Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated gold output of just under 32,000 ounces, meeting production guidance, with inventory buildup impacting higher production levels [2][3] - Gold sales for the year increased to approximately 28,200 ounces, compared to 21,500 ounces in the prior year, with total revenue from gold sales rising to approximately $95 million from $50 million [22][23] - The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million, compared to $111 million in the prior year [24] Business Line Data and Key Metrics Changes - At Granite Creek, mining activities ramped up, resulting in over 41,000 tons of high-grade mineralized material mined in the fourth quarter, including approximately 15,000 tons of high-grade oxide material at a grade of 11.19 grams per ton gold [6][7] - The company began construction of Archimedes, the second underground mine, with underground development advancing ahead of expectations, reaching approximately 680 meters by year-end [11] - The Cove project has seen significant advances in geological understanding, with a feasibility study nearly complete, although additional work is required [14][15] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, including a $250 million royalty from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [26][27] - The recapitalization plan is expected to fully fund phase one and phase two of the development plan, increasing annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently [30] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer, focusing on advancing its development plan and recapitalizing its balance sheet [2][3] - The refurbishment of the Lone Tree process plant is central to the company's hub and spoke strategy, designed to process material from its three underground mines [16][17] - The company plans to publish feasibility studies for its three high-grade underground projects and a pre-feasibility study for the Mineral Point project within the next 12-18 months [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements at Granite Creek and the potential for expansion at the Mineral Point project, emphasizing the importance of accelerating development [11][44] - The company is focused on moving its valuation closer to net asset value (NAV) as it continues to execute its development plan [32] Other Important Information - The company achieved an improved safety performance target, finishing the year with a total recordable incident rate (TRIR) of 0.62, including an incident-free fourth quarter [4] - The company plans a $10 million exploration drill program in 2026 to test high-potential targets and further delineate resources [10] Q&A Session Summary Question: Can you elaborate on the $400 million+ CapEx for the Lone Tree autoclave project? - The autoclave vessel needs rebricking, and the CIL circuit tanks need replacement, along with upgrades to the filtration system and instrumentation, leading to the total cost of $430 million [35][37] Question: Did you consider other engineering firms for the project? - The project has been worked on for approximately four years, and Hatch, which built the facility in the 1990s, was chosen for its expertise [38][39] Question: With the pre-development work at Mineral Point moved forward, does this allow for earlier value realization? - Accelerating development at Mineral Point is seen as beneficial, with the potential for increased resource and reserve base through the planned drilling program [43][44] Question: How should one model production and capture margin upside? - The sulfide toll milling charge is about $275-$280 per ton, which is significantly higher than internal processing costs, and detailed cost structures will be available after the tech report is completed [45][46]

Financial Data and Key Metrics Changes - Alliant Energy reported ongoing earnings per share (EPS) growth of $0.18 for 2025 compared to 2024, driven by increased revenue requirements from rate-based increases and favorable temperature impacts on electric and gas sales [13][14] - The company achieved a 10-year compound annual EPS growth of 6.3%, with ongoing EPS growth of 6% in 2025, exceeding the midpoint of guidance [5][14] - A total shareholder return of over 13% was delivered for the year, marking the 22nd consecutive year of dividend increases [5] Business Line Data and Key Metrics Changes - In Wisconsin, Alliant Energy completed 275 MW of energy storage investments and turbine upgrades, contributing to regulatory execution strength [6] - Electric sales increased by nearly 1% in 2025 compared to 2024, primarily driven by higher commercial and industrial sales [14] - The company has a backlog of opportunities to drive future growth, including four executed electric service agreements (EFAs) totaling 3 GW of peak load [9] Market Data and Key Metrics Changes - The company is focused on capturing growth opportunities in both Iowa and Wisconsin, with a commitment to keep Iowa retail electric base rates flat for existing customers through the end of the decade [8] - Alliant Energy is actively engaged with customers to pursue 2-4 GW of additional large load growth opportunities beyond current projections [10] Company Strategy and Development Direction - The company aims to unlock the potential of customers and communities, with a focus on data centers as significant capital investments that benefit local tax bases [6][7] - Alliant Energy's strategy includes maximizing existing resources, extending asset life, and integrating renewables and energy storage facilities to maintain reliability [11] - The company emphasizes a proactive approach to economic development, ensuring that customers benefit from data center growth without incurring additional costs [76] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of agility and disciplined decision-making in navigating the evolving energy landscape [10] - The company expects a compound annual earnings growth rate