Constellium (NYSE:CSTM) Q4 2025 Earnings call February 18, 2026 10:00 AM ET Speaker1Constellium achieved strong results in 2025 that were ahead of our own expectations coming into the year, and despite the uncertain macroeconomic and end market environment. I want to thank each of our 11,500 employees for their commitment and relentless focus on safety and serving our customers. We delivered strong execution and demonstrated our ability to control costs throughout the year in 2025, and we believe we are wel ...

Financial Data and Key Metrics Changes - The company converted 45% of its EBITDA to free cash flow, a higher percentage than many in the industry [5] - The company targeted $100 million in cost savings, achieving an annualized run rate by the end of 2025, with an expected $45 million in-year savings for 2026 [18][19] Business Line Data and Key Metrics Changes - The aerospace business is expected to grow slightly better than the build rate, with a focus on wide-body aircraft [13][16] - The polyurethanes business is projected to face headwinds due to rising natural gas costs, with a first-quarter EBITDA range of $25 million to $40 million, down from $42 million the previous year [86][88] Market Data and Key Metrics Changes - Early signs of improved volumes and pricing in Europe were noted, with price increases announced across the board [10][11] - The company anticipates a gradual recovery in North American home building and durable goods, as well as improvements in the Chinese domestic markets [5][6] Company Strategy and Development Direction - The company plans to focus on structural changes in operations to generate enough cash to cover dividends and will pursue new product development and innovation [7][8] - There is an expectation of further opportunities for mergers, joint ventures, and industry consolidation in 2026 [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a potential recovery in the North American construction industry and noted that the upcoming weeks would be critical for demand signals [8][56] - The company remains hopeful for European policymakers to take action to improve competitiveness, despite skepticism about the pace of change [40][41] Other Important Information - The company is selectively using AI tools to reduce costs and expand R&D capabilities [7] - The company has made significant workforce reductions and facility closures, primarily in Europe, to streamline operations [18][40] Q&A Session Summary Question: What is driving the improvement in Europe? - Management noted price increases and a pickup in construction and auto demand as key drivers [10][11] Question: What are the expected cost savings for 2026? - The company expects $45 million in in-year savings for 2026, following a targeted $100 million in overall cost savings [18][19] Question: How are MDI margins expected to play out? - Margins are expected to improve with increased volumes and pricing initiatives to offset rising costs [31][32] Question: What is the outlook for global MDI capacity growth in 2026? - The company anticipates low to mid-single-digit capacity growth in North America, with no significant adverse changes expected [68][71] Question: What is the company's stance on potential mergers or acquisitions? - Management indicated a willingness to explore both acquisitions and divestitures, depending on market conditions [50][51]

Wingstop (NasdaqGS:WING) Q4 2025 Earnings call February 18, 2026 10:00 AM ET Speaker11Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Wingstop Inc.'s fiscal fourth quarter and full year 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. Please note that this conference is being recorded today, Wednesday, February 18th, 2026. On the call today ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 increased by 11% to $242.1 million, compared to $217.2 million in Q4 2024 [15] - Adjusted EBITDA rose to $31.2 million from $26.7 million in Q4 2024, marking a 17% increase [20] - For the fiscal year, total revenue reached $961 million, a 7% increase from $895 million in the previous year [20] - Adjusted net income increased by 15% to $102.9 million, or $0.99 per diluted share, compared to $89.7 million, or $0.85 per diluted share in 2024 [20] Business Line Data and Key Metrics Changes - The company operated health and wellness centers on 206 ships at year-end, up from an average of 188 ships in fiscal 2024 [5] - MedSpa services were available on 153 ships, an increase from 147 ships at the end of fiscal 2024 [8] - Revenue per passenger per day and other key operating metrics showed across-the-board increases, reflecting enhanced productivity [8] Market Data and Key Metrics Changes - The company introduced two new health and wellness centers aboard new ship builds during the quarter, contributing to market leadership [6] - The average guest spend increased by 1%, contributing $2.1 million to total revenue growth [16] Company Strategy and Development Direction - The company is focused on innovation, including AI integration and the reorganization of operations in the UK and Italy, to enhance efficiency and growth [5][11] - Plans to introduce health and wellness centers on six new ship builds in 2026, with three expected to commence voyages in the first half of the year [6] - The company aims to maximize its position as a leading operator of health and wellness centers at sea [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of outstanding performance in 2026, supported by strong financial results and strategic initiatives [4][10] - The outlook for 2026 includes expectations for total revenues to exceed $1 billion for the first time, with adjusted EBITDA projected to increase [23] Other Important Information - The company returned nearly $93 million to shareholders through stock buybacks and dividends while reducing outstanding debt [9] - Total cash at year-end was $17.5 million, with total debt net of deferred financing costs at $84 million [21] Q&A Session Questions and Answers Question: Insights on AI integration and its potential benefits - Management confirmed that the current guidance does not include potential impacts from AI initiatives, which are expected to show meaningful results in the second half of 2026 [26][27] Question: Consumer trends and pricing strategies - Management noted that while there may be slight additional discounting, overall higher prices are being accepted by consumers, reflecting confidence in future performance [29] Question: Dynamic price optimization model rollout - The initial rollout of the dynamic pricing model will focus on pre-booking across 94% of vessels, with broader implementation expected in the latter half of the year [32][33] Question: Spa menu reformats and offerings - The company has proactively condensed its spa menu to focus on popular items, aiming to enhance guest choice and increase conversion rates [34]

