Ralliant FY Conference Summary Company Overview - **Company**: Ralliant (NYSE: RAL) - **Event**: FY Conference held on February 18, 2026 - **Key Speakers**: Tami Newcombe (CEO), Neill Reynolds (CFO) Core Industry Insights - Ralliant operates in the **Test and Measurement (T&M)** and **Sensors and Safety Systems** segments, with a focus on industrial manufacturing and defense markets - The company has recently transitioned to a standalone public entity after spinning off in June 2025 Financial Performance and Guidance - **Growth Rate**: Projected growth for Q1 2026 is between **5%-8%** [2] - **Profitability**: Adjusted EBITDA margins are expected to improve, with a target of **40%-45% incrementals** as revenue grows [9][30] - **Earnings Guidance**: For 2026, Ralliant anticipates a growth rate of **2%-6%** with a focus on improving margins from a new baseline [29] Key Financial Metrics - **Share Buyback**: Executed **$39 million** in share buybacks since the last earnings call [4] - **Free Cash Flow**: Historical performance shows **117%** free cash flow generation, indicating strong operational efficiency [6] - **Cost Savings Program**: Announced a cost savings initiative of **$9 million-$11 million** post-spin, on track for implementation [8] Market Dynamics - **Industrial Manufacturing**: Experienced a **4% growth** in Q4, indicating a recovery in short-cycle industrial activity [11] - **Defense Sector**: Defense and space markets are expected to contribute significantly to revenue, with a backlog of long-term production programs [20][21] - **T&M Segment**: The diversified electronics within T&M is showing signs of improvement, driven by increased CapEx spending from customers [16] Operational Strategies - Ralliant emphasizes **operating rigor** to ensure profits grow faster than revenue, with a commitment to maintaining a strong focus on cost management and efficiency [3][40] - The company is investing in **R&D** and **capacity expansion** to support higher growth ambitions, particularly in segments with high demand [48] Competitive Landscape - Ralliant maintains a strong brand reputation in the T&M space, with customers prioritizing reliability and expertise over price [68] - The competitive environment has seen an influx of low-end players, particularly from China, but Ralliant's established brand and service offerings provide a competitive edge [84] Risks and Considerations - **Margin Sensitivity**: The T&M segment is highly volume-sensitive, which could lead to fluctuations in margins based on product mix and demand [70] - **Cost Structure**: The company acknowledges a lower starting point for costs post-spin, with ongoing efforts to optimize operational expenses [39][62] Conclusion - Ralliant is positioned for growth in 2026, with a focus on improving profitability and leveraging its strong market presence in the T&M and defense sectors. The company is committed to operational efficiency and strategic investments to drive future success.

SSR Mining (NasdaqGS:SSRM) Q4 2025 Earnings call February 17, 2026 05:00 PM ET Company ParticipantsAlex Hunchak - VP of Investor Relations & Capital MarketsBill MacNevin - EVP of Operations and SustainabilityCosmos Chiu - Managing Director and Director of Precious Metals Equity ResearchMichael Sparks - CFORod Antal - Executive ChairmanConference Call ParticipantsDon DeMarco - AnalystGeorge Eadie - AnalystOvais Habib - AnalystOperatorHello everyone, and welcome to SSR Mining's fourth quarter and full year 20 ...

