KBR (NYSE:KBR) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAdam Eaves - Managing DirectorAndrew Kaplowitz - Managing DirectorIan Zaffino - Managing DirectorKevin Healey - Managing DirectorMariana Perez Mora - Managing DirectorRachel Goldwait - Vice President of Investor RelationsShad Evans - Executive Vice President and Chief Financial OfficerStuart Bradie - President and Chief Executive OfficerTobey Sommer - Managing DirectorConference Call ParticipantsSangita Jain - Director an ...

中邮证券近日发布石化行业周报：PX、PTA供需今年边际好转预期。依据wind和隆众资讯，PX(中国主 港)-石脑油(日本)的价差经过调整后开始稳定在300美元/吨附近，价差节后可能再度走强。春节前最后 一周，申万一级行业指数表现中，石油石化指数表现一般，较上周上涨-0.82%。而中信三级行业指数表 现来看，工程服务在石油石化中表现最佳，涨幅1.51%。 回顾：春节前最后一周，申万一级行业指数表现中，石油石化指数表现一般，较上周上涨-0.82%。而中 信三级行业指数表现来看，工程服务在石油石化中表现最佳，涨幅1.51%。 原油：原油涨。美原油库存下降，汽油库存下降 聚酯：涤纶长丝价格涨。江浙织机涤纶长丝库存天数不同品种涨跌不一，织机开工率跌 烯烃：样本PE现货价格跌，聚烯烃石化库存上涨 以下为研究报告摘要： 投资要点 焦点：假期美伊局势不明朗，原油获得地缘溢价。PX、PTA供需今年边际好转预期。依据wind和隆众 资讯，PX(中国主港)-石脑油(日本)的价差经过调整后开始稳定在300美元/吨附近，价差节后可能再度走 强。 标的： 上游：地缘若未来再次给出原油溢价，则利好上游标的。 炼化：若需求好转，优供给、淘汰 ...

公司2025年全年财报预计在2026年初发布，需关注是否达到调整后的财务目标，包括净收入增长 10%-12%、调整后EBITDA利润率17%-17.4%及每股收益增长18.5%-21.5%。后续季度财报将反映订单转 化和盈利改善情况。 经济观察网基于公开信息，斯坦泰克(STN.US)股票未来可能值得关注的事件包括： 业绩经营情况 公司使用AI工具Forma进行碳分析，已使项目隐含碳减少22%，未来在可持续设计领域的创新成果值得 留意。 公司项目推进 斯坦泰克涉足纯水圣地亚哥、加德纳高速公路修复等标志性项目，项目进展可能对业务表现产生间接影 响。 以上内容基于公开资料整理，不构成投资建议。 业务进展情况 截至2025年第二季度，订单积压达79亿美元，同比增长9.9%，工业起重机和海外业务扩张的订单转化 效率将成为焦点。 产品研发进展 ...

Core Viewpoint - Jiangnan Chemical (002226) has successfully won a project for blasting services at the Sichuan Mianzhu Pumped Storage Power Station, reinforcing its market leadership in the Deyang area, although this project does not meet the significant contract disclosure standards and will not materially impact the company's financial status or operating results [1] Group 1 - The company’s subsidiary, Sichuan Yutai Special Engineering Technology Co., Ltd., won the bidding for the blasting service project [1] - The project win strengthens the company's competitive position in the Deyang region [1] - The company is focused on enhancing its strategic layout in the Tibet market and has established an office in the region to increase market share and brand influence [1] Group 2 - Jiangnan Chemical is actively monitoring the situation of hydropower projects downstream of the Yarlung Tsangpo River [1] - The company plans to dynamically establish and update a list of key projects in core areas, implementing a "major clients + major projects" development strategy [1] - The company aims to continuously improve its ability to secure engineering projects [1]

