Financial Data and Key Metrics Changes - The partnership achieved record adjusted EBITDA of $706 million in Q4 2025, excluding approximately $60 million of one-time transaction expenses, reflecting ongoing operational strength and contributions from the Parkland acquisition [5][6] - Full year 2025 adjusted EBITDA reached a record $2.12 billion, a 36% increase over the prior year, driven by solid growth in the base business and contributions from acquisitions [6][16] - The trailing twelve-month coverage ratio finished at a strong 1.9x, indicating robust cash flow relative to distributions [6] Business Line Data and Key Metrics Changes - In the fuel distribution segment, adjusted EBITDA was $391 million in Q4 2025, up from $238 million in Q3 and $192 million in Q4 2024, with a 44% increase in distributed gallons compared to the previous quarter [9][10] - The pipeline system segment reported adjusted EBITDA of $187 million in Q4, consistent with the previous year, while throughput remained stable at 1.4 million barrels per day [12] - The terminal segment's adjusted EBITDA was $87 million in Q4, up from $76 million in Q3 and $61 million in Q4 2024, benefiting from the Parkland acquisition [13] - The new refining segment generated adjusted EBITDA of $41 million in Q4, reflecting improved performance following the Parkland transaction [14] Market Data and Key Metrics Changes - The U.S. fuel distribution market showed flat to slightly declining demand, but the company outperformed these trends due to effective capital deployment [26] - Canadian refined product demand has been slightly up, with strong margins in regulated markets, indicating a favorable environment for growth [28] - The Caribbean market demonstrated strong demand, particularly in jurisdictions like Guyana, which has experienced significant GDP growth [30] Company Strategy and Development Direction - The company aims for a multi-year annual distribution growth rate of at least 5%, supported by a strong financial position and disciplined capital allocation [6][21] - The integration of Parkland and TanQuid is expected to enhance operational scale and synergies, contributing to future growth [15][19] - The company is positioned as both a defensive play and an attractive growth opportunity within the midstream sector, focusing on value-creating growth through acquisitions and capital projects [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the legacy Sunoco business and the expected strong performance of all segments in 2026 [17][18] - The company anticipates continued strong cash flow growth and a solid credit profile, with a focus on maintaining a healthy balance sheet while pursuing growth opportunities [18][19] - Management highlighted the importance of adapting to market complexities and regulatory changes, which could benefit the company in the long term [47] Other Important Information - The company declared a distribution of $0.9317 per common unit, marking a 1.25% increase over the prior quarter and the fifth consecutive quarterly distribution increase [5] - The company expects minimal corporate income taxes for at least five years, which will support distribution growth for both Sunoco and SunC unitholders [42][43] Q&A Session Summary Question: How is demand trending across your footprint pro forma Parkland? - Management noted that U.S. demand has been flat, but the company has outperformed due to effective capital deployment, while Canadian demand has been slightly up, and Caribbean markets show strong demand [26][28][30] Question: Can you walk us through the pro forma terminaling portfolio post-integration of Parkland and TanQuid? - Management indicated that critical infrastructure supports the fuel distribution business across various geographies, with opportunities for growth through capital projects and M&A [32][33] Question: Where do you see the greatest opportunity for bolt-on M&A? - Management stated that opportunities exist across all segments and geographies, emphasizing a disciplined approach to capital allocation and project selection [52][53] Question: How do you feel about your synergy target with Parkland? - Management expressed confidence in exceeding synergy targets, with a focus on delivering synergies quickly and maintaining a strong base business [57][58]

Watsco (NYSE:WSO) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Company ParticipantsA.J. Nahmad - PresidentAaron Nahmad - PresidentAlbert Nahmad - Chairman and CEOBarry Logan - EVPChris Snyder - Executive DirectorMike Francis - Equity Research AssociatePaul Johnston - COORick Gomez - CFOSteve Tusa - Managing DirectorConference Call ParticipantsDavid Manthey - Senior Research AnalystJeff Hammond - Managing Director and Equity Research AnalystPatrick Baumann - AnalystTommy Moll - Equity Research Analyst ...

