Financial Data and Key Metrics Changes - In Q1 2026, Woodward reported net sales of $996 million, a 29% increase year-over-year, and earnings per share of $2.17, up from $1.42, reflecting a 54% increase [12][4] - Free cash flow for the first quarter was $70 million, significantly higher than the previous year's $1 million [19][12] - The company raised its full-year sales and earnings guidance based on strong Q1 performance [20][11] Business Line Data and Key Metrics Changes - Aerospace segment sales increased to $635 million, a 29% rise, driven by a 50% increase in commercial services sales [13][12] - Industrial segment sales reached $362 million, up 30%, with core industrial sales (excluding China On-Highway) increasing by 22% [16][12] - The aerospace segment achieved a margin of 23.4%, up from 19.2%, while the industrial segment's margin improved to 18.5% from 14.4% [15][17] Market Data and Key Metrics Changes - Demand in the aerospace sector was robust, particularly in commercial services and defense OEM, with commercial services exceeding forecasts [6][4] - Industrial growth was strong across power generation, transportation, and oil and gas, with marine transportation sales increasing by 38% and oil and gas sales by 28% [7][16] - China On-Highway sales were $32 million, higher than planned, indicating volatility in this market segment [16][17] Company Strategy and Development Direction - The company plans to wind down its China On-Highway product lines by the end of the fiscal year, aligning with its long-term growth strategy [9][18] - Woodward is focusing on expanding service capacity and improving turnaround times, including facility enhancements in Prestwick, Scotland, and Rockford [8][10] - The R&D focus is shifting towards customer value demonstration on selected technologies to increase content on next-generation platforms [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand across markets and the ability to meet OEM growth, despite some supply chain challenges [11][42] - The company anticipates continued benefits from operational excellence and supply chain stabilization, although inventory levels may remain higher than desired [19][21] - Management highlighted the importance of addressing supplier challenges and maintaining production levels to meet customer demand [42][84] Other Important Information - Non-segment expenses for Q1 2026 were $37 million, compared to $22 million in the previous year [18] - Capital expenditures for the quarter were $44 million, with expectations for increased spending in the remaining quarters due to facility buildouts [19] Q&A Session Summary Question: Will the $245 million of commercial aftermarket sales in Q1 be the low point for the year? - Management indicated that it is hard to predict, but they expect increasing repair and spare part sales despite not anticipating the same level of spare LRUs shipping [23] Question: What are the drivers behind the growth acceleration in oil and gas and marine transportation? - Growth was driven by both OEM and services, with high utilization of existing fleets leading to increased overhaul activity [32] Question: How does the profitability of the commercial aerospace OE business compare to the segment average margin? - The commercial aerospace OE business is considerably below the blended margin, with opportunities for improvement through consistent higher rates and supply chain alignment [85] Question: What are the expected costs related to the wind-down of the China On-Highway business? - Expected costs are between $20 million and $25 million, primarily related to personnel and contract cancellations [90] Question: How does the company view the potential impact of the $1.5 trillion NDAA package on spare parts? - Management noted uncertainty regarding the impact, as visibility into current inventory levels is limited [93]

Core Insights - The company has completed the divestment of its FoodTech Equipment offering, marking a strategic shift towards enhancing its digital focus and recurring revenues [1][12] - The fourth quarter saw an exceptional order intake growth of 191%, particularly in Data Center Technologies (DCT), which experienced a 416% increase in order intake [4][6] - Despite strong demand, profitability was impacted by temporary factors such as lower volumes and tariffs, leading to a decline in the adjusted EBITA margin [5][6] Financial Performance - For the full year 2025, order intake increased by 85%, reaching a record level, with a significant backlog growth of 53% driven by DCT and FoodTech [8] - Net sales for the fourth quarter declined by 8%, influenced by currency effects and a decrease in AirTech, while FoodTech showed growth [6][8] - Earnings per share for the fourth quarter amounted to SEK -0.06, compared to SEK 0.85 in the previous year, indicating a decline in profitability [6] Operational Highlights - The company maintained a strong cash flow from operating activities, largely due to advances from customers in DCT [6][8] - In AirTech, order intake remained stable, but profitability was affected by underutilization and lower volumes due to a weaker battery market [6][7] - The company has implemented cost reduction measures, achieving over MSEK 100 in savings in 2025, with additional savings expected by the end of 2026 [10] Strategic Outlook - The company anticipates historically high turnover for the full year 2026, with stronger contributions expected in the second half driven by increased shipments and improved execution [4][15] - In DCT, customer demand is expected to remain strong, with improvements in margins anticipated as tariff effects ease [14][15] - The company aims to focus on continued growth in DCT, scaling FoodTech's digital platform, and improving margins in AirTech through operational measures [16]

