Financial Data and Key Metrics Changes - In Q4 2025, the average realized price was $331 per ton, with produced sales of approximately 2.4 million tons, resulting in an Adjusted EBITDA of $186 million and an adjusted net loss of $11 million [5][11] - Adjusted EBITDA decreased compared to Q3 2025 due to higher sales being offset by a lower average realized price and immediate fixed cost recognition related to plant outages [5] Business Line Data and Key Metrics Changes - Methanol production was higher in Q4 compared to Q3, with 216,000 tons produced at Beaumont and 186,000 tons from Natgasoline [8] - Production in Egypt increased in Q4 due to stabilization of gas availability, while New Zealand produced 171,000 tons, although structural gas supply challenges remain [10] Market Data and Key Metrics Changes - Global demand for methanol increased by about 4% in China, while demand outside of China remained flat [6] - Spot methanol pricing in Asia Pacific and Europe increased, with Chinese prices above $300 per metric ton and European prices close to $400 per ton [8] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet and ensuring financial flexibility, with priorities for 2026 centered on safe operations and integration plans [11][12] - The company is closely monitoring the impact of geopolitical events in the Middle East on methanol supply and pricing [6][20] Management's Comments on Operating Environment and Future Outlook - Management noted that the current escalation in the Middle East brings significant uncertainty to methanol supply, impacting operations and trade flows [7] - The company expects slightly higher Adjusted EBITDA in Q1 2026 compared to Q4 2025, based on stable pricing and produced sales [12] Other Important Information - The company achieved zero Tier 1 process safety incidents over the past two years, highlighting a strong commitment to safety [4] - The integration of newly acquired assets is progressing well, with a target of realizing $30 million in synergies by the end of 2026 [45][46] Q&A Session Summary Question: Can you talk about costs in Q4 and expectations for Q1? - Management indicated that unabsorbed costs were recognized due to outages, but fixed costs are expected to decrease moving forward [16] Question: What do you expect in the market given the situation in the Middle East? - Management emphasized the importance of supply reliability and noted that pricing has increased due to anticipated tightness in the market [19] Question: How opportunistic can the company be with price spikes? - The company primarily operates on term contracts but can adjust prices monthly based on market conditions [22][23] Question: Are there any damages to methanol assets in the Middle East? - Management confirmed no damage to methanol facilities but noted that gas supply from Israel to Egypt has ceased [26] Question: What are the production expectations for 2026? - The company expects approximately 9 million tons of methanol production, with regional breakdowns provided [31] Question: How is the integration of OCI assets progressing? - Management reported positive operational performance and noted that synergies are being realized, although some costs are higher during the integration phase [45][58]

Financial Data and Key Metrics Changes - The company generated $234 million in sales for Q3 2026, a decrease of 3% from $239.9 million in Q3 2025 [15] - Adjusted EBITDA for Q3 2026 was $7.3 million, down $5 million from the same period last fiscal year [17] - The adjusted net loss for Q3 2026 was $13.1 million, a change of $5.9 million from Q3 2025 [17] - Free cash flow for Q3 2026 was $10 million, compared to $19.6 million in Q3 2025 [18] - Cash at the end of the quarter was $133.7 million, an increase of $30.1 million compared to the end of fiscal 2025 [18] Business Line Data and Key Metrics Changes - Industrial segment sales increased by 9.5% year-over-year, driven by off-road lighting and power distribution solutions [6] - Automotive segment sales were negatively impacted by reduced North American electric vehicle volumes [15] - The interface segment also saw lower sales volumes due to a previously announced appliance program roll-off [15] Market Data and Key Metrics Changes - The company experienced a favorable impact of approximately $12 million from foreign currency translation in Q3 2026 [15] - The North American automotive market is facing softness, particularly affecting the company's performance [7][13] Company Strategy and Development Direction - The company is focused on a multi-year transformation journey aimed at strengthening its foundation and optimizing its