Fourth Quarter 2025 Earnings Conference Call 1/20/2026 HANCOCK WHITNEY Important cautionary statement about forward-looking statements This presentation contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements that we may make include statements regarding our expectations of our performance and financial condition, balance sheet and revenue growth, the provis ...

Financial Data and Key Metrics Changes - The company reported record revenue of $88.5 million, up from $70 million in the previous quarter, marking a 26% quarter-on-quarter increase [8][12] - Operating income reached a record of $3.5 million, representing 4% of revenue, with a target to increase this to 10% [8][10] - The ending cash balance increased to $9.3 million from $5.1 million in the prior quarter [8][10] - The company experienced a gross margin improvement due to the clearance of old backlog, with a normal fall-through gross margin of 38% [9][10] Business Line Data and Key Metrics Changes - The company made two acquisitions: Sunder, which contributed a full quarter of revenue, and Ambia, which contributed a partial quarter [8][12] - The sales rep headcount nearly doubled from approximately 1,100 to around 2,000 due to acquisitions and recruitment efforts [18][20] - The company aims to maintain a stable direct employee headcount while increasing sales rep numbers to enhance revenue per employee [20][22] Market Data and Key Metrics Changes - The U.S. residential solar penetration increased to 5.6% in 2024, up from 3.7% in 2020, indicating significant growth potential in the market [14] - The company views the solar market as an expansive opportunity, with 94.6% of qualifying homes still without solar installations [15] Company Strategy and Development Direction - The company plans to grow its sales force significantly while keeping direct employee numbers stable to optimize costs and revenue [20][22] - The focus is on integrating advanced technology and software-controlled solar systems to differentiate from competitors [56][61] - The company aims for consistent profitable growth, targeting a revenue increase from $300 million to $1 billion by 2028 [54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive operating income in Q1 2026, despite it being a typically challenging quarter for solar [13] - The company is addressing operational inefficiencies and aims to improve financial reporting speed and accuracy [30] - Management emphasized the importance of cash management and has raised an equity line of credit to ensure liquidity [26][27] Other Important Information - The company announced the launch of the Monolith solar panel, which is designed to be lightweight and high-wattage, addressing market demands for efficient solar solutions [33][34] - The acquisition of Cobalt Power Systems is expected to enhance the company's capabilities in large-scale commercial and industrial applications [44][46] Q&A Session Summary Question: What are the expectations for revenue growth in 2026? - Management provided a conservative estimate of $84 million for Q1 2026 revenue, indicating a cautious but optimistic outlook for the year [13] Question: How does the company plan to address operational challenges? - The company is hiring a financial consultant to improve financial systems and expedite reporting processes [30] Question: What is the strategy for the new acquisitions? - The strategy involves integrating the sales capabilities of Sunder and Ambia to enhance overall operational efficiency and market reach [48][50]

Financial Data and Key Metrics Changes - The company reported record revenue of $88.5 million, up from $70 million in the previous quarter, marking a 26% quarter-on-quarter increase [8][10] - Operating income reached a record of $3.5 million, representing 4% of revenue, with a target to increase this to 10% [8][10] - Ending cash balance increased to $9.3 million from $5.1 million in the prior quarter [8][10] - The company achieved a record profit of $3.545 million, up from $2 million in the previous quarter [10][12] - The revenue for the full year 2025 totaled $308.8 million, maintaining profitability despite challenges [13] Business Line Data and Key Metrics Changes - The company made two acquisitions: Sunder, which contributed a full quarter of revenue, and Ambia, which contributed a partial quarter [8][12] - The sales rep headcount nearly doubled from approximately 1,100 to around 2,000 due to acquisitions and recruitment efforts [18][20] - The company aims to maintain a stable direct employee headcount while growing revenue, focusing on productivity per employee [20][22] Market Data and Key Metrics Changes - The U.S. residential solar penetration increased to 5.6% in 2024, up from 3.7% in 2020, indicating significant growth potential in the market [14] - The company views the solar market as an expansive opportunity, with 94.6% of qualifying homes still without solar installations [15] Company Strategy and Development Direction - The company plans to grow its sales force significantly while keeping direct employee numbers stable, aiming for consistent profitable growth from $300 million to $1 billion by 2028 [50][55] - The focus is on integrating advanced technology and software-controlled solar systems to differentiate from competitors [56][61] - The company is pursuing acquisitions to enhance its operational capabilities and market presence [48][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive operating income in Q1 2026, despite it being a typically challenging quarter for solar [13] - The company is addressing operational inefficiencies and aims to improve financial reporting speed and accuracy [30] - Management emphasized the importance of cash management and has raised an equity line of credit to ensure financial flexibility [26][27] Other Important Information - The company introduced a new solar panel named "Monolith," which is designed to be lightweight and high-wattage, addressing market demands for efficient solar solutions [33][34] - The company is also focusing on the development of bifacial solar panels to enhance energy capture [35] Q&A Session Summary Question: What are the expectations for revenue growth in 2026? - Management expects Q1 2026 revenue to be around $84 million, with a conservative outlook due to seasonal factors and market uncertainties [13] Question: How does the company plan to address operational challenges? - The company is hiring a financial consultant to improve financial systems and expedite reporting processes [30] Question: What is the strategy for the new acquisitions? - The acquisitions of Sunder and Ambia are aimed at enhancing sales capabilities and operational efficiency, with a focus on integrating their strengths into the broader company strategy [48][50]

