Core Viewpoint - Stantec (STN) is expected to report its fourth-quarter 2025 results on February 25, with a strong earnings surprise history and projected revenue growth of 11.3% year over year [1][2][9] Revenue Expectations - The Zacks Consensus Estimate for revenues in the upcoming quarter is $1.18 billion, reflecting an increase of 11.3% compared to the previous year [2][9] - Strong demand across various sectors, including water, transportation, energy transition, and mission-critical sectors, is anticipated to drive revenue growth [3] Sector Performance - The water business is expected to show continuous double-digit organic growth due to AMP8 long-term framework agreements and public sector investments in water infrastructure in the U.K., Australia, and New Zealand [4] - Growth in the Energy Transition, Mining, and Infrastructure sectors is likely driven by land development projects in Alberta, airport projects in Quebec, and transit, rail, and bridge projects in Eastern Canada [5] - New energy projects in Chile and Peru, along with an electrical transmission project in Germany, are also expected to contribute to sales volume [5] Project Highlights - Stantec's Energy team has been selected for Manitoba Hydro's $7 billion high-voltage direct current reliability project, which is expected to enhance grid reliability across Canada [6] - The Infrastructure team is involved in a $745 million project in South Carolina aimed at improving traffic operations and infrastructure [6] Earnings Expectations - The Zacks Consensus Estimate for earnings is set at 87 cents per share, indicating a year-over-year growth of 10.1% [7][9] - The increase in operating income and organic backlog growth is expected to positively impact the bottom line [7] Earnings Prediction Model - The current model indicates that there is no clear prediction for an earnings beat for Stantec, with an Earnings ESP of 0.00% and a Zacks Rank of 2 (Buy) [8][10]

Core Insights - Conestoga Capital Advisors reported solid returns in US equities for 2025, with double-digit gains across all major indices [1] - The Conestoga Micro Cap Composite returned -1.91% net of fees in Q4 2025 and 16.24% for the full year, underperforming the Russell Microcap Growth Index [1] Company Overview: Bowman Consulting Group Ltd. (NASDAQ:BWMN) - Bowman Consulting Group Ltd. provides multi-disciplinary engineering, planning, and consulting services to the built environment [3] - The company experienced a one-month return of -6.90% and a 52-week gain of 60.97%, with shares closing at $33.45 on February 19, 2026, and a market capitalization of $581.131 million [2] - Despite an earnings beat, the company reported third-quarter revenue that significantly missed consensus estimates, leading to negative sentiment and insider selling in December [3] Hedge Fund Interest - Bowman Consulting Group Ltd. was held by 14 hedge fund portfolios at the end of Q3 2025, an increase from 8 in the previous quarter [4] - While the company has potential as an investment, certain AI stocks are viewed as offering greater upside potential and less downside risk [4]

Core Viewpoint - Parsons Corporation (PSN) is currently rated as a Zacks Rank 5 (Strong Sell) due to a recent earnings miss against the Zacks Consensus Estimate [1] Company Overview - Parsons Corporation provides technology-driven solutions focused on defense, intelligence, and critical infrastructure markets, offering services in cybersecurity, military training, and physical infrastructure [2] Earnings History - The company has beaten the Zacks Consensus Estimate in three of the last four quarters, but this alone does not justify a strong buy or sell rating [4] - The most recent earnings report showed an EPS of $0.75, missing the consensus estimate of $0.80, resulting in a 6.25% negative earnings surprise [5] Earnings Estimate Revisions - Recent revisions indicate a decline in annual earnings estimates, with the current fiscal year consensus dropping from $3.51 to $3.33 and the next fiscal year from $3.95 to $3.70 over the last 60 days [6] - The negative movement in earnings estimates is a significant factor contributing to the stock's Zacks Rank of 5 (Strong Sell) [6] Market Context - Many stocks within the Zacks universe are experiencing negative earnings estimate revisions, leading to a broader trend of stocks falling to a Zacks Rank 5 [7]

