Barings BDC (NYSE:BBDC) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsCasey Alexander - Managing DirectorElizabeth Murray - CFOFinian O'Shea - DirectorJoe Mazzoli - Head of Investor RelationsMatt Freund - PresidentRobert Dodd - DirectorTom McDonnell - CEOOperatorAt this time, I'd like to welcome everyone to the Barings BDC, Inc. conference call for the quarter and year ended December 31st, 2025. All participants are in listen-only mode. A question and answer session will follow the ...

Centerra Gold (NYSE:CGAU) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsBrian MacArthur - Managing DirectorDavid Hendriks - COOLisa Wilkinson - VP of Investor Relations and Corporate CommunicationsPaul Tomory - President and CEORyan Snyder - CFOConference Call ParticipantsDon DeMarco - Equity Research AnalystJeremy Hoy - Research AnalystLuke Bertozzi - Equity Research AnalystOperatorThank you for standing by. This is the conference operator. Welcome to the Centerra Gold Fourth Quar ...

Select Medical (NYSE:SEM) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsMichael Malatesta - EVP and CFOThomas Mullin - CEOConference Call ParticipantsA.J. Rice - Managing Director and Senior Health Care Equity Research AnalystAnn Hynes - Managing Director and Senior Healthcare Services Equity AnalystBen Hendrix - VP and Senior Equity Analyst in the Equity Research DivisionBill Sutherland - Director of Research and Senior Equity AnalystJoanna Gajuk - Senior Equity Research AnalystJu ...

Supplemental Financial Information 4Q 2025 Forward Looking Statements This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate," and similar expressions or future or conditional verbs ...

Financial Data and Key Metrics Changes - In Q4 2025, adjusted net earnings were $83 million, or $0.41 per share, benefiting from strong production and elevated metal prices [21] - Full year 2025 adjusted net earnings were $229 million, or $1.12 per share [21] - Consolidated all-in sustaining costs (AISC) on a byproduct basis for Q4 were $1,646 per ounce, and for the full year, it was $1,614 per ounce, outperforming guidance [22][23] - Cash balance at the end of 2025 was $529 million, with total liquidity at $929 million [25][26] Business Line Data and Key Metrics Changes - Mount Milligan produced over 44,000 ounces of gold and 13 million pounds of copper in Q4 2025, with full year production of over 147,000 ounces of gold and 50 million pounds of copper [13] - Öksüt produced over 26,500 ounces of gold in Q4 2025, with full year production exceeding guidance at over 127,700 ounces [16] - AISC for Mount Milligan in Q4 was $913 per ounce, significantly lower than the previous quarter [14] - AISC for Öksüt in Q4 was $1,748 per ounce, higher due to lower gold ounces sold and increased sustaining CapEx [16][17] Market Data and Key Metrics Changes - Average realized price for gold in Q4 was $3,415 per ounce and for copper was $4.69 per pound [22] - Molybdenum sold in Q4 was approximately 3.6 million pounds at an average price of $23.78 per pound [22] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, with projects like Mount Milligan, Goldfield, and Kemess being key growth areas [5][6] - The Kemess project has a robust economic profile with an after-tax NPV of $1.1 billion and an IRR of 16% [7] - The company aims to maintain a disciplined approach to capital allocation while returning capital to shareholders [25][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating strong cash flow in 2026, which will support growth projects and shareholder returns [5][28] - The company is well-positioned for sustainable value delivery in 2026 and beyond, with a stable operating base and clear growth pipeline [29] Other Important Information - The restart of Thompson Creek is progressing, with approximately 27% of infrastructure refurbishment complete [18] - Operations at the Langeloth facility were suspended due to an explosion, with repairs expected to cost $5-$10 million [19][20] Q&A Session Summary Question: Langeloth suspension and inventory build - Management indicated that concentrate purchases will continue during the shutdown, leading to an inventory build [32][33] Question: Water management projects at Mount Milligan - Management clarified that water management is an ongoing process, with some capital expenditures expected to be slightly higher this year [35][36] Question: Capital expenditure increase at Thompson Creek - Management explained that the increase is due to various factors including inflation and maintenance, with no significant changes in physical equipment costs expected [46][48] Question: Cost discipline across the portfolio - Management attributed cost performance to strong operational discipline and the benefits from byproducts, particularly copper [50][51] Question: Update on Endako mill - Management stated that the current strategy is to focus on Thompson Creek before considering any actions regarding Endako [57][58]

