The Brink's Company (NYSE:BCO) Q3 2025 Earnings Call November 05, 2025 09:00 AM ET Company ParticipantsJesse Jenkins - VP of Investor RelationsKurt McMaken - CFOMark Eubanks - CEOConference Call ParticipantsGeorge Tong - AnalystTobey Sommer - AnalystTim Mulrooney - AnalystOperatorGood morning and welcome to the Brink's Third Quarter 2025 Earnings Presentation. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key, then zero, ...

Financial Data and Key Metrics Changes - The company reported net income attributable to limited partners of $332 million and adjusted EBITDA of $634 million for Q3 2025, with adjusted gross margin remaining relatively flat compared to the previous quarter [17][20] - Operating and maintenance expenses decreased by 5%, or $12 million, quarter over quarter, attributed to reduced asset maintenance and repair expenses [17][18] - Cash flow from operating activities totaled $570 million, generating free cash flow of $397 million [19] Business Line Data and Key Metrics Changes - Natural gas throughput increased by 2% sequentially, driven by higher volumes from the Chepeta plant in Utah and the DJ Basin [7][10] - Crude oil and NGLs throughput decreased by 4% sequentially, primarily due to reduced throughput in the Delaware Basin [8] - Produced water throughput remained flat sequentially, with expectations for a 40% year-over-year increase in Q4 2025 due to the Aris acquisition [10][12] Market Data and Key Metrics Changes - The Delaware Basin throughput was in line with expectations, with low double-digit year-over-year growth anticipated for natural gas and low to mid-single digits for crude oil and NGLs [10][11] - The DJ Basin is expected to see flat growth for natural gas and low to mid-single digits for crude oil and NGLs [12] - The Powder River Basin is projected to have flat throughput growth for both natural gas and crude oil and NGLs [12] Company Strategy and Development Direction - The acquisition of Aris Water Solutions positions the company as a leader in produced water midstream solutions in the Delaware Basin, enhancing its commercial capabilities [4][24] - The company aims to capture $40 million in annual run rate synergies from the Aris acquisition and is focused on organic growth alongside potential inorganic opportunities [4][15][67] - The company plans to maintain a disciplined capital allocation framework while pursuing growth opportunities in both Texas and New Mexico [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to address produced water challenges in the Delaware Basin and highlighted the importance of regulatory engagement [4][24] - The company anticipates continued throughput growth in the Delaware Basin, driven by the Aris acquisition and ongoing projects like the Pathfinder pipeline [10][14] - Management acknowledged potential commodity price weakness impacting certain basins but remains optimistic about overall growth prospects [12][58] Other Important Information - The company expects capital expenditures to be at least $1.1 billion in 2026, with a focus on supporting throughput growth across all product lines [22] - The company declared a quarterly distribution of $0.91 per unit, consistent with the prior quarter [19] Q&A Session Summary Question: Discussion on O&M expense sustainability - Management indicated that the reduction in O&M expenses is sustainable and that further improvements are expected [30][34] Question: Potential for distribution step-ups with major projects - Management confirmed that distribution step-ups are possible with successful project completions or acquisitions, while being mindful of yield levels [35][37] Question: Update on the Pathfinder project and pore space agreement - Management noted that the pore space agreement enhances project efficiency and allows for better growth potential in New Mexico [40][41] Question: Plans for expanding gas and oil infrastructure in New Mexico - Management plans to pursue both organic and inorganic growth opportunities in New Mexico, leveraging the Aris acquisition [45][46] Question: Insights on synergies from the Aris acquisition - Management expressed confidence in achieving the $40 million synergy target and anticipates additional operational synergies [64][67]

3Q 2025 EARNINGS November 5, 2025 Disclosures Safe Harbor Statements contained herein and in the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "intend," "expect", and "may", and other similar expressions that predict or indicate future events or that are not statements of h ...

Franco-Nevada (NYSE:FNV) Q3 2025 Earnings Call November 04, 2025 11:00 AM ET Company ParticipantsFahad Tariq - SVP of Equity ResearchJohn Tumazos - PrincipalCase Bongirne - Equity Research AssociateSathish Kasinathan - VPSandip Rana - CFOCosmos Chiu - Executive Director of Institutional Equity ResearchEaun Gray - Chief Investment OfficerPaul Brink - President and CEOConference Call ParticipantsDerick Ma - Equity Research AnalystDaniel Major - Metals and Mining AnalystTanya Jakusconek - Research AnalystCandi ...

Franco-Nevada (NYSE:FNV) Q3 2025 Earnings Call November 04, 2025 11:00 AM ET Speaker4Good morning and welcome to Franco-Nevada Corporation's Third Quarter 2025 Results Conference Call. This call is being recorded on November 4, 2025. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a Q&A session where you may ask a question through the phone line. If you require immediate assistance during this call, please press star zero at any time for the operator. I would now ...