Financial Data and Key Metrics Changes - In Q4 2025, the company produced 120,000 gold equivalent ounces with an all-in sustaining cost (AISC) of $2,250 per ounce, or $2,002 per ounce excluding costs incurred at 현pler [13] - Net income attributable to shareholders in Q4 was $181 million, or $0.84 per diluted share, while adjusted net income was $190 million or $0.88 per diluted share [14] - Full year production reached 447,000 gold equivalent ounces, exceeding the midpoint of guidance, with full year AISC at $1,923 per ounce [14] - Free cash flow totaled $106 million in Q4 and $252 million for the full year, with over $400 million in free cash flow excluding changes in working capital [15] Business Line Data and Key Metrics Changes - Marigold produced 43,000 ounces of gold in Q4 with an AISC of $2,089 per ounce, and is expected to produce between 170,000-200,000 ounces in 2026 [19][20] - CC&V produced 39,000 ounces of gold in Q4 with an AISC of $1,596 per ounce, and full year production of 125,000 ounces exceeded guidance [22][23] - Seabee produced approximately 9,000 ounces at an AISC of $1,433 per ounce in Q4, with full year production expected to be 60,000-70,000 ounces [25] - Puna produced 2.1 million ounces of silver in Q4 with an AISC of $1,839 per ounce, and is expected to produce 6.25-7 million ounces in 2026 [27][28] Market Data and Key Metrics Changes - The company ended 2025 with $535 million in cash and over $1 billion in total liquidity, supporting continued investment in growth initiatives [15] - The company announced a share buyback program of up to $300 million, reflecting confidence in its financial position and share value [4][16] Company Strategy and Development Direction - The company is focused on advancing brownfield growth projects and has committed substantial capital investment for 2026, particularly in leach pad expansions at Marigold and CC&V [8][12] - The Hod Maden Development Project is highlighted as a significant asset with a $1.7 billion NPV and a 39% internal rate of return, with ongoing early site works [9][10][11] - The company aims to maintain a strong production profile while exploring additional growth opportunities across its portfolio [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued free cash flow generation in 2026 and the potential for year-on-year production growth [4][29] - The company is committed to addressing operational challenges, particularly at Marigold, and is implementing strategies to optimize ore blending and recovery [90] - Management noted that the future outlook for Puna is bright, with ongoing exploration and development efforts expected to extend operations beyond 2028 [45][94] Other Important Information - The company reported a nearly 40% year-over-year increase in gold equivalent mineral reserves, totaling 11 million ounces, driven by the incorporation of CC&V and Hod Maden [18] - The company has a conservative mineral reserve price assumption of $1,700 per ounce for gold, which may be reevaluated in future technical reports [77] Q&A Session Summary Question: Can you provide more color on Marigold's guidance range? - Management indicated that the guidance reflects a conservative approach, with updated plans considering ore blending requirements [32][33] Question: What silver prices are needed for Puna to extend operations beyond 2028? - Management noted that ongoing work at Chinchillas and Molina, along with favorable silver prices, supports the potential for extended operations [42][45] Question: What is the timeline for a construction decision on Hod Maden? - Management stated that early site works are ongoing, and a formal construction decision will follow a review process with partners [50][51] Question: Will there be a new mine plan for Puna including Cordilleras? - Management suggested that a new technical report may be considered as drilling programs conclude, potentially extending mine life [93] Question: What is the plan for CC&V to accelerate ounces into the mine plan? - Management indicated that mine extension is contingent on regulatory approvals and ongoing optimization efforts [97][99]

