Reliance (NYSE:RS) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsArthur Ajemyan - SVP and CFOKarla Lewis - President and CEOKim Orlando - Senior Managing DirectorSteve Koch - EVP and COOConference Call ParticipantsBennett Moore - VP and Equity Research AnalystKatja Jancic - Equity Research AnalystMartin Englert - Senior Equity Research AnalystMatt Dushkin - VP and Equity Research AnalystPhil Gibbs - Managing Director and Senior Equity Research AnalystOperatorGreetings, and welcome ...

Targa Resources (NYSE:TRGP) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsBen Branstetter - Senior Vice President, Downstream CommercialBobby Muraro - Chief Commercial OfficerJean Ann Salisbury - Managing DirectorJen Kneale - PresidentMatthew Meloy - CEOScott Pryor - President, Logistics and TransportationTristan Richardson - VP of Investor Relations and FundamentalsWill Byers - CFONone - Company RepresentativeConference Call ParticipantsAJ O'Donnell - Equity Research AnalystAmit S ...

Oceaneering International (NYSE:OII) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsHilary Frisbie - Senior Director of Investor RelationsKeith Beckman - VPMike Sumruld - SVP and CFORod Larson - President and CEOConference Call ParticipantsJosh James - AnalystNone - AnalystOperatorHello, and welcome to Oceaneering's fourth quarter and full year 2025 earnings conference call. My name is Sarah, and I will be your conference operator. All lines have been placed on mute to prevent any b ...

Radian Group (NYSE:RDN) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsBob Lally - VP of FinanceBose George - Managing DirectorDan Kobell - Senior Executive Vice President and Interim CFORick Thornberry - CEOConference Call ParticipantsMihir Bhatia - Director and Senior Equity Research AnalystTerry Ma - Director and Equity Research AnalystOperatorToday, and thank you for standing by. Welcome to the fourth quarter 2025 Radian Group conference call. At this time, all participants are ...

Pan American Silver (NYSE:PAAS) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsCosmos Chiu - Executive Director of Institutional Equity ResearchFrancesco Costanzo - Associate Director of Equity ResearchIgnacio Couturier - CFOMichael Steinmann - President and CEOSean McAleer - SVP of Strategic Initiatives and EnvironmentSiren Fisekci - VP of Investor RelationsConference Call ParticipantsDon DeMarco - Director of Equity Research AnalystOperatorThank you for standing by. This is the co ...

Financial Data and Key Metrics Changes - The company reported record net earnings of $452 million in Q4 2025, or $1.07 per basic share, and $980 million for the full year, or $2.56 per basic share, reflecting strong execution and margin expansion from higher metal prices [3][4] - Adjusted earnings were $470 million in Q4, or $1.11 per share, and $959 million for the full year, or $2.54 per share [4] - Attributable free cash flow reached a record $553 million in Q4 and $1.2 billion for the full year [4] - Cash and short-term investments increased by $408 million from Q3, totaling $1.3 billion at year-end, or $1.4 billion including the company's 44% interest in cash at Juanicipio [4] Business Line Data and Key Metrics Changes - Attributable silver production was 22.8 million ounces in 2025, exceeding the top end of the guidance range, while attributable gold production was 742,200 ounces, within guidance [5] - Silver segment all-in sustaining costs were $9.51 per ounce in Q4 and $13.88 per ounce for the full year, below the decreased guidance [5] - Gold segment all-in sustaining costs were $1,699 per ounce in Q4 and $1,621 per ounce for the full year, within guidance [6] Market Data and Key Metrics Changes - The company expects silver production to increase to 25-27 million ounces in 2026, with all-in sustaining costs of $15.75-$18.25 per ounce [10] - For gold, the guidance is 700,000-750,000 ounces with all-in sustaining costs of $1,700-$1,850 per ounce [11] - The silver market is expected to remain in a deficit for the sixth consecutive year in 2026, supporting the company's outlook [13] Company Strategy and Development Direction - The company plans to release an updated technical report for La Colorada in Q2 2026, integrating mine plans and infrastructure with a phased approach to development [8][9] - Increased project capital is planned for La Colorada Skarn and Jacobina, with a focus on exploration and preliminary engineering [12] - The company remains unhedged on both gold and silver, focusing on margin expansion and capital returns to shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the favorable metal price environment, which has coincided with increased silver production, driving higher free cash flow [13] - The company is optimistic about the potential for strong free cash flow and high returns of capital to shareholders in 2026 [12] - Management noted ongoing discussions with potential partners for La Colorada Skarn and emphasized the importance of the consultation process for Escobal [29][30] Other Important Information - The company declared a dividend of $0.18 per common share, marking the third consecutive dividend increase [5] - The consultation process for Escobal is ongoing, with the Guatemalan Ministry of Energy and Mines confirming compliance with court orders [10][30] Q&A Session Summary Question: Experience with Juanicipio and sustainability of outperformance - Management expressed satisfaction with Juanicipio's performance, noting strong production and low costs, while acknowledging potential long-term changes in metal grades [16][17] Question: Details on La Colorada Skarn phased approach - Management indicated that the phased approach will focus on higher-grade material initially, with a tonnage range of 10,000-15,000 tons for Phase 1 [19][20] Question: Commitment to Cerro Moro and exploration in Argentina - Management confirmed a willingness to invest in exploration at Cerro Moro, citing positive changes in Argentina and increased capital for exploration programs [22][23] Question: Progress on potential partnership for La Colorada Skarn - Discussions on potential partnerships have progressed, but specific details were not disclosed due to ongoing negotiations [27] Question: Update on Escobal consultation process - Management noted ongoing engagement with the Ministry of Energy and Mines, with encouraging updates from the government regarding the consultation process [30]

