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]

Cooper-Standard (NYSE:CPS) Q4 2025 Earnings call February 13, 2026 09:00 AM ET Speaker6Morning, ladies and gentlemen, and welcome to the Cooper-Standard fourth quarter and full year 2025 earnings conference call. During the presentation, all participants will be in listen-only mode. Following company-prepared comments, we will conduct a question-and-answer session. At that time, if you have a question, you will need to press star one one on your telephone keypad. To withdraw your question, please press star ...

Eversource Energy (NYSE:ES) Q4 2025 Earnings call February 13, 2026 09:00 AM ET Speaker4Good day, and thank you for standing by. Welcome to the Eversource Energy Fourth Quarter and Full Year 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. T ...

FEBRUARY 2026 4Q25 Earnings Results Our 2025 Guidance was right on target CET1 Commercial Portfolio Growth Average Deposit Growth NIM Efficiency Ratio ROE 11% 15% 2.36% 26.7% 15.8% 15.3% 10% 12% 15% 17% 2.25% 2.35% 26% 28% 15% 16% 15% 16% ✓ ✓ ✓ ✓ ✓ ✓ 2 Real vs Guidance 2025 Key Results: Solid Performance in 2025 Record Earnings and RoE Record Commercial Portfolio and Strong Deposit Growth Robust Margins and healthy Asset Quality Record Non - Interest Income and Efficiency Commercial Book $11.2 Bn ↑ 11% YoY ...

Financial Data and Key Metrics Changes - The company reported record financial results for Q4 2025, with adjusted EBITDA up CAD 83 million compared to Q4 2024, DCF up CAD 0.06, and EPS increased CAD 0.13 [23][24] - The debt to adjusted EBITDA ratio stands at 4.8, maintaining the leverage range of 4.5-5 times, which supports a strong investment-grade credit profile [26][27] Business Line Data and Key Metrics Changes - In the liquids segment, strong mainline volumes and lower power costs contributed to year-over-year increases in earnings [23] - The gas transmission business experienced a strong fourth quarter, with contributions from the acquisition of an interest in Matterhorn and favorable spreads at Aitken Creek [24] - The gas distribution segment saw growth driven by rate escalations, customer growth, and favorable weather conditions [24] 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 [13][23] - The Texas Eastern pipeline hit new peak records, transporting over 15 BCF per day in January, indicating strong demand for gas transmission [7][23] Company Strategy and Development Direction - The company sanctioned CAD 14 billion of capital across all businesses in 2025, with a growth backlog that has increased by 35% since the last Investor Day [5][11] - 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 [11][30] - The company aims for 5% growth through the end of the decade, supported by a secured growth capital of CAD 39 billion [30] 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 [36][37] - The company is optimistic about the demand for natural gas and the potential for further expansions in gas transmission and renewable power projects [12][19] Other Important Information - The company has increased its dividend for 31 consecutive years, highlighting its commitment to returning capital to shareholders [5][26] - The current backlog of projects is valued at CAD 39 billion, extending through 2033, showcasing the company's ability to execute on growth opportunities [27] Q&A Session Summary Question: Investment capacity increase and growth trajectory - The investment capacity increased by CAD 1 billion, and management is confident in achieving the 5% growth target, reconciling capacity growth with EBITDA growth [33][34] Question: Venezuelan geopolitical impact on projects - Management indicated that while Venezuelan production may impact the market, Canadian crude will continue to find demand, supporting ongoing projects like MLO 2 and MLO 3 [39][40] Question: Project backlog and funding sources - Management expressed confidence in managing the CAD 10-20 billion project backlog, noting that capacity will grow as EBITDA increases [45][46] Question: Expansion capabilities and tariffs - Management confirmed that existing infrastructure allows for significant expansion capabilities at Ingleside, and tariffs for expansions are expected to remain competitive [56][61] Question: Gas transmission growth sustainability - The gas transmission segment is expected to continue growing due to high demand for natural gas and ongoing projects, with a strong pipeline capacity across the country [70][75]

Mercer International Inc. Transforming biomass into bioproducts for a more sustainable world Q4 2025 Earnings Call February 13th, 2026 Juan Carlos Bueno – President & CEO Richard Short – CFO, Executive VP & Secretary Forward-looking Statements The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements For more information regarding these risks and uncertainties, review Mercer's filings with the United States Securities and Exchange Commission Unless required ...

