FLEX LNG (NYSE:FLNG) Q4 2025 Earnings call February 11, 2026 09:00 AM ET Company ParticipantsKnut Traaholt - CFOMarius Foss - CEOMarius FossHi everybody, welcome to FLEX LNG's Fourth Quarter 2025 Results Presentation. My name is Marius Foss, I am the CEO of FLEX LNG, and today I am joined with our CFO, Knut Traaholt, who will take us through the financials later in our presentation. Today we will cover the Q4 and full year 2025 results, provide an update on the LNG shipping market, and as always we will con ...

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, marking an increase of over 20% from Q1 [4][20] - 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, up from 0 at the beginning of 2025 [13][14] 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 to transact [7] Company Strategy and Development Direction - The company has strategically broadened its scope to target complementary investment channels, focusing on multifamily and industrial loans, which accounted for nearly 85% of the $7 billion in investments closed in 2025 [5] - The company aims to maximize long-term shareholder value while remaining patient and disciplined in its approach [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong investment and asset management results achieved in 2025 and sees a ripe environment for bank consolidation, which may bring additional opportunities [18][19] - The company anticipates cash flows from owned real estate to decline in Q1 but expects consistent positive distributable earnings over time as assets are exited and capital is redeployed [22] 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 year-over-year [8][9] - 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 the performance in 2025 [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 focus areas - The company intends to diversify its portfolio while maintaining its core lending strategy, with a focus on risk-adjusted returns [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]

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 ...

Immunome Conference Call Summary Company Overview - **Company**: Immunome (NasdaqCM:IMNM) - **Focus**: Targeted therapy for oncology, specifically small molecules and cell surface targeting, avoiding cell therapy and CAR-T technologies [2][4] Pipeline and Product Development Desmoid Tumors - **Recent Achievement**: Positive phase III data for gamma secretase inhibitor in desmoid tumors [3] - **Market Opportunity**: - Approximately 1,600 new cases annually in the U.S. - About 11,000 patients seek therapy each year, with a prevalence pool of nearly 30,000 [5][6] - Potential for a billion-dollar market with around 3,000 patients needed [7] - **FDA Submission**: Planned within the next few months, with a favorable hazard ratio of 0.16 [6] Competitive Landscape - **Comparison with Ogsiveo**: - Immunome's drug has a higher objective response rate (ORR) and is administered once daily, enhancing patient compliance [12][13] - Ogsiveo currently has a $320 million annualized run rate [15] ADC Pipeline - **Lead Program**: IM-1021 targeting ROR1 - Focus on improving ADC technology to overcome resistance pathways and enhance bystander activity [23][25][27] - Early phase one results show objective responses at multiple dose levels [28][33] - **Future Plans**: - Expansion of clinical trials with additional U.S. and European sites [33] - Submission of three INDs for solid tumors later this year [31] Strategic Insights - **Medical Affairs Focus**: Emphasis on engaging with physicians to understand their needs and improve drug utilization [15][19] - **Market Strategy**: Learning from past product launches to optimize the approach for varegacestat, including potential accelerated approval pathways [38] Additional Notes - **Expertise**: The team at Immunome includes experienced professionals from Seagen and Pfizer, enhancing the company's operational capabilities [20] - **Radioligand Therapy**: FDA clearance received, with clinical trials set to begin soon [40] This summary encapsulates the key points discussed during the Immunome conference call, highlighting the company's strategic direction, product pipeline, and market opportunities.