Financial Data and Key Metrics Changes - In Q4 2025, SSR Mining generated over $100 million in free cash flow, finishing the year with $535 million in cash and more than $1 billion in liquidity [4][14] - Full year production reached 447,000 gold equivalent ounces, exceeding the midpoint of guidance, with a full year AISC of $1,923 per ounce [13][14] - Free cash flow totaled $252 million for the full year, with over $400 million when excluding changes in working capital [14] Business Line Data and Key Metrics Changes - Marigold produced 43,000 ounces of gold in Q4 2025, with AISC of $2,089 per ounce, and is expected to produce between 170,000-200,000 ounces in 2026 [19][20] - CC&V produced 39,000 ounces of gold in Q4 2025, with AISC of $1,596 per ounce, and is expected to produce 125,000-150,000 ounces in 2026 [22][24] - Puna exceeded its production guidance for the third consecutive year, producing 2.1 million ounces of silver in Q4 2025, with AISC of $1,839 per ounce [27] Market Data and Key Metrics Changes - The company holds 11 million ounces of gold equivalent mineral reserves, up nearly 40% year-over-year, driven by the incorporation of CC&V and Hod Maden [18] - Mineral reserve price assumptions remained conservative at $1,700 per ounce for gold and $20.50 per ounce for silver [18] Company Strategy and Development Direction - SSR Mining plans to allocate a substantial amount of capital investment in 2026 to advance growth opportunities, particularly in brownfield projects [7][11] - The company announced a share buyback program of up to $300 million, indicating confidence in its portfolio value [4][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued free cash flow generation in 2026 and highlighted strong operational results from key assets [4][29] - The company is focused on maintaining a strong financial position while pursuing growth initiatives across its portfolio [29] Other Important Information - The Hod Maden Development Project is highlighted as a significant asset with a $1.7 billion NPV and a 39% internal rate of return at consensus metal prices [6][9] - The company is advancing engineering and site establishment activities at Hod Maden, with a construction decision expected after ongoing reviews [48][50] Q&A Session Summary Question: Can you provide more color on Marigold's guidance? - Management indicated that the guidance range of 170,000-200,000 ounces is a good indication of expected delivery, considering updated blending requirements [31][32] Question: What silver prices are needed for Puna to extend operations beyond 2028? - Management noted that ongoing work at Chinchillas and Molina could allow for extended operations, with current silver prices supporting this outlook [41][44] Question: What is the timeline for a construction decision on Hod Maden? - Management stated that site work is ongoing, and a construction decision will follow a review process with partners, but no specific timeline was provided [48][49] Question: Why is the guidance for Puna's silver production lower than previously stated? - Management explained that the timing of ounces has changed due to ongoing work at Chinchillas, but production levels are expected to be maintained at a higher level for longer [60][62] Question: What is the plan for CC&V to accelerate production? - Management indicated that the mine extension is contingent on obtaining Amendment Fourteen approval, which will allow for pad expansions and further optimization [91][92]

Core Insights - Nvidia's net income has grown by 4,591% since the launch of ChatGPT, while its share price has increased by 11,208%, indicating a significant disparity between earnings growth and stock price appreciation [1][7]. - The company's price-to-earnings (P/E) ratio is currently more than 34% lower than it was at the time of ChatGPT's debut, suggesting that shares may be undervalued [4][6]. - Nvidia's substantial share buyback programs, totaling $110 billion, have contributed to the increase in earnings per share by reducing the share count, which is not reflected in the dollar amount of earnings growth [8]. Financial Performance - Nvidia reported a net income of $39.1 billion in its most recent quarter, a significant increase from $680 million reported in the quarter before ChatGPT's release [6][7]. - The company achieved a year-over-year earnings growth of 65.3% last quarter, which, if sustained, could allow Nvidia to align its earnings with its current P/E ratio [10]. Market Position - Nvidia's current market capitalization stands at $4.5 trillion, with shares trading at 46 times earnings, indicating a premium valuation compared to historical tech stock valuations [9]. - Despite the high P/E ratio, Nvidia's growth trajectory and recent earnings surprises suggest that the company may still have considerable upside potential [10].