Analog Devices (NasdaqGS:ADI) Q1 2026 Earnings call February 18, 2026 10:00 AM ET Speaker6Good morning, and welcome to the Analog Devices' first quarter fiscal year 2026 earnings conference call, which is being audio webcast via telephone and over the web. I'd like to now introduce your host for today's call, Mr. Jeff Ambrosi, Head of Investor Relations. Sir, the floor is yours.Speaker2Thank you, Danny, and good morning, everybody. Thank you for joining our first quarter fiscal 2026 conference call. Joining ...

Financial Data and Key Metrics Changes - The company reported a fourth quarter GAAP net loss attributable to common stockholders of $14.4 million, or $0.12 per share [3] - Distributable earnings loss was $35.5 million or $0.28 per share, while adjusted distributable earnings were $19.3 million or $0.15 per share [4] - Current liquidity stands at $168 million, including $98 million in unrestricted cash [4] - GAAP net book value decreased to $7.30 per share from $7.53 in the previous quarter, and undepreciated book value decreased to $8.44 from $8.68 [18] Business Line Data and Key Metrics Changes - The loan portfolio increased by $315 million to $2.7 billion, representing a 13% increase from the third quarter [6] - The company closed 32 new loans for $941 million of total commitments since restarting originations, with 13 loans of $416 million closed in the fourth quarter [6] - The average loan balance in the portfolio is $27 million, with a risk ranking consistent with the previous quarter [12] Market Data and Key Metrics Changes - The commercial real estate debt capital markets are experiencing high investor demand, particularly for CRE CLOs [10] - The company announced the closing of its fourth managed CLO, totaling $955 million, which expands lending capacity [10] - There is an anticipated significant tailwind for loan demand due to increased property sales transactions [11] Company Strategy and Development Direction - The company aims to grow the loan book to approximately $3.5 billion by year-end 2026 [11] - Key strategies include resolving remaining watchlist loans and monetizing REO assets, particularly the San Jose Hotel [11] - The company plans to execute a fifth CLO in the second half of the year to enhance capital deployment efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the credit quality of the portfolio, noting positive developments in resolving watchlist and REO assets [28] - The company anticipates strong demand for multifamily loans driven by the need for borrowers to refinance or sell assets [49] - Management expects to achieve positive dividend coverage by mid-year and grow earnings by year-end [9] Other Important Information - The company repurchased approximately 1.1 million shares at an average price of $5.39, resulting in book value accretion [18] - Specific CECL reserves recorded during the fourth quarter were approximately $54.9 million [17] Q&A Session Summary Question: How do you think about the amount of leverageable capital? - Management indicated that approximately $200 million of equity is tied up in REO assets, which is a drag on the portfolio, but plans to resolve this by year-end [26] Question: Can you provide an update on the San Jose property? - Management reported that the San Jose property performed well during the Super Bowl and is undergoing upgrades, with expectations of reaching around $9 million in NOI [34] Question: How is the pace of originations expected to be in 2026? - Management expects a quarterly origination rate between $300 million and $400 million going forward, with a strong start in Q1 [42] Question: What sectors are seeing demand for loan originations? - Management noted strong demand in the multifamily sector, driven by the need for borrowers to move assets and refinance [48] Question: How are spreads and competition affecting the market? - Management acknowledged ongoing competition but noted strong demand for CRE CLOs and stable loan spreads, indicating a healthy market environment [53]

