Financial Data and Key Metrics Changes - Operating capital generation before holding and funding expenses increased year-over-year to EUR 1.3 billion, ahead of target [4] - Operating results increased by 15% compared to 2024, reaching EUR 1.7 billion [5] - Free cash flow for the full year 2025 was EUR 829 million, consistent with the target [5] - Final dividend proposed at EUR 0.21 per common share, resulting in a full year 2025 dividend of EUR 0.40 per share, up 14% from EUR 0.35 per share in 2024 [5] - Operating results in the second half of 2025 increased by 11% year-on-year to EUR 858 million [14] Business Line Data and Key Metrics Changes - In the U.S., new life sales increased by 10% compared to 2024, with a 6% increase in annuity sales [9] - The number of licensed agents in the U.S. increased by 11% to nearly 96,000 [8] - Aegon UK reported net deposits driven by onboarding new schemes and regular contributions from existing schemes [10] - Aegon Asset Management generated positive third-party net deposits, although at a lower level than last year [11] Market Data and Key Metrics Changes - The U.S. operating result increased by 5% in euros, or 14% in U.S. dollars, due to business growth and favorable variances [16] - The operating results of the UK increased, benefiting from business growth and favorable markets [17] - In the international segment, new sales contributed to growth, with higher new life sales reported in Brazil, Spain, and Portugal [11] Company Strategy and Development Direction - The company is making progress with preparations for relocation to the U.S. and is implementing U.S. GAAP [7] - Aegon aims to grow the operating result of the group by around 5% per year from the EUR 1.5-EUR 1.7 run rate in 2025 [18] - The strategic review of Aegon UK is ongoing, with updates expected before summer [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth ambitions for 2026 and 2027, supported by strong commercial performance [26] - The company noted that the retirement business in the U.S. is performing well despite net outflows due to market trends [92] - Management acknowledged the impact of market conditions on financial assets and the need for ongoing management actions [60] Other Important Information - The group solvency ratio remains robust at 184% [16] - Cash capital at holding decreased to EUR 1.3 billion at the end of 2025, consistent with the aim to reach around EUR 1.0 billion by the end of 2026 [25] - The company executed EUR 400 million of share buybacks in the second half of 2025 [6] Q&A Session Summary Question: Sustainability of Operating Profit - Management indicated that the second half operating result was a reasonable representation of underlying figures, benefiting from strong markets [32] Question: ASR Stake Ownership - Management confirmed no change in their position regarding the ASR stake, stating it would not be influenced by redomiciliation to the U.S. [33] Question: OCG Conditions - Management highlighted positive mortality and morbidity variances and high new business strain as factors affecting OCG [38] Question: WFG Performance - Management explained that lower margins in WFG were due to investments in leadership, technology, and training to support agent productivity [41] Question: Legal Settlements - Management confirmed that legal settlements were included in the $230 million of charges and are awaiting court approval [46] Question: Investment Credit Concerns - Management noted that ECL movements were relatively small and benign, with no significant concerns about further downgrades [76]

Palantir Technologies Inc. (PLTR) stock may have hit a bottom after several tranches of large and unusual volume in out-of-the-money PLTR put options have traded today. Palantir's strong free cash flow and FCF margins imply a higher price target. PLTR is up today to $139.66 per share, after hitting a recent trough of $129.13 on Feb. 12. That was after the company released its Q4 and 2025 results on Feb. 2. More News from Barchart PLTR stock - last 6 months - Barchart - Feb. 18, 2026 So, has the post-ea ...

