Financial Performance and Key Metrics - The company reported full-year non-GAAP earnings per share of $4.76, a 4.2% increase from $4.57 in 2024 [21] - GAAP earnings for 2025 were $4.56 per share, compared to $2.27 per share in 2024 [19] - The company paid dividends of $3.01 per share, representing a 5.2% increase [6] Business Segment Performance - Electric transmission earned $2.09 per share in 2025, up from $2.03 per share in 2024, driven by investments in service reliability and demand growth [22] - Electric distribution earnings increased to $1.80 per share in 2025 from $1.77 per share in 2024, primarily due to base distribution rate increases [22] - Natural gas distribution segment earnings rose to $0.97 per share in 2025 from $0.81 per share in 2024, supported by base distribution rate increases and infrastructure investments [23] Market Data and Key Metrics - The company achieved top decile performance for both MBI and SATI metrics, indicating improved reliability for customers [8] - The average electric customer experienced an outage only once in nearly two years [8] Company Strategy and Industry Competition - The company plans to invest approximately $26.5 billion in infrastructure over the next five years, an increase of $2.3 billion from the previous plan [25] - Key focus areas include grid modernization, resiliency projects, and compliance with state safety regulations [14] - The company aims to enhance customer experience and maintain high reliability while addressing aging infrastructure [13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of partnerships with state policymakers to address affordability and reliability [5] - The company expects 2026 to be a transformational year, with a focus on completing offshore wind commitments and managing the potential sale of Aquarion [17] - Long-term earnings growth is projected to be in the range of 5%-7% by 2028, with expectations of achieving earnings growth towards the upper half of this range [38] Other Important Information - The company successfully deployed over $4 billion in capital investments in 2025, advancing grid modernization initiatives and customer energy efficiency programs [8] - The Cambridge Underground Substation, a $1.8 billion investment, is critical for strengthening the electric system in a rapidly growing area [11] - The company received regulatory approvals for rate adjustments and cost recovery mechanisms that align with infrastructure investment needs [29] Q&A Session Summary Question: Impact of Aquarion sale on financing needs - Management indicated that if the Aquarion sale is approved, it could reduce the need for alternative financing solutions, potentially enhancing growth rates [46][60] Question: Status of Revolution Wind project liabilities - Management clarified that the cutoff for liabilities is the Commercial Operation Date (COD), not the first power [60] Question: Sources and uses of cash regarding minority interest sales - Management stated that they are exploring various alternatives for financing, including minority interest sales, but details are still premature [72] Question: Drivers for earnings in 2027 - Key drivers include the Aquarion transaction, storm cost recovery, and the CL&P rate case, all expected to solidify in 2026 [90]

Cooper-Standard (NYSE:CPS) Q4 2025 Earnings call February 13, 2026 09:00 AM ET Company ParticipantsBrian DiRubbio - Managing DirectorJeff Edwards - Chairman and CEOJonathan Banas - EVP and CFOKirk Ludtke - Managing DirectorRoger Hendriksen - Director of Investor RelationsConference Call ParticipantsMichael Ward - Managing Director and Senior AnalystNathan Jones - Managing Director and Senior Equity AnalystOperatorMorning, ladies and gentlemen, and welcome to the Cooper-Standard fourth quarter and full year ...

