Core Insights - Russia's drone and missile strikes on Ukraine's infrastructure have highlighted the importance of infrastructure resilience, which may influence investments in industrial and infrastructure-related ETFs [1][3][6] Investment Perspective - The ongoing attacks have targeted Ukraine's energy infrastructure, leading to power outages and necessitating repair work, which underscores a structural shift towards rebuilding energy grids and transport links globally [2][3][4] - Infrastructure ETFs, particularly those focused on utilities, energy pipelines, and transport companies, are expected to benefit from increased investments in power grid hardening and reconstruction efforts [4][6] Infrastructure Trends - Ukraine is moving parts of its power grid underground to enhance resilience, indicating a long-term trend in infrastructure development despite the high costs involved [5] - The global perspective on infrastructure resilience is expanding beyond conflict zones, with governments in the US and Europe aligning their investments with infrastructure and industrial ETFs [6] ETF Dynamics - Infrastructure ETFs are characterized by a slower reaction to market changes compared to defense stocks, as infrastructure spending typically unfolds over several years [7] - The ongoing geopolitical conflicts and targeted attacks on infrastructure support the investment thesis that resilience spending is becoming a fundamental aspect of global fiscal policy [7][10] Key Infrastructure Projects - Focus areas include grid reinforcement, undergrounding projects, railway and port reconstruction, energy diversification efforts, and cross-border infrastructure upgrades [8][9]

Fourth Quarter 2025 Results February 13, 2026 REAL ESTATE SERVICES | ENGINEERING | INVESTMENT MANAGEMENT Colliers 2 Highlights (US $ millions, except per share amounts) | Three months ended | 2025 | 2024 | %Change | | | --- | --- | --- | --- | --- | | December 31 | | | USD | LC(1) | | Revenues | 1,606.5 | 1,501.6 | 7% | 5% | | Net Revenues | 1,428.1 | 1,312.8 | 9% | 7% | | Adjusted EBITDA | 245.1 | 225.3 | 9% | 6% | | Adjusted EBITDA Margin | 15.3% | 15.0% | | | | Net Margin | 17.2% | 17.2% | | | | Adjusted ...

Core Insights - Colliers International Group Inc. reported strong financial results for the fourth quarter and full year ended December 31, 2025, with significant growth in revenues and adjusted earnings per share, indicating robust operational momentum entering 2026 [1][5][18] Financial Performance Highlights - Fourth quarter revenues reached $1.61 billion, a 7% increase year-over-year, while net revenues were $1.43 billion, up 9% [2][3] - For the full year, total revenues were $5.56 billion, reflecting a 15% increase, with net revenues at $4.87 billion, up 14% [3][4] - Adjusted EBITDA for the fourth quarter was $245.1 million, a 9% increase, and for the full year, it was $732.5 million, up 14% [2][3] - Adjusted EPS for the fourth quarter was $2.34, a 4% increase, and for the full year, it was $6.58, up 14% [2][3] Segment Performance - Commercial Real Estate segment revenues for the fourth quarter totaled $1.03 billion, up 9%, with net revenues also increasing by 9% [9] - Engineering segment revenues were $433.0 million for the fourth quarter, a 3% increase, while net revenues rose 10% [10] - Investment Management segment revenues reached $143.7 million, up 5%, with net revenues increasing by 7% [11] Strategic Initiatives - The company announced the acquisition of Ayesa Engineering, which is expected to enhance growth avenues and strengthen its service offerings [6] - Over the past five years, Colliers has doubled in size, achieving a compound annual growth rate of approximately 15% [6] Outlook for 2026 - The company anticipates continued solid annual internal growth in 2026, projecting mid-teens growth in revenues, Adjusted EBITDA, and Adjusted EPS [18][19]