operations [6][7] - Key priorities include stabilizing operational execution, refining the portfolio, and aligning the cost structure [7][10] - The divestiture of the dataMate business is part of a strategy to concentrate on higher growth opportunities in industrial power solutions [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the near-term environment remains dynamic and that the improvement trajectory is not linear [21] - There are challenges related to commercial vehicle market softness and delays in electric vehicle programs [7][21] - The company expects to maintain positive free cash flow for the full year, contrasting with an outflow in the previous fiscal year [20] Other Important Information - The company has narrowed its net sales guidance for fiscal 2026 to a range of $950 million to $1 billion, primarily due to foreign currency translation benefits [19] - Adjusted EBITDA outlook has been lowered to a range of $58 million to $62 million, reflecting updated cost assumptions and program delays [20] Q&A Session Summary Question: Update on Mexico's transformation process - The transformation in Mexico is about six months behind Egypt, with challenges including revenue shrinkage and program delays [25][27] Question: Impact of commercial truck orders on P&L - The company is still seeing headwinds regarding orders, with expected volume recovery in the second half of calendar 2026 [33][35] Question: Revenue contribution from dataMate business - The dataMate business contributed approximately $18 million in revenue and was profitable with about $3 million in profitability [36][39] Question: Key products and applications for dataMate - The dataMate business was primarily a data-over-copper product, not complementary to the core power business [44][46] Question: EV program delays and cancellations - There have been outright cancellations of some EV programs, particularly from Stellantis, impacting revenue expectations [62][65] Question: Number of launches in FY 26 - The company planned 29 programs for FY 26, down from 56 in FY 25, due to delays and cancellations [84][86] Question: Future portfolio refinement - The divestiture of dataMate is the first step in an ongoing portfolio review, with more changes expected in the future [91][93]

Financial Data and Key Metrics Changes - The company reported net sales of $409.1 million for Q1 2026, an increase of approximately 2.3% compared to $400 million in Q1 2025, primarily due to foreign exchange translation and tariff pass-through [10] - A net loss of $4.1 million or $0.09 per diluted share was reported for Q1 2026, an improvement from a net loss of $14.9 million or $0.32 per diluted share in Q1 2025 [10] - Adjusted EBITDA for Q1 2026 was $27.4 million, down from $38.5 million in the same period last year, mainly due to reduced operating leverage from lower volumes and increased operational costs [11][12] Business Segment Data and Key Metrics Changes - In the Hardware Solutions segment, net sales were $189.1 million for Q1 2026, a 2.4% increase from $184.7 million in Q1 2025, with volumes down 3.6% and pricing up 0.5% [12] - The Extruded Solutions segment generated revenue of $139.8 million, essentially flat compared to $139.6 million in Q1 2025, with volumes down 2.6% and pricing up slightly by 0.3% [13] - The Custom Solutions segment reported net sales of $89.1 million, representing a growth of 4.8% year-over-year, with volumes up 2.4% and pricing down by 2% [14] Market Data and Key Metrics Changes - The company noted that market conditions remain soft, with challenges in global macroeconomic environments impacting results, particularly consumer confidence [4][5] - Economic data from Europe indicates early signs of stabilization and gradual recovery, which is viewed positively for future performance [5] Company Strategy and Development Direction - The company is focused on stabilizing operational performance and strengthening its commercial organization, particularly in the Hardware Solutions segment [5][6] - Initiatives in the Custom Solutions segment aim to support future growth through operational efficiencies and new product development [8] - The company plans to maintain a healthy balance sheet through disciplined debt reduction while pursuing targeted small acquisitions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding demand recovery as consumer confidence is expected to improve over time, despite ongoing macroeconomic challenges [18] - The company anticipates a somewhat flat performance for the first half of 2026 compared to the first half of 2025, with expectations for improved performance in the second half [19] Other Important Information - The company expects to generate net sales of $1.84 billion to $1.87 billion for fiscal 2026, with adjusted EBITDA projected at approximately $240 million to $245 million [19] - The liquidity position was reported at $331.6 million as of January 31, 2026, with a leverage ratio of net debt to last twelve months adjusted EBITDA at 2.8x [17] Q&A Session Summary Question: Performance of the Extruded Solutions segment - Management noted that the Extruded Solutions segment includes historically profitable products, contributing to margin improvements [28][29] Question: Revenue growth in the Custom Solutions segment - The revenue growth was attributed to gaining market share as customers insourced products and consolidated facilities, demonstrating value to customers [30][31] Question: Sentiment from the recent Builder Show - The sentiment was described as guarded optimism, with a belief in long-term demand for housing despite current geopolitical and economic uncertainties [32][34] Question: Guidance on margin expansion - Management indicated that margin expansion in the second half of 2026 would be driven by stabilization of the Monterrey plant, which previously impacted EBITDA [43][44] Question: Cash conversion cycle comparison - The legacy Tyman business has a longer cash conversion cycle compared to Quanex, but improvements are expected over the next few years [45][48] Question: Growth potential of spacers in the extruded segment - Demand for spacers is driven by energy performance standards, and management believes it will be a growth driver in 2026 [54][55] Question: Bundling opportunities - Bundling is being developed but has been slow due to the macro backdrop and previous operational issues [57][58] Question: Future of cabinet wood components segment - Management is pleased with the segment's performance and is focused on maximizing shareholder value, though all segments are potentially for sale [59]

Financial Data and Key Metrics Changes - Total revenue for 2025 reached $875.3 million, an 82% increase from $479.9 million in 2024 [5][22] - Net income increased to $70.8 million compared to $52.1 million in 2024 [5][28] - Adjusted EBITDA rose to $259.6 million, up 152.6% from $102.8 million in 2024 [6][29] - Cash on hand grew to $186 million as of December 31, 2025, up from $41 million a year earlier [8][42] Business Line Data and Key Metrics Changes - Hospital division revenue was $844.2 million in 2025, with mature hospitals increasing revenue by 73.4% [22][24] - Total patient visits increased to 188.3 thousand, an 11.8% rise from 168.4 thousand in 2024 [7][24] - Population health division revenue grew slightly by 0.7% to $31 million in 2025 [24] Market Data and Key Metrics Changes - The company reported a decrease in the current portion of long-term debt from $14.4 million to $13.3 million, while net long-term debt increased from $22.5 million to $29.2 million [8] - The ineligible claim submission rate for Nutex Health is approximately 8%, significantly better than the national average of 19% [10][38] Company Strategy and Development Direction - The company is focused on four priority areas: share repurchases, growth at existing hospitals, expansion of the Independent Physician Association (IPA), and real estate development strategy [15][18] - Nutex Health plans to open new hospitals in Jacksonville, West Little Rock, and San Antonio in 2026, with additional facilities planned for 2027 and 2028 [19][71] - The company aims to enhance its operational infrastructure to support higher throughput and a more diversified patient mix [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory challenges and optimize the Independent Dispute Resolution (IDR) process [20][63] - The company is optimistic about its growth trajectory entering 2026, supported by strong liquidity and operational improvements [20][42] Other Important Information - The company recognized a one-time $55 million revenue reduction related to arbitration claims deemed ineligible [9][30] - Total stock compensation expense for 2025 was $117 million, a significant increase from $16.6 million in 2024 [26] Q&A Session Summary Question: IDR-related submission rates and collection rates - The company noted a shift in IDR submission rates from 60%-70% to 50%-60%, with improved collection rates around 85% [56][60] - Management indicated that fewer submissions may reflect higher quality claims leading to better collections [62][65] Question: Reopening of a hospital in Texas - The decision to reopen was based on improved reimbursement through the IDR process and increased volume expectations [67][68] - Management confirmed they remain on track to open 5 to 6 facilities in 2026 and discussed a new real estate strategy to support this [71][72] Question: Timing of learning about the true-up adjustment - The company learned about the true-up adjustment in the middle of the fourth quarter, which was new information that required analysis before communication [77][79]

