National Energy Services Reunited (NasdaqCM:NESR) Q4 2025 Earnings call February 17, 2026 08:00 AM ET Company ParticipantsBlake Gendron - VP of Investor RelationsDerek Podhaizer - Director of Equity ResearchJeff Robertson - Managing Director of Natural ResourcesJosh Silverstein - Managing DirectorSherif Elmaghrabi - VP of Equity ResearchSherif Foda - Chairman and CEOStefan Angeli - CFOConference Call ParticipantsDavid Anderson - Senior Equity AnalystSaurabh Pant - Director of Equity Research AnalystTate Sul ...

National Energy Services Reunited (NasdaqCM:NESR) Q4 2025 Earnings call February 17, 2026 08:00 AM ET Speaker5Please note this conference is being recorded. I will now turn the conference over to Blake Gendron, Vice President of Investor Relations. Thank you. You may begin.Speaker0Thank you, Sherif. Hello, and welcome to NESR's fourth quarter 2025 earnings call. With me today are Sherif Foda, Chairman and Chief Executive Officer of NESR, and Stefan Angeli, Chief Financial Officer. On today's call, we will c ...

2月6日，全球最大的生猪养殖企业——牧原食品股份有限公司（简称"牧原股份"）在港交所敲钟，成为又一家实现"A+H"双重上市的供应链巨头。 牧原股份港股发行价为39港元/股，基础发行股数为2.74亿股，拟募资净额超104亿港元。首日收盘，股价报40.52港元，上涨3.9%，总市值2325亿港元。 牧原股份创立于1992年，总部位于河南南阳，2014年在A股上市，现已形成集饲料加工、生猪育种、生猪养殖、屠宰加工为一体的猪肉产业链。牧原股份 是全球最大的生猪养殖企业，2025年生猪出栏7798万头、屠宰量2866万头。官网显示，其国内业务分布在25个省份的109座城市，拥有308个子公司。 1月12日，牧原股份在互动平台回答投资者提问时表示，目前公司屠宰肉食业务服务的客户主要为大型农批经销商、连锁商超、连锁餐饮、食品加工企 业、新零售企业等B端客户，其中商超及新零售企业销售的生鲜猪肉产品的标签上会标注生产商为牧原肉食品有限公司。 今年1月，NCBD（餐宝典）发布"2025餐饮供应链TOP100"榜单，牧原在列。该榜单基于企业综合实力（公司市值/估值、年产值、注册资本）、所服务客 户的知名度、客户数量、产品竞争力、创 ...

Financial Data and Key Metrics Changes - West Fraser reported an adjusted EBITDA of -$144 million for Q3 2025, indicating continued operation within an extended cycle trough [3] - The company exited the quarter with nearly $1.6 billion in available liquidity and a positive net cash position after debt [4] - Cash flow from operations was $58 million, with a net cash balance of $212 million, down from $310 million in the prior quarter [9] Business Line Data and Key Metrics Changes - The lumber segment posted an adjusted EBITDA of -$123 million in Q3 2025, a significant decline from $15 million in Q2 2025, primarily due to lower pricing and a $67 million duty expense [6] - The North America EWP segment reported an adjusted EBITDA of -$15 million, down from $68 million in the previous quarter, driven by lower OSB pricing [7] - The pulp and paper segment's adjusted EBITDA was -$6 million, compared to -$1 million in Q2, largely due to an annual maintenance shutdown [8] - The Europe business generated $1 million of adjusted EBITDA, similar to the $2 million reported in the second quarter [8] Market Data and Key Metrics Changes - U.S. housing starts averaged 1.31 million units through August, indicating stable but uninspiring levels of new home construction [4] - The company noted subdued demand in repair and remodeling, continuing a trend observed in previous quarters [4] Company Strategy and Development Direction - The company is focused on a defensive capital allocation strategy, leveraging a strong balance sheet to invest countercyclically and pursue investment opportunities [5] - West Fraser has permanently removed 820 million board feet of lumber capacity, representing approximately 12% of its total capacity, to optimize its asset portfolio [11] - The company plans to maintain flexibility in its operating strategy to meet customer needs while driving down costs [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating the current challenging macroeconomic conditions, supported by a strong financial position [11] - The company is preparing for a potential recovery in demand while remaining cautious about the timing and nature of such recovery [14] - Management highlighted the importance of quality in potential M&A opportunities, emphasizing a focus on enhancing strength at the bottom of the cycle [24] Other Important Information - The U.S. Department of Commerce announced final softwood lumber duty rates of 26.5%, with West Fraser having the lowest duty rate in the Canadian industry [10] - A 10% Section 232 tariff on imported softwood timber and lumber into the U.S. was imposed, effective October 14, 2025 [10] Q&A Session Summary Question: Approach to managing production in lumber and North America OSB - Management discussed maintaining a variable operating strategy that aligns with economics and customer demand needs, adjusting production as necessary [19] Question: Implied Q4 operating rate for OSB - The implied operating rate for OSB in Q4 is expected to be around 80%, influenced by seasonal maintenance shutdowns [22] Question: M&A opportunities in the current down cycle - Management emphasized a quality-first approach to M&A, focusing on opportunities that enhance the company's strength [23][24] Question: Federal support for the lumber industry - Management noted ongoing discussions with the government regarding support measures for the lumber industry, but specifics were limited [29] Question: Inventory levels in the U.S. channel - Management indicated that their inventory levels are intentionally lean, with customers buying as needed [31][34] Question: Conditions in the Canadian markets - The Canadian market remains competitive, but it does not drive demand as significantly as the U.S. market [46] Question: Capital expenditures outlook - Management indicated that capital expenditures would be discussed in more detail in February 2026, with a focus on operationalizing recent major projects [49] Question: State of the Cowie facility post-fire - The Cowie facility has been repaired and is back up and running, with positive signs in the European segment [50] Question: European lumber imports and OSB demand - Management noted limited visibility on European lumber imports but observed some price improvement and demand growth in OSB [55]