Financial Data and Key Metrics Changes - Hecla Mining Company achieved record revenue of $1.4 billion and net income applicable to shareholders of $321 million, translating to $0.49 per share, alongside record Adjusted EBITDA of $670 million [7][14] - Total debt decreased to $276 million, with a gross debt to Adjusted EBITDA ratio of 0.4 times, and operating cash flow reached $563 million, resulting in $310 million in free cash flow [7][14] - The gross leverage ratio improved from 1.6 times in 2024 to 0.4 times in 2025, while the net leverage ratio improved from 1.6 times to 0.1 times [13] Business Line Data and Key Metrics Changes - Silver production guidance was met with 17 million ounces produced, and gold production exceeded guidance with 150,000 ounces [9] - Lucky Friday mine produced a record 5.3 million ounces of silver, while Keno Hill achieved over 3 million ounces in its first year of profitability [9][24] - Greens Creek produced 8.7 million ounces of silver for the full year, with an all-in sustaining cost (AISC) of under $2 per ounce [21] Market Data and Key Metrics Changes - In Q4, silver accounted for 59% of total revenue, with realized silver prices at nearly $70 per ounce, exceeding the quarterly average by over $14 [15] - The all-in sustaining cost for silver was $18.11 per ounce, resulting in a silver margin of $51 per ounce or 74% of the realized price [15] Company Strategy and Development Direction - Hecla aims to be recognized as the premier silver company in North America, focusing on silver as the strategic anchor of its business while optimizing its portfolio and divesting non-core assets [4][5] - The pending sale of Casa Berardi is part of a strategic portfolio optimization to redirect capital towards silver assets, enhancing market position and financial flexibility [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a debt-free balance sheet by 2026, with a focus on operational excellence and safety [13][19] - The company anticipates silver production of 15.1-16.5 million ounces in 2026, with a credible pathway to 20 million ounces over the medium term [29] Other Important Information - The company reported a 13% reduction in total reportable injury frequency rate, reflecting a commitment to safety [19] - Hecla plans to invest $45-55 million in exploration in 2026, focusing on Nevada and near-mine opportunities to achieve greater than 100% reserve replacement [27] Q&A Session Summary Question: Exploration at Keno Hill - Management noted intercepts of a new high-grade ore shoot and a budget of $13 million for exploration at Keno Hill, with direct drilling costs around $180-$190 per meter [37] Question: Accounting Treatment of Casa Berardi - Management clarified that cash flows from Casa Berardi will be received through the closing date, with the transaction expected to impact earnings and potentially result in a loss on the transaction [47][56] Question: Strategy for Silver Production Growth - Management emphasized the need to grow the silver portfolio and mentioned the establishment of a project generation group to explore new silver districts and monitor competitor intelligence [61][63]

EQT (NYSE:EQT) Q4 2025 Earnings call February 18, 2026 10:00 AM ET Speaker11Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome you to the EQT Fourth Quarter and Full Year 2025 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question at that time, simply press star, ...

Financial Data and Key Metrics Changes - Prenetics achieved record revenue of $92.4 million for the full year 2025, representing a 480% increase year-over-year [4] - Q4 revenue surged 457% year-over-year to $36.6 million, with a 55% sequential increase from Q3 [13] - Gross profit for Q4 grew over 800% year-over-year to $21.7 million, with a consolidated gross margin of 59% [13] - Adjusted EBITDA loss for Q4 was $2.3 million, a 70.4% improvement from the same period in the prior year [13] - Full year adjusted EBITDA loss improved by 27% to $13 million [14] Business Line Data and Key Metrics Changes - IM8 was the primary driver of revenue, generating $60.1 million for the full year 2025 at a gross margin of 63% [14] - IM8 reached a $120 million annualized revenue run rate within its first year, with Q4 revenue from IM8 at $27.4 million [4][9] - The average order value for new customers increased from $110 in 2025 to approximately $233 in early 2026 [11] Market Data and Key Metrics Changes - 40% of IM8's revenues came from the US, while 60% came from international markets across 30 different countries [10] - The company plans to localize its website in at least five different markets by Q2 2026, expecting a revenue uplift of 10%-15% in local markets [46][47] Company Strategy and Development Direction - Prenetics completed a strategic pivot to focus solely on consumer health by divesting non-core assets, enhancing its margin profile and financial position [5][6] - The company aims to achieve adjusted EBITDA profitability by Q4 2027, supported by strong unit economics and significant operating leverage [5][14] - Two new products are expected to launch by the end of Q4 2026, targeting large total addressable markets [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of IM8, highlighting strong momentum and a clear path to becoming a billion-dollar global brand [16] - The company anticipates continued revenue growth driven primarily by customer acquisition, with significant opportunities in the US and international markets [44] Other Important Information - Prenetics has a total liquidity of approximately $171 million with zero debt, providing ample runway for investment in IM8's global expansion [7] - The company has ceased all Bitcoin purchases and will not engage in any future crypto purchases, holding 510 BTC for financial flexibility [7][8] Q&A Session Summary Question: Reasoning behind the 90-day offering - Management indicated that the quarterly subscription option was well-received by consumers, providing benefits for both sides, including upfront payment and reduced logistics costs [20][21] Question: Timing and characteristics of new product launches - Two new SKUs are planned for release by the end of Q4 2026, focusing on health and performance supplements in large markets [25] Question: Trends observed in January and guidance for IM8 - Management noted continued momentum in January, with new products not included in the revenue guidance of $180 million-$200 million for 2026 [26][27] Question: Customer acquisition costs and lifetime values - Customer acquisition costs are approximately $130, with a payback period of 3.4 months, and the average order value has increased significantly [32][33] Question: Use of AI in marketing - The company utilizes AI for digital marketing, generating a high volume of ads and optimizing performance based on algorithmic feedback [34][35] Question: Strategic M&A strategy - The focus remains on organic growth, with openness to strategic M&A opportunities if they align with the company's goals [38] Question: Revenue growth sources and localization impact - Most growth is expected from new customer acquisition, with localization efforts anticipated to yield a 10%-15% revenue increase in targeted markets [44][46]