Financial Data and Key Metrics Changes - Total revenue grew more than 6% year-over-year in Q4 2025, with full-year revenue growth exceeding 5% [6][8] - Adjusted EBITDA declined 10% to $104.7 million from $116 million in the prior year, impacted by increased health insurance expenses [7][8] - Earnings per common share from continuing operations was $0.16, compared to a diluted loss per common share of $0.19 in the prior year [7] - Adjusted earnings per common share from continuing operations was $0.16, down from $0.18 last year [8] - For the full year, adjusted EBITDA was $493.2 million, with a 9% margin, compared to $510.4 million and a 9.8% margin in 2024 [9] Business Line Data and Key Metrics Changes - Inpatient Rehab Hospital Division revenue increased over 15% year-over-year to $339.2 million, with adjusted EBITDA rising 11% to $69.2 million [9] - Critical Illness Recovery Hospital Division revenue increased nearly 5% to $629.7 million, with adjusted EBITDA growing 5% to $66.4 million [10] - Outpatient Rehab Division revenue increased to $324.6 million from $319.6 million, driven by nearly 5% growth in patient visits, but net revenue per visit declined to $98 from $102 [10][11] Market Data and Key Metrics Changes - The company added 150 beds in Q4 2025, contributing to a total of 212 rehab beds added for the full year [4] - The company expects to add 399 beds across 2026 and 2027, with several new hospitals and rehab units planned [5] Company Strategy and Development Direction - The company is focused on expanding its inpatient rehabilitation business and has a robust pipeline for growth in 2026 [20] - A cash dividend of $0.0625 per share was approved, reflecting the company's commitment to returning value to shareholders [6] - The company is evaluating strategic alternatives following a take-private proposal from its executive chairman [3] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the outpatient division's recovery, attributing recent challenges to one-time factors [20] - The company anticipates a 2% increase in Medicare rates for 2026, which is expected to positively impact margins [41] - Labor costs have stabilized, and the company is focused on improving staffing levels in certain markets [66] Other Important Information - The company ended the quarter with $1.8 billion of debt and $26.5 million of cash on the balance sheet [12] - Interest expense for the quarter was $28.9 million, slightly up from the previous year [13] - The company expects capital expenditures in the range of $200 million-$220 million for 2026 [14] Q&A Session Summary Question: Can you provide details on the higher health costs and their impact on the outpatient business? - Management indicated that health insurance expenses impacted the outpatient division by approximately $5 million, with variable discounts adding around $6 million, totaling about $11 million in impact [18] Question: What are the expectations for guidance going forward? - Management expressed confidence in the inpatient rehab division and cautiously optimistic outlook for outpatient improvements, noting that the $11 million impact was likely a one-time event [20] Question: Can you elaborate on the special committee's review process? - Management stated they could not comment further on the process beyond the initial update provided [24] Question: Was there any impact from weather in Q1? - Management confirmed that there was no significant impact on inpatient divisions, but outpatient experienced some effects due to weather conditions [25] Question: Can you clarify the outpatient issues and payer mix? - Management noted that the outpatient division faced challenges due to a shift in payer mix and an uptick in managed Medicare population, which impacted net revenue per visit [39] Question: What are the expectations for margins in the outpatient division? - Management expects margins to improve year-over-year in the outpatient division, aided by regulatory changes in Medicare [43]

Ryerson Quarterly Release Presentation Q4 2025 Certain statements made in this release and other written or oral statements made by or on behalf of the Company constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding our future performance, as well as management's expectations, beliefs, intentions, plans, estimates, objectives, or projections relating to the future. Such statements can be identified by the use of forward-looking terminology su ...