Core Insights - Murphy Oil Corporation experienced a pivotal year in 2025, marked by strong exploration momentum and operational execution, achieving significant well performance in both onshore and offshore assets [2][3][8] Financial Performance - In 2025, the company averaged production of 182 thousand barrels of oil equivalent per day (MBOEPD), an increase from 177 MBOEPD in 2024, generating $1.2 billion in cash from continuing operations and approximately $300 million in free cash flow [3][19] - The company returned $286 million to shareholders through dividends and share buybacks, with a lease operating expense per barrel of oil equivalent (LOE/BOE) of $10.89, a 20% reduction from the previous year [3][19] - For the fourth quarter of 2025, production averaged 181 MBOEPD, with realized oil prices at $59.21 per barrel, down $6.97 from the third quarter, while realized natural gas prices increased by 56% to $2.34 per thousand cubic feet (MCF) [10][19] Operational Highlights - The company set records for the longest laterals in its US onshore program and achieved a 7% year-over-year reduction in drilling costs per well [4][5] - In Vietnam, the Hai Su Vang (Golden Sea Lion) appraisal well was successful, indicating potential for significant resource growth, with first oil expected in the fourth quarter of 2026 [7][15] - The Gulf of America saw the completion of the 2025 workover program, and the acquisition of the Pioneer FPSO is expected to enhance the economics of the Chinook 8 development well [6][10] Capital Expenditures and Investments - Capital expenditures for the fourth quarter were $341 million, lower than the guidance of $392 million, with full-year CAPEX at $1.157 billion, aligning with the lower end of the guidance range [13][22] - The company plans to allocate approximately 75% of its 2026 capital budget to development, with a projected CAPEX range of $1.2 billion to $1.3 billion [22] Future Outlook - Production is anticipated to decrease to 171 MBOEPD in 2026, primarily due to lower natural gas volumes at Tupper Montney, but the company expects to generate over 35% more cash flow from this asset compared to 2025 [23] - The company is optimistic about its exploration and appraisal activities, with plans to drill additional appraisal wells in Vietnam and continue exploration in Côte d'Ivoire [24][18]

Financial Data and Key Metrics Changes - In Q4 2025, sales increased by 7.3% year-over-year, while non-GAAP earnings rose by 14.1% [4] - For the full year 2025, sales grew by 7.9% and non-GAAP earnings increased by 11.5% [4] - Free cash flow was approximately $1.1 billion for two consecutive years, with a leverage ratio of 1.4 times at the end of 2025 [5] Business Line Data and Key Metrics Changes - Digital Imaging segment saw a 3.4% increase in Q4 sales, driven by strong performance from Teledyne FLIR, particularly in infrared imaging components [7] - Instrumentation segment's total sales increased by 3.7% in Q4, with marine instruments up by 3.3% and environmental instruments up by 6.1% [8][9] - Aerospace and Defense Electronics segment experienced a significant 40.4% increase in Q4 sales, primarily due to acquisitions and organic growth [9] - Engineered Systems segment revenue decreased by 9.9% in Q4 due to delayed contract awards, but operating margin improved by 259 basis points [10] Market Data and Key Metrics Changes - The unmanned business generated approximately $500 million in 2025, expected to grow by about 10% in 2026 [42][54] - The book-to-bill ratio for Q4 was 1.07, indicating a healthy order intake across segments [41] Company Strategy and Development Direction - The company is focused on operational excellence, strategic acquisitions, and stock repurchases when market conditions are favorable [12] - The acquisition of DD Scientific aligns with the company's "String of Pearls" strategy, emphasizing small, strategic acquisitions [5][60] - The company anticipates growth in long-cycle businesses while expecting no contraction in short-cycle businesses for 2026 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, projecting revenue of approximately $6.37 billion and non-GAAP earnings of about $23.65 per share [6] - The company expects normal seasonality in 2026, with approximately 48% of sales and 46% of earnings in the first half of the year [6] - Management noted that the strength of longer-cycle businesses is expected to drive growth, with no anticipated decline in short-cycle businesses [12] Other Important Information - Cash flow from operating activities in Q4 was $379 million, compared to $332.4 million in 2024 [14] - The company ended Q4 with $2.12 billion in net debt [15] Q&A Session Summary Question: Can you parse organic versus inorganic growth in revenue? - Management indicated that most growth would be organic, approximately 3.6%, with non-organic growth around 4.2% [20] Question: What are the expectations for digital imaging margins? - Digital imaging margins in Q4 were about 24%, with expectations to improve to around 23.4% in 2026 [21] Question: Can you provide insights on defense awards, specifically the Tranche 3 Tracking Layer? - The program is expected to contribute over $100 million to the company over the next few years [34] Question: What is the book-to-bill ratio across segments? - The book-to-bill ratio for instrumentation is about 1, digital imaging is above 1.06, aerospace and defense is at 1.25, and engineered systems is under 1 [40] Question: What are the demand drivers in test and measurement? - Demand is driven by high-end specialty oscilloscopes and Ethernet traffic capabilities, with some delays expected in protocol analyzers due to chip production [77][78]