Financial Data and Key Metrics Changes - Centerspace reported fourth quarter Core FFO of $1.25 per diluted share, reflecting a 4.8% year-over-year increase in same-store NOI [12] - Revenues from same-store communities increased by 1% compared to the same quarter in 2024, driven by a 1.5% increase in average monthly revenue per occupied home [12] - Same-store expenses decreased by 5.1% year-over-year, with improvements in both controllable and non-controllable expenses [12] Business Line Data and Key Metrics Changes - Same-store NOI growth was 3.5%, outpacing peers due to steady occupancy and expense discipline [5] - Blended leasing spreads increased by 10 basis points, with renewal spreads showing their highest growth of the year at 3.9% [6] - Retention for the full year was 58.2%, indicating relative affordability for residents [6] Market Data and Key Metrics Changes - Minneapolis, the largest market, experienced positive blended increases of 1.1%, while North Dakota led with blended increases of 4.5% in the quarter [6] - In Denver, blended rent trade outs decreased by 4.3% due to supply pressures, although absorption rates remained above historical norms [7] - The company expects Denver fundamentals to normalize as new construction starts have significantly decreased [7] Company Strategy and Development Direction - Centerspace is undergoing a strategic review to evaluate alternatives for maximizing shareholder value, initiated from a position of strength [4] - The company executed $493 million in transaction activity in 2025, including entering new markets and pruning holdings [9] - Looking ahead to 2026, the company anticipates momentum in many markets driven by measured supply profiles and strong local economies [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health and resilience of their markets, expecting stability and growth in Minneapolis [10] - In Denver, management noted ongoing concessionary pressures but expects improvements as the year progresses [21] - The company highlighted strong resident financial health and affordability, with income growth outpacing rent increases [57] Other Important Information - The company expanded its unsecured credit facility by $150 million and repurchased 3.5 million common shares [9] - For 2026, the company expects Core FFO per diluted share to remain stable year-over-year, with guidance for same-store NOI increases of 75 basis points [13] Q&A Session Summary Question: Can you talk us through some of your assumptions within the 2026 revenue guide? - Management expects blended rent growth to be in the mid-1% range, with renewals leading the way [18] Question: How do you see the Denver market playing out in 2026? - Management anticipates continued concessionary pressure in the first half of 2026 but expects improvements later in the year [21] Question: Is the underlying plan for the company continuing while the strategic review is ongoing? - Management confirmed that they feel good about their strategic execution in 2025, but the strategic review is focused on capital allocation [26] Question: Do you have any January or quarter-to-date leasing stats? - Management reported that blends were flat to slightly negative, with renewals remaining strong [28] Question: Are you able to buy back stock while the strategic review is ongoing? - Management stated that they need to complete the strategic review before resuming stock buybacks [35] Question: How has the experience in Denver and Minneapolis affected your assessment of other markets? - Management noted that business friendliness is a key consideration for new markets, and they are happy with their current market status [38] Question: Is there any concern about affordability given the trends in tax refunds? - Management indicated that rent-to-income ratios have held steady, with incomes increasing faster than rent [57] Question: What is driving the lower retention rate forecast for 2026? - Management is being conservative in their retention expectations due to slight downticks observed in Q4 [51] Question: Why is the expected value-add range wider and lower than in 2025? - Management is being selective with projects due to higher capital costs and the ongoing strategic review [52]