of 7%+ from 2027 to 2029, based on current projections for capital expenditure plans and data center load [18] - Management expressed confidence in the ability to execute projects within the updated capital expenditure plan, supported by a strong liquidity position [19] Other Important Information - Alliant Energy's four-year capital plan remains on track, with a total expected common equity need of approximately $2.4 billion, of which $1 billion has already been raised [20] - The company achieved several constructive regulatory decisions throughout the year, aligning its regulatory agenda with capital investment plans [21] Q&A Session Summary Question: What are the minimum take agreements for the 3 GW of data centers? - Management confirmed that any additional demand from hyperscalers would be accretive to current planning assumptions [30] Question: How are conversations with hyperscalers evolving, especially regarding Wisconsin and Iowa? - Management noted that Iowa has strategic advantages, and they are committed to ensuring Wisconsin remains open for business, despite local challenges [32] Question: What is the path to construction for the relocated QTS data center? - Management indicated that they are pleased with their ability to pivot quickly and are working on the necessary permitting and zoning approvals [42] Question: What are the expectations for retail sales growth in 2026? - Management expects retail sales growth of approximately 1%, with most data center load anticipated to come in 2027 and beyond [53] Question: How does the shift in renewables and gas generation relate to the QTS project? - Management clarified that the shift is part of a consistent investment plan, with adjustments made to accommodate the relocated load [57]

Financial Data and Key Metrics Changes - In 2025, the company achieved a record EBT of $476 million from master planned communities (MPC), driven by the sale of 621 residential acres at an average price of $890,000 per acre [29] - The operating assets portfolio delivered a full-year NOI of $276 million, reflecting an 8% year-over-year increase, with same-store office NOI increasing by 11% and multifamily by 6% [31] - Adjusted operating cash flow for 2026 is expected to range between $415 million and $465 million, with MPC EBT projected between $343 million and $391 million [36][37] Business Line Data and Key Metrics Changes - The MPC segment's pricing power has become a primary driver of long-term profitability, with finished residential land sold at a record price of $1.7 million per acre [30] - The condominium platform contracted $1.6 billion in future revenue during 2025, marking the strongest year in the company's history [32] - The company expects condominium gross revenue for 2026 to be approximately $720 million to $750 million, with estimated profits of $108 million to $128 million [39] Market Data and Key Metrics Changes - Demand was strong in both Summerlin and Bridgeland, exceeding pricing and margin expectations [29] - The company has unlocked an additional 3-4 million square feet of entitlements in Hawaii, contributing to its development pipeline [7][9] Company Strategy and Development Direction - The company is transitioning from a pure real estate development firm to a diversified holding company, with the acquisition of Vantage Holdings as a key strategic move [4][22] - The focus is on optimizing long-term per-acre value in the MPC business rather than maximizing any single year's earnings [38] - The company aims to leverage its real estate operations to generate excess cash for reinvestment in Vantage and other operating companies [74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to close the Vantage acquisition by June, emphasizing the importance of regulatory approvals [17] - The company anticipates that the insurance business will enhance overall growth and provide diversification of earnings streams [26] - Management highlighted the importance of maintaining a conservative balance sheet while pursuing growth opportunities [44] Other Important Information - The company has refinanced its senior notes, achieving the tightest credit spreads in its history, which reflects strong market reception [42] - The company is focused on maintaining liquidity and flexibility in its capital structure to support ongoing projects and withstand downturns [44] Q&A Session Summary Question: Condo margins of The Park Ward Village related to infrastructure work - Management confirmed that infrastructure costs were anticipated and will benefit future towers, although current margins are impacted by the project's specifics [50] Question: Strategy regarding commercial real estate portfolio - Management indicated a long-term view on commercial real estate holdings, considering potential partnerships but valuing control over assets [54] Question: Timeline for profitability improvements at Vantage - Management expects 2026 to be the first year of meaningful profitability for Vantage, with benefits from scale and operational leverage anticipated [60] Question: Housing affordability initiatives - Management stated that they focus on a broad range of home prices to attract diverse buyers, with single-family rentals being a modest part of their portfolio [68] Question: Priorities for excess cash - Management outlined that the first priority for excess cash will be to ensure full ownership of Vantage, followed by investments in other operating companies [74]

Casella Waste Systems (NasdaqGS:CWST) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAdam Bubes - Vice President of Equity ResearchBrad Helgeson - EVP and CFOBrian Butler - VP of Investor RelationsNed Coletta - President and CEOShlomo Rosenbaum - Managing DirectorStephanie Moore - SVP of Equity ResearchTami Zakaria - Executive DirectorTyler Brown - Associate VPWill Griffin - VP of Equity ResearchConference Call ParticipantsJim Schumm - Senior AnalystTrevor Romeo - Equity Research An ...

