024, impacting pricing and spreads [4] - The company loaded between 350 and 360 million barrels across 744 ships in 2025, with expectations to export near 1.5 million barrels a day of NGLs by next year [7][8] Company Strategy and Development Direction - The company aims for modest adjusted EBITDA and cash flow growth in 2026, with a target of 10% growth in 2027 [17] - The partnership with ExxonMobil is seen as a significant opportunity, with plans to expand the Bahia pipeline to 1 million barrels per day [14][68] - The company is focusing on long-term agreements with producers and petrochemical customers to support growth in various segments [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment is shaped by new market realities, including lower crude oil prices and weaker commodity-sensitive business performance [4][5] - The management expressed confidence in the company's ability to navigate challenges and highlighted strong customer relationships as a key driver of future success [11] Other Important Information - The company repurchased approximately $50 million of its common units in Q4 2025, totaling about $300 million for the year [12] - Total capital investments were $1.3 billion in Q4 2025, with $1 billion allocated for growth capital projects [13] Q&A Session Summary Question: Can you walk us through the 2026 growth outlook? - Management indicated that growth in 2026 is expected to be at the lower end of the 3%-5% range, with modest cash flow and EBITDA growth anticipated [26][28] Question: Can you expand on the NGL export cadence and earnings contribution? - Management explained that the ramp-up of earnings from the Matrix River expansion will continue into 2026, with full utilization expected by the second quarter [30] Question: How does EPD benefit from changes in Waha prices? - Management stated that the company benefits from both low and high Waha prices through gas transport capacity and storage assets [32] Question: What are producer customers saying about their plans for 2026? - Management reported that Midland volumes are outperforming expectations, with a record number of well connects and significant growth anticipated in the Delaware Basin [35] Question: Can you discuss the partnership with Exxon and future opportunities? - Management expressed optimism about the partnership with Exxon, highlighting multiple areas for collaboration and potential growth [68] Question: What is the outlook for the Haynesville Acadian expansion? - Management confirmed that the expansion is driven by a mix of private and public producers, enhancing the gathering system's capacity [82]

Kraken parent Payward reported 33% YoY growth in adjusted 2025 revenue to $2.2B, with total transaction volume up 34% to $2T and adjusted EBITDA rising 26% to $531M. Trading accounted for 47% of revenue, with the remainder from non-trading services such as custody and payments. The firm positions itself as an infrastructure layer underpinning Kraken and other trading products. https://t.co/9qw0OEwmbl ...

Today, we’re announcing Payward’s FY 2025 financial results—and alongside them, a clearer articulation of Payward’s role as the unified infrastructure layer powering Kraken and a growing family of products, including @NinjaTrader, @breakoutprop , @xStocksFi, and future products yet to be launched.Payward enables each product to be purpose-built for a specific customer segment, regulatory regime, and use case, while operating on shared foundations:∙ One global liquidity pool∙ One risk & margin engine∙ One co ...

Core Insights - ARKO Corp. announced preliminary estimated financial results for Q4 and full year 2025, indicating a potential net loss for Q4 and a modest net income for the full year [1][3][4] Financial Performance - Q4 2025 net income is expected to range from a net loss of $1.8 million to a net income of $0.4 million, while Adjusted EBITDA is projected between $63.1 million and $66.1 million [3][5] - For the full year 2025, net income is estimated to be between $19.1 million and $21.3 million, with Adjusted EBITDA expected to range from $246.0 million to $249.0 million [3][5] Comparison with Previous Year - The preliminary results for Q4 2025 and full year 2025 are compared to Q4 2024 and full year 2024, showing a potential decrease in net income from a loss of $2.3 million in Q4 2024 to a loss or slight gain in Q4 2025 [5] - Full year 2024 net income was $20.8 million, indicating a decrease in expected net income for 2025 [5] Upcoming Reporting - The company plans to report detailed financial results for Q4 and full year 2025 later in the quarter, along with an outlook for 2026 [4]

Core Insights - Vitrolife AB reported a significant decline in net income for the fourth quarter and full year, primarily due to an impairment charge of SEK 5,357 million [4][4][4] Fourth Quarter Summary - Sales amounted to SEK 891 million, reflecting a 7% decrease in SEK and a 6% organic growth in local currencies excluding discontinued business [4] - Regional sales performance showed a -1% change in EMEA, +9% in Americas, and +10% in APAC [4] - Product group sales growth in local currencies was +10% in Consumables, +6% in Technologies, and +1% in Genetics [4] - Gross margin decreased to 58.0% from 61.1% [4] - EBITDA was SEK 196 million, with an EBITDA margin of 22.0%, down from 35.1% [4] - Net income was reported at SEK -5,314 million, resulting in earnings per share of SEK -39.24 [4] - Operating cash flow for the quarter was SEK 160 million [4] Full Year Summary - Total sales for the year were SEK 3,440 million, a 5% decrease in SEK and a 4% organic growth in local currencies excluding discontinued business [4] - Regional sales performance included +5% in EMEA, +8% in Americas, and -1% in APAC [4] - Product group sales growth in local currencies was +8% in Consumables, +1% in Technologies, and +3% in Genetics [4] - Gross margin for the year decreased to 58.1% from 59.3% [4] - EBITDA for the year was SEK 949 million, with an EBITDA margin of 27.6%, down from 34.0% [4] - Net income for the year was SEK -5,013 million, resulting in earnings per share of SEK -37.01 [4] - Operating cash flow for the year was SEK 635 million [4] Dividend Proposal - The Board proposed a dividend of SEK 149 million, corresponding to SEK 1.10 per share, unchanged from the previous year [4]