Core Insights - Tiny has transformed into a holding company with an annual revenue of $300 million by acquiring and incubating overlooked but profitable products [1][6] - The company adopts a patient, opportunistic approach, acquiring businesses from founders seeking a long-term home while maintaining their independent operations [2][15] Group 1: Investment Philosophy - Tiny focuses on acquiring businesses that are "boring but profitable," avoiding the intense competition of popular Silicon Valley sectors [9][22] - The company seeks businesses with high profit margins, unique advantages, simple business models, stable profitability, a successful operating history, and quality teams [14][27] Group 2: Key Business Units - MetaLab serves as Tiny's cash flow engine, generating $40-50 million in annual revenue with a profit of $20 million, leveraging geographic arbitrage [11] - Dribbble, acquired for under $10 million, now generates tens of millions in annual revenue under Tiny's management, exemplifying the company's investment philosophy [12] - WeCommerce showcases Tiny's ability to create a cohesive ecosystem through the acquisition and integration of multiple Shopify applications [13] Group 3: Acquisition Strategy - Tiny's acquisition method contrasts traditional private equity by being founder-friendly, providing resources and support while preserving company culture [15][19] - Post-acquisition, Tiny enhances efficiency through standardized marketing processes, optimized pricing strategies, and shared best practices among its companies [17][18] Group 4: Entrepreneurial Insights - Entrepreneurs are advised to focus on industries with less competition and to leverage AI tools for market and financial analysis to reduce trial and error costs [22][24] - Common mistakes include entering over-saturated markets, and entrepreneurs should seek to scale their businesses while delegating less enjoyable tasks [25][26] Group 5: Future Outlook - Tiny's strategy highlights the potential of counter-cyclical investment opportunities, focusing on cash flow and long-term holding philosophy [28]