Financial Data and Key Metrics Changes - The company generated adjusted funds from operations (AFFO) of $296.3 million or $1.49 per share for the full year, representing a 4.2% increase year-over-year [30] - For Q4 2025, adjusted funds from operations were $75.8 million or $0.38 per share, a 5.6% increase over Q4 2024 [30] - Lost rent totaled 31 basis points for the year, down from 67 basis points during 2024, indicating improved portfolio performance [30] Business Line Data and Key Metrics Changes - The company maintained a solid portfolio performance, ending the year 99% leased with 99.8% of rents collected [8] - The company deployed $748.4 million in investments, including $429.9 million in new property acquisitions and $209.3 million in build-to-suit developments [8][21] - The weighted average initial cash capitalization rate for new property acquisitions was 7%, with a weighted average remaining lease term of 14.2 years and annual rent increases of 2.6% [9] Market Data and Key Metrics Changes - The company observed healthy activity in the transaction market, particularly within the industrial property segment, although pricing levels did not always align with targeted risk-adjusted returns [22] - The company sold 28 properties in 2025, yielding gross proceeds of $96 million at an average cash cap rate of 7.3% [23] Company Strategy and Development Direction - The company’s strategy is built on three core building blocks: solid in-place portfolio performance, a laddered pipeline of committed build-to-suit development projects, and stabilized acquisitions [6][7] - The company aims to maintain a pipeline of $350 million to $500 million in committed build-to-suit projects for the foreseeable future [21] - The company is focused on maintaining optionality for Project Triborough, evaluating various paths for value creation, including a potential hyperscale data center campus [26] Management's Comments on Operating Environment and Future Outlook - Management reiterated 2026 AFFO guidance of $1.53-$1.57 per share, reflecting a 4% increase at the midpoint [13] - Management expressed confidence in the ability to navigate exposure to distressed tenants, citing limited financial impact from tenant situations in 2025 [10] - The company remains cautious regarding exposure to Red Lobster, evaluating strategies to gradually reduce this exposure over time [25] Other Important Information - The company raised a small amount of equity under its ATM program, totaling approximately $43 million, while maintaining a disciplined approach to capital raising [16][32] - A quarterly dividend of $0.2925 per share was approved, reflecting a 1% increase over the prior dividend [33] Q&A Session Summary Question: Competitive landscape for build-to-suit opportunities - Management noted that while others are entering the build-to-suit space, they have not seen an increase in competition for their specific deals due to their relationship-based sourcing approach [38][39] Question: Context around Project Triborough's power delivery timeline - Management indicated that the initial power delivery is expected to be in phases, with the first phase likely being around 300 megawatts [41] Question: Use of proceeds from potential UNFI sale - Management stated that proceeds would be used opportunistically, with a focus on timing and leveraging their capital structure [45][46] Question: Internal growth expectations for 2026 - Management indicated that a 2% annual growth rate is a reasonable assumption for internal growth moving forward [48] Question: Red Lobster exposure and potential actions - Management is actively looking to reduce exposure to Red Lobster, with ongoing discussions for mutually beneficial solutions [52][54] Question: American Signature lease negotiations - Management confirmed that there would be no change in rent levels during the lease negotiations, maintaining a conservative approach to bad debt assumptions [56][57] Question: Build-to-suit pipeline and project details - Management confirmed a target of $350 million to $500 million in active development projects, primarily from repeat business [60] Question: Capital recycling and market conditions - Management noted that they are not forced sellers but are opportunistic, with a focus on maintaining accretive transactions [70]

Reliance (NYSE:RS) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsArthur Ajemyan - SVP and CFOKarla Lewis - President and CEOKim Orlando - Senior Managing DirectorSteve Koch - EVP and COOConference Call ParticipantsBennett Moore - VP and Equity Research AnalystKatja Jancic - Equity Research AnalystMartin Englert - Senior Equity Research AnalystMatt Dushkin - VP and Equity Research AnalystPhil Gibbs - Managing Director and Senior Equity Research AnalystOperatorGreetings, and welcome ...

Oceaneering International (NYSE:OII) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsHilary Frisbie - Senior Director of Investor RelationsKeith Beckman - VPMike Sumruld - SVP and CFORod Larson - President and CEOConference Call ParticipantsJosh James - AnalystNone - AnalystOperatorHello, and welcome to Oceaneering's fourth quarter and full year 2025 earnings conference call. My name is Sarah, and I will be your conference operator. All lines have been placed on mute to prevent any b ...

Radian Group (NYSE:RDN) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsBob Lally - VP of FinanceBose George - Managing DirectorDan Kobell - Senior Executive Vice President and Interim CFORick Thornberry - CEOConference Call ParticipantsMihir Bhatia - Director and Senior Equity Research AnalystTerry Ma - Director and Equity Research AnalystOperatorToday, and thank you for standing by. Welcome to the Q4 2025 Radian Group conference call. At this time, all participants are in a listen- ...