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]

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 - Revenue for the fiscal quarter increased 105% year-over-year to $2.2 million, compared to $1.1 million for the same period last year [6][18] - Gross profit increased to $300,000, compared to a gross loss of $200,000 for the same period last year [19] - Net loss attributed to common stockholders was $7.3 million, or a loss of $0.85 per share, compared to a net loss of $13 million, or a loss of $2.96 per share in the prior year [21] Business Line Data and Key Metrics Changes - The core business, specifically the LungFit PH system, has seen significant adoption with over 45 hospitals now utilizing the first-generation system [6][8] - Customer retention exceeds 90%, with more than half of customers under multi-year agreements [7] Market Data and Key Metrics Changes - The company has expanded its international distribution network to 40 countries, with new agreements in Canada, Germany, Brazil, Austria, the Netherlands, and Sri Lanka [11] - The company is actively engaging with federal healthcare systems, having completed its first sale to a VA Medical Center [10] Company Strategy and Development Direction - The company has made a strategic decision to sell its Neuronas subsidiary, which is expected to provide up to $32.5 million in upfront payments and equity in the acquiring company [5][16] - The focus remains on expanding the utilization of the first-generation LungFit PH system while preparing for the anticipated FDA decision on the second-generation system [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the business, citing strong customer feedback and a dedicated team [12] - The company is optimistic about the FDA approval timeline for the second-generation system, with ongoing communication indicating no major hurdles [42] Other Important Information - The company completed a $5 million financing in January 2026, which, along with other funding sources, is expected to support operations into 2027 and potentially profitability [17][23] - Operating expenses were reduced to approximately $6.9 million, down from $10.7 million for the same period last year, reflecting cost reduction initiatives [19][20] Q&A Session Summary Question: How does the company penetrate systems rather than a single hospital at a time? - The product is offered through the ECAT system, which simplifies access for customers and allows competition with other RFPs [28][30] Question: How does the company identify facilities most likely to acquire the system? - The company focuses on refining its commercial organization and utilizing prospecting tools and CRM systems to identify and engage potential customers [31][32] Question: Has there been any change in the length of the sales cycle? - The sales cycle remains around six to nine months, with efforts to identify customers early in their contract processes [33][34] Question: How does the company segment the next-generation system market? - The focus is currently on the first-generation product, with discussions about the next-generation system being more future-oriented [36] Question: What is the status of communications with the FDA regarding the second-generation system? - The company has had constant communication with the FDA and is confident in the timeline for approval [41][42] Question: What recent wins or catalysts are there on the international side? - The company has seen recent wins and is starting to receive reorder requests for filters from customers, indicating product deployment success [47] Question: What attracted XTL Biopharmaceuticals to the Neuronas opportunity? - The science behind the Neuronas opportunity and the clear path to human studies were key factors in attracting XTL [52][54] Question: How did COGS perform in the quarter and what are the expectations for the future? - COGS is expected to be in the 60% range for Gen 1 and move towards 70% for Gen 2 as the company scales [57][58] Question: How sensitive is the sales cycle to increasing SG&A? - Increasing SG&A could potentially translate into more revenues, but the relationship is complex and requires careful management [62]

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 ...