Financial Data and Key Metrics Changes - For the full year 2025, system-wide RevPAR growth was up 40 basis points year over year, with record adjusted EBITDA of $3.7 billion, up 9% year over year [5][6] - In the fourth quarter, system-wide RevPAR increased 50 basis points year-over-year, with adjusted EBITDA at $946 million, up 10% year-over-year [6][15] - The company returned $3.3 billion to shareholders in 2025, the highest total capital return in its history [6] Business Line Data and Key Metrics Changes - Leisure transient RevPAR was up 2.3%, while business transient RevPAR was down 2.1% due to U.S. government shutdown impacts [6][15] - Group RevPAR increased by 2.6%, driven by strong international group growth [6][15] - The company opened nearly 200 hotels in the fourth quarter, totaling nearly 26,000 rooms, and added nearly 100,000 new rooms for the full year, representing a net unit growth of 6.7% [7][8] Market Data and Key Metrics Changes - In the Americas outside the U.S., fourth quarter RevPAR increased 3.8% year-over-year, while Europe saw a 5.3% increase, and the Middle East and Africa region experienced a 15.9% increase [16][17] - Asia-Pacific's fourth quarter RevPAR was up 9.2% excluding China, while RevPAR in China declined 1.4% [17] Company Strategy and Development Direction - The company is focused on expanding its brand portfolio, including the launch of the Apartment Collection by Hilton and the Outset Collection, to capture new market segments [10][12] - The development pipeline reached over 520,000 rooms, with expectations for sustained net unit growth of 6%-7% for 2026 and beyond [11][18] - The company aims to enhance its Hilton Honors program to drive loyalty and engagement, with nearly a quarter billion members [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting stronger economic conditions and improved performance in EMEA and APAC regions [7][30] - The CEO highlighted macroeconomic factors such as decreasing inflation and increased investment in technology as positive indicators for future growth [21][25] - Management noted that early 2026 trends are positive, with strong group bookings and leisure demand [7][30] Other Important Information - The company has been recognized as the number one world's best workplace by Fortune and Great Place to Work for 2025 [13] - The company continues to focus on non-RevPAR-driven fees, which are expected to grow above the algorithm due to strong credit card and timeshare performance [73][74] Q&A Session Summary Question: Overview of the broader economy and lodging industry - Management remains optimistic about 2026, citing macroeconomic improvements and a potential trend towards middle-class real wage growth, which could increase disposable income and spending on travel [21][30] Question: AI and technology partnerships - The company is actively exploring AI applications across its operations, focusing on efficiency and customer experience improvements [34][41] Question: Growth of lifestyle and luxury brands - Management believes that as lifestyle and luxury brands gain scale, they will create a network effect that enhances market share and profitability [46][49] Question: Development environment and key money usage - The company maintains discipline in key money usage, with a focus on upper upscale and luxury segments, while expecting conversions to play a larger role in future growth [55][56] Question: RevPAR guidance and quarterly cadence - Management anticipates a balanced performance throughout the year, with potential upside from events like the World Cup [60][62] Question: EPS growth rate - Management explained that EPS growth is impacted by share count and interest expenses, with adjusted EPS growth expected in the low double digits [67][68]

Vishay Precision Group (NYSE:VPG) Q4 2025 Earnings call February 11, 2026 09:00 AM ET Company ParticipantsBill Clancy - CFOJaeson Schmidt - Director of ResearchSteve Cantor - Senior Director of Investor RelationsZiv Shoshani - CEO and PresidentConference Call ParticipantsJohn Franzreb - Equity AnalystJoshua Nichols - Senior Research AnalystOperatorI will now hand over to Steve Cantor, Senior Director, Investor Relations at VPG, to begin. Please go.Steve CantorThank you, Claire. Good morning, everyone. Welco ...

Financial Data and Key Metrics Changes - In 2025, the company achieved over 4.5% growth in AFFO per share, with a total investment of $1.55 billion across its three investment platforms, marking over 60% year-over-year growth [6][8] - Core FFO per share for Q4 was $1.10, representing a 7.3% year-over-year increase, while full-year Core FFO per share was $4.28, reflecting a 5.1% increase [21] - AFFO per share for Q4 was $1.11, a 6.5% year-over-year increase, and for the full year, it was $4.33, indicating 4.6% year-over-year growth [21][22] Business Line Data and Key Metrics Changes - In Q4, the company invested approximately $377 million in 94 high-quality retail net lease properties, with notable transactions including ground leases to Lowe's and Home Depot [11][12] - For the full year 2025, nearly $1.6 billion was invested in 338 retail net lease properties, with over $1.4 billion originating from the acquisition platform at a weighted average cap rate of 7.2% [12][13] - The development and DFP platforms had a record year with 34 projects completed or under construction, representing approximately $225 million of committed capital [13][14] Market Data and Key Metrics Changes - The company's investment-grade exposure at year-end stood at nearly 67%, with occupancy increasing to 99.7%, reflecting a 50 basis point improvement since the first quarter [16] - The weighted average cap rate for acquired properties was 7.1%, with a weighted average lease term of 9.6 years [12] Company Strategy and Development Direction - The company aims to increase its 2026 investment guidance to a range of $1.4 billion to $1.6 billion, representing a 10% increase from the prior range [9] - The company is focused on maintaining a fortress balance sheet and executing on its investment guidance without raising additional equity capital [20] - The company is enhancing operational efficiencies through IT improvements and anticipates a material reduction in G&A as a percentage of revenue [8][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals supporting the company's outlook, citing a strong portfolio and exceptional team depth [6] - The management noted that the current economic environment is challenging for middle-income consumers, which may impact retail trends [101] - The company expects to maintain a growth trajectory with a goal of delivering 10% operational returns and achieving two-year stacked AFFO growth [108] Other Important Information - The company raised approximately $1.5 billion in capital during the year, including a $400 million bond offering and a $350 million term loan [17][18] - The company achieved an A- rating from Fitch, which is expected to deliver long-term benefits to its cost of capital [16][20] Q&A Session Summary Question: Increase in 2026 investment guidance - Management indicated that the increase is due to secured transactions, including sale-leaseback deals and increased confidence in development projects [26] Question: Non-core asset sales - Management explained that capital recycling focuses on opportunistic sales of non-core assets, driven by valuations in the market [27] Question: Cap rate trends - Management noted no material changes in cap rates and that rent escalators have been stable, reflecting historical inflation [31][32] Question: Construction costs - Management confirmed that construction costs are not decreasing and are in line with last year's levels, with efforts to find efficiencies [33][34] Question: Sale-leaseback interest - Management stated that while there is no increase in sale-leaseback velocity, they have specific transactions lined up with existing tenants [40] Question: Development investment commitments - Management expressed optimism about growth in development investments but noted that timing is often subject to third-party approvals [69] Question: Credit loss assumptions - Management indicated that credit loss assumptions for 2026 are in line with 2025, with a focus on maintaining a strong portfolio [70]

