Financial Data and Key Metrics Changes - The company reported FFO of $0.90 per share for Q4 2025, including $0.06 from land sale gains, resulting in a full-year FFO of $3.48 per share, which is 2% higher than the midpoint of the original outlook for 2025 [8][24] - Net income for Q4 was $28.7 million, or $0.26 per share [24] - The initial 2026 FFO outlook is set at a midpoint of $3.54 per share, which is 5.7% higher than the initial 2025 outlook [8][26] Business Line Data and Key Metrics Changes - The company leased 526,000 sq ft of second-generation space in Q4, including 221,000 sq ft of new leases, with a total of 3.2 million sq ft signed for the year [8][19] - The development pipeline is now 78% pre-leased, up from 72% last quarter and 56% one year ago [9] - Cash rent spreads were positive, with GAAP rent spreads in the mid-teens, and net effective rents were 20% higher than in 2024 [9][19] Market Data and Key Metrics Changes - The Sun Belt markets are experiencing strong demand, with limited new supply and positive net absorption [18][20] - Charlotte generated more nominal jobs than any other metro area except New York City in 2025, indicating robust economic activity [20] - Dallas is noted as the number one market to watch, with significant net absorption and a strong Class A office market [22] Company Strategy and Development Direction - The company is focused on investing in high-quality office and BBD locations in the Sun Belt, with a projected NOI growth potential of $50 million-$60 million across eight buildings [6][7] - Future investments are expected to drive additional growth, with approximately $800 million invested over the past 12 months [7] - The company plans to complete $190 million-$210 million of additional dispositions by mid-year 2026 to fund acquisitions and maintain a leverage-neutral position [16][26] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the next few years due to strong fundamentals in core markets, limited new supply, and ongoing demand from companies [5][6] - The company expects to drive occupancy higher by roughly 200 basis points from the end of 2025 to the end of 2026 [6] - Management noted that expansions outpaced contractions 2.5-to-1 for Q4 and over 3-to-1 for the year, indicating a positive leasing environment [19] Other Important Information - The company has filed a new S-3 shelf registration statement with the SEC, allowing for future capital market transactions [32] - The company plans to fund recent acquisitions on a leverage-neutral basis, primarily through the sale of non-core assets [25][26] Q&A Session Summary Question: When does the company expect to realize elevated growth rates from capital recycling? - Management indicated that the impact on 2026 numbers is one-time in nature, with growth expected to normalize in 2027 [34][35] Question: How is demand for the remaining leasing in the development pipeline? - Management reported strong demand, with continued progress in leasing throughout 2025 [37] Question: Has the company seen any impact from AI-related layoffs in its markets? - Management stated that they have not observed any significant impact from AI-related layoffs, with continued demand for office space [41][42] Question: What is the expected occupancy bridge throughout the year? - Management expects occupancy to improve steadily throughout the year, despite some initial drag from recent acquisitions [54][56] Question: What percentage of the $200 million non-core sales is related to land sales? - Management clarified that none of the $200 million is related to land sales, which are expected to occur later in the year [52] Question: What is the leasing target to grow occupancy? - Management indicated that approximately 700,000 to 750,000 sq ft of new leasing is needed to achieve the year-end occupancy target of 87.5% [73][75]

Fourth Quarter 2025 Earnings Presentation The Chefs' Warehouse, Inc. 1 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs' Warehouse, Inc. (the "Company") that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which ...

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Core Insights - Loews Corporation reported a significant increase in net income for the fourth quarter of 2025, reaching $402 million or $1.94 per share, compared to $187 million or $0.86 per share in the same quarter of 2024, largely due to the absence of a pension settlement charge that impacted the previous year's results [2][5][8]. Consolidated Financial Highlights - For the fourth quarter of 2025, consolidated revenues totaled $4.734 billion, an increase from $4.546 billion in the fourth quarter of 2024 [19]. - The company’s net income attributable to Loews Corporation for the year ended December 31, 2025, was $1.667 billion, or $7.97 per share, compared to $1.414 billion, or $6.41 per share, in 2024 [8][19]. - Book value per share increased to $90.71 as of December 31, 2025, from $79.49 as of December 31, 2024 [4][19]. Segment Performance - CNA Financial's net income attributable to Loews Corporation was $276 million in Q4 2025, a significant increase from $19 million in Q4 2024, excluding the prior year's pension charge [4][5]. - Boardwalk Pipelines reported a decrease in net income to $110 million in Q4 2025 from $145 million in Q4 2024, primarily due to the non-recurrence of a $36 million income tax benefit recorded in the previous year [4][19]. - Loews Hotels & Co experienced a decline in net income to $6 million in Q4 2025 from $27 million in Q4 2024, mainly due to a $20 million asset impairment charge related to hotel renovations [4][19]. Share Repurchase Activity - In 2025, Loews Corporation repurchased a total of 8.9 million shares of its common stock for $782 million, with 1.0 million shares repurchased in Q4 2025 for $98 million [1][17]. Cash and Debt Position - As of December 31, 2025, Loews Corporation held $3.9 billion in cash and investments against $1.8 billion in debt, indicating a strong liquidity position [4].

该行渠道调查显示，美高梅中国计划于今年升级其酒店客房，相信此举将进一步强化其高端吸引力并提 升市占率；管理层亦指农历新年前的酒店预订情况强劲。此外，该行假设美高梅中国今年派息率为 50%，与公司更新的股息政策一致，估计其将提供高于5%的行业领先股息率。 麦格理发布研报称，将美高梅中国(02282)2025至2027年经调整EBITDA预测分别上调3.1%、1%及 0.7%，主要反映第四季业绩超预期；目标价从21.3港元微幅上调1%至21.6港元；评级"跑赢大市"。 集团去年末季业绩超预期，净收入同比增21%，按季增13%至96.2亿港元，较该行预测高6%。总博彩收 入达105亿港元，同比增21%，按季增11%，较该行预测高3.1%。贵宾厅业务同比增40%，与中场业务 同比增20%均现强劲增长。经调整EBITDA创下季度新高，达27.5亿港元，同比增长29%，按季增长 16%，较市场预期高出11%。 ...