Financial Data and Key Metrics Changes - In Q4 2025, the company's diluted operating earnings per share increased by 26% compared to Q4 2024 [4] - Gross written premium grew by 1.8% and net written premium grew by 7.1% year-over-year [4][9] - The combined ratio for the quarter was 71.7%, with a full-year operating ROE of 26% [4][9] - Book value per share increased by 33% since year-end 2024, and float increased by 23% [4] Business Line Data and Key Metrics Changes - The commercial property division experienced a decline, impacting overall growth, while excluding this division, gross written premium grew by 10.2% for the quarter and 13.3% for the year [5] - The expense ratio was under 21%, significantly lower than many competitors, which tend to run in the mid-30s or higher [6] - New business submission growth, excluding unsolicited submissions, was up 6% for the quarter, with most divisions seeing submission growth [12][14] Market Data and Key Metrics Changes - The E&S market conditions remained competitive, with varying levels of competition across different segments [4][12] - Pricing trends showed a combined decrease of 2.7% according to the Amwins Index, with some property lines experiencing opportunities for meaningful rate increases [15] - The company noted a decline in new business submissions in the commercial property division, while other divisions continued to see growth [12][14] Company Strategy and Development Direction - The company emphasized maintaining underwriting discipline and leveraging its low-cost business model to generate best-in-class returns [5][6] - A significant focus on technology and analytics, including the integration of AI into operations, was highlighted as a core competency [7][8] - The company plans to return excess capital to shareholders through a $250 million buyback authorization and an increase in quarterly dividends [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate growth and returns despite competitive pressures, particularly in the commercial property segment [5][16] - The company anticipates stabilization in the commercial property market after a period of intense competition [21] - Management acknowledged the dynamic nature of the marketplace, with ongoing vigilance regarding claims and litigation activity [62] Other Important Information - The company is expanding its homeowner insurance offerings and is optimistic about growth in this area [100][111] - The company is actively considering adjustments to its reinsurance retentions to retain more premium economics [119] Q&A Session Summary Question: Concerns about the decline in commercial property - Management noted that the decline was due to increased competition and an influx from London, which caused deceleration in growth [20] Question: Future outlook for commercial property - Management indicated that stabilization is expected in the coming quarters, despite current competitive pressures [21] Question: Business retention ratios and market dynamics - Renewal retention is in the low 70% range, with no significant movement away from the E&S market observed [31] Question: Impact of competition on premium growth - Management characterized the slowdown in premium growth as primarily a function of increased competition [120] Question: AI integration in operations - AI is being used to automate tasks and improve decision-making, with a focus on underwriting and analytics [64] Question: Growth opportunities in new products - New products are being rolled out methodically, contributing to growth over time [72] Question: Home insurance market dynamics - The company is expanding its homeowner insurance offerings and is optimistic about capturing market share [100][111]

Vale (NYSE:VALE) Q4 2025 Earnings call February 13, 2026 09:00 AM ET Company ParticipantsCaio Ribeiro - Managing Director and Head of LatAm Metals, Mining, Oil, Gas, Pulp and Paper Equity ResearchDaniel Sasson - Head of Latam Steel and Mining, Pulp and Paper and CementGustavo Pimenta - CEOMarcelo Bacci - EVP of Finance and Investor RelationsMarcio Farid - VPRogério Nogueira - EVP of Commercial and DevelopmentShaun Usmar - CEOConference Call ParticipantsAlex Hacking - AnalystCarlos De Alba - Managing Directo ...