Oil States International (NYSE:OIS) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsCindy Taylor - President and CEOEllen Pennington - VP of Human Resources and Senior CounselLloyd Hajdik - EVP and CFOConference Call ParticipantsJim Rollyson - AnalystJosh Jayne - AnalystStephen Gengaro - AnalystOperatorLadies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the Oil States International ...

Financial Data and Key Metrics Changes - For Q4 2025, total income from real estate increased by over $17 million compared to Q4 2024, driven by cash rent increases of over $23 million from acquisitions and escalations [11] - Operating expenses decreased by $37.8 million, primarily due to a non-cash adjustment in the provision for credit loss [12] - The guidance for 2026 AFFO is projected between $1.207 billion and $1.222 billion, or between $4.06 and $4.11 per diluted share in OP units [12][13] Business Line Data and Key Metrics Changes - Cash rent increases were attributed to several acquisitions, including Bally's Kansas City and Shreveport, which increased cash rent by $6.6 million, and the Chicago lease, which added $2.6 million [11] - The recognition of escalators and percentage rent adjustments contributed approximately $4.3 million to cash income [11] Market Data and Key Metrics Changes - The company has a robust pipeline with $2.6 billion of future capital commitments poised for deployment over the next 24 months [8] - Rent coverage ratios on master leases range from 1.69 times to 2.6 times covered as of the prior quarter end [13] Company Strategy and Development Direction - The company is focused on executing and growing its business in 2026 and beyond, with a strong balance sheet that supports growth without the need for incremental capital [8] - The acquisition of Bally's Lincoln for $700 million at an 8% cap rate is part of the company's strategy to enhance its portfolio [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of tenants and leases, indicating a healthy outlook for AFFO growth [8] - The company is actively monitoring legislative developments regarding iGaming and skill-based games, which could impact future projects [48] Other Important Information - The company completed the acquisition of Penn's Aurora facility for $225 million, expected in late Q2 2026 [13] - The anticipated settlement of $363 million of forward equity is expected on June 1, 2026 [13] Q&A Session Summary Question: Update on Bally's Chicago development project - The project is over 20% complete, with significant progress on the hotel structure and casino podium [17][19] Question: Comments on the pipeline and lender consent for Lincoln - The lender consent issue was resolved with Ares refinancing, allowing the Lincoln acquisition to proceed [21] Question: Updates on Vegas and New York projects - The Las Vegas stadium is ahead of schedule, and Bally's is finalizing plans for the integrated resort [28][31] Question: Timeline for Virginia Live! project - The temporary facility opened in January, with groundwork for the permanent site beginning, but no definitive timeline for opening yet [35] Question: Economics of the Lincoln transaction - The purchase price was revised based on competitive pressure and rent coverage adjustments [41] Question: Impact of iGaming and skill-based games on Cordish project - Management believes the current legislative discussions will not significantly impact tribal investments [48] Question: Interest in Las Vegas locals market - The company remains interested in the Las Vegas locals market and is actively looking for opportunities [74] Question: Pipeline composition and impediments - Approximately half of the pipeline consists of development transactions, with many existing assets being reinvested in [78] Question: Equity market support and stock valuation - Management feels there is still room for improvement in stock valuation, despite positive growth projections [100]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net sales of $1.1 billion, a decrease of approximately 5% compared to the previous quarter, but an increase of 9.7% year-over-year [19] - The net loss for the quarter was $38 million, or $1.18 per share, compared to a net loss of $4.3 million in Q4 2024 [21] - Adjusted EBITDA, excluding LIFO, was $20.4 million for Q4 2025, compared to $10.3 million in Q4 2024 [21] - Gross margin contracted by 190 basis points to 15.3% during Q4 2025 [20] Business Line Data and Key Metrics Changes - The company experienced a decrease in North American shipments by 6.8% sequentially, but less than 0.5 percentage points for the full year, indicating market share gains [11] - The fabrication and welding sector saw the most year-over-year volume