AngloGold Ashanti (NYSE:AU) Q4 2025 Earnings call February 20, 2026 08:00 AM ET Speaker6Good afternoon, ladies and gentlemen, and welcome to the AngloGold Ashanti Q4 2025 earnings release. All participants will be in listen-only mode. A question and answer session will follow the formal presentation. If you should require operator assistance during the conference, please key in star and then zero on your telephone keypad. Please note that this event is being recorded. I will now hand you over to Mr. Stewart ...

Full-Year Results - The MT Højgaard Holding Group achieved stable operations and production in 2025, aligning with full-year expectations [1] Order Intake and Order Portfolio - In 2025, order intake increased due to improvements in both business units and across the Group's strategic focus areas, covering a range from small tasks to large, complex projects [2] - The total order book rose by 24% to a record DKK 24.2 billion, consisting of final unconditional orders worth DKK 11.9 billion, awarded but not yet contracted orders of DKK 8.5 billion, future projects valued at DKK 3.3 billion, and joint ventures worth DKK 0.5 billion [7] Financial Performance - Revenue decreased by 4% to DKK 10.2 billion, below expectations of DKK 10-10.5 billion, primarily due to the completion of major projects and low revenue from new multi-year projects [7] - Operating profit (EBIT) fell by 12% to DKK 429 million, with stable earnings from ongoing projects, influenced by one-time profits from land sales in 2024 [7] - Profit after tax from continuing operations was DKK 313 million, down from DKK 357 million in 2024, while net profit increased by 42% to DKK 268 million due to reduced losses in discontinued operations [7] - Cash flows from operating activities improved significantly to an inflow of DKK 181 million, compared to DKK 25 million in 2024 [7] Outlook for 2026 - The Group anticipates revenue and operating profit in 2026 to be on par with 2025 results, as several large phased projects will only contribute significantly from 2027-28 [3] - The Board of Directors proposed a dividend of DKK 10 per share, representing 29% of the annual profit, reflecting strong performance and improved solvency [7] Strategic Focus - The company concluded its "Building on" strategy with solid organic growth and portfolio adjustments, aiming to continue building from 2026 to 2028 while capitalizing on market opportunities [4]

Core Insights - ICU Medical reported fourth-quarter 2025 revenue of $536 million, achieving 2% organic growth and 5% organic growth for the full year, with record performance in consumables and infusion systems [4][7] - The company delivered adjusted EBITDA of $98 million and adjusted earnings per share of $1.91, with gross margins remaining above 40% [3][7] - The 2026 outlook anticipates low- to mid-single-digit organic growth, adjusted EBITDA of $400–430 million, and adjusted EPS of $7.75–8.45, with a focus on improving free cash flow to reduce debt [5][15] Financial Performance - Adjusted SG&A expenses were reported at $113 million, and adjusted R&D expenses were $21 million, totaling adjusted operating expenses of $134 million, which is 25% of revenue [1] - The adjusted gross margin for the quarter was 40.5%, consistent with prior guidance of 40% to 41%, impacted by $11 million in tariff expenses [2][7] - Adjusted EBITDA declined 7% year-over-year from $106 million, primarily due to the deconsolidation of IV Solutions and tariff impacts, representing a $25 million EBITDA headwind [7] Business Segments - Consumables revenue grew 6% reported and 5% organic in Q4, with full-year growth of 7% reported and 6% organic, driven by strong demand in infusion consumables and oncology [8] - Infusion systems revenue increased 3% reported and 1% organic in Q4, with expectations of mid-single-digit organic growth in the near term [16] - Vital Care experienced a 6% organic decline and a 35% reported decline due to the IV Solutions deconsolidation, with management focusing on discontinuing loss-making SKUs [16] Regulatory and Integration Updates - The company closed a broad FDA warning letter related to Smiths Medical and completed major manufacturing and ERP integrations, which are expected to unlock synergies [6][11] - ICU Medical is pursuing 510(k) clearances for key products, including the Medfusion 5000 syringe pump and LifeShield software, as part of its strategy to enhance product offerings [10] 2026 Guidance and Strategic Focus - The company projects full-year adjusted gross margin of around 41%, with improvements expected throughout the year, despite manufacturing inflation and tariff expenses [14] - Free cash flow is expected to improve in 2026, with a focus on debt reduction and a long-term leverage target of 2x by early 2027 [18] - Management indicated that any strategic moves would need to avoid value destruction, particularly in the Critical Care segment, which is seen as less synergistic [19]

