Expand Energy (NasdaqGS:EXE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsBrittany Raiford - VP, Treasurer, and Interim CFOColby Arnold - Investor Relations ManagerDan Turco - EVP of Marketing and CommercialJosh Viets - EVP and COOKevin MacCurdy - Managing Director in the Research TeamMatthew Portillo - Partner and Head of ResearchMike Wichterich - Chairman of the Board and Interim President and CEONeil Mehta - Managing Director and Head of North American Natural Resources Equity ...

Financial Data and Key Metrics Changes - In 2025, normalized Adjusted EBITDA increased by 10% year-on-year, reaching $536 million, with the normalized Adjusted EBITDA margin expanding by 166 basis points to 19% [25][9] - Total revenue for 2025 was $2.8 billion, reflecting a 1% year-on-year growth, primarily driven by distribution revenue growth [22][25] - Pro forma free cash flow for the fourth quarter was $116 million, a year-on-year increase of $45 million [24] Business Line Data and Key Metrics Changes - Air distribution bookings grew by 4% year-on-year in the fourth quarter, with a total growth of 7% in December [12][22] - Hotel distribution bookings increased by 5% year-on-year, reaching 42 million, with gross hotel booking value exceeding $20 billion annually [13] - Sabre Payments was one of the fastest-growing businesses, with gross spend on the platform increasing by more than 35% year-on-year [11] Market Data and Key Metrics Changes - NDC (New Distribution Capability) adoption reached approximately 4% of total air distribution bookings, with 15 live integrations added during the year [12] - The company expects mid-single-digit volume growth for both 2026 and 2027, driven by continued share gains and growth in NDC bookings [28][32] Company Strategy and Development Direction - The company is transitioning from a GDS-focused model to an AI-native technology leader, emphasizing the importance of AI in enhancing travel workflows [6][7] - Recent executive leadership changes were announced to align with the new AI strategy, including the promotion of Garry Wiseman to President of Product and Engineering [8] - The company aims to leverage its extensive travel data and proprietary logic to become essential in the evolving AI ecosystem [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for strong, sustained performance, despite challenges faced in 2025 [5] - The outlook for 2026 includes expectations for mid-single-digit revenue growth, driven by share gains and the introduction of new solutions [28][32] - Management highlighted the importance of maintaining operational delivery and R&D while managing costs through an inflation offset program [56][57] Other Important Information - The company paid off over $1 billion in debt in 2025, significantly improving its capital structure and reducing pro forma net leverage by approximately 25% compared to year-end 2024 [9][26] - The company ended 2025 with a strong cash balance of $910 million, which includes $98 million in restricted cash for debt repayments [10][25] Q&A Session Summary Question: What still needs to be done on the AI front, and what upside opportunities from AI might evolve? - Management indicated that the next stage involves demonstrating the end-to-end experience of conversational commerce in travel, with partnerships like Mindtrip and PayPal enhancing the customer experience [36][41] Question: Does the introduction of GenAI change the economic equation for direct connects? - Management explained that Sabre's scalable marketplace allows for faster response times and better content management compared to direct connects, which can be costly for suppliers [47][50] Question: Can you elaborate on the inflation offset program? - The program aims to keep key cost items flat despite inflation, focusing on efficiency and productivity improvements through geographical leverage and AI integration [53][56] Question: How is corporate travel performing, and where is the strength coming from? - Corporate travel is showing positive signs across both traditional players and new entrants, indicating a healthier market environment compared to the previous year [80] Question: What is the outlook for free cash flow and discussions with debt holders? - Management expects to generate positive free cash flow in 2027, with a strong cash balance and no large maturities until 2029 [76][64]

Camtek (NasdaqGM:CAMT) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsBrian Chin - DirectorCraig Ellis - Senior Managing DirectorGus Richard - Managing DirectorKenny Green - VP of Investor RelationsMichael Mani - Equity Research AssociateMoshe Eisenberg - CFORamy Langer - COOVedvati Shrotre - DirectorConference Call ParticipantsCharles Shi - Senior AnalystEdward Yang - Stock AnalystJim Schneider - Senior Equity AnalystShane Brett - Equity Research AnalystKenny GreenLadies and gentle ...

