Financial Data and Key Metrics Changes - The company has reduced its operating expense run rate by 20% and is positioned for its first year of positive GAAP net income [9] - Cash position remains strong with approximately $30 million as of December 31st, zero debt, and over $80 million to be collected in the fourth quarter [10] - Projected cash proceeds for the current fiscal year have been raised to $120 million from the previous guidance of $100 million [11] Business Line Data and Key Metrics Changes - The Anterix Accelerator Program has successfully launched, with a significant contract from CPS Energy valued at $13 million, marking the first commitment under this program [9] - The company has delivered the highest number of licenses in a single year, indicating strong commercial momentum [10] Market Data and Key Metrics Changes - The foundational 900 MHz spectrum is now poised to cover over 93% of counties in Texas, establishing the company as a trusted partner for utility private wireless [5] - The company has eight flagship customers representing $400 million in contract value, indicating strong market leadership [5] Company Strategy and Development Direction - The company is focused on scaling its operations and has established a clear strategy to deliver long-term value for customers and shareholders [8] - Recent product launches aim to address utility deployment challenges, enhancing the value delivered per megahertz [6][10] - The company is actively negotiating with a range of utilities, indicating a robust pipeline of opportunities [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and the increasing recognition of the importance of private wireless broadband for utilities [8] - There is a growing urgency among utilities to modernize their grids, driven by increasing demands for connectivity [16][17] - The company is optimistic about upcoming regulatory developments that could further enhance its market position [7][34] Other Important Information - The company has appointed Ross Sparrow as the first Chief Product Officer to enhance product development and customer engagement [6] - The FCC is expected to consider a report that would enable broadband deployment across the full 10 megahertz of the 900 MHz band, which could significantly impact the company's operations [7] Q&A Session Summary Question: Insights from Public Utility Commissioners at NARUC - Management noted increasing pressure on utilities to modernize their grids, with discussions highlighting the importance of connectivity [14][16] Question: Network Effect of 900 MHz Spectrum - Management compared the current situation to past experiences with Silver Spring Networks, emphasizing the established customer base and market opportunities [20][21] Question: Product Opportunities Relative to Revenue - Management indicated that there is a significant revenue opportunity from products being developed, with a potential of $8 for every $1 spent on the company [24][25] Question: Steps Following Favorable Regulatory Report - Management expressed cautious optimism about upcoming regulatory developments and indicated plans to share more details post-February 18th [34][36]

Financial Data and Key Metrics Changes - FBRT reported GAAP net income of $18.4 million, or $0.13 per fully converted common share, with distributable earnings of $17.9 million, or $0.12 per fully converted share [14] - Distributable earnings included $9.8 million of realized losses, with $7.7 million related to debt extinguishments and the balance from REO sales [14][15] - Book value per share ended the quarter at $14.15, reflecting the dividend outpacing earnings [17] Business Line Data and Key Metrics Changes - The core portfolio finished Q4 at approximately $4.4 billion, with 77% of loans backed by multifamily assets [21] - During Q4, the company originated 37 loans at a weighted average spread of 284 basis points, with multifamily representing 76% of new loan originations [21] - Agency volume reached $1.1 billion in new loan originations for the quarter, with expectations of $4.5 billion to $5.5 billion in 2026 [18] Market Data and Key Metrics Changes - Market conditions are improving, with abundant liquidity and tight spreads, the tightest seen since pre-GFC days [12] - Regional banks are slowly returning to the market, particularly in the multifamily space, but the company is cautious about chasing current market spreads [12] Company Strategy and Development Direction - The company has transitioned to a commercial real estate investment platform, moving away from being a pure play mortgage REIT, which is expected to provide more earning stability and stronger long-term book value growth [9][11] - The focus is on balancing attractive current income with disciplined book value growth, aiming for sustainable dividend coverage and book value growth [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the earnings potential remains strong, with expectations to return to $0.35-$0.36 per share in the future, despite current challenges [30] - The company is navigating a significantly better market than two years ago, but the timing of asset sales and borrower behavior has delayed progress [31][62] Other Important Information - The company has reauthorized a share repurchase program with $50 million available for future repurchases through December 31, 2026 [17] - NewPoint's integration is progressing, with expectations for its distributable earnings contribution to operate at a run rate of approximately $25 million to $33 million per year [18] Q&A Session Summary Question: How should we think about capital allocation this quarter? - The company is focused on origination and has a $1.7 billion under application pipeline, adjusting the mix of origination to avoid chasing tight spreads [28] Question: Should we expect the dividend reset to be a good baseline for run rate earnings going forward? - The company expects to grow earnings over the next several quarters, aiming for a core book size between $4.8 billion and $5 billion by year-end [30] Question: Will there be a percentage of capital in direct real estate investments going forward? - The company has made several equity investments and expects to allocate a slightly higher percentage of capital to equity investments over the next few years, but will remain primarily a debt-focused entity [38] Question: How is the agency business with NewPoint progressing? - The agency business is highly sensitive to interest rates, with expectations for significant volume increases if rates decrease [57]

