Group 1: French Inflation-Linked Debt - The Agence France Trésor reported strong investor demand for inflation-indexed government bonds, selling €300 million of 1.8% 2040 bonds at an average yield of 1.64% with a bid-to-cover ratio of 3.22x, indicating robust institutional interest in long-term inflation protection [2][10] - Additional tranches included €525 million of 0.6% 2034 bonds at a 1.18% yield and €670 million of 3.15% 2032 bonds at 0.86%, with consistently high bid-to-cover ratios across all maturities, reflecting confidence in French sovereign credit despite European economic uncertainties [3][10] Group 2: Blue Owl Capital - Blue Owl Capital has agreed to sell $1.4 billion in direct lending investments from three credit funds to North American pension and insurance investors, executed at 99.7% of face value [4][5][10] - The transaction aims to validate the firm's internal valuations and is intended to pay down debt while facilitating a significant return of capital to investors by the end of Q1 2026 [5][10] Group 3: UK Manufacturing - The CBI Industrial Trends Survey indicated a slight improvement in the UK manufacturing sector, with the Total Orders balance rising to -28 from -30, aligning with analyst expectations [6][10] - However, inflationary pressures persist, as the Selling Prices index reached 26, exceeding the estimated 23, suggesting manufacturers may continue to face elevated input costs [7][10] Group 4: Germany's F-35 Procurement - The German Government clarified that there are no current plans to purchase additional F-35 fighter jets beyond the existing order of 35 jets from Lockheed Martin, amid budget scrutiny and defense policy evaluations [8][9][10] - The existing order remains on track for delivery starting later this year, as Germany modernizes its air force to meet NATO commitments [9][10]

As filed with the U.S. Securities and Exchange Commission on February 18, 2026. Registration No. 333-[_] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________________ NewHold Investment Corp IV (Exact name of registrant as specified in its charter) _________________________ Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Indus ...

Financial Data and Key Metrics Changes - Enpro's total sales increased by 9% to $1.14 billion in 2025, driven by strong performance in aerospace, food and biopharma, and semiconductor markets [5][12] - Adjusted EBITDA for the fourth quarter was $69.4 million, up 19.2%, with an adjusted EBITDA margin of 23.5%, an increase of 100 basis points [14] - Adjusted diluted earnings per share rose nearly 27% to $1.99 compared to the prior year period [14] Business Line Data and Key Metrics Changes - Sealing Technologies sales increased by almost 15% to $187.1 million in the fourth quarter, with organic sales up nearly 8% year-over-year [15] - Advanced Surface Technologies (AST) sales grew by 13.4% to $108.4 million, with continued strength in precision cleaning solutions [16] - Adjusted segment EBITDA margin for Sealing Technologies expanded to 32.8%, while AST maintained a margin above 20% [16][17] Market Data and Key Metrics Changes - The aerospace and food and biopharma markets showed healthy demand, while commercial vehicle OEM demand remained weak [15][38] - The overall industrial business is strong, with order demand remaining robust across various sectors [38] Company Strategy and Development Direction - Enpro's strategy focuses on organic growth of mid- to high single digits through 2030, with a commitment to strategic acquisitions that enhance capabilities [4][10] - The company aims to maintain premium profitability and return levels while investing in growth and efficiency projects [3][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2026, anticipating improved order flow and recovery in semiconductor capital equipment spending [9][21] - The company remains well-positioned to participate in a stronger semiconductor market and expects to leverage recent investments for growth [9][23] Other Important Information - Enpro generated over $150 million in free cash flow in 2025, up 18% from the previous year [19] - The company recorded its best safety statistics ever in 2025, with a total recordable incident rate of 0.64 [25][26] - A quarterly dividend increase to $0.32 per share was approved, marking the eleventh consecutive annual increase since 2015 [20] Q&A Session Summary Question: Can you provide more detail on AST's margin expectations for the first and second halves of the year? - Management indicated that the second half is expected to be considerably stronger, with growth rates accelerating and margins improving as growth programs contribute [34][35] Question: What are the current order patterns and customer sentiments? - Management noted that order patterns are improving, with customers showing increased confidence and order rates returning to previous levels [35][38] Question: How did the fourth quarter performance compare to previous guidance? - Sales were at the higher end of expectations, while margins were slightly impacted by increased corporate expenses and medical costs [43] Question: What is the outlook for free cash flow conversion in 2026? - Management expects strong free cash flow conversion to remain around 100% of adjusted EPS, despite higher capital expenditures [46][47] Question: Has the focus on M&A shifted? - The company continues to pursue strategic acquisitions aggressively, maintaining a strong pipeline of potential targets [50][51]