Financial Data and Key Metrics Changes - For Q4, GAAP revenue was $97.9 million, net income was $27.9 million, and earnings per share (EPS) was $0.39, with a year-over-year increase in GAAP earnings primarily driven by $3.5 million net accretion on investment fundings [11][12] - For the full year, GAAP revenue was $385.6 million, net income was $114.5 million, and EPS was $1.59, reflecting a year-over-year increase driven by $17.2 million net accretion from investment fundings [12][13] - The total portfolio at year-end was valued at $7.1 billion, with an estimated unrealized capital appreciation (UCA) of $9.3 billion, marking a $200 million increase from the previous quarter [9] Business Line Data and Key Metrics Changes - In Q4, the company closed on 10 transactions, including 9 ground leases and 1 leasehold loan, for an aggregate commitment of $167 million, with a focus on affordable housing in Southern California [7] - For the full year, the company closed 17 ground leases for $277 million and 4 leasehold loans for $152 million, totaling $429 million in capital commitments [8][9] - The ground lease portfolio included 164 assets, with 101 multifamily properties, and has grown 21 times by both book value and estimated unrealized capital appreciation since the IPO [11] Market Data and Key Metrics Changes - The portfolio's gross loan-to-value (GLTV) remained flat at 52%, and rent coverage was unchanged at 3.4 times [15] - The company received a credit ratings upgrade from S&P to A-, achieving single-A ratings from all three major rating agencies, which positively impacted the cost of capital [8] Company Strategy and Development Direction - The company aims to increase ground lease volume in 2026 compared to 2025, enhance visibility for Caret's value, and implement share buybacks when market conditions are favorable [5][6] - The management emphasizes the importance of expanding into new states and sponsors, particularly in the affordable housing sector, while also exploring opportunities in other asset classes [4][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds but expressed optimism about progress made in Q4 that could positively impact 2026 [4] - The management believes that recognizing the value of Caret is crucial and plans to focus on strategies that highlight this value to shareholders [25][26] Other Important Information - The company ended the year with approximately $1.2 billion of liquidity, supported by potential capacity in joint ventures [9] - The effective interest rate on permanent debt is 4.3%, with a cash interest rate of 3.9% [17] Q&A Session Summary Question: Will the company consider investing in office assets? - Management indicated a cautious approach to office investments, preferring to focus on other asset classes while remaining open to opportunities [22][23] Question: What is the outlook for office valuations in Q1? - Management noted some strengthening in core markets like New York but acknowledged uncertainty regarding whether the bottom has been reached [24] Question: How does the company plan to recognize Caret's value? - Management emphasized the need to spotlight Caret's value and explore liquidity or monetization options to help shareholders understand its significance [25][26] Question: What is the strategy for buybacks in the coming year? - Management expressed intent to conduct buybacks in a leverage-neutral manner, considering the stock's discounted level [32][34] Question: What are the expectations for unfunded commitments and funding strategies? - Management highlighted that many lower-yielding commitments have rolled off, positioning the company well for future funding with improved margins [39][40] Question: What are the challenges in expanding outside California? - Management acknowledged the regulatory complexities and the need to build relationships in new markets but noted progress in other states [61]

Core Insights - General Motors (GM) stock gained over 50% last year, significantly outperforming the market and doubling over the last two years, surpassing legacy automakers like Stellantis and Ford [1] - Despite challenges such as vehicle sales slowdown, tariff costs, and losses in the electric vehicle sector, GM's performance remains strong [1] Financial Performance - GM's 2025 financial results were robust, with expectations for even better performance in 2026, targeting adjusted pre-tax earnings between $13 billion and $15 billion, an increase of $2.3 billion from 2025 [2] - The company anticipates North America adjusted pre-tax margins to return to the 8% to 10% range in 2026, indicating a significant improvement [2] Cash Flow and Capital Allocation - GM is projected to generate adjusted automotive free cash flows of between $9 billion and $11 billion this year, focusing on buybacks and U.S. production capacity investments [3] - Since November 2023, GM has repurchased $23 billion worth of shares, reducing its outstanding share count by 35%, and announced a new $6 billion buyback program alongside a 20% dividend increase [5] Market Comparison - GM's dividend yield has risen to approximately 0.90%, which, while lower than Ford's, is complemented by superior total returns due to effective capital allocation strategies [5] - Over the last three years, GM's stock has performed significantly better than Ford, which has only increased by about 5%, attributed to GM's better execution and capital management [5]

Michelin plans to buy back up to €2 billion ($2.4 billion) in shares as it expands into polymer composites to reduce reliance on its struggling tire business https://t.co/D5KGyOs5jG ...

