Telephone and Data Systems (NYSE:TDS) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAnthony Carlson - President and CEODavid Barden - Head of US Communication ServicesJohn Toomey - Treasurer and VP of Corporate RelationsKen Dixon - President and CEOKris Bothfeld - VP of Financial Analysis and Strategic PlanningMichael Rollins - Managing DirectorRic Prentiss - Managing DirectorVicki Villacrez - EVP and CFOWalter Carlson - President and CEOConference Call ParticipantsSebastiano Petti ...

Financial Data and Key Metrics Changes - In Q4 2025, adjusted net earnings were $83 million, or $0.41 per share, benefiting from strong production and elevated metal prices [22] - Full year 2025 adjusted net earnings were $229 million, or $1.12 per share [22] - Consolidated all-in sustaining costs (AISC) on a byproduct basis in Q4 were $1,646 per ounce, while full year AISC was $1,614 per ounce, outperforming guidance [23][24] - Cash balance at the end of 2025 was $529 million, with total liquidity reaching $929 million [25][26] Business Line Data and Key Metrics Changes - Mount Milligan produced over 44,000 ounces of gold and 13 million pounds of copper in Q4 2025, with full year production of over 147,000 ounces of gold and 50 million pounds of copper [13][14] - Öksüt produced over 26,500 ounces of gold in Q4 2025, with full year production exceeding guidance at over 127,700 ounces [15][16] - AISC for Mount Milligan in Q4 was $913 per ounce, significantly lower than the previous quarter [15] - AISC for Öksüt in Q4 was $1,748 per ounce, higher due to lower gold ounces sold and increased sustaining CapEx [16][17] Market Data and Key Metrics Changes - Average realized price for gold in Q4 was $3,415 per ounce and for copper was $4.69 per pound [22] - The molybdenum business unit had a free cash flow deficit of $61 million in Q4, mainly due to spending on the Thompson Creek restart [24] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, with projects like the Mount Milligan PFS extending mine life to 2045 and the Goldfield Project in Nevada [5][6] - The Kemess project is expected to have an average annual production of 171,000 ounces of gold and 61 million pounds of copper at an AISC of $971 per ounce [7][8] - The company aims to maintain a disciplined approach to capital allocation while advancing its growth project pipeline [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating strong cash flow in 2026, allowing for continued investment in growth projects while returning capital to shareholders [5][30] - The company is focused on maintaining operational performance and cost discipline, particularly at Mount Milligan and Öksüt [51][52] Other Important Information - The company received all required permits for Mount Milligan's operations through 2035, including a 10% increase in plant throughput starting in 2028 [11][12] - Operations at the Langeloth facility were suspended following an explosion, with repairs expected to cost $5-$10 million [19][20] Q&A Session Summary Question: Langeloth suspension and inventory build - Management indicated that concentrate purchases would continue during the shutdown, leading to an inventory build [32][33] Question: Water management projects at Mount Milligan - Management clarified that water management is an ongoing process, with some capital expenditures being slightly higher than in previous years [35][36] Question: PFS and resource updates - The purpose of the PFS is to tighten assumptions and advance engineering, with potential for future resource expansion through additional drilling [41][42] Question: CapEx increase at Thompson Creek - Management explained that the increase was due to various factors, including inflation and maintenance, and that the range provided accounts for variability [46][48] Question: Cost discipline across the portfolio - Management attributed cost performance to strong operational discipline and the benefits from byproducts, particularly copper [50][51] Question: Future of the Endako mill - Management stated that the current strategy is to focus on the Thompson Creek mine before considering the Endako mill, which has substantial resources [58][59]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted net earnings were $83 million, or $0.41 per share, benefiting from strong production and elevated metal prices [22] - Full year 2025 adjusted net earnings were $229 million, or $1.12 per share [22] - Consolidated all-in sustaining costs (AISC) on a byproduct basis in Q4 were $1,646 per ounce, while full year AISC was $1,614 per ounce, outperforming guidance [23][24] - Cash balance at the end of 2025 was $529 million, with total liquidity reaching $929 million [25][26] Business Line Data and Key Metrics Changes - Mount Milligan produced over 44,000 ounces of gold and 13 million pounds of copper in Q4 2025, with full year production of over 147,000 ounces of gold and 50 million pounds of copper [13][14] - Öksüt produced over 26,500 ounces of gold in Q4 2025, with full year production exceeding guidance at over 127,700 ounces [16] - AISC for Mount Milligan in Q4 was $913 per ounce, significantly lower than the previous quarter [15] - AISC for Öksüt in Q4 was $1,748 per ounce, higher due to lower gold ounces sold and increased sustaining CapEx [16][17] Market Data and Key Metrics Changes - Average realized price for gold in Q4 was $3,415 per ounce and for copper was $4.69 per pound [22] - Molybdenum sold in Q4 amounted to 3.6 million pounds at an average price of $23.78 per pound [22] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, with projects like Mount Milligan, Goldfield, and Kemess being key growth opportunities [5][11] - The Kemess project has a robust economic profile with an after-tax NPV of $1.1 billion and an IRR of 16% [8] - The company aims to maintain a disciplined approach to capital allocation while returning capital to shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating strong cash flow in 2026, which will support growth projects and shareholder returns [5][26] - The company is committed to protecting and expanding margins through disciplined cost management [27] - Management highlighted the importance of ongoing exploration and technical work to enhance the growth pipeline [11][28] Other Important Information - The company received all required permits for Mount Milligan operations through 2035, including a 10% increase in plant throughput starting in 2028 [12] - Operations at the Langeloth facility were suspended following an explosion, with repairs expected to cost $5-$10 million [19][20] Q&A Session Summary Question: Langeloth suspension and inventory build - Management indicated that concentrate purchases will continue during the shutdown, leading to an inventory build [32][33] Question: Water management projects at Mount Milligan - Management clarified that water management is an ongoing process, with some capital expenditures being slightly higher than previous years [35][37] Question: Kemess PFS and resource updates - Management stated that the PFS aims to tighten assumptions and advance engineering, with potential for resource expansion through further drilling [41][42] Question: CapEx increase at Thompson Creek - Management explained that the CapEx increase is due to various factors, including inflation and maintenance, and that it is difficult to fix the number precisely [46][48] Question: Cost discipline and performance - Management attributed strong cost performance to site-wide optimization programs and the benefits from byproduct copper prices [50][52] Question: Endako mill value - Management confirmed that the current strategy is to focus on Thompson Creek before considering any actions regarding the Endako mill [58][60]

