Talos Energy (NYSE:TALO) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker2Good morning, ladies and gentlemen, and welcome to the Talos Energy fourth quarter and full year 2025 earnings conference call. At this time, all lines are in a listen-only mode. Following the presentation, we'll conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press *0 for the operator. This call is being recorded today, February 25, 2026. I would now like to t ...

UBS lowered the firm’s price target on Wynn Resorts (WYNN) to $146 from $148 and keeps a Buy rating on the shares. Wynn Resorts is transitioning from a development-focused story to one centered on free cash flow generation, with geographically diversified cash flow set to rise after the Al Marjan opening in 1Q27, the analyst tells investors in a research note. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today’s best-performing stocks ...

Phosphate: The phosphate operating rate averaged 87% in the second half of 2025. Nutrien said it delivered within its guidance range despite lower North American demand in Q4.Nitrogen: Nitrogen sales volumes increased to 10.9 million tons, and ammonia operating rates improved by four percentage points, supported by reliability initiatives and debottlenecking projects. Management said strong performance from North American nitrogen plants offset the impact of a controlled shutdown of Trinidad operations in Q ...

Coeur Mining (NYSE:CDE) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsAoife McGrath - SVP of ExplorationBrian MacArthur - Managing DirectorJosh Wolfson - Managing Director and Head of Global Mining ResearchMick Routledge - EVP and COOMitchell Krebs - President and CEOTom Whelan - CFOWayne Lam - Director of Mining ResearchConference Call ParticipantsJoseph Reagor - Managing Director and Senior Research AnalystOperatorGood day, and welcome to the Coeur Mining fourth quarter 2025 fina ...

He said the company is prioritizing divestitures of assets that do not fit the core operating models of Engineered Materials or the Acetyl Chain, which “does kind of lead you to a heavier focus on some of the joint ventures.” Richardson described the slate of opportunities as “pretty robust,” while acknowledging that “it’s hard to get deals done in this environment.” He also cited the sale of Micromax as an example of execution speed, saying the process from launch to close took about nine months.Management ...

Constellium (NYSE:CSTM) Q4 2025 Earnings call February 18, 2026 10:00 AM ET Speaker1Constellium achieved strong results in 2025 that were ahead of our own expectations coming into the year, and despite the uncertain macroeconomic and end market environment. I want to thank each of our 11,500 employees for their commitment and relentless focus on safety and serving our customers. We delivered strong execution and demonstrated our ability to control costs throughout the year in 2025, and we believe we are wel ...

Financial Data and Key Metrics Changes - For Q4 2025, sales were $1.867 billion, an increase of $93 million compared to the previous year, driven by customer recoveries and currency translation [18] - Adjusted EBITDA for Q4 was $208 million, resulting in an 11.1% margin, a 640 basis points improvement over the prior year's fourth quarter [19] - Full-year sales for 2025 were $7.5 billion, down $234 million from 2024, reflecting weakening market demand across both light vehicle and commercial vehicle sectors [20] - Full-year adjusted EBITDA was $610 million, an improvement of $215 million from the prior year, resulting in an 8.1% margin, up 300 basis points [21] Business Line Data and Key Metrics Changes - The light vehicle segment saw growth, while certain commercial vehicle markets experienced weaker demand, impacting overall sales [23] - Performance actions contributed an additional $17 million in Q4, driven by commercial recoveries and pricing initiatives [24] - For the full year, performance actions added $981 million in sales, primarily from pricing and commercial actions [26] Market Data and Key Metrics Changes - The light truck market is expected to hold steady, with flat volume year-over-year from 2025 levels [13] - There is optimism for improved volumes in the commercial vehicle sector towards the latter half of the year [14] - The company’s backlog is $750 million, with $200 million expected to flow through in 2026 [9] Company Strategy and Development Direction - The company is focused on its Dana 2030 strategy, which includes a target of close to $10 billion in sales by 2030, with a margin increase to 14%-15% at the EBITDA line [52] - The strategy includes growth in aftermarket business, traditional light vehicle and commercial vehicle sectors, and EV and Applied Technologies [54] - The company plans to return $2 billion to shareholders through stock buybacks, with $300 million targeted for 2026 [53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to deliver on financial objectives and highlighted strong momentum exiting 2025 [10] - The outlook for 2026 remains unchanged, with expectations for revenue to be approximately $7.5 billion and adjusted EBITDA around $800 million [34] - Management noted that the operational execution and cost reduction initiatives are expected to drive meaningful profit expansion [35] Other Important Information - The company completed the sale of its Off-Highway business and used most of the $2 billion proceeds to repay debt [8] - The company returned just over $700 million to shareholders in 2025, including a 20% increase in dividends [11] - The company’s balance sheet is significantly stronger post-divestiture, with reduced debt and improved liquidity [46] Q&A Session Summary Question: Follow-up on the target for sales of $10 billion by 2030 - Management explained that the growth target includes normalization in the North American commercial vehicle market and several growth strategies in traditional vehicles and aftermarket opportunities [58][60] Question: Impact of EV cancellations on 2025 guidance - Management indicated that while there were some recoveries, many programs have not completely canceled, leading to adjustments in ongoing sales prices [64][68] Question: Breakdown of contributions to EBITDA margin targets - Management refrained from providing detailed breakdowns but emphasized structural cost reductions and operational efficiencies as key drivers for margin enhancement [71][72] Question: Sustainability of commercial vehicle margins - Management expressed confidence in the sustainability of margin levels, attributing improvements to operational efficiencies and new plant performance [75][78] Question: Future capital deployment strategies - Management indicated flexibility in capital deployment, considering both shareholder returns and potential acquisitions to accelerate growth [82][90]

