Financial Data and Key Metrics Changes - The company reported full-year non-GAAP earnings per share of $4.76, a slight increase from $4.57 in 2024, while GAAP earnings for 2025 were $4.56 per share compared to $2.27 per share in 2024 [21][19] - The company paid dividends of $3.01 per share, representing a 5.2% increase [5] - The FFO to debt ratio improved by over 400 basis points at Moody's [9][35] 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 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, attributed to base distribution rate increases and infrastructure investments [23] Market Data and Key Metrics Changes - The company successfully deployed over $4 billion in capital investments in 2025, focusing on grid modernization and customer energy efficiency programs [6] - The advanced metering infrastructure program reached over 100,000 smart meter installations in Massachusetts, part of a larger initiative to upgrade 1.5 million meters statewide [7] Company Strategy and Development Direction - The company aims to continue delivering top-tier operational performance while advancing infrastructure investments, including a new five-year capital investment plan of $26.5 billion, which is an increase of $2.3 billion from the previous plan [12][25] - The focus remains on enhancing customer experience, safety, and reliability while addressing aging infrastructure and supporting the clean energy transition [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings growth towards the upper half of the 5%-7% long-term EPS range by 2028, despite challenges in 2026 [18][39] - The company is navigating a changing regulatory landscape and addressing affordability concerns while maintaining a strong balance sheet [17][39] Other Important Information - The company received regulatory approvals for rate adjustments and cost recovery mechanisms that align with infrastructure investment needs [8][29] - The company is actively pursuing the sale of Aquarion Water Company and has submitted a notice of intent to file a rate case for Aquarion [14][32] Q&A Session Summary Question: Impact of Aquarion sale on funding 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 obligation is to Global Infrastructure Partners, not Ørsted, and that the critical trigger for liability ends at the commercial operation date [61][66] Question: Sources and uses of cash regarding minority interest sales - Management discussed exploring various alternatives for financing, including minority interest sales, but emphasized that details are still being evaluated [73][75] Question: Timeline for the completion of the Aquarion sale - Management confirmed that the decision from PURA regarding the Aquarion sale is expected in March, which will clarify the company's next steps [32][102] Question: Drivers for earnings growth in 2027 - Management highlighted several key drivers for 2027, including the Aquarion transaction, storm cost recovery, and regulatory adjustments [89]

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 ...

Fourth Quarter 2025 Earnings Call 3 Business Update Forward-Looking Statements In this presentation, Dauch Corporation ("Dauch") makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance, including, but not limited to, certain statements related to future capital expenditures, expenses, revenues, economic performance, synergies, financial conditions, market growth, dividend policy, losses and future prospects and business; and management st ...

Sixth Street Specialty Lending (NYSE:TSLX) Q4 2025 Earnings call February 13, 2026 08:30 AM ET Company ParticipantsBo Stanley - CEOBrian McKenna - Director of Equity ResearchCami Senatore - Head of Investor RelationsFinian O'Shea - DirectorIan Simmonds - CFOKen Lee - VPPaul Johnson - VPRobert Dodd - DirectorRoss Bruck - Managing Director and Head of Investment StrategyConference Call ParticipantsArren Cyganovich - Senior AnalystRick Shane - Managing Director and Senior Equity Research AnalystSean-Paul Adams ...

Financial Data and Key Metrics Changes - Revenue grew 84% year-over-year, reaching $5.1 million for the quarter [4][9] - Net income reported at $6.8 million, marking a significant improvement [10] - Stockholders' equity turned positive to $21.7 million, an increase of nearly $60 million since year-end 2024 [4][10] - Total assets increased to $77.6 million from $60.9 million as of June 30, 2025 [10][11] - Cash and restricted cash at quarter-end totaled $46.2 million, including $23.1 million in cash and cash equivalents [11] Business Line Data and Key Metrics Changes - Commissions were the largest revenue contributor at just over $3 million, with clearing fees and stock locate-related activity also contributing significantly [9] - The operational performance of Wilson-Davis as the core clearing engine showed continued strength across commissions and clearing-related activities [6][7] Market Data and Key Metrics Changes - The current market environment is becoming increasingly constructive, with greater engagement from broker-dealers and financial institutions focusing on operational efficiency and modernization [4][5] - Firms are expanding their focus beyond traditional equities into a wider range of products and services, emphasizing flexibility and capital efficiency [4] Company Strategy and Development Direction - The company aims to build a modern, technology-enabled financial infrastructure platform for smaller and mid-sized institutions [3] - Priorities include enhancing the client experience, increasing operational consistency, and scaling responsibly [12] - The proposed acquisition of Commercial Bancorp of Wyoming is part of the strategy to create a full licensing platform, combining correspondent clearing services with banking services [13][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position entering 2026, highlighting a strengthened balance sheet and operational momentum [15] - The focus is on execution, delivering for clients, and expanding thoughtfully to build a platform for long-term growth [12][15] Other Important Information - The company has significantly simplified its capital structure, with a current outstanding share count of approximately 150 million shares [17] - Regulatory capital has been strengthened, with a threshold of $10.5 million that must be maintained [18] Q&A Session Summary Question: What does the fully diluted share count look like today? - The current outstanding share count is approximately 150 million shares, with potential additional shares from warrants and convertible notes [17] Question: How should investors think about corporate liquidity versus regulatory capital? - The company maintains a regulatory capital threshold of $10.5 million and has increased its regulatory capital significantly [18] Question: At what revenue level does the clearing business begin to generate consistent operating leverage? - The operating costs are around $14 million, and once covered, the company expects to achieve significant operating leverage [19][20] Question: What is the expected ramp timeline for new introducing brokerage firms? - The company is optimistic about onboarding new clients quickly, with expected positive revenue impacts in the coming quarters [21][23] Question: Can you provide an update on the proposed Commercial Bancorp acquisition? - The company is preparing to file for regulatory approval, with expectations for a quicker approval process than initially anticipated [24][25][28]