Core Insights - Enpro reported a strong finish to 2025 with double-digit revenue growth and robust profitability, driven by performance in Sealing Technologies and sales improvement in Advanced Surface Technologies [1][2] Financial Performance Fourth Quarter 2025 Results - Adjusted diluted earnings per share increased 26.8% to $1.99 compared to $1.57 in the prior year [1] - Sales reached $295.4 million, a 14.3% increase, with organic sales growing 9.9% [1][2] - Adjusted EBITDA rose 19.2% to $69.4 million [1] - GAAP net loss was $32.0 million, influenced by a $67.2 million pension plan termination loss [1][2] Full Year 2025 Results - Adjusted diluted earnings per share increased 13.6% to $7.91 from $6.96 [1] - Total sales were $1.14 billion, up 9.0%, with organic sales increasing 7.6% [1][2] - Adjusted EBITDA for the year was $277.6 million, an 8.9% increase [1] Segment Performance Sealing Technologies - Sales increased 14.8% to $187.1 million in Q4 2025, with adjusted segment EBITDA rising 21.1% [2] - The segment benefited from improved volume and strategic pricing initiatives [2] Advanced Surface Technologies - Sales grew 13.4% to $108.4 million in Q4 2025, with adjusted segment EBITDA increasing 3.3% [2] - Growth was driven by demand in precision cleaning solutions and optical coatings [2] Guidance for 2026 - Enpro expects total revenue growth in the range of 8% to 12% for 2026 [1][2] - Adjusted EBITDA is projected to be between $305 million and $320 million, with adjusted diluted earnings per share anticipated to be between $8.50 and $9.20 [1][2] Balance Sheet and Cash Flow - The company generated $201.2 million in cash flow from operations, a 24% increase from the previous year [2] - Free cash flow rose 18% to $153.1 million [2] - Enpro ended 2025 with cash of $114.7 million and approximately $580 million available under its revolving credit facility [2] Dividend Information - Enpro declared a quarterly dividend of $0.32 per share, marking a 3.2% increase from the previous quarter [2]

Core Insights - The analysis indicates that the rapid rise in unauthorized immigrant worker flows (UIWF) from March 2021 to March 2024 had a nearly one-for-one effect on local employment growth, while the subsequent slowdown from March 2024 to March 2025 negatively impacted local employment, particularly in construction and manufacturing [3][25]. Group 1: Unauthorized Immigration and Employment - The increase in unauthorized immigrant workers has been linked to a significant rise in local employment, with estimates suggesting a one-for-one relationship between UIWF and employment growth during both the rapid rise and slowdown periods [3][25]. - The slowdown in unauthorized immigration has had a pronounced negative effect on local employment, especially in the construction and manufacturing sectors, indicating that these industries are particularly sensitive to changes in immigration flows [25][26]. Group 2: Industry-Specific Impacts - During the rapid rise period, industries such as leisure and hospitality, professional services, and other services experienced greater employment growth than would be expected based on their typical share of total employment, suggesting a strong positive impact from UIWF [22][24]. - In contrast, the slowdown period saw significant employment declines in construction, manufacturing, and other services, highlighting that areas with the largest decreases in unauthorized immigration also faced the most substantial slowdowns in employment growth [24][25].

