FTI Consulting (NYSE:FCN) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsDivyam Bothra - Equity Research AssociateMollie Hawkes - Head of Marketing, Communications and Investor RelationsPaul Linton - Interim CFO and Chief Strategy and Transformation OfficerSteven Gunby - CEO and PresidentConference Call ParticipantsAndrew Nicholas - Research Analyst for Global ServicesOperatorWelcome to the FTI Consulting fourth quarter and full year 2025 earnings conference call. All participants w ...

FTI Consulting (NYSE:FCN) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker3Welcome to the FTI Consulting fourth quarter and full year 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then 1 on your telephone keypad. To withdraw your question, please pre ...

格隆汇2月26日｜软件供应商C3.ai表示，作为新任首席执行官Stephen Ehikian领导下的重组工作的一部 分，该公司正在裁减26%的全球员工。截至2025年4月30日，该公司约有1181名全职员工。C3.ai预计本 季度将产生约1000万至1200万美元的重组费用，并计划到2027年底将非工资相关成本削减约30%。此 外，C3.ai预计第四季度营收在4800万至5200万美元之间，大幅低于市场预期的7747万美元。 ...

Core Viewpoint - The completion of the restructuring has led to an increase in the performance of Huaihe Energy, with a projected net profit for 2025 showing significant growth compared to previous years [1][2]. Financial Performance - Huaihe Energy expects a net profit attributable to shareholders of 1.684 billion to 1.784 billion yuan for 2025, representing a year-on-year growth of 96.31% to 107.97%, but a slight decrease of 0.5% to 6.08% compared to the previous year [1][2]. - Following the acquisition of the power group, the company's total assets are projected to reach 47.724 billion yuan, marking a 102.96% increase from pre-restructuring levels [4]. Restructuring Details - The acquisition of 89.30% of the Huaihe Energy Power Group was completed in December 2025, resolving issues of competition within the same industry [2][3]. - The restructuring is expected to enhance the quality of assets and strengthen the main business by consolidating operations with the power group, which is also a thermal power enterprise [3]. Business Operations - The main business activities of Huaihe Energy include thermal power generation, electricity sales, railway transportation, and coal blending [1][3]. - As of September 2025, the company had a total installed capacity of 3.24 million kilowatts [1][6]. Production Metrics - In the first nine months of 2025, Huaihe Energy generated 12.375 billion kWh of electricity, a decrease of 9.63% year-on-year, with a corresponding drop in grid electricity output [7]. - The average utilization hours of thermal power units were reported at 3,525.57 hours, down 375.72 hours from the previous year, primarily due to increased competition from renewable energy sources and the shutdown of the Pan San Power Plant [7].

Core Viewpoint - The restructuring of Shanshan Group has progressed significantly with Anhui Guozhi Wanhui Group winning the bid, potentially leading to a change in control of Shanshan Co., Ltd. [1] Group 1: Restructuring Details - Anhui Wanhui Group signed a restructuring investment agreement with Shanshan Group's debt restructuring manager, indicating a shift in control to Wanhui Group and the Anhui Provincial State-owned Assets Supervision and Administration Commission [1][3] - The total investment amount for the bankruptcy service trust established by the winning bidder is capped at 7.156 billion yuan, with Wanhui Group acquiring 13.5% of shares at a price of 16.423667 yuan per share, totaling approximately 4.987 billion yuan [1][2] - Shanshan Group and its subsidiary will retain 8.38% of shares and must align with Wanhui Group as a concerted action party within three years post-agreement [2] Group 2: Market Reaction and Financial Performance - Following the announcement of the restructuring, Shanshan's stock price experienced a surge, hitting the daily limit up on February 6 and continuing to rise for two consecutive trading days [1] - Shanshan Co., Ltd. projected a net profit of 400 million to 600 million yuan for 2025, marking a turnaround from losses in the previous year, driven by strong demand in the electric vehicle and energy storage markets [5] - The company’s core businesses, including negative materials and polarizers, are expected to achieve a combined net profit of 900 million to 1.1 billion yuan, indicating a robust operational capacity post-restructuring [5] Group 3: Implications of State-Owned Enterprise Involvement - The involvement of state-owned enterprises like Anhui Wanhui Group and Conch Group is anticipated to bring a more standardized governance structure, potentially resolving the internal family disputes that have plagued Shanshan Group since the founder's passing [4] - If the restructuring is successful, Conch Group may indirectly become the actual controller of Shanshan Group, enhancing financial stability and operational focus [3][4]

| 封单占成交 | 8.09% | | | | | --- | --- | --- | --- | --- | | 最高到单量 | 47.2万 | | | | | 涨停成交量 | 43.2万 | | | | | 3-06- | 14.37 14.6万 | ਐੱ | | | | 买2 | 14.36 7717 | ऋ३ | 3762 | | | 14.35 | | | | | | 24 | 750 | 14.34 | ਜ਼ੋਟ | | | 515 | 14.33 | | | | | 分时成交 ▲ | | | | | | 14:56 | 14.37 | 127 | -10.03% | 11.75 | | 14.37 | 14:56 | 47 | 成交量▼ 180.6万 分时量:4336↑ | 现量:4336 | | 396 | 14:56 | 14.37 | 17.4万 | | | 14.37 | 38 | 14:56 | | | | 14.37 | 55 | 14:56 | | | | 31 | 14:56 | 14.37 | | | | 14.37 | 36 | 14:57 | CHIP PUST TAL | ...