Financial Data and Key Metrics Changes - The company reported full-year non-GAAP earnings per share of $4.76, a 4.2% increase from $4.57 in 2024 [21] - GAAP earnings for 2025 were $4.56 per share, compared to $2.27 per share in 2024 [19] - The company paid dividends of $3.01 per share, representing a 5.2% increase [6] Business Line Data and Key Metrics Changes - Electric transmission earned $2.09 per share in 2025, up from $2.03 per share in 2024, driven by investments in service reliability [22] - Electric distribution earnings increased to $1.80 per share in 2025 from $1.77 per share in 2024, due to base distribution rate increases [22] - Natural gas distribution segment earnings rose to $0.97 per share in 2025 from $0.81 per share in 2024, attributed to base distribution rate increases and infrastructure investments [23] Market Data and Key Metrics Changes - The company achieved top decile performance for both MBI and SAIDI metrics, indicating improved reliability for customers [8] - The average electric customer experienced an outage only once in nearly two years, reflecting high service reliability [8] Company Strategy and Development Direction - The company plans to invest approximately $26.5 billion in infrastructure over the next five years, a $2.3 billion increase from the previous plan [25] - Key focus areas include grid modernization, resiliency projects, and compliance with state safety regulations [14] - The company aims to enhance customer experience and maintain high reliability while addressing aging infrastructure [13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of partnerships with state policymakers to address affordability and reliability [5] - The company expects 2026 to be a transformational year, with a focus on completing offshore wind commitments and managing potential sales [17] - Long-term earnings growth is projected to be in the range of 5%-7% by 2028, with expectations for growth towards the upper half of this range [38] Other Important Information - The company received regulatory approvals for rate adjustments, including a $55 million increase for NSTAR Electric and a $10 million increase for NSTAR Gas [29] - The company is actively pursuing the sale of Aquarion Water Company, with a court ruling in favor of the sale process [30] Q&A Session Summary Question: Growth trajectory and balance sheet flexibility - Management indicated that if the Aquarion sale is approved, it could eliminate some funding needs and potentially be accretive to growth [46][60] Question: Status of Revolution Wind project liabilities - Management clarified that the obligation is to Global Infrastructure Partners, not Ørsted, and that the project is on track for first power soon [60][65] Question: Sources and uses of cash regarding minority interest sales - Management discussed various alternatives for financing, including potential minority interest sales, but emphasized that these are not immediate plans [72] Question: Timeline for Connecticut AMI resolution - Management expects to meet regarding AMI in Connecticut soon and is optimistic about clarity on investment recovery mechanisms [75] Question: Impact of Aquarion sale on equity needs - Management confirmed that equity needs remain unchanged regardless of the Aquarion sale outcome, but alternative financing flexibility exists [103]

Financial Data and Key Metrics Changes - The company reported record financial results, exceeding the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding annual financial guidance [7] - Adjusted EBITDA increased by CAD 83 million compared to Q4 2024, DCF rose by CAD 0.06, and EPS increased by CAD 0.13 [26] - The debt to EBITDA ratio remains within the leverage range of 4.5-5 times, maintaining a strong investment-grade credit profile while growing investment capacity [7][29] Business Line Data and Key Metrics Changes - In the liquids segment, strong mainline volumes and lower power costs contributed to year-over-year increases [26] - The gas transmission business experienced strong performance with contributions from the acquisition of an interest in Matterhorn and favorable spreads at Aitken Creek [26] - The gas distribution segment saw growth driven by rate escalation, customer growth, and colder weather [26] Market Data and Key Metrics Changes - The mainline transported approximately 3.1 million barrels per day on average, with significant demand leading to apportionment for all but three of the last 12 months [15] - Texas Eastern hit new peak records, transporting over 15 BCF per day in January, while Enbridge Gas Ohio achieved its third-highest throughput day in its history [9] - The Algonquin pipeline in New England experienced nine of its top 25 all-time volume days this winter, highlighting the need for energy affordability [9] Company Strategy and Development Direction - The company sanctioned CAD 14 billion of capital across all businesses in 2025, with a growth backlog increasing by 35% since the last Investor Day [8] - Future growth is expected to be driven by CAD 10-$20 billion of growth projects over the next 24 months, enhancing energy security and affordability [12] - The company aims for 5% growth through the end of the decade, supported by a secured growth capital of CAD 39 billion [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 5% growth target, citing positive developments in the Western Canadian Sedimentary Basin and increasing production [40] - The company is well-positioned to capitalize on the growing demand for natural gas and renewable energy, with significant opportunities in data centers and LNG exports [18][79] - Management emphasized the importance of maintaining a strong balance sheet and capital allocation strategy to support long-term growth [29][81] Other Important Information - The company has increased its dividend for 31 consecutive years, reinforcing its status as a dividend aristocrat [7] - The current backlog of projects is CAD 39 billion, extending through 2033, showcasing the company's ability to execute on growth opportunities [30] Q&A Session Summary Question: How does the investment capacity increase reconcile with the long-term growth trajectory? - Management indicated that the growth in investment capacity aligns with EBITDA growth, and confidence in meeting the 5% growth target is based on a strong backlog of projects [36][39] Question: What is the impact of Venezuelan production on future projects? - Management noted that while Venezuelan production may increase, Canadian crude will continue to be in demand, and the company is focused on expanding its Mainline to meet this demand [44][56] Question: How does the company view the potential for exceeding annual investment capacity? - Management expressed confidence in the ability to exceed the CAD 10-$11 billion annual investment capacity, emphasizing the importance of capital recycling and strong project returns [50][51] Question: What are the growth prospects for the gas transmission segment? - Management highlighted a significant demand for natural gas driven by affordability and reliability, with numerous expansion opportunities across the country [76][79]

