TotalEnergies (NYSE:TTE) Q4 2025 Earnings call February 11, 2026 09:00 AM ET Company ParticipantsAlejandro Vigil - Head of European Integrated Energy & Chemicals Equity ResearchAnish Kapadia - Director and Head of EnergyArnaud Le Foll - Senior Vice President, New Business and Carbon NeutralityBiraj Borkhataria - ManagingDirector and Global Head of Energy Transition ResearchChristopher Kuplent - Head of European Energy Equity ResearchHenri Patricot - Executive Director for Equity Research Oil & GasHenry Tarr ...

Kymera Therapeutics Conference Call Summary Company Overview - **Company**: Kymera Therapeutics - **Focus**: Targeted protein degradation technology aimed at transforming treatment paradigms in immunology with oral drugs that deliver biologics-like efficacy [3][4] Key Industry Insights - **Market Potential**: The atopic dermatitis (AD) market is valued at approximately $10 billion, with a significant opportunity for expansion due to the presence of only 1-2 drugs in many Type II disease markets [8][10] - **Patient Population**: There are over 100 million patients with Type II diseases, with 40-50 million being moderate to severe cases, indicating a large unmet need [8][9] - **Market Dynamics**: Current yearly sales in the relevant drug markets are around $20-$25 billion, with expectations for market expansion by 5-10 times as new oral drugs are introduced [10][11] Product Development and Strategy - **Drug Profile**: KT-621 is positioned as a Type II drug with the potential to provide biologics-like efficacy in an oral format, which is preferred by patients due to convenience and psychological factors [16][17] - **Patient Preferences**: Most patients prefer oral medications over injections, which can be psychologically burdensome [16][17] - **Pediatric Focus**: There is a significant opportunity to serve pediatric patients who currently lack effective therapies, with the potential to alter the disease trajectory if treated early [18] Competitive Landscape - **Market Comparison**: There has not been an oral drug with biologics-like activity in the market, making KT-621 a unique offering. Comparisons are drawn to Otezla, which succeeded despite lower efficacy due to its oral format [19][20] - **Efficacy Expectations**: The company anticipates that KT-621 will outperform existing treatments like Dupixent based on early data, with expectations of a robust treatment effect in upcoming trials [33][40] Clinical Data and Development - **Phase 1b Study Results**: The study demonstrated a strong correlation between target degradation and improvements in multiple biomarkers associated with AD, suggesting a high probability of success in Phase II trials [31][34] - **Safety Profile**: The safety profile of KT-621 has been reported as clean, with no treatment-related adverse events in the healthy volunteer study [24][25] - **Future Studies**: The company is preparing for Phase II studies, focusing on selecting the right dose for Phase III trials while ensuring efficacy and safety [50] Biomarker Insights - **FeNO as a Biomarker**: FeNO levels were significantly reduced in asthma patients, indicating potential efficacy in asthma treatment as well [52][55] Pipeline Programs - **IRF5 Program**: The IRF5 program has genetic validation, which is rare in drug development. The company is confident in the drug's ability to degrade the target effectively and translate preclinical findings into clinical success [56][59] Conclusion - **Market Positioning**: Kymera Therapeutics is positioned to potentially become a significant player in the biotech space with its innovative approach to oral drug delivery and targeted protein degradation technology, addressing large unmet needs in immunology [11][12]

Hilton Worldwide (NYSE:HLT) Q4 2025 Earnings call February 11, 2026 09:00 AM ET Company ParticipantsBrandt Montour - Managing DirectorCharlie Reurer - VP of Corporate Finance and Investor RelationsChris Nassetta - President and CEOKevin Jacobs - EVP and CFOStephen Grambling - Managing Director and the Head of US Gaming, Lodging and Leisure ResearchConference Call ParticipantsDan Politzer - Executive Director and Senior Equity Research AnalystDavid Katz - Managing Director and Senior Equity AnalystLizzie Dov ...