Core Viewpoint - Otter Tail Corporation is a diversified company in the electric utility and manufacturing sectors, primarily operating in the Midwest, with financial performance and future guidance being critical for investors [1] Financial Performance - The company reported an earnings per share (EPS) of $1.23, exceeding the expected $1.16, indicating profitability and efficient cost management [2][6] - Revenue was reported at $308.1 million, which fell short of the $311.1 million estimate, suggesting potential challenges in sales or market conditions [2][6] Stock Performance - The current stock price of OTTR is $86.16, reflecting a decrease of 2.27%, with a drop of $1.99 today due to market reactions to the earnings report and future guidance [3][6] - The stock's price range today was between $84.81 and $89.02, indicating some volatility in investor sentiment [3] Historical Stock Data - Over the past year, OTTR's stock has seen a high of $90.11 and a low of $71.79, reflecting its performance and market perception over time [4] - The company's market capitalization is approximately $3.61 billion, indicating its size and value in the market [4] Trading Activity - Today's trading volume for OTTR is 158,149 shares, showing active investor interest [5] - Stakeholders will closely watch the company's guidance for 2026, which will be key in assessing future performance and market position [5]

Core Viewpoint - Alamo Group Inc. will release its fourth quarter and year-end financial results on March 2, 2026, followed by a conference call on March 3, 2026, to discuss these results [1] Company Overview - Alamo Group Inc. is a leading global manufacturer of high-quality industrial and vegetation management equipment, essential for public and private infrastructure maintenance and responsible land management practices [1] - The company's product offerings include vacuum trucks, hydro-excavator machines, street sweepers, truck-mounted grapple machines, snow and ice removal equipment, tractor-mounted mowing attachments, recycling and tree care equipment, and related aftermarket parts and services [1] - As of September 30, 2025, the company operates 27 plants across North America, Europe, Australia, and Brazil [1]

Core Insights - Valmont Industries reported strong performance in its utility business, with a significant backlog and positive growth expectations for 2026 [2][3][5] Financial Performance - For 2025, Valmont achieved net sales of $4.1 billion, with adjusted diluted EPS of $19.09, reflecting an 11.1% increase year over year [11] - In Q4 2025, adjusted diluted EPS rose to $4.92, a 28.1% increase from the previous year, despite challenges in the agriculture segment [4][7] - The company expects 2026 net sales to range from $4.2 billion to $4.4 billion, with diluted EPS projected between $20.50 and $23.50, indicating a revenue growth of approximately 4.8% and EPS growth of 15.2% year over year [13] Business Segments - The utility segment showed robust growth, with sales increasing by 21% due to favorable market conditions and higher volumes [8] - The agriculture segment faced a decline of 19.9% year over year, attributed to challenges in North America and economic conditions in Brazil [10] - Infrastructure segment sales reached $819 million, up 7.2% from the prior year, with operating income improving to 18.3% of sales [8] Strategic Initiatives - Valmont is increasing its capital expenditures for 2026 to between $170 million and $200 million, focusing on utility capacity expansion and automation improvements [5][16] - The company is implementing AI-enabled scheduling and planning tools to enhance operational efficiency and throughput [2][5] Market Outlook - Management anticipates continued utility demand driven by load growth and aging infrastructure, with utility customers planning investments through 2030 and beyond [2][5] - The company does not expect a near-term recovery in North American agriculture equipment demand but aims for double-digit operating margins in the agriculture segment in early 2026 [15]