Summary of International Petroleum Corporation (IPC) Capital Markets Day 2026 Company Overview - **Company**: International Petroleum Corporation (IPC) - **Industry**: Oil and Gas - **Key Assets**: Operations in Malaysia, France, and Canada, with a focus on the Blackrod asset in Alberta, Canada [2][3] Core Points and Arguments Blackrod Development - **Project Approval**: Greenfield development at Blackrod was approved in 2023, with first production expected in Q3 2026 [3][5] - **Production Capacity**: Phase 1 is designed to process 30,000 barrels of oil per day, targeting over 250 million barrels of proved plus probable reserves [3][5] - **Enhanced Oil Recovery Method**: Utilizes steam-assisted gravity drainage (SAGD) for oil extraction, which accounts for nearly 40% of Canada's total oil output [3][4] - **Construction Progress**: The project is on budget and ahead of schedule, with civil construction and drilling progressing as planned [4][5] Financial Performance - **2025 Highlights**: - Capital expenditure of $344 million, second highest in company history [7] - Full-year production of 44.9 thousand barrels of oil equivalent per day, close to guidance [8] - Operating cash flow of approximately $259 million, slightly above guidance [8] - **Debt Management**: Successfully refinanced $450 million of Nordic bonds, maturing in October 2030 [8] - **Share Buybacks**: Completed a share buyback program, reducing shares outstanding since 2017 [9][21] Production and Reserves Growth - **Production Increase**: Production guidance for 2026 is 44,000-47,000 barrels of oil equivalent per day, with expectations to ramp up to over 50,000 by the end of the year [33][34] - **Reserves Replacement**: Achieved a 277% reserves replacement rate, increasing 2P reserves to 521 million barrels of oil equivalent [61] - **Future Outlook**: Anticipates average production of 62,000 barrels of oil equivalent per day from 2026 to 2030 [11][35] Strategic Pillars - **Organic Growth**: Focus on maturing contingent resources into reserves and expanding production capacity [11][20] - **Stakeholder Returns**: Renewed share repurchase program allowing for the buyback of up to 6.5 million shares [22] - **M&A Activity**: Successful track record of acquisitions generating over $1.2 billion in free cash flow [24] Market Conditions and Pricing - **Brent Price Assumptions**: Base case Brent price of $65 per barrel, with sensitivities provided for cash flow impacts based on price fluctuations [62] - **Differential Pricing**: Current WTI/WCS differential is around -14, impacting cash flow projections [62] Sustainability and Safety - **Operational Excellence**: No material incidents reported, with a commitment to reducing net emissions by 50% by 2028 [59][60] - **Safety Culture**: Emphasis on maintaining a strong safety culture throughout operations [42] Additional Important Information - **Blackrod Valuation**: The Phase 1 project has a value of $1.4 billion with a break-even price of approximately $47 WTI [17] - **Future Expansion Potential**: Regulatory approval for an additional 50,000 barrels per day at Blackrod, indicating significant upside potential [17] - **Contingent Resources**: IPC holds 1.2 billion barrels of contingent resources, which are expected to contribute to future growth [11][35] This summary encapsulates the key points discussed during the IPC Capital Markets Day, highlighting the company's strategic direction, financial performance, and operational achievements.

Group 1: Western Digital - Western Digital announced a $4 billion share buyback program, adding to its previous buyback capacity of $484 million, totaling approximately $4.484 billion, which is about 4.1% of its $96 billion market capitalization [2][3] - The company's stock delivered a total return of 284% in 2025, making it the best-performing stock in the S&P 500 Index, and it has continued to rise by over 60% in 2026 [2] - Western Digital's shares outstanding fell by around 2% in 2025, and the new buyback program is twice as large as its previous $2 billion authorization, indicating confidence in continued share reduction [3] Group 2: PepsiCo - PepsiCo is implementing a new $10 billion share repurchase program to support its business changes and outlook, reflecting strong performance with a nearly 19% increase in 2026 [5][6] - The consumer staples sector has performed well early in 2026, with the Consumer Staples Select Sector SPDR Fund delivering a total return of 13% [6] Group 3: ServiceNow - ServiceNow plans to utilize a large accelerated repurchase plan to take advantage of its stock price weakness, despite facing significant declines in recent months [5] - The company maintains strong business fundamentals, signaling confidence through its buyback announcement [1]