Fortis (NYSE:FTS) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsDavid Hutchens - President and CEOJocelyn H. Perry - EVP and CFOKrista Tanner - President and CEOStephanie Amaimo - VP of Investor RelationsSusan Gray - President and CEOConference Call ParticipantsBen Pham - Equity Research AnalystEli Johnson - Equity Research AnalystJohn Mould - Equity Research AnalystMark Jarvi - Equity Research AnalystMaurice Choy - Equity Research AnalystRob Hope - Equity Research AnalystOperatorT ...

Financial Data and Key Metrics Changes - For Q4, the company reported sales of nearly $1.5 billion, a 10.6% increase year-over-year, or 2.5% on an organic basis [6][10] - Adjusted EBITDA margin was 22.1%, and non-GAAP diluted earnings per share were $4.33, an 8% increase from the prior year [6][11] - For the full year, sales growth exceeded 6%, aligning with long-term expectations, and non-GAAP diluted earnings per share grew by 17% [8][10] Business Line Data and Key Metrics Changes - The connected frontline segment grew by 3.6%, driven by mobile computing, while the asset visibility and automation segment grew by 1.3%, led by printing and supplies [10] - Strong performance was noted in healthcare, manufacturing, and retail/e-commerce markets, while transportation and logistics faced tough comparisons in North America [7][10] Market Data and Key Metrics Changes - Asia Pacific sales increased by 13%, with Japan and India leading the growth, while Latin America saw an 8% increase, particularly in Mexico [10] - EMEA sales grew by 4%, with notable growth in Northern Europe and Germany, while North America experienced a 1% decline due to prior year large order activity [10] Company Strategy and Development Direction - The company is focusing on advancing intelligent operations through acquisitions and enhancing its portfolio in RFID, machine vision, and AI-powered solutions [5][16] - The acquisition of Elo Touch is expected to enhance the modern store experience and expand business opportunities across various sectors [19][20] - The company aims to capitalize on a $35 billion served market, emphasizing the importance of digital connectivity in improving efficiency and customer experience [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence entering 2026, supported by a solid backlog and pipeline, with Q1 sales growth guidance of 11%-15% [13][14] - The company anticipates facing industry-wide price increases for memory components starting in Q2 but expects to fully mitigate this headwind [14][15] - Management highlighted ongoing investments in AI solutions and the importance of adapting to customer needs in a rapidly changing environment [17][18] Other Important Information - The company generated over $800 million in free cash flow for the year and repurchased more than $300 million in Q4, with an additional $1 billion share repurchase authorization [8][12] - Adjusted gross margin declined by 50 basis points to 48.2%, primarily due to lower service and software margins, but operational expense leverage improved [11][12] Q&A Session Summary Question: Can you elaborate on the anticipated 2-point headwind from memory costs? - Management confirmed a 2-point gross margin headwind due to memory chip demand and pricing increases, with multiple mitigation strategies in place [30][32] Question: What factors are contributing to the Q1 revenue guidance being above Q4? - Management attributed this to a strong finish in Q4, the addition of Elo, and a general reacceleration of growth across various segments [39][40] Question: How does the company view the impact of pricing on customer behavior? - Management noted that customers are increasingly accepting price increases due to external factors like tariffs and memory costs, while also recognizing the added value in technology [50][51] Question: What is the company's confidence regarding product availability in the second half of the year? - Management expressed confidence in securing product availability through strong supplier relationships and proactive demand shaping [66][69] Question: Can you discuss the performance of the software margins? - Management indicated that service portfolio costs have impacted margins, but improvements are expected as the platform unification efforts conclude [88][90]

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, indicating strong operational performance [12] - The company expects core EPS for 2026 to be in the range of $7.30-$7.60, reflecting 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] - 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] - Project management delivered solid revenue growth, supported by new real estate projects for hyperscalers [16] Market Data and Key Metrics Changes - In the U.S., leasing revenue grew by 12%, with significant contributions from data centers and industrial sectors [12] - EMEA led leasing growth with Continental Europe up 29% and the UK up 16% [12] - Capital markets saw U.S. sales revenue increase by 27%, driven by office and multifamily sectors [12] 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 to improve operational efficiency and create a knowledge advantage [8][9] - The company plans to continue investing in its functional platform and products to support sustained growth [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory, citing a strong start to 2026 and continued demand across various sectors [19][23] - The company acknowledges potential long-term impacts of AI on office space demand but currently sees robust demand for office leasing [40] - Management is confident in the resilience of its brokerage business against AI disruption due to the complexity of transactions [33] Other Important Information - The company generated nearly $1.7 billion of free cash flow in 2025, reflecting an 86% conversion on core net income [18] - There were one-time expenses that impacted project management margins, but these are expected to reverse in the first quarter of 2026 [29] - The company raised over $11 billion in capital in 2025, with AUM ending the year at $155 billion [17] Q&A Session Summary Question: Can you provide more detail on the capital markets pipeline and guidance for 2027? - Management does not expect the business to be driven by interest rate cuts, noting a balance between asking and offering prices and strong buyer and seller activity [26] Question: Can you elaborate on the one-time expenses affecting project management margins? - Management believes these expenses will be entirely 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? - While AI may reduce some office worker needs, current demand for office space remains strong as companies use it to attract talent [40] Question: What is the outlook for margins in the BOE and project management business? - Management expects BOE margins to be flat in 2026 due to investments, while project management is anticipated to see margin expansion [69]

Leggett & Platt (NYSE:LEG) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsBen Burns - CFOKarl G. Glassman - CEORyan M. Kleiboeker - SVP, Treasurer and Investor RelationsSam Smith - President of the Specialized Products and Furniture, Flooring and Textile Products SegmentsTyson Hagale - President of the Bedding Products SegmentConference Call ParticipantsAlessandra Jimenez - AnalystAlexia Morgan - AnalystKeith Hughes - AnalystSusan Maklari - AnalystOperatorGreetings, and welcome to t ...

