Fourth Quarter 2025 Earnings Conference Call February 11, 2026 Safe Harbor and Non-GAAP Financial Measures Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast and outlook; market conditions, such as expectations regarding macroeconomic uncertainty, rental demand and utilization, and used vehicle sales v ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenues of $176 million and an EBITDA-equivalent cash flow of $109 million, with a total EBITDA of $450 million over the past 12 months, indicating strong operational stability [3][12] - The net result for the quarter was a loss of approximately $4.7 million or $0.04 per share, impacted by non-recurring and non-cash items [16] Business Line Data and Key Metrics Changes - Charter revenue from the fleet was approximately $176 million, with the container fleet contributing around $81 million, the car carrier fleet generating approximately $26 million, and the tanker fleet generating about $42 million [14] - The overall utilization of the shipping fleet in Q4 was about 98.6%, with adjusted utilization at 99.8% when accounting for unscheduled technical off-hire [12] Market Data and Key Metrics Changes - The tanker market has seen unprecedented consolidation, with high charter rates expected to positively impact the Suezmax market [8] - The company noted a significant increase in the spot market rates, with the TD20 index rising by 20% in a short period, indicating a strong market outlook [24] Company Strategy and Development Direction - The company aims to build a diversified maritime infrastructure with a high-quality fleet and has secured long-term agreements with strong counterparties [3] - The strategy includes focusing on long-term charters and maintaining a strong charter backlog of approximately $3.7 billion, with two-thirds contracted to investment-grade counterparties [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about securing new employment for the Hercules rig, citing recent industry developments that support higher day rates and extended contract durations [9] - The company remains disciplined in capital deployment, focusing on sustainable cash flows and long-term deals, while also being open to opportunities across various segments [27][30] Other Important Information - The company declared its 88th consecutive dividend of $0.20 per share, representing a dividend yield of around 9% [9][17] - The company has a solid liquidity position with cash and cash equivalents totaling approximately $151 million and an additional $46 million available on credit facilities [16][17] Q&A Session Summary Question: Thoughts on Suezmax vessels and long-term contracts - Management finds the Suezmax market interesting and is optimistic about securing long-term charters, while also benefiting from the strong spot market [20][24] Question: Dividend sustainability and market outlook - The board does not provide guidance on dividends but emphasizes the importance of sustainable cash flows and disciplined capital deployment [27][30] Question: Updates on terminated charters and spot market fixtures - Previous contracts had rates around $27,000 per day, and the current spot market is strong, with rates for modern Suezmax tankers expected to be in the high 40s [34][35] Question: Status of Hercules rig and market dynamics - The Hercules rig has been idle since November 2024, but management sees signs of improving market dynamics and potential employment opportunities [42] Question: Long-term revenue mix and strategic direction - The company is not focused on a single segment but aims to position itself as a logistics partner across various shipping segments, including containers and tankers [44][45]