Sendas Distribuidora (NYSE:ASAI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Speaker1Hi, everyone. Good morning, ladies and gentlemen. Thank you for participating in our earnings call for the fourth quarter and the year of 2025. Now we're going to be presenting the executives that are present here. We have Belmiro Gomes, our CEO, Aymar Giglio Jr., our CFO, Anderson Castilho, our Operations Director, Wlamir dos Anjos, and Sandra Vicari, our Human Resources and Sustainability Director. Now I'll pass t ...

Watts Water Technologies (NYSE:WTS) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Speaker9Welcome to Watts Water Technologies, Inc. fourth quarter and full year 2025 earnings call. At the end of the presentation, we will open the line for questions. I will now turn the call over to Diane McClintock, Chief Financial Officer. Please go ahead.Speaker3Thank you, and good morning, everyone. Joining me today is Bob Pagano, President and CEO. Before we begin, I'd like to remind everyone that during this call ...

Financial Data and Key Metrics Changes - Fourth quarter sales were impacted by a quality event with the largest customer, but excluding this event, the company delivered strong financial results with 7% year-on-year organic growth [4][6] - Adjusted EBITDA was $57 million, or 22.5% of Value-Added Sales, down 7% year-over-year but up 170 basis points from a margin perspective [16] - Adjusted earnings per share for the year was $5.44, up 2% compared to the prior year [20] Business Line Data and Key Metrics Changes - Electronic materials experienced a 20% increase in sales, driven by growth in the semiconductor market, marking the strongest sales quarter in nearly three years [6][16] - Precision optics delivered a 26% increase in sales, marking the third consecutive quarter of top-line improvement [8][18] - Performance materials saw a 32% decrease in Value-Added Sales, primarily due to lower Precision Clad Strip sales [16] Market Data and Key Metrics Changes - The semiconductor business saw order rates up 14% year-on-year, excluding China, indicating strong demand [9][54] - The new energy market sales more than doubled year-on-year, reflecting the company's focus on accelerating energy needs [10] - Defense sales surpassed $100 million for the second consecutive year, with a 10% yearly growth since 2020 [10] Company Strategy and Development Direction - The company aims for approximately 15% earnings growth in 2026, supported by new business wins and market recovery [11] - Focus on operational improvements and disciplined cost management to achieve a midterm EBITDA margin target of 23% [12] - Continued investment in capacity expansion, particularly in beryllium, to support long-term growth in defense and energy markets [11][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence entering 2026, citing strong order rates and market dynamics [4][12] - The quality event with the Precision Clad Strip customer was addressed with enhanced quality control measures, ensuring future production meets customer expectations [5][30] - The company anticipates a slower start to 2026 due to normal seasonality and ramping production, but expects sequential earnings growth throughout the year [22][52] Other Important Information - The company completed the acquisition of Conasol's semiconductor manufacturing footprint in Korea, enhancing its position in the semiconductor market [10] - New business bookings reached nearly $140 million, the highest ever, with a $200 million pipeline of new business RFQs [10] Q&A Session Summary Question: Details on the Precision Clad Strip quality issues and customer expectations - Management explained the quality event was due to a control failure in production, which was addressed with a revised quality system and additional resources [28][30] Question: Electronic materials business performance and margin expectations - Management noted that while sequential sales increased, margin performance was affected by mixed factors and one-time items, but overall improvement is expected in 2026 [33][36] Question: Beryllium capacity and strategic mineral reserves - Management confirmed a $65 million investment from a defense prime to expand beryllium capacity, with additional capacity expected by 2028 [41][42] Question: First quarter earnings expectations and China sales stability - Management indicated a slower start to Q1 due to seasonality and ramping production, but expects a 10% increase in earnings compared to last year [52][54] Question: Working capital needs and inventory management - Management acknowledged that growth has led to increased working capital needs, particularly in inventory, but emphasized ongoing initiatives to manage it efficiently [76][79]