Financial Data and Key Metrics Changes - Total revenue for 2025 reached $875.3 million, an 82% increase from $479.9 million in 2024 [5][22] - Net income increased to $70.8 million compared to $52.1 million in 2024 [5][28] - Adjusted EBITDA rose to $259.6 million, up 152.6% from $102.8 million in 2024 [6][29] - Cash on hand grew to $186 million as of December 31, 2025, up from $41 million a year earlier [8][42] Business Line Data and Key Metrics Changes - Hospital division revenue was $844.2 million in 2025, with mature hospitals increasing revenue by 73.4% [22][24] - Total patient visits increased to 188.3 thousand, an 11.8% rise from 168.4 thousand in 2024 [7][24] - Population health division revenue grew slightly by 0.7% to $31 million in 2025 [24] Market Data and Key Metrics Changes - The company reported a one-time $55 million revenue reduction due to arbitration claims deemed ineligible [8][30] - The ineligible claim rate for Nutex Health is approximately 8%, significantly better than the national average of 19% [10][38] Company Strategy and Development Direction - The company focuses on four priority areas: share repurchases, growth at existing hospitals, expansion of the Independent Physician Association (IPA), and real estate development strategy [15][18] - Plans to open new hospitals in Jacksonville, West Little Rock, and San Antonio in 2026, with additional facilities planned for 2027 and 2028 [19][72] - The company aims to enhance its service offerings and operational efficiency to manage higher acuity patients effectively [50][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory challenges and maintain profitability [20] - The company is optimistic about the trajectory of growth as it enters 2026, carrying significant momentum from 2025 [20] - Management highlighted the importance of the Independent Dispute Resolution (IDR) process in improving reimbursement rates [12][66] Other Important Information - The company has remediated all previously disclosed material weaknesses in internal controls over financial reporting [22] - Total stock compensation expense for 2025 was $117 million, a significant increase from $16.6 million in 2024 [26] Q&A Session Summary Question: Can you explain the shift in IDR submission rates and collection rates? - Management noted that the submission rates decreased to 50%-60% with improved collection rates around 85%, indicating a trend towards resolving claims more efficiently [56][60][62] Question: What led to the reopening of the hospital in Texas? - The decision was based on improved reimbursement rates through the IDR process, making it a viable operation [66][68] Question: Are you on track to open the planned facilities in 2026? - Management confirmed that three locations are on track for 2026, with ongoing discussions about a new real estate strategy to support future openings [71][72]

Financial Data and Key Metrics Changes - Total revenue for 2025 reached $875.3 million, an 82% increase from $479.9 million in 2024 [5][22] - Net income increased to $70.8 million compared to $52.1 million in 2024 [5][28] - Adjusted EBITDA rose to $259.6 million, up 152.6% from $102.8 million in 2024 [6][29] - Cash on hand grew to $186 million as of December 31, 2025, up from $41 million a year earlier [7][41] Business Line Data and Key Metrics Changes - Hospital division revenue was $844.2 million in 2025, with mature hospitals increasing revenue by 73.4% [22][24] - Total patient visits increased by 11.8% to 188.3 thousand in 2025, with mature facilities growing by 1.3% [6][24] - Population health division revenue grew slightly by 0.7% to $31 million in 2025 [24] Market Data and Key Metrics Changes - The company reported a one-time $55 million revenue reduction in Q4 2025 due to arbitration claims deemed ineligible [8][30] - The ineligible claim rate for Nutex Health is approximately 8%, significantly better than the national average of 19% [10][37] Company Strategy and Development Direction - The company focuses on four priority areas for capital allocation: share repurchases, growth at existing hospitals, expansion of the Independent Physician Association (IPA), and real estate development [15][18] - Nutex Health operates 27 hospital facilities across 12 states and plans to open