Financial Data and Key Metrics Changes - Company revenue for Q4 2025 was $440 million, reflecting an 11% quarter-over-quarter growth and a 14% year-over-year growth, meeting the target for sequential growth [3][4] - Full year revenue for 2025 was $1.566 billion, a $130 million or 9% increase compared to 2024 [4][23] - Net profit for Q4 2025 was $80 million, or an 18% net margin, up from 11% in Q1 2025, indicating a value-based growth driven by technology mix enrichment [4][22] - Gross profit for Q4 2025 was $118 million, a 26% increase compared to the prior quarter [22] Business Line Data and Key Metrics Changes - RF infrastructure revenue increased by 75% year-over-year, driven by the rapid adoption of silicon photonics [5] - Silicon germanium and silicon photonics revenues represented 27% of corporate revenues, totaling $421 million, up from $241 million in 2024 [6] - Power Management grew 20% year-over-year, representing 16% of corporate revenues in 2025 [13] - Sensors and displays grew 10% year-over-year, representing 16% of corporate revenue [15] Market Data and Key Metrics Changes - RF mobile represented 23% of corporate revenue in 2025, with a 15% year-over-year decline due to a shift towards higher value optical and RF mix [12] - The company is experiencing strong demand for silicon photonics, with over 70% of total SiPho capacity reserved or in the process of being reserved through 2028 [17] Company Strategy and Development Direction - The company is increasing its CapEx plan for 2026 to accommodate strong customer demand, with a total investment of $920 million aimed at expanding silicon photonics and silicon germanium capacity [9][26] - The updated financial model targets $2.84 billion in annual revenue by 2028, reflecting a significant increase from 2025 [20][29] - The company is focusing on partnerships with lead customers to enhance its technology offerings and manufacturing capabilities [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the revised financial model by 2028, citing strong customer demand and partnerships [19][62] - The company acknowledged potential concerns regarding memory shortages in the mobile market but emphasized proactive planning to mitigate risks [66] Other Important Information - The company announced a one-time tax benefit in Q4 2025, resulting in a 2% effective tax rate [22] - A lease extension for the Newport Beach facility was secured, extending the lease until the end of 2030 [81] Q&A Session Summary Question: Clarification on NVIDIA collaboration - The company clarified that it does not ship directly to NVIDIA but through resellers, focusing on output parameters for photonics [32][42] Question: Capacity increase for silicon photonics - The company confirmed that the planned capacity increase includes demand from NVIDIA and partners [34] Question: Concerns about high voltage capabilities for AI servers - The company stated it does not currently have an 800-volt platform on an IC but has higher voltage IC capabilities [39] Question: Timeline for CapEx investments - Management indicated that the majority of the $920 million investment should be online by the third quarter of 2026, with some growth expected earlier [50][60] Question: Expectations for silicon photonics contribution - The company expressed confidence in meeting demand and operational execution for silicon photonics in 2026 and 2027 [56][62]

Pershing Square Holdings (OTCPK:PSHZ.F) Update / briefing February 11, 2026 10:00 AM ET Company ParticipantsAhmed Beydoun - Principal and Chief Investment Decision-MakerAnthony Massaro - Investment TeamBharath Alamanda - Investment TeamCharles Korn - Investment TeamFeroz Qayyum - Investment TeamHarry Lloyd-Owen - DirectorRonald Hamilton-Swan is - Special Situations Equity Sales ProfessionalRupert Morley - ChairmanRyan Israel - Chief Investment OfficerTony Reading - Director of Investor RelationsWilliam Ackm ...

NETSTREIT Investor Presentation February 2026 1 Disclaimer This presentation contains 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. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities, including estimated development costs, and trends in our business, including trends in th ...