Financial Data and Key Metrics Changes - The company reported revenues of $87.5 million for Q4 2025, or $85 million excluding EUA related to the emission trading system. The fleet averaged TCE at $71,100 per day. Net income for Q4 was $21.6 million, resulting in an earnings per share of $0.40. Adjusted net income was $23.3 million, or adjusted earnings per share of $0.43 [3][5] - For the full year 2025, revenues reached $340 million, with an adjusted EBITDA of $251 million. The full year TCE was $72,000 per day [6][12] - The company maintained a cash balance of $448 million at year-end, with no debt maturing before 2029 [5][13] Business Line Data and Key Metrics Changes - The company traded two vessels in the spot market in 2025: FLEX Artemis and FLEX Constellation. Four drydockings were completed in 2025 [6][12] - In 2026, the company expects to complete three drydockings and has a TCE guidance of $65,000-$75,000 per day [9][12] Market Data and Key Metrics Changes - Global LNG exports rose 4% year-over-year in 2025, with Europe leading demand. U.S. LNG exports increased by 25% compared to 2024 [16] - European gas storage levels were reported to be around 40% entering 2026, indicating a potential strong demand pull from Europe [18] - The company noted that while new LNG supply is firm, there are too many ships delivered ahead of the new volumes, leading to modest expectations for earnings from spot exposure [10][20] Company Strategy and Development Direction - The company has a robust financial position and a solid contract backlog, with 78% of available days fixed on long-term charters for 2026 [6][8] - The company is optimistic about its open exposure later in the decade, aligning with expectations of an attractive shipping market due to significant new supply volumes [8][20] Management's Comments on Operating Environment and Future Outlook - Management indicated that the spot market is expected to remain volatile in 2026, with many fixtures anticipated due to new LNG export volumes ramping up [7][10] - The long-term outlook remains optimistic, with a comfortable backlog and visibility despite current market challenges [10][20] Other Important Information - The board declared a quarterly dividend of $0.75 per share, marking the 18th consecutive dividend at this rate, with a total distribution of around $770 million since 2021 [5][10] - The company generated cash flow of $44 million from operations, with a net operating cash flow of approximately $36 million after accounting for working capital movements and drydocking expenditures [13] Q&A Session Summary Question: Can you provide more details on the upcoming options and their likelihood of being declared? - Management stated that they are also waiting for the charters to declare options during 2026, and regardless of the outcome, these options will not affect the fleet portfolio significantly [23] Question: How should the increased market exposure and decision factors be viewed regarding future dividend payments? - Management emphasized that each dividend payment is decided by the board at each meeting, and while some decision factors have been adjusted, the majority remain strong, supporting the dividend [24] Question: Will the company order new ships given the current market exposure? - Management indicated that they are in a position to order ships if needed but prefer to be disciplined and wait for contracts to be attached before making such decisions [26]

Welltower (NYSE:WELL) Q4 2025 Earnings call February 11, 2026 09:00 AM ET Company ParticipantsJames Kammert - Managing DirectorJohn Kilichowski - Executive Director Equity ResearchJuan Sanabria - Managing DirectorMatt McQueen - Chief Legal Officer and General CounselMichael Carroll - Managing DirectorNick Yulico - Managing DirectorNikhil Chaudhri - Co-President and CIOOmotayo Okusanya - Managing DirectorRick Anderson - Managing DirectorRonald Kamdem - Managing DirectorShankh Mitra - CEOTim McHugh - Co-Presi ...

Agree Realty (NYSE:ADC) Q4 2025 Earnings call February 11, 2026 09:00 AM ET Company ParticipantsJenny Li - VP at REITs Equity ResearchJoey Agree - President and CEOMitch Germain - Managing Director at Real Estate ResearchPeter Coughenour - CFOReuben Treatman - Senior Director of Corporate FinanceRich Hightower - Managing Director at US REIT ResearchConference Call ParticipantsAlex Bacon - Equity Research AnalystAmi Probandt - Equity Research AnalystBrad Heffern - Managing Director and Senior Equity Research ...