Ingersoll Rand (NYSE:IR) Q4 2025 Earnings call February 13, 2026 08:00 AM ET Company ParticipantsDavid Raso - Senior Managing Director and PartnerJeff Sprague - Founder and Managing PartnerMatthew Fort - VP of Investor RelationsNigel Coe - Managing Director and the Head of US Capital Goods Equity ResearchVicente Reynal - Chairman and CEOVik Kini - CFOConference Call ParticipantsAndrew Buscaglia - Senior Analyst for US Industrial TechnologyChris Snyder - Executive Director and Equity Research AnalystJoe O'De ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 was CAD 1.25 billion, a 2% increase year-over-year [16] - Adjusted Segment Operating Income rose to CAD 195.8 million, up 3% from CAD 190 million in the same quarter last year [16] - Adjusted EPS increased to CAD 0.34, compared to CAD 0.29 a year ago [16] - Net finance expense decreased to CAD 54.1 million from CAD 56.6 million in the previous year [17] - Free cash flow was CAD 411.3 million, slightly above CAD 409.8 million recorded in the same quarter last year [18] - Capital expenditures totaled CAD 50.6 million, with expectations for full-year CapEx to be over 10% lower than last year [18] Business Line Data and Key Metrics Changes - In the Civil segment, revenue decreased by 5% year-over-year to CAD 717.2 million, with adjusted operating income down 6% to CAD 141.8 million [19] - Training Center Utilization in the Civil segment was 71%, down from 76% in the prior year [20] - In the Defense segment, revenue increased by 14% year-over-year to CAD 534.9 million, with adjusted operating income up 38% to CAD 54 million, achieving a margin of 10.1% [20] Market Data and Key Metrics Changes - The civil aviation market is expected to grow at 4%-5% annually over the long term, despite current disruptions [52] - Defense spending is projected to grow significantly, with Canada committing CAD 82 billion over the next five years [33] Company Strategy and Development Direction - The company is implementing a multi-pronged transformation plan focusing on portfolio sharpening, disciplined capital management, and operational excellence [5][12] - The transformation plan aims to improve margins, cash flow, and returns on investment, with specific targets to be shared in the next quarter [7][35] - The company is rationalizing its civil training network to align capacity with current demand, which may impact near-term revenue [30][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledges near-term revenue impacts from the transformation plan but believes it will lead to stronger long-term performance [8][34] - The defense segment is expected to see over 20% growth in adjusted segment operating income year-over-year, reflecting a favorable market environment [32] - The company is confident in its long-term growth prospects in both civil and defense markets, supported by strong fundamentals [46] Other Important Information - The company has identified non-core assets representing approximately 8% of revenue for potential divestiture [36] - Recent leadership changes include the appointment of Ryan McLeod as Chief Financial Officer, expected to enhance operational finance and capital discipline [13] Q&A Session Questions and Answers Question: Long-term perspective on civil business returns - Management indicated that the civil business could generate solid mid-teen returns over the long term, with a focus on improving utilization and profitability [50][54] Question: Conversations with civil customers regarding network rationalization - Initial conversations with civil customers have been positive, focusing on resizing the network to meet current demand [58][60] Question: Nature of identified non-core assets - Non-core assets are present in both civil and defense segments, and the company is focused on finding suitable buyers for these businesses [66][67] Question: Outlook for civil aviation training demand - Management noted that while current demand is softer than expected, the long-term growth trajectory remains strong at 4%-5% [72][74] Question: Timing of potential divestitures - The company is moving cautiously through the divestiture process, with a timeline of 18-24 months for completion [75][76] Question: Defense segment margin improvements - The defense segment's margin improvements are attributed to better contract mix and cost controls, with expectations for continued growth [80]

Financial Data and Key Metrics Changes - In 2025, the company reported revenues of $1.9 billion, primarily driven by sales of the COVID vaccine Spikevax and mNEXSPIKE [4][10] - Operating expenses decreased by $2.2 billion, or 30% year-over-year, reflecting significant cost management efforts [4] - The net loss for the year was $2.8 billion, an improvement from a net loss of $3.6 billion in 2024 [14] - Cash and investments at the end of 2025 totaled $8.1 billion, down from $9.5 billion at the end of 2024 [14][15] Business Line Data and Key Metrics Changes - The company had three products on the market in 2025: Spikevax, mNEXSPIKE, and mRESVIA, with mNEXSPIKE becoming the leading product in the U.S. shortly after its launch [7] - Total revenue for the fourth quarter was $700 million, with $300 million from the U.S. and $400 million from international markets [10] - U.S. revenue for the full year was $1.2 billion, while international revenue was $700 million [10] Market Data and Key Metrics Changes - In the U.S., despite a decline in overall COVID market demand, the company maintained strong market share in the retail channel, particularly with mNEXSPIKE [11] - Internationally, the company achieved revenue at the higher end of expectations, driven by operational performance and vaccination rates [11] Company Strategy and Development Direction - The company aims for up to 10% revenue growth in 2026, primarily from international markets and local manufacturing in the U.K. and Australia [15][16] - Strategic partnerships in Latin America and Asia Pacific are expected to drive growth, alongside the anticipated launch of multiple vaccines in Europe by 2027 [20][22] - The company is focused on expanding its oncology pipeline and expects significant clinical milestones in 2026 [32] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the FDA's refusal to file letter regarding the flu program, highlighting challenges in the regulatory environment [5] - The company remains optimistic about its growth potential, citing strong momentum heading into 2026 with multiple levers for revenue growth [19][33] - Management emphasized the importance of cost discipline and the adoption of AI tools to improve productivity [33] Other Important Information - The company announced a five-year strategic agreement with the government of Mexico for respiratory vaccine supply [7] - A new Chief Development Officer, Dr. David Berman, was appointed to enhance the oncology pipeline [9] Q&A Session Summary Question: Implications of flu RTF on cash flow break-even guidance and INT program timing - Management noted that the flu filing is under review in Europe, Canada, and Australia, with the U.S. refile pending a Type A meeting with the FDA [37] - The INT program for adjuvant melanoma is event-driven, with data expected this year [41] Question: Thoughts on flu and COVID combination vaccine refile - The company is awaiting feedback from the FDA on what is needed to refile the mRNA-1010 program [45] - The phase III study for mRNA-1010 showed superior efficacy compared to standard vaccines [46] Question: European COVID vaccination market and flu vaccine strain selection - The company anticipates a larger market share in Europe, with mNEXSPIKE expected to be competitive [54] - Discussions on better strain matching for flu vaccines are ongoing, with strong support from international regulators [57]