Safehold (NYSE:SAFE) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Speaker6Morning, and welcome to Safehold's fourth quarter and fiscal 2025 earnings conference call. If you need assistance during today's call, please press star zero. If you'd like to ask a question, please press star one. That's star one to ask a question. As a reminder, today's conference is being recorded. At this time, for opening remarks and introductions, I would like to turn the conference over to Pearse Hoffmann, Senior Vice P ...

Financial Data and Key Metrics Changes - Adjusted revenue for full year 2025 was $3.04 billion, down 4.2% from $3.18 billion in 2024 [13] - Adjusted EBITDA for the year was $164 million, compared to $124 million in 2024, with an adjusted EBITDA margin of 5.4%, up 150 basis points year-over-year [14][15] - Adjusted free cash flow was -$130 million for the year, with Q4 adjusted free cash flow at positive $28 million [18][19] Business Line Data and Key Metrics Changes - Government segment adjusted revenue was down 6.3% at $922 million, but grew 1.8% in Q4 year-over-year [16] - Transportation segment adjusted revenue was $609 million for the year, an increase of 3.9%, with adjusted EBITDA margin at 3%, up 300 basis points versus 2024 [17] - Commercial segment adjusted revenue was $1.5 billion, down 5.9% compared to 2024, with adjusted EBITDA margin at 10.2%, down 30 basis points year-over-year [15][16] Market Data and Key Metrics Changes - New business annual contract value (ACV) signed in Q4 was $152 million, up 11% versus Q4 2024, with full year 2025 new business ACV at $517 million, up 6% versus 2024 [11] - Government segment new business ACV was up 50%, and transportation segment was up 14% versus 2024 [11] - Qualified ACV pipeline stands at $3.2 billion, up 4% year-over-year, driven by a 29% increase in the government segment [12][13] Company Strategy and Development Direction - The company aims for consistent year-over-year revenue and EBITDA growth, supported by strong free cash flow generation [5] - Key priorities include faster decision-making, financial discipline, lowering cost structure, rationalizing the portfolio, and improving conversion rates of the ACV pipeline [7][9] - The company is focused on organic revenue growth and will categorize businesses as fix, sell, or grow [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current environment as a turnaround story, emphasizing transparency and accountability [6][20] - The company is committed to improving operational efficiency and capital allocation to enhance margins and free cash flow [8][19] - Management expects to provide a more detailed update on financial performance and strategic initiatives in the upcoming Q1 call [20] Other Important Information - The company plans to host an Analyst Day in New York City to discuss strategy and execution plans [6] - Unallocated costs decreased by 10.2% versus 2024, driven by cost efficiency programs [18] Q&A Session Summary Question: Metrics for evaluating business units for fix, sell, or grow decisions - Management will consider growth metrics, predictable EBITDA margins, capital allocation needs, and competitive moats when evaluating business units [24][25] Question: Philosophy on maintaining business units with operational overlaps - The company will focus on core competencies and avoid being everything to everyone, emphasizing a disciplined approach to service offerings [29][33] Question: Evidence of revamped go-to-market strategy impacting commercial performance - While there is momentum in public sector businesses, commercial segment growth is still a work in progress, with expectations for improvement in 2027 [41][42] Question: Exposure to AI disruptors and technology threats - Approximately 15%-20% of the business may be exposed to AI disruptors, with a focus on partnering with technology firms to enhance capabilities [62] Question: Free cash flow expectations for 2026 - Management is focused on improving free cash flow and expects to provide more precise goals in future updates [71] Question: Status of portfolio rationalization - Portfolio rationalization is a high priority, with ongoing reviews and potential opportunities being explored [73]