McKenzie said 2025 upstream production averaged 834,000 barrels of oil equivalent per day (BOE/d), the highest annual level in the company’s history and up 3% from 2024 excluding the impact of the MEG acquisition. Cenovus also reduced total upstream non-fuel operating costs by about 4% year over year. In the downstream, the company’s refineries averaged 95% combined utilization across Canadian and U.S. segments, including a 59-day turnaround at Toledo that was completed 11 days ahead of schedule. Cenovus re ...

Federal Agricultural Mortgage (NYSE:AGM) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsBrad Nordholm - CEOJalpa Nazareth - Senior Director of Investor RelationsMatt Pullins - CFOZach Carpenter - President and COOConference Call ParticipantsBill Ryan - AnalystBose George - AnalystBrendan McCarthy - AnalystNone - AnalystOperatorGood day, ladies and gentlemen, and thank you all for joining us for today's Farmer Mac 2025 earnings results conference call. As a reminder, all phone lines ...

Core Viewpoint - Gran Tierra Energy Inc. has entered into a purchase and sale agreement to sell its remaining working interest in the Simonette asset for a total cash consideration of C$62.5 million, effective January 1, 2026, marking the company's exit from Simonette and focusing on financial strengthening through deleveraging and capital reallocation [1] Financial Transaction - The sale of the Simonette asset will generate cash proceeds of C$62.5 million, which will be used to deleverage the company's balance sheet [1] - The transaction is expected to close in the first quarter of 2026, pending customary closing conditions [1] Strategic Focus - The divestiture aligns with Gran Tierra's strategy of portfolio optimization, emphasizing free cash flow, disciplined capital allocation, and reallocating capital towards higher-return opportunities in core operating areas [1]

DT Midstream, Inc. Q4 2025 Earnings Call Summary - Moby Strategic Performance and Market Dynamics Achieved record 2025 adjusted EBITDA with 17% year-over-year growth, primarily driven by the strategic expansion of the high-margin Pipeline segment. Successfully integrated the Midwestern pipeline acquisition within one year, shifting the business mix to 70% pipeline-based revenue to enhance cash flow stability. Expanded the 5-year organic project backlog by 50% to $3.4 billion, reflecting a 'generatio ...

