Financial Data and Key Metrics Changes - As of the end of Q4 2025, fee-paying assets under management (AUM) reached $29.4 billion, reflecting a 15% year-over-year increase [19] - For the full year 2025, fee-paying AUM increased by 15%, fee-related revenues (excluding direct and secondary catch-up fees) rose by 13%, and fee-related earnings (FRE) margins were better than expected at 47% [11][19] - GAAP net income for Q4 was $11 million, up from $5.7 million in the prior year's Q4, while for the full year 2025, net income was $23 million, an increase from $19.7 million in 2024 [25] Business Line Data and Key Metrics Changes - In Q4 2025, private equity strategies raised and deployed $325 million, venture capital solutions raised and deployed $178 million, and private credit strategies added $338 million to fee-paying AUM [24] - The average core fee rate was 109 basis points in Q4 and 104 basis points for 2025, with an expectation of averaging 103 basis points for 2026 [23] Market Data and Key Metrics Changes - The company raised and deployed a record $5.1 billion in organic gross new fee-paying AUM in 2025, exceeding initial annual fundraising guidance by over $1 billion [11] - AUM, including NAV and uncalled capital commitments, was over $43 billion across the platform as of December 31, 2025 [22] Company Strategy and Development Direction - The company aims to double fee-paying AUM to $50 billion by the end of 2029, primarily through organic growth [15] - The acquisition of Stellus, a direct lending platform, is expected to enhance capabilities in the middle and lower middle market, which is viewed as an underserved segment with significant opportunities [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and the strategic transformation undertaken over the past two years, which has led to meaningful improvements across the platform [4][5] - The company anticipates strong fundraising in 2026 and 2027, targeting at least $10 billion of gross fee-paying AUM over the next two years, excluding acquisitions [19][16] Other Important Information - The company completed the acquisition of Qualitas Funds, establishing a presence outside the U.S. and opening a new office in Dubai [13][14] - A quarterly cash dividend of $0.0375 per share was approved, payable on March 20, 2026 [27] Q&A Session Summary Question: AI exposure and risks to private markets - Management indicated a meaningful exposure to AI through its venture portfolio, with investments performing well, while overall exposure to SaaS and software is less than 10% [30][31] Question: Private markets wealth strategy build-out - Management clarified that private wealth clients represent about 36% of their client base and emphasized a strategic approach to maximizing distribution through partnerships like CAIS [34][37] Question: Details on Stellus acquisition and its impact - Management stated that Stellus is expected to be modestly accretive to margins and ANI EPS in the first year, with further guidance to be provided closer to the acquisition closing [41][42] Question: Stellus's sourcing funnel and growth acceleration - Management highlighted the strong fit between Stellus's focus on the middle and lower middle market and the company's existing sponsor ecosystem, indicating plans to enhance sourcing and growth [49][50] Question: Capital management and allocation strategy - Management plans to buy back stock to offset dilution while also focusing on paying down debt post-acquisition, with ongoing interest in M&A opportunities in private credit and real assets [55][56]

Financial Data and Key Metrics Changes - Fourth quarter revenue increased by 12%, with core EPS rising by 18%, both reaching record levels for the company [5][12] - Core EBITDA rose by 19% for the quarter, reflecting strong performance across various business segments [12] - The company expects core EPS for 2026 to be in the range of $7.30-$7.60, indicating a 17% growth at the midpoint [7][19] Business Line Data and Key Metrics Changes - Advisory services saw double-digit growth in leasing and sales, with global leasing revenue growing by 14% [12] - U.S. leasing revenue grew by 12%, supported by significant increases in data centers and industrial sectors [12][14] - The building operations and experience segment experienced revenue growth driven by local facilities management and data center solutions, with data center solutions revenue growing by over 20% [15][22] Market Data and Key Metrics Changes - EMEA leasing revenue led growth with Continental Europe up 29% and the U.K. up 16% [12] - U.S. sales revenue increased by 27%, driven by office and multifamily sectors, although still below prior peak levels [14] - Mortgage origination fees grew over 20%, supported by a 23% rise in loan volume [14] Company Strategy and Development Direction - The company is focused on building businesses that benefit from secular