Financial Data and Key Metrics Changes - The company generated over $10 per share of free cash flow in 2025, totaling $832 million for the year, with fourth quarter free cash flow being 25% higher than the previous year [3][4] - Total revenue before fuel surcharge for the fourth quarter was $1.7 billion, down from $1.8 billion a year earlier, with operating income of $127 million and a margin of 7.6% [4][5] - Net cash from operating activities improved to $282 million, an 8% increase over the prior year quarter [5] Business Segment Data and Key Metrics Changes - LTL (Less Than Truckload) revenue was $661 million, down 10% year-over-year, with operating income of $62 million and an adjusted operating ratio (OR) of 89.9 [5][6] - Truckload revenue was $674 million, down from $693 million the prior year, with operating income of $48 million and an OR of 93.2% [6] - Logistics revenue was $358 million, down from $410 million, with operating income of $31 million and a margin of 8.7% [7] Market Data and Key Metrics Changes - The company ended the year with a 2.5 times funded debt to EBITDA ratio, maintaining a strong balance sheet [8] - The company anticipates adjusted diluted EPS for Q1 2026 to be in the range of $0.50-$0.60, reflecting a cautious outlook due to ongoing market conditions [8] Company Strategy and Development Direction - The company focuses on strategic capital allocation, investing for the long term and returning excess capital to shareholders through dividends and share repurchases [4] - The management is preparing for a potential industry rebound while controlling costs and improving operational efficiency [3][4] - The company is exploring accretive bolt-on acquisition opportunities, with a focus on smaller regional deals rather than large acquisitions due to market uncertainties [8][76] Management's Comments on Operating Environment and Future Outlook - The management noted that the freight recession persists, particularly in the LTL sector, but there are early signs of improvement in the truckload sector [12][14] - The Canadian market is performing better than the U.S. market, with a focus on improving service and reducing claims ratios [15] - The management expressed optimism about logistics improving in Q3 and Q4 of 2026, driven by customer demand in the energy sector and data centers [14][72] Other Important Information - The company announced a change in its board of directors, with André Bérard retiring and Diane Giard nominated as the new lead director [9] - The company is focused on transitioning away from retail freight towards industrial freight, aiming to increase the weight per shipment [60][61] Q&A Session Summary Question: Guidance for fiscal year and scenarios for 2026 - Management indicated that Q1 guidance reflects a cautious outlook due to ongoing freight recession, with early signs of improvement in truckload [11][12] Question: Segment margin-related drivers behind EPS guidance - Management expects around 250 basis points of sequential margin deterioration in U.S. LTL, with weather impacting costs significantly [24][30] Question: Pricing improvements in contracted rates - Management noted that while spot rates are increasing, contracted rates take longer to adjust, and the supply-demand balance is beginning to shift [40][41] Question: Specialty truckload business and industrial activity - Management highlighted early signs of industrial activity, particularly in the energy sector, and emphasized the importance of focusing on high-value freight [52][54] Question: Impact of non-domiciled CDL on specialty flatbed - Management noted that the impact is more pronounced in the van segment, with less benefit seen in specialty truckload due to unique skill requirements [88][90]

Santos will cut around 10% of its workforce as it transitions major growth projects into steady-state operations, even as the company reported $1.8 billion in free cash flow and increased shareholder returns for 2025. Santos Ltd posted annual production of 87.7 million barrels of oil equivalent (mmboe) and sales volumes of 93.5 mmboe, generating $4.9 billion in revenue. Underlying net profit after tax came in at $898 million. Free cash flow from operations reached $1.8 billion, driven by what the compa ...

Core Insights - Huntsman Corporation reported a net loss of $96 million for Q4 2025, an improvement from a net loss of $141 million in Q4 2024, with revenues decreasing to $1,355 million from $1,452 million year-over-year [1][2][3] - Adjusted EBITDA for Q4 2025 was $35 million, down from $71 million in the same quarter of the previous year, indicating a challenging market environment [1][2] - The company generated $77 million in net cash from operating activities in Q4 2025, with free cash flow dropping to $20 million from $108 million in Q4 2024 [1][2] Financial Performance - Revenues for the full year 2025 were approximately $5.683 billion, down from $6.036 billion in 2024 [1][2] - The adjusted net loss for the full year 2025 was $121 million compared to an adjusted net loss of $13 million in 2024 [1][2] - The diluted loss per share for Q4 2025 was $0.56, compared to $0.82 in Q4 2024, while the adjusted diluted loss per share was $0.37, up from $0.25 [1][2] Segment Analysis - In the Polyurethanes segment, revenues decreased by 8% to $897 million in Q4 2025, primarily due to lower average selling prices, although sales volumes increased in the Americas and Asia [1][2] - The Performance Products segment saw a 6% revenue decline to $224 million, attributed to lower average selling prices amid competitive pressures [1][2] - Advanced Materials segment revenues fell by 4% to $243 million, driven by lower sales volumes despite higher average selling prices [1][2] Liquidity and Capital Resources - As of December 31, 2025, Huntsman had approximately $1.3 billion in combined cash and unused borrowing capacity [1][2] - Capital expenditures for Q4 2025 were $57 million, slightly higher than $51 million in Q4 2024, with expectations for similar levels in 2026 [1][2] Tax and Effective Rates - The effective tax rate for Q4 2025 was -1%, with an adjusted effective tax rate of -14% [1][2]