PoolCorp (NasdaqGS:POOL) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsDavid MacGregor - CEO, President and Director of ResearchEthan Roberts - Research AssociateGarik Shmois - Managing DirectorMelanie Hart - CFOPete Arvan - CEORyan Merkel - Co-Group Head–IndustrialsConference Call ParticipantsDaniel Hultberg - Associate AnalystDavid Manthey - Senior Research AnalystSusan Maklari - Senior Equity Research AnalystOperatorGood day, and welcome to the Pool Corporation Fourth Quarter 20 ...

PoolCorp (NasdaqGS:POOL) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Speaker6Good day, and welcome to the Pool Corporation Fourth Quarter 2025 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported Adjusted EBITDAre of $1.757 billion, a 4.6% increase over 2024, and Adjusted FFO per share of $2.07, a 3.5% increase year-over-year [5][6] - Comparable hotel total RevPAR grew 4.2%, and comparable hotel RevPAR grew 3.8% compared to 2024 [6] - The fourth quarter delivered Adjusted EBITDAre of $428 million and Adjusted FFO per share of $0.51 [6] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA margin was 28.9%, down 40 basis points year-over-year, influenced by $21 million of business interruption proceeds received in 2024 [6][27] - Transient revenue grew by 6% in the fourth quarter, driven primarily by rate increases, with luxury properties seeing over 10% growth [7][23] - Comparable hotel food and beverage revenue grew approximately 6%, with outlet revenue growing 9% [22] Market Data and Key Metrics Changes - Strong transient performance was noted in markets such as Maui, New York, and San Francisco, with Maui contributing over one-third of the transient revenue growth in the fourth quarter [7][8] - The company expects Maui to contribute approximately $120 million of EBITDA in 2026, up from $111 million in 2025 [8][58] - Group revenue for the fourth quarter was up approximately 1% year-over-year, driven by rate increases despite declines in group room nights [8] Company Strategy and Development Direction - The company is focused on capital allocation through dispositions, portfolio reinvestment, share repurchases, and dividends, maintaining an investment-grade balance sheet [5][12] - The recent sale of the Four Seasons properties for $1.1 billion reflects the company's strategy to monetize assets at attractive returns [10][41] - The company plans to evaluate the best use of capital based on market conditions, which may include returning capital to shareholders or pursuing acquisitions [12][74] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the travel environment, particularly at the upper end of the chain scale, and confidence in the company's ability to capitalize on future opportunities [20] - The guidance for 2026 anticipates comparable hotel total RevPAR growth of between 2.5% and 4%, with EBITDA margins expected to be stable [28][30] - Management highlighted the importance of the World Cup in 2026, expecting a 60 basis point benefit to RevPAR from the event [85] Other Important Information - The company repurchased 13.1 million shares at an average price of $15.68 per share in 2025, returning nearly $860 million of capital to shareholders [14][33] - The company completed approximately $644 million in capital expenditures in 2025, focusing on resiliency initiatives and hurricane restoration [15][18] - The 2026 capital expenditure guidance is set between $525 million and $625 million, with a focus on redevelopment and ROI projects [17] Q&A Session Summary Question: Insights on the Four Seasons sales and future high-value dispositions - Management confirmed a deep buyer pool for luxury assets and indicated that they are open to selling top assets if it maximizes shareholder value [36][40] Question: Details on the Transformational Capital Program - Management explained that the program targets great assets needing repositioning, with expectations of mid-teens cash on cash returns [48][49] Question: Outlook for Maui's EBITDA and growth potential - Management expressed confidence in the $120 million EBITDA forecast for Maui, citing significant growth expected from the Hyatt Regency [58][59] Question: Future capital allocation strategies - Management stated that they will take a measured approach to the remaining proceeds from asset sales, considering market conditions before making decisions [74][75] Question: Expense outlook and labor availability - Management indicated that total expense growth is expected to be 3.3%, with wage rates anticipated to increase by 5% [78][79]