It include risks and uncertainties relating to the following : To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward -Looking Statements" and "Risk Factors" in Vale's annual report on Form 20 - F . " Disclaimer 2 Vale's 4Q25 Performance Feb. 13th, 2026 "This p ...

Financial Data and Key Metrics Changes - In Q4 2025, Vale's pro forma EBITDA reached $4.8 billion, a 17% increase year-on-year and a 10% increase quarter-on-quarter, primarily driven by strong performance in Vale Base Metals and favorable pricing conditions for copper and by-products [13][14] - The all-in cost for iron ore reached $54.3 per ton in Q4, averaging $54.2 per ton for 2025, reflecting a downward trajectory in C1 cash costs and gains from long-term affreightment strategy [16][20] - Recurring free cash flow generation reached approximately $1.7 billion in Q4, more than double compared to the previous year [18] Business Line Data and Key Metrics Changes - Iron ore production reached 336 million tons in 2025, a 3% increase year-on-year, driven by low capital-intensive projects and solid performance in Brucutu and S11D [7][9] - Vale Base Metals achieved double-digit production growth in both copper and nickel, with copper production reaching 382,000 tons (10% increase year-on-year) and nickel production reaching 177,000 tons (11% increase year-on-year) [9][10] - Cost reductions were noted across all commodities, with copper all-in costs decreasing to -$900 per ton, the lowest in the business's history, and nickel all-in costs declining by 35% year-on-year to $9,000 per ton [17][19] Market Data and Key Metrics Changes - The company anticipates crude steel production in China for 2026 to remain at the same level as the previous year, supported by infrastructure and manufacturing [81] - The market is seeing a decline in premiums for iron ore fines, primarily due to lower market premiums and mix optimization, but the flagship products maintained resilient premiums [40][42] Company Strategy and Development Direction - Vale's strategy focuses on operational excellence and adding high-quality growth projects, particularly in copper and iron ore, with the Novo Carajás program aimed at doubling copper output [4][6] - The company emphasizes a disciplined approach to capital allocation, with a long-term CapEx guidance below $6 billion, while also ensuring attractive shareholder returns [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting strong operational performance and the ability to deliver on guidance [7][22] - The company is focused on unlocking value from existing assets while positioning for growth opportunities, particularly in the context of energy transition and AI [23][24] Other Important Information - Vale achieved a 21% reduction in high potential incidents, reflecting improvements in safety culture [5] - The company has made significant progress on reparation efforts, reaching 81% execution of the Brumadinho agreement and disbursing BRL 73 billion under the Mariana agreement [6] Q&A Session Summary Question: Regarding the strong results from Vale Base Metals and cost performance - Management acknowledged the strong by-product credits influencing costs and highlighted ongoing bottom-up initiatives to improve cost performance [30][31] Question: On the strategic value of copper assets and potential IPO discussions - Management noted the market's growing appreciation for the base metals business and emphasized the importance of demonstrating growth potential before considering any capital market transactions [34][36] Question: About the dynamics of iron ore pricing and realized prices - Management explained that the decline in realized prices was due to lower market premiums and emphasized the importance of optimizing contribution margin across the supply chain [40][42] Question: On nickel cash costs and operational goals - Management detailed ongoing initiatives to reduce costs in the nickel business, focusing on asset integrity and reliability to achieve cash flow breakeven [45][50] Question: Regarding developments at Fábrica and Vega operations - Management reported limited impact from sediment overflow incidents and ongoing efforts to enhance resilience against climate change [59][61] Question: On the status of restricted AUM and ESG improvements - Management indicated that approximately $1.5 trillion of assets have been unlocked since the incidents, with ongoing efforts to improve ESG ratings and investor relations [63][64]

February 13, 2026 ESSENT GROUP LTD. | NYSE: ESNT © 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 1 EARNINGS PRESENTATION 4Q25 ESSENT GROUP LTD. NYSE: ESNT Company Overview Recent Developments | | 3Q25 | 4Q25 | | --- | --- | --- | | Consolidated Financial Results | | | | Net Income ($M) | $164.2 | $155.0 | | Annualized ROE | 11.5% | 10.8% | | Shareholders' Equity ($B) | $5.7 | $5.8 | | Mortgage Insurance Portfolio | | | | Combined Ratio | 34.9% | 42.0% | | IIF ($B) | $248.8 | $248.4 | | NIW ...