Core Viewpoint - Technip Energies has secured a significant contract from SkyNRG for the DSL-01 project, which is a new Sustainable Aviation Fuel (SAF) production facility in Delfzijl, Netherlands [1][16]. Group 1: Project Details - The contract encompasses Engineering, Procurement, Construction, and Commissioning (EPCC) for Europe's first standalone greenfield SAF production facility, following the successful completion of the Front-End Engineering & Design (FEED) phase [2]. - The DSL-01 project aims to produce 100,000 tons per annum of SAF using the Hydroprocessed Esters and Fatty Acids (HEFA) pathway, utilizing sustainable waste feedstocks such as used cooking oil [3]. - The project will include an advanced feedstock pre-treatment unit and an on-site hydrogen plant based on Technip Energies' proprietary Steam Methane Reforming (SMR) technology, enhancing cost efficiency and minimizing lifecycle emissions [4]. Group 2: Company Position and Market Impact - This contract marks Technip Energies' sixth HEFA-based SAF project in Europe, solidifying its role as a key enabler for sustainable aviation fuel capacities in the region [4]. - Technip Energies has delivered over 60% of the installed SAF production capacity globally, reinforcing its leadership in the strategic market of sustainable aviation fuel [5]. - The contract is valued between €500 million and €1 billion, with revenue recorded in Q1 2026 across Project Delivery and Technology, Products & Services segments [5].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are significant, with data centers consuming as much energy as small cities, leading to concerns about power grid capacity and rising electricity prices [2][3] Investment Opportunity - A specific company is highlighted as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is positioned as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend driven by tariffs [5][6] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization, which provides a strong financial foundation [8] - It is trading at less than 7 times earnings, making it an attractive investment compared to other firms in the energy and utility sectors [10] Market Trends - The company is involved in the U.S. LNG exportation sector, which is expected to grow under the current administration's energy policies, and it has a unique footprint in nuclear energy, which is seen as the future of clean power [7][14] - The influx of talent into the AI sector is expected to drive rapid advancements and innovation, further solidifying AI's role as a disruptive force in various industries [12][11] Conclusion - The time to invest in AI and its supporting energy infrastructure is emphasized as now, with potential for significant returns within the next 12 to 24 months [15][19]

Economic Indicators - The U.S. non-farm payroll employment increased by 130,000 jobs in January, significantly higher than the expected increase of 70,000 jobs, following a downwardly revised increase of 48,000 jobs in December [2][23] - The unemployment rate decreased to 4.3 percent in January from 4.4 percent in December, contrary to expectations that it would remain unchanged [2][24] Market Reactions - Major U.S. index futures are indicating a higher open, driven by the positive employment report, which may lead to upward movement in stocks after a mixed performance in the previous session [1][3] - The Dow Jones Industrial Average rose by 52.27 points (0.1 percent) to 50,188.13, while the S&P 500 fell by 23.01 points (0.3 percent) to 6,941.81, and the Nasdaq dropped by 136.20 points (0.6 percent) to 23,102.47 [4] Retail Sales - U.S. retail sales were flat in December, unchanged from the previous month, despite expectations for a 0.4 percent increase, indicating a pause in consumer spending after strong sales in October and November [5][6] - Excluding motor vehicle and parts dealers, retail sales remained virtually unchanged in December, with a slight increase of 0.4 percent in November [6] Sector Performance - Housing stocks experienced a significant increase, with the Philadelphia Housing Sector Index rising by 3.4 percent, attributed to a decrease in treasury yields [8] - Utilities and commercial real estate stocks also performed well, with the Dow Jones Utility Average increasing by 1.9 percent and the Dow Jones U.S. Real Estate Index climbing by 1.3 percent [8] - Conversely, brokerage stocks fell sharply, with the NYSE Arca Broker/Dealer Index declining by 2.5 percent [9] Commodity and Currency Markets - Crude oil futures rose by $1.52 to $65.48 per barrel, while gold prices increased by $42.60 to $5,073.60 per ounce [11] - The U.S. dollar traded at 153.59 yen, down from 154.38 yen, and at $1.1865 against the euro, compared to $1.1894 previously [11]

Core Insights - Bechtel is transforming its project delivery methods by integrating artificial intelligence and advanced digital technologies [1][3][5] Group 1: Leadership and Strategy - John Platt has been appointed as the senior vice president of EPC transformation to lead the initiative [2] - The initiative aims to enhance engineering, procurement, and construction services through automation and robotics [3][8] Group 2: Technological Integration - Bechtel has already incorporated digitization, robotics, and automation into its delivery methods, showcasing a portfolio of proven use cases [5] - The company believes that advancements in AI can significantly enhance its operational capabilities [5] Group 3: Market Opportunities - The contractor is positioned to capitalize on the booming data center market, which requires substantial infrastructure development [5] - Bechtel signed a memorandum of understanding with the Department of Commerce to support Japan's $550 billion investment in U.S. infrastructure [6] Group 4: Major Projects - Bechtel secured $4.77 billion in contracts for the Rio Grande liquefied natural gas project in Texas, part of a larger $6.7 billion initiative [7]

