Financial Data and Key Metrics Changes - Full-year adjusted EBITDA grew by 6% to $199 million despite a challenging macro environment and unprecedented raw material inflation [5][16] - Reported net income for the fourth quarter was $5 million, up 49% year-over-year, primarily due to asset sales [9] - Consolidated adjusted EBITDA for Q4 was $33.8 million, a 3% decrease from the prior year [10] - The leverage ratio improved from 2.8 to 2.5 times at the end of the year [5][15] Business Line Data and Key Metrics Changes - Surfactants net sales increased to $402 million from $379 million, but organic volume declined by 3% due to weaker demand [12] - Polymers net sales rose to $132 million, with an 11% volume increase driven by North America and Asia [13] - Specialty Products saw modest year-over-year results primarily due to order timing fluctuations [13] Market Data and Key Metrics Changes - Organic sales volume increased by 2% for the full year, driven by strong growth in crop productivity and oil field sectors [16] - Demand in global consumer commodity surfactants softened, impacting overall performance [5][16] Company Strategy and Development Direction - The company is focused on four strategic pillars: customer-centric innovation, diversification into higher value-end markets, operational excellence, and improving financial position [17][18] - Project Catalyst aims to deliver around $100 million in pre-tax savings over the next two years, with a focus on optimizing the asset base and enhancing competitiveness [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment but expressed confidence in delivering adjusted EBITDA growth and positive free cash flow in 2026 [22] - The company expects demand recovery in the second half of 2026, aided by anticipated interest rate cuts [39][40] Other Important Information - The company paid $8.9 million in dividends during Q4 2025, marking a 2.6% increase from the previous year [6][7] - The company successfully commissioned its Pasadena sulfonation facility and optimized its asset footprint through targeted divestitures [8] Q&A Session Summary Question: What is the current capacity utilization in the surfactants business? - Management indicated that the consolidation aims to optimize the cost structure and improve utilization rates at more modern sites [27][28] Question: How will the $100 million savings from Project Catalyst be affected by inflation? - Management acknowledged that while they expect to deliver $60 million in savings in 2026, inflation will impact net savings [29][31] Question: What is the impact of oleochemicals on margins? - Management noted that the impact of oleochemicals worsened in Q4 but expects improvement in 2026 as prices stabilize [32][35] Question: What is the expected cadence of earnings growth in 2026? - Management expects EBITDA growth in 2026, with the second half showing significant improvement due to various factors including cost savings and demand recovery [38][39] Question: How will Project Catalyst affect Tier 2 and Tier 3 customers? - Management stated that the project aims to facilitate growth for Tier 2 and Tier 3 customers through improved organizational effectiveness [48][49] Question: What is the status of demand loss due to weather in Q1? - Management clarified that the majority of the $6 million demand loss was in surfactants, with agriculture continuing to grow positively [52][53] Question: What is the outlook for CapEx in 2026? - Management indicated that the CapEx guidance reflects a mix of sustaining and growth-oriented projects, with a focus on maintaining infrastructure and innovation [63][65] Question: How is the company adapting to changing consumer demand in personal care? - Management emphasized a focus on Tier 2 and Tier 3 markets and sulfate-free products to align with evolving consumer preferences [67][68] Question: How are tariffs affecting the company's competitiveness? - Management acknowledged the impact of tariffs on raw material prices but emphasized their strong supply chain and regional production capabilities [70][71]

