Manulife Financial (NYSE:MFC) Q4 2025 Earnings call February 12, 2026 08:00 AM ET Company ParticipantsBrooks Tingle - President and CEO of John HancockColin Simpson - CFODarko Mihelic - Managing DirectorGabriel Dechaine - Managing DirectorHung Ko - Head of Investor RelationsJohn Aiken - Director of ResearchNaveed Irshad - President and CEOPaul Lorentz - President and Global CEOPhilip Witherington - President and CEOStephanie Fadous - Chief ActuarySteven Finch - Chief ActuaryTrevor Kreel - Chief Investment O ...

Financial Data and Key Metrics Changes - Adjusted operating income increased by 31% year-over-year in Q4 2025, marking the highest level in four years [5][25] - Full-year adjusted income from operations available to common shareholders was over $1.5 billion, a 23% improvement compared to 2024 [25] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share [26] Business Line Data and Key Metrics Changes - Annuities sales volumes increased by 25% in 2025, with RILA sales up 35% and fixed annuity sales up 11% [11][12] - Group Protection delivered operating earnings of $493 million for the full year, up 16% from 2024, with a margin improvement to 9% [28] - Life Insurance operating earnings improved to $77 million for Q4, compared to an operating loss of $15 million in the prior year [36] Market Data and Key Metrics Changes - Group Protection now accounts for approximately 25% of business unit earnings, up from 18% in 2023 [45] - Spread-based annuity account balances increased to 30%, up from 25% in 2023 [46] - Average account balances in Retirement Plan Services increased nearly 9% year-over-year to $124 billion [35] Company Strategy and Development Direction - The company is focused on increasing risk-adjusted returns, reducing volatility, and growing its franchise through strategic realignment and operational execution [7][10] - There is an emphasis on products with higher risk-adjusted margins and stable cash flows to strengthen business resilience [9][14] - The company aims to maintain expense discipline while investing strategically to support long-term priorities [8][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite potential market volatility [10][22] - The company is committed to improving the quality and durability of earnings while focusing on profitable growth [21][36] - The outlook for 2026 includes expectations for continued earnings growth and capital return to shareholders [49] Other Important Information - The investment portfolio delivered an annualized return of nearly 12% for Q4, exceeding targets [24][42] - The company completed the consolidation of several Life Insurance captive entities, which is expected to improve free cash flow [43][69] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns [44] Q&A Session Summary Question: Capital return guidance and buybacks - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for optimal handling of preferred securities [52][54] Question: Excess cash and potential uses - The excess cash at the holding company is primarily aimed at managing preferred securities and increasing capital return to shareholders [56] Question: Life Insurance captive consolidation impact - The consolidation of captives is expected to reduce reserve financing costs and improve the free cash flow profile of the legacy Life block [68][69]

Birkenstock (NYSE:BIRK) Q1 2026 Earnings call February 12, 2026 08:00 AM ET Company ParticipantsAlexander Hoff - VP of Global FinanceEd Aubin - Head of European Luxury Brands ResearchIvica Krolo - CFOLorraine Hutchinson - Managing DirectorMegan Kulick - Director of Investor RelationsOliver Reichert - CEOPeter McGoldrick - VPSimeon Siegel - Senior Managing DirectorTracy Kogan - VPConference Call ParticipantsAnna Andreeva - Senior Research AnalystLaurent Vasilescu - Managing Director and Senior Equity Analyst ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net sales of $1.4 billion, a 16% increase year-over-year, with adjusted EBITDA of $269 million, up 7% year-over-year [5][9] - Full-year net sales reached $5.1 billion, with adjusted EBITDA of $1.1 billion, meeting or exceeding previous outlook considerations [5][6] - The adjusted EBITDA margin decreased by approximately 150 basis points compared to last year, influenced by unfavorable foreign exchange and lower specialties margins [9] Business Line Data and Key Metrics Changes - Energy storage segment saw a 14% increase in full-year volumes to 235,000 tons LCE, with Q4 net sales up 23% year-over-year and adjusted EBITDA up 25% [19] - Ketjen's net sales increased by 14% year-over-year, with adjusted EBITDA growing 39%, driven by higher sales volumes [16] - Specialties business experienced a 5% increase in net sales but a 6% decline in adjusted EBITDA due to margin compression [18] Market Data and Key Metrics Changes - Global lithium demand for 2025 was 1.6 million tons, up more than 30% year-over-year, with expectations for 2026 demand to rise to 1.8-2.2 million tons, a 15%-40% increase [23][24] - Stationary storage demand grew over 80% in 2025, with significant increases in shipments across all geographies [25] - European EV demand increased by 34%, while U.S. EV demand slowed due to the removal of consumer tax credits [24] Company Strategy and Development Direction - The company is focusing on cost and