Core Insights - Precision Drilling reported a net loss of CAD 42 million in the fourth quarter, primarily due to non-cash charges related to rig decommissioning and drill pipe adjustments, but excluding these, net income would have been CAD 42 million, a significant improvement from CAD 15 million in the same quarter of the previous year [2][7] - The company achieved adjusted EBITDA of CAD 126 million in Q4, slightly up from CAD 121 million year-over-year, indicating stable operational performance [3][7] - Precision's strategy focuses on debt reduction, share repurchases, and maintaining steady operations, with expectations for increased activity in 2026 supported by long-term contracts [4][5] Financial Performance - In Q4, Precision averaged 66 active rigs in Canada, with daily operating margins reported at CAD 14,132, down from CAD 14,559 in Q4 2024 [1] - The U.S. operations averaged 37 active rigs, with daily margins of $8,754, slightly higher than the previous quarter [7] - Internationally, the company averaged seven active rigs, with day rates increasing by 8% year-over-year to $53,505 due to fewer non-billable days [8] Guidance and Strategy - For Q1 2026, Precision anticipates a peak rig count of 87 in Canada, with operating margins expected between CAD 14,000 and CAD 15,000 per day [12] - The U.S. rig count is expected to remain steady at 37, with margins projected between $8,000 and $9,000 per day [13] - The company plans to allocate CAD 245 million for capital expenditures in 2026, focusing on sustaining and infrastructure investments [15] Debt and Shareholder Returns - Precision reduced its net debt by CAD 101 million in 2025, achieving a net debt-to-adjusted EBITDA ratio of 1.2x, and repurchased CAD 76 million of shares [6][9] - The company aims to allocate 35% to 45% of free cash flow to share buybacks, aligning with its commitment to shareholder returns [9] International Operations - Precision is pursuing international reactivations in Saudi Arabia and Kuwait, with plans to deploy additional rigs in these markets [19][20] - An MOU in Argentina aims to leverage idle rigs and digital technology, potentially leading to the deployment of 1-3 rigs over the next couple of years [20][21] Operational Insights - The company is focusing on enhancing customer relationships and exploring creative commercial arrangements to drive revenue growth [17] - Management noted that the rig decommissioning charge was a strategic decision based on industry trends, with plans to strip usable parts from decommissioned rigs [23]