Vale (NYSE:VALE) Q4 2025 Earnings call February 13, 2026 09:00 AM ET Company ParticipantsCaio Ribeiro - Managing Director and Head of LatAm Metals, Mining, Oil, Gas, Pulp and Paper Equity ResearchDaniel Sasson - Head of Latam Steel and Mining, Pulp and Paper and CementGustavo Pimenta - CEOMarcelo Bacci - EVP of Finance and Investor RelationsMarcio Farid - VPRogério Nogueira - EVP of Commercial and DevelopmentShaun Usmar - CEOConference Call ParticipantsAlex Hacking - Equity Research Analyst of Americas Meta ...

Healthcare Realty Trust (NYSE:HR) Q4 2025 Earnings call February 13, 2026 09:00 AM ET Company ParticipantsDan Gabbay - CFOMichael Carroll - Managing DirectorMichael Gorman - Managing Director of REITsNick Joseph - Head of US Real Estate and Lodging Research TeamNick Yulico - Managing DirectorOmotayo Okusanya - Managing Director and Head of US REIT ResearchPeter Scott - President and CEORob Hull - COORon Hubbard - VP of Investor RelationsRyan Crowley - CIOConference Call ParticipantsAustin Wurschmidt - Direc ...

Financial Data and Key Metrics Changes - Kinsale's diluted operating earnings per share increased by 26% in Q4 2025 compared to Q4 2024 [3] - Gross written premium grew by 1.8% and net written premium increased by 7.1% year-over-year [3][9] - The company posted a combined ratio of 71.7% for the quarter, with a full-year operating ROE of 26% [3][9] - Book value per share increased by 33% since year-end 2024, and float grew by 23% [3] Business Line Data and Key Metrics Changes - The commercial property division experienced a decline, impacting overall growth, while excluding this division, gross written premium grew by 10.2% for the quarter and 13.3% for the year [4] - The expense ratio was under 21%, significantly lower than many competitors, which tend to be in the mid-30s or higher [5] - New business submission growth, excluding unsolicited submissions, was up 6% for the quarter, with most divisions seeing submission growth [12] Market Data and Key Metrics Changes - The level of competition in the E&S market varies by underwriting group, with some areas experiencing more competitive pressure than others [12] - Pricing trends showed a decrease of 2.7% according to the Amwins Index, with large commercial property placements under significant rate pressure [13] - Casualty lines, including commercial auto and agribusiness casualty, remained strong areas of growth [12] Company Strategy and Development Direction - Kinsale's strategy focuses on maintaining a low-cost business model and disciplined underwriting to generate best-in-class returns [4][5] - The company is investing in technology and analytics, including AI, to enhance decision-making and profitability [6][7] - Kinsale plans to return excess capital to shareholders through a $250 million buyback authorization and an increase in quarterly dividends [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate growth and returns despite competitive pressures, particularly in the commercial property sector [4][14] - The company anticipates stabilization in the commercial property division after a period of intense competition [20] - Management highlighted the importance of maintaining underwriting discipline in a competitive environment [5][40] Other Important Information - Kinsale's net investment income increased by 24.9% in Q4 2025 compared to the previous year, driven by strong operating cash flows [10] - The company is expanding its homeowner insurance offerings, with a focus on high-value homes and a gradual rollout strategy [68][70] Q&A Session Summary Question: What caused the decline in commercial property this quarter? - Management noted an influx from London and some MGAs in the large layered and shared space, leading to deceleration in growth [19] Question: What are the expectations for commercial property in the foreseeable future? - Management indicated that the market ebbs and flows, but stabilization is expected after a couple of quarters [20] Question: What is the retention ratio for renewals? - Renewal retention is in the very low 70% range and has remained steady [30] Question: How much of the deceleration in growth is due to commercial property? - The decline is primarily due to increased competition in the commercial property division, which was previously the largest division [34] Question: What is the outlook for casualty lines? - Casualty lines are experiencing mixed pricing trends, with some areas seeing strong price increases while others are under pressure [38] Question: How is AI being integrated into the business? - AI is being used to automate tasks, improve customer service, and enhance risk segmentation and pricing [62][64] Question: What is the growth potential for new products? - New products are expected to contribute to growth, but the rollout is methodical and takes time to become meaningful [71] Question: Is there an opportunity to increase reinsurance retentions? - Management is actively considering adjustments to reinsurance retentions to manage volatility [116]

