AngloGold Ashanti (NYSE:AU) Q4 2025 Earnings call February 20, 2026 08:00 AM ET Company ParticipantsAdrian Hammond - Executive DirectorAlberto Calderon - CEOGillian Doran - CFOJosh Wolfson - Managing DirectorMarcelo Godoy - Chief Technology OfficerPatrick Jones - Executive DirectorStewart Bailey - SVP of Investor RelationsTerry Briggs - Chief Development OfficerConference Call ParticipantsJoseph Rieger - AnalystRene Hochreiter - Equity Research AnalystTanya Jakusconek - Equity AnalystOperatorGood afternoon, ...

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 ...

Sibanye Stillwater (NYSE:SBSW) H2 2025 Earnings call February 20, 2026 02:00 AM ET Speaker8Good morning, ladies and gentlemen. Welcome. I think it's a real pleasure to have you with us today, as we present our operating and financial results for 2025. So, thank you very much for joining us today. I think just in terms of the agenda that we've got, I will start off with a few high-level salient points. Then we'll move into the performance excellence, which will be presented by a number of the team. We'll the ...

Financial Data and Key Metrics Changes - In Q4 2025, Newmont generated $2.8 billion in free cash flow, contributing to a total of $7.3 billion for the full year, marking record earnings and free cash flow on both a quarterly and annual basis [9] - The company achieved a 4% increase in its quarterly common dividend, reflecting a commitment to enhancing shareholder returns [7] - General and administrative (G&A) costs were improved by $100 million, equating to a 21% improvement for 2026 [9] Business Line Data and Key Metrics Changes - Newmont produced 5.7 million ounces of gold, 28 million ounces of silver, and 135,000 tons of copper from its core portfolio in 2025 [8] - The successful completion of the non-core divestiture program generated $4.5 billion in proceeds, with $3.4 billion returned to shareholders through dividends and share repurchases [9] Market Data and Key Metrics Changes - The gold reserve base stands at 180 million ounces, with an additional 149 million ounces of gold resource, representing approximately 40 years of production life [12] - The reserve price assumption for 2025 was increased from $1,700 per ounce to $2,000 per ounce, remaining conservative compared to the three-year trailing average [12][13] Company Strategy and Development Direction - The company is focused on safety, efficiency, operational consistency, and enhancing shareholder returns through predictable capital returns [5][4] - Newmont is advancing a mine life extension program at Lihir and completing a feasibility study for the Red Chris block cave [11][21] - The capital allocation framework prioritizes sustaining capital and dividends, followed by development capital and share repurchases [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a volatile macroeconomic environment while focusing on operational delivery and financial resilience [5][39] - The company anticipates a production trough in 2026 due to planned mine sequencing, with a return to production growth expected in 2027 [25][31] Other Important Information - An investigation is underway following a fatal incident at the Tanami operation, emphasizing the company's commitment to safety [8] - The company is actively pursuing exploration opportunities, particularly at Brucejack and Ahafo South, with expectations of adding significant new gold reserves [17][18] Q&A Session Summary Question: CapEx and potential upside through Red Chris and Merian - Management confirmed that capital guidance remains on track, with updates on Red Chris expected in the second half of the year [44] Question: Discussions with Nevada Gold Mines joint venture partner - Management indicated ongoing discussions focused on improving performance at Nevada Gold Mines [46] Question: Long-term growth targets of 6 million ounces - Management stated that better guidance on achieving the long-term growth target will be provided towards the end of the year [50] Question: M&A opportunities in the current gold price environment - Management expressed satisfaction with the current asset portfolio and indicated that any potential changes would be made in a disciplined manner [52] Question: Capital allocation and buyback commitments - Management confirmed that excess cash would be returned to shareholders through buybacks, with a disciplined approach to capital allocation [56] Question: Cost guidance and inflation drivers - Management noted that costs attributable to sales have remained constant year on year, with significant cost savings initiatives contributing to a reduction in all-in sustaining costs [59][74] Question: Maximizing shareholder value at Nevada Gold Mines - Management highlighted the importance of understanding district potential and optimizing plans across the portfolio to maximize shareholder value [61]

