Financial Data and Key Metrics Changes - In Q4 2025, adjusted net earnings were $83 million, or $0.41 per share, benefiting from strong production and elevated metal prices [22] - Full year 2025 adjusted net earnings were $229 million, or $1.12 per share [22] - Consolidated all-in sustaining costs (AISC) on a byproduct basis in Q4 were $1,646 per ounce, while full year AISC was $1,614 per ounce, outperforming guidance [23][24] - Cash balance at the end of 2025 was $529 million, with total liquidity reaching $929 million [25][26] Business Line Data and Key Metrics Changes - Mount Milligan produced over 44,000 ounces of gold and 13 million pounds of copper in Q4 2025, with full year production of over 147,000 ounces of gold and 50 million pounds of copper [13][14] - Öksüt produced over 26,500 ounces of gold in Q4 2025, with full year production exceeding guidance at over 127,700 ounces [15][16] - AISC for Mount Milligan in Q4 was $913 per ounce, significantly lower than the previous quarter [15] - AISC for Öksüt in Q4 was $1,748 per ounce, higher due to lower gold ounces sold and increased sustaining CapEx [16][17] Market Data and Key Metrics Changes - Average realized price for gold in Q4 was $3,415 per ounce and for copper was $4.69 per pound [22] - The molybdenum business unit had a free cash flow deficit of $61 million in Q4, mainly due to spending on the Thompson Creek restart [24] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, with projects like the Mount Milligan PFS extending mine life to 2045 and the Goldfield Project in Nevada [5][6] - The Kemess project is expected to have an average annual production of 171,000 ounces of gold and 61 million pounds of copper at an AISC of $971 per ounce [7][8] - The company aims to maintain a disciplined approach to capital allocation while advancing its growth project pipeline [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating strong cash flow in 2026, allowing for continued investment in growth projects while returning capital to shareholders [5][30] - The company is focused on maintaining operational performance and cost discipline, particularly at Mount Milligan and Öksüt [51][52] Other Important Information - The company received all required permits for Mount Milligan's operations through 2035, including a 10% increase in plant throughput starting in 2028 [11][12] - Operations at the Langeloth facility were suspended following an explosion, with repairs expected to cost $5-$10 million [19][20] Q&A Session Summary Question: Langeloth suspension and inventory build - Management indicated that concentrate purchases would continue during the shutdown, leading to an inventory build [32][33] Question: Water management projects at Mount Milligan - Management clarified that water management is an ongoing process, with some capital expenditures being slightly higher than in previous years [35][36] Question: PFS and resource updates - The purpose of the PFS is to tighten assumptions and advance engineering, with potential for future resource expansion through additional drilling [41][42] Question: CapEx increase at Thompson Creek - Management explained that the increase was due to various factors, including inflation and maintenance, and that the range provided accounts for variability [46][48] Question: Cost discipline across the portfolio - Management attributed cost performance to strong operational discipline and the benefits from byproducts, particularly copper [50][51] Question: Future of the Endako mill - Management stated that the current strategy is to focus on the Thompson Creek mine before considering the Endako mill, which has substantial resources [58][59]

Hamilton Insurance Group (NYSE:HG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsCraig Howie - CFO and Chief Investment OfficerDaniel Cohen - Equity Research AssociateDarian Niforatos - VP of Investor Relations and FinanceDavid Samar - Equity Research AssociateJustin Lee - Equity Research AssociatePina Albo - CEOConference Call ParticipantsChristian Getzoff - Senior Equity AnalystMatthew Heimerman - Managing Director and Senior Equity Research AnalystThomas McJoynt - Managing Direc ...

Transocean (NYSE:RIG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsDavid Keddington - VP and TreasurerKeelan Adamson - President and CEORoddie Mackenzie - Chief Commercial OfficerThad Vayda - CFOConference Call ParticipantsDoug Becker - AnalystEddie Kim - AnalystFredrik Stene - AnalystGreg Lewis - AnalystKeith Beckmann - AnalystNoel Parks - AnalystOperatorHello, and welcome everyone joining today's Q4 2025 Transocean earnings call. At this time, all participants are in a listen-on ...