Core Viewpoint - CAE Inc. has appointed Ryan McLeod as Chief Financial Officer (CFO), effective February 23, 2026, to lead the global finance organization and drive strategic growth and operational excellence [1][2]. Group 1: Appointment Details - The appointment of Ryan McLeod follows a comprehensive search process, ensuring a seamless transition with the assistance of interim CFO Constantino Malatesta [2]. - Matthew Bromberg, President and CEO, expressed confidence in McLeod's financial leadership experience and his proven track record in operational excellence and strategic acquisitions [3]. Group 2: Ryan McLeod's Background - Ryan McLeod has extensive experience as CFO of ATS Corporation, where he oversaw revenue growth from $1.4 billion to approximately $3.0 billion and led 18 strategic acquisitions [5]. - He has a strong background in financial operations, having strengthened ATS Corporation's balance sheet through debt issuances totaling over $1 billion [5]. Group 3: Company Overview - CAE is a leader in training, simulation, and critical operations solutions for aviation and defense, with approximately 13,000 employees across 240 sites in over 40 countries [7]. - The company has been at the forefront of innovation for nearly 80 years, focusing on high-fidelity flight simulators and training solutions while embedding sustainability in its operations [7][8].

Financial Data and Key Metrics Changes - For Q4 2025, revenue decreased by 2% year-over-year, while operating income improved by 19% and diluted earnings per share increased by 24% compared to the prior year period [10] - For the fiscal year 2025, revenue declined by 1%, while operating income increased by 4% [11] - The company executed over $25 million in tracked savings in Q4, achieving a run rate of over $100 million in annualized cost savings [13] Business Line Data and Key Metrics Changes - The final mile business experienced soft market demand, particularly in furniture, exercise equipment, and appliances, while fulfillment business saw positive demand driven by off-price retail channels [20] - The dedicated business maintained flat operating income compared to 2024 results despite a lower fleet count, with strong new truck sales in Q4 [26] - Intermodal service volumes were down 2% year-over-year, with transcontinental volumes down 6% in the quarter, while eastern loads were up 5% [33] Market Data and Key Metrics Changes - Demand in Q4 aligned with expectations, with a tightening market observed around Thanksgiving continuing through year-end [15] - Customers view recent market tightening as temporary or seasonal rather than a structural shift, with many consolidating logistics providers [17] - The freight market is described as fragile, with limited elasticity in supply, indicating that small increases in demand could create significant market changes [40] Company Strategy and Development Direction - The company is focused on disciplined growth through operational excellence and leveraging investments in people, technology, and capacity [7][8] - A commitment to repairing margins to drive long-term value for shareholders is emphasized, with a focus on maintaining operational excellence [9] - The company is actively pursuing opportunities to convert highway truckload shipments to intermodal, positioning itself as a primary participant in intermodal discussions [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing inflationary cost pressures but highlights successful cost management and operational efficiencies [11] - The company enters 2026 with solid momentum operationally and financially, with a focus on maintaining a disciplined approach to growth [14] - Management expresses cautious optimism regarding market conditions, emphasizing the need for continued customer engagement and feedback [53] Other Important Information - The company spent $575 million on capital reinvestment in 2025 and executed a record $923 million in share repurchases [11][12] - The balance sheet remains healthy, with leverage just under the target of one times trailing 12-month EBITDA [12] Q&A Session All Questions and Answers Question: Can you elaborate on what you mean by the freight market being fragile? - Management indicates that the supply side has not changed significantly since Thanksgiving, and small increases in demand could create larger ripples in the market due to limited elasticity [39][40] Question: What is the opportunity for cost savings in 2026? - Management expresses confidence in exceeding the $100 million target for cost savings, citing successful execution of various cost initiatives [46] Question: How does the recent tighter capacity freight market impact expectations for dedicated sales? - Management acknowledges that while it is too early to see significant changes, there is optimism due to strong new customer acquisitions and a robust sales pipeline [69]