Crown Crafts (NasdaqCM:CRWS) Q3 2026 Earnings call February 11, 2026 09:00 AM ET Company ParticipantsClaire Spencer - VP and CFODoug Ruth - PresidentIgor Novgorodtsev - Portfolio ManagerJohn Deysher - President and Portfolio ManagerJohn McNamara - Managing DirectorOlivia Elliott - President, CEO, and DirectorConference Call ParticipantsAnthony Lebiedzinski - Senior Equity AnalystNone - AnalystOperatorPlease note this event is being recorded. I would now like to turn the conference over to John McNamara with ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.24 per share, while distributable earnings were -$2.07 per share, with distributable earnings prior to charge-offs at -$0.51 per share [4][20] - The distributable earnings prior to charge-offs increased over 20% from Q1, covering the dividend for the second consecutive quarter [5] - The book value ended the year at $20.75 per share, which includes $0.47 per share of accumulated depreciation and amortization [23] Business Line Data and Key Metrics Changes - The loan portfolio is now 99% performing, with $575 million of impaired loans resolved during the quarter, reducing the impaired loan balance to just under $90 million [5][14] - The investment portfolio stands at $20 billion, up from $19.5 billion last quarter, with the loan portfolio at $18 billion and net lease assets now representing 5% of the portfolio [13] - In Q4, the company closed $1.5 billion of investments, including $1.4 billion of new loan originations, all secured by multifamily and industrial assets [11] Market Data and Key Metrics Changes - The real estate credit market is highly liquid, with CMBS issuance accelerating to its highest level since the GFC, up 40% year-over-year [6] - New loan requests in January were up 50% from the prior year, indicating increased enthusiasm from investors [7] - Nearly half of the loans are located in international markets, with almost 40% in Europe, where strong demand is driven by limited new supply [16] Company Strategy and Development Direction - The company has strategically broadened its scope to target complementary investment channels, focusing on multifamily and industrial loans [5] - The strategy remains focused on essential-use retail with attractive credit characteristics, with a net lease portfolio scaling to over $300 million [17] - The company aims to maximize long-term shareholder value while remaining patient and disciplined in capital deployment [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong investment and asset management results achieved in 2025, with a positive outlook for the coming year [19] - The company anticipates cash flows from owned real estate to decline in Q1 but expects consistent positive distributable earnings over time [22] - Management noted that the current dividend yield of 9.5% implies a compelling relative value proposition for the stock [10] Other Important Information - The company executed over $5 billion of corporate and securitized debt transactions in the past 12 months, reducing the weighted average borrowing spread by nearly 90 basis points [8] - The total CECL reserve declined nearly 60% quarter-over-quarter due to reserve charge-offs, which had a minimal impact on book value [23][24] - The company has been active in share repurchases, with approximately $140 million since the program's inception in July 2024 [10] Q&A Session Summary Question: Thoughts on supporting the value of loans in the portfolio - Management is exploring all opportunities to maximize shareholder value and feels good about the stock's direction given 2025's performance [29][30] Question: Views on the REO portfolio and specific assets - Management sees improved fundamentals and investor demand in key markets like New York and is strategically considering exits for several assets [33][35] Question: Investment in the Blackstone BREDS Fund - The fund will focus on high-quality core-plus real estate in the U.S. and Canada, with no fees for the fund commitment [39][40] Question: Future portfolio outlook and diversification strategy - The company intends to continue diversifying its portfolio while maintaining its core lending strategy [41][42] Question: Multifamily lending opportunities - The company views multifamily as a structurally undersupplied market and is actively lending in this space [46] Question: Initial general reserve on new loans - The current general reserve is a good proxy for the majority of the portfolio, and as the portfolio grows or shrinks, this will be a reference point [53] Question: Impaired loan resolutions and market conditions - The resolution of impaired loans was aided by the strength of the asset management team and improved market liquidity [56][58] Question: Target allocation for multifamily and industrial properties - The company prioritizes finding the right investments with the best risk-adjusted returns, focusing on diversifying across sectors and geographies [59][60] Question: Cost of capital between CLOs and bank facilities - The company aims for a well-structured, diversified balance sheet and has reduced corporate term loan borrowing spreads significantly [67][68]

The Kraft Heinz Company (NasdaqGS:KHC) Q4 2025 Earnings call February 11, 2026 09:00 AM ET Company ParticipantsAndre Maciel - CFOAnne-Marie Megela - VP of Investor RelationsJohn Baumgartner - Managing Director of Equity Research for Food and Healthy LivingPeter Galbo - Managing Director and Head of US Consumer Staples Equity ResearchSteve Cahillane - CEOConference Call ParticipantsAndrew Lazar - Equity AnalystChris Carey - Head of Consumer Staples Research and Senior Equity AnalystDavid Palmer - Senior Mana ...

Welltower (NYSE:WELL) Q4 2025 Earnings call February 11, 2026 09:00 AM ET Company ParticipantsJames Kammert - Managing DirectorJohn Kilichowski - Executive Director Equity ResearchJuan Sanabria - Managing DirectorMatt McQueen - Chief Legal Officer and General CounselMichael Carroll - Managing DirectorNick Yulico - Managing DirectorNikhil Chaudhri - Co-President and CIOOmotayo Okusanya - Managing DirectorRick Anderson - Managing DirectorRonald Kamdem - Managing DirectorShankh Mitra - CEOTim McHugh - Co-Presi ...