Financial Data and Key Metrics Changes - The company generated a GAAP return on common equity of negative 14.6% during 2025, which is slightly better than the market-wide assessment by Nomura Research, which estimated a median CLO equity return of negative 15% for the same period [6][17] - As of December 31, the company's NAV was $5.70 per share, down from $7 per share on September 30 [7] - The fourth quarter of 2025 saw a net investment income (NII) less realized losses of -$0.26 per share, compared to -$0.16 per share in the third quarter [16] Business Line Data and Key Metrics Changes - The company completed 10 resets and 3 refinancings of its CLOs in the fourth quarter alone, participating in 34 resets and 27 refinancings throughout 2025 [8] - Recurring cash flows from the portfolio increased to $80 million, or $0.61 per share, up from $77 million or $0.59 per share in the prior quarter [7] - The non-CLO portion of the investment portfolio was approximately 26% at year-end, reflecting a strategic shift towards credit assets beyond CLO equity [9] Market Data and Key Metrics Changes - The trailing twelve-month default rate decreased from 1.5% in September to 1.2% as of December 31, significantly below the long-term average of 2.6% [22] - The S&P UBS Leveraged Loan Index posted a 1.2% return for the fourth quarter and a 5.9% return for the full year 2025 [21] - CLO new issuance volumes rose slightly to $55 billion in the fourth quarter, bringing the total for 2025 to $209 billion, surpassing the previous year's record [22] Company Strategy and Development Direction - The company is focusing on increasing exposure to credit assets beyond CLO equity, reflecting a strategic decision to maximize total return for shareholders [10] - A new joint venture was launched to invest in regulatory capital relief transactions, with plans to add more JVs over time [12] - The company aims to retain more capital for investments with attractive risk-adjusted returns, supporting sustained cash flow and long-term total return [15] Management's Comments on Operating Environment and Future Outlook - Management noted that while defaults remain below long-term averages, spread compression in the loan market and negative sentiment towards credit have impacted financial performance [4] - The outlook for 2026 suggests continued opportunities for capital deployment in both CLO equity and other credit asset classes, with expectations of a stable or growing NAV over time [15][25] - Management anticipates that the loan market fundamentals will remain stable, despite potential volatility due to external factors [21] Other Important Information - The company announced a $100 million common stock repurchase program to buy stock in the open market if it trades at a material discount to NAV [14] - The company redeemed its 8% Series F Term Preferred Stock, which was the highest cost of financing, and proactively repurchased $9 million of other securities at discounts [12][13] Q&A Session Summary Question: Impact of captive CLO equity funds on fee structures - Management acknowledged that CLOs without internal management fees could outperform those with fees, but noted that spread compression affects all funds [30][32] Question: Outlook for resets and refinancings in 2026 - Management indicated that predicting the exact number of resets and refinancings is challenging, as it depends on market conditions, particularly AAA spreads [61] Question: Strategy for stock repurchase program - Management stated that decisions on stock repurchases will consider share price, leverage ratios, and investment opportunities, balancing between repurchases and capital deployment [50][52] Question: Trends in credit quality and expenses - Management expects credit quality trends to mirror those of the previous year, with no significant uptick in credit expenses anticipated [45][46]

Summary of The Coca-Cola Company Conference Call Company Overview - **Company**: The Coca-Cola Company (NYSE: KO) - **Event**: 2026 Conference held on February 17, 2026 - **Key Speakers**: Henrique Braun (CEO-elect), John Murphy (CFO) Core Industry Insights - Coca-Cola is positioned strongly within the global consumer staples environment, leveraging a powerful brand portfolio and a scalable system that ensures consistent organic sales growth and resilience across economic cycles [1][2] - The company emphasizes its belief in the beverage industry as a long-term investment opportunity, highlighting vast potential for consumer and customer value creation [5] Financial Performance - Coca-Cola achieved a significant milestone with an EPS of $3, marking a sustainable growth trajectory in both top-line and bottom-line performance [4] - The company generated over $80 billion in free cash flow since 2017, with a return on invested capital nearly double that of its consumer packaged goods peers [29] Strategic Priorities - **Enduring Strengths**: Coca-Cola identifies three key beliefs that will guide its future: 1. The beverage industry is the best sector to be in, with vast opportunities ahead [5] 2. The ability to build billion-dollar brands sustainably, increasing from 30 to 32 such brands recently [6] 3. An unparalleled system of collaboration with bottlers, enhancing operational efficiency and market reach [7][10] - **New Principles for Growth**: The company plans to focus on: 1. Becoming more consumer-centric, enhancing engagement through insights and innovation [12] 2. Integrating digital strategies into all aspects of operations to amplify existing strengths [12][23] 3. Fostering local intimacy while maintaining global scalability in marketing efforts [13][14] Innovation and Brand Development - Coca-Cola