Financial Data and Key Metrics Changes - Consolidated earnings for 2025 were reported at $2.32 per share, an increase from $2.19 per share in 2024, reflecting a strong year [11] - Consolidated net income for 2025 was approximately $471 million, compared to $442 million in 2024 [11] - At the electric company, net income rose to approximately $500 million, or $2.47 per share, up from $470 million, or $2.33 per share in the previous year [12] - The holding company reported a loss of $29 million, or $0.15 per share, slightly higher year-over-year due to increased interest expense [12] Business Line Data and Key Metrics Changes - Customer growth was just under 1%, while weather-normalized load grew approximately 7%, indicating strong local economies [12] - The company expects customer count to increase about 1% and weather-normalized load to grow 4%-6% in 2026 [14] Market Data and Key Metrics Changes - The service area continues to perform well, with weather-normalized load up more than 24% since 2021 [14] - The company is targeting a 60%-70% dividend payout ratio with a stable and growing dividend [16] Company Strategy and Development Direction - The company is focused on reliable electricity at some of the lowest costs in the nation, with a commitment to affordability and efficiency [4][8] - Plans include advancing the transmission strategy and finalizing opportunities from the Southwest Power Pool (SPP) [4][5] - The company aims to secure approval for the Frontier Energy Storage Project and file for generation pre-approval in both Oklahoma and Arkansas [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial plan, with a clear investment roadmap and a target of 5%-7% EPS growth through 2028 [18] - The company highlighted the importance of balancing affordability and execution in its growth strategy [18] - Management noted that they are actively negotiating with several large load customers and expect to finalize agreements soon [25][36] Other Important Information - The company executed a well-subscribed equity offering and filed for recovery of generation needs to meet growing demand [4] - A draft Integrated Resource Plan (IRP) was issued, outlining long-term resource strategy and identifying approximately 1.9 gigawatts of capacity needs by 2031 [17][58] Q&A Session Summary Question: Rate base growth versus investment plan - The company indicated a rate-based growth of about 9% under the current investment plan [24] Question: Changes in large load opportunities - Management confirmed ongoing negotiations with 6-7 large load customers, with progress on agreements for Customer X [25] Question: Weather-normalized load growth moderation - Management explained that the moderation is part of a broader trend, with an average of about 5% since 2021 [32] Question: Black Kettle Energy Storage capacity purchase agreement - Management affirmed their preference for owning and operating generation assets, which supports their strategy [36] Question: Capital prioritization and generation capacity - Management stated they have flexibility in capital allocation and are focused on affordability metrics [38] Question: 765 kV transmission line project - Initial estimates suggest the company's portion of the project could be around 20% of the current capital plan [42] Question: Data center contract and customer protections - The contract for Customer X is integrated into the IRP, with customer protections ensuring fair share and minimum terms [46]

Innospec (NasdaqGS:IOSP) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsDavid Jones - General Counsel and Chief Compliance OfficerIan Cleminson - EVP and CFOJonathan Tanwanteng - Managing DirectorPatrick Williams - President and CEOConference Call ParticipantsDavid Silver - Managing Director and Senior AnalystMike Harrison - Managing Director and Senior Chemicals AnalystOperatorGood day, and thank you for standing by. Welcome to Innospec's fourth quarter 2025 earnings release confer ...

Camtek (NasdaqGM:CAMT) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsBrian Chin - DirectorCraig Ellis - Senior Managing DirectorGus Richard - Managing DirectorKenny Green - VP of Investor RelationsMichael Mani - Equity Research AssociateMoshe Eisenberg - CFORamy Langer - COOVedvati Shrotre - DirectorConference Call ParticipantsCharles Shi - Senior AnalystEdward Yang - Stock AnalystJim Schneider - Senior Equity AnalystShane Brett - Equity Research AnalystKenny GreenLadies and gentle ...

