Financial Data and Key Metrics Changes - For the full year 2025, the company reported record-adjusted earnings per share of $2.93, compared to $2.33 per share for 2024, reflecting significant earnings growth driven by new rates in Oregon and strong organic customer growth [19][20] - The company generated approximately $270 million in cash provided by operating activities, about 35% above 2024 [20] - The company invested a record $467 million in systems related to safety, reliability, and technology, with 75% allocated to Northwest Natural Gas [21] Business Line Data and Key Metrics Changes - The Northwest Natural Gas utility segment saw adjusted earnings per share improve by $0.45, primarily due to new rates in Oregon [19] - SiEnergy contributed $0.33 per share for 2025, exceeding expectations, with an 18% organic customer growth [19][12] - The water segment contributed $0.35 per share, driven by new rates and additional revenues from an acquisition, marking a significant increase in earnings [20][15] Market Data and Key Metrics Changes - The company expects to achieve 2%-3% organic customer growth across its utilities through 2030, with SiEnergy and Water expected to outpace overall consolidated growth rates [16] - The company anticipates a consolidated capital expenditure of approximately $500 million-$550 million in 2026, with a five-year CapEx plan of $2.6 billion to $2.9 billion through 2030 [23] Company Strategy and Development Direction - The company is focused on disciplined execution and delivering consistent, growing earnings and returns for shareholders, with a long-term EPS growth target of 4%-6% [4][22] - The MX3 Gas Storage Expansion project is expected to enhance regional reliability and capacity, potentially increasing long-term earnings growth targets to 5%-7% once approved [6][12] - The company is diversifying into the water utility business and expanding into multiple jurisdictions, including Texas, to enhance long-term growth prospects [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for the next several years, emphasizing the importance of natural gas in meeting energy demand [8][10] - The company is optimistic about the growth in the Texas market, driven by industrial and commercial activity, and sees potential benefits from reduced mortgage rates [36][37] - Management highlighted the importance of maintaining affordable rates for customers while achieving growth targets [17] Other Important Information - The company has a strong dividend growth record, marking 70 consecutive years of dividend increases, with a target payout ratio of 55%-65% [17] - The company is committed to maintaining strong investment-grade credit ratings and funding its growth through a balanced mix of operating cash flows, long-term debt, and equity [24] Q&A Session Summary Question: Guidance and Growth Range - Management is comfortable with the current 4%-6% long-term EPS growth guidance without MX3, expecting to increase it to 5%-7% once the project achieves notice to proceed [27] Question: Notice to Proceed Timeline - Management expects to receive notice to proceed by the end of next year, with several milestones already achieved [28] Question: SiEnergy Growth Expectations - SiEnergy has exceeded growth expectations despite a slowdown in the Texas housing market, with strong additions to its customer backlog [29] Question: Rate Case Considerations - Management is contemplating a rate case for SiEnergy this year, evaluating factors including customer affordability [30] Question: Water Business Expansion - The company is focused on both organic growth and potential acquisitions in the water business, with a strong pipeline of opportunities [34] Question: Impact of Mortgage Rates on Growth - Management noted a recent uptick in housing development in Texas due to reduced mortgage rates, which is seen as a positive sign for future growth [36]

Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, highlighting strong performance and stability in strategy [4][12] - For the full year 2025, adjusted EBITDA was approximately $763 million, excluding SREs [12] - Net income for Q4 was $78 million or $1.26 per share, with adjusted net income at $143 million or $2.31 per share [12] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million [13] - The logistics segment delivered approximately $142 million in adjusted EBITDA, indicating strong performance [13] Market Data and Key Metrics Changes - DKL had a record year with approximately $536 million in adjusted EBITDA, and 2026 EBITDA guidance is expected to be in the range of $520 million to $560 million [5] - DKL is nearing completion on its comprehensive sour gas solution, which will enhance its market access and growth opportunities in the Delaware Basin [6][7] Company Strategy and Development Direction - The company is focused on improving free cash flow and has raised its Enterprise Optimization Plan target to at least $200 million on an annual run rate basis [5][9] - The strategy includes maintaining a strong balance sheet, returning value to shareholders through dividends and share buybacks, and ensuring safe and reliable operations [11][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing success of the Enterprise Optimization Plan, which is becoming part of the company culture [52] - The company anticipates continued improvements in cash flow generation and operational performance, particularly post-turnaround at the Big Spring refinery [8][45] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [15] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [11] Q&A Session Summary Question: Cash inflow on remaining SREs and future RINs value - Management discussed the importance of SREs and the expectation of continued support from the EPA regarding future RINs [20][22] Question: Consolidation of DKL and ownership goals - Management highlighted ongoing efforts to ensure the value of the midstream business is reflected in share prices and discussed potential strategies for further consolidation [40][42] Question: Drivers of raised cash flow guidance - Management attributed the raised guidance to the success of the Enterprise Optimization Plan and ongoing operational improvements [51][52] Question: Supply line performance and future expectations - Management noted that the supply and marketing segment has shown strength due to EOP initiatives and market optimization efforts [58][60]

Financial Data and Key Metrics Changes - The same-store revenue growth for Q4 2025 was negative 0.1%, indicating stabilization compared to previous quarters [11] - Funds from Operations (FFO) per share for the quarter was reported at $0.64, with a 1.9% increase in the quarterly dividend to an annualized $2.12 per share, representing a 5.3% dividend yield [12] - The leverage ratio ended the year at 4.8x net debt to EBITDA, indicating a strong balance sheet [16] Business Line Data and Key Metrics Changes - The occupancy gap improved to 88.7% by the end of January 2026, narrowing from year-end 2025 [8] - Move-in rates showed significant improvement, turning positive at +2.8% in Q4 2025, compared to -10% in Q4 2024 [7] - Over 75% of the top 25 markets experienced revenue growth acceleration from Q3 to Q4 2025 [9] Market Data and Key Metrics Changes - Core urban markets in the Northeast and Midwest outperformed, while supply-impacted markets in the Sun Belt and West Coast began to show improvement [5][9] - Only 19% of same-store assets are projected to face new supply impacts in 2026, the lowest percentage since 2017 [10] Company Strategy and Development Direction - The company aims to return to growth in 2026, focusing on stabilizing fundamentals and improving operating metrics [5] - A new joint venture with CBRE IM was announced, with a $250 million mandate to invest in high-growth markets [13] - The company is considering share repurchases as a strategic option to enhance shareholder value amid disconnected public and private market valuations [15][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to historical revenue growth levels, expecting gradual improvement throughout 2026 [9][39] - The company is focused on expense controls, having led the sector in the lowest expense growth over the past several years [18] - Management acknowledged the potential impact of economic conditions, including layoffs, on demand for self-storage services, but emphasized the resilience of the business model [56][99] Other Important Information - The company executed share repurchases during Q4 2025, with an expanded authorization allowing for approximately $475 million in capacity [15] - The company is exploring opportunities to sell or contribute assets to joint ventures to fund additional share repurchases if valuation gaps persist [16][70] Q&A Session Summary Question: How does the company view supply impacts? - The company assesses supply impacts over a three-year rolling period, with 19% of stores impacted in 2026, reflecting deliveries from 2024 to 2026 [21][23] Question: How is the company responding to the lawsuit in New York? - The company is monitoring the situation and remains focused on compliance and providing optimal customer experiences [25] Question: What is driving the higher operating expenses outlook? - Key drivers include real estate taxes and weather-related costs, with personnel costs expected to rise slightly above inflation [30] Question: What is the outlook for move-in rates? - Management expects steady improvement in move-in rates, with a focus on maximizing revenue from existing customers [36][62] Question: How does the company view its portfolio and potential dispositions? - The company is open to trading assets to enhance portfolio quality and may consider joint ventures for non-core assets [69][70]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported record-adjusted earnings per share of $2.93, compared to $2.33 per share for 2024, reflecting significant earnings growth driven by new rates in Oregon and strong organic customer growth [19][20] - The company generated approximately $270 million in cash provided by operating activities, about 35% above 2024 [20] - The company invested a record $467 million in systems related to safety, reliability, and technology, with 75% allocated to Northwest Natural Gas [21] Business Line Data and Key Metrics Changes - The Northwest Natural Gas utility segment saw adjusted earnings per share improve by $0.45, primarily due to new rates in Oregon [19] - SiEnergy contributed $0.33 per share for 2025, exceeding expectations, with an 18% organic customer growth rate [19][12] - The water segment contributed $0.35 per share, driven by new rates and additional revenues from an acquisition, marking a significant increase in earnings [20][15] Market Data and Key Metrics Changes - The company expects to achieve consolidated organic customer growth of 2%-3% and rate-based growth of 6%-8% through 2030, supported by a planned capital expenditure of $2.6 billion-$2.9 billion [16][23] - SiEnergy is projected to