Core Insights - Onex's acquisition of Convex is expected to significantly enhance value creation, with Convex's tangible book value at $3.8 billion and an effective acquisition multiple of 1.8x tangible book value and 10x 2025 net income [1][5] - Convex reported a gross premium written of $5.9 billion in 2025, reflecting a 14% year-over-year increase, and maintained a combined ratio of 89% for the third consecutive year [2] - Onex's ownership of Convex is approximately 63%, with Convex's net income for 2025 reported at $711 million, a 25% increase from the previous year [3][4] Financial Performance - Convex's net income increased by 40% from $506 million in 2024 to $711 million in 2025, resulting in a 20% return on equity [3] - Onex's total distributions from Onex Partners reached $7.7 billion in 2025, with significant realizations contributing to this figure [10] - The asset management segment generated earnings of $49 million in Q4, with fee-generating AUM ending the quarter at nearly $44 billion, a 24% increase during the year [15] Strategic Outlook - Onex plans to focus on direct investments with strong risk-adjusted returns and low leverage, supporting a transition towards consistent net income and free cash flow growth [7] - The company is utilizing a sum-of-the-parts framework to reflect intrinsic value, estimating it at $174 based on the Convex acquisition valuation [8] - Onex expects firm-wide run-rate FRE to exceed $17 million by the end of 2026, with projections indicating growth in the low- to mid-$20 million range for that year [16] Capital Allocation and Liquidity - Onex drew $700 million under a NAV loan facility at closing, retaining approximately $400 million in cash and near-cash, resulting in total liquidity of about $900 million [17] - The company has nearly $5 billion in private equity investments against $735 million in unfunded commitments, indicating a strong position to fund capital needs [18] - Onex's structured credit team successfully priced 28 CLOs in 2025, raising over $6 billion in new fee-generating AUM [12]

SSR Mining is a global precious metals producer with operations spanning gold, silver, and base metals across four continents.What happenedAccording to a Feb. 17, 2026, SEC filing, Condire Management, LP, fully exited its position in SSR Mining (SSRM +4.64%), selling 3,353,891 shares in a trade estimated at $81.90 million based on quarterly average pricing. The fund now reports zero shares held.What else to knowCondire fully liquidated its SSR Mining stake; the position now represents n/a of 13F assets unde ...

分组1 - "Free cash flow" has gained prominence as a key valuation metric beyond traditional equity analysts, driven by significant capital expenditure plans from AI hyperscalers [1] - The increasing focus on free cash flow reflects a broader trend in the investment community, indicating its relevance in evaluating company performance and potential [1] 分组2 - The article emphasizes the importance of narrative in financial data communication, highlighting the role of storytelling in making complex financial information accessible [1] - There is a noted interest in thematic investing and macro drivers of various asset classes, suggesting a shift towards a more holistic view of market dynamics [1]

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Financial Data and Key Metrics Changes - In 2025, shipments improved by 14% year-over-year, indicating a commercial recovery after previous market headwinds [4] - Fourth quarter net sales totaled $267.3 million, a sequential decrease of $38.6 million primarily due to seasonality and slower ramp-up post-maintenance shutdown [13] - The fourth quarter GAAP net loss was $14.3 million, or a loss of $0.34 per diluted share, while adjusted net loss was $7.7 million, or a loss of $0.18 per diluted share [14] - Adjusted EBITDA for the fourth quarter was $2.4 million, below expectations due to lower volumes and increased manufacturing costs [8][14] Business Line Data and Key Metrics Changes - VAR sales totaled approximately $28 million in 2025, almost doubling from 2024, reflecting strong growth in aerospace and defense [4] - The company is increasing hourly staffing levels in areas with accelerated demand, such as seamless mechanical tube production [6][9] Market Data and Key Metrics Changes - The order book has increased by more than 50% year-over-year, indicating strong demand for domestic steel [9][20] - Industrial markets remain soft, but favorable trade conditions are creating new opportunities for reliable domestic suppliers [10] - Aerospace and defense outlook is robust, with strong growth expected through 2026, driven by existing program expansions and new platforms [11] Company Strategy and Development Direction - The company is focused on safety, operational enhancements, and strategic investments to support long-term growth [5][7] - A new four-year labor agreement was reached, emphasizing safety, innovation, and long-term competitiveness [6] - The company is investing in new manufacturing capabilities, including a new automated grinding line and other state-of-the-art assets scheduled for commissioning in 2026 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stronger operational foundation and improved execution for 2026, despite fourth quarter performance being below expectations [8][13] - The company anticipates a slight increase in first quarter shipments by approximately 10% compared to the fourth quarter, supported by a solid order book [20] - Management expects year-over-year adjusted EBITDA growth in each quarter of 2026, driven by strong demand and operational improvements [23] Other Important Information - The company generated $16 million of operating cash flow in 2025, with operational cash generation exceeding $80 million for the second consecutive year [15] - Planned capital expenditures for 2026 are expected to be approximately $70 million, including government-related expenditures [16] - The company repurchased approximately 71,000 shares of common stock for $1.2 million in the fourth quarter, reflecting confidence in cash flow generation [18] Q&A Session Summary Question: What were the costs incurred from labor negotiations in Q4 and Q1 2026? - Management indicated no additional costs were incurred in Q4 due to the labor agreement being settled in February, but a $2 million payment is due in Q1 [27][30] Question: How does the company expect melt utilization to improve? - Management stated that improvements are expected from both volume increases and third-party advisory programs, with a stronger order book entering 2026 [34] Question: What is the status of A&D sales expectations for 2026? - Management believes they are on target to hit a $250 million run rate in A&D sales, contingent on the ramp-up of munitions manufacturing capacity [48] Question: What is the status of key capital investments? - Management reported that the bloom reheat furnace is expected to be operational in the next month, with both the bloom and roller hearth furnaces ramping up by late Q2 or early Q3 [50][51] Question: What is the outlook for lead times and sales? - Management expects lead times to improve as new assets ramp up, which will also help maintain competitive lead times [63][66]

