Financial Data and Key Metrics Changes - The company produced results at the high end of its 2025 guidance range despite ongoing category challenges and inflationary pressures [4] - The guidance for 2026 reflects a downtrend in the category, with expectations of a 4% decline [28] Business Line Data and Key Metrics Changes - The traditional loaf segment, particularly the Nature's Own brand, has been underperforming, which is a key focus area for revitalization [9][22] - The company is conducting a comprehensive review of its brand portfolio and supply chain to enhance efficiency and support growth [8][10] Market Data and Key Metrics Changes - The competitive environment in the fourth quarter was normal, with no major changes in bakery consolidation reported [72] - Price per unit in the category increased slightly, likely due to a mix shift towards premium products [73] Company Strategy and Development Direction - The company is focused on navigating near-term challenges while laying the foundation for sustainable long-term growth [4] - A comprehensive review of operations, including brand portfolio and supply chain, is underway to strengthen execution and expand margins [4][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by inflation and a changing consumer landscape, particularly in the traditional loaf category [4][22] - There is optimism about the potential for growth in the Nature's Own brand, given its high loyalty and awareness [24] Other Important Information - The company remains committed to maintaining a strong balance sheet and is evaluating its capital allocation strategy, including the dividend [12][33] - Maintenance CapEx is expected to be around $2 million per bakery per year, with additional investments planned for growth initiatives [56] Q&A Session Summary Question: Details on the comprehensive review of brands and operations - Management is in the early stages of a thorough review of the brand portfolio and operational efficiency, focusing on areas needing investment [8][10] Question: Capital allocation and dividend considerations - The company is reviewing its capital structure and dividend in light of its overall strategy and financial health [33] Question: Stabilizing the traditional loaf market - Management believes there is a path to stabilize the traditional loaf segment through targeted investments and innovation [24][25] Question: Impact of SNAP budget reductions and debt refinancing - The company is monitoring the effects of reduced SNAP budgets and is confident in its ability to refinance upcoming debt maturities [38][40] Question: Simple Mills sales performance and margin impacts - Sales were affected by inventory issues and input costs, but management remains optimistic about future growth for Simple Mills [59][64] Question: Competitive landscape and promotional strategies - The competitive environment remains stable, with a focus on delivering products that meet consumer demands while managing promotional activities prudently [75][76]

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 [5][14] - Adjusted EBITDA margin expanded by over 1,000 basis points year-over-year to 17% [5][14] - For the fiscal year 2025, revenue increased 27% year-over-year to above $6 billion, and Adjusted EBITDA more than tripled to over $600 million [7][17] Business Line Data and Key Metrics Changes - Fantasy revenue increased as Pick6 began to scale [14] - Sportsbook revenue increased over 30% year-over-year, with a standout Q4 where revenue rose 64% year-over-year to $1.4 billion [15] - iGaming revenue grew by 20% due to expanded offerings [15] - Lottery revenue benefited from a stronger jackpot environment and the rollout of new games [15] 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 of $2.5 trillion [16] - In January, Sportsbook handle increased 4% year-over-year, despite two consecutive months of Sportsbook-friendly outcomes [8] Company Strategy and Development Direction - The company is focusing on the predictions market as a significant growth opportunity, expecting to capture a $10 billion annual gross revenue opportunity [10] - Plans to integrate Railbird and launch a market-making division to enhance customer experience and liquidity [12][13] - The company aims to lead the predictions category while maintaining strong positions in existing markets [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the predictions market, citing a stable regulatory environment as a key factor [22][23] - The company anticipates continued revenue and Adjusted EBITDA growth for many years, with a focus on customer acquisition and retention [8][17] - Management acknowledged the importance of optimizing promotional spending and improving customer monetization [40][68] Other Important Information - The company repurchased 16 million shares during the fiscal year and plans to remain active in share repurchases as Adjusted EBITDA grows [5][17] - The company reported positive net income for the first time, indicating improved operational efficiency [17] Q&A Session Summary Question: Discussion on prediction markets and investment confidence - Management highlighted regulatory clarity from the CFTC as a significant factor in their increased focus on prediction markets, viewing it as a major growth opportunity [22][23] Question: Guidance on revenue deceleration - Management explained that the guidance reflects a conservative approach, with expectations for sports betting handle and promotional strategies factored in [25][26] Question: Competitive environment and promotional intensity - Management characterized the current promotional environment as rational, with no significant uptick in promotional activity from smaller operators [71][86] Question: Customer demographics in prediction markets - Management noted that prediction market players tend to be from states like California and Texas, resembling existing customer profiles [90][91] Question: Impact of promotional spending on revenue - Management indicated that promotional spending would be strategically managed, with flexibility to adjust based on customer acquisition and retention metrics [88][86]

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 ParticipantsRick Shane - Managing Director and Senior Equity Research AnalystSean-Paul Adams - Research AnalystOperatorGood m ...

Financial Data and Key Metrics Changes - Global system-wide sales declined 8.3% in Q4, driven by a significant drop in U.S. sales and a tough comparison with the previous year's SpongeBob collaboration [7][30] - Total company adjusted EBITDA was $113.3 million, and adjusted EPS was $0.16 for the fourth quarter [8][33] - For the full year 2025, global system-wide sales decreased by 3.5%, highlighting the need for operational and marketing changes [8][9] Business Line Data and Key Metrics Changes - U.S. same-restaurant sales fell 11.3% in Q4, primarily due to reduced marketing spend and traffic decline, although average check increased [30] - U.S. company-operated restaurants outperformed the broader U.S. system by 410 basis points, driven by operational improvements [30] - International business saw system-wide sales growth of 6.2% in Q4, marking its 21st consecutive quarter of growth [7][32] Market Data and Key Metrics Changes - International expansion remains a priority, with 59 new locations opened in Q4, contributing to an 8.1% increase in system-wide sales for the full year [8][10] - The company achieved net unit growth of over 9% internationally, with 121 new restaurants opened in 2025 [10] Company Strategy and Development Direction - The company is implementing "Project Fresh," focusing on brand revitalization, operational excellence, system optimization, and disciplined capital allocation [12][13] - The strategy aims to restore Wendy's as the highest quality choice in the QSR sector, with a focus on improving customer engagement and menu offerings [15][17] - The company is shifting its marketing approach to emphasize everyday value rather than limited-time promotions, with new platforms like Biggie Deals [16][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2025 was a challenging year but emphasizes the importance of laying a foundation for future growth [8][12] - The outlook for 2026 is a rebuilding year, with expectations for flat global system-wide sales and improved U.S. same-restaurant sales as initiatives take effect [26][28] - The company anticipates adjusted EBITDA between $460 million and $480 million for 2026, reflecting the impact of system optimization and increased G&A expenses [28][37] Other Important Information - The company returned $330 million to shareholders through dividends and share repurchases, an increase of over $48 million from the prior year [11][34] - The company generated $205 million of free cash flow for the full year, enabling strategic investments while returning capital to shareholders [11][34] Q&A Session Summary Question: Insights on marketing and menu initiatives for the turnaround - Management expressed confidence in the turnaround plan, emphasizing the importance of brand revitalization and operational excellence [47] Question: Details on customer segmentation study findings - The study revealed that many customers seek quality upgrades, particularly in hamburgers, and highlighted the importance of snacking occasions [58] Question: Sentiment among franchisees regarding the turnaround strategy - Franchisees appreciate the flexibility and communication from management, recognizing the need for improved franchisee economics [76]

Financial Data and Key Metrics Changes - The company reported a strong income growth of 12%, with total income reaching GBP 16.4 billion, exceeding guidance of around GBP 16.3 billion [4] - Earnings per share grew 27% to GBP 0.68, while dividends per share increased 51% to GBP 0.325 [3] - The cost-income ratio improved to 48.6%, down 4.8 percentage points from the previous year [11] - The Common Equity Tier 1 (CET1) ratio stood at 14%, reflecting a 40 basis points increase from the prior year [17] Business Line Data and Key Metrics Changes - Customer loans increased by 5.6% to GBP 392.7 billion, driven by growth in mortgages and unsecured lending [6] - Customer deposits rose 2.4% to GBP 442 billion, with retail banking deposits increasing by GBP 7.8 billion or 4% [8] - Assets under management (AUM) grew nearly 20% to GBP 58.5 billion, with net flows of GBP 4.6 billion up 44% [8] Market Data and Key Metrics Changes - The company maintained a strong position in the UK market, being the largest bank for business, with growth across various sectors including social housing and project finance [6] - The average Liquidity Coverage Ratio (LCR) was 147%, indicating a comfortable surplus over minimum requirements [15] Company Strategy and Development Direction - The company aims to achieve disciplined growth with a focus on key customer segments and enhancing customer engagement [34] - Plans include leveraging simplification and investing in AI to drive growth and improve productivity [34] - The target for 2028 includes growing customer assets and liabilities at an annual rate greater than 4% and reducing the cost-income ratio to below 45% [35] Management's Comments on Operating Environment and Future Outlook - Management expects moderate growth in the macro environment for 2026, with a terminal bank rate projected at 3.25% [11] - The company anticipates a loan impairment rate below 25 basis points for 2026, reflecting a normalization in impairments [75] - There are no significant signs of stress across the business, and management remains confident in the performance of the loan book [13] Other Important Information - The company successfully completed its 2025 funding plan with GBP 7.1 billion in benchmark issuance [16] - Credit ratings improved, with Fitch upgrading the rating of NatWest Group PLC to A plus and S&P raising the rating to A-minus [32] Q&A Session Summary Question: How do you think about risk appetite and quantum of RWAs that can be optimized? - Management highlighted the execution of SRT transactions leading to significant RWA optimization and sees potential for further transactions in 2026 and 2027 [37][38] Question: How do you set the leverage buffer target in relation to the capital target or the RWA framework? - Management indicated that risk weights are expected to be the binding constraint moving forward, rather than leverage [51] Question: What is driving the impairment change guidance to 25 basis points? - Management explained that the guidance reflects a normalization in impairments and growth in the loan book, particularly in unsecured lending [74]

Financial Data and Key Metrics Changes - The company reported a strong income growth of 12%, with total income reaching GBP 16.4 billion, exceeding guidance of around GBP 16.3 billion [4] - Earnings per share grew 27% to GBP 0.68, and dividends per share increased 51% to GBP 0.325 [3] - The cost-income ratio improved to 48.6%, down 4.8 percentage points from the previous year [11] Business Line Data and Key Metrics Changes - Customer loans increased by 5.6% to GBP 392.7 billion, driven by growth in mortgages and unsecured lending [6] - Customer deposits rose by 2.4% to GBP 442 billion, with retail banking deposits increasing by 4% [8] - Assets under management (AUM) grew by nearly 20% to GBP 58.5 billion, with net flows up 44% [9] Market Data and Key Metrics Changes - The company added 1 million new customers during the year, indicating broad-based growth across its three business lines [2] - The net interest margin increased by 21 basis points to 234 basis points, primarily due to deposit growth and margin expansion [4] Company Strategy and Development Direction - The company aims to grow customer assets and liabilities at an annual rate greater than 4% from 2025 to 2028, while reducing the cost-income ratio to below 45% [34] - There is a focus on leveraging simplification and investing in AI to drive growth and improve customer experience [34] - The company plans to manage its balance sheet and risk effectively, with an emphasis on dynamic pricing and advanced data analytics [34] Management's Comments on Operating Environment and Future Outlook - Management expects moderate growth in the macro environment for 2026, with unemployment peaking at levels comfortable for lending risk appetite [11] - The guidance for loan impairment rates is set to be below 25 basis points, reflecting a normalization in impairments and growth in the loan book [75] - The company remains confident in its ability to generate capital and maintain a strong capital position, with a CET1 ratio of 14% [17] Other Important Information - The company successfully completed its 2025 funding plan with GBP 7.1 billion in benchmark issuance [16] - Credit ratings improved, with Fitch upgrading all rated entities and S&P raising the rating of NatWest Group PLC to A-minus [32] Q&A Session Summary Question: How do you think about risk appetite and quantum of RWAs that can be optimized? - Management highlighted the execution of SRT transactions and the potential for further transactions in 2026 and 2027 to optimize capital and risk profile [37][38] Question: How do you set the leverage buffer target in relation to the capital target or the RWA framework? - Management indicated that risk weights are expected to be the binding constraint moving forward, rather than leverage [51] Question: What is driving the higher impairment change guidance to 25 basis points? - Management explained that the guidance reflects a normalization in impairments and growth in the loan book, particularly in unsecured lending [75]

Financial Data and Key Metrics Changes - Global system-wide sales declined 8.3% in Q4, driven primarily by the U.S. business, with U.S. same-restaurant sales down 11.3% [7][31] - Total adjusted revenue for Q4 was $439.6 million, a decrease of $19.7 million compared to the prior year [34] - Adjusted EBITDA was $113.3 million, down $24.2 million versus the prior year [34] Business Line Data and Key Metrics Changes - U.S. company-operated restaurant margin was 12.7%, declining due to lower traffic and inflation [34] - International business saw system-wide sales growth of 6.2% in Q4, marking its 21st consecutive quarter of growth [7][33] - U.S. digital sales grew 2% year-over-year, with the digital mix reaching an all-time high of 20.6% in Q4 [32] Market Data and Key Metrics Changes - International expansion remains a priority, with 59 new locations opened in Q4, contributing to strong sales in markets like Canada and Mexico [8][10] - The company anticipates continued robust net unit growth in international markets, expecting a similar number of new units in 2026 as in 2025 [29] Company Strategy and Development Direction - The company is focused on Project Fresh, which includes brand revitalization, operational excellence, system optimization, and disciplined capital allocation [12][13] - A new marketing and menu approach is being implemented, emphasizing everyday value and quality, with a structured calendar for new product launches [16][19] - The company plans to close approximately 5%-6% of U.S. restaurants to optimize performance and improve franchisee economics [25][75] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2025 was a challenging year but emphasizes the importance of laying a foundation for future growth [8][12] - The outlook for 2026 is a rebuilding year, with expectations for global system-wide sales to be approximately flat and U.S. same-restaurant sales to improve throughout the year [28][29] - Management is optimistic about the operational improvements and customer satisfaction scores, which are expected to drive better performance [9][20] Other Important Information - The company returned $330 million to shareholders through dividends and share repurchases, an increase of over $48 million from the prior year [11][36] - Free cash flow for the full year was $205 million, enabling strategic investments while returning capital to shareholders [11][36] Q&A Session Summary Question: Insights on marketing and menu initiatives for the turnaround - Management expressed confidence in the turnaround plan, emphasizing the importance of brand revitalization and operational excellence [50] Question: Details on customer segmentation study findings - The study revealed that many customers seek quality upgrades, particularly in hamburgers, and highlighted the importance of snacking occasions [61] Question: Sentiment among franchisees regarding the turnaround strategy - Franchisees appreciate the flexibility and communication from management, recognizing the need for improved franchisee economics [80]

Sensient Technologies Corporation Fourth Quarter 2025 Earnings Call February 13, 2026 © Sensient Technologies 2026 sensient.com Non-GAAP Financial Measures Within this document, the Company reports certain non-GAAP financial measures, including: (1) adjusted operating income, adjusted net earnings, and adjusted diluted earnings per share, which exclude restructuring and other costs, including the Portfolio Optimization Plan costs, (2) percentage changes in revenue, operating income, and diluted earnings per ...