Financial Data and Key Metrics Changes - The company reported earnings of $177.3 million for Q4 2025, with an EPS of $2.89, and full-year earnings reached $578 million, or $9.17 per diluted share, marking record highs for both the quarter and the year [3][4] - Loan balances increased by over $1.5 billion, or 6.4% for the year, with a sequential growth of $786 million, or 3.2% in Q4 [3][6] - Net interest income grew by $7.6 million, and the net interest margin expanded by seven basis points [14][4] Business Line Data and Key Metrics Changes - Fee income contributed $801 million to revenue, representing 38% of total revenue, with a sequential increase of 5.1% [4][11] - The Fiduciary and Asset Management and Transaction Card lines achieved record revenue for both the quarter and the full year, with AUMA surpassing $126 billion [7][12] - The core C&I loan portfolio grew by 5.5% sequentially, while healthcare loans increased by 3.3% [8][6] Market Data and Key Metrics Changes - Growth in Texas was particularly strong, contributing $561 million to total growth in Q4 [6] - The company outperformed the KBW Regional Banking Index in total shareholder return over one, three, five, and ten-year periods by 7%, 3%, 42%, and 51%, respectively [4] Company Strategy and Development Direction - The company aims to create long-term sustainable shareholder value while maintaining a disciplined approach to risk management [3] - Future loan growth is expected to be in the upper single digits, with net interest income projected to be between $1.44 billion and $1.48 billion for 2026 [16][17] - The company is focused on investing in growth areas while aligning its expense base with future needs [17][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and the path ahead, highlighting the diverse growth across various lending types and geographies [5][21] - The outlook for credit quality remains strong, with expectations of net charge-offs remaining below historical norms [10][59] - Management noted that while credit normalization is expected in the long term, the current environment remains favorable [10][59] Other Important Information - The company repurchased over 2.6 million shares at an average price of $107.99 per share during the quarter [7] - Total expenses decreased by $8.7 million, with personnel expenses down by $3.6 million [15] Q&A Session Summary Question: Drivers of Upper Single-Digit Loan Growth - Management highlighted diverse growth across geography and lending types, with significant contributions from the mortgage finance business [20][21] Question: Future Share Buybacks and CET1 Ratio - Management indicated that share buybacks would be opportunistic and not tied to a specific CET1 ratio [23] Question: Deposit Growth and Competition - Management noted that while competition for deposits remains high, it is at a normal level without irrational behavior in the market [30][31] Question: Fee Income Expectations - Management expects mid-single-digit growth in fee income, with trading revenue potentially shifting to net interest income due to market conditions [37][39] Question: Outlook for Expenses and Efficiency - Management anticipates a strong efficiency outlook with a target efficiency ratio of 63%-64% for 2026 [40][41] Question: Mortgage Finance Business Contribution - Management expects the mortgage finance business to reach a billion in commitments by the end of 2026, with a significant portion funded [46] Question: Capital Deployment Opportunities - Management remains open to M&A opportunities but prioritizes loan growth and is cautious about deploying capital aggressively [93][94]