has streamlined its brand portfolio from over 400 to less than 170 brands, improving innovation success rates [19] - The company aims to leverage insights from local markets to accelerate innovation and brand development, focusing on building multi-billion dollar brands [21] Operational Efficiency - Coca-Cola is committed to margin expansion while investing in brand and market growth, emphasizing gross margin discipline and a future-ready supply chain [32][33] - The company is transitioning to an asset-light model, enhancing collaboration with partners to optimize resource allocation [34][36] Digital Transformation - Digital initiatives are seen as a "superpower" for Coca-Cola, with plans to leverage data for competitive advantage and improve consumer engagement [23][24] - The company is focused on integrating digital platforms into marketing strategies, exemplified by its approach to the FIFA World Cup campaign [14][18] Future Outlook - Coca-Cola expects high single-digit EPS growth supported by currency tailwinds and continued investment in brands and markets [27] - The company is optimistic about its long-term growth algorithm and the strength of its ecosystem, aiming to optimize capital structure and maximize shareholder returns [41] Conclusion - Coca-Cola is poised for continued growth, driven by a strong operational model, strategic focus on consumer engagement, and a commitment to innovation and digital transformation [42]

Financial Data and Key Metrics Changes - The company generated a GAAP return on common equity of negative 14.6% during 2025, which is slightly better than the market-wide assessment by Nomura Research, which estimated a median CLO equity return of negative 15% for the same period [6][17] - As of December 31, the company's NAV was $5.70 per share, down from $7.00 per share on September 30 [7] - The fourth quarter of 2025 saw a net investment income (NII) less realized losses of -$0.26 per share, compared to -$0.16 per share in the third quarter [16] Business Line Data and Key Metrics Changes - The company completed 10 resets and 3 refinancings of its CLOs in the fourth quarter, totaling 34 resets and 27 refinancings for the entire year [8] - Recurring cash flows from the portfolio increased to $80 million, or $0.61 per share, up from $77 million or $0.59 per share in the prior quarter [7] - The non-CLO portion of the portfolio was approximately 26% of the total investment portfolio at year-end [9] Market Data and Key Metrics Changes - The trailing twelve-month default rate decreased from 1.5% in September to 1.2% as of December 31, which is below the long-term average of 2.6% [22] - The S&P UBS Leveraged Loan Index posted a 1.2% return for the fourth quarter and a 5.9% return for the full year 2025 [21] - CLO new issuance volumes rose slightly to $55 billion in the fourth quarter, bringing the total to $209 billion for all of 2025, surpassing the previous year's record [22] Company Strategy and Development Direction - The company is focusing on increasing exposure to credit assets beyond CLO Equity, reflecting a strategic shift to maximize total return for shareholders [10] - The company plans to retain more capital for investments with attractive risk-adjusted returns, aiming for a stable or growing NAV over time [15] - A new joint venture was launched to invest in regulatory capital relief transactions, indicating a diversification strategy [12] Management's Comments on Operating Environment and Future Outlook - Management noted that while defaults remain below long-term averages, spread compression in the loan market and negative sentiment towards credit impacted financial performance [4] - The company anticipates continued spread compression and a similar credit environment to 2025, with no significant uptick in credit expenses expected [41][45] - Management expressed optimism about a robust pipeline of refinancings and resets of CLOs in the portfolio, indicating potential for future growth [24] Other Important Information - The company announced a $100 million common stock repurchase program to buy stock in the open market if it trades at a material discount to NAV [14] - The company redeemed its 8% Series F Term Preferred Stock, which was its highest cost of financing, and proactively repurchased $9 million of other securities at discounts [12][13] Q&A Session Summary Question: Impact of captive CLO equity funds on fee structures - Management acknowledged that CLOs without internal management fees could outperform those with fees, but noted that spread compression affects all funds [30][32] Question: Outlook for resets and refinances in 2026 - Management indicated that predicting the exact number of resets and refinances is challenging, but they have a robust calendar of investments planned [61] Question: Stock repurchase program and NAV stability - Management stated that the decision to use the repurchase program will depend on various factors, including share price and investment opportunities [50][52] Question: Trends in credit quality and expenses - Management expects credit quality trends to mirror those of the previous year, with no significant changes anticipated [45][46]

Watsco (NYSE:WSO) Q4 2025 Earnings call February 17, 2026 10:00 AM ET Company ParticipantsA.J. Nahmad - PresidentAaron Nahmad - PresidentAlbert Nahmad - Chairman and CEOBarry Logan - EVPChris Snyder - Executive DirectorMike Francis - Equity Research AssociatePaul Johnston - COORick Gomez - CFOSteve Tusa - Managing DirectorConference Call ParticipantsDavid Manthey - Senior Research AnalystJeff Hammond - Managing Director and Equity Research AnalystPatrick Baumann - AnalystTommy Moll - Equity Research Analyst ...