Group 1 - TIC Solutions Inc. (NYSE:TIC) is recognized as a strong investment opportunity, with JPMorgan initiating coverage and assigning an Overweight rating along with a $16 price target, emphasizing the company's essential asset integrity services and the integration of Acuren and NV5 as key growth drivers [1] - In Q3 2025, TIC Solutions reported revenue of $473.9 million, largely attributed to the successful integration of the NV5 acquisition, with the consulting engineering segment experiencing double-digit growth, particularly from a data center business that has increased over 100% year-to-date [2] - Management has raised its cost synergy target from $20 million to $25 million, expecting full realization by mid-2027, indicating strong operational efficiency and growth potential [2] Group 2 - The inspection and mitigation segment experienced a 3% revenue decline due to project timing shifts in LNG construction and ongoing softness in the chemicals market, highlighting some challenges within the company [3] - Despite federal government exposure being below 10%, management is actively monitoring macroeconomic impacts while focusing on cross-selling opportunities and disciplined capital allocation through strategic acquisitions to enhance the value chain [3] - TIC Solutions provides critical asset integrity services in North America, including testing, inspection, certification, and compliance services, utilizing various nondestructive testing techniques [5]

Summary of Parsons (NYSE: PSN) FY Conference Call - February 18, 2026 Company Overview - **Company**: Parsons Corporation (NYSE: PSN) - **Industry**: Engineering and Construction, focusing on critical infrastructure, cyber and electronic warfare, and defense sectors Key Points Financial Performance - **Revenue Growth**: Exceeded the high end of 2023 Investor Day targets, driven by strong tailwinds in budgets across six end markets, including cyber and electronic warfare, critical infrastructure protection, and transportation [4][5] - **EBITDA Margin**: Achieved a 120 basis points margin expansion, with a compound annual growth rate of 26% in cash flow [4] - **Backlog**: Record levels with $8.7 billion in funded backlog and an additional $11 billion in awarded but not booked contracts, indicating strong future revenue potential [18][19] Market Insights - **Growth Projections**: Anticipates mid-single-digit organic growth rates moving forward, with specific regions like the Middle East expected to grow at 8.5% in the coming year [6][39] - **Federal Sector**: The federal business is projected to maintain high margins, with a slight headwind from a $350 million confidential contract ending [12][14] Strategic Initiatives - **Acquisitions**: Recent acquisition of Altamira, enhancing capabilities in signals intelligence and missile tracking, expected to strengthen competitive positioning [48][49] - **AI Integration**: AI has been embedded in operations for over two decades, enhancing both federal and infrastructure services [51][52] Project Highlights - **Golden Dome**: Involvement in missile defense projects, with significant future opportunities tied to the $25 billion budget for the Golden Dome initiative [28][31] - **Infrastructure Investments**: Positioned to benefit from the Infrastructure Investment and Jobs Act, with a focus on surface transportation projects [32][33] Competitive Advantages - **Middle East Operations**: Long-standing presence in the Middle East with self-sustained operations, successfully managing large-scale projects like King Salman International Airport and Qiddiya [35][36] - **Diversification**: The company benefits from a balanced portfolio across federal and critical infrastructure sectors, enhancing overall valuation and growth potential [54][56] Challenges and Risks - **Cyclicality**: Some projects in North America are experiencing slower growth due to project completions and design work timelines [7][10] - **Market Shifts**: Ongoing geopolitical events and budget reallocations may impact project timelines and funding [11][34] Future Outlook - **Growth Aspirations**: The company aims to maintain a 50/50 split between federal and critical infrastructure markets, with a focus on sustainable growth driven by technological differentiation and strong market demand [56][57] This summary encapsulates the key insights and strategic directions discussed during the Parsons FY Conference Call, highlighting the company's robust performance, market positioning, and future growth opportunities.

