Financial Data and Key Metrics Changes - Total operating revenues for Q4 2025 were $259.4 million, a decrease of $17.7 million or 6.4% from Q3 2025, primarily due to a $16 million decrease in day rate revenue [8] - Adjusted EBITDA for Q4 2025 was $105.4 million, bringing full year adjusted EBITDA to $470.1 million, which was at the top end of the guidance range [4][9] - The company recorded a net loss of $1 million for Q4 2025, while full year net income was $45 million, with a 7% decrease in adjusted EBITDA compared to 2024 [9][18] Business Line Data and Key Metrics Changes - Technical utilization for Q4 2025 was 98.8% and economic utilization was 97.8%, indicating strong operational performance [3] - The company secured new commitments for 7 rigs since the last quarterly report, with a focus on filling idle space in the 2026 schedule [13][16] Market Data and Key Metrics Changes - The jackup market utilization remains steady at approximately 90%, with expectations for market conditions to firm as tenders are awarded [6] - In the Middle East, multi-year tenders are in progress for an estimated 13 rigs, and Pemex announced a 34% year-on-year increase in upstream CapEx [5][6] Company Strategy and Development Direction - The company is focused on expanding its fleet and has acquired 5 premium rigs from Noble, which are expected to enhance operational flexibility and scale [6][19] - The strategy includes a mix of short and long-term contracts to optimize fleet utilization while being mindful of market conditions [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of market fundamentals and expects improvements in the second half of 2026, with a clear recovery in day rates anticipated in 2027 [19] - The company is actively pursuing contracting opportunities and expects to secure commitments that will bring contract coverage above 70% [16][19] Other Important Information - Cash and cash equivalents as of December 31, 2025, were $379.7 million, with total liquidity of $613.7 million [11] - The company plans to return to the Oslo Stock Exchange with a full uplisting expected in the first half of 2026 [12] Q&A Session Summary Question: Outlook for idle rigs Sif and Freya - Management is confident about securing contracts for Sif in the coming months, while Freya may take longer, potentially by late 2026 or early 2027 [22][23] Question: Achievability of EBITDA consensus of $440 million - Management indicated that while it is early for formal guidance, the outlook for 2026 suggests a pathway to achieve activity levels modestly higher than 2025 [24][26] Question: Market conditions in the Middle East - Management noted that tenders from Aramco and KOC are in progress, with awards expected around mid-year, which could tighten the market [31][32] Question: Potential for further acquisitions - Management stated that while they are open to M&A opportunities, they are selective and focused on complementary assets rather than individual rigs [39] Question: Rate development trajectory - Management anticipates that higher activity levels will start impacting bidding levels in Q3 2026, following the conclusion of current tenders [45][46] Question: Contracting strategy - Management aims for a mix of short and long-term contracts, with flexibility based on market conditions and specific tender requirements [49][50]

Financial Data and Key Metrics Changes - Total operating revenues for Q4 2025 were $259.4 million, a decrease of $17.7 million or 6.4% from Q3 2025, primarily due to a $16 million decrease in day rate revenue [8][9] - Adjusted EBITDA for Q4 2025 was $105.4 million, bringing full-year adjusted EBITDA to $470.1 million, which was at the top end of the guidance range [4][9] - The company recorded a net loss of $1 million for Q4 2025, while full-year net income was $45 million, with adjusted EBITDA decreasing by 7% compared to 2024 [9][10] Business Line Data and Key Metrics Changes - Technical utilization for the fleet was 98.8% and economic utilization was 97.8% in Q4 2025 [3] - The company secured new commitments for 7 rigs since the last quarterly report, with expectations for further coverage gains in the coming months [4][13] Market Data and Key Metrics Changes - In the Middle East, multi-year tenders are in progress for an estimated 13 rigs, and Pemex announced a 34% year-on-year increase in upstream CapEx [5] - Overall jackup market utilization remains steady at approximately 90%, with expectations for market conditions to firm as tenders are awarded [5] Company Strategy and Development Direction - The company believes the jackup market has bottomed out and sees gradual recovery in fundamentals as demand increases [4] - The company plans to return to the Oslo Stock Exchange through a listing on Euronext Growth, with a full uplisting to the main list expected in the first half of 2026 [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tendering pipeline, indicating that significant awards are expected by mid-2026, which could lead to improved market conditions [18][34] - The company anticipates that market conditions will continue to improve through the second half of 2026, with a clear recovery in day rates expected in 2027 and beyond [20] Other Important Information - Cash and cash equivalents as of December 31, 2025, were $379.7 million, with total liquidity of $613.7 million [11] - The company completed an equity offering raising gross proceeds of $84 million and an additional bond offering of $165 million [11][12] Q&A Session Summary Question: Outlook for idle rigs Sif and Freya - Management is confident that Sif will secure a contract in the coming months, while Freya may take longer, potentially going to work in late 2026 or early 2027 [22][24] Question: Thoughts on EBITDA for 2026 - Management indicated that while it is early for formal guidance, the outlook for 2026 suggests a modest increase in contracting days compared to 2025 [25][27] Question: Status of tenders in the Middle East - Management confirmed that major tenders from Aramco and KOC are in progress, with awards expected around mid-year [32][34] Question: Potential for further rig acquisitions - Management stated that while they are open to M&A opportunities, they are focused on complementary acquisitions rather than growth for its own sake [39][40] Question: Rate development trajectory - Management expects that higher activity levels will start impacting bidding levels in Q3 2026, following the awarding of tenders [46][47] Question: Contracting strategy for the fleet - Management emphasized the importance of a mix of short and long-term contracts, with flexibility based on market conditions [50][51] Question: Current status of rigs without contracts - Management indicated that rigs like Var and Freya may take longer to secure contracts, with a focus on developments in the Middle East as a potential catalyst [66]