Financial Data and Key Metrics Changes - The company reported normalized FFO per share of $1.61 for the full year 2025, exceeding the midpoint of original guidance by $0.03 [9] - Same-store NOI growth was 4.8%, surpassing the midpoint of original guidance by 140 basis points [10] - In Q4 2025, normalized FFO per share was $0.40, with same-store cash NOI growth of 5.5% [22] Business Line Data and Key Metrics Changes - The company executed approximately 5.8 million sq ft of leases in 2025, including 1.6 million sq ft of new leases [13] - Tenant retention improved to 82% for the year, with same-store absorption translating to over 100 basis points of occupancy gain [13][14] - Cash leasing spreads improved by 60 basis points, and tenant retention increased by 220 basis points under the new asset management platform [6] Market Data and Key Metrics Changes - The company exited 14 non-core markets, improving its geographic footprint into high-growth MSAs [7] - Demand in the top 100 MSAs continues to outstrip supply, with completions as a percentage of inventory remaining near all-time lows [15] Company Strategy and Development Direction - The company aims to become the clear leader in the outpatient medical sector, focusing on long-term shareholder value [4] - A three-year strategic plan was published in July, with key steps to overhaul the organization, including a revamp of the asset management platform and a successful asset disposition plan [5][6] - The company plans to prioritize redevelopment projects within its existing portfolio, targeting attractive yields on cost of approximately 10% [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's premier outpatient medical portfolio, supported by nearly 5% same-store NOI growth in 2025 [7] - The outlook for 2026 includes normalized FFO per share guidance of $1.58-$1.64, with same-store cash NOI growth expected to be between 3.5%-4.5% [24] - Management acknowledged the need for disciplined capital allocation due to current cost of capital and discount to intrinsic asset value [10] Other Important Information - The company successfully achieved a target of $10 million run rate G&A savings, with total G&A expenses now at $45 million [6] - The dividend was right-sized, offering a nearly 6% current yield to shareholders [9] Q&A Session Summary Question: Same-store NOI guidance for 2026 - Management explained that the 3.5%-4.5% guidance reflects expectations for escalators, retention, absorption, and cash leasing spreads, with a focus on pushing these metrics [30][31] Question: CapEx relative to FAD for 2026 - Management indicated that if FFO is flat, FAD is also expected to be flat, with maintenance capital numbers provided in guidance [36][38] Question: Absorption potential and redevelopment leasing - Management confirmed that the absorption figures discussed were for the same-store pool, with expectations for redevelopment projects to drive total portfolio occupancy increases [40][42] Question: Acquisition potential and profile - Management stated that any acquisitions would be pursued only if they meet yield expectations, emphasizing discipline in capital allocation [44][46] Question: Disposition plans going forward - Management outlined that $175 million of sales are embedded in guidance for the year, with some sales expected to close early in 2026 [48] Question: Changes in office repositionings and shadow supply - Management noted no significant changes in shadow supply affecting their markets, focusing on health system leasing [78] Question: Balance sheet and debt mix - Management indicated a target of mid-single digits to upper single digits for floating rate debt, emphasizing balance sheet efficiency [80]