Financial Data and Key Metrics Changes - Full-year adjusted EBITDA grew by 6% to $199 million, despite a challenging macro environment and raw material inflation [5][14] - Reported net income for Q4 2025 was $5 million, up 49% year-over-year, primarily due to asset sales [9] - Consolidated adjusted EBITDA for Q4 2025 was $33.8 million, a 3% decrease from the prior year [10] - Free cash flow for 2025 was positive at $25 million, compared to a negative $0.2 million in the prior year [10][14] - The leverage ratio improved from 2.8 to 2.5 times at the end of the year [5][14] Business Line Data and Key Metrics Changes - Surfactants net sales increased to $402 million from $379 million, but organic volume declined by 3% due to weaker demand [12] - Polymers net sales rose to $132 million, with an 11% volume increase driven by North America and Asia [13] - Specialty Products saw modest year-over-year results, primarily due to order timing fluctuations [13] Market Data and Key Metrics Changes - Organic volume for the full year increased by 2%, driven by growth in crop productivity and oil field sectors [15] - Demand in global consumer commodity surfactants softened, impacting overall performance [5][15] Company Strategy and Development Direction - The company is focused on four strategic pillars: customer-centric innovation, diversification into higher value-end markets, operational excellence, and improving financial position through cash flow generation [17][18] - Project Catalyst aims to deliver around $100 million in pre-tax savings over the next two years, with a focus on optimizing the asset base and enhancing competitiveness [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment, including raw material inflation and tariff impacts, but expressed confidence in the company's ability to deliver earnings resilience [5][6] - The outlook for 2026 includes expectations for EBITDA growth, with improvements anticipated in the second half of the year due to various factors including demand recovery and cost savings from Project Catalyst [41][42] Other Important Information - The company paid $8.9 million in dividends during Q4 2025, marking a 2.6% increase from the previous year [6] - The company successfully commissioned its Pasadena sulfonation facility and optimized its asset footprint through targeted divestitures [5][7] Q&A Session Summary Question: What is the current capacity utilization in the surfactants business? - Management indicated that consolidation aims to optimize cost structure and improve utilization rates at more modern sites, with no current losses from the facilities being closed [28][29] Question: How will the $100 million savings from Project Catalyst be affected by inflation? - Management acknowledged that while $60 million in savings is expected in 2026, inflation will impact net savings, particularly in fixed costs [30][32] Question: What is the impact of oleochemicals on margins? - The impact of oleochemicals worsened in Q4 2025, but prices are expected to improve in 2026, leading to margin recovery [33][36] Question: What is the expected cadence of earnings growth in 2026? - Management expects EBITDA growth in 2026, with significant improvements anticipated in the second half due to various factors including demand recovery and cost savings [41][44] Question: How will Project Catalyst affect Tier 2 and Tier 3 customers? - Management stated that Project Catalyst will facilitate growth for Tier 2 and Tier 3 customers by creating a more agile and productive organization [50][51] Question: What is the status of demand loss due to weather in Q1? - The majority of the $6 million demand loss was attributed to surfactants, with Polymers experiencing delays but not significant losses [52][54] Question: How are inventory levels being managed? - Management emphasized a focus on free cash flow and maintaining optimal inventory levels, with a normal lag expected in Q4 [56][58] Question: What is the impact of tariffs on competitiveness? - Management noted that tariffs are an evolving issue, but the company has a strong supply chain and production capabilities close to customers, which provides a competitive advantage [70][71]

Clean Harbors (NYSE:CLH) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAdam Bubes - VP of Equity ResearchEric Dugas - EVP and CFOEric Gerstenberg - Co-CEOLarry Solow - PartnerMichael McDonald - General CounselMike Battles - Co-CEOTobey Sommer - Managing DirectorTyler Brown - Financial AdvisorConference Call ParticipantsBryan Burgmeier - Equity Research AnalystDavid Manthey - Senior Research AnalystJames Schumm - Senior AnalystNoah Kaye - Senior Research AnalystNone - AnalystOperato ...

Clean Harbors (NYSE:CLH) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Speaker11Greetings, and welcome to the Clean Harbors fourth quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael McDonald, General Counsel for Clean Harbors. Mr. McDonald, you may begin.Speaker8Thank you, ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $285 million, a 4% increase year-over-year, driven by higher gathering and compression volumes [5] - Free cash flow after dividends for Q4 2025 was $85 million, contributing to a leverage reduction to 2.7x and approximately $48 million in share repurchases [5] - For the full year 2025, free cash flow after dividends reached a record $325 million, a 30% increase compared to 2024 [5] Business Line Data and Key Metrics Changes - The acquisition of HG Midstream for $1.1 billion adds over 400 undeveloped locations, enhancing Antero Midstream's competitive position in the Marcellus Shale [3] - The company expects 8% year-over-year EBITDA growth and 11% year-over-year free cash flow growth in 2026, following the integration of the acquired assets [4][7] Market Data and Key Metrics Changes - The company anticipates a capital budget of $190 million to $220 million for 2026, focusing on well connections, water capital, and compression asset integration [6] - The forecast for 2026 includes Adjusted EBITDA of over $1.2 billion, reflecting an 8% increase year-over-year [7] Company Strategy and Development Direction - Antero Midstream's strategy emphasizes capital-efficient organic growth and the integration of acquired assets to enhance free cash flow and operational efficiency [3][8] - The company aims to maintain a strong balance sheet with leverage in the low 3x range while executing a balanced return of capital program [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued EBITDA growth and capital efficiency, projecting high single-digit growth beyond 2027 due to the 3-rig, 2-completion crew program [12] - The management highlighted the strategic positioning of Antero Resources (AR) to meet growing demand over the next 5-10 years, supported by Antero Midstream's infrastructure [15] Other Important Information - The company reported a 20% return on invested capital (ROIC) for 2025, indicating strong capital efficiency [5] - The integration of the Intervale Water System is expected to provide high visibility into growth opportunities [4] Q&A Session Summary Question: Long-term growth outlook post-acquisition - Management indicated that the 3 rig, 2 crew program will support continued growth beyond 2027, with expected mid- to high single-digit EBITDA growth [12] Question: Growth plans for Antero Resources and implications for Antero Midstream - Management clarified that there is minimal additional capital required for Antero Midstream due to existing infrastructure, positioning AR well for future demand [14]