Core Insights - Alcoa Corporation (AA) is experiencing strong performance in its Alumina segment, with production increasing by 1% to 2.48 million metric tons in Q4 2025, and third-party shipments rising by 5% sequentially [1][9] Group 1: Alumina Segment Performance - The Alumina segment is benefiting from increased output at Australian refineries, contributing to the overall growth [1] - For 2026, Alcoa projects alumina production to be between 9.7 million and 9.9 million tonnes, with shipments expected to be in the range of 11.8 million to 12.0 million tonnes [4][9] Group 2: Strategic Acquisitions and Joint Ventures - Alcoa is focused on acquiring new assets to enhance organic growth, exemplified by the acquisition of Alumina Limited in August 2024, which strengthens its position as a leading bauxite and alumina producer [2] - A joint venture with IGNIS EQT, initiated in March 2025, is expected to enhance production capacity at the San Ciprian site, with a restart anticipated by mid-2026 [3] Group 3: Market Performance and Valuation - Alcoa's shares have surged by 68% over the past three months, outperforming the industry growth of 57.3% [7] - The company is currently trading at a forward price-to-earnings ratio of 11.61X, slightly above the industry average of 11.44X, and holds a Value Score of A [10] Group 4: Earnings Estimates - The Zacks Consensus Estimate for Alcoa's 2026 earnings has increased by 20.8% over the past 60 days, indicating positive market sentiment [12]

Financial Data and Key Metrics Changes - Equinox Gold achieved record gold production of 922,000 ounces in 2025, with Q4 production of 247,000 ounces, generating $579 million in adjusted EBITDA and $272 million in adjusted net income, or $0.35 per share [6][8] - The company reduced net debt from approximately $1.4 billion in June 2025 to $75 million by the end of January 2026, exiting 2025 with over $400 million in cash [7][8] Business Line Data and Key Metrics Changes - Greenstone produced over 72,000 ounces in Q4, a 29% increase over Q3, with expectations of 250,000-300,000 ounces in 2026 at all-in sustaining costs of $1,750 to $1,850 per ounce [9][10] - Valentine achieved first gold production in September and commercial production in November, with expectations of contributing 150,000-200,000 ounces in 2026 [10][11] Market Data and Key Metrics Changes - The company sold over 242,000 ounces at a realized price of $4,060 per ounce in Q4, reflecting strong market conditions for gold [8] Company Strategy and Development Direction - Equinox Gold's strategy focuses on operational excellence, cost discipline, and high-return organic growth, with plans for disciplined capital allocation and shareholder returns through dividends and share buybacks [6][14] - The company aims to ramp up production at Greenstone and Valentine to nameplate capacity while investing in long-term value creation at other assets like Castle Mountain and Los Filos [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the gold price and the company's ability to generate consistent cash flow while maintaining a focus on cost control and disciplined capital allocation [8][14] - The company is optimistic about its organic growth potential, with 400,000-500,000 ounces of growth expected over the next five years [69] Other Important Information - The company announced its inaugural quarterly cash dividend of $0.015 per share and plans to initiate a share buyback of up to 5% of issued shares [7][8] - The sale of Brazilian assets has simplified the portfolio and accelerated deleveraging, with proceeds used to strengthen the balance sheet [25][27] Q&A Session Summary Question: Potential for Dividend Growth - Management indicated that the inaugural dividend is a fixed amount for the next 12-24 months, with potential for growth as the development pipeline firms up [17][19] Question: Brazilian Asset Sale Situation - Management confirmed confidence in the legality of the Brazilian asset sale and stated that all contractual obligations were met, addressing concerns raised by a Brazilian regulator [25][27] Question: Development of Los Filos and Castle Mountain - Management is optimistic about both assets but emphasized the need for robust land access agreements and feasibility studies before making development decisions [31][33] Question: Greenstone Recovery Rate Decline - Management explained that the decline in recovery rates was anticipated due to higher grades associated with arsenic lockup, which is part of the deposit's metallurgy [44][45] Question: Greenstone Throughput Levels - Management confirmed guidance of 250,000-300,000 ounces for Greenstone in 2026, with ongoing improvements in throughput expected [54][56] Question: Costs in Nicaragua - Management clarified that cost increases in Nicaragua are primarily volume-driven due to higher strip ratios and not due to inflation [75][76]

Equinox Gold (NYSEAM:EQX) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsAnita Soni - Managing Director of Equity ResearchDarren Hall - CEOFrancisco Costanzo - Associate Director of Equity ResearchJeremy Hui - Equity Research AssociateMohammed Sadidi - Equity Research AssociatePeter Hardie - CFORyan King - EVP of Capital MarketsConference Call ParticipantsJohn Tomazos - CEO and Senior AnalystOperatorThank you for standing by. This is the conference operator, and welcome to the Equin ...