new hospitals in 2026 and beyond [19][70] - The company aims to enhance its service offerings and improve patient access through targeted investments in various healthcare services [16][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory challenges and optimize the Independent Dispute Resolution (IDR) process [20][60] - The company is optimistic about its growth trajectory entering 2026, carrying significant momentum from 2025 [20][70] Other Important Information - The company successfully remediated previously disclosed material weaknesses in internal controls over financial reporting in 2025 [22] - Total stock compensation expense for 2025 was $117 million, a significant increase from $16.6 million in 2024 [26] Q&A Session Summary Question: Clarification on IDR submission rates and collection rates - Management noted that submission rates decreased to 50%-60% with improved collection rates around 85%, indicating a shift towards higher quality claims [55][60] Question: Insights on the reopening of a hospital in Texas - The decision to reopen was based on improved reimbursement through the IDR process and better operational capabilities [66][67] Question: Confirmation on the timeline for new hospital openings - Management confirmed plans to open three hospitals in 2026 and additional facilities in 2027 and 2028, supported by a new real estate strategy [69][70]

Financial Data and Key Metrics Changes - The company generated total rental revenues of $129.6 million and total product sales revenues of $30.1 million, totaling $159.6 million on a consolidated basis for 2025 [7] - Adjusted net income for 2025 was $3.4 million, with adjusted diluted EPS of $0.10 per share [8] - Adjusted EBITDA for 2025 was $39.3 million, and adjusted free cash flow was $19.2 million, marking a record year for free cash flow generation [12][18] - As of December 31, 2025, the company had $3.6 million in cash and cash equivalents, net debt of $42.2 million, and a net leverage ratio of 1.1x, down from 1.2x a year ago [13] Business Line Data and Key Metrics Changes - The Eastern Hemisphere operations saw a revenue growth of 78% year-over-year, contributing approximately 14% of total revenue [9] - The Western Hemisphere operations experienced a low single-digit revenue decline compared to 2024 due to softer North American drilling and completions activity [9] Market Data and Key Metrics Changes - The global rig count declined by 7% year-over-year, yet the company managed to produce resilient results and generate significant free cash flow [6] - The company anticipates a positive baseline of activity in the Middle East, with expectations for oil capacity expansion and strategic gas development [10] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through disciplined capital allocation, including debt reduction and share buybacks [8][16] - The ongoing synergy program called One DTI aims to streamline workflows and enhance accountability, positioning the company for future growth [19] - The company is actively evaluating additional M&A opportunities that align with its strategic and financial objectives [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum building across the organization and the attractive opportunities on the horizon, despite near-term softness expected in the first half of 2026 [20] - The company is prepared to navigate the ongoing conflict in the Middle East, with minimal disruption to operations reported thus far [21][23] Other Important Information - The company completed its fourth acquisition in January 2025 since going public and has focused on reducing net debt [8] - The 2026 revenue guidance is expected to be in the range of $155 million to $170 million, with adjusted EBITDA projected between $35 million and $45 million [17] Q&A Session Summary Question: What drove the strong EBITDA margin this quarter? - Management noted that the strong margin was due to a combination of reduced seasonal softness and cost reductions implemented earlier in the year [25][28] Question: What is the outlook for free cash flow and debt reduction in 2026? - Management indicated that the majority of free cash flow would likely be allocated to debt reduction, with the potential to accelerate paydowns depending on market conditions [70][71] Question: What opportunities exist in the Eastern Hemisphere, particularly in APAC? - Management highlighted ongoing opportunities in Africa and the Middle East, as well as traction gained in the Asia-Pacific region with new technologies [51] Question: How is the company positioned regarding the recent turmoil in the Middle East? - Management stated that operations have continued with minimal disruption and that the company is prepared to adapt to changing market conditions [59][60]