Financial Data and Key Metrics Changes - For fiscal year 2025, net revenues reached $18.5 billion, a 3.5% increase from $17.9 billion in fiscal 2024, while Adjusted EBITDA rose to $2.27 billion from $2.211 billion, marking a 2.5% increase [24][25] - In Q4 2025, net revenues were $4.52 billion compared to $4.37 billion in Q4 2024, with Adjusted EBITDA of $415.1 million and a margin of 9.2%, down from $525.7 million and a 12% margin in the same quarter last year [24][25] Business Line Data and Key Metrics Changes - The U.S. business reported Adjusted EBITDA of $274.2 million in Q4 with a margin of 10.6%, while full-year net revenues were $11 billion, up from $10.6 billion in fiscal 2024 [25] - Europe’s Adjusted EBITDA in Q4 was $131.4 million, an increase from $117.1 million in 2024, with full-year EBITDA improving to $453.1 million from $406.9 million [26] - Mexico's Adjusted EBITDA fell to $9.5 million in Q4 from $36.9 million last year, with a full-year margin of 8.8%, down from 11.8% [27] Market Data and Key Metrics Changes - The USDA indicated a 2.1% year-over-year increase in ready-to-cook chicken production for 2025, with a projected 1% growth in overall chicken supply for 2026 [9][48] - Consumer sentiment remains low due to economic uncertainty, but chicken's affordability continues to drive demand across retail and food service channels [9][10] Company Strategy and Development Direction - The company is focusing on diversifying its portfolio and enhancing operational efficiencies, with significant investments in fresh and prepared foods to drive profitable growth [5][21] - Plans include converting a Big Bird plant to a case-ready facility and expanding prepared foods capacity in Georgia, with expectations for increased production in 2026 [22][31] Management's Comments on Operating Environment and Future Outlook - Management noted that while commodity pricing headwinds impacted profitability, the U.S. business maintained its margin profile through increased sales volumes and operational efficiency [25] - The company anticipates continued strong demand for chicken driven by affordability and consumer preferences, despite challenges in the beef market [48][66] Other Important Information - The company reported a strong balance sheet with net debt of approximately $2.45 billion and over $1.8 billion in total cash and available credit [30] - Sustainability efforts have led to significant reductions in carbon emissions, with recognition from external agencies for progress in environmental and social matters [22][23] Q&A Session Summary Question: Current growing conditions and market dynamics - Management indicated a 1.9% year-over-year decline in the breeding flock, with hatchability issues affecting supply growth projections for Q1 2026 [34][35] Question: Capital allocation and future CapEx - The company plans to increase CapEx to $900 million-$950 million in 2026, focusing on growth projects in Mexico and prepared foods [39][41] Question: Mexico's supply-demand situation - Management explained that increased imports and favorable growing conditions led to a weaker Q4 in Mexico, but they expect stabilization moving forward [54][56] Question: Trends in the EU and UK business - The company noted strong performance in the EU driven by chicken demand, with expectations for continued growth despite seasonal effects [81][82] Question: Impact of disease pressure in Spain - Management acknowledged challenges from ASF in Spain affecting pork supply, but they expect resilience in their branded business [68][69]

Financial Data and Key Metrics Changes - The company achieved fourth quarter 2025 operating earnings of $1.19 per share, bringing full year 2025 operating earnings to $5.97 per share, exceeding the top end of the guidance range [7][19] - Total shareholder return for 2025 was 29%, one of the highest in the industry [7] - The company reaffirmed its 2026 full-year operating earnings guidance range of $6.15-$6.45 per share and a long-term earnings growth rate of 7%-9% for 2026-2030, with an expected 9% CAGR [8][9] Business Line Data and Key Metrics Changes - Retail sales grew 7.5% in 2025 compared to 2024, driven by significant commercial and industrial sales growth of nearly 10% [21] - The generation and marketing segment saw meaningful performance, driven by favorable energy margins and contract optimization [19] Market Data and Key Metrics Changes - The company reported total system sales exceeding 200 million MWh for the first time in its history, highlighting historic load growth [20] - The company now has 56 gigawatts of firm incremental contracted load additions, doubling the previous figure of 28 gigawatts [10][22] Company Strategy and Development Direction - The company is focused on significant infrastructure investment to meet unprecedented customer demand across its 11-state regulated service territory [4][5] - AEP is deepening engagement with customers, regulators, and suppliers to align long-term goals and achieve favorable outcomes [5] - The company is exploring generation solutions, including small modular reactors and fuel cells, to support growing demand [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of scale in mitigating supply chain risks and ensuring resources are available to meet demand [5] - The company is committed to maintaining a healthy balance sheet, with an FFO to debt target of 14%-15% [29] - Management expressed confidence in the execution of their robust plan and the ability to capitalize on unprecedented growth opportunities [30] Other Important Information - The company has a $72 billion five-year capital plan, with an additional $5-$8 billion of confirmed or endorsed projects identified beyond the base plan [26] - Legislative and regulatory accomplishments in 2025 included the passage of legislation that reduces regulatory lag in several states [15] Q&A Session Summary Question: Can you provide insight on the impact of the doubled signed contract load on CAGR? - Management indicated that the $72 billion capital plan does not include the incremental load growth and will provide more definitive ideas on financing and growth rate in future calls [36] Question: What is the level of confidence in the ESAs given recent project pullbacks? - Management expressed confidence in the firm ESAs backed by financially secure counterparties and noted that local communities are generally supportive of economic development [42][44] Question: Can you provide details on the transmission projects and associated investments? - Management outlined approximately $5 billion associated with transmission projects, with specific amounts allocated to different regions [57] Question: How does the company view the potential for permitting reform? - Management is actively engaged with Senate partners to advocate for permitting reform to accelerate infrastructure development [112]