Core Viewpoint - Southbound funds have reduced their holdings in Sinopec Engineering (02386.HK) by 1.791 million shares on February 12, with a total net reduction of 6.1825 million shares over the past five trading days and 6.9705 million shares over the past twenty trading days [1] Company Overview - Sinopec Engineering (Group) Co., Ltd. primarily engages in engineering contracting business in China [1] - The company operates four segments: - Design, Consulting, and Technology Licensing, providing services such as design, consulting, R&D, feasibility studies, and compliance certification to the refining and chemical industries [1] - Engineering Contracting, offering integrated engineering, procurement, construction, maintenance, and project management services to the refining and chemical sectors [1] - Construction, focusing on infrastructure for the refining and chemical industries, including new construction, renovation, expansion, and maintenance services for oil and gas storage tanks and transportation pipelines, as well as heavy equipment lifting and transportation for construction projects [1] - Equipment Manufacturing, involved in the design, R&D, manufacturing, and sales of equipment and components required in refining and chemical facilities [1]

百利科技主要从事工程咨询、设计、总承包等业务。2017年，公司通过并购方式全资收购百利锂电，业务向新能源装备、成套产线行业进行了延伸，正式 步入新能源装备行业。 近年来，百利科技的表现有些低迷。2023年、2024年，公司分别亏损1.18亿元、4.01亿元。2025年业绩预告显示，公司预计当期净利润为-1.4亿元到-2亿 元。 来源：e公司 2月12日开盘后，百利科技（603959）股价快速下跌，很快站上了跌停板，并保持至收盘。12日晚间，一则重大利空消息袭来。 据百利科技公告，公司及控股子公司常州百利锂电智慧工厂有限公司（下称"百利锂电"）于近日陆续收到中国农业银行常州天宁支行等银行发来的《贷款 提前到期通知书》。因公司及百利锂电出现未按期足额支付利息等情形，上述银行依据相关合同约定，宣布合同项下贷款提前到期，并要求立即偿还积欠 本息。 证券时报·e公司记者注意到，百利科技及百利锂电积欠的贷款合计4笔，贷款本金合计2.58亿元。其收到银行提前还贷通知的日期发生在1月26日至2月11 日。 百利科技表示，借款逾期事项可能会导致公司及百利锂电融资能力下降。若上述借款逾期问题未能得到妥善解决，公司及百利锂电可能面 ...

Core Insights - The company has signed an overseas EPC project contract worth approximately 14 billion yuan, with a performance period of about 5 years, which may have a long-term impact on future performance [2] - In 2025, the total new contract amount reached 46.836 billion yuan, representing a year-on-year growth of 51.94%, with overseas contracts accounting for 22.148 billion yuan [2] - The company plans to focus on non-ferrous metals and industrial sectors, with a capital expenditure of over 200 million yuan [1][4] Contract Developments - The company signed a significant overseas EPC project contract in December 2025, which is expected to contribute to long-term performance [2] - The total new contracts signed in 2025 amounted to 46.836 billion yuan, with a notable increase in overseas contracts [2] Strategic Initiatives - In early 2026, the company announced a strategic return to the non-ferrous metals and advantageous industrial sectors, aiming to enhance profitability stability [3] - The "one exit, five enhancements" strategy will focus on core business areas, with industrial contracts making up 97.73% of the total in 2025 [3] Project Progress - The capital expenditure plan for 2026 is set at 223.6 million yuan, primarily for fixed asset investments and digital construction, which may support technological upgrades and business expansion [4] Industry Policies and Environment - Policies such as the high-quality development plan for the aluminum industry may impact supply and demand dynamics [5] - As an engineering service provider, the company's project execution is subject to fluctuations in aluminum prices, resource supply, and geopolitical factors [5]