Financial Data and Key Metrics Changes - The company reported record revenue of $88.5 million, up from $70 million in the previous quarter, marking a 26% quarter-on-quarter increase [7][10] - Operating income reached a record of $3.5 million, representing 4% of revenue, with a target to increase this to 10% [7][10] - Ending cash balance increased to $9.3 million from $5.1 million in the prior quarter [8] - The company achieved a record profit of $3.545 million, up from $2 million in the previous quarter [10][12] Business Line Data and Key Metrics Changes - The acquisitions of Sunder and Ambia contributed significantly to revenue, with Sunder providing a full quarter of revenue and Ambia a partial quarter [7][12] - The company has seen a substantial increase in its sales rep headcount, growing from approximately 1,100 to nearly 2,000, which is expected to enhance sales capabilities [19][21] Market Data and Key Metrics Changes - The U.S. residential solar penetration increased to 5.6% in 2024, up from 3.7% in 2020, indicating a growing market opportunity [14] - The company views the solar market as an expansive opportunity rather than a competitive battleground, emphasizing the potential for growth [14][16] Company Strategy and Development Direction - The company aims to grow its sales force significantly while maintaining a stable direct employee headcount to optimize revenue per employee [21][24] - Future plans include reaching a revenue target of $1 billion by 2028, requiring both organic and inorganic growth strategies [50] - The company is focused on introducing advanced technology hardware and software-controlled solar systems to differentiate itself in the market [52][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive operating income in Q1 2026, despite it being a typically challenging quarter for solar [13] - The company is addressing operational inefficiencies and aims to improve financial reporting speed and accuracy [29][30] - Management highlighted the importance of maintaining a strong cash position and has raised its equity line of credit to $55 million to support future growth [26][27] Other Important Information - The company has made strategic acquisitions, including Cobalt Power Systems, which is expected to enhance its sales and operational capabilities [35][41] - The introduction of the Monolith solar panel, which offers high wattage while adhering to weight limits, is a key product innovation [32][34] Q&A Session Summary Question: What are the company's plans for future growth? - The company plans to grow its sales force significantly while keeping direct employee numbers stable to enhance productivity and revenue per employee [21][24] Question: How does the company view the current market conditions? - Management views the solar market as an expansive opportunity with significant growth potential, rather than a competitive battleground [14][16] Question: What steps is the company taking to improve financial reporting? - The company is working on upgrading its financial systems and has hired a consultant to expedite the process [29][30]