tailwinds, such as the acquisition of Pearce Services to enhance technical services capabilities in the digital infrastructure market [5][6] - There is a strong emphasis on integrating AI into operations to improve efficiency and create a knowledge advantage [8][9] - The company plans to continue investing in its functional platform and products, including launching a finance transformation [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustained growth, particularly in the data center and digital infrastructure sectors, despite potential risks associated with AI [11][57] - The company anticipates a slow, steady recovery in capital markets, with no reliance on interest rate cuts for growth [26] - Management noted that while there may be long-term changes in office space demand due to AI, current trends show strong demand for office space [40] Other Important Information - The company raised over $11 billion in capital in 2025, with assets under management (AUM) ending the year at $155 billion [17] - Free cash flow generated in 2025 was nearly $1.7 billion, reflecting an 86% conversion on core net income [18] - The company has embedded gains of about $900 million in its development portfolio [16] Q&A Session Summary Question: Can you provide more detail on the pipeline in capital markets and the impact of interest rates? - Management indicated that they do not expect capital markets to be driven by interest rate cuts, noting a balance between asking and offering prices [26] Question: Can you elaborate on the one-time expenses affecting project management margins? - Management stated that these expenses are expected to be reversed in the first quarter, leading to margin expansion [29] Question: What are the risks of AI impacting the brokerage business? - Management believes the brokerage business is protected from AI disruption due to the complexity and strategic nature of transactions [33] Question: How do you see the long-term demand for office space in relation to AI? - Management acknowledged potential long-term reductions in office space demand due to AI but noted current strong demand across various markets [40] Question: What are the expectations for margins in the BOE and project management businesses? - Management expects BOE margins to remain flat in 2026, with some margin expansion anticipated in project management [69]

Financial Data and Key Metrics Changes - Fourth quarter sales were $939 million, down 11% compared to the fourth quarter of 2024, primarily due to sales weakness at a certain customer and retailer merchandising changes [12][14] - Full year 2025 sales decreased 7% to $4.05 billion, driven by weak demand in residential end markets and other factors [15] - Fourth quarter EBIT was $32 million, and adjusted EBIT was $48 million, down $8 million versus the fourth quarter of 2024 [14] - Full year adjusted EBIT decreased $4 million to $263 million, primarily from lower volume [15] - Operating cash flow was $338 million, an increase of $33 million versus 2024 [15][16] - Net debt to Adjusted EBITDA decreased from 3.8x to 2.4x by the end of the year [16] Business Line Data and Key Metrics Changes - Bedding Products sales decreased 11% compared to the fourth quarter of 2024 [13] - Specialized Products declined 21%, mostly due to the aerospace divestiture [13] - Furniture, Flooring, and Textile Products were down 3% [13] - In 2026, bedding product segment volume is expected to be down low single digits, while specialized products are also expected to decline [8][9] Market Data and Key Metrics Changes - Residential markets remain in a multi-year depression, with demand well below average cycle levels [7] - The U.S. mattress market was down low single digits in 2025, with domestic production down high single digits [7] - Demand in the bedding product segment is expected to be down low single digits in 2026 due to volume declines in adjustable beds and specialty foam [8] Company Strategy and Development Direction - The company aims to strengthen the balance sheet, improve operational efficiency, and position itself for profitable long-term growth [4] - Focus on diversifying the customer base in specialty foam and integrating foam and innerspring capabilities [10] - Plans to continue prioritizing balance sheet strength, operational efficiency, and margin improvement [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on incremental volume when demand recovers [7] - No expectation of macro market recovery in the 2026 forecast, with a focus on managing through current challenges [32] - The company is committed to driving operational excellence and investing in talent development [11] Other Important Information - The aerospace business was divested in the third quarter, with proceeds used to retire outstanding commercial paper [5] - The company expects 2026 sales to be $3.8-$4.0 billion, down 1%-6% versus 2025 [17] - Anticipated currency benefits are expected to offset lower volume and pricing effects year-over-year [9] Q&A Session Summary Question: Can you talk about the restructuring and its impact on segment margins? - Management noted that restructuring efforts have provided significant benefits, with $63 million in benefits realized in 2025 and an expected $5 million in 2026 [28] Question: What is the outlook for the bedding market? - Management indicated that there is no expectation of macro market recovery in 2026, with a focus on managing through current challenges [32] Question: Can you elaborate on capital allocation priorities? - The company aims to fund organic growth, pursue small strategic acquisitions, and return excess cash to shareholders while moving closer to a 2x leverage target [48][49] Question: What are the impacts of customer supply chain disruptions? - Management discussed various supply chain issues affecting customers, including semiconductor disputes and production shutdowns due to fires and cyberattacks [46] Question: How should we think about working capital going forward? - The company does not anticipate any working capital benefit in 2026 and may see a slight use of cash as sales grow [90]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported global revenue of $9.5 billion, growing 2% on a reported basis and 6% on an organic operational basis, with 4% from price and 2% from volume [21][22] - Adjusted net income grew 6% on a reported basis and 7% on an organic operational basis to $2.8 billion [21][22] - Full year adjusted gross margin of 71.9% grew 120 basis points on a reported basis, with foreign exchange having a favorable impact of 80 basis points [39] Business Line Data and Key Metrics Changes - The companion animal portfolio grew 5% operationally, with the Simparica franchise reporting $1.5 billion in revenue, growing 12% operationally [22][24] - The livestock portfolio achieved $2.8 billion in revenue, reflecting 8% organic operational growth, driven by broad-based growth across geographies and species [24][30] - Companion animal diagnostics delivered 13% operational revenue growth, supported by the launch of new products like Vetscan OptiCell and Imagyst [16][23] Market Data and Key Metrics Changes - International markets contributed significantly, with 8% organic operational revenue growth, while the U.S. delivered 4% organic operational growth [7][21] - International companion animal revenue grew 7% operationally, driven by the Simparica and key dermatology franchises [28] - The international livestock portfolio grew 10% on an organic operational basis, with strong performance in cattle and poultry markets [30] Company Strategy and Development Direction - The company is focused on advancing long-acting approvals and maintaining a robust pipeline to extend growth opportunities [8][19] - Strategic actions are being taken to sustain growth through competition, including optimizing channel mix and reinforcing scientific leadership [9][20] - The company aims to leverage its diverse portfolio and robust pipeline, with 12 potential blockbusters in development [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are economic pressures affecting pet owners, demand for animal health services remains strong [10][71] - The company expects gradual improvement in the macro environment as it moves through 2026, with guidance for 2026 set at 3%-5% organic operational revenue growth [18][42] - Management emphasized the importance of innovation and strategic execution in navigating competitive pressures [19][20] Other Important Information - The company completed a convertible bond offering to support a $1.75 billion common stock buyback while maintaining a strong balance sheet [42] - A multi-year initiative to transition the ERP system is underway to enhance operational efficiency and reporting capabilities [38] Q&A Session Summary Question: Competition and Pricing Dynamics for 2026 - Management acknowledged the competitive landscape and the impact of aggressive promotions on growth, particularly in the dermatology space [50][51] - Price increases are expected to return to a normal range of 2%-3%, with volume contributing to growth as well [52] Question: U.S. Companion Animal Operational Growth - The guidance incorporates current market conditions and the company's strong portfolio, with expectations for continued demand despite competitive pressures [55][56] Question: Dynamics of Simparica Trio Growth - Management highlighted the significant room for expansion in the triple combination space, with expectations for continued growth in 2026 [62] Question: Revenue Recognition and Accounting Changes - Management clarified that operational changes have resulted in some revenue deferrals, which will be factored into future guidance [61][63]

Financial Data and Key Metrics Changes - The company recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024 [4] - Group-wide adjusted property EBITDA for Q4 2025 grew 12% year-over-year to approximately $331 million [8] - Macau property EBITDA grew 24% year-over-year in Q4 2025 and 25% for the full year compared to 2024 [4] Business Line Data and Key Metrics Changes - In Macau, the dedicated efforts to enhance customer experience led to significant EBITDA growth [4] - City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for Q4 2025 [7] - The Philippines faced competitive pressures and industry headwinds, impacting performance, but positive developments were noted [5] Market Data and Key Metrics Changes - Macau market GGR increased by 24% year-over-year, with market share also rising in early 2026 [4] - The Philippines market is seeing improvements with visa-free travel for Chinese nationals and upgrades to the Manila Airport [5] Company Strategy and Development Direction - The company plans to implement new initiatives in 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau [5] - A revamp of the retail area at COD and upgrades to food and beverage offerings are also in the pipeline [5] - The company has concluded evaluations of strategic alternatives for COD Manila, indicating confidence in future business recovery [6] Management Comments on Operating Environment and Future Outlook - Management noted that competition in Macau remains intense but is expected to stabilize [24][28] - The company is confident in maintaining EBITDA margins due to disciplined cost management throughout 2025 [29] - Positive sentiment was expressed regarding the potential for business rebound in the Philippines and Cyprus [6][7] Other Important Information - The company had available liquidity of approximately $2.4 billion and consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [9] - Total CapEx for 2026 is projected at $450 million, with significant investments in Macau [35] Q&A Session Summary Question: Impact of House of Dancing Water on traffic and conversion - Management noted a meaningful uptick in property visitation since reopening the show, driving additional spending across non-gaming areas [16][17] Question: Competitive intensity in Macau and EBITDA margin expectations - Management acknowledged intense competition but expressed confidence in maintaining margins due to disciplined reinvestment strategies [22][24][29] Question: Clarification on operating expenses and non-recurring items - Additional bad debt for the quarter was approximately $5 million, with $6 million related to the anniversary events [33] Question: CapEx breakdown for major projects - Total CapEx for the year is $450 million, with significant allocations for the Countdown Hotel and other properties [35]

Financial Data and Key Metrics Changes - In 2025, Organon reported $6.2 billion in revenue and $1.9 billion of adjusted EBITDA, representing a 3% decline on both a reported and ex-FX basis [6] - Adjusted gross margin for Q4 2025 was 56.7%, down from 60.6% in Q4 2024, primarily due to pricing pressure and unfavorable product mix [22] - Net loss for Q4 2025 was $205 million, or $0.79 per diluted share, compared to net income of $109 million, or $0.42 per diluted share in Q4 2024 [23] Business Line Data and Key Metrics Changes - Women's health revenue decreased 16% ex-FX in Q4 and 2% for the year, with Nexplanon sales down 20% ex-FX in Q4 and 4% for the full year [11] - The fertility business declined 6% ex-FX in Q4 2025 but grew 8% ex-FX for the full year, driven by performance in the U.S. [14] - Biosimilars revenue was driven by HADLIMA, which grew 61% ex-FX globally for the full year [16] Market Data and Key Metrics Changes - Nexplanon faced challenges due to government policy-related access restrictions impacting its market share in the U.S. [12] - The JADA System generated $74 million in revenue in 2025 before its divestiture, which will impact consolidated revenue in 2026 [15] - The company expects strong growth in Latin America for Nexplanon, offsetting U.S. declines [14] Company Strategy and Development Direction - Organon decided to lower its dividend payout ratio to focus on debt reduction and improve its balance sheet capacity for future growth opportunities [7] - The company is scrutinizing spending and has discontinued early-stage clinical programs to focus on products already in the market [9] - For 2026, Organon expects to maintain revenue and adjusted EBITDA in line with 2025, targeting approximately $6.2 billion in revenue and $1.9 billion in adjusted EBITDA [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 targets despite anticipated gross margin deterioration and ongoing operational challenges [10] - The company is committed to managing operating expenses and capital deployment to support deleveraging efforts [32] - Management highlighted the importance of maintaining performance aligned with the previous year while navigating a competitive landscape [32] Other Important Information - The company divested the JADA System, resulting in approximately $390 million in net proceeds to reduce net debt in 2026 [8] - Organon expects to achieve net leverage below 4x by the end of 2026, supported by debt repayments and revenue from the JADA divestiture [27] Q&A Session Summary Question: Concerns about channel behavior issues and audit committee investigation scope - Management could not provide additional details regarding the audit committee's findings beyond what was previously disclosed [36] Question: Status of FDA draft guidance on biosimilars and its impact - Management views the FDA guidance as incremental and believes their current biosimilar strategy is appropriate for future growth [40] Question: Nexplanon contribution to 2026 sales guidance - Nexplanon is expected to be roughly flat year-on-year, with growth anticipated outside the U.S. but a dip in the U.S. due to the transition to a five-year label [41] Question: Operating costs and margins outlook - Management emphasized the need to streamline operations while ensuring that cost reductions do not hinder revenue growth opportunities [51] Question: Pressure on established brands and competitive dynamics for Vtama - Management expects established brands to stabilize but acknowledges potential challenges, particularly in the respiratory segment [58]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted net income of $0.49 per share and Adjusted EBITDA of $258 million, reflecting a sequential improvement over prior quarters [14][19] - Cash flow from operations for the quarter was $367 million, which includes a working capital draw of approximately $80 million [17] - The company ended the quarter with $528 million in cash and approximately $1.6 billion of net debt, with a net debt to capitalization ratio of 28% [18][19] Business Line Data and Key Metrics Changes - The Martinez refinery is on the cusp of restarting, with construction expected to be completed soon, and full operations anticipated by early March [4][30] - The company achieved $230 million in efficiencies in 2025, with an additional $120 million of run rate savings identified for 2026, totaling $350 million expected by year-end [7][8][12] Market Data and Key Metrics Changes - The market landscape for 2026 is expected to be favorable, with tight refining balances and demand growth aligning well with transportation fuel capacity additions [6][7] - The company is particularly well-suited to benefit from widening sour crude differentials, especially with the influx of Venezuelan barrels into the market [24][25] Company Strategy and Development Direction - The company remains focused on controlling operational aspects to enhance shareholder value, emphasizing safe, reliable, and efficient operations [8][13] - The Refinery Business Improvement Initiative (RBI) is a key focus, with over 1,300 initiatives identified to improve operational efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the near-term outlook, supported by achieved efficiencies and the impending restart of the Martinez refinery [8][30] - The company anticipates a tighter product market in California, with significant gasoline and jet fuel imports needed, which positions the company favorably [28][29] Other Important Information - The company reported a $394 million gain on insurance recoveries related to the Martinez fire, bringing total recoveries in 2025 to $894 million [15] - The board approved a regular quarterly dividend of $0.275 per share, totaling $126 million in cash dividends paid in 2025 [17] Q&A Session Summary Question: Impact of Venezuelan barrels on PBF - Management highlighted that PBF consumes a significant amount of heavy and sour crude, and the influx of Venezuelan barrels is expected to positively impact the company's operations and financials [22][24] Question: Restart timeline for Martinez - Management confirmed that the construction at Martinez is nearing completion, and a methodical restart is planned, with expectations to be fully operational by early March [26][30] Question: Drivers of margin capture improvement - Management attributed the improvement in margin capture to widening crude differentials and reliable operations, which enhance the company's capture rate [34] Question: Future CapEx and turnaround schedule - Management indicated that 2026 will see a particularly heavy turnaround year, but future years are expected to normalize based on historical averages [98] Question: Insurance proceeds allocation - Management clarified that the allocation of insurance proceeds will be finalized once the claims process is complete, and current accounting conventions may not reflect the final distribution [100]