标的公司是一家专注于芳香族产品的研发、生产和销售的高新技术企业，为客户提供从小试、扩试到商 业化生产的综合性增值服务。标的公司的主要产品及服务为新一代特种工程塑料聚醚醚酮(PEEK)中间 体、农药及医药中间体系列及PEEK纯化业务。 韩建河山（603616）(603616.SH)发布公告，公司拟发行股份及支付现金购买兴福新材99.9978%股份， 并向不超过35名符合条件的特定投资者发行股份募集配套资金。公司股票于2026年2月4日开市起复牌。 通过本次重组，公司增加新的收入和利润增长点，打造第二增长曲线，提升公司的盈利能力和资产规 模，增强公司抗风险能力与核心竞争力，促进公司高质量发展，从而切实维护公司全体股东尤其是中小 股东的权益。 ...

Group 1 - The company, Han Jian He Shan (603616.SH), announced plans to issue shares and pay cash to acquire 99.9978% of Xingfu New Materials, while also raising funds through a share issuance to no more than 35 qualified investors [1] - Xingfu New Materials is a high-tech enterprise focused on the research, production, and sales of aromatic products, providing comprehensive value-added services from small trials to commercial production [1] - The main products and services of Xingfu New Materials include new generation specialty engineering plastics, specifically polyether ether ketone (PEEK) intermediates, as well as pesticide and pharmaceutical intermediates and PEEK purification services [1] Group 2 - Through this restructuring, the company aims to increase new revenue and profit growth points, creating a second growth curve and enhancing profitability and asset scale [1] - The acquisition is expected to strengthen the company's risk resistance and core competitiveness, promoting high-quality development and protecting the rights of all shareholders, especially minority shareholders [1]

Financial Data and Key Metrics Changes - The company generated full-year Adjusted EBITDA of $2.4 billion, down from $2.6 billion in 2024, reflecting lower ownership in three businesses following partial sales [17] - Adjusted EFO for the year was $1.2 billion, including $161 million of net gains during the year [17] - Excluding tax credits and the impact of acquisitions and dispositions, Adjusted EBITDA was $2.1 billion, compared to $2 billion in the prior year [17] Business Line Data and Key Metrics Changes - The industrial segment generated full-year Adjusted EBITDA of $1.3 billion, up from $1.2 billion last year, with a 10% increase excluding acquisitions and dispositions [18] - The business services segment generated full-year Adjusted EBITDA of $823 million, down from $832 million last year, but increased approximately 5% on a same-store basis [19] - The infrastructure services segment generated full-year Adjusted EBITDA of $436 million, down from $606 million last year, impacted by the sale of operations and lower terminal deliveries [20] Market Data and Key Metrics Changes - North America is benefiting from easing rates, steady consumer spending, and resilient labor markets, although growth remains challenging in certain end markets [10] - In Europe, conditions are more challenging with slower activity in cyclical and industrial end markets, but early signs of improvement are noted due to fiscal spending and stabilizing energy prices [11] Company Strategy and Development Direction - The company is close to completing a corporate reorganization to become a single, newly listed corporation, which is expected to improve trading liquidity and attract global investors [5] - The strategy focuses on operational excellence and capitalizing on de-globalization and AI trends to reshape supply chains and enhance business performance [7][8] - The company aims to continue compounding value for shareholders through capital recycling, growth acquisitions, and stock repurchases [4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market backdrop, noting that the trading price is 50% higher than a year ago but still at a discount to NAV [8] - The company is well-positioned with capital and capabilities to build value in 2026, with a strong pipeline of new commercial opportunities [9][15] Other Important Information - The company ended the year with approximately $2.6 billion of pro forma liquidity at the corporate level, providing significant flexibility for growth and capital allocation [21] - The company has repurchased approximately $235 million of its units and shares, remaining committed to completing its $250 million buyback program [21] Q&A Session Summary Question: Regarding Clarios' performance and tax credits - Management indicated that Clarios is generating significant free cash flow, and the 45X tax credits will enhance cash for reinvestment, with various options for shareholder returns being considered [23][24] Question: On Scientific Games' earnings trajectory - Management expressed cautious optimism about Scientific Games, noting a strong market position and a robust pipeline, but emphasized that earnings growth may take time to materialize [26][27] Question: On the balance between reducing leverage and pursuing growth - Management stated that growing EBITDA will naturally reduce leverage, and the focus remains on growth while managing debt levels effectively [28][29] Question: Update on CDK operations - Management reported strong renewal activity and a focus on stabilizing churn through technology adoption, with a positive long-term outlook for the business [42][44] Question: On monetization environment and deployment pacing - Management noted a strong environment for monetizations and indicated that 2026 is expected to be an active year for acquisitions, continuing the momentum from 2025 [45][46]

Group 1 - Blackstone Group is in advanced negotiations to become the largest single shareholder of New World Development, potentially gaining control of the company and marking the first time a wealthy Hong Kong family relinquishes control of a business founded over 50 years ago [1] - The proposed plan involves restructuring New World Development, which is facing financial difficulties, allowing the Cheng family to sell assets to improve liquidity [1] - New World Development, one of Hong Kong's most indebted developers, was on the brink of default last year due to a downturn in the property market after previously expanding through debt [1] Group 2 - In August 2025, there were reports of initial contacts between New World Development and Blackstone Group regarding asset sales, with Blackstone exploring the acquisition of some assets and the possibility of future privatization [2] - New World Development clarified in an announcement that neither the company nor its controlling shareholders had engaged in formal discussions regarding equity acquisition with any parties [2] - The company's assets include notable properties such as the K11 Art Mall, Hong Kong Convention and Exhibition Centre, and several iconic residential projects [2]