Transocean (NYSE:RIG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Speaker8Hello, and welcome everyone joining today's Q4 2025 Transocean earnings call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star one on your telephone keypad. Please note, this call is being recorded. We are standing by if you should need any assistance. It is now my ...

Core Insights - The company achieved a like-for-like sales growth of +4.5% in FY 2025, driven by positive volume/mix and pricing strategies [6][9][19] - Recurring operating income increased by +3.0% to €3,665 million, with a recurring operating margin of 13.4%, up +44 basis points from the previous year [2][19] - The company reported a net income of €1,825 million, a decrease of -9.7% compared to FY 2024, primarily due to non-recurring expenses [2][21] Financial Performance - FY 2025 sales were €27,283 million, reflecting a -0.3% change on a reported basis, while like-for-like sales grew by +4.5% [2][9] - Recurring net income attributable to the Group increased by +5.0% to €2,461 million, with recurring diluted EPS rising by +4.6% to €3.80 [2][20] - Free cash flow decreased by -6.8% to €2,799 million, with cash flow from operating activities at €3,779 million, down -1.3% [2][21] Operational Highlights - Strong sales growth was observed across all categories and geographies, particularly in China, North Asia & Oceania, and Europe [4][12][14] - The company continued to invest in capabilities, science, and innovation while maintaining a focus on sustainability, achieving CDP 'Triple A' List recognition and B Corp certification [4][31] - The proposed dividend for FY 2025 is €2.25 per share, representing a +4.7% increase from the previous year [22] Strategic Initiatives - The company is advancing its "Renew Danone" strategy, focusing on scaling U.S. Medical Nutrition, enhancing dairy operations, and accelerating digitalization [5][31] - Guidance for 2026 indicates expected like-for-like sales growth between +3% and +5%, with recurring operating income anticipated to grow faster than sales [25][31] - The company is actively reshaping its portfolio and addressing areas requiring further progress, particularly in North America [5][11]

Hecla Mining Co. (HL) is one of the oldest companies listed on the New York Stock Exchange, and it was one of 2025's big winners, up a whopping 295% as silver prices soared nearly to $71.60 per troy ounce. The bloom has come off silver, at least in the short term. It's tumbled nearly 38% from its Jan. 29 all-time high of nearly $122 an ounce. It did finish Feb. 18 at $77.52, up nearly 10% on the year. Hecla, meanwhile, is down 35% from its Jan. 26 peak of $34.17, but is still up 14.7% for the year. Rela ...

Core Viewpoint - Gran Tierra Energy Inc. has entered into a purchase and sale agreement to sell its remaining working interest in the Simonette asset for a total cash consideration of C$62.5 million, effective January 1, 2026, marking the company's exit from Simonette and focusing on financial strengthening through deleveraging and capital reallocation [1] Financial Transaction - The sale of the Simonette asset will generate cash proceeds of C$62.5 million, which will be used to deleverage the company's balance sheet [1] - The transaction is expected to close in the first quarter of 2026, pending customary closing conditions [1] Strategic Focus - The divestiture aligns with Gran Tierra's strategy of portfolio optimization, emphasizing free cash flow, disciplined capital allocation, and reallocating capital towards higher-return opportunities in core operating areas [1]

Automotive: Conversion revenue of $122 million, up 2% year over year, despite a 6% decline in shipments. West said high interest rates and tariff-related customer uncertainty weighed on industry shipments, while improved pricing and mix helped offset lower volume.General engineering: Conversion revenue of $331 million, up $14 million (about 4%), supported by a 6% increase in shipments. West cited tariff-driven reshoring activity and KaiserSelect quality attributes as supporting volumes and pricing.Packaging ...