generate between 10%-15% of consolidated earnings per share in 2026, with expectations of 15%-20% customer growth each year through 2030 [14][22] Company Strategy and Development Direction - The company is focused on disciplined execution and delivering consistent, growing earnings and returns for shareholders, with a long-term EPS growth target of 4%-6% [7][22] - The MX3 Gas Storage Expansion project is expected to enhance regional reliability and capacity, potentially increasing long-term earnings growth targets to 5%-7% once approved [6][12] - The company is diversifying into the water utility business and expanding into multiple jurisdictions, including Texas, to enhance long-term growth prospects [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for future growth, emphasizing the importance of natural gas in meeting energy demand [5][10] - The company anticipates another record year for capital investment and earnings in 2026, with a focus on returning capital to shareholders [17][24] - Management noted that the transition to multi-year rate cases will provide greater clarity and predictability for customers and utilities [8][9] Other Important Information - The company has a strong balance sheet with significant liquidity of approximately $590 million as of December 31, 2025 [21] - The dividend payout ratio is expected to moderate to 55%-65% over the next several years, with a commitment to returning capital to shareholders [24] Q&A Session Summary Question: Where does the company see itself within the existing growth range, and how does the MX3 project impact this? - Management is comfortable with the 4%-6% long-term EPS growth guidance without MX3, expecting to increase it to 5%-7% once the project achieves notice to proceed [27] Question: When is the expected notice to proceed for the MX3 project, and are there any potential delays? - The company expects notice to proceed by the end of next year, with several milestones already achieved [28] Question: How is SiEnergy performing relative to expectations, and is a rate case being considered? - SiEnergy has exceeded expectations with strong growth and record additions to its backlog, and a rate case is being contemplated [29][30] Question: What are the next steps for the water segment in terms of expansion and acquisitions? - The company is focused on both organic growth and opportunistic acquisitions, particularly in Texas, where growth has been strong [34][35] Question: Have recent changes in mortgage rates affected housing development and customer growth in Texas? - Management noted a recent uptick in housing activity due to lower mortgage rates, which is seen as a positive for long-term growth in Texas [36][37]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss attributable to common stockholders of $46 million, or $0.67 per diluted share, and an AFFO per diluted share of -$0.02. For the full year, the net loss was $72.7 million, or $1.07 per diluted share, with an AFFO per diluted share of $0.28 [12][14] - Adjusted EBITDAre for Q4 was $28.8 million, while for the full year it was $147 million. Total assets at quarter end were $1.9 billion, with $1.1 billion in loans and a blended average interest rate of 6.7% [12][13] - The company ended the quarter with cash and cash equivalents of $124.4 million and restricted cash of $42.5 million [13] Business Line Data and Key Metrics Changes - Comparable total revenue growth for Q4 was 1.8%, while full-year comparable total revenue growth was 2.8%. Comparable Hotel EBITDA growth for Q4 was 6% and for the full year it was 3.1% [6][8] - The resort portfolio reported a comparable RevPAR of $536, a 4.1% increase over the prior year, and comparable Hotel EBITDA of $32.5 million, a 6% increase [9][19] - Excluding hotels under renovation, RevPAR growth was 2.6%, and comparable Hotel EBITDA increased 6.4% [8][18] Market Data and Key Metrics Changes - The company’s portfolio consisted of 13 hotels with 3,028 rooms as of December 31, 2025 [17] - Group room revenue increased by 7.1% for the full year, with Q4 group room revenue up 0.4% compared to the prior year [20] - The Ritz-Carlton, Sarasota achieved a RevPAR increase of 25.5% and Hotel EBITDA improvement of 48% compared to the prior year [24] Company Strategy and Development Direction - The company has initiated a sale process and engaged Robert W. Baird & Co. as its financial advisor, with no definitive timetable for completion [5] - The strategic repositioning of Cameo Beverly Hills to Hilton's luxury LXR brand reflects the company's commitment to enhancing guest experience and competitive positioning [11] - The company plans to continue redeeming non-traded preferred stock to deleverage its platform and improve cash flow per share [11] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the portfolio's performance despite a challenging operating environment in the hospitality industry [8][28] - The company remains optimistic about sustaining operating momentum and delivering strong results in the future [20][27] - Management highlighted the importance of high-margin ancillary revenue streams and the effectiveness of targeted sales strategies [21][22] Other Important Information - The company sold the 410-room Clancy in San Francisco for $115 million, which allowed for a $65 million debt paydown and retained approximately $44 million in net proceeds [10] - Capital expenditures in 2025 totaled approximately $78 million, with anticipated spending between $25 million and $35 million in 2026 [26] Q&A Session Summary - The Q&A session included inquiries about the company's sale process, future capital expenditures, and strategies for enhancing revenue streams. Management reiterated their focus on shareholder value and operational efficiency [28]