Core Insights - Several blue-chip stocks in Singapore have experienced significant rallies, raising questions about future upside potential as valuations increase [1] - The analysis focuses on three prominent companies: Singapore Airlines Ltd, Keppel Ltd, and Singapore Technologies Engineering Ltd, assessing their long-term investment viability post-rally [2] Singapore Airlines - Singapore Airlines (SIA) shares have appreciated due to the global travel market recovery, currently trading near a 52-week high of S$7.63, with a market capitalization of approximately S$21 billion [5] - For FY2024/2025, SIA reported a net profit of S$2.78 billion, aided by a one-off gain from the Air India-Vistara transaction, while the half-year FY2025/2026 results showed a normalizing net profit of S$239 million [5] - The operating margin has normalized to around 8.3%, with a trailing dividend yield of 5.4%, supported by a resilient balance sheet with S$6.5 billion in cash against S$10.9 billion in total debt [6] - The current upside for SIA appears cyclical rather than structural, with inherent risks including high volatility and normalizing passenger yields [7] Keppel - Keppel has diversified its operations from offshore and marine to infrastructure, energy transition, data centers, and asset management, reaching an all-time high share price of S$12.69 [8] - For FY2025, Keppel's net profit surged 39% YoY to S$1.1 billion, with group revenue increasing by 3.4% YoY to nearly S$6 billion, despite a 16.1% drop in profit attributable to shareholders due to an accounting loss from M1's telco business [9] - As of December 31, 2025, Keppel improved its net gearing to 0.82x, with S$2.3 billion in cash against S$11.3 billion in debt, and proposed a 38% YoY increase in total distribution to S$0.47 per share [10] - Keppel aims to scale funds under management to S$100 billion by end-2026 and S$200 billion by 2030, supported by a deal flow pipeline of about S$33 billion [11] Singapore Technologies Engineering - ST Engineering shares reached a historic peak of S$10.20, driven by a diversified global footprint and a record-high order book of S$32.6 billion as of September 30, 2025 [12] - Nine-month revenue for FY2025 grew 9% YoY to S$9.1 billion, with strong growth across all segments, particularly in Commercial Aerospace and Defence & Public Security [13] - ST Engineering has a consistent dividend policy, declaring a total ordinary dividend of S$0.18 per share for FY2025, along with a proposed special dividend of S$0.05 per share [14] Comparative Analysis - Singapore Airlines offers strong cyclical earnings potential but is closely tied to industry cycles and fuel price volatility [15] - Keppel is positioned for long-term structural growth through its asset-light model, appealing to investors seeking transformational growth [15] - ST Engineering provides stability with predictable recurring revenues, making it a primary choice for dependable dividends and income security [16]

Core Insights - The article emphasizes the importance of dividend income as a reliable source of returns for investors, likening it to the traditional red packets given during Chinese New Year, which symbolize blessings and fortune [1][17]. Group 1: Key Companies and Their Performance - **DBS Group Holdings (SGX: D05)**: Recognized as a leading player in Singapore's banking sector, DBS has achieved record profits and increased its total dividend for 2025 to S$3.06 per share, a 38% increase from the previous year, offering a forward yield of approximately 5.4% [3][4]. - **Singapore Exchange (SGX: S68)**: As the only stock market operator in Singapore, SGX has diversified into a global derivatives hub, distributing S$0.375 per share in FY2025 and planning to continue increasing dividends through FY2028 [5][6]. - **CapitaLand Integrated Commercial Trust (SGX: C38U)**: This REIT reported a 6.4% year-on-year growth in distribution per unit (DPU) to S$0.1158 in 2025, with a high occupancy rate and a yield of nearly 5% [7][8]. - **iFAST Corporation (SGX: AIY)**: Transitioning into a global fintech player, iFAST increased its dividend by 42.4% to S$0.08 per share in 2025, targeting S$100 billion in assets under administration by 2030 [10]. - **Parkway Life REIT (SGX: C2PU)**: This healthcare-focused REIT has maintained 19 consecutive years of dividend payments, offering a yield of 4.5% and benefiting from inflation-proof rental contracts [11]. - **ST Engineering (SGX: S63)**: With a record order book of S$32.6 billion, ST Engineering proposed a total ordinary dividend of 18 cents per share for FY2025, along with a special dividend of 5 cents per share [12][13]. - **Frasers Centrepoint Trust (SGX: J69U)**: FCT, owning popular suburban malls, boasts a forward yield of 5.4% and nearly 100% occupancy rates, making it a reliable income source [14]. - **Sheng Siong Group (SGX: OV8)**: This supermarket operator maintained a total dividend of S$0.064 per share in 2025, with a strong balance sheet and zero debt, positioning it as a safe investment [16]. Group 2: Investment Strategy and Market Outlook - The article encourages investors to align their portfolios with resilient companies that provide consistent dividend income, highlighting the importance of patience and discipline in building lasting wealth [17][18].