Financial Data and Key Metrics Changes - Adjusted Operating Income increased by 31% year-over-year in Q4 2025, marking the highest level in four years [5] - Full-year Adjusted Operating Income available to common stockholders was over $1.5 billion, a 23% improvement compared to 2024 [25] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share [26] Business Line Data and Key Metrics Changes - Annuities delivered operating income of $311 million for Q4, with total sales volumes up 25% year-over-year [11][30] - Group Protection's full-year operating earnings increased by 16% to $493 million, with a margin improvement to 9% [28] - Life insurance delivered operating earnings of $77 million for Q4, a significant improvement from an operating loss of $15 million in the prior year [36] Market Data and Key Metrics Changes - RILA sales increased by 35% in 2025, reflecting strong customer demand [12] - Fixed Annuity sales increased by 11%, while Variable Annuity sales rose by 27% year-over-year [12] - Group Protection's full-year premium growth was nearly 7%, driven by strong sales and persistency [19] Company Strategy and Development Direction - The company is focused on increasing risk-adjusted returns, reducing volatility, and growing its franchise [7] - Strategic realignment efforts are aimed at optimizing the operating model and enhancing capital efficiency [9] - The company is prioritizing profitable growth over top-line sales growth, particularly in annuities [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite potential market volatility [10] - The company expects to sustain momentum in earnings growth and improve the quality of earnings over time [22] - Management highlighted the importance of maintaining expense discipline and optimizing the investment strategy [41][42] Other Important Information - The investment portfolio delivered an annualized return of nearly 12% for Q4, exceeding targets [24] - The company completed the consolidation of several life insurance captive entities, which is expected to improve free cash flow [43][69] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns [44] Q&A Session Summary Question: Capital return expectations for 2026 - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for preferred stock redemption [52][54] Question: Future remittances and shareholder returns - Management confirmed that remittances are expected to grow, and there is potential for increased capital return to shareholders in the future [60][61] Question: Impact of captive consolidation on earnings - Management noted that the captive consolidation completed in Q4 provided a $10 million benefit to life earnings and is part of broader efforts to improve free cash flow [69]

Financial Data and Key Metrics Changes - Adjusted Operating Income increased by 31% year-over-year for Q4 2025, marking the highest level in four years, with full-year Adjusted Operating Income exceeding $1.5 billion, a 23% improvement compared to 2024 [5][25][26] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share, driven by favorable market conditions [26] - The company reported a strong alternative investments portfolio return of nearly 12% for the quarter [25][42] Business Line Data and Key Metrics Changes - Annuities delivered operating income of $311 million for Q4, with total sales volumes up 25% year-over-year, driven by a shift towards spread-based products [10][31] - Group Protection achieved operating earnings of $493 million for the full year, up 16% from 2024, with a margin improvement to 9% [28][30] - Life insurance operating earnings improved significantly to $77 million for Q4, compared to an operating loss of $15 million in the prior year [36][38] Market Data and Key Metrics Changes - RILA sales increased by 35% in 2025, while Fixed Annuity sales rose by 11%, reflecting strong market demand [11][12] - Group Protection's full-year premium growth was nearly 7%, with strong sales across all products and segments [19][30] - Retirement Plan Services reported average account balances increasing nearly 9% year-over-year to $124 billion, despite net outflows of approximately $1 billion for the quarter [35][36] Company Strategy and Development Direction - The company is focused on improving risk-adjusted returns on capital, reducing volatility, and growing its franchise through strategic realignment and operational enhancements [6][7] - There is an emphasis on products with higher risk-adjusted margins and stable cash flows to strengthen business resilience [8][9] - The company aims to maintain disciplined expense management while investing strategically to support long-term priorities [7][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value, despite potential market volatility and economic changes [9][23] - The company is committed to enhancing capital efficiency and optimizing its operating model to support sustainable growth [22][48] - Looking ahead to 2026, management expects continued earnings growth and a focus on profitable growth over top-line sales growth [12][16] Other Important Information - The company completed the consolidation of several life insurance captive entities, which is expected to improve GAAP earnings by approximately $25 million to $30 million in 2026 [71] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns to shareholders [44][49] Q&A Session Summary Question: Capital return expectations for 2026 - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for optimal handling of preferred securities [52][54] Question: Excess cash management at the holding company - Management confirmed that excess cash would primarily be used for managing preferred securities and increasing capital return to shareholders [56][57] Question: Life insurance business improvements - Management discussed the benefits of captive consolidation and ongoing efforts to enhance the free cash flow profile of the legacy life block, projecting further improvements in earnings [70][71]