Financial Data and Key Metrics Changes - The company reported a 5% increase in Net Service Revenue (NSR) when adjusted for fewer billable days in the period [7] - Adjusted EBITDA reached $287 million, exceeding expectations, and Adjusted EPS was $1.29 [8] - The segment-adjusted operating margin increased by 100 basis points to 16.4%, marking a new first-quarter record [7][8] - Backlog increased by 9% to an all-time high, supported by a 1.5 book-to-burn ratio [6] Business Line Data and Key Metrics Changes - In the Americas, NSR increased by 9%, with adjusted operating margin rising to 19.9%, up 120 basis points from the prior year [21] - The International segment's NSR was essentially flat after adjusting for fewer billable days, consistent with expectations [22] - The company noted a 25% backlog increase in the International segment, indicating a positive outlook for future growth [22] Market Data and Key Metrics Changes - In the U.S., market conditions are strong, bolstered by the recent passage of key federal funding bills [10] - The private sector is experiencing growth, particularly in the data center market, which is expected to continue [10][11] - Internationally, trends remain varied, but long-term demand for infrastructure investment is strong, with significant wins in the U.K. and Middle East [11][12] Company Strategy and Development Direction - The company aims to extend its competitive advantages through investments in program management, advisory services, AI, and technology [6][7] - A focus on integrating technology and AI into workflows is expected to enhance value delivery to clients [14][56] - The decision to retain the construction management business is based on its strong cash flow profile and potential for collaboration with other business units [27][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value creation opportunities, citing a robust backlog and increased share repurchase authorization [7][15] - The company anticipates a pickup in award activity in the U.S. following the passage of federal funding bills, enhancing visibility for future growth [6][10] - Management expects revenue trends to improve as the year progresses, particularly in the second half of the fiscal year [12][22] Other Important Information - The company has completed the integration of its acquired AI technology, which is expected to enhance operational efficiencies [56] - The company reaffirmed its long-term growth targets, including annual revenue growth of 5%-8% and achieving a 20% margin exit rate by fiscal 2028 [15] Q&A Session All Questions and Answers Question: Can you share thoughts on the decision to keep the construction management business? - Management highlighted the construction management business as a high-quality industry leader with strong backlog and cash flow, emphasizing opportunities for collaboration with other business units [26][27] Question: How is the demand environment in the U.S. evolving compared to last year? - Management noted continued strength in the Americas market, with a robust pipeline and strong growth across various sectors [28][29] Question: Can you provide an update on AI's impact on AECOM? - Management indicated that AI investments are expected to enhance value delivery to clients, with a focus on increasing productivity and profitability [39][40] Question: How is the private-facing business performing in the U.S.? - Management reported strong growth in the data center sector, with positive trends expected to continue [44][45] Question: Can you update on the integration of acquired AI technology? - Integration has gone exceptionally well, with a focus on facilities markets and creating efficiencies across all business lines [56] Question: What drove the acceleration in international bookings? - Management attributed the acceleration to a strong pipeline and successful repositioning in response to changing government agendas [60][61]

Group 1 - The core viewpoint of the article highlights that Sujiao Technology (300284) has established a strong presence in Ukraine through its Spanish subsidiary Eptisa, which has been operating in the region since 2010 [1] - Eptisa signed a contract in 2020 for the reconstruction of schools and public buildings in Ukraine, funded by the European Investment Bank, showcasing its operational experience in the local market [1] - The company is one of the few foreign engineering firms in Ukraine that has maintained continuous operations, indicating its resilience and adaptability in a challenging environment [1] Group 2 - Eptisa has successfully engaged in key projects such as the reconstruction of the Okhmadyt Children's Hospital in Kyiv, which is funded by the World Bank, further solidifying its role in the region [1] - The company is poised to play a significant role in the post-war reconstruction efforts in Ukraine, indicating potential future growth opportunities [1]

Group 1 - The core viewpoint of the news is that Jiangsu Libat Co., Ltd. has shown a significant stock price increase of 5.26%, reaching 18.60 CNY per share, with a trading volume of 169 million CNY and a turnover rate of 2.08%, resulting in a total market capitalization of 8.353 billion CNY [1] - Jiangsu Libat was established on October 20, 2006, and went public on July 26, 2021. The company's main business involves the entire EPFC industry chain, which can be further broken down into Engineering Procurement Construction (EPC), Engineering Design (E), Engineering Procurement (P), Modularization (F), Engineering Construction (C), and Engineering Maintenance [1] - The revenue composition of Jiangsu Libat includes 77.70% from engineering services, 22.15% from industrial module design and manufacturing, and 0.15% from other supplementary services [1] Group 2 - The Qianhai Kaiyuan Belt and Road Mixed A Fund (001209) holds a significant position in Jiangsu Libat, with 275,400 shares, accounting for 5.81% of the fund's net value, making it the third-largest holding [2] - The fund has generated an estimated floating profit of approximately 256,100 CNY today [2] - The Qianhai Kaiyuan Belt and Road Mixed A Fund was established on April 29, 2015, with a latest scale of 45.0854 million CNY, and has achieved a year-to-date return of 8.96% and a one-year return of 24.35% [2]