Safe Harbor 4Q25 Earnings Conference Call February 2026 This material includes "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements other than statements of historical fact are forward-looking and may contain information about financial results, economic conditions, trends and known uncertainties. Forward-looking statements are not assurances of future performance. Instead, they are based ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue grew 43% year-over-year to nearly $2 billion, with Adjusted EBITDA reaching $343 million, four times the prior year period [4][13] - Adjusted EBITDA margin expanded by over 1,000 basis points year-over-year to 17% [4][13] - For fiscal year 2025, revenue increased 27% year-over-year to above $6 billion, and Adjusted EBITDA more than tripled to over $600 million [6][16] Business Line Data and Key Metrics Changes - Fantasy revenue increased as the Pick Six product began to scale [13] - Sportsbook revenue rose over 30% year-over-year, with Q4 revenue increasing 64% year-over-year to $1.4 billion [14] - iGaming revenue grew by 20% due to expanded offerings [14] - Lottery revenue benefited from a stronger jackpot environment and the rollout of new games [14] Market Data and Key Metrics Changes - Sportsbook handle increased 11% year-over-year to $54 billion, with a total potential payout across all open wagers reaching $2.5 trillion [15] - In January, Sportsbook handle increased 4% year-over-year, despite sportsbook-friendly outcomes [7][15] Company Strategy and Development Direction - The company is focusing on the predictions market as a significant growth opportunity, targeting hundreds of millions in annual revenue in the coming years [5][9] - Plans include integrating Railbird and launching a market-making division to enhance customer experience and liquidity [11][12] - The company aims to lead the predictions category and is optimistic about regulatory developments that support this growth [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's efficiency and sustainability, expecting revenue and Adjusted EBITDA growth for many years [6][7] - The regulatory environment has improved, providing a stable backdrop for predictions, which is seen as a major growth area [20][21] - Management acknowledged the importance of customer acquisition and retention, with a focus on optimizing promotional strategies [38][39] Other Important Information - The company repurchased 16 million shares during fiscal year 2025 and plans to continue share repurchases as Adjusted EBITDA grows [4][16] - The company reported positive net income for the first time, indicating improved operational efficiency [16] Q&A Session Summary Question: Discussion on prediction markets and investment confidence - Management highlighted regulatory clarity from the CFTC as a key factor in their increased focus on prediction markets, viewing it as a significant growth opportunity [20][21] Question: Guidance on revenue deceleration - Management explained that the guidance reflects a conservative approach, with expectations of handle growth and net revenue margin improvements [24][25] Question: Revenue drivers for 2026 - Predictions are seen as an upside opportunity, with no revenue included in the guidance for 2026, focusing instead on customer acquisition costs [31] Question: Competitive environment and promotional intensity - Management characterized the current promotional environment as rational, with no significant uptick in promotional activity from competitors [70][85] Question: Legislative updates on prediction markets - Management noted that discussions around prediction markets are gaining traction in state legislatures, which could influence future legalization of online sports betting [72]

Financial Data and Key Metrics Changes - TC Energy reported a 13% year-over-year growth in comparable EBITDA for the fourth quarter, reaching nearly CAD 3 billion [13] - The company achieved a 9% year-over-year increase in comparable EBITDA for the full year 2025 [4] - The board declared a first quarter 2026 dividend of CAD 0.8775 per common share, marking a 3.2% year-over-year increase [20] Business Line Data and Key Metrics Changes - In Canada, EBITDA increased by CAD 110 million due to higher incentive earnings and flow-through depreciation [14] - In the U.S., EBITDA rose by CAD 188 million, primarily from the Columbia Gas settlement and additional contract sales [14] - In Mexico, EBITDA increased by CAD 163 million, a 70% increase year-over-year, attributed to the completion of Southeast Gateway [14] Market Data and Key Metrics Changes - North American natural gas demand is expected to increase by 45 Bcf/d from 2025 to 2035, equivalent to adding the entire European gas market over the next decade [5] - The company serves seven LNG facilities, representing 30% of North American LNG feed gas across Canada, the U.S., and Mexico [5] - Electricity demand in North America is projected to grow by 65% through 2050 [6] Company Strategy and Development Direction - TC Energy's strategy focuses on maximizing asset value through safety and operational excellence while leveraging commercial and technological innovation, including AI [22] - The company aims to prioritize low-risk, high-return growth, with a target of CAD 6 billion in net annual capital expenditures through 2030 [22] - The company is optimizing its capital plan by shifting CAD 500 million of capital forward into 2026 to capture in-year EBITDA [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver solid growth, low risk, and repeatable performance, supported by a strong project pipeline [23] - The company anticipates strong EBITDA momentum heading into 2026, with CAD 4 billion in projects expected to go into service [16] - Management highlighted the importance of maintaining financial strength and agility to support long-term value creation [22] Other Important Information - The company advanced CAD 5 billion of projects at various stages in the fourth quarter and placed CAD 2 billion of assets into service on time and under budget [6] - The pending approval portfolio now sits at about CAD 8 billion, with an additional CAD 12 billion of projects in origination [9] - Bruce Power's availability is expected to improve to the low 90s% range for 2026, contributing to financial performance [11] Q&A Session Summary Question: Can you provide insights on the balance sheet capacity for 2031? - Management indicated a deep pipeline of opportunities, with about CAD 12 billion in projects ranging from CAD 200 million to over CAD 1 billion [27] Question: What is the strategic rationale behind the Crossroads project? - The Crossroads expansion is primarily driven by power generation requirements, including data center demand and coal to gas switching [31] Question: Can you discuss the characteristics of the CAD 8 billion pending approval projects versus the CAD 12 billion in origination? - Pending projects are characterized as 90% or more likely to be sanctioned, while the origination projects are in earlier stages of development [57]

