Financial Data and Key Metrics Changes - In Q4 2025, the company reported an Adjusted EBITDA of $385 million and free cash flow of $321 million, with a year-on-year increase in Adjusted EBITDA of nearly 20% to $1.37 billion and free cash flow rising to $626 million [4][5] - The company retired approximately $1.3 billion in debt during the year, reducing annual interest expense by nearly $90 million and enhancing financial flexibility [5][6] - Total liquidity at the end of Q4 was approximately $1.5 billion, including $620 million in unrestricted cash and cash equivalents [18] Business Line Data and Key Metrics Changes - The operational performance of the rigs was highlighted, achieving record uptime performance just shy of 98%, with zero operational integrity events and zero lost time incidents across the fleet [6] - The company completed five major planned out-of-service projects on time and on budget, and recycled six rigs in 2025 [6] Market Data and Key Metrics Changes - The outlook for deepwater offshore drilling is strengthening, with expectations for deepwater utilization to exceed 90% through 2027 [11] - In the US Gulf, long-term demand remains robust, driven by Pelagian plays and new lease awards, while Brazil's rig activity is expected to remain stable [11][12] - Africa is anticipated to see growth, with rig counts expected to increase from roughly 15 to at least 20 over the next couple of years [12] Company Strategy and Development Direction - The company aims to optimize the value of its differentiated assets and generate industry-leading free cash flow, with a backlog of roughly $6 billion expected to convert efficiently into cash [8][9] - The recent acquisition of Valaris is seen as transformational, expected to create significant cost synergies and enhance shareholder returns [9][10] - The company is focused on establishing a stronger capital structure to weather business cycles and improve operational efficiencies [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming inflection point for offshore drilling, supported by increasing tendering activity and customer discussions about reserve replacement [36][38] - The company anticipates that the blend-and-extend negotiations with Petrobras will conclude positively, enhancing revenue efficiency and extending rig utilization [60][62] Other Important Information - The company has identified over $200 million in cost synergies from the Valaris acquisition, which is expected to close in the second half of 2026 [10] - The company is committed to reducing costs further, with an additional $150 million targeted for 2026 [5] Q&A Session Summary Question: Impact of Valaris acquisition on chartering strategy - Management indicated that the acquisition allows for addressing unnecessary costs and improving service provision to customers, enhancing reliability and predictability [24][26] Question: Confidence in offshore drilling inflection timing - Management cited customer conversations and increasing tender activity as key indicators of a strengthening market, with expectations for over 90% utilization by late 2026 [36][38] Question: Petrobras blend-and-extend negotiations - Management stated that guidance reflects best estimates based on current negotiations, with no significant incremental upside expected from these discussions [41] Question: Fleet placement and regional opportunities - Management noted that the company can move rigs globally to meet demand, with strong activity anticipated in Africa and Asia [46][50] Question: Customer response to Valaris acquisition - Feedback from customers has been overwhelmingly positive, recognizing the need for cost efficiencies and the potential benefits of the merger [56][58] Question: Latecomers to offshore exploration - Management observed a shift back towards traditional hydrocarbon sources among producers, indicating a renewed focus on offshore drilling [77][79]

Core Insights - The company achieved a like-for-like sales growth of +4.5% in FY 2025, driven by positive volume/mix and pricing strategies [6][9][19] - Recurring operating income increased by +3.0% to €3,665 million, with a recurring operating margin of 13.4%, up +44 basis points from the previous year [2][19] - The company reported a net income of €1,825 million, a decrease of -9.7% compared to FY 2024, primarily due to non-recurring expenses [2][21] Financial Performance - FY 2025 sales were €27,283 million, reflecting a -0.3% change on a reported basis, while like-for-like sales grew by +4.5% [2][9] - Recurring net income attributable to the Group increased by +5.0% to €2,461 million, with recurring diluted EPS rising by +4.6% to €3.80 [2][20] - Free cash flow decreased by -6.8% to €2,799 million, with cash flow from operating activities at €3,779 million, down -1.3% [2][21] Operational Highlights - Strong sales growth was observed across all categories and geographies, particularly in China, North Asia & Oceania, and Europe [4][12][14] - The company continued to invest in capabilities, science, and innovation while maintaining a focus on sustainability, achieving CDP 'Triple A' List recognition and B Corp certification [4][31] - The proposed dividend for FY 2025 is €2.25 per share, representing a +4.7% increase from the previous year [22] Strategic Initiatives - The company is advancing its "Renew Danone" strategy, focusing on scaling U.S. Medical Nutrition, enhancing dairy operations, and accelerating digitalization [5][31] - Guidance for 2026 indicates expected like-for-like sales growth between +3% and +5%, with recurring operating income anticipated to grow faster than sales [25][31] - The company is actively reshaping its portfolio and addressing areas requiring further progress, particularly in North America [5][11]

