Ventas (NYSE:VTR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsBJ Grant - SVP of Investor RelationsDebra A. Cafaro - Chairman and CEOFarrell Granath - Equity Research AssociateJ. Justin Hutchens - EVP of Senior Housing and Chief Investment OfficerJim Kammert - Managing DirectorJohn Kilichowski - Executive Director Equity ResearchJuan C. Sanabria - Managing DirectorJulien Blouin - VP of Real Estate Global Investment ResearchMichael Carroll - Managing DirectorNick Joseph - Global He ...

Financial Data and Key Metrics Changes - Assets under management (AUM) decreased to $159 billion from $169 billion due to net outflows and market performance [6][14] - Total sales were $5.3 billion, down from $6.3 billion in the previous quarter [6][15] - Net outflows totaled $8.1 billion, significantly higher than $3.9 billion in the prior quarter [7][16] - Earnings per share (EPS) adjusted was $6.50, a decline from $6.69 in the previous quarter [9][21] - Operating margin decreased to 32.4% from 33% in the prior quarter [9][20] Business Line Data and Key Metrics Changes - Equity net outflows were primarily driven by quality-oriented strategies, with institutional net outflows of $3 billion [7][16] - Fixed income net flows were modestly negative at $0.1 billion, but certain strategies saw positive flows [7] - ETFs generated $0.6 billion of positive net flows, continuing strong momentum [16] Market Data and Key Metrics Changes - The market environment favored momentum-driven stocks, leading to underperformance in quality-oriented equity strategies [3] - January sales showed improvement, reaching the highest level since June, indicating a potential shift in investor sentiment [8] Company Strategy and Development Direction - The company is focusing on broadening product offerings, including the introduction of new actively managed ETFs and expansion into private markets [4][5] - The acquisition of Keystone National Group aims to enhance private market offerings and provide differentiated strategies [12][13] - The company is also exploring opportunities for growth in non-U.S. markets and other distribution channels [29][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment for quality-oriented equity strategies but expressed confidence in their long-term performance [3][10] - There are encouraging signs of broadening investor sentiment, with hopes for a recovery in quality strategies [8][41] - The company remains committed to balancing capital priorities, including investments in the business and returning capital to shareholders [11][54] Other Important Information - The company repurchased approximately 60,000 shares for $10 million in the quarter, totaling $60 million for the year [11][22] - The effective tax rate was 25.3%, expected to decrease to 23%-24% with the addition of Keystone [21] Q&A Session Summary Question: Can you elaborate on the fee rate compression in the quarter? - The fee rate was impacted by discrete expenses, particularly on the ETF side, but remained relatively stable [25][26] Question: What are the future transaction opportunities for diversification? - The company is considering both private markets and growth equity strategies for future transactions [28][29] Question: What is the software exposure across AUM? - The company is generally underweight in technology, which has affected the performance of quality-oriented equities [38][39] Question: What drove the acceleration in negative flows quarter to quarter? - The underperformance of quality-oriented strategies and seasonal tax loss harvesting contributed to increased outflows [40][41] Question: Can you discuss the growth opportunities with the Keystone transaction? - There is significant potential to leverage Keystone's capabilities in wealth management and institutional channels [48][50] Question: How will capital deployment priorities shift with recent transactions? - The company will maintain a balanced approach to capital allocation, emphasizing repurchases and dividends while considering new investments [52][54]

Cousins Properties (NYSE:CUZ) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAnthony Paolone - Executive DirectorBrendan Lynch - DirectorColin Connolly - President and CEOGregg Adzema - EVP and CFOKennedy Hicks - EVP and Chief Investment OfficerPamela Roper - General CounselRichard Hickson - EVP of OperationsConference Call ParticipantsAndrew Berger - AnalystBlaine Heck - AnalystDylan Burzinski - Senior AnalystJohn Kim - AnalystNick Thillman - AnalystShashank Saravanan - AnalystUpal ...