Core Insights - The recent decline in unauthorized immigration to the U.S. has led to a slowdown in job growth, particularly in the construction and manufacturing sectors, with implications for the job market and housing affordability [1][1][1] Employment Trends - The San Francisco Federal Reserve's research indicates that local job growth has mirrored the trends in unauthorized immigration, with a significant drop in job additions in 2025, where only 181,000 jobs were added compared to 1.459 million in 2024 [1][1][1] - Areas experiencing the largest declines in unauthorized immigration also saw the most significant slowdowns in employment growth across construction, manufacturing, and other services [1][1][1] Construction Sector Impact - The construction sector is particularly affected, as the reduction in unauthorized immigrant worker flows is likely slowing residential construction and consequently hindering the growth of housing supply [1][1][1] - The Trump administration argues that reduced immigration will benefit American workers and make housing more affordable by decreasing demand [1][1][1] Future Outlook - Continued declines in unauthorized immigrant worker flows are expected to exert downward pressure on U.S. employment growth [1][1][1]

Dover Corporation FY Conference Summary Industry Overview - The discussion revolves around the U.S. industrial economy, with a focus on the health and optimism surrounding it as of early 2026. The sentiment is cautiously optimistic compared to the previous year, with a notable difference being lower interest rates and an acceleration in orders leading into 2026 [1][2]. Key Insights - **Order Acceleration**: There has been a significant increase in orders leading into 2026, contrasting with the previous year where orders were less predictable. This is attributed to a more stable economic environment and a backlog that provides confidence for the year ahead [2][4]. - **Impact of Tariffs**: The previous year's tariffs caused a significant disruption, leading to lost time and deferred capital expenditures (CapEx). However, the current environment shows signs of recovery as fears surrounding tariffs have lessened [5][6]. - **Segment Growth**: The Clean Energy and Climate & Sustainability segments are expected to drive the most growth in both revenue and profit. The Clean Energy segment has doubled in size due to mergers and acquisitions (M&A) and is poised for a three-year upcycle [10][11]. - **Cryogenic Components**: Investments in the gas complex, including LNG and propane, are highlighted as significant growth areas. The company has made substantial acquisitions in this space and is restructuring to optimize operations [12][24]. - **Retail Refrigeration**: The retail refrigeration segment is expected to see growth after a period of deferred CapEx due to tariffs. The company has also introduced new CO2 technology, generating over $300 million in revenue in 18 months [15][16]. Risks and Concerns - **Engineered Products Segment**: There are concerns regarding the vehicle aftermarket, particularly in Europe, which may face challenges. However, it is not expected to decline further this year [17][18]. - **Cost Inflation**: The company has not been significantly impacted by price fatigue among customers, as a large portion of its portfolio consists of subcomponents in B2B sales. Unit volume is expected to drive revenue growth rather than price increases [19][20]. Financial Performance and Projections - **Operating Margins**: The company anticipates a muted start to margin expansion, with expectations for overall portfolio margins to improve but at a slower rate due to a more diverse revenue mix [21][22]. - **M&A Strategy**: Dover has maintained a cautious approach to M&A, with a focus on extracting synergies from past acquisitions. The company has a strong liquidity position and is prepared to return capital to shareholders if market conditions do not favor acquisitions [56][60]. - **Long-term Growth**: The company aims for 4-6% organic growth annually, with a focus on maintaining a strong cash-generative portfolio to support future investments [75][78]. Additional Insights - **Data Center Exposure**: The company has significant exposure to data centers through thermal connectors and Brazed Plate Heat Exchangers, which are expected to grow, although Dover is not a major supplier in this space [31][32]. - **Heat Pumps Market**: The heat pump market is expected to recover, but growth rates will not return to the highs of 2022 and 2023. The company is cautious about over-capacitating during this cycle [40][41]. - **Portfolio Management**: Dover has strategically exited lower-performing segments to focus on higher growth areas, emphasizing the importance of return on invested capital (ROIC) over mere margin metrics [45][48]. Conclusion Dover Corporation is positioned for growth in 2026, driven by strong order acceleration, strategic investments in clean energy, and a focus on optimizing its portfolio. While there are risks associated with certain segments and market conditions, the overall outlook remains positive with a disciplined approach to capital allocation and M&A.