Core Viewpoint - Hecla Mining Co. has experienced significant fluctuations in silver prices, impacting its stock performance and financial results, but remains optimistic about future earnings potential in various market scenarios [1][3]. Financial Performance - Hecla Mining reported record revenue of $1.4 billion for 2025, reflecting a 53% increase from the previous year [2] - Earnings per share for 2025 were 49 cents, up from 6 cents in 2024, with fourth-quarter earnings at 20 cents compared to breakeven a year earlier [2] Market Outlook - The company anticipates a strong performance in 2026, not solely based on rising silver prices but through strategic planning around multiple price scenarios [3] - At a silver price of $30 per ounce and gold at $2,500, free cash flow is projected to exceed $200 million, while at $75 silver and $4,500 gold, it could surpass $600 million [4] Strategic Confidence - Hecla's confidence is built on three key concepts, although specific details of these concepts are not provided in the text [5] - The company has a history of navigating challenges, including a three-year strike and a fire at its Lucky Friday mine, demonstrating resilience [6] Leadership and Operations - Hecla has undergone leadership changes, hiring Rob Krcmarov, a former executive from Barrick Gold, as CEO to enhance operational focus [7] - The company's assets are located in the U.S. and Canada, where the rule of law is stable, contributing to its operational strength [8]

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]

Core Insights - Kaiser Aluminum reported a full-year net sales of $3.4 billion, with adjusted conversion revenue of $1.5 billion, indicating stability for 2024 [4] - The company achieved over 25% EBITDA growth for the year, with margins improving to nearly 24% in the second half, driven by packaging investments and operational progress [5][6] - Kaiser expects record conversion revenue and EBITDA in 2026, supported by a recovery in aerospace and improvements in packaging [7][14] Automotive Sector - Conversion revenue reached $122 million, up 2% year over year, despite a 6% decline in shipments, attributed to high interest rates and customer uncertainty [1] - Shipments and conversion revenue are expected to decline by 5% to 10% in 2026 due to planned outages, although demand for internal combustion engine vehicles is increasing [15] General Engineering - Conversion revenue was $331 million, up about 4%, supported by a 6% increase in shipments, driven by tariff-related reshoring activity [1] - Expected growth in shipments and conversion revenue of about 3% to 5% year over year, supported by improving GDP and semiconductor demand [15] Packaging Sector - Conversion revenue increased to $544 million, up about 11%, despite a decline in shipments during the transition to coated products [2] - Shipments are targeted to grow by 5% to 10% in 2026, with conversion revenue expected to rise by 15% to 20% as the new coating line reaches full production [15] Aerospace and High-Strength Sector - Conversion revenue decreased to $457 million, down about 14%, primarily due to a 16% decline in shipments linked to OEM destocking [3] - Shipments are expected to increase by 10% to 15% in 2026, with conversion revenue projected to rise by 5% to 10% [15] Financial Performance - Kaiser reported adjusted EBITDA of $310 million, with a margin of 21.3%, reflecting a significant year-over-year improvement [8][10] - The company ended 2025 with total liquidity of approximately $547 million and net leverage improved to 3.4x [11][12] Capital Expenditures and Shareholder Returns - Capital expenditures for 2025 were $137 million, with expectations of $120 million to $130 million for 2026 [12] - The company returned about $51 million to shareholders through dividends in 2025, marking its 19th consecutive year of dividend payments [13]

Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, an increase of over $800 million year-over-year, representing a 20% growth compared to 2024 [8][20] - The fourth quarter Adjusted EBITDA was $1.34 billion, a 5% increase over the third quarter [19] - The company invested approximately $3.3 billion in growth capital projects in 2025, with net maintenance capital at $226 million [21] Business Line Data and Key Metrics Changes - Permian volumes grew by 11% for the year, adding over 600 million cubic feet per day [8] - NGL transport volumes increased by almost 170,000 barrels per day, while fractionation volumes averaged a record 1.14 million barrels per day [8][18] - LPG export volumes averaged 13.5 million barrels per month [18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [15] - The logistics and transportation segment saw NGL transportation volumes average a record 1.05 million barrels per day [18] Company Strategy and Development Direction - Targa plans to continue investing in growth capital, with an estimated $4.5 billion in growth capital spending for 2026 [23] - The company is focused on maintaining a strong balance sheet while generating significant free cash flow, with expectations of reaching over $6 billion in Adjusted EBITDA following the completion of major projects [12][24] - Targa's strategy remains centered on executing core projects with strong returns along its integrated value chain [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit Permian volume growth for 2026, supported by strong producer relationships and commercial success [9][32] - The outlook for 2027 and beyond has improved, with expectations of sustained higher Waha prices benefiting Targa and its producers [17][42] - Management acknowledged the volatility in natural gas prices at Waha but remains optimistic about long-term growth prospects [17][93] Other Important Information - The company is in an elevated growth capital environment, with several new processing plants and fractionators planned for the coming years [11][10] - Targa's net consolidated leverage ratio was approximately 3.5 times at year-end, well within the long-term target range of 3-4 times [22] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted the strong footprint across Delaware and Midland, strong producer relationships, and commercial success as key drivers for resilience in growth outlook for 2026 [30][31] Question: CapEx increase and growth expectations - Management explained the increase in CapEx is driven by new plants and field capital to support existing contracts and commercial success [33][34] Question: Durability of commercial success - Management stated that even without significant new commercial success, strong growth is expected from existing dedicated acreage [44][45] Question: Waha price outlook and impact on ethane recovery - Management indicated that while Waha prices may fluctuate, the overall recovery in the Permian is expected to continue, with no significant headwinds anticipated for ethane recovery [93] Question: Marketing opportunities for 2026 - Management noted that while there may be bumpy conditions in Waha pricing, they remain well-positioned to capture marketing opportunities as they arise [62][63]

Financial Data and Key Metrics Changes - For the full year 2025, total net sales were $3.4 billion, with conversion revenue of $1.5 billion, consistent with 2024 [6] - Adjusted EBITDA for 2025 was $310 million, up approximately $69 million from 2024, with adjusted EBITDA as a percentage of conversion revenue improving to 21.3% [11] - Reported net income for 2025 was $113 million, or $6.77 per diluted share, compared to $66 million, or $4.02 per diluted share in 2024 [10] Business Line Data and Key Metrics Changes - Aerospace and high-strength conversion revenue totaled $457 million, down 14% due to a 16% decrease in shipments attributed to commercial aerospace OEM destocking [7] - Packaging conversion revenue for the year totaled $544 million, up 11%, driven by a transition to coated products [8] - General engineering conversion revenue totaled $331 million, up 4% year over year, on a 6% increase in shipments [8] - Automotive conversion revenue totaled $122 million, up 2% year over year, despite a 6% decrease in shipments [8] Market Data and Key Metrics Changes - Shipments in the aerospace sector decreased significantly in the second half of 2025, primarily due to destocking [16] - Demand in the packaging sector is improving, supported by long-term contracts, with expected shipment growth of 5%-10% in 2026 [18] - General engineering is expected to grow approximately 3%-5% year-over-year, driven by improving GDP and semiconductor market demand [19] Company Strategy and Development Direction - The company aims to harvest returns from recent investments and strengthen margins while generating free cash flow [5] - In 2026, the company expects record years for both conversion revenue and EBITDA, with a focus on operational execution rather than relying on metal pricing [23] - The company plans to retool select facilities and add capacity to support automotive demand, particularly for internal combustion engine vehicles [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum in the aerospace market and expects a recovery in commercial aircraft production [17] - The company does not foresee demand destruction in any product lines and anticipates continued strong bookings and shipments [40] - Management highlighted that operational gains will be the primary driver of performance in 2026, rather than metal price tailwinds [39] Other Important Information - The company returned approximately $51 million to shareholders through dividends, marking the 19th consecutive year of dividend payments [15] - Capital expenditures for 2025 were $137 million, with expectations for 2026 in the range of $120 million-$130 million [14] Q&A Session Summary Question: Insights on 2026 outlook regarding aerospace and packaging conversion revenue - Management noted that aerospace conversion revenue is expected to recover as plate capacity is restored, while packaging revenue is benefiting from improved throughput and pricing due to new investments [25][26][29] Question: Clarification on automotive opportunities and capacity expansion - Management indicated that the automotive opportunity involves high-margin specialty products, with plans for retooling facilities to support increased demand for trucks and SUVs [31][34] Question: CapEx guidance context and implications - The increase in CapEx guidance is primarily driven by the automotive opportunity, with customers currently utilizing steel products due to aluminum shortages [35][36] Question: Demand destruction concerns and tariff impacts - Management reported no evidence of demand destruction and remains neutral to positive regarding potential tariff changes, emphasizing operational gains as the focus for 2026 [39][41]