Summary of Fortrea Holdings Conference Call Company Overview - **Company Name**: Fortrea Holdings - **Industry**: Contract Research Organization (CRO) - **Background**: Fortrea was spun out from Labcorp in 2023, with roots tracing back to Covance, which Labcorp acquired in 2015. The company focuses on advancing clinical development and providing innovative solutions for drug development [2][3]. Core Points and Arguments - **Value Proposition**: Fortrea positions itself as a pure-play global CRO with decades of experience, capable of serving a diverse client base, from large pharmaceutical companies to small biotech firms [4][5]. - **Market Environment**: The overall market for pharmaceutical R&D investments is cautiously optimistic, with expected growth rates of approximately 3%-4% in the near term, driven by big pharma's renewed focus on R&D and improvements in biotech funding [6][24][26]. - **Service Offerings**: Fortrea provides a comprehensive suite of services across the clinical trial continuum, including clinical operations, data management, biostatistics, and consulting services, with expertise in over 20 therapeutic areas [8][12]. - **Technological Integration**: The company is modernizing study delivery by leveraging AI and machine learning to enhance productivity and quality in clinical trials [5][14]. - **Client Relationships**: Fortrea emphasizes building strong, long-term relationships with clients, which is reflected in its balanced client base of approximately 50% large pharma and 50% biotech [13][39]. Important but Overlooked Content - **Operational Focus**: The management team is concentrating on three pillars of excellence: commercial, operational, and financial, to drive sustained revenue growth and margin expansion [15][17]. - **Cost Management**: Fortrea aims to achieve approximately $150 million in gross cost savings, with a focus on right-sizing the organization while also driving revenue growth [32][33]. - **Market Trends**: There is a shift towards hybrid outsourcing models, particularly among mid-sized biotech companies, which Fortrea is well-positioned to accommodate [28]. - **Pricing Discipline**: The CRO market is competitive, and while pricing plays a significant role in FSP (Functional Service Provider) contracts, Fortrea maintains a focus on quality and team performance over price alone [34][35]. - **Capital Allocation**: Post-spin, Fortrea is focused on improving its debt position and making targeted organic investments to enhance productivity and relevance in the market [36][38]. Conclusion - **Key Message**: Fortrea has successfully transitioned out of its spin-off phase, is focused on execution and customer satisfaction, and is optimistic about returning to sustainable growth as market conditions improve [39].