Financial Data and Key Metrics Changes - The company ended Q4 2025 with a diluted AFFO per share of $2.24, an increase of 1.4% from $2.21 in Q4 2024 [10] - Full-year AFFO guidance for 2026 is projected to be between $8.50 and $8.70 per share, indicating a year-over-year growth of 4.1% at the midpoint [5][16] - Adjusted EBITDA for Q4 was $288.9 million, up 3.7% from $278.5 million in Q4 2024, with an adjusted EBITDA margin of 48.5%, an expansion of 40 basis points year-over-year [10][11] Business Line Data and Key Metrics Changes - Local revenue increased by 1.7% in Q4, while national programmatic revenue grew by 3.3%, marking the third consecutive quarter of growth for national [6] - Digital revenue on a same-store basis increased by 3.7% in Q4, with digital billboards representing 33.7% of total revenue for the quarter [20][21] - The company added 111 digital units in Q4, ending the year with 5,553 operating units [7] Market Data and Key Metrics Changes - The Atlantic and Southwest regions showed relative strength in Q4, while the Northeast region exhibited weakness [19] - Political advertising was a headwind in Q4, down approximately $11 million compared to 2024, but is expected to reverse in 2026 [6][19] Company Strategy and Development Direction - The company plans to remain aggressive in digital deployments, targeting a similar number of internal digital deployments as in the previous year [8] - The company is well-positioned for acquisitions, with an investment capacity exceeding $1 billion while maintaining leverage within the target range of 3.5x-4x net debt to EBITDA [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the advertising climate for 2026, citing political tailwinds and increased spending around World Cup venues [29] - The company anticipates a conservative start to Q1 but expects momentum to build throughout the year, particularly in political advertising [42] Other Important Information - The company completed 13 acquisitions in Q4 for approximately $57 million, bringing the total for the year to 50 acquisitions for $191 million [8] - The proposed cash dividend for Q1 2026 is $1.60 per share, with an expected total of $6.40 per share for the year [18] Q&A Session Summary Question: What is the state of the macro in the U.S. ad market? - Management expects to maintain acquisition spending close to $200 million in 2026, with a positive ad spend climate anticipated [28][29] Question: What are the implications of Clear Channel's acquisition? - Management does not foresee significant changes in the industry structure and believes Clear Channel may not need to sell assets [33][34] Question: What are the expectations for acquisition-adjusted growth in Q1? - Management anticipates Q1 growth may be slightly below guidance but expects momentum to increase as the year progresses [40][42] Question: How much benefit is expected from political advertising? - Management estimates around $12 million to $14 million in incremental political advertising revenue compared to the previous year [59]

DNOW (NYSE:DNOW) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsBrad Wise - VP of Digital Strategy and Investor RelationsDavid Cherechinsky - President and CEOMark Johnson - SVP and CFOConference Call ParticipantsAdam Farley - Diversified Industrials Associate AnalystAlex Riegel - Equity Research AnalystChuck Minervino - Equity Research AnalystOperatorGood morning. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the ...

CTO Realty Growth (NYSE:CTO) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsCraig Kucera - Managing DirectorJason Weaver - Managing DirectorJay Kornreich - VP of REIT Equity ResearchJenna McKinney - Director of FinanceJohn Albright - President and CEOPhilip Mays - CFOConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystJohn Massocca - Senior Research AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to the CTO Realty Gr ...

Barings BDC (NYSE:BBDC) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsCasey Alexander - Managing DirectorElizabeth Murray - CFOFinian O'Shea - DirectorJoe Mazzoli - Head of Investor RelationsMatt Freund - PresidentRobert Dodd - DirectorTom McDonnell - CEOOperatorAt this time, I'd like to welcome everyone to the Barings BDC, Inc. conference call for the quarter and year ended December 31st, 2025. All participants are in listen-only mode. A question and answer session will follow the ...

Financial Data and Key Metrics Changes - Total revenue grew more than 6% year-over-year in Q4 2025, with full-year revenue increasing over 5% [8][10] - Adjusted EBITDA declined 10% to $104.7 million from $116 million in the prior year, with a margin decrease to 9% from 9.8% [9][10] - Earnings per common share from continuing operations was $0.16, compared to a diluted loss per common share of $0.19 in the prior year [9] Business Line Data and Key Metrics Changes - Inpatient Rehab Hospital Division revenue increased over 15% year-over-year to $339.2 million, with adjusted EBITDA rising 11% to $69.2 million [10] - Critical Illness Recovery Hospital Division revenue increased nearly 5% to $629.7 million, with adjusted EBITDA growing 5% to $66.4 million [11] - Outpatient Rehab Division revenue increased to $324.6 million, driven by nearly 5% growth in patient visits, but adjusted EBITDA fell to $11.2 million from $26.6 million [12] Market Data and Key Metrics Changes - The company added 150 beds in Q4 2025, contributing to a total of 212 rehab beds added for the full year [5][6] - The average daily census in the Inpatient Rehab Hospital Division grew nearly 10%, with occupancy improving to 82% from 81% [10] Company Strategy and Development Direction - The company is focused on expanding its inpatient rehabilitation business, with plans to add 399 beds across 2026 and 2027 [6][8] - A cash dividend of $0.0625 per share was approved, reflecting a commitment to returning value to shareholders [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the outpatient division, indicating that recent health insurance expenses were likely one-time impacts [20] - The company expects revenue for 2026 to be in the range of $5.6 billion to $5.8 billion, with adjusted EBITDA projected between $520 million and $540 million [15] Other Important Information - A non-binding proposal to take the company private is under review by a special committee of the board [4] - The company ended the quarter with $1.8 billion of debt and $26.5 million of cash on the balance sheet [13] Q&A Session Summary Question: Can you provide details on the higher health costs and their impact on the outpatient rehab business? - Management indicated that health insurance expenses impacted the outpatient division by approximately $5 million, with variable discounts adding another $6 million, totaling around $11 million [18] Question: What are the expectations for guidance going forward? - Management expressed confidence in the inpatient rehab division and cautiously optimistic outlook for outpatient improvements, indicating that the $11 million impact was likely a one-time event [20] Question: Can you elaborate on the special committee's review process? - Management stated they could not comment further on the process beyond the initial announcement [25] Question: Was there any impact from weather in Q1? - Management confirmed that there was no significant impact on inpatient divisions, but outpatient experienced some effects due to weather conditions [26] Question: Can you provide more detail on the outpatient issues and payer mix? - Management noted that the outpatient division faced challenges due to a deterioration in payer mix, impacting net revenue per visit [40]