花旗发表研报指，美高梅中国于2025年第四季度再次实现季度EBITDA创新高，达27.53亿港元。公司以 全年EBITDA超过100亿港元、市场份额逾16%的纪录完结2025财年。更令人鼓舞的是，其EBITDA利润 率由2024年第四季度的26.8%改善至2025年第四季度的28.6%，反映营运成本控制良好。展望农历新 年，管理层表示未见节前淡季迹象，预订趋势乐观，美高梅中国的高端酒店产品预订等候名单已相当 长；预期由2025年7月至2026年中陆续开业的新套房等项目等，将至少助公司稳守市场份额。该行维持 对美高梅中国"买入"评级及目标价18.25港元不变。 ...

中金发布研报称，维持美高梅中国(02282)2026年及2027年EBITDA预测。公司当前股价对应6倍2026e EV/EBITDA。该行维持"跑赢行业"评级及16.10港元目标价，对应8倍2026e EV/EBITDA，目标价较当前 股价具备23%的上行空间。 中金主要观点如下： 4Q25经调整EBITDA好于Visible Alpha一致预期 美高梅中国公布4Q25业绩：净收入为96.17亿港元(同比上升21%，环比上升13%)，恢复至4Q19水平的 169%；经调整EBITDA为27.53亿港元(同比上升29%，环比上升16%)，恢复至4Q19水平的177%，高于 Visible Alpha一致预期的24.49亿港元。该行认为，美高梅中国的表现主要得益于高端业务持续超预期， 美狮美高梅及澳门美高梅总博彩收入分别恢复至4Q19水平的214%和104%。 4Q25，美高梅中国与美高梅度假集团(MGM.US)签署新的长期品牌协议 美高梅中国品牌使用费由月度净收入的1.75%上调至3.5%，20年期，自2026年起生效，按月支付，品牌 使用费的年度上限逐年钉定。2026年美高梅中国的品牌使用费支付上限为1.8 ...

Key Takeaways MGM posted Q4 EPS of $1.60 and revenues of $4.61B, both topping estimates and rising year over year.MGM China drove growth as Q4 revenues rose 21% and EBITDAR hit a record $332M on strong premium-mass demand.MGM Digital revenues climbed to $188M in Q4, with EBITDAR loss narrowing to about $7M from last year.MGM Resorts International (MGM) reported fourth-quarter 2025 results, with earnings and revenues surpassing the Zacks Consensus Estimate. On a year-over-year basis, both the top and bottom ...

Financial Data and Key Metrics Changes - Fiscal 2026 started strong with Q1 adjusted EBITDA significantly above expectations, leading to an increase in guidance [4] - Continued aggressive share repurchases have helped maintain net leverage flat despite operational performance [4] Business Line Data and Key Metrics Changes - The foodservice normalized run rate has been updated positively, reflecting strong operational performance [4] - The egg segment saw volume growth, particularly in higher value-added eggs, with expectations of a 3%-4% growth rate moving forward [23][45] Market Data and Key Metrics Changes - The cereal category has recently returned to historical low single-digit growth rates after significant declines, attributed to changes in consumer behavior and SNAP adjustments [11][12] - The pet category, particularly dog food, has been softer compared to cat food, with expectations of stabilization in volumes as brands are relaunched [76] Company Strategy and Development Direction - The company remains opportunistic regarding M&A, with no specific category focus but is open to investments that show potential returns [31] - Adjustments in promotional spending and assortment strategies are being made to enhance efficiency in promotional-driven channels [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that market valuations for small-cap growth-oriented food companies are changing, making M&A more interesting as multiples decrease [10] - The company is confident in the stickiness of the foodservice normalized run rate and expects continued growth driven by value propositions [45] Other Important Information - The company has successfully closed two cereal facilities, with cost savings expected to impact the P&L starting in Q3 [78] - The company is focused on balancing attention between the foodservice segment and the RTD shakes plan, ensuring profitability before expansion [39] Q&A Session Summary Question: Market valuations and M&A activity - Management noted that changing multiples are making M&A more interesting, but it is still uncertain if valuations are attractive enough for smaller public entities [10] Question: Cereal category performance - Management indicated that recent improvements in the cereal category are linked to SNAP changes and a shift in consumer preferences towards more affordable options [12] Question: Guidance for the rest of the year - The balance of the portfolio is expected to remain similar to initial outlooks, with no material changes anticipated [21] Question: Foodservice volume growth - Management highlighted that year-over-year growth in foodservice is influenced by previous avian influenza impacts and customer inventory reloads [23] Question: Competitor behavior in the cereal market - Management stated that their strategy remains unchanged despite competitor investments in price and promotion, focusing instead on efficiency [28] Question: Pet category trends - Management expects stabilization in pet volumes, particularly with the relaunch of brands like Nutrish and Gravy Train [76] Question: Cost savings from facility closures - Cost savings from the closure of cereal facilities are expected to start impacting the P&L in Q3 [78]

Post Holdings (NYSE:POST) Q1 2026 Earnings call February 06, 2026 09:00 AM ET Speaker9Welcome to the Post Holdings First Quarter 2026 Earnings Conference Call and Webcast. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressi ...