Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated gold output of just under 32,000 ounces, meeting production guidance despite inventory buildup at the end of the quarter [2][3] - Gold sales for the year increased to approximately 28,200 ounces, compared to 21,500 ounces in the prior year, with total revenue from gold sales rising to approximately $95 million from $50 million [22][23] - The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million, compared to $111 million in the prior year [24] Business Line Data and Key Metrics Changes - At Granite Creek, mining activities ramped up, resulting in the mining of just over 41,000 tons of high-grade mineralized material in the fourth quarter [6][7] - The company mined approximately 142,000 tons of high-grade mineralized material for the year, with total gold production of 3,600 ounces for the quarter and 23,000 ounces for the full year [7] - The construction of Archimedes, the company's second underground mine, commenced, with underground development advancing ahead of expectations [11] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, which includes a $250 million royalty from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [26][30] - The recapitalization plan is expected to fully fund phase one and phase two of the development plan, increasing annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently [30] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer and has advanced its development plan, including the refurbishment of the Lone Tree process plant, which is central to its hub and spoke strategy [3][17] - The focus for 2026 includes advancing drilling, technical studies, and permitting across its portfolio of projects, with a $10 million exploration drill program planned for Granite Creek [10][11] - The company is targeting to accelerate the development of the Mineral Point project, which is seen as the most valuable asset within the portfolio [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements at Granite Creek and the potential for expansion at the South Pacific Zone [9][10] - The company is entering a pivotal period to unlock shareholder value, with plans to publish feasibility studies for its high-grade underground projects and ramp up production [32] - Management highlighted the importance of the recapitalization plan in providing financial flexibility to advance development projects [30] Other Important Information - The company achieved an improved safety performance target, finishing the year with a total recordable incident rate (TRIR) of 0.62 [4] - The upgraded pumping system and construction of a larger water treatment plant are expected to enhance operational efficiency [8] Q&A Session Summary Question: What are the changes required for the Lone Tree autoclave project costing over $400 million? - The autoclave vessel needs to be rebricked, and the CIL circuit tanks need replacement, along with installation of vessels for off gas and a new filtration system [37] Question: Did the company seek alternative proposals for the engineering work? - The project has been worked on for approximately four years, and Hatch, which built the facility in the 1990s, was chosen for its expertise [38][39] Question: Will accelerating pre-development work at Mineral Point realize value sooner? - Accelerating development is beneficial, and the company is looking at options to advance permitting and development ahead of the original schedule [44]

Financial Data and Key Metrics Changes - For Q4 2025, Ryerson reported net sales of $1.1 billion, a decrease of approximately 5% compared to the previous quarter, but an increase of 9.7% compared to Q4 2024 [20] - The company experienced a net loss of $38 million or $1.18 per share, compared to a net loss of $4.3 million or $0.13 per share in Q4 2024 [21][22] - Adjusted EBITDA, excluding LIFO, was $20.4 million for Q4 2025, compared to $10.3 million in Q4 2024 [22] Business Line Data and Key Metrics Changes - Ryerson's North American shipments decreased by 6.8% sequentially in Q4 2025, while total company tons shipped were down just under 5% quarter-over-quarter, indicating market share gains for the full year [11] - The fabrication and welding sector saw the most year-over-year volume growth, followed by the machine shop and machinery and equipment sectors, while the commercial transportation sector experienced weakness [12] Market Data and Key Metrics Changes - North American industry volumes, as measured by the MSCI, experienced a normal seasonal decline of 5.8% sequentially in Q4 2025 [11] - The company anticipates first-quarter 2026 tons shipped to be up 13%-15% compared to Q4 2025, indicating a positive market outlook [13] Company Strategy and Development Direction - The company aims to realize $120 million in annual run rate synergies from the merger with Olympic Steel, focusing on optimizing asset utilization and capturing targeted cost and revenue benefits [5][9] - Priorities for 2026 include continuing integration of the combined organization, improving earnings quality, and reducing leverage [9] Management's Comments on Operating Environment and Future Outlook - Management noted encouraging strength in customer quote and order activity, expecting gross margin expansion year-over-year and sequentially as better pricing propagates through the industrial metals value chain [7][8] - The company is optimistic about the market dynamics and believes the merger positions them well for future growth [60] Other Important Information - The company generated $113 million in cash from operating activities in Q4 2025, decreasing net debt by $34 million compared to the prior quarter [17][18] - Ryerson distributed $6.1 million in dividends during Q4 2025 and announced a similar dividend for the first quarter [19] Q&A Session Summary Question: Impact of price increases on customer acceptance - Management noted that while there has been some pushback, overall business activity has increased, and price increases are starting to be accepted [28] Question: Specific challenges in passing through rising mill prices - Aluminum was identified as the commodity with the slowest price propagation, but improvements are being seen [41] Question: First-quarter volume guidance and customer activity - Management indicated that stronger market conditions and investments are contributing to the anticipated volume increase [43][45] Question: Future M&A considerations post-merger - Management emphasized the focus on achieving merger synergies and reducing debt before considering further M&A opportunities [52]

Casella Waste Systems (NasdaqGS:CWST) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAdam Bubes - Vice President of Equity ResearchBrad Helgeson - EVP and CFOBrian Butler - VP of Investor RelationsNed Coletta - President and CEOShlomo Rosenbaum - Managing DirectorStephanie Moore - SVP of Equity ResearchTami Zakaria - Executive DirectorTyler Brown - Associate VPWill Griffin - VP of Equity ResearchConference Call ParticipantsJim Schumm - Senior AnalystTrevor Romeo - Equity Research An ...

Corporación Inmobiliaria Vesta (NYSE:VTMX) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsDavid Soto - Equity Research AssociateFernanda Bettinger - Investor Relations OfficerJuan Felipe Sottil Achutegui - CFOLorenzo Dominique Berho Carranza - CEOConference Call ParticipantsAbraham Fuentes - Equity Research AnalystEnrique Cantú - Equity Research AnalystGordon Lee - Equity Research AnalystJorel Guilloty - VP and Senior AnalystJuan Ponce - Mexico Equity Strategy AnalystPablo Monsivais ...

Telephone and Data Systems (NYSE:TDS) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAnthony Carlson - President and CEODavid Barden - Head of US Communication ServicesJohn Toomey - Treasurer and VP of Corporate RelationsKen Dixon - President and CEOKris Bothfeld - VP of Financial Analysis and Strategic PlanningMichael Rollins - Managing DirectorRic Prentiss - Managing DirectorVicki Villacrez - EVP and CFOWalter Carlson - President and CEOConference Call ParticipantsSebastiano Petti ...

Oil States International (NYSE:OIS) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsCindy Taylor - President and CEOEllen Pennington - VP of Human Resources and Senior CounselLloyd Hajdik - EVP and CFOConference Call ParticipantsJim Rollyson - AnalystJosh Jayne - AnalystStephen Gengaro - AnalystOperatorLadies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the Oil States International ...

Gaming and Leisure Properties (NasdaqGS:GLPI) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsBrandon Moore - President, COO and SecretaryCarlo Santarelli - SVP, Corporate Strategy and Investor RelationsDesiree Burke - CFO and TreasurerJay Kornreich - VP of REIT Equity ResearchJoe Jaffoni - Investor RelationsJohn DeCree - Head of Institutional Investor ResearchMitch Germain - Managing DirectorRichard Hightower - Managing DirectorSteven Ladany - SVP and Chief Development OfficerConfer ...

Corporación Inmobiliaria Vesta (NYSE:VTMX) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsDavid Soto - Equity Research AssociateFernanda Bettinger - Investor Relations OfficerJuan Felipe Sottil Achutegui - CFOLorenzo Dominique Berho Carranza - CEOConference Call ParticipantsAbraham Fuentes - Equity Research AnalystEnrique Cantú - Equity Research AnalystGordon Lee - Equity Research AnalystJorel Guilloty - VP and Senior AnalystJuan Ponce - Mexico Equity Strategy AnalystPablo Monsivais ...