Financial Data and Key Metrics Changes - Overall first quarter revenue was $303.1 million, up 2.1% year-over-year but down 11.7% sequentially [23] - Adjusted EBITDA for Q1 2025 was $62.5 million with margins of 20.6%, down 100 basis points year-over-year [24] - Free cash flow for Q1 2025 was negative $9.6 million with CapEx at $30 million [26] - Net debt to adjusted EBITDA was 0.93, remaining below the one times target for three consecutive quarters [27] Business Line Data and Key Metrics Changes - Year-over-year growth was observed in Abu Dhabi, Algeria, Kuwait, Iraq, and Libya, partially offset by a slow start in Saudi Arabia [23] - The sequential decrease in Saudi was mainly due to slowdowns in main projects during Ramadan [24] Market Data and Key Metrics Changes - Most markets in the Middle East, apart from Saudi Arabia, were flat to up in Q1 2025 compared to Q1 2024 [22] - The geopolitical and economic environment has led to lower oil prices and rig counts in certain countries [22] Company Strategy and Development Direction - The company is adapting its long-term strategy to fit current market conditions, focusing on right-sizing fixed costs and reallocating resources [13] - The company anticipates growth in 2025 and 2026 due to a larger set of incremental contract opportunities and recent contract wins [13][14] - Investment in technology and innovation is a key focus, particularly in Kuwait and North Africa [15][16] Management's Comments on Operating Environment and Future Outlook - The management highlighted a resetting of the oil cycle, with expectations of a softening market in Saudi Arabia but growth opportunities in unconventional gas [6][7] - The company remains optimistic about its positioning in the MENA region, expecting to outperform the market due to favorable project exposure [32] Other Important Information - The company is undergoing a tender process to convert outstanding warrants into equity [29] - The outlook for the MENA region remains favorable, with upstream spending expected to be durable [31] Q&A Session Summary Question: How does Saudi's upstream spending interplay with OPEC's actions? - Management indicated that Saudi's unconventional activities will continue to grow, while conventional activities may see a drop [40][41] Question: What are the expectations for margins recovery? - Management stated that margins are expected to improve but may not reach 25% until 2026 [48][49] Question: What are the pricing trends in the Middle East? - Management noted that pricing is expected to soften due to increased capacity and competition [56] Question: What growth opportunities exist in Kuwait? - Management highlighted that Kuwait is tendering for multiple contracts across various segments, which supports growth expectations [58][59] Question: What is the status of contracts in North Africa? - Management mentioned that many contracts in North Africa are expected to be awarded in the second half of the year, with potential for significant growth [66][70]

Financial Data and Key Metrics Changes - Overall first quarter revenue was $303.1 million, up 2.1% year over year but down 11.7% sequentially [21] - Adjusted EBITDA for Q1 2025 was $62.5 million with margins of 20.6%, down 100 basis points year over year [22] - Earnings per share adjusted for charges and credits was 14 cents for Q1 2025, with charges impacting adjusted EBITDA being the lowest for many periods [23] - Cash flow from operations during Q1 2025 was $20.5 million, with free cash flow being negative $9.6 million due to increased Days Sales Outstanding (DSO) [24] - Gross debt as of March 31 was $366 million, with net debt at $288 million, maintaining a net debt to adjusted EBITDA ratio of 0.93 [25] Business Line Data and Key Metrics Changes - Year-over-year growth was observed in Abu Dhabi, Algeria, Kuwait, Iraq, and Libya, partially offset by a slow start in Saudi Arabia [21] - The sequential decrease in Saudi Arabia was mainly due to slowdowns in main projects during Ramadan [22] - The company expects to grow in Oman and UAE due to strong contract bases and new contract wins [12][21] Market Data and Key Metrics Changes - The overall market in the Middle East is expected to remain stable to slightly up, with Saudi Arabia experiencing a decline [82] - Kuwait is projected to be the biggest growth market due to added rigs and capacity [84] - North Africa is expected to see stable growth, with opportunities for significant market share increase [70] Company Strategy and Development Direction - The company is adapting its long-term strategy to right-size its fixed cost structure and reallocate resources to areas of growth [11] - The focus remains on countercyclical investing, with plans to capitalize on downturn opportunities [19][75] - The company aims to be a top player in every segment within the countries it operates, leveraging its existing relationships and market footprint [76] Management's Comments on Operating Environment and Future Outlook - The management highlighted the geopolitical and economic uncertainties impacting oil demand and supply, with expectations of a market reset [5][7] - Despite the challenges, the company remains optimistic about growth opportunities in the MENA region, particularly in gas development [31] - The outlook for 2025 remains unchanged, with expectations of revenue growth driven by recent contract wins and technology deployments [26] Other Important Information - The company is undergoing a tender process to convert outstanding warrants into equity to improve its capital structure [28] - The company has reshaped its back office and implemented new processes and controls over the past two years [28] Q&A Session Summary Question: How does Saudi upstream spending interplay with OPEC's actions? - Management indicated that Saudi Arabia's unconventional projects will continue to grow, while conventional activity is expected to decline [39][40] Question: What are the expectations for margins recovery? - Management stated that margins are expected to improve but will not return to 25% by year-end, aiming for recovery in 2026 [47][48] Question: What are the pricing trends in the Middle East? - Management noted that pricing is expected to soften due to increased competition and the nature of long-term contracts [55] Question: What growth opportunities exist in Kuwait? - Management highlighted that Kuwait is tendering for various contracts, and the company is well-positioned to capture significant market share [59] Question: What is the status of contracts in North Africa? - Management expects many contracts to be awarded in the second half of the year, with potential for significant growth in Libya and Egypt [67][70] Question: How does the company view joint ventures in the region? - Management expressed confidence in their market position and plans to invest during downturns rather than pursue joint ventures [75]