Core Viewpoint - Terreno Realty Corporation has announced a full-property lease for a redevelopment property in Long Island City, Queens, New York, indicating a strategic expansion in the industrial real estate sector [1]. Group 1: Property Details - The property consists of one industrial distribution building with approximately 48,000 square feet on 2.2 acres [2]. - Located at 49-10 27th Street, the property is adjacent to the entrance of the Queens-Midtown Tunnel and features ten dock-high and 14 grade-level loading positions [2]. - The total investment for the redevelopment is $35.8 million, with the property fully leased to a contractor and rigging provider starting December 2025 and expiring August 2036 [2]. Group 2: Financial Metrics - The estimated stabilized cap rate for the property is 5.7% [2]. - Stabilized cap rates are calculated based on annualized cash basis net operating income stabilized to market occupancy, generally at 95%, divided by total acquisition cost [3]. Group 3: Company Overview - Terreno Realty Corporation operates in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. [4]. - The company focuses on acquiring, owning, and operating industrial real estate, highlighting its commitment to the industrial sector [4].

Financial Data and Key Metrics Changes - The company reported a pro forma revenue increase of 16%, adjusted operating margin expansion of 200 basis points, and earnings per share growth of 35% compared to the previous year, all exceeding expectations [5][21][19] - Adjusted earnings per share reached $1.38, reflecting a 35% increase year-over-year [21][24] Business Line Data and Key Metrics Changes - Coach brand revenue increased by 21%, with North America growing by 26%, China by 21%, and Europe by 39% [8][21] - Kate Spade's revenue trends improved sequentially, showing a decline of 9% in the first quarter, but with signs of progress in key performance indicators [15][19] Market Data and Key Metrics Changes - North America sales accelerated by 18%, Europe saw a 32% revenue growth, and Greater China revenue increased by 19% [22][21] - In Japan, sales declined by 10%, as anticipated, amid a challenging consumer environment [22] Company Strategy and Development Direction - The company is focused on its Amplify Growth agenda, emphasizing emotional connections with consumers and targeting Gen Z for customer acquisition [6][5] - The strategy includes product innovation, enhancing direct-to-consumer channels, and creating immersive retail experiences [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of growth, citing structural advantages and a strong pipeline of innovation [39][5] - The company raised its fiscal 2026 outlook, expecting revenue of approximately $7.3 billion, representing pro forma growth of 7%-8% [29][30] Other Important Information - The company declared a quarterly cash dividend of $0.40 per common share and plans to return $1.3 billion to shareholders through dividends and share repurchases [25][24] - Inventory levels were reported to be 1% below the prior year, indicating a well-positioned inventory strategy [28] Q&A Session Summary Question: Drivers of accelerated growth and sustainability - Management highlighted structural advantages and a focus on new customer acquisition, particularly among Gen Z, as key drivers of growth sustainability [39][40] Question: Breakdown of Coach's revenue growth - The significant growth was attributed to new customer acquisition, increased average unit retail (AUR), and geographic expansion [48][47] Question: Gross margin expectations - Management confirmed that gross margin guidance remains stable despite tariff pressures, with expectations for continued improvement [58][59] Question: European market penetration - The company noted a significant growth of 39% in Europe, driven by effective marketing and customer acquisition strategies [69][70] Question: Kate Spade's merchandise margin progress - Management acknowledged the impact of tariffs and ongoing investments in customer engagement, indicating a focus on long-term growth despite current challenges [71][72]