Beyond Air (NasdaqCM:XAIR) Q3 2026 Earnings call February 13, 2026 08:00 AM ET Company ParticipantsBob Goodman - Chief Commercial OfficerCorey Davis - Managing DirectorDan Moorhead - CFOJason Kolbert - Director of ResearchJustin Walsh - Director of HealthcareMarie Thibault - Managing DirectorMike King - Director of ResearchSteve Lisi - CEOConference Call ParticipantsYale Jen - Managing Director and Healthcare Equity AnalystOperatorGood morning, and welcome everyone to Beyond Air Financial Results Call for t ...

Financial Data and Key Metrics Changes - The company reported annual revenue of approximately CAD 3.5 billion in 2025, an increase of 11% compared to 2024 [14] - Adjusted EBITDA was about CAD 1.9 billion, reflecting a 26% increase from the previous year [14] - Adjusted net earnings reached just under CAD 630 million, representing a 115% improvement compared to 2024 [14] - The balance sheet remains strong, ending the year with approximately CAD 1.2 billion in cash and short-term investments, and CAD 1 billion in total debt [15] Business Line Data and Key Metrics Changes - In the uranium segment, the company produced 21 million pounds on a consolidated basis in 2025, exceeding revised annual guidance [15] - The fuel services segment delivered strong performance, including record UF6 production at Port Hope [16] - The company has commitments to deliver an average of about 28 million pounds of uranium annually over the next five years [13] Market Data and Key Metrics Changes - Long-term contracting volumes in 2025 remained below replacement rate levels, indicating a need for continued discipline in supply [12] - Average realized prices improved, reflecting a strengthening long-term market environment [14] - The company ended the year with approximately 230 million pounds committed under long-term contracts [14] Company Strategy and Development Direction - The company aims to maintain a disciplined approach to production and supply, focusing on long-term strategies despite market volatility [8][11] - Investments in next-generation enrichment and partnerships, such as with Westinghouse, are expected to enhance the company's position in the nuclear fuel cycle [10][18] - The company is strategically preserving uncommitted productive capacity to deploy as market fundamentals strengthen [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted ongoing geopolitical turmoil and market volatility but emphasized resilience and disciplined execution as key themes for 2025 [8] - The outlook for growth across the nuclear fuel cycle is expected to continue, driven by electrification, decarbonization, and energy security priorities [19] - The company anticipates producing between 19.5 million and 21.5 million pounds of uranium in 2026, with an average realized price between CAD 85 and CAD 89 [21] Other Important Information - The company is actively negotiating contracts to unlock value while preserving significant uncommitted volumes for future pricing opportunities [12][13] - The investment in Westinghouse is expected to yield strong performance, with an outlook for adjusted EBITDA from Westinghouse of approximately CAD 370 million to CAD 430 million in 2026 [22] Q&A Session Summary Question: Guidance framework for Westinghouse business - Management discussed the exciting opportunities in Westinghouse and the potential financial impact of projects, emphasizing a disciplined approach to guidance [28][32] Question: Average realized pricing outlook for uranium - Management explained the lack of immediate price appreciation is due to a disciplined marketing strategy, preserving pounds for when demand increases [34][36] Question: Production outlook at McArthur River - Management addressed delays at McArthur River and the decision to pace production according to market demand, emphasizing a systematic approach [50][52] Question: Technical risks around McArthur River - Management confirmed that risks are being managed proactively and that the current issues are not indicative of a riskier environment [62][64] Question: Future demand and production backfill - Management expressed confidence in the demand for uranium and the ability to prepare assets for future production needs [68][70] Question: Conversion market contracting - Management highlighted the importance of securing long-term contracts in the conversion market and the strategy to maximize value over time [78][80]