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 ...

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 - The company achieved over 4.5% growth in AFFO per share for 2025, with a total investment of $1.55 billion across its platforms, marking over 60% year-over-year growth [4][5] - Core FFO per share was $1.10 for Q4 and $4.28 for the full year 2025, reflecting year-over-year increases of 7.3% and 5.1% respectively [19] - AFFO per share for Q4 was $1.11, a 6.5% year-over-year increase, while the full year AFFO per share was $4.33, representing 4.6% growth [19][20] Business Line Data and Key Metrics Changes - In Q4, the company invested approximately $377 million in 94 retail net lease properties, with a weighted average cap rate of 7.1% and a lease term of 9.6 years [8][9] - For the full year 2025, nearly $1.6 billion was invested in 338 properties across 41 states, with over $1.4 billion originating from the acquisition platform [9][10] - The development and DFP platforms had a record year with 34 projects, representing approximately $225 million of committed capital [10] Market Data and Key Metrics Changes - The company's investment-grade exposure at year-end stood at nearly 67%, with occupancy increasing to 99.7%, a 50 basis point improvement since Q1 [12] - The properties acquired during Q4 were leased to leading operators in various sectors, including home improvement and grocery stores, indicating a strong market presence [9] Company Strategy and Development Direction - The company plans to increase its 2026 investment guidance to a range of $1.4 billion to $1.6 billion, a 10% increase from the prior range, supported by a strong pipeline of over $0.5 billion [6][8] - The company emphasizes a disciplined approach to capital allocation and maintaining a fortress balance sheet, with no material debt maturities until 2028 [5][18] - The focus remains on necessity-based retailers, avoiding luxury and experiential sectors, to cater to the trade-down effect observed in consumer behavior [99] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals supporting the company's outlook, citing a strong portfolio and exceptional team depth [4] - The company anticipates continued growth in AFFO per share, with guidance for 2026 set at $4.54 to $4.58, representing a 5.4% year-over-year growth at the midpoint [6][20] - Management noted that the current economic environment presents challenges for middle-income consumers, which could impact retail dynamics [99] Other Important Information - The company raised approximately $1.5 billion in capital during 2025, enhancing its liquidity to over $2 billion [5][17] - The company achieved an A- rating from Fitch, validating its strong balance sheet and capital market execution [13][18] Q&A Session Summary Question: Increase in 2026 investment guidance - Management indicated that the increase is due to secured transactions, including sale-leaseback deals and increased confidence in development projects [25] Question: Non-core asset sales - Management explained that capital recycling focuses on opportunistic sales of non-core assets, driven by market valuations [26] Question: Cap rate trends - Management noted no material changes in cap rates and that rent escalators remain stable, reflecting historical inflation [30] Question: Construction costs - Management confirmed that construction costs are not decreasing and are in line with last year, with efforts to explore alternative methods to manage costs [33] Question: Sale-leaseback interest - Management stated that while there is no increase in sale-leaseback velocity, they have specific transactions lined up with existing tenants [38] Question: G&A savings - Management anticipates G&A savings of approximately 30+ basis points relative to total revenues due to IT improvements and operational efficiencies [41] Question: Development projects - Management confirmed that the new projects are part of larger expansions for retailers, indicating significant future opportunities [47] Question: Exposure to lower-income consumers - Management acknowledged the challenges faced by middle-income consumers and emphasized a focus on necessity-based retailers to mitigate risks [99]