Group 1: Market Overview - European stocks experienced a decline, with the pan-European Stoxx 600 dropping 0.3 percent to 619.25, as investors reacted to mixed earnings results and awaited U.S. jobs and inflation data for direction [1] - Technology stocks were notably affected, particularly Dassault, which faced pressure from a weak European automotive sector [1] Group 2: Company Earnings and Stock Movements - TotalEnergies increased by 1.3 percent after raising its final 2025 dividend payout by 5.6 percent to €3.40 per share [2] - Dassault Systemes saw a significant drop of 20 percent following weaker-than-expected fourth-quarter results and a cautious outlook for the current year [2] - Randstad, a Dutch staffing firm, fell by 8.5 percent after providing soft guidance for Q1 [2] - Ahold Delhaize, a supermarket group, surged 7 percent after reporting fourth-quarter results that exceeded expectations [2] Group 3: Notable Company Developments - Heineken's shares rose by 5.3 percent despite announcing job cuts of up to 6,000 roles globally [3] - Commerzbank's shares tumbled 3 percent despite reporting a record operating result of €4.5 billion for the 2025 financial year [4] - Siemens Energy's stock surged 6 percent after its first-quarter profit nearly tripled, driven by AI-driven demand for gas turbines and grid equipment [4] - Thyssenkrupp Nucera's shares increased by 1.1 percent after reaffirming its FY26 outlook [4] Group 4: Additional Company Performance - Schindler Holding's shares plunged 8 percent as it projected 2026 revenue growth in the low- to mid-single digits in local currencies [5] - Renishaw, a British engineering firm, rose by 2.7 percent after reporting better-than-expected half-year results [5] - Barratt Redrow, a residential property developer, lost 6.3 percent after its first-half profit fell below expectations [5] - London Stock Exchange Group shares increased by 2.5 percent following reports of a significant stake acquisition by activist hedge fund Elliott Management [6]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is presented as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and positioned to capitalize on the onshoring trend driven by tariffs [5][6] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization, which provides a strong financial foundation [8] - It is trading at less than 7 times earnings, indicating a potentially undervalued position in the market compared to its peers [10] Market Trends - The article discusses the broader trends of AI infrastructure supercycles, the onshoring boom, and a surge in U.S. LNG exports, all of which are expected to drive demand for energy [14] - The influx of talent into the AI sector is expected to lead to rapid advancements and innovative ideas, reinforcing the importance of investing in AI [12] Strategic Positioning - The company is involved in large-scale engineering, procurement, and construction (EPC) projects across various energy sectors, including nuclear energy, which is positioned as a key component of America's future power strategy [7][8] - It also holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth engines in the AI space [9]

Financial Data and Key Metrics Changes - Revenue increased by 21% to $56.7 million, driven by strong performance across end markets [4][15] - Adjusted EBITDA rose by 50% to $6 million, with an adjusted EBITDA margin of 10.7% [4][16] - Net income for the quarter was $0.25 per diluted share, and adjusted net income was $0.31 per diluted share [16][18] - Gross profit increased by 15% to $13.5 million, with a gross margin of 23.8% [16] Business Line Data and Key Metrics Changes - Sales to the defense market increased by $8.3 million, driven by project milestones and growth in existing programs [15] - Sales to the energy and process market increased by $2.1 million, or 13%, reflecting strength in aftermarket sales [15] - Aftermarket sales to energy and process and defense markets were $10.8 million, up 11% year-over-year [16] Market Data and Key Metrics Changes - Book-to-bill ratio was 1.3 times, with backlog increasing to a record $515.6 million, up 34% year-over-year [5][19] - Approximately 85% of backlog is attributable to the defense market, providing stability [19] - The company expects 35%-40% of backlog to convert to revenue over the next 12 months [19] Company Strategy and Development Direction - The company completed the acquisition of XDot Bearing Technologies, enhancing its competitive position in high-speed rotating machinery [5] - The acquisition of FlackTek for $35 million adds advanced materials and processing as a third core technology platform [7][10] - Investments in capacity expansion and technology are ongoing, with a focus on efficiency and scalability [12][14] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand in defense and energy markets, despite some slowing in large CapEx purchases due to macroeconomic factors [13][14] - The company remains confident in achieving long-term objectives of 8%-10% organic revenue growth and low to mid-teen adjusted EBITDA margins by fiscal 2027 [23] - Management emphasized disciplined execution and the importance of ongoing investments to support future growth [14][15] Other Important Information - The company ended the quarter with $22.3 million in cash and strong operating cash flow of $4.8 million [20][21] - Capital expenditures totaled $2.8 million during the quarter, supporting capacity expansion initiatives [20] Q&A Session Summary Question: Demand in defense and CapEx plans - Management indicated that defense demand remains healthy, with ongoing investments to increase capacity and efficiency [27][29] Question: M&A strategy and future acquisitions - Management stated that while FlackTek adds a third platform, future focus will be on investing in existing platforms before considering new acquisitions [30][31] Question: Pursuing new work from the Navy - Management highlighted the applicability of their core competencies in pursuing new opportunities within Navy programs [33][34] Question: Growth in existing defense programs - Management confirmed that they are winning additional scope on current projects, leading to more opportunities [39][40] Question: Book-to-bill ratio outlook - Management reaffirmed that the long-term target for book-to-bill is 1.1, despite current performance exceeding that target [43][44] Question: Material receipts impact on gross margin - Management explained that material receipts are lumpy and expected to normalize in future quarters [65][66] Question: Testing facilities activity - Management reported that testing facilities are currently focused on existing backlog products, with healthy pipeline opportunities [75][76]