Financial Data and Key Metrics Changes - Revenue grew 84% year-over-year, reaching $5.1 million for the quarter [4][8] - Net income reported at $6.8 million, marking a significant improvement [9] - Stockholders' equity turned positive to $21.7 million, an increase of nearly $60 million since year-end 2024 [4][9] - Total assets increased to $77.6 million from $60.9 million as of June 30, 2025 [9][10] - Cash and restricted cash totaled $46.2 million, including $23.1 million in cash and cash equivalents [10] Business Line Data and Key Metrics Changes - Commissions were the largest revenue contributor at just over $3 million for the quarter, with clearing fees and stock locate-related activity also contributing meaningfully [8] - The operational performance of Wilson-Davis as the core clearing engine showed continued strength across commissions and clearing-related activities [6][8] Market Data and Key Metrics Changes - The current market environment is becoming increasingly constructive, with greater engagement from broker-dealers and financial institutions seeking efficient operations and modernized infrastructure [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, scaling responsibly, and advancing the full AtlasClear vision, including the proposed acquisition of Commercial Bancorp of Wyoming [11][12] - The strategy focuses on execution, delivering for clients, and thoughtful expansion to support long-term growth [12][13] 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 [13] - The focus is on enhancing the core clearing business with smarter technology and improving connectivity across workflows [13][14] - The regulatory environment is perceived to be improving, potentially accelerating the approval process for the Commercial Bancorp acquisition [24][29] Other Important Information - The company has simplified its capital structure, with approximately 150 million shares outstanding and potential dilution from warrants and convertible notes [15] - Regulatory capital requirements are being met, with a focus on maintaining sufficient liquidity for operations and growth [16] 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 [15] Question: How should investors think about true corporate liquidity versus regulatory capital? - The company maintains a regulatory capital threshold of $10.5 million and aims to keep net capital above $15 million [16] Question: At what revenue level does the clearing business begin to generate consistent operating leverage? - The threshold for operating leverage is around $14 million in operating costs, beyond which the company expects significant scaling [17][18] Question: Can you provide clarity on the expected ramp timeline for new introducing brokerage firms? - The company is optimistic about onboarding new correspondent clearing clients quickly, with measurable impacts on revenue expected in the coming quarters [20][22] Question: What is the status of the proposed Commercial Bancorp acquisition? - The company is preparing to file for regulatory approval, with expectations for a quicker approval process than initially anticipated [23][24][29]

Financial Data and Key Metrics Changes - The company reported a strong income growth of 12%, with total income reaching GBP 16.4 billion, exceeding guidance of around GBP 16.3 billion [4] - Earnings per share increased by 27% to GBP 0.68, while dividends per share rose by 51% to GBP 0.325 [3] - The cost-income ratio improved to 48.6%, down 4.8 percentage points from the previous year [11] - The return on tangible equity was reported at 19.2% [3] Business Line Data and Key Metrics Changes - Customer loans increased by 5.6% to GBP 392.7 billion, driven by growth in mortgages and unsecured lending [6] - Customer deposits rose by 2.4% to GBP 442 billion, with retail banking deposits increasing by 4% [7] - Assets under management (AUM) grew by nearly 20% to GBP 58.5 billion, with net flows up 44% [8] Market Data and Key Metrics Changes - The company added 1 million new customers during the year, indicating broad-based growth across its three business lines [2] - The net interest margin improved by 21 basis points to 234 basis points, primarily due to deposit growth and margin expansion [4] Company Strategy and Development Direction - The company aims to focus on disciplined growth, emphasizing returns and customer engagement [34] - Plans include leveraging simplification and investing in AI to enhance productivity and customer experience [34] - The target is to grow customer assets and liabilities at an annual rate greater than 4% from 2025 to 2028 [35] Management's Comments on Operating Environment and Future Outlook - The management expects moderate growth in the macro environment for 2026, with unemployment peaking at manageable levels [11] - The guidance for 2026 includes income in the range of GBP 17.2 billion to GBP 17.6 billion, with a loan impairment rate expected to be below 25 basis points [33] Other Important Information - The company successfully completed its 2025 funding plan with GBP 7.1 billion in benchmark issuance [15] - The CET1 ratio was reported at 14%, up 40 basis points from the previous year, reflecting strong capital generation [17] Q&A Session Summary Question: How does the company view risk appetite and RWA optimization? - The company executed five SRT transactions in 2025, optimizing GBP 4.6 billion of RWAs, and plans to continue this strategy in 2026 and 2027 [37][38] Question: What is the rationale for the impairment change guidance? - The guidance for 2026 is set at less than 25 basis points, reflecting a normalization in impairments and growth in the loan book, particularly in unsecured lending [72] Question: Will the company increase lending in private banking and wealth management? - The company expects some increase in RWAs due to the Evelyn acquisition but remains comfortable with the current density levels [78][84]