productivity improvements, targeting an additional $100 million-$150 million in 2026 [6][33] - Strategic decisions include idling operations at the Kemerton lithium hydroxide plant to improve financial flexibility [7][32] - Investments in top-tier mining resources and exploration interests remain a priority, with a focus on maintaining a competitive position [8][28] Management's Comments on Operating Environment and Future Outlook - Management noted that recent lithium price improvements are insufficient to offset challenges in Western hard rock lithium conversion operations [7] - The company anticipates meaningful positive free cash flow potential if current lithium pricing persists [6][22] - Management expressed confidence in the long-term growth opportunities driven by energy resilience and electric vehicle demand [34] Other Important Information - The company closed the sale of its stake in the Eurocat joint venture and expects to close the sale of a majority stake in Ketjen, generating approximately $660 million in pretax proceeds [7][16] - The company ended 2025 with $1.6 billion in cash and expects to maintain an investment-grade credit profile [26][28] Q&A Session Summary Question: What is the outlook for lithium volumes beyond 2027? - Management indicated that growth opportunities exist at Greenbushes and Wodgina, with a continued growth profile expected after 2027 [38] Question: How does the cost structure of Kemerton compare to Chinese assets? - The cost structure of Kemerton is approximately $4-$5 higher than Chinese conversion assets, influenced by factors such as labor and power costs [41] Question: What is the impact of Chinese lithium capacity closures? - Management noted that about 30,000-50,000 tons of capacity came offline in 2025, influenced by regulatory actions and demand growth [44][46] Question: What factors are driving the decrease in Specialties adjusted EBITDA for 2026? - The decrease is attributed to lack of demand growth in certain markets and a decline in lithium specialties prices following previous peaks [48] Question: How does the company plan to approach investments in the current cycle? - The company plans to be more conservative with capital spending, focusing on smaller, incremental projects with quick returns [52]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $34.1 million, an increase of 11.8% compared to Q4 2024 [51] - For the full year 2025, total revenue was $146.1 million, a slight increase from 2024 [51] - U.S. XPOVIO net product revenue for Q4 2025 was $32.1 million, an increase of 9.6% compared to Q4 2024 [52] - For the full year, U.S. XPOVIO net product revenue was $114.9 million, an increase of 1.9% from 2024 [52] - The company reported a net loss of $102.2 million, or $5.71 per share on a GAAP basis in Q4 2025 [60] - The full year net loss was $196 million, or $17.93 per diluted share for 2025 [60] Business Line Data and Key Metrics Changes - Xpovio net product revenue grew to $32.1 million in Q4 2025 and $114.9 million for the full year 2025 [36] - The company expects to guide towards $115 to $130 million of Xpovio net product revenue in 2026 [36] - License and other revenue was $2 million in Q4 and $31.2 million for the full year 2025 [53] Market Data and Key Metrics Changes - Demand for Xpovio was consistent year-over-year in 2025, with the community setting driving approximately 60% of total U.S. sales [37] - The company is targeting approximately 4,000 newly diagnosed patients with intermediate to high-risk myelofibrosis [45] Company Strategy and Development Direction - Karyopharm is focused on expanding its oncology franchise, particularly in myelofibrosis and endometrial cancer [7][8] - The company is preparing for pivotal data readouts from its late-stage clinical programs, with significant opportunities in myelofibrosis and endometrial cancer [63] - The strategy includes evaluating a range of financing and strategic options to maintain flexibility and align capital decisions with value creation [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming data readout from the phase three SENTRY trial in March, which is expected to address an unmet need in myelofibrosis [9][26] - The company is managing its business with discipline, focusing on near-term value-creating milestones while maintaining flexibility [64] - Management emphasized the importance of executing well and generating high-quality data to define the next phase of the company [64] Other Important Information - The company ended the year with $64.1 million in cash, cash equivalents, restricted cash, and investments, compared to $109.1 million as of December 31, 2024 [61] - The full year 2025 included $15 million of R&D reimbursement from Menarini, which will not be received in future years [53] Q&A Session Summary Question: Can you discuss the differences in exposure and activity between the 40 mg and 60 mg doses? - Management indicated that the 60 mg dose showed a clear benefit-risk profile compared to the 40 mg dose, with maximized efficacy in the 60 mg group [70] Question: What are your thoughts on Novartis' recent plans in myelofibrosis? - Management noted that the continued investment in the myelofibrosis space highlights the unmet need and significant market value [74] Question: Can you elaborate on the strategy for eltanexor and other MPNs? - Management stated that eltanexor is a second-generation XPO1 inhibitor with potential applications beyond myelofibrosis, including other MPNs [78] Question: What updates can you provide on the blinded safety data? - Management confirmed that no updates have been made beyond previously disclosed data, and they are looking forward to the upcoming data readout [85] Question: How do you view the potential for symptomatic improvement in your trials? - Management emphasized the goal of achieving statistical significance for both spleen volume reduction and symptomatic improvement [104]

Yatra Online (NasdaqCM:YTRA) Q3 2026 Earnings call February 12, 2026 08:00 AM ET Company ParticipantsDhruv Shringi - Co-Founder and Executive ChairmanScott Buck - Managing DirectorSiddhartha Gupta - CEOOperatorHello, everyone, and welcome to Yatra's Fiscal Third Quarter 2026 Financial Results Call, period ended December 31, 2025. Today's call is hosted by Yatra's co-founder and executive chairman, Dhruv Shringi, and CEO, Siddhartha Gupta. The following discussion, including responses to your questions, refl ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $225 million, representing a 226% increase year-over-year and a 33% increase sequentially [5][17] - Gross profit totaled $10.6 million, with an adjusted EBITDA of $31.2 million for the quarter [5][21] - Self-mining revenue was $168.6 million, up 306% year-over-year and 28.7% sequentially [17] - Total operating expenses for the quarter were $66.3 million, compared to $42.5 million in Q4 2024 and $60.5 million in Q3 2025 [20] Business Line Data and Key Metrics Changes - Self-mining hash rate increased to over 63 exahash per second by the end of January 2026, up from 55 exahash per second at year-end [13] - SEALMINER sales revenue was $23.4 million, up 105.4% from $11.4 million in Q3 2025 [18] - The overall fleet-wide efficiency improved to 17.5 joules per terahash as of January 31, 2026 [14] Market Data and Key Metrics Changes - The company reported a significant shift in market dynamics around AI data center development, with increased demand for large-scale colocation capacity [6][7] - The average Bitcoin price decreased by 13% quarter-over-quarter, impacting gross margins [18][19] Company Strategy and Development Direction - The company aims to position itself as a vertically integrated Bitcoin and AI infrastructure provider, focusing on Bitcoin mining, ASIC development, and HPC AI [12][28] - The strategy includes prioritizing colocation services in Norway and the U.S. for large-scale AI HPC deployments [7][11] - The company plans to continue investing in self-mining capacity despite current Bitcoin price fluctuations, indicating a long-term belief in Bitcoin [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing colocation deals in the near future, although predicting exact timelines is challenging [31] - The company anticipates continued growth in self-mining operations and expects the supply-demand imbalance for AI compute to persist into 2027 [12][28] - Management highlighted the importance of maintaining operational flexibility and efficiency in response to market conditions [47] Other Important Information - The company plans to transition from IFRS to GAAP accounting standards starting in Q1 2026 [27] - Capital expenditures for 2025 totaled $176 million, with an anticipated range of $180 million to $200 million for 2026 [24] Q&A Session Summary Question: What are the main items being discussed with potential colocation customers? - Discussions vary by counterparty and include price, duration, and design considerations, with confidence in finalizing deals soon [30][31] Question: What should be expected in terms of debt and cost of capital for colocation projects? - Cost of capital will depend on counterparties and deal terms, making it difficult to predict at this stage [32][35] Question: What is the status of the Tydal site and its customer discussions? - The Tydal site is expected to be completed by the end of the year, with a low PUE of around 1.1 due to its hydropower source [40] Question: How does the company view the growth of its Bitcoin mining business in 2026? - The company remains committed to investing in Bitcoin mining capacity despite current market conditions, with no specific hash rate projections provided yet [42][43] Question: Is there a price point at which mining activity would slow down? - There is a price point where mining could slow, but the company has not reached it yet, and efficiency improvements allow for continued operation [47][48] Question: What is the strategy for GPU rental versus colocation? - The company will pursue colocation for larger sites and GPU rental for smaller sites, reflecting a strategic pivot based on customer needs [83][84]

West Pharmaceutical Services (NYSE:WST) Q4 2025 Earnings call February 12, 2026 08:00 AM ET Company ParticipantsBob McMahon - CFODan Leonard - Managing Director of Equity ResearchDaniel Markowitz - VPDavid Windley - Managing DirectorDoug Schenkel - Managing DirectorEric Green - CEOJohn Sweeney - VP of Investor RelationsMichael Ryskin - Managing DirectorPatrick Donnelly - Managing Director of Equity ResearchConference Call ParticipantsBrendan Smith - Director and Senior AnalystJustin Bowers - Equity Research ...