CHARTING OUR FUTURE G a b e l l i ' s 4 9 t h A n n u al A u t o m o ti ve S y m p o si u m LKQ's Evolution 15% 20% 46% 12% 2% 5% 2 2003 2007 2022 Q3 2025 TTM 45% 36% 4% 15% 94% 6% Total Revenue: $328 million Total Revenue: $1.11 billion Total Revenue: $12.8 billion Total Revenue: $13.6 billion(1) LKQ has grown from a North American collision operation to a globally diversified alternative parts distributor WNA- Recycled Products WNA-Aftermarket WNA- Hard Parts Other (including Scrap & Core) Europe Parts Sp ...

Gabelli Funds 49th Annual Automotive Symposium TRANSFORMED AND READY TO LAUNCH FORWARD LOOKING STATEMENTS This presentation contains express and implied forward-looking statementswithin the meaning of the Private Securities Litigation ReformAct of 1995, including statementsregarding our financial outlook for the full year of fiscal 2025, the impact of, and our ability to execute, our corporate strategies and business initiatives and the potential impact tariffs, high interest rates, high metal costs and add ...

Financial Performance - The company reported a revenue growth of 20% for the third quarter of 2025, marking the 19th consecutive quarter of double-digit growth [4][5] - Organic growth was 4.8%, with adjusted EBITDA growing by 22% and adjusted EBITDA margins expanding by 26 basis points [5][6] - GAAP EPS was $1.76, while adjusted EPS was $2.87, which would have been $0.22 higher if adjusted for intra-quarter revenue seasonality [5][6] Segment Performance - The brokerage segment saw reported revenue growth of 22% and organic growth of 4.5%, with adjusted EBITDA margin remaining flat year-over-year at 33.5% [6][19] - Employee benefits experienced around 1% organic growth, primarily due to lower-than-expected large life cases [7] - The risk management segment, Gallagher Bassett, reported an 8% revenue growth, including 6.7% organic growth, with an adjusted EBITDA margin of 21.8% [11][21] Market Dynamics - Global insurance renewal premium changes showed property down 5% and casualty lines up 6%, indicating a bifurcated market where larger clients are seeing premium decreases while smaller clients are experiencing increases [8][9] - The reinsurance market remains healthy with adequate capacity, and the company anticipates stable conditions for January 1 renewals [9][10] - The company noted solid demand for employee benefits due to the resilient U.S. labor market and rising health insurance costs [10] Strategic Direction - The company is focused on a two-pronged revenue growth strategy involving organic growth and mergers & acquisitions, with a strong emphasis on integrating AssuredPartners [4][12] - The management expressed confidence in the company's competitive positioning, leveraging proprietary data and analytics to enhance service offerings [11][12] - The company completed five new mergers, contributing approximately $40 million in estimated annualized revenue, bringing the year-to-date total to over $3.4 billion [13] Management Commentary - Management remains optimistic about the operating environment, citing solid client business activity and no signs of an economic downturn [10][11] - The company expects fourth quarter organic growth around 5%, leading to a full-year organic growth of over 6% [11][19] - Management highlighted the importance of maintaining a strong company culture to drive success and integration post-acquisition [14] Other Important Information - The company anticipates annualized run-rate synergies of $160 million by the end of 2026 and $260 million-$280 million by early 2028 from the AssuredPartners acquisition [24] - The company has approximately $10 billion available for future M&A funding, indicating a strong position for growth [25] Q&A Session Summary Question: Clarification on AssuredPartners' new business and synergies - Management clarified that revenue synergies from AssuredPartners will be credited to their P&L, while broader base contingent commissions will impact legacy Gallagher's organic growth [29] Question: Outlook for organic growth in 2026 - Management indicated that 2026 could resemble 2025, with strong performance expected in reinsurance and property & casualty businesses [30] Question: M&A pipeline post-AssuredPartners acquisition - Management stated that the M&A pipeline from AssuredPartners has not yet been fully integrated but is expected to present opportunities [31][32] Question: Organic growth expectations in a shallow pricing environment - Management acknowledged that a 4%-6% organic growth rate is achievable, with potential for upper-end performance due to strong wholesale and reinsurance businesses [41][42] Question: Property market outlook - Management expressed a stable outlook for the property market, with expectations of continued pressure but no dramatic decreases anticipated [82][84]

Financial Performance - The company achieved a revenue growth of 20% in Q3 2025, marking the 19th consecutive quarter of double-digit growth [4][5] - Organic growth was reported at 4.8%, with adjusted EBITDA growing by 22% and adjusted EBITDA margins expanding by 26 basis points [5][11] - GAAP EPS was $1.76, while adjusted EPS was $2.87, which would have been $0.22 higher if adjusted for intra-quarter revenue seasonality [5][11] Brokerage Segment Performance - The brokerage segment reported a revenue growth of 22%, with organic growth at 4.5% [6][11] - Within retail operations, property and casualty organic growth was 5%, with U.S. growth exceeding 7% [6][7] - Employee benefits showed around 1% organic growth, while wholesale and specialty businesses delivered 5% organic growth [7][11] Risk Management Segment Performance - The risk management segment, Gallagher Bassett, saw an 8% revenue growth, including 6.7% organic growth [11][12] - Adjusted EBITDA margin for this segment was reported at 21.8%, slightly better than previous expectations [12][21] Market Dynamics - The global insurance renewal premium changes showed property down 5% and casualty lines up 6% overall, indicating a mixed pricing environment [8][9] - The company noted a bifurcation in renewal premium changes by client size, with smaller clients seeing a 3% increase while larger clients experienced a 1% decrease [9][10] - The reinsurance market remains healthy with adequate capacity, and the company anticipates stable conditions for January 1 renewals [10][11] Strategic Direction and M&A Activity - The company is focused on a two-pronged revenue growth strategy involving organic growth and mergers & acquisitions (M&A) [4][12] - Since acquiring AssuredPartners, the company has completed five new mergers, contributing approximately $40 million in estimated annualized revenue [12][13] - The company has a pipeline of about 35 term sheets signed or being prepared, representing around $400 million of annualized revenue [13][25] Management Commentary on Future Outlook - Management expressed confidence in the company's positioning for growth despite economic uncertainties, with expectations of around 5% organic growth in Q4 [10][11] - The company anticipates full-year margins around 21% for Gallagher Bassett, indicating a strong performance outlook [12][21] - Management highlighted the importance of maintaining a client-centric culture and leveraging proprietary data and analytics for competitive advantage [11][14] Q&A Session Summary Question: Regarding AssuredPartners and new business - Management clarified that revenue synergies from AssuredPartners will be credited to their P&Ls, while broader base contingent commissions impacting legacy Gallagher will be included in organic growth [29] Question: Organic growth outlook for 2026 - Management indicated that 2026 could resemble 2025, with strong performance expected in reinsurance and property & casualty businesses [30] Question: M&A pipeline post-AssuredPartners acquisition - Management noted that it is still early to assess the full impact of AssuredPartners on the M&A pipeline, but there is optimism for future opportunities [31][32] Question: Market conditions and pricing dynamics - Management acknowledged that while casualty pricing remains stable, there is a mixed environment with property pricing showing some relief [60][62] Question: Employee benefits and new business acquisition - Management expects strong performance in employee benefits due to rising medical costs and a competitive labor market, which will drive new business opportunities [72][74]

Financial Performance - The company achieved a revenue growth of 20% in Q3 2025, marking the 19th consecutive quarter of double-digit growth [3][4] - Adjusted EBITDA grew by 22%, with adjusted EBITDA margins expanding by 26 basis points [4] - GAAP EPS was reported at $1.76, while adjusted EPS was $2.87, which would have been $0.22 higher if adjusted for intra-quarter revenue seasonality [4] Business Segment Performance - The brokerage segment reported a revenue growth of 22%, with organic growth at 4.5% [5] - Employee benefits experienced around 1% organic growth, impacted by lower-than-expected large life cases [6] - The risk management segment, Gallagher Bassett, saw an 8% revenue growth, with organic growth at 6.7% [11][20] Market Dynamics - Global insurance renewal premium changes showed property down 5% and casualty lines up 6% overall, indicating a mixed pricing environment [8][9] - The company noted a bifurcation in renewal premium changes by client size, with smaller clients seeing a 3% increase while larger clients experienced a 1% decrease [9] - The reinsurance market remains healthy with adequate capacity to meet expected demand [10] Strategic Direction and Competitive Landscape - The company is focused on a two-pronged revenue growth strategy, emphasizing both organic growth and mergers & acquisitions [3] - The integration of AssuredPartners is seen as a significant opportunity for value creation, with a strong emphasis on collaboration and shared resources [12][13] - The company aims to leverage its extensive data and analytics capabilities to enhance competitive positioning [11] Management Commentary on Economic Environment - Management expressed confidence in the company's positioning to grow despite market conditions, citing solid client business activity and positive revenue indications [10][11] - There are no signs of an economic downturn, and the company anticipates continued organic growth in the brokerage segment [11][20] - Management highlighted the importance of addressing rising health insurance costs for clients as a key focus area [10] Other Important Information - The company completed five new mergers in the year, contributing approximately $40 million in estimated annualized revenue [13] - The pipeline for future M&A includes about 35 term sheets signed or being prepared, representing around $400 million in annualized revenue [13] Q&A Session Summary Question: Regarding AssuredPartners and new business - Revenue synergies from AssuredPartners will be credited to their P&L, while broader base contingent commissions may impact legacy Gallagher's organic growth [25] Question: Organic growth outlook for 2026 - Management is comfortable that 2026 could resemble 2025, with strong performance expected in reinsurance and P&C businesses [26] Question: M&A pipeline post-AssuredPartners acquisition - The M&A pipeline from AssuredPartners has not yet been integrated, but there is optimism about future opportunities [27][28] Question: Pricing dynamics in the market - Management noted that while casualty pricing increases are stabilizing, property pricing is experiencing downward pressure [39][45] Question: Employee benefits outlook - The fourth quarter is expected to be strong for employee benefits, driven by talent retention strategies and managing rising health insurance costs [47][48]