Core View - Scotiabank analyst Maher Yaghi maintains a Neutral/Sector Perform rating on Comcast Corp, noting that the fourth-quarter results met expectations but did not indicate a clear turnaround [1] Broadband Competition - Intense competition from fiber providers and fixed wireless access is pressuring Comcast's broadband average revenue per user (ARPU) and EBITDA [2] - The company's strategy to avoid price hikes and focus on lower-priced plans is negatively impacting broadband ARPU, a trend expected to worsen before improvement [2][3] Subscriber Trends - Comcast lost 181,000 broadband subscribers in the quarter, a decline steeper than the previous year, as it shifts to a simplified pricing model that includes a free wireless line and a five-year price guarantee [3] - While this strategy has reduced voluntary churn and increased adoption of higher speeds, it has also led to increased financial strain [4] Financial Performance - Broadband ARPU growth was modest at 1% year-over-year, contributing to a 4% year-over-year drop in Connectivity & Platforms EBITDA due to higher customer experience investments and marketing costs [4] Future Outlook - Yaghi forecasts that ARPU may turn negative and EBITDA pressure will peak around the second quarter of 2026, as Comcast continues to avoid price increases and expand free wireless offers [5] - A potential recovery is anticipated in the second half of 2026, coinciding with the transition from the new pricing model and the conversion of free wireless lines into paying customers [5] Content and Parks Performance - EBITDA in Studios and Media negatively impacted results, facing tough year-over-year comparisons and increased marketing spending, while Media EBITDA declined due to costs associated with newly acquired NBA rights [6] - Strong performance in Theme Parks, driven by higher attendance and guest spending, partially offset these headwinds [6] 2026 Projections - For 2026, Theme Parks are expected to remain a bright spot, with improvements anticipated at Peacock as the streaming platform scales and monetization improves [7] - Projected revenue for 2026 is $125.41 billion, with an expected EPS of $3.72 [7]

Core Insights - The financial results for the third quarter of FY '25, ending in March 2026, show a significant increase in GMV and EBITDA, indicating positive growth trends for the company [3]. Financial Performance - GMV increased by 9.1% year-on-year to JPY 502.9 billion, while GMV excluding other GMV rose by 11.9% year-on-year to JPY 483.1 billion [3]. - EBITDA increased by 9.5% year-on-year to JPY 60.6 billion, with an EBITDA margin of 12.6%, which is a decrease of 0.2 percentage points compared to the same period last year [3]. Progress Against Company Plan - The company achieved 73.9% of the GMV target and 79.1% of the EBITDA target as per the revised company plan announced on July 31 [4]. - The company faced challenges due to lower demand attributed to persistently high temperatures in the second quarter, which affected sales performance [4].

高盛发表研报指，金沙中国第四季经调整EBITDA按季微升1%至6.08亿美元，低于市场预期的6.1亿至 6.4亿美元。若将贵宾厅赢率由3.9%调整回理论值3.3%，EBITDA将减少2,600万美元至5.82亿美元，即 按季下跌3%或按年上升2%。 展望2026年，管理层对澳门博彩业前景仍持相对乐观态度，且不认为世界杯会对博彩总收入造成重大影 响。该行预测2026及27年EBITDA利润率为31%及31.4%，对应物业EBITDA分别为25亿及27亿美元，接 近公司中期目标27亿至28亿美元，但低于2019年的30亿美元水平。该行将2026至2027年EBITDA预测下 调4%至5%，目标价由24.2港元下调至23.2港元，评级"买入"。 ...

Core Viewpoint - UBS reports that Las Vegas Sands (LVS) announced an adjusted EBITDA of $608 million for Q4 2025 in Macau, reflecting a year-on-year growth of approximately 6%, but falling short of market consensus expectations of $628 million [1] Group 1: Financial Performance - The adjusted EBITDA of $608 million for Q4 2025 represents a 6% increase year-on-year [1] - If the VIP room betting rate is adjusted, the EBITDA would be $582 million, which is below market consensus [1] - The profit margin for the quarter was lower than expected, primarily due to increased costs and a revenue structure leaning towards lower-margin high-end segments [1] Group 2: Management Insights - Management reiterated its goal of achieving an annual EBITDA of $2.7 billion for Macau properties, which is expected to be supported by improved asset utilization [1] - Improvements in marketing plans and the introduction of new facilities since Q2 have driven growth in gaming revenue, with a focus on optimizing promotional efficiency in 2026 [1] - Management noted that per capita spending in the mass market segment has remained stagnant, and the shift towards high-end segments may impact the profit margin structure [1]