Financial Data and Key Metrics Changes - Total global net product revenues for 2025 were nearly $3 billion, representing an 81% growth compared to 2024, driven by a more than doubling of revenue in the TTR franchise [25][26] - GAAP profitability was achieved for the full year 2025, with non-GAAP operating income of $850 million, a $755 million increase compared to last year [29] - Gross margin on product sales was 77% for the full year, a 4% decrease compared to 2024, primarily due to increased royalties on AMVUTTRA [27] Business Line Data and Key Metrics Changes - The TTR franchise generated $858 million in Q4, up 151% year-over-year, and $4.4-$4.7 billion in total TTR revenue guidance for 2026, representing an 83% growth at the midpoint [11][31] - The rare disease portfolio generated $136 million in Q4, up 26% year-over-year, with GIVLAARI and OXLUMO together becoming a $500 million franchise in 2025 [11][12] Market Data and Key Metrics Changes - U.S. TTR net revenues grew 20% compared to Q3 2025 and 222% compared to Q4 2024, while international revenues grew 13% quarter-over-quarter and 47% year-over-year [13][14] - The company anticipates a mid-single-digit net price decrease for AMVUTTRA in 2026, with international TTR revenue growth expected to be consistent with 2025 [31][32] Company Strategy and Development Direction - The company aims to achieve global TTR leadership and launch nucresiran in 2028 for polyneuropathy and 2030 for cardiomyopathy as part of its Alnylam 2030 goals [8][9] - The strategy includes investing approximately 30% of revenues in non-GAAP R&D to accelerate organic innovation and selectively access external innovation [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the TTR franchise, citing strong fundamentals and early momentum from the AMVUTTRA launch [41][44] - The company is focused on building a durable growth foundation through education, awareness, and diagnosis enablement to expand the ATTR-CM category [18][19] Other Important Information - The company initiated three Phase 3 studies in 2025 and expanded its clinical pipeline with four proprietary CTAs [19][20] - The proprietary enzymatic ligation manufacturing platform, Syrelis, was launched to enhance capacity and reduce costs [7][22] Q&A Session Summary Question: Insights on new patient adds and first-line mix for patisiran versus tafamidis - Management highlighted strong AMVUTTRA launch fundamentals and improved first-line access, supporting confidence in 2026 guidance [40][43] Question: Addressing choppiness in scripts and pricing dynamics - Management noted strong access for patients and a mid-single-digit net price decline integrated into the outlook [47][49] Question: Seasonality impact on Q1 and potential tailwind - Management acknowledged typical industry seasonality but emphasized that underlying momentum remains strong [52][54] Question: Gross to net pattern expectations for 2026 - Management expects a gradual mid-single-digit net price decrease throughout the year, with access discussions largely completed [59][61] Question: External innovation strategy and potential partnerships - Management indicated a focus on complementary technologies that enhance internal innovation, with a high bar for external opportunities [66][68] Question: Impact of nucresiran on operating margin - Management expressed high conviction in nucresiran's potential to drive margins to the mid-40s post-2030 due to its best-in-class profile [70][71] Question: Insights on Huntington's program and trial initiation - Management is optimistic about the Huntington's program and aims to accelerate it responsibly based on target engagement data [78][79] Question: Prioritization of ACVR1C asset in obesity pipeline - Management prioritized ACVR1C due to its potential for more potent effects compared to other targets, with results expected by year-end [86][87]

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent growth of nearly 12% in 2025, with AFFO per share increasing by 5% in Q4 and 3.8% for the full year, reaching $20.43, which was at the high end of the earnings guidance [6][20][25] - The company achieved a net income of $1.35 per share for the full year 2025, with FFO for the quarter at $0.64 per share [20][21] Business Line Data and Key Metrics Changes - The portfolio included 1,169 net lease properties with an occupancy rate of 99.7% and a weighted average lease term of 9.9 years [13] - The company invested approximately $270 million in 2025, with a focus on diverse sectors including auto service centers and drive-through quick service restaurants [7][9] Market Data and Key Metrics Changes - Over 75% of the 2025 investment activity was concentrated in top 100 markets across the U.S., with significant exposure in cities like Atlanta, Dallas, and Houston [9] - The company underwrote a record $6.8 billion of potential investments, with 54% focused on non-convenience store properties [15] Company Strategy and Development Direction - Getty Realty aims to diversify its portfolio, with