growth, while the commercial transportation sector experienced weakness [12] Market Data and Key Metrics Changes - North American industry volumes decreased by 5.8% sequentially in Q4 2025, while Ryerson's total company tons shipped were down just under 5% quarter-over-quarter [11] - The company anticipates first-quarter 2026 tons shipped to be up 13%-15% compared to Q4 2025, indicating a positive market outlook [13] Company Strategy and Development Direction - The company aims to realize $120 million in annual run rate synergies from the merger with Olympic Steel, focusing on optimizing asset utilization and capturing cost and revenue benefits [5][9] - Priorities for 2026 include integrating the combined organization, improving earnings quality, and reducing leverage [9] Management's Comments on Operating Environment and Future Outlook - Management noted encouraging strength in customer quote and order activity, expecting gross margin expansion and operating income improvements in 2026 [7][8] - The company is optimistic about the manufacturing economy's recovery, marking the best demand start to a year since 2022 [8] Other Important Information - The company generated $113 million in cash from operating activities in Q4 2025, allowing for a $37 million reduction in debt [16] - The company ended the quarter with $502 million in liquidity and extended its revolving credit facility from $1.3 billion to $1.8 billion [17] Q&A Session Summary Question: Impact of price increases on customer acceptance - Management noted a positive increase in business activity and quoting rates, indicating that price increases are starting to be accepted in the market [26][27] Question: Capital allocation post-merger - The focus will be on achieving merger synergies and deleveraging, with dividends being an important part of capital allocation [31][32] Question: Challenges in passing through rising mill prices - Aluminum has been the slowest commodity to see price increases accepted, but there are signs of improvement [40] Question: First-quarter volume guidance and market activity - The company is seeing stronger market conditions and restocking activity from major industrial customers [41][42] Question: Future M&A opportunities - While the company is open to exceptional opportunities, the priority remains on achieving synergies from the recent merger [50][51]

Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated gold output of just under 32,000 ounces, meeting production guidance despite inventory buildup at the end of the quarter [2][3] - Gold sales for the year increased to approximately 28,200 ounces, compared to 21,500 ounces in the prior year, with total revenue from gold sales rising to approximately $95 million from $50 million [22][23] - The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million, compared to $111 million in the prior year [24] Business Line Data and Key Metrics Changes - At Granite Creek, mining activities ramped up, resulting in the mining of just over 41,000 tons of high-grade mineralized material in the fourth quarter [6][7] - The company mined approximately 142,000 tons of high-grade mineralized material for the year, with total gold production of 3,600 ounces for the quarter and 23,000 ounces for the full year [7] - The construction of Archimedes, the company's second underground mine, commenced, with underground development advancing ahead of expectations [11] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, which includes a $250 million royalty from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [26][30] - The recapitalization plan is expected to fully fund phase one and phase two of the development plan, increasing annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently [30] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer and has advanced its development plan, including the refurbishment of the Lone Tree process plant, which is central to its hub and spoke strategy [3][17] - The focus for 2026 includes advancing drilling, technical studies, and permitting across its portfolio of projects, with a $10 million exploration drill program planned for Granite Creek [10][11] - The company is targeting to accelerate the development of the Mineral Point project, which is seen as the most valuable asset within the portfolio [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements at Granite Creek and the potential for expansion at the South Pacific Zone [9][10] - The company is entering a pivotal period to unlock shareholder value, with plans to publish feasibility studies for its high-grade underground projects and ramp up production [32] - Management highlighted the importance of the recapitalization plan in providing financial