Murphy USA (NYSE:MUSA) Q4 2025 Earnings call February 05, 2026 11:00 AM ET Speaker9Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Murphy USA fourth quarter 2025 earnings Q&A call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the numb ...

Financial Data and Key Metrics Changes - The company reported a record EBITDA of $2.7 billion for Q4 2025, surpassing the previous record of $2.6 billion in Q4 2024 [5][20] - Net income attributable to common unit holders was $1.6 billion, or $0.75 per common unit on a fully diluted basis for Q4 2025 [12] - Adjusted cash flow from operations grew 5% to $2.4 billion in Q4 2025, contributing to a record $8.7 billion for the full year [12][14] - The distribution declared for Q4 2025 was $0.55 per common unit, a 2.8% increase from Q4 2024 [12] Business Line Data and Key Metrics Changes - The company experienced weaker pay market margins in 2025, with RGP and PGP spreads dropping from $0.14 per pound in Q4 2024 to $0.03 per pound in Q4 2025 [7] - The company is fully contracted on its ethane export terminals and processing trains, with significant growth expected in 2026 and double-digit growth anticipated in 2027 [8][18] Market Data and Key Metrics Changes - Crude oil prices averaged about $12 per barrel lower than in 2024, impacting pricing and spreads [6] - The company loaded between 350 and 360 million barrels across 744 ships in 2025, with expectations to export near 1.5 million barrels a day of NGLs in the following year [9] Company Strategy and Development Direction - The company aims for modest growth in 2026, with expectations of double-digit growth in 2027 as new assets ramp up [8][18] - The partnership with Exxon is seen as a significant opportunity, with plans to expand the Bahia pipeline to 1 million barrels per day [9][71] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment has changed, with lower commodity prices affecting margins [6] - The company expects discretionary free cash flow to be around $1 billion in 2026, with a focus on buybacks and debt retirement [19] Other Important Information - Total capital investments were $1.3 billion in Q4 2025, with $1 billion allocated for growth capital projects [14] - The company has returned $5 billion of capital to equity investors in 2025, with a payout ratio of 58% [14] Q&A Session Summary Question: Outlook for 2026 and 2027 growth - Management indicated that growth in 2026 is expected to be at the lower end of the 3%-5% range, with modest cash flow and EBITDA growth anticipated [28] Question: NGL export cadence and earnings contribution - Management explained that the ramp-up of earnings from NGL exports will continue into 2026, with full utilization expected by the second quarter [31] Question: Impact of Waha prices on operations - Management clarified that the company benefits from both low and high Waha prices through gas transport capacity and storage assets [34] Question: Producer customers' plans for 2026 - Management reported that Midland volumes are outperforming expectations, with a record number of well connects [36] Question: Negotiating power of large EMPs - Management expressed confidence in their ability to negotiate favorable contracts regardless of the size of the EMPs involved [41] Question: Buyback strategy and pace - Management confirmed that 50%-60% of free cash flow is expected to be allocated towards buybacks, with a mix of opportunistic and programmatic purchases [50] Question: Demand trends in international markets - Management noted that demand for U.S. LPG remains resilient, with strong interest in export capacity [55]

Las Vegas Sands (NYSE:LVS) Q4 2025 Earnings call January 28, 2026 04:30 PM ET Company ParticipantsDaniel Briggs - SVP of Investor RelationsDaniel Politzer - Executive Director of Equity ResearchDavid Katz - Managing DirectorGrant Chum - CEO and PresidentJohn DeCree - Head of Equity ResearchPatrick Dumont - President and COORob Goldstein - Chairman and CEORobin Farley - Managing DirectorStephen Grambling - Head of US Gaming, Lodging, and Leisure ResearchSteven Wieczynski - Managing DirectorConference Call Pa ...