nearly 30% of annual base rent now derived from non-convenience and gas properties [19] - The company is excited about its growth trajectory and plans to continue expanding its relationships and investment opportunities [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions and the potential for increased investment volume in 2026, citing a strong start to the year with $100 million under contract [30][31] - The company anticipates maintaining a healthy investment pipeline, with approximately $100 million of investments under contract expected to be funded by the end of 2026 [10][25] Other Important Information - The company closed on $250 million of new unsecured notes during Q4, which will help fund its investment activities [23] - Management transition is underway, with RJ Ryan being promoted to Chief Investment Officer [12] Q&A Session Summary Question: Can you provide more detail on the $100 million investment pipeline? - The pipeline consists of 80% auto service properties, with 80% of the funding being development-related [29] Question: Do you think you can do more investment volume this year relative to last year? - Management is optimistic about the current pipeline and improved cost of capital, indicating a strong start to the year [30][31] Question: How is the cadence of the $100 million investment pipeline expected to unfold? - The majority of the funding is expected to be deployed over the next 12 months, with regular acquisitions occurring within 60-90 days [34] Question: What is driving the increased emphasis on potential sales? - The team is successfully sourcing opportunities and the market appears more active, leading to increased transaction activity [41] Question: Can you provide color on the seven properties sold in Q4? - The dispositions were opportunistic, with some properties sold back to existing tenants and others for tactical reasons [64]

Financial Data and Key Metrics Changes - Adjusted EBITDA margin expanded by 110 basis points in Q4 2025, reaching an industry-leading 33%, up 100 basis points year-over-year, excluding lower commodities [3][19] - Full year 2025 Adjusted EBITDA was $3.125 billion, up 7.7% year-over-year [20] - Revenue for Q4 was $2.373 billion, with acquisitions contributing approximately $58 million [17] Business Line Data and Key Metrics Changes - Solid waste core pricing increased by 6.5% in 2025, contributing to margin expansion [9] - Reported volume decreased by 2.7%, reflecting intentional shedding and ongoing weakness in cyclically driven elements [17] - Special waste tons increased by 7% for the full year 2025, while construction and demolition debris tons decreased by 5% [18] Market Data and Key Metrics Changes - Q4 pricing accelerated to 6.4%, ranging from 3.7% in the Western region to over 7% in competitive markets [17] - The Northeast market showed improvement in internalization rates, now up to almost 60% [74] Company Strategy and Development Direction - The company remains focused on solid waste and plans to continue disciplined acquisition strategies, with $330 million in annualized revenue from 19 acquisitions in 2025 [11][12] - Investments in sustainability and AI technology are prioritized to enhance efficiency and customer service [15][48] - The company aims for double-digit adjusted free cash flow growth in 2026, with a focus on maintaining a strong balance sheet [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for upside from economic recovery and commodity price increases, although no significant improvements were factored into the 2026 outlook [35][36] - The company is encouraged by macro indicators suggesting improving dynamics in the broader economy [19] Other Important Information - The company returned over $830 million to shareholders through share repurchases and dividends in 2025 [3] - Capital expenditures for 2025 were $1.194 billion, including $100 million for RNG projects [22] Q&A Session Summary Question: Can you elaborate on sustainability CapEx and Chiquita Canyon spend? - Management expects both sustainability-related outlays and Chiquita Canyon costs to step down in 2026-2027, with $100 million for RNG projects expected to be completed in 2026 [30][31] Question: What are the expectations for the macro environment and potential upside? - Management has not baked in improvements in commodity values or cyclical volumes but noted that any such improvements would provide upside to the outlook [34][35] Question: Can you provide an update on the Northeast Corridor build-out? - The company has significantly increased throughput at the Arrowhead Landfill and continues to focus on densification in the Northeast [71][72] Question: How is the ramp-up of new RNG facilities progressing? - The ramp-up is taking longer than expected due to permitting issues, but the company remains confident in the long-term returns from these investments [76][80]