Financial Data and Key Metrics Changes - The fourth quarter consolidated volume was 4.2 billion gallons, down 5% year-over-year, with full-year volume totaling 16.9 billion gallons, down approximately 4% [18] - Fourth quarter gross profit was $235 million, down 9% year-over-year, and full-year gross profit was $948 million, down 8% from 2024 [18][19] - Total non-GAAP adjustments in the fourth quarter were $325 million, primarily due to $247 million of non-cash intangible and other asset impairments [17] Business Line Data and Key Metrics Changes - Aviation volumes in the fourth quarter were 1.8 billion gallons, down 5% year-over-year, but gross profit increased approximately 8% to $130 million due to the Universal Trip Support acquisition [19] - Land volumes declined 9% year-over-year in the fourth quarter, with gross profit down 32% to $71 million, driven by unfavorable market conditions and strategic exits [22] - Marine volumes were approximately 4.1 million metric tons in the fourth quarter, flat year-over-year, while gross profit increased 2% to $35 million [25] Market Data and Key Metrics Changes - The company is focusing on North America for its land business, particularly in higher margin areas such as cardlock and retail activities, as well as natural gas [10] - The exit from European power and energy management businesses shifts focus to core businesses that deliver more consistent profitability [11] Company Strategy and Development Direction - The company is reshaping its portfolio to concentrate on businesses that deliver attractive and predictable returns, enhancing efficiency and financial discipline [6][8] - A renewed focus on core business and operational excellence is expected to drive sustainable growth, with significant changes in the land segment aimed at improving profitability [10][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the fourth quarter performance fell short of expectations due to competitive pressures and underperformance in certain business lines [13] - The outlook for 2026 reflects confidence in structural changes that simplify the business and enhance focus on core growth areas [15] Other Important Information - The company generated $34 million of operating cash flow and $13 million of free cash flow in the fourth quarter, with full-year free cash flow totaling $227 million [30] - An incremental $150 million share repurchase authorization was approved, reflecting confidence in the business [31] Q&A Session Summary Question: Impact of Universal Trip acquisition and tank wagon business sale - The Universal Trip Support business is expected to contribute approximately $70 million in gross profit in 2026, while the tank wagon business exit will shed about 1 billion gallons of volume [36][38] Question: Seasonality in land business post-exits - The seasonality in the land business is expected to improve with the exit of non-core activities, while aviation will still experience seasonal demand fluctuations [44][46] Question: New business model for fuel management - The new model involves owning or leasing sites and partnering with independent operators, which is expected to improve cash flow and margins [48][49] Question: Competitive pressure in aviation - While competitive pressure is anticipated, the company is exploring new opportunities to expand airport locations to offset margin pressures [51] Question: Marine business rebound factors - The marine business is influenced by macro factors such as price and volatility, with expectations for stability in 2026 unless market conditions improve [55]

2025 Results & 2026 Guidance FOURTH QUARTER & FULL YEAR 2025 RESULTS NEWMONT CORPORATION 1 Cautionary Statement Regarding Forward Looking Statements, Including Guidance Assumptions, and Notes This presentation contains "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, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward ...

GATX (NYSE:GATX) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsAndrzej Tomczyk - VPBob Lyons - President and CEOHarrison Bauer - Equity Research AssociatePaul Titterton - EVP and President of Rail North AmericaShari Hellerman - Head of Investor RelationsTom Ellman - EVP and CFOConference Call ParticipantsBen Moore - Director and Equity Research AnalystBrendan McCarthy - Equity AnalystJustin Bergner - Manager and Research AnalystOperatorThank you for standing by. My name is Jordan, ...