Financial Data and Key Metrics Changes - The partnership achieved record adjusted EBITDA of $706 million in Q4, excluding approximately $60 million of one-time transaction expenses [5] - For the full year 2025, adjusted EBITDA reached a record $2.12 billion, a 36% increase over the prior year [6] - Q4 distributable cash flow, as adjusted, was $442 million, with a trailing twelve-month coverage ratio finishing at 1.9x [5][6] Business Line Data and Key Metrics Changes - Fuel distribution segment adjusted EBITDA was $391 million in Q4, up from $238 million in the previous quarter and $192 million in Q4 of 2024 [9] - Pipeline system segment adjusted EBITDA for Q4 was $187 million, consistent with Q4 of last year [12] - Terminal segment adjusted EBITDA for Q4 was $87 million, compared to $76 million in Q3 and $61 million in Q4 of 2024 [13] - New refining segment adjusted EBITDA for Q4 was $41 million, reflecting approximately two months of operations following the Parkland transaction [14] Market Data and Key Metrics Changes - The company distributed 3.3 billion gallons in Q4, up 44% versus the previous quarter and up 54% versus Q4 of last year [9] - Canadian refined product demand has been flat to slightly up over the last couple of years, contrasting with the U.S. market [28][29] - Strong demand in the Caribbean, particularly in markets like Guyana, which has experienced over 20% GDP growth in the last three years [31] Company Strategy and Development Direction - The company aims for an annual distribution growth rate of at least 5% over the next several years, supported by a strong financial position and disciplined capital allocation [6][21] - The integration of Parkland is progressing well, with expectations of realizing $125 million of the total $250 million annual synergy target in 2026 [15] - The company is positioned as both a defensive play and an attractive growth story, with a focus on bolt-on acquisitions across its expanded footprint [20][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the legacy Sunoco business and the expected strong performance of all segments in 2026 [17][19] - The company is well-positioned to navigate macro challenges such as inflation and market volatility, with a strong track record of delivering results [18] - Management highlighted the importance of maintaining a healthy balance sheet while pursuing growth opportunities [7][21] Other Important Information - The company declared a distribution of $0.9317 per common unit for both Sunoco LP common units and SunocoCorp shares, marking a 1.25% increase over the prior quarter [5] - The company has a strong liquidity position with $2.5 billion available under its revolving credit facility at the end of the year [6] Q&A Session Summary Question: Demand trends across the footprint pro forma Parkland - Management noted that U.S. demand has been flat to slightly off, but Sunoco outperformed those trends due to effective capital deployment [26] Question: Outlook for bolt-on M&A - Management indicated that the $500 million annual target for bolt-on acquisitions is a floor and could be exceeded, with opportunities across the entire footprint [41][42] Question: Impact of greenhouse gases endangerment finding - Management stated that in the short run, there is no effect on Sun, but long-term, it is bullish for refined products [49] Question: Distribution growth potential beyond 5% - Management emphasized a multiyear growth strategy, with confidence in continued growth of DCF per common unit and cash flows [50][51] Question: Synergy target for Parkland acquisition - Management expressed optimism about exceeding the synergy target, with a focus on delivering synergies quickly [60][61]

Financial Data and Key Metrics Changes - In 2025, the company delivered $2.3 billion of adjusted EBITDA, a 13% increase over the prior year, with an adjusted EBITDA margin expanding by 160 basis points to 29.3% [4] - Aggregates cash gross profit per ton grew to $11.33, achieving the previously established target of $11-$12, driving operating cash flow of over $1.8 billion, a 29% increase over the prior year [5][6] - Free cash flow increased by over 40% after reinvesting $678 million in capital expenditures [10] Business Line Data and Key Metrics Changes - Aggregate shipments of approximately 227 million tons increased by 3% for the full year, driven by prior year acquisitions, although same-store aggregate shipments were slightly lower than the prior year [7] - Aggregates mix adjusted price improved by 6% for the full year and 5% in the fourth quarter [8] - SAG expenses for the full year were $564 million, 10 basis points lower than the prior year as a percentage of revenue at 7.1% [11] Market Data and Key Metrics Changes - Public non-highway infrastructure