Core Viewpoint - Vulcan Materials reported strong financial performance in 2025, with significant growth in operating cash flow and Adjusted EBITDA, despite facing challenges in single-family residential demand and mixed end-market dynamics [4][6]. Financial Performance - Shipments totaled approximately 227 million tons, a 3% increase for the full year, driven by prior-year acquisitions, although same-store shipments were slightly lower [1] - The company generated over $1.8 billion in operating cash flow, up 29% year over year, with free cash flow rising more than 40% after $678 million in capital expenditures [2] - Adjusted EBITDA for 2025 was $2.3 billion, a 13% increase from the prior year, with an EBITDA margin expansion of 160 basis points to 29.3% [3][6] Pricing and Profitability - Aggregates mix-adjusted price improved by 6% for the full year and 5% in Q4, with cash gross profit per ton increasing by 7% for the year [1] - Aggregates cash gross profit per ton reached $11.33, meeting the company's target range of $11–$12 [3] 2026 Guidance - Management guided for Adjusted EBITDA of $2.4–$2.6 billion in 2026, with aggregates shipments expected to grow by 1–3% and freight-adjusted prices to rise by 4–6% [5][15] - The company anticipates continued shareholder returns and an active M&A agenda [5] Market Dynamics - Public infrastructure demand remains strong, while single-family residential activity is weaker than expected, impacting volumes and pricing [4][6] - Highway starts in Vulcan markets are growing at three times the overall U.S. rate, with significant unspent IIJA funding expected to support future growth [12] Capital Allocation and Shareholder Returns - The company returned $260 million to shareholders via dividends and $438 million through share repurchases, supported by strong cash generation [17] - Vulcan ended 2025 with a net debt to Adjusted EBITDA ratio of 1.8x, having redeemed $400 million of 2025 notes and paid down $550 million of commercial paper [17] M&A Activity - 2025 focused on integrating two large acquisitions, with expectations for a more active M&A environment in 2026, potentially expanding beyond current geography [18]

Core Viewpoint - BHP Group Limited reported mixed financial results, with earnings per share falling short of estimates while revenue exceeded expectations, driven primarily by strong copper performance [2][6]. Financial Performance - BHP's earnings per share (EPS) was $2.24, below the estimated $2.41 [2][6]. - The company generated revenue of $27.9 billion, surpassing the anticipated $27.34 billion [2][6]. - Underlying EBITDA was reported at $15.5 billion, slightly ahead of expectations [3]. - The underlying net profit after tax was $6.2 billion, which fell short of forecasts due to various factors [4]. Copper Focus - Copper contributed 51% of BHP's EBITDA with a 66% margin, highlighting its increasing significance to the company [2][4][6]. - The EBITDA from copper was $8 billion, exceeding that of iron ore, indicating a strategic shift towards copper [4]. Dividend and Cash Flow - BHP announced a dividend per share of 73 cents, exceeding RBC's estimate of 69 cents and the consensus figure of 63 cents [3][6]. - The dividend payout ratio was 60%, which was a positive surprise for investors [3]. Financial Metrics - BHP has a price-to-earnings (P/E) ratio of approximately 20.69 and a price-to-sales ratio of about 3.63 [5]. - The enterprise value to sales ratio is around 3.88, and the enterprise value to operating cash flow ratio is approximately 10.64 [5]. - The company's debt-to-equity ratio stands at approximately 0.51, indicating a moderate level of debt [5].

