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Core Insights - Brookfield Business Partners reported a net income of $43 million for the year ended December 31, 2025, a significant improvement from a net loss of $109 million in 2024, indicating a recovery in financial performance [2][50] - The company generated over $2 billion from capital recycling initiatives and invested $700 million in four growth acquisitions during the year [2] - Adjusted EBITDA for 2025 was $2,409 million, down from $2,565 million in 2024, reflecting the impact of lower ownership in three businesses due to partial sales [3][4] Financial Performance - Net income (loss) attributable to Unitholders for Q4 2025 was $(4) million, compared to $(438) million in Q4 2024 [2] - Adjusted EBITDA for Q4 2025 was $652 million, slightly down from $653 million in Q4 2024 [3] - The net income per limited partnership unit for 2025 was $(0.30), an improvement from $(0.50) in 2024 [2][44] Segment Performance - The Industrials segment achieved an Adjusted EBITDA of $1,281 million for 2025, a 10% increase compared to the previous year, excluding acquisitions and tax recoveries [4] - The Business Services segment's Adjusted EBITDA was $823 million for 2025, down from $832 million in 2024, but showed a 5% increase when excluding the impact of acquisitions and dispositions [6][7] - The Infrastructure Services segment reported an Adjusted EBITDA of $436 million for 2025, down from $606 million in 2024, impacted by the sale of operations [9] Strategic Initiatives - The company is nearing completion of a corporate reorganization aimed at enhancing global demand for its shares, with approval received from unitholders and the Supreme Court of British Columbia [12] - Brookfield Business Partners plans to acquire Fosber, a global provider of machinery for the corrugated packaging industry, for approximately $480 million, with BBU's share expected to be around $170 million [11] - A repurchase program has returned approximately $235 million to owners through the buyback of 8.8 million units and shares since its launch [13][14] Liquidity and Dividends - As of December 31, 2025, the company had approximately $2,135 million in liquidity, with pro forma liquidity estimated at $2,600 million after recent transactions [15] - Following the corporate reorganization, the company expects to declare a quarterly dividend of $0.0625 per share, with an annual dividend target of $0.25 per share [16][51]

TFS Financial Corporation ® Overview For the quarter ended December 31, 2025 TFSL Shareholder Ownership | | | % of | | --- | --- | --- | | | # of shares | Ownership | | As of Dec 31, 2025 | | | | Owned by Third Federal MHC | 227,119,132 | 80.93% | | Owned by Minority Shareholders | 53,505,667 | 19.07% | | Total shares outstanding | 280,624,799 | 100.00% | | As of April 20, 2007 Minority Offering | | | | Owned by Third Federal MHC | 227,119,132 | 68.30% | | Owned by Minority Shareholders | 105,199,618 | 31.7 ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported pre-tax, pre-provision earnings growth of 105% year-over-year and earnings per share (EPS) growth of 45% to $3.40, excluding merger-related charges [3][4] - The fourth quarter net income, excluding merger and restructuring expenses, was $81 million, with diluted EPS of $0.84, an 18% increase year-over-year [4][10] - The return on tangible common equity for the fourth quarter was 16%, with non-performing assets to total assets at 0.33% [5][10] Business Line Data and Key Metrics Changes - Total portfolio loans increased by 52% year-over-year to $19.2 billion, driven by both acquired loans from Premier Financial and organic growth [11] - Non-interest income for the fourth quarter was $43.3 million, a 19% increase year-over-year, primarily due to the acquisition of Premier [14] - Treasury management revenue reached a record of $6 million, with total wealth management assets under management at $10.4 billion [6][14] Market Data and Key Metrics Changes - Total deposits increased by 53% year-over-year to $21.7 billion, supported by acquired deposits from Premier Financial and organic growth [12] - The company experienced a significant increase in commercial real estate project payoffs, totaling $415 million in the fourth quarter and over $900 million for the year, which created a 4% headwind to loan growth [7][11] Company Strategy and Development Direction - The company successfully integrated the acquisition of Premier Financial, transforming itself into a $28 billion asset regional financial services partner and ranking among the top 50 publicly traded U.S. financial institutions [5][6] - Continued investment in organic growth includes opening loan production offices in new markets and launching a healthcare vertical [6][9] - The company aims to maintain a focus on relationship banking, which differentiates it from competitors [6] Management's Comments on Operating Environment and Future Outlook - Management anticipates mid-single-digit year-over-year loan growth during 2026, despite expected elevated commercial real estate payoffs [8][30] - The company expects net interest margin to remain consistent with the fourth quarter margin of 3.61% in the first quarter of 2026, with potential increases in subsequent quarters [18][49] - The effective tax rate for 2026 is projected to be between 20.5% and 21.5%, slightly higher than in 2025 [23] Other Important Information - The company redeemed $150 million of Series A Preferred Stock and $50 million of subdebt acquired for Premier during the fourth quarter [16] - The CET1 ratio improved to 10.34%, with expectations to build 15-20 basis points per quarter moving forward [17][59] Q&A Session Summary Question: Loan growth expectations and payoffs - Management expects elevated payoffs in the first half of 2026, estimating between $600 million and $800 million, but believes loan growth will remain strong due to a robust pipeline [28][30] Question: Expense guidance and branch evaluations - Management confirmed that branch evaluations will continue, with potential for additional closures not reflected in current numbers [42][43] Question: Margin outlook and factors influencing it - The company anticipates a flat margin in the first quarter, with a step-up in the second quarter due to strong deposit growth and repricing of CDs [44][46] Question: Capital deployment priorities - The company prioritizes dividends, loan growth, and buybacks, with M&A being a distant fourth [57][58] Question: Fair Value Accretion expectations - Management models about 25 basis points of fair value accretion for the first quarter, with a gradual decline over the next six years [62] Question: Deposit pipeline and costs - The deposit pipeline remains strong, with spot deposit rates slightly down at the end of December [85][86] Question: Types of loans in new markets - The types of loans in new markets are similar to legacy markets, focusing on commercial real estate, commercial and industrial loans, and healthcare [90]