Iridium Communications (NasdaqGS:IRDM) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsKen Levy - VP of Investor RelationsMatt Desch - CEOVince O'Neill - CFOConference Call ParticipantsCaleb Henry - AnalystChris Quilty - AnalystColin Canfield - AnalystEdison Yu - AnalystGreg Mesniaeff - AnalystHamed Khorsand - AnalystLouie DiPalma - AnalystRic Prentiss - AnalystSimon Flannery - AnalystTim Horan - AnalystWalter Piecyk - AnalystOperatorGood morning, and welcome to the Iridium fourth qu ...

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 - 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 the high end of the earnings guidance [6][20] - For Q4 2025, AFFO per share was $0.63, FFO was $0.64, and net income was $0.45 per share, while for the full year, AFFO per share was $20.43, FFO was $20.34, and net income was $1.35 per share [20][21] - The G&A ratio, excluding stock-based compensation and non-recurring costs, was 9.5% for 2025, showing a 10 basis point improvement over 2024 [22] Business Line Data and Key Metrics Changes - The company invested approximately $270 million in 2025, with a focus on diversifying its portfolio, including a $100 million sale-leaseback for a convenience store portfolio [7][8] - Investments in the collision repair sector amounted to $82.5 million for the construction of new collision centers, with expectations for openings in 2026 [8] - The company also invested nearly $40 million in drive-through quick service restaurants, representing about 15% of its investment activity for the year [9] Market Data and Key Metrics Changes - Over 75% of Getty's 2025 investment activity was concentrated in the top 100 markets in the U.S., with increased exposure to cities like Atlanta, Dallas, and Houston [9] - The portfolio included 1,169 net lease properties with a 99.7% occupancy rate and a weighted average lease term of 9.9 years [13] Company Strategy and Development Direction - Getty Realty aims to accelerate its growth trajectory by expanding relationships and refining processes through data-driven analysis [11] - The company is focused on diversifying its portfolio, with nearly 30% of annual base rent now derived from non-convenience and gas properties [19] - The management transition, with RJ Ryan succeeding Mark Olear as Chief Investment Officer, is expected to support the execution of growth plans [12] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the investment pipeline, with $100 million under contract and a strong start to the year [30] - The company anticipates maintaining a healthy investment pipeline, with expectations for continued sourcing of actionable opportunities [10] - Management noted that the tenant health remains strong, with a portfolio occupancy of 99.7% and full rent collections [55] Other Important Information - The company has a pro forma liquidity position of over $500 million, which includes cash and availability under its revolving credit facility [25] - The company reaffirmed its AFFO per share guidance for 2026 in the range of $20.48-$20.50, excluding prospective investment activities [25] Q&A Session Summary Question: Can you provide more detail on the $100 million investment pipeline? - The CFO indicated that about 80% of the pipeline is focused on auto service properties, with the majority being development funding [29] Question: Do you think you can do more investment volume this year relative to last year? - Management expressed optimism about the current pipeline and noted that they are already above 25% of last year's underwriting volume [30][31] Question: Can you speak about the cadence of the $100 million? - The CFO explained that about 20% of the pipeline consists of regular acquisitions expected to close in 60-90 days, while development funding will be deployed over the next 12 months [34] Question: What is driving the increased emphasis to potentially sell? - Management noted that the team is actively sourcing opportunities and that the selling pool appears more active, contributing to the increased emphasis [39][40] Question: Can you provide color on the dispositions of the 7 properties sold in Q4? - The CFO mentioned that some properties were sold back to existing tenants, and others were disposed of for tactical reasons [63][64]

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]

Alnylam Pharmaceuticals (NasdaqGS:ALNY) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsChristine Lindenboom - Chief Corporate Communications OfficerJeff Poulton - CFOPushkal Garg - Chief Research and Development OfficerTolga Tanguler - Chief Commercial OfficerYvonne Greenstreet - CEOConference Call ParticipantsAlexander Canani - AnalystCory Kasimov - AnalystEllie Merle - AnalystJames Sheehan - AnalystKostas Theodoslou - AnalystLuca Issi - AnalystMaury Raycroft - AnalystMike Ulz - An ...

PBF Energy (NYSE:PBF) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsColin Murray - VP of Investor RelationsJoe Marino - CFOMatt Lucey - CEOMike Bukowski - SVP and Head of RefiningTom O'Connor - EVPConference Call ParticipantsDoug Leggate - AnalystJason Gabelman - AnalystManav Gupta - AnalystMatt Amil - AnalystPaul Cheng - AnalystPhilip Jungwirth - AnalystRyan Todd - AnalystOperatorGood day, everyone, and welcome to the PBF Energy Q4 2025 Earnings Conference Call and Webcast. At thi ...