Host Hotels & Resorts (NasdaqGS:HST) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Speaker6Good morning, and welcome to the Host Hotels and Resorts fourth quarter 2025 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the call over to Jaime Marcus, Senior Vice President of Investor Relations. Thank you, and good morning, everyone. Before we begin, please note that many of the comments made today are considered to be forward-looking statements under fede ...

Texas Pacific Land Corporation NYSE: TPL Investor Presentation – February 2026 Disclaimers This presentation has been designed to provide general information about Texas Pacific Land Corporation and its subsidiaries ("TPL" or the "Company"). Any information contained or referenced herein is suitable only as an introduction to the Company. The recipient is strongly encouraged to refer to and supplement this presentation with information the Company has filed with the Securities and Exchange Commission ("SEC" ...

Fourth-Quarter 2025 Review February 18, 2026 Forward-Looking Statements and Ownership Structure This presentation contains forward-looking statements. Western Midstream Partners, LP ("WES") believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this presentation. These fact ...

SiriusPoint (NYSE:SPNT) Q4 2025 Earnings call February 19, 2026 08:30 AM ET Speaker5Good morning, and welcome to the SiriusPoint fourth quarter 2025 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference line will be open for questions with instructions to follow. As a reminder, this conference call is being recorded. I would now like to turn the call over to Mr. Liam Blackledge, Investor Relations and Strategy Manager. Pl ...

Financial Data and Key Metrics Changes - In 2025, the company produced just over 2 million ounces of gold, achieving a 66% increase in margins compared to a 43% increase in gold prices, resulting in record free cash flow generation of $769 million in Q4 and $2.5 billion for the full year [4][5] - Cost of sales for Q4 was $1,289 per ounce, with all-in sustaining costs at $1,825 per ounce, higher than the previous quarter due to increased gold prices and lower planned production [12] - Full-year cost of sales was $1,135 per ounce, and all-in sustaining costs were $1,571 per ounce, in line with guidance despite higher royalties [13] Business Line Data and Key Metrics Changes - Tasiast and Paracatu mines accounted for approximately 1.1 million ounces of production in 2025, with Paracatu exceeding 600,000 ounces and Tasiast being the highest margin operation [5][22] - La Coipa met full-year production guidance with a strong performance in Q4, producing 67,000 ounces [24] - U.S. assets collectively produced 676,000 ounces at a cost of sales of $1,426 per ounce, in line with guidance [24] Market Data and Key Metrics Changes - The company expects production to remain around 2 million ounces through the end of the decade, supported by higher-grade mining at Tasiast and U.S. projects [9] - Cost inflation is anticipated, primarily due to higher royalties and inflation, with guidance for 2026 set at $1,360 per ounce for cost of sales and $1,730 per ounce for all-in sustaining costs [17] Company Strategy and Development Direction - The company is proceeding with construction of three high-quality organic growth projects to extend mine life and enhance long-term costs [7] - A disciplined capital allocation strategy will be maintained, focusing on reinvesting in operations while returning approximately 40% of free cash flow to shareholders through dividends and share repurchases [19] - The company aims to strengthen its balance sheet while investing in operations to maintain a reliable, low-risk business [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, highlighting strong operational performance and cash flow generation [47] - The company is committed to responsible mining and sustainability, with plans to publish an annual sustainability report [10][11] - Future capital allocation will focus on maintaining a strong balance sheet while investing in growth opportunities [19] Other Important Information - The company received a credit rating upgrade from Moody's, improving from Baa3 to Baa2 [15] - Significant progress was made in sustainability initiatives, including a 1.5% reduction in greenhouse gas emissions [11] Q&A Session Summary Question: On Great Bear, the One Project One Process designation - Management confirmed that the designation represents an important milestone and will facilitate the provincial permitting process, with targeted first gold production in late 2029 [51][53] Question: 2026 cost guidance breakdown - The increase in all-in sustaining costs is primarily due to inflation and higher royalties, with a 10% overall increase expected [56] Question: Capital allocation and cash returns - The company plans to return capital primarily through buybacks, with a focus on maintaining a strong balance sheet while reinvesting in the business [61][63] Question: Updates on Great Bear and Lobo-Marte - Management clarified that updates will focus on milestones for Great Bear, including permitting and construction progress, while Lobo-Marte will have a specific project update on economics [86] Question: Labor contract renewals - Ongoing negotiations for the Paracatu contract are in progress, with other sites having completed their agreements [80]