Gaming and Leisure Properties (NasdaqGS:GLPI) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker12Greetings, and welcome to the Gaming and Leisure Properties fourth quarter 2025 earnings conference call and webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasu ...

Financial Data and Key Metrics Changes - The company reported consolidated revenues of $178 million for Q4 2025, an 8% increase both sequentially and year-over-year [10] - Adjusted consolidated EBITDA for Q4 2025 was $23 million, representing a 9% sequential increase and at the top of the guided range [10] - The net loss for the quarter was $117 million, or $2.04 per share, which included long-lived asset impairments and restructuring charges [10] - For the full year, adjusted consolidated EBITDA totaled $83 million, with adjusted net income of $22 million and adjusted EPS of $0.37 per share [11] - Cash flow from operations for Q4 was $50 million, up 63% sequentially, and for the full year, it totaled $105 million, representing a 129% increase year-over-year [11] Business Line Data and Key Metrics Changes - The Offshore Manufactured Products segment generated revenues of $123 million in Q4, with adjusted segment EBITDA of $25 million, resulting in a 20% adjusted segment EBITDA margin [12] - The Completion and Production Services segment delivered $23 million in revenues and adjusted segment EBITDA of $7 million, with margins expanding to 32% from 29% in the previous quarter [13] - The Downhole Technologies segment reported revenues of $32 million, an 11% sequential increase, with adjusted segment EBITDA growing to $1.3 million [13] Market Data and Key Metrics Changes - The backlog increased to $435 million, the highest level since March 2015, with a book-to-bill ratio of 1.3 times [7][12] - The company noted that 77% of revenues were generated from offshore and international markets, up from 72% in the prior year [6] Company Strategy and Development Direction - The company is focused on optimizing its business mix towards offshore and international markets, aiming for sustained incremental margins and cash flows [5][6] - The strategy includes high-grading technologies and service lines, with a focus on differentiated product offerings to enhance margins [7][8] - The company plans to continue returning capital to stockholders while maintaining a disciplined approach to capital allocation [8][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand for crude oil and natural gas, indicating that underinvestment in offshore infrastructure could lead to future growth opportunities [76][78] - The company anticipates full-year 2026 revenues to range between $680 million and $700 million, with EBITDA expected between $90 million and $95 million [17] - The first quarter of 2026 is expected to be the weakest in terms of revenue and cash flows due to timing factors [18] Other Important Information - The company ended 2025 with cash on hand exceeding total debt by $15 million [11] - A new four-year cash flow-based credit agreement was established, providing for borrowings of up to $75 million [14] - The company repurchased $17 million of common stock in 2025 and plans to remain opportunistic with additional purchases [15] Q&A Session Summary Question: Completion and Production side restructuring impact on Q4 revenue - Management confirmed that the restructuring and exiting of underperforming businesses are reflected in the Q4 revenue run rate levels, with a focus on reducing ongoing costs related to exited operations [24][25] Question: Backlog margins in Offshore Manufactured Products - Management indicated that the embedded margin profile is expected to improve, with consistent margin improvement targeted for 2026 [30][31] Question: Outlook on offshore spending and backlog growth - Management expressed optimism about the potential for backlog growth as offshore spending is expected to increase, supported by new product offerings and enhanced facilities [46][47] Question: Balance sheet and cash flow deployment post-debt repayment - Management stated that after debt repayment, the focus will be on share repurchases while also considering M&A opportunities [56][58] Question: Military products and defense spending outlook - Management highlighted the legacy military products and the potential for growth in this segment due to increased defense spending [60][62] Question: Geographic opportunities in the offshore market - Management identified Brazil and Guyana as strong bases for operations, with ongoing efforts to expand capabilities in Southeast Asia and West Africa [68][70]