Financial Data and Key Metrics Changes - Canopy Growth ended Q3 with CAD 371 million in cash and cash equivalents, and a net cash position of CAD 146 million, marking a strong financial foundation [4][10] - The company achieved its slimmest Adjusted EBITDA loss to date of CAD 3 million, reflecting improved cost discipline and execution [14] - Q3 cannabis net revenue was CAD 52 million, up 4% year-over-year, with Canadian medical cannabis revenue increasing 15% to CAD 23 million [11][12] Business Line Data and Key Metrics Changes - Canadian medical cannabis net revenue grew 15% year-over-year, marking the sixth consecutive quarter of growth, driven by high-quality patient experiences and engagement [6] - Canadian adult use cannabis revenue increased 8% year-over-year to CAD 23 million, supported by growth in pre-rolls and vapes [12] - Storz & Bickel net revenue grew 45% sequentially to CAD 23 million, driven by strong seasonal sales and the introduction of new products [13] Market Data and Key Metrics Changes - International cannabis sales increased 22% quarter-over-quarter, indicating stabilization and return to growth [12] - The company is focusing on improving execution and laying groundwork for growth in international markets, particularly in Europe [8] Company Strategy and Development Direction - Canopy Growth is focused on elevating the quality of its brands, strengthening product innovation, and improving cultivation efficiency [7][19] - The proposed acquisition of MTL Cannabis is expected to enhance the company's leadership in Canadian medical cannabis and provide high-quality flower supply [5][6] - The company aims to achieve positive Adjusted EBITDA during fiscal 2027, supported by cost-saving initiatives and growth in Canadian cannabis sales [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's progress, highlighting a stronger balance sheet and growing Canadian cannabis sales [9] - The focus is on unlocking additional value through elevated cultivation, innovative brands, and disciplined execution [9][19] - Management is actively addressing potential impacts from proposed changes to the Veterans Reimbursement Program while maintaining service quality [6][32] Other Important Information - The company completed a CAD 150 million recapitalization to improve liquidity and extend debt maturities to 2031, providing more flexibility for future financing [5][11] - The integration of MTL Cannabis is expected to contribute positively to net revenue, gross margin, and Adjusted EBITDA [16] Q&A Session Summary Question: Expectations for international business growth over the next 12-18 months - Management indicated that they are confident in improving international supply chain capabilities and expanding flower offerings in Europe [21][22] Question: Trends in gross margin expectations for cannabis - Management expects a blended gross margin in the mid- to high 30s, with the MTL acquisition anticipated to be accretive to gross margin [25][26] Question: Clarification on positive Adjusted EBITDA expectations - Management aims for positive Adjusted EBITDA during fiscal 2027, with efforts to achieve this as soon as possible [29] Question: Impact of debt maturities and equity issuance - Management expects reduced utilization of the ATM in the coming quarters due to improved balance sheet position [30] Question: Domestic medical business and veterans reimbursement proposal - Management is actively working to mitigate the impact of proposed reimbursement changes on veterans while maintaining service quality [32][34]

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward [5] - Portfolio occupancy currently over 96%, with significant improvement expected in supply conditions [9] - The company purchased approximately $206 million of its stock during Q4 and a total of $300 million in 2025 [11] Business Line Data and Key Metrics Changes - Revenue results for Q4 reflect a physical occupancy of 96.4%, driven by solid demand and strong retention [16] - Blended rate growth of 0.5% in Q4 was driven by a strong renewal rate of 4.5%, offset by negative new lease rates in most markets except San Francisco [16] - Other income growth was slightly below expectations due to less income from bulk internet rollout and bad debt net improvement [16] Market Data and Key Metrics Changes - Strong rental growth was observed in coastal markets during the first half of 2025, followed by a deceleration in revenue momentum in the latter half, except for San Francisco and New York [6] - The D.C. market showed strength in the first half of 2025 but eroded later due to federal job cuts and uncertainty [24] - Atlanta is showing improved pricing power, while Denver is experiencing the worst performance among expansion markets [25] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in all 12 markets through renovations, acquisitions, and development activities [10] - The focus is on selling properties with lower forward return profiles to buy back stock, improving the growth rate of the existing portfolio [11] - The company plans to start some development projects in 2026, having acquired land parcels at the end of Q4 2025 [88] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a broad range of possible outcomes for the U.S. economy, particularly regarding job growth [7] - The company expects a significant improvement in the supply picture in the second half of 2026, which could lead to accelerated revenue growth [9] - Management remains optimistic about the forward prospects of the business, citing a decline in competitive new supply in their markets [12] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [12] - The anticipated Same Store expense growth for 2026 is between 3%-4%, with controllable expenses expected to remain stable [28] - The company ended 2025 with a net debt to normalized EBITDAre of 4.3x, reflecting a strong balance sheet [35] Q&A Session All Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [38] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewals are expected to land around 4.5%, with confidence in the stability of the portfolio despite economic conditions [45] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [50] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company factors in litigation costs and biases its portfolio allocation away from markets with excessive regulatory costs [54] Question: What is the expected cadence of Same Store revenue growth through the year? - The cadence is expected to be steady, with the second half being stronger due to reduced competitive supply [85]

GrafTech International (NYSE:EAF) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsKirk Ludtke - Managing DirectorMichael Dillon - VP of Investor RelationsRory O'Donnell - CFOTimothy Flanagan - CEOConference Call ParticipantsAbraham Landa - Senior Research AnalystArun Viswanathan - AnalystBennett Moore - AnalystOperatorMy name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to GrafTech International's fourth quarter 2025 earnings ...

Equity Residential (NYSE:EQR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAlexander Goldfarb - Managing DirectorBob Garechana - Chief Investment OfficerBrad Heffern - DirectorBret McLeod - CFOHaendel St. Juste - Managing DirectorJamie Feldman - Managing DirectorJohn Pawlowski - Managing DirectorLinda Tsai - Senior Vice PresidentMark Parrell - President and CEOMartin McKenna - Head of Investor RelationsMichael Manelis - Chief Operating OfficerRich Hightower - Managing DirectorConf ...

MarketAxess (NasdaqGS:MKTX) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsChris Concannon - CEOIlene Fiszel Bieler - CFOStephen Davidson - Head of Investor RelationsConference Call ParticipantsAlex Blostein - Managing Director & Senior Equity Research Analyst, Financial ServicesChris O’Brien - for Ben Budish, Director & Senior Equity Research AnalystDan Fannon - Managing Director & Senior Research AnalystEli Abboud - Equity Research AnalystJeff Schmitt - Senior Equity Research Anal ...

Financial Data and Key Metrics Changes - The company reported Q4 operating EPS of $7.75 per share, marking the second consecutive record quarter in earnings [6] - Adjusted operating return on equity (ROE) for the trailing 12 months was 15.7%, exceeding the intermediate-term target range of 13%-15% [6][17] - For the full year 2025, the company achieved record operating EPS and increased the value of Inforce business margins by 18% [6][10] Business Line Data and Key Metrics Changes - The U.S. market showed favorable results driven by management actions and variable investment income, with individual life mortality in line with expectations [8] - EMEA results reflected strong volume growth and favorable experience, with full-year pre-tax earnings up 35% [11] - APAC continued to see growth momentum, with pre-tax operating income up 18% for the year [10][11] Market Data and Key Metrics Changes - Premium growth was 7.4% year-to-date on a constant currency basis, benefiting from strong growth across North America, EMEA, and APAC [18] - The U.S. healthcare business has approximately $400 million of annual premium, generating about $25 million of pre-tax run rate earnings [39] Company Strategy and Development Direction - The company is focused on a proactive business approach, optimizing its balance sheet, operational scaling, and capital stewardship to generate long-term shareholder value [14][15] - A strategic review led to the decision to exit the group healthcare lines of business, with a focus on deploying capital in strategically aligned businesses [12][39] - The company aims to maintain a balanced approach to capital deployment, targeting a total payout ratio of 20%-30% for buybacks and dividends [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate attractive shareholder value going forward, supported by a strong pipeline of opportunities across various regions [16][77] - The company anticipates a more limited financial impact from Inforce management actions in 2026 compared to recent years [22][83] - Higher interest rates are viewed positively for overall earnings, with modest exposure to disintermediation risk from higher rates [89] Other Important Information - The company successfully repurchased $50 million of shares in Q4, totaling $125 million since reinstating buybacks [10][18] - The effective tax rate for Q4 was 23.8%, with expectations for 2026 in the range of 22%-23% [18] Q&A Session Summary Question: Capital allocation and payout ratio - Management confirmed the target of a 20%-30% total payout ratio while maintaining flexibility for capital deployment [32] Question: Group health rate actions and exit strategy - Significant rate actions were taken, including a 40% average increase, and the decision to exit the group healthcare business was driven by strategic alignment [38][39] Question: Performance of the Equitable block - The Equitable transaction is expected to generate earnings of $160-$170 million in 2026, with various drivers of economic upside identified [45][46] Question: Long-term care risk transfer deal performance - Management expressed satisfaction with the long-term care business performance, aligning with risk appetite and return expectations [57] Question: Exposure to software-related companies and AI disruption - The company has modest exposure to software lending and actively assesses the impact of AI on the investment portfolio [62] Question: Regulatory changes in Europe and competition - Management noted no significant competitive threats arising from regulatory changes in Europe, focusing on opportunities with both asset and biometric risks [72][73]

Reinsurance Group of America (NYSE:RGA) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAxel André - EVP and CFOJeff Hopson - SVP of Investor RelationsJonathan Porter - EVP and Global Chief Risk OfficerLeslie Barbi - EVP and Chief Investment OfficerThomas Gallagher - Senior Managing DirectorTony Cheng - President and CEOWes Carmichael - Executive DirectorConference Call ParticipantsAlex Scott - Insurance Research AnalystJimmy Bhullar - Equity Research AnalystJoel Hurwitz - AnalystJoh ...