Financial Data and Key Metrics Changes - The company achieved record AUM before Flow Reinsurance of $73.1 billion, up 12% from year-end 2024, and record retained AUM of $57.6 billion, up 7% from year-end 2024 [5][14] - Adjusted net earnings were $123 million, or $0.91 per share in the fourth quarter, and $482 million, or $3.64 per share for the full year [24][25] - The fixed income yield was 4.65% in the fourth quarter, up 6 basis points from the fourth quarter of 2024 [6] Business Line Data and Key Metrics Changes - Gross sales for the full year reached $14.6 billion, with core products generating $9 billion, including indexed annuities, indexed universal life, and pension risk transfer [18][19] - Indexed annuities sales were $6.7 billion for the full year, consistent with 2024, while indexed universal life sales increased by 14% to $190 million [19][20] - Opportunistic sales, including funding agreements and multi-year guaranteed annuities, totaled $5.6 billion for the full year, with funding agreements up nearly 80% to $1.8 billion [21][22] Market Data and Key Metrics Changes - The company reported a strong pipeline for pension risk transfer (PRT) sales, achieving $2.1 billion for the full year, marking the third consecutive year of over $2 billion in PRT sales [20] - The alternative investment portfolio had an annualized return of approximately 7% in the fourth quarter, compared to a long-term expected return of 10% [7] Company Strategy and Development Direction - The company is transitioning to a more fee-based, higher margin, and less capital-intensive business model, focusing on long-term shareholder value [4][16] - The strategy includes leveraging distribution partners to grow the spread-based business while expanding sources of fee-based earnings through flow reinsurance and middle-market life insurance [16][26] - The company aims to increase its share of fee-based earnings to approximately 25% of total earnings by year-end 2028 [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the credit soundness of the investment portfolio, with a stable credit-related impairment rate of 8 basis points in 2025 [6][13] - The company anticipates a potential decrease in surrender fee income in 2026, but is focused on growing AUM and maintaining a disciplined approach to capital allocation [60][61] - Management highlighted the importance of maintaining a strong capital position and flexibility, targeting a debt to capitalization ratio of approximately 25% [34] Other Important Information - The company completed a distribution of approximately 12% of outstanding shares to FNF shareholders, increasing public float from 18% to 30% [15] - A transaction is expected to close in the first quarter with Anchin Financial Holdings LP, which will provide net proceeds of approximately $300 million [32][55] Q&A Session Summary Question: Can you talk about software exposure in the investment portfolio? - Management indicated that software exposure is manageable, less than 5% of the total portfolio, with minimal disruption risk [38][39] Question: Can you discuss your near-term outlook for variable investment income? - Management expects variable investment income to remain stable, with a blended return around 10% [41][42] Question: Can you elaborate on your diversified panel of reinsurance partners? - Management confirmed no concerns regarding existing partnerships and noted a strong interest from potential reinsurance partners [46][47] Question: Can you provide insights on the transaction with Anchin Financial Holdings LP? - Management clarified that the transaction involves recapturing a third of liabilities and expects to use proceeds for general business growth [51][55] Question: What is the outlook for surrender fees and their impact on ROE? - Management anticipates lower surrender fee income in 2026 but expects overall asset growth to offset this [57][58]

F&G Annuities & Life (NYSE:FG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsChris Blunt - CEOConor Murphy - President and CFOJohn Barnidge - Managing DirectorLisa Foxworthy-Parker - Senior VP of Investor RelationsConference Call ParticipantsAlex Scott - Equity Research AnalystMark Hughes - Stock AnalystWilma Burdis - Equity Research AnalystOperatorGood morning. Welcome to F&G's fourth quarter and full year 2025 earnings call. During today's presentation, all callers will be placed ...