Financial Data and Key Metrics Changes - TransAlta reported Adjusted EBITDA of CAD 1.1 billion and Free Cash Flow of CAD 450 million, or CAD 1.73 per share, with an average fleet availability of 92.3% for 2025 [5][19] - The company experienced lower power pricing in Alberta, with the average spot price dropping to CAD 44 per megawatt hour in 2025 from CAD 63 per megawatt hour in 2024 [19][20] - Free Cash Flow for the fourth quarter was CAD 93 million, CAD 47 million higher than the same period last year [17] Business Line Data and Key Metrics Changes - The hydro segment generated Adjusted EBITDA of CAD 285 million, while the wind and solar segment delivered CAD 338 million, a 7% increase compared to 2024 [17][18] - The gas segment's Adjusted EBITDA decreased to CAD 438 million due to lower power prices and higher operating costs [18] - The energy transition segment delivered CAD 100 million of Adjusted EBITDA, increasing year-over-year due to lower purchased power costs [18] Market Data and Key Metrics Changes - The Alberta spot power price averaged CAD 44 per megawatt hour in 2025, significantly lower than the previous year's average [19] - The gas fleet captured an average price of CAD 66 per megawatt hour, a 50% premium to the average spot price [20] - The hydro fleet realized an average price of CAD 58 per megawatt hour, a 32% premium to the average spot price [20] Company Strategy and Development Direction - TransAlta is focusing on advancing its data center opportunity at Keephills, with a memorandum of understanding (MOU) established with CPP Investments and Brookfield [10][11] - The company aims to maximize the value of its legacy thermal sites while pursuing strategic M&A opportunities [28][30] - The strategic priorities for 2026 include improving safety performance, delivering Adjusted EBITDA and Free Cash Flow within guidance ranges, and advancing the cold-to-gas conversion at Centralia [28] Management's Comments on Operating Environment and Future Outlook - Management noted that lower power pricing and subdued market volatility impacted the operating environment in 2025 [5] - The outlook for 2026 anticipates Adjusted EBITDA in the range of CAD 950 million to CAD 1.1 billion, with Free Cash Flow expected between CAD 350 million and CAD 450 million [25][26] - Management expressed confidence in the company's ability to fund growth opportunities through existing Free Cash Flow generation and incremental debt capacity [80] Other Important Information - The board approved an 8% increase in the common share dividend to CAD 0.28 per share, marking the seventh consecutive annual dividend increase [8] - The company achieved record safety performance with a total recordable injury frequency rate of 0.12, significantly lower than the previous year's rate [6] Q&A Session Summary Question: Details on the data center opportunity and ramp-up expectations - Management indicated that speed to power remains a priority and that definitive documents are expected to be completed within the year [33][34] Question: Terms of risk sharing in the MOU - Management refrained from disclosing specific terms but emphasized the commercial framework's appropriateness [35][36] Question: Update on the M&A market and views on gas and renewable assets - Management noted that the M&A market remains active, with opportunities in both renewable and thermal generation assets [52][53] Question: Key gating items to move from MOU to binding agreement - Management stated that definitive agreements are expected to be completed within the year, with ongoing engagement with partners [59][60] Question: Funding capacity for upcoming projects - Management expressed confidence in the ability to fund growth opportunities through existing Free Cash Flow and various financial levers [80][81]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $3.7 million, or $0.27 per diluted share, on net sales of $62.6 million, reflecting a gross margin of 27.7%, up from 24.9% in the prior year period, marking a 280 basis point increase due to lower operational costs and the Gold Tip acquisition [11][4][3] - Total cash flow from operations for Q4 2025 was $14.9 million, compared to $12.3 million in the prior year, driven by a 10% decrease in inventory and improved profitability [12][13] Business Line Data and Key Metrics Changes - Net sales declined 2.2% in Q4 2025, primarily due to softer consumer demand in basketball and outdoor games, although this was partially offset by growth in archery and billiards, aided by recent acquisitions and new product launches [3][4] - The company made significant inventory efficiency improvements, with total inventory declining by 10% year-over-year, supporting better working capital management [4] Market Data and Key Metrics Changes - The consumer environment remains mixed, with less affluent consumers being more price-sensitive while affluent consumers are less affected by price changes [5] - The company is closely monitoring emerging tariff policy changes but does not anticipate immediate impacts from recent changes [6] Company Strategy and Development Direction - The company is shifting focus from cost optimization to profitable growth while leveraging a leaner balance sheet and operational discipline established