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Financial Performance - Q3 FY26 - Revenue decreased by 10.2% to $2.6 billion, primarily due to a slowed procurement and funding environment, including the government shutdown[47] - Revenue excluding billable expenses decreased by 6.7% to $1.8 billion[13, 24] - Adjusted EBITDA decreased by 14.2% to $285 million, with adjusted EBITDA margins at 10.9%, a decrease of 50 bps[13, 24] - Adjusted Diluted EPS increased by 14.2% to $1.77, driven by profitability and tax benefits[13, 14] - Free Cash Flow increased by 85.1% to $248 million due to higher collections, lower payables, and lower tax payments[13, 47] Backlog and Book-to-Bill - Backlog increased by 2% year-over-year to $38 billion[14] - Quarterly book-to-bill was 0.3x, and LTM book-to-bill was 1.1x[14] Capital Deployment - $125 million was deployed in share repurchases during the third quarter, representing 1.1% of outstanding shares[16] - The board approved a quarterly dividend of $0.59 per share, a 7% increase[16] - A $400 million capital commitment was made for a partnership with Andreessen Horowitz (a16z)[16] FY26 Financial Outlook - Revenue is projected to be $11.3 - $11.4 billion, representing a decrease of 5.0 - 6.0%[18] - Adjusted EBITDA is expected to be $1,195 - $1,215 million, with adjusted EBITDA margin on revenue in the mid 10% range[18] - Adjusted Diluted EPS is projected to be $5.95 - $6.15[18] - Free Cash Flow is expected to be $825 - $900 million[18]