Alliant Energy Corporation Q4 2025 Earnings Call February 20, 2026 2025 Q4 Earnings Call 2 ALLIANT ENERGY 2025 Highlights 6.3% 10-year earnings CAGR | Financial Results | 2025 | 2024 | | --- | --- | --- | | GAAP net income (in millions) | $810 | $690 | | GAAP earnings per share (EPS) | $3.14 | $2.69 | | Ongoing EPS | $3.22 | $3.04 | Cautionary Statements Forward-looking Statements The information regarding earnings per share guidance, dividend target, earnings per share growth, load growth, capital expendit ...

Financial Data and Key Metrics Changes - Hamilton Insurance Group reported record net income of $577 million for 2025, a 44% increase from $400 million in 2024, with a return on average equity of 22%, up from 18% in the prior year [13][5] - The company grew tangible book value per share by 25% to a record $28.50 [13] - For Q4 2025, net income was $172 million, equal to $1.69 per diluted share, with an annualized return on average equity of 25% [13][14] - The combined ratio for 2025 was reported at 92.9% [19] Business Line Data and Key Metrics Changes - Gross premiums written increased by 21% to a record $2.9 billion for 2025, with Q4 premiums growing by 23% [5][19] - The Bermuda segment grew by 27% in Q4, driven by casualty reinsurance [6] - Hamilton Global Specialty saw a 21% increase in gross premiums written, while Hamilton Select grew by 19% [7][8] Market Data and Key Metrics Changes - The company noted a transitioning market with ample opportunities for underwriters, despite increased competition in certain areas [5][11] - The renewal season for property catastrophe business was characterized by strong competition and declining pricing, while casualty reinsurance saw more measured competition [9][10] Company Strategy and Development Direction - Hamilton's strategy focuses on maintaining strong relationships with clients and brokers, leveraging a hybrid platform for reinsurance and insurance [4] - The company aims to deploy capital while protecting margins, emphasizing disciplined underwriting practices [11] - Hamilton plans to continue investing in technology and underwriting capabilities, including the use of AI to enhance efficiency [80][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to find attractive opportunities in a competitive market, although growth is expected to be more measured going forward [11] - The company anticipates that pricing across targeted lines of business will remain largely risk adequate [11] Other Important Information - Hamilton declared a special dividend of $2 per common share, totaling approximately $206 million, reflecting the company's strong capital position [30] - The Bermuda Substance-Based Tax Credit is expected to provide significant tax benefits, enhancing the company's competitive advantage [16][17] Q&A Session Summary Question: Underlying loss ratio guidance for 2026 - Management indicated that the increase to 55% is primarily due to the change in the catastrophe threshold from $5 million to $10 million, with catastrophe losses expected to be around 6%-7% for the year [34][35] Question: Decision to deploy a special dividend - The special dividend was seen as an effective way to return excess capital to shareholders, while the company retains the ability to continue share buybacks [36][37] Question: Competition on the casualty side - Management noted robust pricing in areas of growth, with increased competition primarily observed in professional lines [39][40] Question: Optimal premium leverage - The company has maintained a retention rate of about 80% and is cautious about increasing premium leverage in a transitioning market [44][45] Question: Elevated large losses in segments - The fourth quarter saw more large losses than the previous year, with a significant loss attributed to a satellite incident impacting both segments [70][71]

Transocean (NYSE:RIG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Speaker8Hello, and welcome everyone joining today's Q4 2025 Transocean earnings call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star one on your telephone keypad. Please note, this call is being recorded. We are standing by if you should need any assistance. It is now my ...