in 2025 [5][9] - M&A remains a capital allocation priority, with recent acquisitions aimed at supporting growth and expanding market position [7][9] - The company plans to increase capital expenditures in 2026 to expand capacity and improve efficiency [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the dynamic environment, emphasizing a strong free cash flow generation that supports future growth investments [9] - The company expects consumer conditions to remain mixed in 2026, influenced by moderating interest rates and persistent inflation [5] Other Important Information - The company repaid nearly $2 million of long-term debt during Q4 2025 while increasing cash levels, reflecting a strong cash arbitrage position [9] - The acquisition of AllCornhole was completed in Q4 2025, enhancing the outdoor recreation portfolio [7] Q&A Session Summary Question: Inquiry about the new 110,000 sq ft facility - The facility, located in Olney, Illinois, will primarily be used for warehousing for fitness and safety businesses, with potential for future consolidation of additional categories [16][17] Question: Product mix and demand trends - Higher price point products are showing favorable sales trends, while lower price point products are not performing as well, impacting overall product mix [18][19] Question: Future price increases in response to tariffs - The company does not anticipate significant additional price increases in the near term but remains vigilant regarding tariff changes [20][21] Question: Impact of potential tariff refunds - The company indicated that potential refunds from tariffs could be meaningful, estimated in the $4 million-$5 million range [24][25]

TransAlta (NYSE:TAC) Q4 2025 Earnings call February 27, 2026 11:00 AM ET Company ParticipantsJoel Hunter - EVP Finance and CFOJohn Kousinioris - President and CEONancy Brennan - EVP of Legal and External AffairsStephanie Paris - VP of Investor Relations and Corporate StrategyConference Call ParticipantsBenjamin Pham - Managing Director and Senior Equity Research AnalystJohn Mould - VP and Equity Research AnalystMark Jarvi - Managing Director and Senior Equity AnalystMaurice Choy - Managing Director and Seni ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss attributable to common stockholders of $46 million, or $0.67 per diluted share, and an AFFO per diluted share of -$0.02 [12] - For the full year 2025, the net loss attributable to common stockholders was $72.7 million, or $1.07 per diluted share, with an AFFO per diluted share of $0.28 [12] - Adjusted EBITDAre for Q4 was $28.8 million, while for the full year it was $147 million [12] - Total assets at quarter end were $1.9 billion, with $1.1 billion in loans and a blended average interest rate of 6.7% [12][13] Business Line Data and Key Metrics Changes - Comparable total revenue growth for Q4 was 1.8%, while full-year comparable total revenue growth was 2.8% [6][8] - Comparable Hotel EBITDA for Q4 increased by 6%, and for the full year, it grew by 3.1% [8][19] - The resort portfolio reported a comparable RevPAR of $536, a 4.1% increase over the prior year, and comparable Hotel EBITDA of $32.5 million, a 6% increase [9] Market Data and Key Metrics Changes - Comparable hotel RevPAR was flat for Q4, but ADR improved by 5.4% compared to the prior year [18] - Excluding properties under renovation, RevPAR increased by 4.6% and Total RevPAR increased by 6.3% for Q4 [18] - Group room revenue for the full year increased by 7.1%, with Q4 group room revenue up 0.4% [20] Company Strategy and Development Direction - The company has initiated a sale process and engaged Robert W. Baird & Co. as its financial advisor, with no definitive timetable for completion [5] - The company is focusing on high-margin ancillary revenue streams to drive profitability [19] - Recent renovations and strategic repositioning of properties, such as the conversion of Cameo Beverly Hills to Hilton's LXR brand, reflect the company's commitment to enhancing guest experiences [11][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining operating momentum and delivering strong results in the future [19] - The company is optimistic about opportunities ahead and plans to continue enhancing its diversified platform [27] - Management highlighted the resilience of the portfolio and the positive impact of recent renovations on future performance [11][28] Other Important Information - The company sold the 410-room Clancy in San Francisco for $115 million, which allowed for a $65 million debt paydown [10] - Approximately $149 million of non-traded preferred stock has been redeemed, representing about 32% of the original capital raise [11] - Capital expenditures in 2025 totaled approximately $78 million, with an anticipated spending of $25 million to $35 million in 2026 [26] Q&A Session Summary - The management team addressed questions regarding the impact of renovations on performance and the strategic direction of the company amidst the sale process [28]

Energy Fuels (NYSEAM:UUUU) Q4 2025 Earnings call February 27, 2026 11:00 AM ET Company ParticipantsCurtis Moore - SVP of Marketing and Corporate DevelopmentMark Chalmers - CEOMatthew Key - VP of Equity ResearchNathan Bennett - CFONoel Parks - Managing Director, CleanTech and E&PRoss Bhappu - PresidentConference Call ParticipantsAnthony Taglieri - Equity Research AnalystBrian Lee - Equity Research AnalystHeiko Ihle - Managing Director, Senior Metals and Mining AnalystJoseph Reagor - Managing Director, Senior ...