Financial Data and Key Metrics Changes - The company reported earnings of $177.3 million, or EPS of $2.89 per diluted share for Q4 2025, with full-year earnings reaching $578 million, or $9.17 per diluted share, marking record highs for both the quarter and the year [3][4] - Loan balances expanded by more than $1.5 billion, or 6.4% for the year, with a sequential growth of $786 million, or 3.2% in Q4 [3][5] - Net interest income increased by $7.6 million, with net interest margin expanding by seven basis points [12][4] Business Line Data and Key Metrics Changes - The fee income engine contributed $801 million to revenue, representing 38% of total revenue, with total fee income increasing by 5.1% sequentially [4][10] - The core C&I loan portfolio grew by 5.5% sequentially, while healthcare loans increased by 3.3% and energy loans grew by over $200 million [6][7] - Commercial real estate loans decreased by 1.4% quarter-over-quarter but increased by 12.1% year-over-year [7] Market Data and Key Metrics Changes - The company outperformed the KBWF Regional Bank Index in total shareholder return over one, three, five, and ten-year periods by 7%, 3%, 42%, and 51% respectively [4] - The capital levels remained robust, with tangible common equity at 9.5% and CET1 at 12.9% [6] Company Strategy and Development Direction - The company aims for upper single-digit loan growth in 2026, reflecting continued growth in the existing portfolio and contributions from the new mortgage finance segment [15] - The strategy includes maintaining a disciplined approach to risk management while investing in long-term sustainable shareholder value [3][4] - The company is opportunistic regarding share buybacks and M&A opportunities, focusing on intrinsic strategic value [81][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current environment and capitalize on market disruptions [89] - The outlook for credit quality remains strong, with expectations of net charge-offs remaining below historical norms [9][56] - Management anticipates that credit normalization will occur over the long term, but no immediate concerns are evident [9][56] Other Important Information - The company repurchased over 2.6 million shares at an average price of $107.99 per share during the quarter [6] - A notable pre-tax gain of $23.5 million was recognized from exiting a merchant banking investment [13] Q&A Session Questions and Answers Question: Can you provide more detail on the drivers of upper single-digit loan growth? - Management noted that loan growth has been diverse across geography and lending types, with significant contributions from various segments, including a $100 million increase from the mortgage finance business in Q4 [20] Question: How are you thinking about future share buybacks? - Management indicated that share buybacks are opportunistic and linked to the company's long history of shareholder value orientation [22] Question: Can you discuss the competition for deposits and the outlook for deposit growth? - Management described the deposit environment as competitive but rational, with expectations for loan growth to exceed deposit growth [30] Question: What are the expectations for fee income growth? - Management expects mid-single-digit growth in fee income, with a shift from fee income to net interest income anticipated due to the steepening yield curve [73] Question: How do you plan to fund the mortgage finance business as it grows? - The mortgage finance business will be funded through a mix of wholesale and core deposits, maintaining a strong funding profile [59] Question: What are the expectations for credit quality moving forward? - Management expects credit quality to remain strong in the short term, with loan growth and economic outlook being the primary drivers for provision levels [56]

Record 92,863 Ft. August 13, 2001 Fourth Quarter Report January 20, 2026, Live @ 1:00PM ET 1 Forward Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In som ...

Q4 Earnings Conference Call January 20, 2026 Pri m ar y & se co nd ar y br an d co lor s Data viz colors Data viz monochromatic Legal Disclaimers This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs, assumptions, current expectations, estimates and projections about BOK Financial Corporation, the financial services industry, and the economy generally. Words such as "anticipates," "believes," "e ...

Porsche (OTCPK:DRPR.F) Update Summary Company Overview - **Company**: Porsche - **Date of Call**: January 20, 2026 Key Points Industry and Market Dynamics - **Global Deliveries**: Porsche delivered 279,400 vehicles globally in Q4 2025, reflecting a 10% decline year-over-year due to product runouts and market dynamics, particularly in China [2][3] - **Electrification**: Electrified models accounted for 34% of total deliveries, with 22% being fully electric and 12% plug-in hybrids. In Europe, electrified models surpassed combustion-only deliveries for the first time, reaching a 58% share [2] - **Regional Performance**: North America remained Porsche's largest market with 86,200 deliveries. China saw 42,000 units delivered, impacted by market softness in the luxury segment [3][2] Sales and Product Performance - **Model Highlights**: The 911 achieved a record high of 52,000 units, while the Macan was the strongest model with 84,300 units, over half of which were all electric [2] - **Customer Demand**: Strong demand for individualization and new models, particularly the 911 Turbo S and Cayenne BEV, was noted. Incoming orders are in line with market realities [5][4] Financial Performance - **Revenue Expectations**: Group revenues for Q4 and FY 2025 are expected to decline at a lower rate than wholesales due to a strong premium product mix and pricing effects [6] - **Extraordinary Expenses**: Porsche anticipates approximately EUR 3.1 billion in extraordinary expenses for FY 2025 related to strategic realignment, including product strategy adjustments and battery technology initiatives [6][7] - **Cash Flow**: Q4 cash flow is expected to remain slightly positive despite extraordinary outflows of around EUR 700 million [11] Strategic Realignment - **Long-term Focus**: The strategic realignment is aimed at supporting long-term competitiveness and sustainable growth, despite short-term financial burdens [8] - **Cost Management**: Continued inflationary pressure is expected, particularly in material costs and compensation payments to BEV suppliers [8][13] 2026 Outlook - **Sales Projections**: Retail and wholesale volumes for 2026 are expected to be below 2025 levels, with a significant increase in the share of BEVs [12][29] - **Pricing Strategy**: Pricing is expected to remain positive, with an improved mix for the 911 model [29] - **CapEx and R&D**: CapEx for FY 2026 is expected to be significantly lower for ongoing business, with a EUR 1 billion-plus license payment to Audi impacting reported CapEx [32][36] Dividend Policy - **Dividend Proposal**: The executive board intends to propose a dividend for FY 2025 that is materially lower than the previous year but above a 50% payout ratio, reflecting financial discipline and long-term value creation [18] Geopolitical and Economic Factors - **Tariff Impact**: The company is closely monitoring U.S. import tariffs and their potential impacts on cost structures and planning reliability [12][16] Management Transition - **Leadership Changes**: New CEO Dr. Michael Leiters is focused on establishing a clear vision for Porsche and enhancing customer focus and operational performance [23][24] Additional Notes - **Market Volatility**: The company is navigating significant transformation within the European automotive industry, influenced by structural factors such as the slower adoption of electric mobility and geopolitical uncertainties [11][12] - **Future Communication**: A Capital Markets Day is planned for later in the year to provide further insights into Porsche's strategy and product developments [33]