investments grew, with starts in Vulcan markets for water, sewer, and other infrastructure projects increasing double digits in 2025 [15] - Highway starts in Vulcan markets continued to grow at three times the rate compared to the U.S. overall [13] - In California, highway starts were up 47% in 2025 versus 2024, indicating strong demand in key markets [56] Company Strategy and Development Direction - The company aims to expand its industry-leading aggregates franchise in both current and new geographies, focusing on improving underlying business operations [4] - The company anticipates continued growth in public demand complemented by improving private demand, expecting aggregate shipments to grow between 1% and 3% in 2026 [16] - The company plans to reinvest in its franchise through operating and maintenance and internal growth capital expenditures of $750 million to $800 million in 2026 [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in leveraging demand growth and a healthy pricing environment for 2026, with expectations of modest overall growth [21] - The company expects to deliver between $2.4 billion and $2.6 billion of adjusted EBITDA in 2026, driven by high single-digit expansion of aggregates cash gross profit per ton [16] - Management noted that while residential activity is expected to be limited in 2026, there are potential opportunities for improvement in the second half of the year [15] Other Important Information - The company returned $260 million to shareholders through dividends and $438 million through share repurchases [11] - The company has improved its adjusted EBITDA margin by over 700 basis points and return on invested capital by over 200 basis points over the last three years [12] Q&A Session Summary Question: Can you discuss your confidence levels regarding end market demand and expectations around pricing and profitability for 2026? - Management indicated that public starts remain solid, and there is a good story for public infrastructure outside of highways, expecting steady public growth [21][22] Question: Can you clarify the pricing dynamics and the impact of geographic and product mix on pricing? - Management confirmed a "triple whammy" impact on pricing due to geographic mix, acquisitions, and product mix, with expectations for pricing to be lower in the first half of 2026 and improve later [36][38] Question: What gives you confidence in keeping costs down in 2026? - Management attributed confidence in cost control to the Vulcan Way of Operating, which focuses on efficiency and productivity in plants [46][49] Question: How is the IIJA reauthorization impacting your guidance? - Management expects a new bill to be passed, with historical trends indicating that it will be higher than the previous bill, and noted that 50% of IIJA funding has yet to be spent [54][56] Question: What is the outlook for M&A activity in 2026? - Management anticipates a very active year for M&A, focusing on aggregates-led opportunities and expanding geographic footprint [72][75]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $572 million, with adjusted EBITDA of $99 million and non-GAAP EPS of $2.46, reflecting strong execution and demand for Grid Edge Intelligence [5][11] - Free cash flow reached $112 million in Q4, up from $70 million a year ago, indicating improved earnings growth and working capital management [12] - GAAP net income was $102 million, or $2.21 per diluted share, compared to $58 million, or $1.26 in the prior year, driven by higher operating income and lower tax expense [11][12] Business Line Data and Key Metrics Changes - Device Solutions revenue decreased by 7% year-over-year, primarily due to a decline in legacy electricity products in EMEA [13] - Network Solutions revenue decreased by 15% year-over-year, mainly due to the timing of project deployments [13] - Outcomes revenue increased by 22% year-over-year, driven by growth in delivery services and recurring revenue [14] - The new Resiliency Solutions segment contributed $3 million in revenue since its acquisition of Urbint [14] Market Data and Key Metrics Changes - Fourth quarter bookings were $737 million, with a total backlog of $4.5 billion, indicating strong demand for Grid Edge solutions [7] - Outcomes backlog grew by 58% year-over-year, surpassing $1 billion, reflecting a positive trend in market demand [29] Company Strategy and Development Direction - The company is focused on enhancing utility resiliency through strategic acquisitions, including Urbint and Locusview, which will support customers throughout the asset lifecycle [9][10] - Itron aims to leverage its heritage in hardware and networks while expanding into high-growth areas driven by data, AI, software, and services [24] - The company emphasizes the