Core Insights - Orion S.A. reported a full year 2025 net sales of $1.8 billion, a 4% decrease from the previous year, driven by a 7% decline in price and a 5% decline in volume, with a net loss of $70 million [1][2][5] - The company faced challenges from high levels of lower-tier tire imports and soft demand in key industrial markets, particularly in the second half of 2025 [1][2] - Orion implemented cost rationalization and inventory reduction measures to mitigate financial pressures, achieving an adjusted EBITDA of $248 million for the year [1][2] Financial Performance - Full Year 2025: - Net sales: $1,806.7 million, down from $1,877.5 million in 2024 [2][5] - Adjusted EBITDA: $248 million, down from $302.2 million in 2024 [2][5] - Net loss: $70.1 million compared to a profit of $44.2 million in 2024 [2][5] - Free cash flow: $55 million, an improvement from a negative $43 million in 2024 [2][5] - Fourth Quarter 2025: - Net sales: $411.7 million, a 5% decline year-over-year [1][2] - Adjusted EBITDA: $55 million, down from $61.7 million in Q4 2024 [2][5] - Net loss: $21.1 million compared to a profit of $17.2 million in Q4 2024 [2][5] Segment Performance - Specialty Carbon Black: - Full year net sales decreased by 4% due to lower demand and the pass-through effect of lower oil prices [2] - Adjusted EBITDA decreased by 14% year-over-year [2] - Rubber Carbon Black: - Full year net sales decreased by 3%, primarily due to lower oil prices, despite a 4% increase in volume [2] - Adjusted EBITDA decreased by 20% year-over-year, impacted by unfavorable regional mix [2] Operational Highlights - The company generated $69 million in cash from working capital in 2025, contributing to positive free cash flow [1][2] - Orion was awarded a Platinum rating by EcoVadis, placing it in the 99th percentile of assessed companies [1] - The company improved plant reliability by 200 basis points in 2025, enhancing operational efficiency [1] Outlook - For 2026, Orion established an adjusted EBITDA guidance range of $160 million to $200 million and a free cash flow guidance range of $25 million to $50 million [2] - The company anticipates subdued operating rates from key customers and a lack of pronounced demand recovery in the near term [2]

Core Viewpoint - Carrier Global Corporation demonstrates a strong commitment to dividend growth, with a recent 6.7% increase in its quarterly dividend, despite facing operational challenges in the residential market. The company's robust free cash flow and insider confidence support the sustainability of its dividend payments [6][24][25]. Dividend Profile - Carrier's dividend yield stands at 1.39%, which is below the industrial sector average, contrasting with Trane Technologies' 0.81% yield. However, Carrier has an A- overall dividend grade due to strong free cash flow coverage and a sustainable payout ratio of approximately 38% [4][5][8]. - The company has consistently increased its dividend for six consecutive years, with a significant acceleration in growth, including an 18.4% year-over-year increase projected for 2025 [2][3]. Financial Performance - In 2025, Carrier returned approximately $3.7 billion to shareholders, including $800 million in dividends and $2.9 billion in share repurchases. The free cash flow of $2.1 billion comfortably covered the dividend obligations [5][11]. - The fourth quarter of 2025 saw revenue decline to $4.84 billion, a 6% year-over-year decrease, with adjusted earnings per share falling 37% due to pressures in the residential segment [9]. Growth Drivers - The commercial HVAC segment showed resilience with a 50% increase in orders, driven by data center projects, while aftermarket services continue to grow at double-digit rates, providing stable revenue [10][20]. - For 2026, Carrier projects sales of approximately $22 billion and adjusted earnings per share around $2.80, indicating high single-digit growth [11]. Insider Confidence - Recent insider transactions, including significant purchases by CEO David Gitlin and CFO Patrick Goris, indicate strong management confidence in the sustainability of the dividend [13][14]. Valuation Context - Carrier trades at 40 times trailing earnings and 24 times forward earnings, reflecting investor expectations for margin recovery. The stock price has increased by 27.36% year-to-date, indicating market anticipation of recovery in residential markets and growth in data centers [15][16]. Conclusion - While Carrier's dividend growth trajectory is strong, the current yield may not attract income-focused investors compared to peers like Trane. The company's focus on capital appreciation and robust cash generation supports its dividend sustainability amid market challenges [24][25].

Warrior ended the year with coal inventories of 1.6 million short tons, up from 1.1 million tons at the end of September, which management attributed to the early Blue Creek longwall start-up. Given expectations for continued weak market conditions in 2026, the company said it plans to begin 2026 with Blue Creek production of about 4.5 million short tons and sell down excess inventory before ramping higher in line with additional contractual volumes.For full-year 2025, Warrior reported record sales volume o ...