Management has transitioned from a 'fix-and-build' strategy to a 'grow-and-execute' chapter, focusing on project delivery and aggressive shareholder value return. The Energy Solutions segment loss was primarily driven by the $643 million Santos ruling; excluding this, management noted the segment exceeded internal performance expectations. Urban Solutions results were impacted by $108 million in cost growth across three infrastructure projects, though this was partially offset by favorable negotiation ...

Summary of Jacobs Solutions Conference Call Company Overview - **Company**: Jacobs Solutions (NYSE:J) - **Date**: February 17, 2026 - **Key Speakers**: Bob Pragada (CEO), Venk Nathamuni (CFO) Key Industry Insights Financial Performance - **Q1 Growth**: Achieved an organic top-line growth of **8.2%** and a book-to-bill ratio of **2.0**, indicating strong demand and pipeline growth [2][4] - **Margin Expansion**: Continued margin expansion trend with an EBITDA margin increase of **110 basis points** in fiscal 2025 and a forecasted increase of **50-80 basis points** for fiscal 2026 [58][60] Market Segments - **Data Centers**: Significant growth in data center bookings, contributing to **20%** of overall bookings in Q1, with broad-based growth across water, semiconductors, and transportation sectors [11][12] - **Life Sciences and Advanced Manufacturing**: Strong growth driven by advancements in AI and chip manufacturing, with potential for double-digit revenue growth [110][148] - **Water Sector**: Expected high single-digit growth, supported by large multi-year projects [88][89] - **Environmental Sector**: Experienced some softness due to regulatory volatility but is seeing a rebound in pipeline growth [80][85] Competitive Advantages - **Technology Integration**: Jacobs is leveraging AI and data analytics to enhance operational efficiency and expand serviceable available market (SAM) [18][29] - **Decades of Experience**: The company has a significant advantage due to its long history of unstructured data, which is being transformed into structured data for better decision-making [47][56] - **Global Delivery Model**: The use of global delivery centers is expected to drive margin expansion, particularly in life sciences and advanced manufacturing projects [69][70] Strategic Initiatives Acquisition of PA Consulting - Jacobs is acquiring the remaining **35%** of PA Consulting, which is expected to enhance growth opportunities and operational synergies, particularly in defense and security sectors [171][186] - PA Consulting's expertise in energy, utilities, and health sciences aligns well with Jacobs' existing capabilities [186] Future Growth Prospects - **Geographic Expansion**: Strong growth anticipated in the Middle East, India, and Australia, driven by infrastructure projects and local demand [193][200] - **Free Cash Flow**: Guidance for free cash flow margin increased to **7-8.5%** for fiscal 2026, with a long-term target of **10%+** by 2029 [214][215] Additional Insights - **Client Demand**: Clients are increasingly asking for faster project delivery, particularly in the context of climate change and energy transition [40][46] - **Pricing Strategy**: Pricing remains stable, with opportunities for margin improvement through efficiencies rather than significant price increases [62][65] - **Emerging Trends**: The integration of AI in project delivery and the importance of regulatory compliance in various sectors are critical for maintaining competitive advantage [156][159] Conclusion Jacobs Solutions is positioned for continued growth through strategic acquisitions, technological advancements, and a focus on high-demand sectors such as life sciences, advanced manufacturing, and infrastructure. The company's strong financial performance and proactive approach to market dynamics suggest a positive outlook for the coming years.

© 2026 Fluor. YEAR END 2025 RESULTS FEBRUARY 17, 2026 © 2025 Fluor. SUNOCO MARINER EAST LNG // PENNSYLVANIA, U.S.A. 1 SAFE HARBOR STATEMENT This presentation contains forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "plans," "intends," "continue," "anticipates," is "positioned" or other similar expressions). These forward-looking statements, including statements relating to resolution of outstanding claims or ...