Financial Data and Key Metrics Changes - The company achieved a 15% reduction in breakevens in the Haynesville, which positively impacts reinvestment rates and inventory management [4] - The company reported $200 million in gains from its hedging program, which has been effective in managing gas price volatility [5] - The company is focused on reducing debt while also returning capital to shareholders, indicating a balanced approach to financial management [4] Business Line Data and Key Metrics Changes - The marketing business has shifted towards premium markets, with nearly 50% of sales now outside of basin sales, reflecting significant progress [6] - The company aims to capture new demand and improve realizations across its business, targeting an uplift of $0.20, which could translate to approximately $500 million in EBITDA [17][18] Market Data and Key Metrics Changes - The Gulf Coast is experiencing growing demand, with approximately 25 billion cubic feet per day of gas demand expected to come online, half of which is driven by LNG [26] - The company is well-positioned to capture this demand due to its proximity to key markets and pipeline capacity [27] Company Strategy and Development Direction - The company is adapting to changes in the natural gas business, focusing on marketing strategies that enhance competitiveness and customer proximity [6][10] - The strategy includes a shift towards integrated operations through partnerships with midstream companies rather than outright ownership [52] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in gas prices and emphasizes the importance of hedging and disciplined operations to navigate this environment [5][10] - The company is committed to maintaining a strong balance sheet while pursuing growth opportunities, indicating a cautious yet optimistic outlook for the future [36][37] Other Important Information - The company has made significant improvements in its maintenance capital expenditures, reflecting a stronger business performance [44] - The company is actively exploring opportunities in storage capacity to manage market volatility, although it faces competition in acquiring more capacity [85] Q&A Session Summary Question: Characteristics sought in the next CEO - The company is looking for a leader with a broad view of the energy sector who can continue the mission of looking beyond the wellhead and closer to customers [13] Question: Potential uplift in cash flow from marketing optimization - Management believes that moving gas to premium markets will be a near-term catalyst for increasing realizations across the portfolio [15] Question: Challenges in expanding volumes to demand growth areas - The company faces challenges in being more aggressive in reviewing transactions and ensuring physical transportation of gas to customers [64] Question: Cash tax visibility and drivers - The company expects to be a full cash taxpayer by the end of the decade, with increases in cash tax rates anticipated over the next few years [54] Question: Storage capacity and competitive landscape - The company has added storage capacity and plans to grow this position, but it acknowledges the competitive nature of the market [85] Question: Future drilling plans in the Western Haynesville - The company has plans to drill additional wells in the Western Haynesville, with positive initial results from recent drilling activities [47] Question: Marketing strategy regarding LNG and LCM agreements - The company is pursuing both LNG and LCM agreements as part of its marketing strategy to enhance margins [73]

Financial Data and Key Metrics Changes - For Q4 2025, sales were $1.867 billion, an increase of $93 million compared to the previous year, driven by customer recoveries and currency translation [16] - Adjusted EBITDA for Q4 was $208 million, resulting in an 11.1% margin, a 640 basis points improvement over the prior year's fourth quarter [16] - Full-year sales for 2025 were $7.5 billion, down $234 million from 2024, reflecting weakening market demand across both light vehicle and commercial vehicle sectors [18] - Full-year adjusted EBITDA was $610 million, an improvement of $215 million from the prior year, resulting in an 8.1% margin, up 300 basis points [19] Business Line Data and Key Metrics Changes - The light vehicle segment saw growth, while certain commercial vehicle markets experienced weaker demand, impacting overall sales [21] - Performance actions contributed an additional $17 million in Q4, driven by commercial recoveries and pricing initiatives [21] - The company secured a backlog of $750 million, with $200 million expected to flow through in 2026, despite challenges in the EV sector [6] Market Data and Key Metrics Changes - The light truck market is expected to hold steady, with plans built around flat volume year-over-year from 2025 levels [12] - There is optimism for improved volumes in the commercial vehicle sector towards the latter half of the year [12] Company Strategy and Development Direction - The company is focused on its Dana 2030 strategy, which includes cost reduction initiatives and growth in traditional and electric vehicle markets [4] - The company plans to return $2 billion to shareholders through stock buybacks by 2030, reflecting confidence in long-term financial targets [7] - The company aims for $10 billion in sales by 2030, with a target EBITDA margin of 14%-15% [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on financial objectives and navigate a dynamic market environment [4] - The outlook for 2026 remains unchanged, with expectations for revenue to be approximately $7.5 billion and adjusted EBITDA around $800 million [29] - Management highlighted the importance of operational execution and cost management in driving future profitability [28] Other Important Information - The company completed the sale of its Off-Highway business, using proceeds to repay debt, resulting in a significantly improved balance sheet [5] - The company has reduced total debt by approximately $1.9 billion, enhancing its financial strength and flexibility [38] Q&A Session Summary Question: Follow-up on the $10 billion sales target by 2030 - Management explained that the growth will come from a normalization in the North American commercial vehicle market, new business wins, and expansion in the aftermarket and applied technologies [45][46] Question: Impact of EV cancellations on cash flow - Management noted that while there were some recoveries, the impact on profit drivers was limited, primarily covering costs incurred [51][52] Question: Breakdown of margin expansion drivers - Management indicated that margin enhancement would come from structural cost reductions and operational efficiencies, with a focus on low-risk, high-return actions [57][58] Question: CapEx guidance and its implications - Management confirmed that CapEx is expected to be around 4% of sales going forward, necessary for both growth initiatives and margin expansion [86][88]