Financial Data and Key Metrics Changes - The fourth quarter revenue rose 3.4% in Mexican peso terms to MXN 245 billion, and was up 6.2% at constant exchange rates, with service revenue expanding 5.3% [6][7] - EBITDA increased by 4.2% in Mexican peso terms to MXN 95 billion, and was up 6.9% at constant exchange rates [7] - Net profit for the quarter was MXN 19 billion, which was four times larger than the previous year, equivalent to MXN 0.32 per share or $0.35 per ADR [8][9] - Free cash flow for the year 2025 reached MXN 82 billion, representing a nearly 40% year-on-year increase [9] Business Line Data and Key Metrics Changes - The company added 2.5 million wireless subscribers in the quarter, with 2.8 million postpaid net gains and 298,000 prepaid losses, ending December with 331 million wireless subscribers [4][6] - Postpaid base grew by 8.4% year-on-year, with Brazil leading in postpaid net adds at 644,000 subscribers [5][6] - Fixed line segment connected 5,240 broadband accesses, with broadband revenue growth in Mexico rising from 2% to 4% [5][8] Market Data and Key Metrics Changes - The dollar depreciated against most currencies in the region, with a 2.3% decline against the Mexican peso [4] - The company experienced strong mobile service revenue growth of 6.2%, supported by postpaid revenue that was up 7.6% [7][8] Company Strategy and Development Direction - The company aims to maintain a capital expenditure target of around 14%-15% of revenues, approximately $6.8 billion to $7 billion for 2026 [14][17] - Management indicated a focus on reducing debt and preparing for potential consolidation opportunities in the region, particularly in light of changing competitive dynamics [41][66] Management's Comments on Operating Environment and Future Outlook - Management noted the uncertainty in the U.S. economic activity due to the government shutdown and its impact on employment and economic indicators [3] - The competitive landscape in Latin America is expected to consolidate, which could benefit the company as it prepares for potential opportunities [70][74] Other Important Information - The company disconnected 79,000 voice lines in the quarter, while its access lines exceeded 4.1 million at the end of December [5][6] - Comprehensive financing costs were roughly half those of the previous year, contributing to improved net profit [8] Q&A Session Summary Question: CapEx outlook for 2026 - Management targets CapEx to be around 14%-15% of revenues, approximately $6.8 billion to $7 billion [14][17] Question: Pre-tax non-operating expenses - Management acknowledged the increase in non-operating expenses and suggested further details could be provided later [21][25] Question: Competitive environment in Chile - Management explained their decision not to pursue the Telefónica deal due to regulatory complexities and indicated they remain competitive in Chile [31][32] Question: Capital allocation strategy - Management emphasized the importance of reducing debt while also considering shareholder returns through buybacks and dividends [41][66] Question: Impact of FX on results - Management discussed the complexities of managing multiple currencies and the importance of constant exchange rates for financial reporting [56][58] Question: Regulatory environment and consolidation in Latin America - Management expressed optimism about future consolidation in the market, particularly in mobile and fixed services [70][74] Question: Number portability trends in Brazil - Management attributed strong number portability trends to both NuCel and overall growth in revenues and subscriber quality [78][81] Question: Sustainability of broadband growth in Mexico - Management indicated confidence in sustaining broadband growth due to successful promotions and high customer satisfaction [86][87]

Inventrust Properties (NYSE:IVT) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Speaker10Thank you for standing by, and welcome to InvenTrust's fourth quarter and full year 2025 earnings conference call. My name is Becky, and I will be your conference call operator today. Before we begin, I would like to remind our listeners that today's presentation is being recorded, and a replay will be available on the investors section of the company's website at inventrustproperties.com. All lines will be muted t ...

Generac (NYSE:GNRC) Q4 2025 Earnings call February 11, 2026 10:00 AM ET Speaker8Hello, and thank you for standing by. Welcome to Generac Holdings Inc. fourth quarter and full-year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask the question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To w ...

Financial Data and Key Metrics Changes - Tenet Healthcare reported net operating revenues of $21.3 billion for 2025, with consolidated adjusted EBITDA of $4.57 billion, reflecting a 14% growth over 2024 [4][11] - The full-year adjusted EBITDA margin improved by 200 basis points to 21.4% compared to the prior year [4][12] - In Q4 2025, total net operating revenues were $5.5 billion, with consolidated adjusted EBITDA of $1.183 billion, a 13% increase year-over-year [11][12] Business Line Data and Key Metrics Changes - The USPI segment's adjusted EBITDA grew 12% in 2025 to $2.026 billion, with same-facility revenues increasing by 7.2% [4][12] - The hospital segment's adjusted EBITDA rose 16% to $2.54 billion, with same-store revenues per adjusted admission up 5.3% [5][12] - Same facility revenues in the ASCs grew by 7.5%, driven by double-digit growth in total joint replacements [5] Market Data and Key Metrics Changes - The company anticipates a 20% reduction in overall enrollment due to the expiration of enhanced premium tax credits, particularly affecting states like Arizona, Michigan, and California [9][10] - In Q4, exchange admissions accounted for approximately 7.5% of total admissions, contributing over 6% to consolidated revenues [68] Company Strategy and Development Direction - Tenet plans to continue focusing on organic growth supplemented by M&A, with nearly $350 million invested in 2025 and 35 facilities added to the portfolio [5][6] - The company is tackling expense management more structurally, leveraging technology for sustainable cost reductions [25][26] - The strategic focus includes expanding service lines and enhancing capabilities in high-acuity procedures, particularly in the USPI segment [8][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong core earnings growth for 2026, despite anticipated headwinds from the expiration of enhanced tax credits [10][14] - The company expects adjusted EBITDA for 2026 to be in the range of $4.485 billion to $4.785 billion, driven by ongoing demand and acuity [7][16] - Management highlighted the importance of monitoring enrollment levels and effectuation rates as they impact future performance [10][81] Other Important Information - Tenet has been active in share repurchases, retiring approximately 22% of outstanding shares for around $2.5 billion since Q4 2022 [6][14] - The company generated $2.53 billion of free cash flow for the full year 2025, with $2.8 billion in cash on hand as of December 31, 2025 [13][14] Q&A Session Summary Question: Can you expand on the same-store hospital volume performance in the quarter? - Management noted that while acuity was good, the respiratory season was weaker than expected, impacting volumes [23] Question: What do you mean by tackling expense management more structurally? - Management explained that they are focusing on technology deployment for sustainable expense reductions, moving beyond traditional annual management [25][26] Question: Can you clarify the hospital admission growth guidance of 1%-2%? - Management indicated that the guidance reflects anticipated impacts from exchange enrollment reductions and investments in higher acuity capabilities [30][31] Question: What is the payer mix for USPI in Q4? - Management reported a consistent payer mix, with net revenue per case growth of 5.5% and EBITDA margins above 40% [83]