Financial Data and Key Metrics Changes - For the full year 2025, total net sales were $3.4 billion, with conversion revenue at $1.5 billion, consistent with 2024, and total shipments were 1.1 billion pounds, down 5% from 2024 [6][10] - Adjusted EBITDA for 2025 was $310 million, up approximately $69 million from 2024, with adjusted EBITDA as a percentage of conversion revenue improving to 21.3% [11][12] - Reported net income for 2025 was $113 million, or $6.77 per diluted share, compared to $66 million, or $4.02 per diluted share in the prior year [10] Business Line Data and Key Metrics Changes - Aerospace and high-strength conversion revenue totaled $457 million, down 14% due to a 16% decrease in shipments attributed to commercial aerospace OEM destocking [7] - Packaging conversion revenue for the year totaled $544 million, up 11%, driven by a transition to coated products [8] - General engineering conversion revenue totaled $331 million, up 4% year-over-year, supported by tariff-driven reshoring activity [9] Market Data and Key Metrics Changes - The aerospace market saw a decrease in shipments due to OEM destocking, but demand in other aerospace applications remained strong [7] - The packaging market is expected to see shipment growth of 5%-10% and conversion revenue growth of 15%-20% in 2026 [18] - The automotive market is anticipated to decline in shipments and conversion revenue by 5%-10% in 2026 due to planned outages [21] Company Strategy and Development Direction - The company aims to harvest returns from recent investments and strengthen margins while generating free cash flow [5] - In 2026, the company expects record years for both conversion revenue and EBITDA, with a focus on operational execution rather than relying on metal pricing [22][23] - The company plans to reduce manufacturing and operating costs to drive additional operating leverage and maximize returns on investments [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum in the aerospace market and expects a recovery in commercial aircraft production [17] - The company does not foresee demand destruction in any product lines and anticipates continued strong bookings and shipments [40] - Management highlighted that operational gains will be the primary driver of performance in 2026, rather than metal pricing [39] Other Important Information - The company returned approximately $51 million to shareholders through dividends, marking the 19th consecutive year of dividend payments [15] - Capital expenditures for 2025 were $137 million, with expectations for 2026 to be in the range of $120 million-$130 million [14] Q&A Session Summary Question: Insights on 2026 outlook regarding aerospace and packaging conversion revenue - Management noted that aerospace conversion revenue is expected to recover as plate capacity is restored, while packaging conversion revenue is benefiting from improved throughput and pricing due to new investments [25][30] Question: Clarification on automotive opportunities and capacity expansion - Management indicated that the automotive opportunity involves high-margin specialty products and that planned outages will temporarily affect shipments but are necessary for future growth [31][34] Question: Concerns about demand destruction and tariff impacts - Management reported no evidence of demand destruction and expressed confidence in the strength of the market, while also addressing potential tariff changes as unlikely to impact their business negatively [39][41]

Teekay Group Fourth Quarter and Annual 2025 Earnings Presentation February 19, 2026 2025 Teekay Photo Contest Add. Master Shobit Bhatnagar Zenith Spirit Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this release, other than statements of historical fact, are forward-looking statements. When use ...

Q4 2025 EARNINGS PRESENTATION February 19, 2025 Q4 & FY 2025 FEBRUARY 19, 2026 Cushman & Wakefield 1 CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation other than historical facts are forward -looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside the control of the Cushman & Wakefield Ltd. (the "Company"). Such factors include, but are no t ...