Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting a net profit attributable to shareholders of RMB 27.533 billion to RMB 28.006 billion, representing a year-on-year increase of 111% to 115% [1] - The company is actively pursuing its financial mission and aims to enhance its operational management level while achieving synergies from its merger [1] Financial Performance - The projected net profit excluding non-recurring items is expected to be between RMB 21.053 billion and RMB 21.516 billion, reflecting a year-on-year increase of 69% to 73% [1] - The company anticipates record-high asset scale and operational performance, with significant growth in wealth management, institutional, and trading business revenues [1] Strategic Initiatives - The company is committed to serving national strategic initiatives and has successfully completed its merger, focusing on integration and operational efficiency [1] - The company plans to optimize and upgrade its service systems for retail, institutional, and corporate clients to enhance comprehensive capabilities and achieve growth in client operations [1] Market Outlook - The domestic capital market is expected to see increased activity and prosperity, which the company aims to leverage by utilizing the advantages of its merger, including brand strength and scale effects [1] - The company has recognized negative goodwill from the merger with Haitong Securities, which will be included in non-operating income [1]

Financial Data and Key Metrics Changes - Atlantic Union Bankshares reported a net income available to common shareholders of $109 million for Q4 2025, with earnings per common share at $0.77, and for the full year 2025, net income was $261.8 million, with earnings per common share at $2.03 [16][17] - Adjusted operating earnings for Q4 were $138.4 million, or $0.97 per common share, resulting in an adjusted operating return on tangible common equity of 22.1% and an adjusted operating efficiency ratio of 47.8% [17][18] - The FTE net interest margin increased by 13 basis points to 3.96%, driven by reduced deposit costs while holding loan yields relatively flat [9][20] Business Line Data and Key Metrics Changes - Quarterly loan growth was approximately 6.3% annualized, ending the year at $27.8 billion, with expectations for 2026 year-end loan balances to range between $29 billion and $30 billion [7][28] - Fee income was strong, primarily driven by loan-related interest rate swap fees and fiduciary and asset management fees, with about 27% of interest rate swap income coming from former Sandy Spring customers [10][20] - Non-interest income increased to $57 million for Q4, primarily due to a recovery from a pre-tax loss in the prior quarter related to the sale of CRE loans [23] Market Data and Key Metrics Changes - Virginia's unemployment rate remained unchanged at 3.5%, while Maryland's rate rose to 4.2% and North Carolina's rate edged up to 3.8%, all remaining below the national average [11][12] - The company anticipates manageable unemployment levels in Virginia, Maryland, and North Carolina, consistent with Moody's forecasts [12] Company Strategy and Development Direction - The company aims to leverage the strategic advantages gained from the Sandy Spring acquisition to drive sustainable growth and long-term value creation [7][14] - Focus will shift to demonstrating the franchise's earnings power and capital generation ability, with no additional acquisitions planned during this phase [14][15] - The company is committed to expanding its presence in North Carolina and pursuing organic growth opportunities across specialty lines [14][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strategic goals associated with the Sandy Spring acquisition, with expectations for reduced merger-related expenses in Q1 2026 [5][6] - The company remains optimistic about loan growth despite economic uncertainties, with a strong pipeline and growing client confidence [8][51] - Management noted that 2025 was a pivotal year, successfully navigating merger integration and macroeconomic challenges while delivering strong operating results [15] Other Important Information - The company paid a common stock dividend of $0.37 per share, an increase of 8.8% from the previous quarter [27] - The total allowance for credit losses was $321.3 million, with a net charge-off ratio of 17 basis points for the full year, within guidance [18][19] Q&A Session Summary Question: Clarification on 2026 guidance - Management reiterated guidance for net interest income between $1.35 billion and $1.375 billion, with factors influencing the higher end including elevated accretion income and lower deposit costs [36][37] Question: Deposit remix and beta forecast - Management confirmed a forecast of mid-50s beta for interest-bearing deposits, with recent remix driven by post-conversion adjustments [40][42] Question: Loan pipeline and near-term growth - Management indicated a modest increase in the loan pipeline, with positive feedback from market leaders contributing to confidence in mid-single digit loan growth guidance [50][51] Question: Outlook for deposit growth - Management expects about 3%-4% deposit growth for 2026, driven by treasury management opportunities in the former Sandy Spring footprint [89] Question: Cost savings from Sandy Spring deal - Management noted that most cost savings from the Sandy Spring acquisition are reflected in current numbers, with some residual benefits expected in Q1 [95][96]

Financial Data and Key Metrics Changes - The first quarter operating loss was greater than the combined loss of legacy companies in 2024, but only slightly above expectations in the operating plan, consistent with off-season investments needed for park preparations [7][14] - First quarter attendance represented approximately 5.5% of full year attendance, and revenues were closer to 6%, lower than the historical expectation of 7% [14][46] - The company maintained its full year 2025 adjusted EBITDA guidance of $1,080 million to $1,120 million [21] Business Line Data and Key Metrics Changes - Attendance trends in April showed a slight increase of over 1% year-over-year, despite adverse weather conditions impacting attendance by approximately 175,000 visits [15][56] - Per capita spending improved in April, indicating a positive trend as attendance levels increased [16][58] Market Data and Key Metrics Changes - Season pass sales showed positive momentum, narrowing the sales gap to prior year by approximately 2% in units sold and 3% in total sales [16][58] - Bookings at resort properties increased by over 10% compared to the same week last year, indicating strong consumer engagement [9] Company Strategy and Development Direction - The company is focused on minimizing lower value operating days in the first and fourth quarters while maximizing operating days in the second and third quarters [8][10] - Significant progress has been made in merger integration, with a target of achieving $120 million in merger cost synergies by year-end, six months ahead of schedule [10][24] - The decision to close parks in Maryland aligns with the strategy to simplify operations and focus on high-margin, high-growth parks [25][26] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the business outlook despite macroeconomic challenges, citing strong demand indicators and consumer willingness to spend on entertainment [9][10][56] - The company is actively monitoring the evolving tariff situation, believing its exposure is limited due to the labor-intensive cost structure [12] Other Important Information - The company ended the quarter with $62 million in cash and $179 million available under its revolving credit facility, with gross debt of $5.3 billion [22][23] - Capital expenditures for the first quarter were $140 million, consistent with the full-year expectation of $475 million to $500 million [23] Q&A Session Summary Question: What is the expected attendance and sales growth in the second quarter? - Management indicated that the second and third quarters are expected to be higher margin days with strong demand anticipated [32][34] Question: Can you quantify the impact of the Easter and Boysenberry Festival shifts? - Management noted that weather impacted attendance in April, but they expect to recover lost attendance in May and June [35][36] Question: What are the expectations for the closure of the Six Flags Park in Maryland? - The closure is part of a strategy to maximize value from land sales and focus on more profitable parks [48][50] Question: What gives confidence to maintain guidance despite softer April performance? - Management cited strong long lead indicators, including season pass sales and consumer spending trends, as reasons for confidence [56][58] Question: What are the expectations for proceeds from land sales? - Management indicated that gross proceeds from land sales could exceed a couple of hundred million dollars [64]