Financial Data and Key Metrics Changes - Equinox Gold achieved record gold production of 922,000 ounces in 2025, with cash and all-in costs within guidance [6][9] - In Q4 2025, the company produced 247,000 ounces and sold over 242,000 ounces at a realized price of $4,060 per ounce, generating $579 million in adjusted EBITDA and $272 million in adjusted net income, or $0.35 per share [9] - The company exited 2025 with over $400 million in cash and minimal net debt of approximately $75 million, providing financial flexibility for 2026 [9][27] Business Line Data and Key Metrics Changes - Greenstone produced over 72,000 ounces in Q4 2025, a 29% increase over Q3, with expectations of 250,000-300,000 ounces production in 2026 at all-in sustaining costs of $1,750 to $1,850 per ounce [10] - Valentine achieved first gold production in September 2025, with Q4 production of over 23,000 ounces and expectations of 150,000-200,000 ounces in 2026 [11][12] Market Data and Key Metrics Changes - The company noted a strong gold price environment, which is expected to support margin expansion and free cash flow generation [9] Company Strategy and Development Direction - The company is focused on creating shareholder value through operational excellence, cost discipline, and high-return organic growth [5][14] - Capital return initiatives include an inaugural quarterly cash dividend of $0.015 per share and a share buyback program of up to 5% of issued shares [8][9] - The company plans to advance Phase II at Valentine, refresh Castle Mountain studies, and progress Los Filos, emphasizing long-term value creation [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to fund organic growth while maintaining a conservative approach to capital allocation [20][23] - The company is optimistic about the operational improvements and the potential for significant gold mineralization at the Valentine district [13][14] Other Important Information - The company completed the sale of Brazilian assets, which simplified its portfolio and accelerated deleveraging, with proceeds used to reduce debt [25][27] - Management confirmed compliance with Brazilian laws regarding the sale of operations, addressing concerns raised by a local regulatory body [26][27] Q&A Session Summary Question: Potential for dividend growth and buyback strategy - Management indicated that the inaugural dividend is a fixed amount for the next 12-24 months, with potential for future increases as development pipelines firm up [17][19] Question: Situation regarding Brazilian asset sale - Management reassured that the sale complied with all laws and contractual obligations, and they remain committed to constructive dialogue regarding any issues raised [25][26] Question: Development approach for Los Filos and Castle Mountain - Management stated that they are focused on understanding the scope and scale of both assets, with a decision expected by the end of the year [31][34] Question: Recovery rates and production calculations - Management clarified that production numbers are based on poured bullion, and minor discrepancies in recovery rates are expected due to inventory changes [48][49] Question: Throughput levels at Greenstone - Management confirmed guidance of 250,000-300,000 ounces for 2026, with ongoing improvements in throughput expected [55][56] Question: Cost increases in Nicaragua - Management explained that cost increases are primarily volume-driven due to the development of larger pits and higher strip ratios [76][78]