Financial Data and Key Metrics Changes - In 2025, the company produced just over 2 million ounces of gold, achieving a 66% increase in margins compared to a 43% increase in gold prices, resulting in record free cash flow generation of $769 million in Q4 and $2.5 billion for the full year [4][5] - The cost of sales for Q4 was $1,289 per ounce, with all-in sustaining costs at $1,825 per ounce, which were higher than the previous quarter due to increased gold prices and lower planned production [12] - Full-year cost of sales was $1,135 per ounce, and all-in sustaining costs were $1,571 per ounce, in line with guidance despite higher royalties [13] Business Line Data and Key Metrics Changes - Tasiast and Paracatu mines together accounted for approximately 1.1 million ounces of production, with Paracatu exceeding 600,000 ounces and Tasiast being the highest margin operation [5][21] - La Coipa met full-year production guidance with a total of 232,000 ounces, while U.S. assets collectively produced 676,000 ounces at a cost of sales of $1,426 per ounce [24][25] Market Data and Key Metrics Changes - The company expects production to remain around 2 million ounces through the end of the decade, supported by higher-grade mining at Tasiast and new U.S. projects [9] - Cost guidance for 2026 is set at $1,360 per ounce for cost of sales and $1,730 per ounce for all-in sustaining costs, reflecting a 10% increase compared to 2025 due to higher royalties and inflation [16] Company Strategy and Development Direction - The company is proceeding with construction of three high-quality organic growth projects to extend mine life and enhance long-term costs [7] - A disciplined capital allocation strategy will be maintained, focusing on reinvesting in operations while returning approximately 40% of free cash flow to shareholders through dividends and share repurchases [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, emphasizing strong operational performance and cash flow generation, alongside a commitment to responsible mining and sustainability [46] - The company anticipates higher costs due to inflation and royalties but aims to maintain cost discipline [10] Other Important Information - The company ended the year with approximately $1 billion in net cash and received a credit rating upgrade from Moody's to Baa2 [14][15] - Sustainability initiatives included a 1.5% reduction in greenhouse gas emissions and support for health clinics in Mauritania [11] Q&A Session Summary Question: On Great Bear, the One Project One Process designation - Management confirmed that the designation streamlines the provincial permitting process and enhances relationships with the provincial government, facilitating project advancement [50][51] Question: 2026 cost guidance breakdown - The increase in all-in sustaining costs is primarily due to inflation and higher royalties, with a smaller portion attributed to mine plan sequencing [54] Question: Capital allocation and cash returns - The company prefers buybacks over special dividends for capital returns, aiming to reduce share count and improve per-share metrics [59][60] Question: Updates on Great Bear and Lobo-Marte - Management clarified that updates will focus on ongoing permitting and milestones rather than a new technical study [84] Question: Labor contract renewals - Ongoing negotiations for the Paracatu contract are in progress, with inflation impacts varying by country [82]

Gold Fields (NYSE:GFI) H2 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsAdrian Hammond - Executive DirectorAlex Dall - CFOChris Gratias - EVP of Strategy, Planning and Corporate DevelopmentJongisa Magagula - EVP of Investor Relations and Corporate AffairsMike Fraser - CEOConference Call ParticipantsChris Nicholson - Equity AnalystRené Hochreiter - Partner and AnalystMike FraserGood afternoon, good morning, and good evening for those that have joined the presentation of our financial y ...

Gold Fields (NYSE:GFI) H2 2025 Earnings call February 19, 2026 08:00 AM ET Speaker5Good afternoon, good morning, and good evening for those that have joined the presentation of our financial year 2025 results. And on behalf of the team at Gold Fields, I'm really pleased to deliver a very, very strong set of results for the group. Going into the presentation, I will run through a short presentation that'll be shared between myself and Alex, and then we will spend some time at the back end addressing question ...

Kinross Gold (NYSE:KGC) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Speaker7Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to Kinross Gold fourth quarter and year-end 2025 results conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply pr ...

Molson Coors Beverage Company (NYSE:TAP) 2026 Conference Summary Company Overview - Molson Coors is a top five global brewer operating in approximately 80 countries with around 16,000 employees, focusing on uniting people to celebrate life's moments [4][3] - The company has undergone a transformation journey to return to growth, completing its revitalization plan and now focusing on accelerating growth and reducing complexity [1][4] Core Points and Arguments Transformation and Growth Strategy - The new plan, Horizon 2030, aims to rewire the business for growth in a changing market, emphasizing bold opportunities and consumer engagement [9][10] - The company has maintained about 70% of the market share gained in the U.S. in 2023 and has increased premiumization by approximately 5 percentage points [4][5] - The Beyond Beer strategy is contributing nearly 10% of revenue, with brands like Topo Chico Hard and Fever-Tree leading this segment [5][4] Financial Performance and Guidance - The company faced significant industry headwinds in 2025, including cost inflation and a one-time incentive lapse, impacting 2026 guidance [6][37] - Cost inflation from Midwest premium and aluminum pricing is expected to create a $125 million headwind in 2026 [37][38] - The company plans to implement a three-year cost savings program targeting up to $450 million, starting in 2026, to mitigate inflation impacts and support growth [27][28] Capital Allocation and Shareholder Returns - Molson Coors has a strong cash generation capability, delivering over $1.1 billion in 2025 and expecting similar results in 2026 [26][27] - The company is committed to increasing dividends and has executed 72% of its $2 billion share buyback program ahead of schedule, now extending it to $4 billion through 2031 [33][34] - Capital expenditures are expected to be approximately $650 million annually, focusing on margin-enhancing projects and technology investments [29][30] Market Position and Consumer Engagement - The company aims to strengthen its core brands while transforming its above-premium and Beyond Beer strategies [10][11] - There is a focus on the value segment due to economic pressures on consumers, with selective investments in brands like Miller High Life Light and Keystone Apple [13][14] - Marketing efforts will emphasize real-life connections and occasions, with campaigns like the Miller Lite initiative and "Just bring the beer" to enhance beer's relevance in social moments [22][23] Additional Important Insights - The company recognizes the need for a local approach in its operations, emphasizing P&L accountability at the market level to drive better decision-making [19][60] - Investments in AI and technology are planned to enhance sales and marketing capabilities, aiming for efficiency and value generation [20][21] - The company is committed to improving market share and portfolio transformation, with key metrics including market share improvements, mix enhancement, and margin growth [25][71] This summary encapsulates the key points from the Molson Coors Beverage Company conference, highlighting their strategic direction, financial outlook, and market engagement initiatives.