Financial Data and Key Metrics Changes - The company reported GAAP earnings of $2.5 million for Q4, with earnings available for distribution (EAD) at approximately -$500,000, leading to a per diluted share of $0.06 [8] - The company has a negative book value of about $300 million, or $31 per diluted share, and a common stock dividend yield of 8.7% [9] - The company holds around $100 million in cash and liquidity, with total equity in the vehicle at $300 million [7] Business Line Data and Key Metrics Changes - The company is focused on acquiring multifamily loans from its operating business, Genesis, which is projected to produce between $6 billion and $7 billion in loans this year [11] - The company aims to grow earnings to between $1.60 and $1.70 per share, contingent on a recapitalization of the vehicle [5][11] Market Data and Key Metrics Changes - The company is currently trading at roughly 50% of its book value, with stock prices fluctuating between $15 and $16 following a 6-to-1 reverse stock split [4][7] - The commercial real estate sector is experiencing dislocation, with many REITs and BDCs trading poorly, which presents potential opportunities for the company [9][10] Company Strategy and Development Direction - The company plans to reposition itself as a dedicated commercial real estate vehicle and an opportunistic investment vehicle, focusing on capital formation and earnings growth [4][5] - The strategy includes acquiring multifamily loans and expanding into commercial real estate investments, with a focus on opportunistic acquisitions [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for earnings growth and the ability to attract third-party capital, while remaining cautious about market conditions [10][29] - The company is committed to maintaining a clean balance sheet and is patient in its approach to recapitalization, aiming to avoid dilutive actions [10][29] Other Important Information - The company has identified a pool of approximately $1 billion in assets that could be added to the vehicle, subject to board approvals, which would lead to an immediate increase in earnings [30] - Management highlighted the importance of credit quality in sourcing loans, emphasizing a balanced approach between internal and third-party loan origination [39][40] Q&A Session Summary Question: Will RPT receive a slice of the NOI from the Paramount transaction? - Management indicated that RPT has $50 million of the Paramount deal on its balance sheet, and earnings will be pro rata based on Rithm's performance [19] Question: Are there plans to explore more loans from Genesis? - Management confirmed that Genesis is expected to produce $6 billion to $7 billion in loans, and successful capital raises would allow for loans to be added directly to the balance sheet, enhancing earnings [20] Question: Is there a tolerance for finding other sources of capital? - Management acknowledged the potential for third-party capital to be introduced, but emphasized the importance of timing and market conditions [28] Question: What types of loans will be prioritized? - Management stated that the primary focus will be on multifamily loans generated by Genesis, which are expected to be highly accretive [30] Question: Is there an opportunity to acquire from banks? - Management noted that there is currently limited bank selling, but the demand for Genesis's products remains strong, creating opportunities for growth [41]

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 AnalystSeth Sigman - Managing Director and Senior Equity Research AnalystSimeon Gutman - AnalystZach Fadem - Managing Director and Senior Equity AnalystNone - AnalystOperatorWelcome ...