M&T Bank Conference Summary Company Overview - **Company**: M&T Bank (NYSE: MTB) - **Date**: December 10, 2025 - **Speaker**: CFO Daryl Bible Key Points 1. Financial Performance in 2025 - M&T Bank reported strong performance in 2025, highlighted by significant fee income growth of 16% year-over-year, driven by mortgage, trust, and treasury management services [5][20] - The bank experienced improvements in credit quality, with criticized and non-accrual levels decreasing [5][10][27] - The bank's net interest income (NII) was impacted by softer commercial real estate (CRE) conditions, but overall margins increased [3][4] 2. Strategic Priorities - The bank's strategic focus includes expanding into certain markets, simplifying operations, upgrading technology, and enhancing risk management capabilities [6][8] - Investments in technology have tripled over the past seven years, with a focus on resiliency and customer experience [6][39] - The bank aims to improve client experiences through enhanced digital services and commercial payments [7][8] 3. Outlook for 2026 - M&T Bank anticipates growth in CRE, with production levels increasing and a positive outlook for 2026 [9][14] - The bank plans to focus on middle-market commercial growth and community markets to drive future growth [11][12] - NII growth is expected to be driven by both margin expansion and balance sheet growth, with a target margin in the low 370s [15][16] 4. Deposit and Fee Income Growth - All six business segments are expected to grow deposits in 2026, with particular focus on consumer, business banking, and commercial sectors [18][19] - Fee income growth is projected to continue, particularly in mortgage sub-servicing and treasury management products [20][21] - The bank plans to highlight capital markets fees as a growing area, which has previously been underrepresented [22] 5. Credit Quality and Risk Management - Criticized assets have decreased from over 14% to closer to 9%, indicating improved credit quality [27] - The bank maintains a conservative approach to lending, focusing on secure mortgage and private equity lending [30][31] - M&T Bank has no significant exposure to recent loan defaults, maintaining a strong credit culture [28][32] 6. Capital Management and Share Repurchase - The bank has a strong capital position, with a dividend payout ratio in the low to mid-30s and an 11% increase in dividends this year [34][36] - M&T Bank repurchased 8.7% of its outstanding shares in 2025, significantly more than peers [35][36] - Future capital priorities include supporting clients, potential M&A opportunities, and continued share repurchases [34][40] 7. Technology Investments - The bank has shifted focus from resiliency projects to client-focused technology investments, enhancing customer acquisition and operational efficiency [43][44] - M&T Bank has improved its operational excellence by consolidating technology and operations under one umbrella [44] 8. Cost Management - The bank has managed to keep costs to a 3% increase while investing in necessary areas, focusing on vendor spend and personnel management [45][46] Conclusion M&T Bank demonstrated a solid financial performance in 2025, with a positive outlook for 2026 driven by strategic growth initiatives, improved credit quality, and continued investments in technology and customer experience. The bank's focus on deposit and fee income growth, along with prudent capital management, positions it well for future success.

Paulo CASTELLARI, CEO Abel MARTINS-ALEXANDRE, CFO 4 th December, 2025 Disclaimer Certain information contained in this presentation including any information on Eramet's plans or future financial or operating performance and any other statements that express management's expectations or estimates of future performance, constitute forward-looking statements. Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significa ...

Financial Data and Key Metrics Changes - Reported revenue for Q4 2025 was $712 million, normalized to approximately $660 million when excluding a $52 million benefit from an additional operating week, representing a year-over-year decline of $24 million or 3.5% [13][14] - Adjusted EBITDA for Q4 was $65 million, with an adjusted margin of 9.1%, down from 11.8% in the same quarter last year [16][20] - The effective tax rate for the full year 2025 was 9.2%, with an expected range of 25-30% for fiscal 2026 [15][16] Business Line Data and Key Metrics Changes - Rental revenue decreased by $18 million, while direct sales revenue fell by $5 million, contributing to the overall revenue decline [13][14] - Business retention measured in revenue dollars was 91.8% at the end of Q4, remaining flat compared to the previous quarter [14] Market Data and Key Metrics Changes - The normalized revenue impact from churn or lost business was approximately $60 million compared to the same quarter in the prior year [14] - The company plans to stabilize revenue by implementing strategic pricing and increasing penetration with existing customers [21][67] Company Strategy and Development Direction - The company has initiated a multi-year business transformation plan focused on commercial excellence, operational excellence, and asset and network optimization, expected to be substantially completed by the end of fiscal 2027 [10][18] - The transformation plan aims to generate run-rate operating cost savings of at least $75 million by the end of 2026 [18][19] - The company is committed to improving customer service quality and operational efficiency to drive sustainable, profitable growth [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the transformation plan, indicating that 2026 will mark the beginning of a stronger, more resilient company [25] - The company acknowledges challenges related to customer churn and aims to improve retention as a key driver of long-term revenue stability [23][66] - The near-term focus is on increasing profitability and cash flow to support stronger financial performance [22] Other Important Information - The company generated $31 million in operating cash flow and $16 million in free cash flow during the quarter, reflecting positive improvement [17] - Net debt at the end of the fiscal quarter was $1.34 billion, with no debt maturities until 2028 [17] Q&A Session Summary Question: Employee engagement levels and turnover trends - Management acknowledged that employee engagement levels are not at their highest due to recent challenges but emphasized the importance of convincing employees that a new day is coming at the company [81] Question: Pricing strategy implementation - The company plans to align pricing decisions with the cost of service to create value, moving away from the previous approach that led to customer churn [86] Question: Capacity consolidation and network optimization - Management indicated that optimizing plant operations is the priority before making decisions on consolidating delivery networks, emphasizing the importance of plant performance [38][60] Question: Free cash flow guidance and capital needs - The company expects free cash flow to be between $50 million and $60 million, with no immediate need to raise capital for planned investments [46][53]