Financial Data and Key Metrics Changes - For the third quarter of fiscal year 2026, consolidated revenue from operations grew 10% year-on-year to INR 2,577 million (approximately $29 million) driven by steady demand across key segments, particularly in air ticketing [16] - Gross bookings in air ticketing increased 22% year-on-year to INR 16,931 million (or $188 million), with air adjusted margins rising 40% year-on-year to INR 1,195 million (or $13 million) [17] - Gross margins improved from 9.7% to 10.2% year-on-year, reflecting prudent discounting in B2C and better margin realization from suppliers for corporate hotels [11] Business Line Data and Key Metrics Changes - The B2C business continued to grow profitably, with gross bookings in the air ticketing segment increasing 22% year-on-year, supported by a 14% growth in air passenger volume [9][10] - In the hotels and packages segment, gross bookings increased 20% year-on-year to INR 4,306 million (close to $47 million), with hotel room nights growing by 22% year-on-year to 508,000 [17] - The corporate travel business onboarded 40 new corporate clients in the quarter, adding an annual billing potential of INR 2.2 billion [12] Market Data and Key Metrics Changes - Domestic travel faced short-term headwinds in December, while international travel remained strong with healthy year-on-year and sequential growth [3][4] - The company noted a divergence between domestic and international travel trends, with international travel benefiting from a structural upcycle [4] Company Strategy and Development Direction - The company is focusing on scaling its corporate travel business and enhancing its technology offerings, including AI-driven platforms for travel procurement [5][6] - Yatra aims to sharpen its go-to-market strategy by establishing separate teams for large enterprises and small to medium enterprises, indicating a targeted approach to capture market share [13][27] - The management emphasized the importance of tech innovation and the potential for upselling new solutions to existing corporate clients [15][28] Management's Comments on Operating Environment and Future Outlook - Management indicated that the revenue growth deceleration was largely seasonal and not indicative of a structural shift, attributing it to holiday disruptions and airline challenges [20] - The MICE segment is expected to grow, with management noting that corporates prefer working with larger vendors like Yatra, indicating a trend towards consolidation in the market [23][24] - The company sees significant headroom for growth in the corporate travel sector, with a large number of potential customers still untapped [25][26] Other Important Information - Cash and cash equivalents stood at INR 2,042 million (or $23 million) as of December 31, 2025, while gross debt increased slightly from INR 546 million to INR 583 million [17][18] Q&A Session Summary Question: Is the revenue growth deceleration structural or seasonal? - Management clarified that the deceleration is largely seasonal due to holiday disruptions and not a structural shift [20] Question: Are macro challenges impacting the MICE business? - Management stated that there have been no significant impacts from macro challenges, and they expect business travel to scale up due to new trade deals [22] Question: How many corporate partners are still potential opportunities? - Management indicated that there is significant headroom for growth, with many potential corporate clients still untapped [25][26]

BridgeBio Pharma Conference Call Summary Company Overview - **Company**: BridgeBio Pharma (NasdaqGS:BBIO) - **Focus**: Development of treatments for genetic diseases, particularly achondroplasia Key Industry Insights - **Clinical Trial**: Positive results from the PROPEL-3 clinical trial for infigratinib, a treatment for achondroplasia - **Market Opportunity**: The skeletal dysplasia market is valued at approximately $5 billion, with significant potential for infigratinib due to its oral administration and efficacy Core Findings from the Conference Call Clinical Trial Results - **Efficacy**: Infigratinib demonstrated a mean difference in annualized height velocity (AHV) of +0.21 cm/year against placebo, with a least squares mean difference of +1.74 cm/year, both statistically significant (p < 0.0001) [10][17] - **Height Z-score**: Achieved an LS mean of +0.41 on the treatment arm, surpassing previous trials [11][19] - **Body Proportionality**: Statistically significant improvement in upper-to-lower body segment ratio in children aged 3-8 years, marking the first significant result in this area [20][21] - **Safety Profile**: Well-tolerated with only three mild cases of hyperphosphatemia, no serious adverse events related to the drug [12][13][22] Regulatory and Commercial Strategy - **Regulatory Submissions**: Plans to submit a New Drug Application (NDA) to the FDA and a Marketing Authorization Application (MAA) to the EMA in the second half of 2026 [23] - **Commercial Plans**: Experienced team in rare disease launches, aiming for a comprehensive support program for infigratinib [27][28] - **Market Penetration**: Anticipated to capture over 50% of the market due to the oral formulation and compelling efficacy data [35] Future Directions - **Ongoing Trials**: Active trials for infants and toddlers with achondroplasia and plans for studies in other conditions like hypochondroplasia, Turner syndrome, and SHOX deficiency [25][26][78] - **Long-term Studies**: Commitment to studying the long-term impact of infigratinib on health and functionality beyond height changes [24] Additional Insights - **Community Feedback**: Emphasis on the importance of body proportionality and functionality improvements for patients and families [40] - **Market Dynamics**: Anticipated growth in the market for oral therapies, with historical data suggesting a three to fivefold increase in market size upon introduction of oral alternatives [51] Conclusion - BridgeBio Pharma is positioned to significantly impact the treatment landscape for achondroplasia with infigratinib, supported by strong clinical data and a strategic commercial approach aimed at maximizing market penetration and patient benefit.