Financial Data and Key Metrics Changes - The company reported fourth quarter AFFO of $0.38 per share, slightly above expectations and a year-over-year increase [7][23] - There was a year-over-year increase in fourth quarter core EBITDA and total company NOI [23] - Economic occupancy improved by 280 basis points sequentially in the fourth quarter, primarily due to seasonal harvest impacts and better holiday volumes [23][24] - For the full year, AFFO was $1.43 per share, in line with expectations [23] Business Line Data and Key Metrics Changes - The company achieved approximately 60% of rent and storage revenues from fixed commitment contracts, up from less than 40% previously [8][9] - Services revenue per pallet increased by 2.4%, while storage revenue per pallet rose by 0.3% [24] - Operationally, service margins were nearly 14% in the fourth quarter, with a full-year margin of 12.7%, up nearly 1,000 basis points over the past two years [10] Market Data and Key Metrics Changes - The company noted that the food distribution node has seen the most speculative development, impacting revenue [11][12] - The competitive pricing environment has led to a cautious outlook from customers regarding demand for 2026 [21] Company Strategy and Development Direction - The company is focused on five key priorities for 2026: deleveraging the balance sheet, maximizing profitability through portfolio management, driving organic growth, evaluating inorganic growth opportunities, and managing costs closely [12][18][20] - The company aims to maintain its investment-grade profile and is evaluating opportunities for joint ventures or selling non-strategic assets [12][25] - The company is expanding into new sectors, such as convenience store distribution, and has secured contracts with major retailers [15][40] Management's Comments on Operating Environment and Future Outlook - Management expressed that while there are ongoing headwinds, they are optimistic about the potential for new product innovations from customers to drive volume [21] - The outlook for 2026 anticipates AFFO between $1.20 and $1.30 per share, reflecting a cautious view of the market [22][29] - Management noted that customers are managing inventory tightly and evaluating space requirements as contracts come up for renewal [21] Other Important Information - The company has made significant progress in labor initiatives, resulting in a highly trained workforce and low customer churn rates [10] - The company completed three new expansion projects in 2025, aligning with its strategy of focusing on lower-risk developments [11] Q&A Session Summary Question: Customer demand outlook - Management noted that customers are experiencing flat net sales growth and are focused on driving volume through innovation and promotional investments [38][39] Question: Economic occupancy expectations - Management clarified that the expectation for economic occupancy is flat to down 300 basis points, with recent improvements in occupancy due to portfolio management and new business sales [44][46] Question: International presence and portfolio review - Management stated that international assets are performing well and are under thorough review to ensure long-term growth potential [52][54] Question: Deleveraging initiative - Management emphasized the importance of reducing leverage to maintain an investment-grade rating and is evaluating various opportunities for this purpose [56][57] Question: Fixed contract retention - Management reported a high retention rate for fixed commitment contracts, with customers tightening their space requirements rather than stepping away from these agreements [59][61]

Financial Data and Key Metrics Changes - The company reported fourth quarter AFFO of $0.38 per share, slightly ahead of expectations, marking a year-over-year increase [7][23] - There was a year-over-year increase in fourth quarter NOI, EBITDA, and AFFO dollars for the first time since Q3 of 2024 [8] - Economic occupancy improved by 280 basis points sequentially in the fourth quarter, primarily due to seasonal harvest impacts and better holiday volumes [23] Business Line Data and Key Metrics Changes - The company achieved approximately 60% of rent and storage revenues from fixed commitment contracts, up from less than 40% previously [9] - Services revenue per pallet increased by 2.4% in the fourth quarter, while storage revenue per pallet rose by 0.3% [24] Market Data and Key Metrics Changes - The company noted that the food distribution sector has seen significant speculative development, impacting revenue [11] - The competitive pricing environment continues to affect occupancy and pricing strategies [21] Company Strategy and Development Direction - The company aims to deleverage its balance sheet through various opportunities, including joint ventures and selling non-strategic assets [12][25] - A robust portfolio management process has been initiated to maximize profitability and ensure the best use of facilities [13] - The company is focusing on organic growth by expanding into underpenetrated sectors and leveraging its value proposition [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding customer demand, with expectations of flat net sales growth for most of 2026 [38] - Food inflation remains a concern, but some customers are investing in innovation to drive volume [21] - The company expects AFFO for 2026 to be between $1.20 and $1.30 per share, reflecting a pragmatic view of the market [22][29] Other Important Information - The company welcomed Chris Papa as the new Chief Financial Officer, enhancing its leadership team [5][6] - The company has received several industry recognitions, including awards for its facilities [10] Q&A Session Summary Question: Customer demand outlook - Management noted that customers are experiencing flattish net sales growth, with price increases not leading to significant volume growth [38] Question: Economic occupancy expectations - Management indicated that the sequential occupancy growth in Q4 was better than expected, influenced by portfolio management and new business sales [45] Question: International presence and portfolio review - Management confirmed that international assets are performing well and are under thorough review to ensure long-term viability [52][54] Question: Deleveraging initiative details - Management emphasized the importance of achieving a leverage level that maintains an investment-grade rating, with ongoing evaluations of asset sales and joint ventures [56] Question: Fixed contract retention rates - Management reported a high retention rate for fixed commitment contracts, with customers tightening their space requirements rather than stepping away from these agreements [60]

Core Viewpoint - The company is experiencing growth in several major markets, indicating potential for stronger performance in 2026, despite a conservative forecast of 1% to 4% organic growth [1][2]. Group 1: Market Performance - Four out of seven major markets are showing growth, with personal mobility and data centers being significant drivers [1]. - Only one market is experiencing a modest decline, suggesting overall positive market sentiment [1]. Group 2: Historical Context - The last couple of years (2024 and 2025) saw initial positive trends in PMI and shifting sentiment, but these were followed by challenges that hindered sustained growth [2].