Financial Data and Key Metrics Changes - Q4 core FFO was $1.44 per share, finishing at the top end of guidance ranges [10] - Average occupancy was 95.3% for Q4 and 95% for the full year, with period-end occupancy at 95.8% [10] - Same-store NOI growth was 4.7% on a net effective basis and 5.7% on a cash basis, exceeding guidance [11] - Net effective rent change for the year was over 50%, with a quarterly change of 44% [10][11] Business Line Data and Key Metrics Changes - The company signed 57 million sq ft of leases in Q4, driving occupancy towards 96% [9] - Development platform, particularly build-to-suits, exceeded expectations, capturing significant market share [9] - The Data Center business saw a growing power pipeline, with expectations for solid starts in the upcoming year [9] Market Data and Key Metrics Changes - Q4 net absorption was 59 million sq ft in the U.S., leading to a decline in U.S. vacancy to 7.4% [14] - Many markets are experiencing a slowdown in rent decline, with some showing positive growth [14] - International markets, particularly in Latin America and Europe, are outperforming, with strong occupancy and rent growth [16] Company Strategy and Development Direction - The company focuses on three priorities: extending leadership as a best-in-class operator, capturing value creation opportunities in logistics and data centers, and enhancing shareholder returns through growth in assets under management [7][8] - The company aims to develop critical infrastructure in logistics and data centers, leveraging customer relationships and expertise [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational momentum and strategic initiatives in place for 2026, indicating a strong position for long-term growth [22] - The tone of customer conversations is increasingly positive, with e-commerce driving demand [15] - Management noted that while uncertainties exist, they are treated as planning assumptions rather than impediments [15] Other Important Information - The company sold approximately $900 million of value-maximized assets and acquired $625 million at attractive discounts [11] - The company achieved significant milestones in strategic capital, including the IPO of the China AMC Prologis Logistics REIT [17] Q&A Session Summary Question: Changes in strategic initiatives with new leadership - Management highlighted a focus on compounding the core logistics business while broadening the platform, with plans to grow strategic capital significantly [24][25] Question: Market rent growth expectations for 2026 - Management expects net absorption to approach 200 million sq ft in 2026, with vacancies declining to 7.1%-7.2% by year-end [33] Question: Data Center project details and guidance - Management indicated that 40% of the overall development starts guidance will be in Data Centers, with a mix of powered shell and turnkey projects [38] Question: Update on the 10 GW power outlook - Management remains confident in the 10 GW pipeline, emphasizing the significant opportunities available [43] Question: Capital deployment pipeline and ramp-up - Management noted that capital deployment decisions are made based on market conditions, with a significant number of opportunities available [56][57] Question: Same-store growth guidance breakdown - Management indicated that occupancy gains are expected across geographies, with a smaller contribution from mark-to-market as rent changes normalize [79]

Group 1 - The article discusses Warren Buffett's upcoming transition as CEO of Berkshire Hathaway, highlighting the strategic implications of this leadership change [1] - It emphasizes the significance of Berkshire Hathaway's record cash balance, which positions the company favorably for future investments [1] - The discussion includes potential strategies for capital deployment during a market downturn, indicating a proactive approach to managing assets [1]

Summary of National Bank of Canada Conference Call Company Overview - **Company**: National Bank of Canada (OTCPK:NBCD.F) - **Date**: January 06, 2026 Key Points Macro Environment - The macroeconomic environment in 2025 was characterized by uncertainty due to trade wars and a fragile labor market, leading to a pause in business investments in Canada, which is a major concern for the bank [4][5] - Despite these challenges, the Canadian economy has shown resilience, surprising many observers [4] - National security and geopolitical issues are highlighted as critical priorities for Canada, with a call for faster decision-making in nation-building and reindustrialization efforts [5][6] Trade and Interprovincial Barriers - There is a need for more collaboration to address trade barriers, particularly between provinces, and to expedite agreements with key allies [11][12] Financial Performance and ROE Targets - The bank targets a Return on Equity (ROE) of approximately 15% for 2026 and over 17% for 2027, with improvements expected from both capital deployment and organic growth [12][13] - The bank's capital generation is outpacing consumption, allowing for share buybacks and strategic acquisitions [13][14] Growth Strategies - The bank anticipates significant revenue synergies from the acquisition of CWB, particularly in commercial client fees and organic growth in wealth and capital markets [16][22] - There is a focus on domestic growth, with plans to accelerate growth outside Quebec starting in the second half of 2026 [25][26] Credit Quality and ABA - The bank is maintaining a conservative approach to credit quality in its Cambodian operations (ABA), with increased allowances for impaired loans and a focus on prudent management [31][32] - The Cambodian economy is expected to grow at around 4% in 2026, with a long-term potential of 7% [28][30] Capital Markets Outlook - The capital markets business had a strong performance in 2025, with a 58% growth in PTPP to CAD 2.2 billion, but a decline is expected in 2026 to a range of CAD 1.8 billion to CAD 2 billion [35] - The bank is well-positioned to take advantage of market opportunities, particularly in trading and investment banking [36][37] Cost Control and Efficiency - The bank is focusing on cost control, particularly in its retail business, and is exploring technology and digital onboarding to improve efficiency [71][74] - There is an emphasis on adapting the branch network to changing customer behaviors, with a shift towards cashless branches [76] Key Messages for Investors - The bank is proud of its execution in 2025 and is optimistic about 2026, focusing on client engagement and realizing synergies from recent acquisitions [78][79] - Acknowledgment of employee contributions and shareholder support is emphasized as crucial for future success [79] Additional Insights - The bank is open to tuck-in acquisitions, particularly in wealth management, but recognizes the complexities involved [57][58] - The current market environment is viewed as frothy, with a cautious approach to capital deployment in private credit [51][52]