Financial Data and Key Metrics Changes - The company reported diluted earnings per share (EPS) of $0.89 for the fourth quarter, a 7% increase compared to the linked quarter [4] - For the full year of 2025, net interest income improved by 2% compared to 2024, while the net interest margin declined by seven basis points [13][14] - The efficiency ratio for the fourth quarter was stable at 57.8%, with a full-year efficiency ratio of 58.7% compared to 58% for 2024 [16][18] Business Line Data and Key Metrics Changes - Loan growth for the full year was 6% compared to 2024, with a fourth-quarter annualized loan growth of 2% [10] - Fee-based income improved by 5% in the fourth quarter and 6% for the full year compared to 2024, driven by higher lease income and trust and investment income [15][16] - The provision for credit losses totaled $8.1 million for the fourth quarter, driven by net charge-offs and loan growth [6][7] Market Data and Key Metrics Changes - Non-performing loans grew nearly $4 million compared to the linked quarter, while criticized loans declined by $32 million [9] - At year-end, 98.6% of the loan portfolio was considered current, down from 99% at September 30 [10] - The loan-to-deposit ratio remained around 89%, consistent with the linked quarter-end and prior year-end [17] Company Strategy and Development Direction - The company is focusing on technological capabilities and has implemented state-of-the-art software programs to enhance operational efficiency [20][21] - There is a strategic emphasis on maintaining a neutral interest rate risk position and managing deposit costs [14][17] - The company plans to achieve positive operating leverage for 2026 and anticipates loan growth between 3% and 5% compared to 2025 [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about loan growth, particularly in the commercial sector, despite potential payoffs in a declining rate environment [33][34] - The company expects to cross the $10 billion asset threshold in 2027 but has no plans to do so organically [23][24] - Management anticipates a slight reduction in net charge-offs for 2026 compared to 2025, positively impacting the provision for credit losses [26] Other Important Information - The company plans to continue investing in data provision and warehousing, new talent, and specialty areas within existing businesses [84] - The Chief Commercial Banking Officer is set to retire, with a successor already appointed [22] Q&A Session Summary Question: Margin guidance and accretion benefit - Management indicated that the accretion benefit for the full year is expected to be closer to five basis points [31] Question: Tax rate expectations - The tax rate for 2025 was around 21%, with expectations for 2026 to be in the 22% range [32] Question: Loan demand outlook - Management expressed encouragement regarding loan growth, particularly in commercial lending, despite some expected payoffs [33] Question: M&A environment and criteria - The company is focused on strategic patience in evaluating M&A opportunities, primarily within its existing footprint [43][44] Question: North Star Leasing performance - Management acknowledged a slight increase in charge-offs but remains optimistic about the long-term outlook for the leasing business [48] Question: Capital actions and share buybacks - Management confirmed ongoing share buyback programs and a continuation of the dividend rate [74] Question: Fee income growth outlook - Management discussed the challenges in the insurance market but remains committed to growth through acquisitions [81] Question: Deposit growth expectations - Management does not expect deposits to keep pace with loan growth, anticipating an increase in the loan-to-deposit ratio [95]