importance of trusted data and operational intelligence in the ongoing grid transformation [24] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment for utilities is evolving rapidly, creating both opportunities and challenges [23] - The company anticipates 2026 revenue to be in the range of $2.35 billion to $2.45 billion, representing a slight growth compared to 2025 [19] - Non-GAAP EPS for 2026 is expected to be between $5.75 and $6.25, with a dilutive impact from recent acquisitions [20] Other Important Information - The company ended 2025 with approximately $368 million in annual recurring revenue (ARR), up 20% year-over-year [30] - Total debt was $1.265 billion, with cash and equivalents at $1.02 billion, reflecting a decrease in cash balance due to acquisitions and stock buybacks [18] Q&A Session Summary Question: Update on utility demand and behavior trends - Management reported strong fourth quarter bookings of $737 million, indicating a constructive market environment [28] Question: Clarification on ARR metric - The ARR run rate at the end of Q4 was $368 million, with expectations of mid-teens to 20% growth for 2026 [31][35] Question: Barriers to entry in resiliency solutions - The company highlighted the stickiness of its solutions due to extensive field service usage, which enhances customer value [44][46] Question: Trends in utility ordering patterns - Management noted that ordering patterns have normalized, with no significant cancellations, and the Book and Ship business remains strong [52] Question: Expectations for bookings and revenue growth - The company expects bookings to continue to grow, supported by a strong pipeline and increasing Outcomes backlog [81]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported earnings per share of $0.68, while for the full year, earnings per share were $1.28, marking the fifth consecutive year of profitability [3][11] - Net revenue for Q4 2025 totaled $49.4 million, with adjusted EBITDA at $28.9 million and net income at $12.5 million [11] - Full year net revenue reached $158.1 million, adjusted EBITDA was $81.7 million, and net income was $21.2 million, translating into earnings per share of $1.02 [11][12] Business Line Data and Key Metrics Changes - The company achieved a daily time charter equivalent of approximately $26,600 in Q4 2025, with a full year average of approximately $21,000 per day [7][12] - Fleet utilization exceeded 96% despite a rigorous drydocking schedule, indicating strong operational efficiency [7] Market Data and Key Metrics Changes - The Baltic Capesize Index averaged approximately $21,300 per day in 2025, with a strong recovery in the second half of the year driven by iron ore and coal restocking in China [17] - In early 2026, the BCI averaged 22,000, indicating a strong start to the year [18] Company Strategy and Development Direction - The company is focused on fleet renewal and optimization, having secured three high-specification eco newbuildings at a total cost of approximately $226 million [4][10] - Capital allocation priorities include returning capital to investors, modernizing the fleet, and preserving financial strength [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a favorable Capesize environment supported by expanding long-haul demand and constrained fleet supply [4][17] - The outlook for 2026 remains constructive, with expectations of continued growth in bauxite trade and resilient iron ore demand [18][19] Other Important Information - The company declared total dividends of $0.43 per share in 2025, returning approximately $96 million to shareholders since Q4 2021 [6][7] - The fleet loan-to-value ratio stood at 43%, reflecting a conservative leverage profile [5][12] Q&A Session Summary Question: Market Strategy on Long-term Time Charters - Management indicated that 35% of fleet days are already under long-term contracts, with plans to increase this as market conditions strengthen [26] Question: Balancing Asset Values and Rate Environment - Management is focusing on securing newbuildings at high-quality shipyards while considering the disposal of older assets to manage inflated asset values [28] Question: Expectations for Operational Off-hire Days - Management expects operational off-hire days in 2026 to be consistent with or slightly lower than 2025 due to a softer dry dock schedule [36] Question: Shipyard Availability and Order Book - Management clarified that while global shipbuilding capacity is high, the order book for Capesize vessels is limited due to demand from other ship types [39][40] Question: Dividend Policy with Newbuild Expenditures - Management confirmed that the dividend policy will not be affected by newbuild expenditures, as cash flow from asset sales and financing will cover costs [45]