Citigroup 2026 Conference Summary Company Overview - **Company**: Citigroup (NYSE:C) - **Event**: 2026 Conference - **Date**: February 11, 2026 - **Speaker**: Gonzalo Lucchetti, Head of U.S. Personal Banking and incoming CFO Key Points Leadership Transition - Gonzalo Lucchetti has been with Citigroup for nearly 20 years, gaining experience across various regions and business functions [3][7] - As he transitions into the CFO role, his priorities include driving consistent higher returns and pursuing excellence in execution [11][15] Financial Performance and Strategy - Citigroup's U.S. Personal Banking (USPB) has achieved 13 consecutive quarters of positive operating leverage, with a focus on strong risk management and accountability [12][13] - The goal for USPB is to achieve returns in the mid- to high teens, with a reported ROTCE of 5.5% in 2024, improving to over 14% in the second half of the year [13][24] - Citigroup aims for a 5%-6% growth in net interest income (NII) ex-markets, building on a 6% growth in 2025 [60][62] Consumer Health and Economic Outlook - The macroeconomic outlook is positive, with expected growth in Europe and resilience in the U.S. consumer market, supported by a stable unemployment rate of 4.3% [22][23] - Citigroup serves 70 million customers in the U.S., observing stability in credit quality and delinquency rates, particularly among prime borrowers [24][26] Competitive Landscape - The credit card market is highly competitive, with Citigroup positioned as the third-largest issuer, generating $18 billion in revenue and $175 billion in outstanding balances [42][43] - Citigroup focuses on product innovation and partnerships, enhancing its loyalty ecosystem through initiatives like Citi Travel and Citi Shop [44][46] Business Segmentation and Synergies - The strategic rationale for splitting the retail bank and cards business is to enhance customer synergies, particularly in affluent markets [52][54] - Citigroup's Citigold business and retail bank have shown strong revenue growth, with Citigold growing 17% year-over-year and retail bank revenues increasing by 21% [57] Efficiency and Cost Management - Citigroup aims to reduce its operating efficiency ratio from 63% to around 60% by focusing on driving greater efficiency while enabling high-return growth [76][80] - The bank is nearing completion of its transformation programs, which are expected to yield further cost reductions and operational efficiencies [81][83] AI and Technology Initiatives - Citigroup is leveraging AI to improve customer service and operational efficiency, with initiatives like Agent Assist enhancing customer interactions [92][104] - The bank's dual approach to AI includes bottom-up innovation from employees and top-down strategies for automating key processes [102] Future Outlook - Citigroup's leadership emphasizes a clear strategy and accountability, positioning the bank for sustained improvement in efficiency and competitive positioning in the global banking landscape [110][112] Additional Insights - Citigroup has eliminated overdraft fees and offers low-cost banking options, demonstrating a commitment to consumer affordability [32][33] - The bank is cautious about potential risks, including geopolitical factors and policy changes that could impact the economy [24][26]