flexibility to advance development projects [30] Other Important Information - The company achieved an improved safety performance target, finishing the year with a total recordable incident rate (TRIR) of 0.62 [4] - The upgraded pumping system and construction of a larger water treatment plant are expected to enhance operational efficiency [8] Q&A Session Summary Question: What are the changes required for the Lone Tree autoclave project costing over $400 million? - The autoclave vessel needs to be rebricked, and the CIL circuit tanks need replacement, along with installation of vessels for off gas and a new filtration system [37] Question: Did the company seek alternative proposals for the engineering work? - The project has been worked on for approximately four years, and Hatch, which built the facility in the 1990s, was chosen for its expertise [38][39] Question: Will accelerating pre-development work at Mineral Point realize value sooner? - Accelerating development is beneficial, and the company is looking at options to advance permitting and development ahead of the original schedule [44]

Financial Data and Key Metrics Changes - For Q4 2025, Ryerson reported net sales of $1.1 billion, a decrease of approximately 5% compared to the previous quarter, but an increase of 9.7% compared to Q4 2024 [20] - The company experienced a net loss of $38 million or $1.18 per share, compared to a net loss of $4.3 million or $0.13 per share in Q4 2024 [21][22] - Adjusted EBITDA, excluding LIFO, was $20.4 million for Q4 2025, compared to $10.3 million in Q4 2024 [22] Business Line Data and Key Metrics Changes - Ryerson's North American shipments decreased by 6.8% sequentially in Q4 2025, while total company tons shipped were down just under 5% quarter-over-quarter, indicating market share gains for the full year [11] - The fabrication and welding sector saw the most year-over-year volume growth, followed by the machine shop and machinery and equipment sectors, while the commercial transportation sector experienced weakness [12] Market Data and Key Metrics Changes - North American industry volumes, as measured by the MSCI, experienced a normal seasonal decline of 5.8% sequentially in Q4 2025 [11] - The company anticipates first-quarter 2026 tons shipped to be up 13%-15% compared to Q4 2025, indicating a positive market outlook [13] Company Strategy and Development Direction - The company aims to realize $120 million in annual run rate synergies from the merger with Olympic Steel, focusing on optimizing asset utilization and capturing targeted cost and revenue benefits [5][9] - Priorities for 2026 include continuing integration of the combined organization, improving earnings quality, and reducing leverage [9] Management's Comments on Operating Environment and Future Outlook - Management noted encouraging strength in customer quote and order activity, expecting gross margin expansion year-over-year and sequentially as better pricing propagates through the industrial metals value chain [7][8] - The company is optimistic about the market dynamics and believes the merger positions them well for future growth [60] Other Important Information - The company generated $113 million in cash from operating activities in Q4 2025, decreasing net debt by $34 million compared to the prior quarter [17][18] - Ryerson distributed $6.1 million in dividends during Q4 2025 and announced a similar dividend for the first quarter [19] Q&A Session Summary Question: Impact of price increases on customer acceptance - Management noted that while there has been some pushback, overall business activity has increased, and price increases are starting to be accepted [28] Question: Specific challenges in passing through rising mill prices - Aluminum was identified as the commodity with the slowest price propagation, but improvements are being seen [41] Question: First-quarter volume guidance and customer activity - Management indicated that stronger market conditions and investments are contributing to the anticipated volume increase [43][45] Question: Future M&A considerations post-merger - Management emphasized the focus on achieving merger synergies and reducing debt before considering further M&A opportunities [52]

Casella Waste Systems (NasdaqGS:CWST) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAdam Bubes - Vice President of Equity ResearchBrad Helgeson - EVP and CFOBrian Butler - VP of Investor RelationsNed Coletta - President and CEOShlomo Rosenbaum - Managing DirectorStephanie Moore - SVP of Equity ResearchTami Zakaria - Executive DirectorTyler Brown - Associate VPWill Griffin - VP of Equity ResearchConference Call ParticipantsJim Schumm - Senior AnalystTrevor Romeo - Equity Research An ...