Financial Data and Key Metrics Changes - Marina Bay Sands achieved an EBITDA of $806 million, marking the highest quarter in the history of casino hotels, with a total EBITDA exceeding $2.9 billion for the year [4] - Macau delivered an EBITDA of $608 million for the quarter, with an adjusted EBITDA margin of 28.9%, down 390 basis points compared to Q4 2024 [6][8] - The company repurchased $500 million of LVS stock during the quarter and paid a recurring quarterly dividend of $0.25 per share [7] Business Line Data and Key Metrics Changes - Mass gaming in Singapore reached $951 million for the quarter, up 118% from Q4 2019 and up 27% from Q4 last year [4] - Macau's mass market revenue exceeded 25% share for the quarter, up 23.6% in the first quarter of 2025 [5] - The Venetian's EBITDA margin was 32.3%, while The Londoner's margin was 28.8% [6] Market Data and Key Metrics Changes - The Macau market is currently driven by the premium segment, with a focus on rolling and non-rolling segments [5][6] - The promotional environment in Macau has become more intense, particularly in the premium segments [31] Company Strategy and Development Direction - The company is focused on maximizing asset performance and achieving $700 million per quarter in Macau [5] - Continued investment in Singapore and renovations to enhance service offerings are planned [16] - The company is exploring new development opportunities in markets like Japan but is currently focused on existing properties [60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory in both Singapore and Macau, citing strong customer demand and market positioning [24][46] - The company acknowledged challenges in the base mass segment but remains committed to improving revenue and EBITDA [97] - Management emphasized the unpredictability of future performance but noted a strong belief in the potential for continued growth [46] Other Important Information - The company increased its ownership percentage of SCL to 74.8% as of December 31, 2025 [9] - The impact of the NBA events in Macau was noted as a significant success, contributing to brand projection and stakeholder engagement [70] Q&A Session Summary Question: What is driving the strong quarter in Singapore? - Management attributed the success to the property's offerings and an increase in customer visits, with no significant changes needed in operations [14][16] Question: What is the outlook for Macau's EBITDA recovery? - Management indicated that they are focused on customer growth and revenue, with a positive trajectory expected despite current margin pressures [22][24] Question: How is the promotional environment in Macau evolving? - The promotional environment remains intense, particularly in premium segments, but management sees stabilization in promotional intensity [31][32] Question: Are there any concerns about the World Cup affecting traffic? - Management believes the World Cup will not significantly impact traffic, as customers can engage with the event remotely [55] Question: What is the strategy for the base mass segment? - Management noted that while visitation remains strong, spend per head in the base mass segment has declined, and they are working on initiatives to stimulate higher spending [102]

Core Insights - Birkenstock reported fiscal year 2025 revenue of €2.09 billion ($2.44 billion), exceeding guidance with a 16% year-on-year increase and an 18% rise on a constant currency basis, surpassing the 15-17% growth outlook [1] - Net profit surged 82% to €348.3 million, with earnings per share (EPS) increasing to €1.87 from €1.02 a year earlier [1] - Adjusted net profit grew 44% to €345.6 million, and adjusted EPS rose 45% to €1.85 [1] Financial Performance - Gross profit margin improved by 30 basis points to 59.1%, driven by pricing actions and better manufacturing absorption, despite currency movements and US tariffs [2] - Adjusted EBITDA rose 20% to €666.9 million, with an adjusted EBITDA margin of 31.8%, at the high end of guidance [2] - Operating cash flow totaled €384 million, lower year-on-year due to tax payment timing and working capital movements [3] Regional Growth - The company experienced double-digit revenue growth across all regions: 15% in the Americas, 14% in Europe, Middle East, and Africa, and 31% in Asia-Pacific [3] - B2B revenue increased by 20% on a reported basis, while direct-to-consumer revenue grew by 11% [3] - Closed-toe footwear's share of annual revenue rose to 38%, outperforming sandals [3] Future Outlook - For FY26, Birkenstock forecasts constant currency revenue growth of 13-15%, translating to reported revenue of €2.30 billion to €2.35 billion [4] - Adjusted EBITDA is expected to be at least €700 million, with an adjusted EBITDA margin of 30.0-30.5% [5] - The company plans capital expenditure of €110-130 million and intends to repurchase shares for a total consideration of $200 million, subject to market conditions [5] Management Commentary - CEO Oliver Reichert expressed pride in the strong fiscal 2025 results, highlighting the 18% constant currency revenue growth and the adjusted EBITDA margin at the high end of guidance [6]