Invitation Homes (NYSE:INVH) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsAmy Probandt - Executive Director of Equity ResearchDallas Tanner - President and CEOJamie Feldman - Managing Director and Head of REIT ResearchJason Sabshon - Assistant VP of Equity ResearchJason Wayne - VP of Equity ResearchJon Olsen - CFOScott Eisen - Chief Investment OfficerScott McLaughlin - SVP of Investor RelationsTim Lobner - COOConference Call ParticipantsAustin Wurschmidt - Director and Equity Rese ...

Radian Group (NYSE:RDN) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsBob Lally - VP of FinanceBose George - Managing DirectorDan Kobell - Senior Executive Vice President and Interim CFORick Thornberry - CEOConference Call ParticipantsMihir Bhatia - Director and Senior Equity Research AnalystTerry Ma - Director and Equity Research AnalystOperatorToday, and thank you for standing by. Welcome to the Q4 2025 Radian Group conference call. At this time, all participants are in a listen- ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income from continuing operations of $159 million, or $1.15 per share, and for the full year, net income was $618 million, or $4.39 per share, reflecting strong earnings and an 8% reduction in share count [11][12] - Total revenues for Q4 were $301 million and $1.2 billion for the full year, with net premiums earned reaching $237 million in Q4, the highest level in over three years [12][13] - The return on equity was 13.5% in Q4 and 13.1% for the full year, with book value per share growing 13% year-over-year to $35.29 [12][13] Business Line Data and Key Metrics Changes - The mortgage insurance business saw growth in insurance in force and new insurance written (NIW), with NIW increasing 6% year-over-year [12][13] - The in-force premium yield for the mortgage insurance portfolio remained stable at 38 basis points, expected to remain stable in 2026 [15][36] Market Data and Key Metrics Changes - The company maintained a strong persistency rate of 82% in Q4, with approximately half of the insurance in force portfolio having a mortgage rate of 5.5% or lower, indicating less likelihood of cancellation due to refinancing [14] - The total number of defaults increased to approximately 25,000 loans at quarter end, resulting in a portfolio default rate of 2.56%, reflecting normal seasonal trends [16] Company Strategy and Development Direction - The acquisition of Inigo marks a strategic transformation for the company, positioning it to expand into a global multi-line specialty insurer, expected to double annual revenues and provide greater strategic flexibility [5][6] - The divestiture plan for mortgage, conduit, title, and real estate services businesses is on track for completion by Q3 2026, aligning leadership with strategic focus [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance of the mortgage insurance business and the positive credit trends, with no significant concerns noted across different credit segments [32] - The company anticipates continued strong capital returns and liquidity, with expected dividends of at least $600 million from Radian Guaranty in 2026 [21][22] Other Important Information - The company distributed $795 million from Radian Guaranty to the holding company and returned $576 million to stockholders through dividends and share repurchases in 2025 [4][18] - The holding company liquidity was expanded to $1.8 billion at year-end, supporting the Inigo acquisition [20] Q&A Session Summary Question: Any updated thoughts on financial metrics for Inigo? - Management confirmed no changes from previous guidance, expecting a mid-teens return through the cycle from the Inigo acquisition, translating to approximately $170 million of incremental net income [27][28] Question: How sticky can the 90% cure rate be for recent vintages? - Management noted that while recent vintages are being monitored, strong cure activity continues, and no significant concerns have been observed in credit trends [31][32] Question: How does the current pricing environment compare to a year ago? - The in-force premium yield has remained stable at 38 basis points, indicating a balanced pricing perspective, with management focusing on economic value rather than market share [35][36] Question: What is the expected combined ratio for Inigo? - Management indicated that while no forward guidance has been provided, a mid- to high-80% combined ratio is a reasonable trend based on Inigo's historical performance [40] Question: Will there be intangibles that need to be amortized from the acquisition? - Management confirmed that there will be intangibles, and details will be provided in future reports as purchase accounting is completed [50]