Financial Data and Key Metrics Changes - In Q4 2025, net revenue totaled ARS 225 billion (approximately $152 million), reflecting a 1.7% year-over-year decline compared to Q4 2024 [5] - Consolidated adjusted EBITDA reached $37 million with a margin of 19.7%, representing a contraction of 938 basis points year-over-year [18] - For the full year 2025, adjusted EBITDA amounted to $146 million with a margin of 21.3%, down 454 basis points from 2024 [5][21] Business Line Data and Key Metrics Changes - Cement segment revenues decreased by 4.4% year-over-year, primarily due to softer pricing conditions [13] - Concrete revenues increased by 37% year-over-year, driven by a 62% expansion in volumes [14] - Aggregates revenues were stable, down 0.9% year-over-year, with volumes increasing by 8.2% [15] Market Data and Key Metrics Changes - The Argentine economy grew by 4.4% in 2025, with significant contributions from agriculture, mining, and financial intermediation, while the construction sector remained flat [10] - The cement industry closed the year with a 5.6% growth, reversing previous declines [11] - The bulk segment outperformed due to larger-scale projects, while retail demand remained subdued [11] Company Strategy and Development Direction - The company emphasizes cost discipline and operational efficiency to preserve profitability amid challenging demand [27] - Loma Negra is well-positioned to play a central role in addressing Argentina's significant infrastructure gaps, with ongoing investment initiatives in infrastructure, mining, and energy [29] - The company aims to gradually improve its energy mix, increasing the share of renewable energy sources [34] Management Comments on Operating Environment and Future Outlook - Management noted that the recovery in the cement industry was slower than anticipated due to political uncertainty and financial tensions [27] - Looking ahead to 2026, management is optimistic about macroeconomic stabilization and expects a gradual easing of monetary constraints to support economic activity [29] - The company anticipates that investment initiatives will begin to positively impact dispatch volumes as the year progresses [29] Other Important Information - The company reported a net financial loss of ARS 9.8 billion for Q4 2025, compared to a net financial gain of ARS 1.1 billion in Q4 2024 [22] - Net debt decreased by $23 million quarter-over-quarter to $183 million, with a debt-to-EBITDA ratio of 1.47 times [6][24] - The company issued a new Class 6 corporate bond for $60 million in January 2026, reflecting strong investor demand [26] Q&A Session Summary Question: Energy management approach for 2026 - Management highlighted a focus on natural gas as the primary energy source, with contracts signed at lower prices for the upcoming year [33] - Renewable energy participation has improved, with contracts signed for additional renewable sources [34] Question: 2026 guidance on volumes and margins - Management indicated expectations for growth in volumes, despite a slow start in January and February due to seasonal effects [39] - Margins are expected to improve as pricing recovery continues [40] Question: Sales volumes and pricing expectations for 2026 - Management acknowledged a 6% decline in sales volumes for the first two months but expects recovery as projects commence [44] - Pricing guidance was not provided, but management anticipates continued recovery in pricing trends [45]

Financial Data and Key Metrics Changes - For the full year of 2025, total revenue was $275.6 million, an increase of 246% from 2024, with adjusted pre-tax income of $41.4 million, representing 15% of total revenue [5][10] - Net income attributable to Cohen & Company Inc. shareholders for the fourth quarter was $8.1 million, or $1.48 per fully diluted share, compared to $4.6 million for the prior quarter and a net loss of $2 million for the prior year quarter [8][10] - The company finished 2025 with $2.3 million of revenue per employee, and total equity increased to $103.1 million from $90.3 million at the end of the prior year [5][15] Business Line Data and Key Metrics Changes - Cohen & Company Capital Markets (CCM) generated revenue of $50.8 million in the fourth quarter and $184 million for the full year 2025, an increase of 370% from 2024, accounting for 67% of total company revenue [10][11] - Investment banking and new issue revenue was $55 million in the fourth quarter, down from $69 million in the prior quarter but up from $8.2 million in the year-ago quarter [10] - Net trading revenue was $13.8 million in the fourth quarter, up $300,000 from the prior quarter and up $4.9 million from the prior year quarter [12] Market Data and Key Metrics Changes - The company ranked number 1 in SPAC IPO underwritings and de-SPAC advisory, reflecting strong execution capabilities and client franchise [4] - The pipeline for CCM is described as more robust than a year ago, indicating strong IPO presence and significant de-SPAC opportunities [4] Company Strategy and Development Direction - The company aims to expand its investment banking footprint and reduce dependency on the SPAC product, with a focus on growth in frontier technology sectors [20][22] - Plans to grow the fixed income trading side, targeting revenue growth from approximately $50 million to $60-$65 million [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive long-term sustainable value for stockholders, with first quarter 2026 revenue trending substantially higher than the first quarter of 2025 [6][17] - The leadership team has been strengthened with new appointments to enhance presence in energy transition sectors and frontier technologies [3] Other Important Information - The company declared a special dividend of $0.70 per share and a recurring quarterly dividend of $0.25 per share, in addition to a previously announced special dividend of $2 per share [5][16] - The number of employees increased to 126 at the end of the year, up from 113 at the end of the prior year [14] Q&A Session Summary Question: Can you provide more detail on the pipeline and sectors of focus? - Management indicated that the pipeline is ahead of last year, with strengths in SPAC and De-SPAC spaces, and a focus on frontier technology sectors such as digital assets and energy transition [19][20] Question: What are the top two priorities for 2026? - The top priorities include expanding the investment bank's footprint and growing the fixed income trading side, with plans to add personnel in these areas [22][23] Question: What was the investment banking MD headcount at the end of 2024 and 2025, and projections for 2026? - The investment bank had 28 total employees at the end of 2025, with anticipated growth of about 5 in 2026 [25]

Financial Data and Key Metrics Changes - In Q4 2025, the company's revenues reached $51.1 million, a 95% increase compared to the same period in 2024 [5][15] - Operating income for Q4 was $13.7 million, marking a 174% increase year-over-year and a 33% increase compared to Q3 2025 [5] - Net income for Q4 was $15 million, an improvement of $11.1 million compared to the same period last year [5] - For the full year 2025, net income was $50 million, with EBITDA close to $71 million and operating cash flow at $81 million [5][17] Business Line Data and Key Metrics Changes - Net revenue from tankers increased by almost 18% compared to Q3 2025, while net revenues from the dry bulk segment rose by 26% [3] - Operational utilization for tankers was 93.4% and for dry bulk fleet was 90.4% in Q4 2025 [4] - The fleet expanded with the purchase of three carriers and one tanker vessel, bringing the total fleet to 20 ships, with plans to reach close to 30 ships by 2026 [4][20] Market Data and Key Metrics Changes - Market rates for Suezmax vessels surged to about $180,000 per day, a 95% increase from the end of Q4 2025 [9] - MR tanker rates increased by 75% to about $50,000 daily [9] - The dry bulk market saw strong demand for iron ore and bauxite, with a notable increase in coal shipments to China [13] Company Strategy and Development Direction - The company aims to grow its fleet while maintaining profitability and being debt-free [20] - A focus on commercial management of high-quality ships is central to the company's strategy [19] - The geopolitical tensions, particularly in the Middle East, are viewed as critical factors influencing future market conditions [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of the U.S.-Iran conflict on seaborne trade, particularly for the tanker segment [7] - The company remains optimistic about market conditions, despite geopolitical uncertainties, and expects to continue benefiting from favorable market rates [21] - Future market dynamics will be shaped by geopolitical tensions and OPEC's production strategies [11] Other Important Information - The company has initiated a $10 million stock repurchase program, having repurchased 251,000 shares for $900,000 to date [6] - The total order book for Suezmaxes stands at 21%, with 14.8% of the fleet over 20 years old [12] Summary of Q&A Session - There was no question and answer session during this conference call [1]