Financial Data and Key Metrics Changes - For the full year 2025, the company reported Adjusted EBITDAre of $1.757 billion, a 4.6% increase over 2024, and adjusted FFO per share of $2.07, a 3.5% increase year-over-year [5][6] - Comparable hotel total RevPAR grew 4.2%, and comparable hotel RevPAR grew 3.8% compared to 2024 [6] - The fourth quarter adjusted EBITDAre was $428 million, with adjusted FFO per share of $0.51 [6] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA margin was 28.9%, down 40 basis points year-over-year, influenced by $21 million of business interruption proceeds received in 2024 [6][27] - Transient revenue grew by 6% in the fourth quarter, primarily driven by rate increases, with luxury properties seeing over 10% growth [7][23] - Comparable hotel food and beverage revenue grew approximately 6%, with strong performance in outlet revenue and banquet contributions [22][23] Market Data and Key Metrics Changes - Strong transient performance was noted in markets such as Maui, New York, and San Francisco, with Maui contributing over one-third of the transient revenue growth in the fourth quarter [7][8] - The company expects Maui to contribute approximately $120 million of EBITDA in 2026, up from $111 million in 2025 [8][58] - Group revenue for the fourth quarter was up approximately 1% year-over-year, driven by rate increases despite declines in group room nights [8][25] Company Strategy and Development Direction - The company is focused on capital allocation through dispositions, portfolio reinvestment, share repurchases, and dividends, while maintaining an investment-grade balance sheet [5][12] - The recent sale of the Four Seasons properties for $1.1 billion reflects the company's strategy to monetize assets at attractive returns [10][41] - The company plans to evaluate the best use of capital based on market conditions, which may include returning capital to shareholders or pursuing acquisitions [12][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the travel environment, particularly at the upper end of the chain scale, and believes the company is well-positioned to capitalize on future opportunities [20][30] - For 2026, the company anticipates comparable hotel total RevPAR growth of between 2.5% and 4%, and comparable hotel RevPAR growth of between 2% and 3.5% over 2025 [28][30] - The company expects wage rates to increase approximately 5% in 2026, with total expense growth assumed at 3.3% [30][81] Other Important Information - The company completed approximately $644 million in capital expenditures in 2025, focusing on resiliency initiatives and hurricane restoration [15] - The company has a weighted average maturity of 5.1 years on its debt, with no maturities in 2026, and ended 2025 with a leverage ratio of 2.6 times [32] - The company returned nearly $860 million of capital to shareholders in 2025, including share repurchases and dividends [14] Q&A Session Summary Question: Insights on the Four Seasons sales and future high-value dispositions - Management highlighted the depth of the buyer pool for luxury assets and indicated that they are open to selling top-performing assets if it maximizes shareholder value [36][40] Question: Details on the Transformational Capital Program - Management explained that the program targets great assets needing repositioning, with expectations of mid-teens cash on cash returns from the investments [48][50] Question: Outlook for Maui's EBITDA and recovery - Management expressed confidence in the $120 million EBITDA forecast for Maui in 2026, noting significant growth expected from the Hyatt Regency Maui [58][59] Question: Future capital allocation strategies - Management stated that they will take a measured approach to capital allocation, considering market conditions and operational performance before making decisions [75][76] Question: Expense outlook and labor availability - Management indicated that total expense growth is expected to be 3.3%, with wage rates projected to increase by 5%, but overall expenses may be lower due to productivity enhancements [80][81]

Nutrien (NYSE:NTR) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsBen Isaacson - Managing Director of Equity ResearchChris Reynolds - Executive Vice President and President, Nutrien Ag SolutionsJeff Holzman - SVP of Investor Relations and FP&AJustin Pellegrino - Equity Research AssociateKen Seitz - President and CEOMark Thompson - CFOConference Call ParticipantsAndrew Wong - Equity Research AnalystBen Theurer - Equity Research AnalystChris Parkinson - Managing Director and Senior Re ...

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 ...