Financial Data and Key Metrics Changes - Core FFO per diluted share for Q4 2025 was $0.35, down from $0.37 in Q4 2024, attributed to the sale of two projects and higher net interest expenses [26][27] - AFFO generated in Q4 2025 was approximately $18.7 million [26] - The company expects 2026 annual Core FFO guidance in the range of $1.47-$1.53 per diluted share, an increase of $0.08 at the midpoint over 2025 results [28][30] Business Line Data and Key Metrics Changes - Piedmont leased 2.5 million sq ft in 2025, approximately 16% of the portfolio, the highest leasing volume in over a decade [8] - In Q4 2025, approximately 679,000 sq ft of leasing was completed, with 70% related to new tenants, resulting in a year-end lease percentage of 89.6%, an increase of 120 basis points over 2025 [10][11] - Rental rates for leases executed in Q4 increased approximately 12% on a cash basis and 21% on an accrual basis [11][17] Market Data and Key Metrics Changes - The number of Fortune 100 companies requiring a five-day workweek in the office rose to about 55%, compared to 5% two years ago [5] - Positive absorption was reported in 50 markets in 2025, up from 33 in 2024, marking the highest number since 2019 [5] - Sublet availability has declined, with only 4 million sq ft of new office space delivered in Q4 2025, the lowest since 2012 [6] Company Strategy and Development Direction - The company is focused on leveraging its portfolio of recently renovated, well-located, and amenity-rich properties to drive sustainable earnings growth [9][32] - The strategy includes a hospitality-infused service model and a focus on best-in-class assets to attract large space consumers [5][9] - The company aims to achieve mid-single-digit organic FFO growth in 2026 and 2027, supported by increased occupancy and rental rates [12][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the occupancy trough occurred in Q4 2025, with expectations for significant same-store NOI growth in 2026 due to historic leasing success [12] - The company anticipates a robust leasing environment driven by strong demand and limited new supply, with expectations for continued rental rate increases [9][51] - Management expressed confidence in the ability to achieve a lease percentage upwards of 91%-92% in the future, driven by unique product offerings and market positioning [41] Other Important Information - The company completed refinancing activities in Q4, issuing $400 million in new bonds and repurchasing $245 million of higher coupon bonds, resulting in annual savings of approximately $0.04 per share [27] - The out-of-service portfolio was 62% leased at year-end 2025, with expectations for stabilization by the end of 2026 [10][20] Q&A Session Summary Question: What is the breakdown of renewal versus new leasing in the 1.7-2 million sq ft guidance? - Management indicated it is roughly 50/50 between new activity and renewal activity [35] Question: What is the potential cap on lease percentage given structural vacancies in some markets? - Management believes they can lease up challenging spaces beyond 95% in unique environments, but acknowledged some challenges in specific markets like D.C. [38][40] Question: What types of products are targeted for disposition in 2026? - Management noted they are looking to monetize non-core assets, particularly in Houston, and are considering dispositions related to the New York City lease [44][45] Question: What is driving the robust demand environment across the portfolio? - Management highlighted the trend of users upgrading their office experiences and the strong conviction around workplace strategies as key drivers of demand [50][51]