Financial Data and Key Metrics Changes - In Q4 2025, sales increased by 2% to $10.8 billion, despite a 1% decline in global production [8][12] - Adjusted EBIT margin expanded by 100 basis points to 7.5%, with adjusted EBIT increasing by 18% to $814 million [8][14] - Adjusted EPS rose by 29% to $2.18, and free cash flow exceeded $1.3 billion, significantly higher than in 2024 [8][12] - For the full year, sales were $42 billion, down slightly due to softer volumes in North America and Europe, while adjusted EBIT margin rose by 20 basis points to 5.6% [9][12] Business Line Data and Key Metrics Changes - Three of the four segments posted higher sales year-over-year, with seating seeing an 8% increase, while complete vehicles declined by 10% [16] - Body exteriors and structures, as well as seating, showed strong increases in adjusted EBIT margin year-over-year [16][17] - Power and vision margins were negatively impacted by discrete items, but operational improvements are expected to drive margin expansion in 2026 [17] Market Data and Key Metrics Changes - Global light vehicle production was down 1% overall in Q4, with North America and China declining, while Europe saw an increase [13] - Magna's sales growth is expected to be near flat to up 3.5% in 2026, driven by new program launches and higher production in Europe [21] Company Strategy and Development Direction - The company is focused on operational excellence, which has contributed to margin expansion and is expected to continue delivering benefits in 2026 [10][27] - A disciplined approach to capital spending is emphasized, with plans to repurchase approximately 22 million shares in 2026 while maintaining financial flexibility [7][8] - The company aims to drive EPS growth alongside strong free cash flow, with a target of $1.6 billion to $1.8 billion in free cash flow for 2026 [7][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing their capital allocation strategy and achieving further EPS growth and strong free cash flow [27] - The outlook for 2026 includes expectations for adjusted EBIT margin expansion of 40-100 basis points and continued improvements in operating performance [7][22] - The company remains focused on shareholder value creation, having increased dividends for the sixteenth consecutive year [27] Other Important Information - The company achieved significant operational milestones in 2025, including securing 90% of its 2028 business and receiving a record 151 customer awards for quality and performance [9][10] - The company has built a unified digital architecture covering about 80% of its divisions, enhancing data visibility and operational efficiency [10] Q&A Session Summary Question: Guidance for outgrowth excluding complete vehicles - Management highlighted operational excellence activities and new program rollouts as key drivers for the expected outgrowth of 1%-4% [30][31] Question: Operational excellence and commercial recoveries - Management confirmed that operational excellence is a continuing journey with visibility on margin improvements, while commercial recoveries are expected to be neutral year-over-year [35][39] Question: Seating segment outlook and cost actions - Management reassured that no incumbent seating programs have been lost, and the seating segment remains core to the business despite some program roll-offs [43][46] Question: Free cash flow sustainability - Management indicated that the expected free cash flow of $1.6 billion-$1.8 billion is sustainable, supported by disciplined capital expenditures [49] Question: Ford recall and warranty impacts - Management confirmed that one recall matter has been resolved, while another is ongoing, impacting margins in the power and vision segment [51][59] Question: Growth in power and vision segment - Management attributed expected growth to new program launches and operational improvements, despite some margin declines in Q4 [60][62]

Advance Auto Parts (NYSE:AAP) Q4 2025 Earnings call February 13, 2026 08:00 AM ET Company ParticipantsBret Jordan - Managing DirectorLavesh Hemnani - VP and Head of Investor RelationsMark Jordan - VP of Equity ResearchRyan Grimsland - EVP and CFOShane O'Kelly - President and CEOConference Call ParticipantsChris Horvers - Senior AnalystScot Ciccarelli - Managing Director and Senior Equity Research AnalystSeth Sigman - Managing Director and Senior Equity Research AnalystSimeon Gutman - AnalystZach Fadem - Man ...

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Moderna (NasdaqGS:MRNA) Q4 2025 Earnings call February 13, 2026 08:00 AM ET Company ParticipantsAdi Jayaraman - Senior Managing DirectorElizabeth Webster - Biotech Equity ResearchJamey Mock - CFOLavina Talukdar - Head of Investor RelationsMatthew Guggenbiller - Equity Research AssociateMichael Yee - Global Head of Biotechnology Research and Managing DirectorShelby Hill - Senior Equity Research AssociateStephen Hoge - PresidentStéphane Bancel - CEOConference Call ParticipantsCourtney Breen - Senior AnalystEl ...