Financial Data and Key Metrics Changes - The company reported a pro forma revenue increase of 16%, adjusted operating margin expansion of 200 basis points, and earnings per share growth of 35% compared to the previous year, all exceeding expectations [4][19][24] - The first-quarter gross margin was 76.5%, reflecting a 120 basis point increase year-over-year, driven by operational improvements and the divestiture of Stuart Weitzman [22][23] Business Line Data and Key Metrics Changes - Coach brand revenue increased by 21%, with North America growing by 26%, China by 21%, and Europe by 39%, indicating strong performance across key markets [6][7][19] - Kate Spade's revenue trends improved sequentially, with a decline of 9% in the first quarter, showing signs of progress in the turnaround efforts [12][13] Market Data and Key Metrics Changes - North America sales accelerated by 18%, Europe revenue grew by 32%, and Greater China revenue increased by 19%, showcasing strong global momentum [19][20] - In Japan, sales declined by 10%, reflecting a challenging consumer environment [21] Company Strategy and Development Direction - The company is focused on its Amplify Growth agenda, emphasizing emotional connections with consumers and targeting Gen Z for customer acquisition [4][5] - The strategy includes product innovation, enhancing direct-to-consumer channels, and creating immersive retail experiences [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of growth, citing structural advantages and a strong pipeline of innovation [36][39] - The company raised its fiscal 2026 outlook, expecting revenue of approximately $7.3 billion, representing pro forma growth of 7%-8% [27][28] Other Important Information - The company declared a quarterly cash dividend of $0.40 per share and plans to return $1.3 billion to shareholders through dividends and share repurchases [24][25] - Inventory levels were reported to be 1% below the prior year, indicating effective inventory management [26] Q&A Session Summary Question: Drivers of accelerated growth and sustainability - Management highlighted structural advantages and a focus on new customer acquisition, particularly among Gen Z, as key drivers of growth [35][36] Question: Breakdown of Coach's revenue growth - The growth was attributed to significant customer acquisition, increased average unit retail (AUR), and geographic expansion [40][41] Question: Gross margin expectations - Management confirmed that gross margin guidance remains unchanged, with ongoing progress against tariff impacts [44][46] Question: European market dynamics - The company noted a positive inflection in Europe, driven by effective marketing and customer acquisition strategies [49][50] Question: Kate Spade's merchandise margin progress - Management acknowledged the impact of tariffs and ongoing investments in customer engagement as factors affecting margins [51][52]

Core Viewpoint - Gyrodyne, LLC has entered into a purchase and sale agreement for approximately 49 acres of vacant land in St. James, New York, with a projected sale price of up to $28.74 million, which is expected to enhance the company's asset value and align with community needs for assisted living facilities [1][2][3]. Group 1: Agreement Details - The purchase price range for the property is set between $24 million and $28.74 million, with the final amount estimated at $28.74 million based on current conditions [2]. - The agreement includes customary representations, warranties, and covenants, and has been filed with the SEC [4]. Group 2: Strategic Implications - The CEO of Gyrodyne stated that this agreement is a significant milestone in executing the company's strategic plan and aims to maximize shareholder value [3]. - The transaction is expected to enhance the marketability and value of the adjacent industrial park at Flowerfield, while also addressing the community's need for assisted living facilities [3]. Group 3: Financial Impact - Following the agreement, Gyrodyne estimates its net asset value (NAV) in liquidation as of June 30, 2025, to be approximately $32.6 million, reflecting an increase of $1.8 million or $0.84 per share, which is a 6% increase from the previous NAV [3]. Group 4: Company Overview - Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties, including office, industrial, and service-oriented properties in the New York metropolitan area [5]. - The company is actively seeking value-enhancing entitlements for its properties, including a medical office park in Cortlandt Manor, New York [5].