Financial Data and Key Metrics Changes - The company reported a decline in earnings year-over-year, with Adjusted EBIT in the Acetyl Chain down approximately $400 million and Engineered Materials down about $120 million [17][19] - The focus remains on cash generation, with a strong cash generation performance in 2025 despite the earnings decline [6][7] - The company is targeting free cash flow between $650 million and $750 million for 2026, with various scenarios considered for demand [44][72] Business Line Data and Key Metrics Changes - In the Acetyl Chain, the decline was primarily driven by volume and price, with significant impacts from the acetate tow business and margin compression in China [18][19] - Engineered Materials showed a mixed performance, with both volume and price declines, but cost benefits were noted [19] - The company anticipates growth in Engineered Materials, particularly in electronics and automotive sectors, while the Acetyl Chain may face challenges [21][22] Market Data and Key Metrics Changes - The electronics market is currently a bright spot, driven by AI and data center build-outs, while the automotive sector shows mixed signals, particularly in China [12][13] - The company noted some softness in the automotive market in China due to changes in EV credits and stimulus [12] - The demand environment is expected to improve in the second half of 2026, with seasonal improvements noted in early 2026 [86] Company Strategy and Development Direction - The company is focused on cash generation and reducing debt, with plans to achieve $1 billion in divestitures by the end of 2027 [14][75] - There is a strategic emphasis on divesting non-core business segments, particularly joint ventures [14][15] - The company aims to adapt to structural changes in the market, such as the shift from ICE to EV in China, and is working on enhancing operational efficiency [36][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, emphasizing the importance of cost reduction and cash flow generation [6][40] - The outlook for 2026 includes expectations for improved EBIT growth in Engineered Materials, while the Acetyl Chain may face challenges [20][21] - Management highlighted the need for continued evaluation of market conditions and operational adjustments to maintain profitability [80][81] Other Important Information - The company expects a cost benefit of $20 million to $25 million from the closure of the Lanaken plant, with some benefits expected to materialize in 2026 [9][106] - The company is actively managing working capital and inventory levels to avoid service issues while targeting further reductions [51][52] Q&A Session Summary Question: Thoughts on selling equity to address balance sheet issues - Management emphasized a focus on cash generation and debt management rather than equity sales, indicating confidence in the current strategy [6] Question: Expectations for pricing in contracts for 2026 - Management noted little change in contract pricing, with more competition observed in the spot market [8] Question: Sequential improvement in engineering materials - Management identified electronics as a bright spot, while the automotive sector remains mixed, particularly in China [12][13] Question: Timing and potential assets for divestiture - Management is confident in achieving the $1 billion divestiture target by 2027, with a focus on non-core business segments [14][15] Question: Analysis of EBIT changes in Acetyl Chain and Engineered Materials - Management attributed declines to volume and price changes, with specific challenges noted in the acetate tow business [18][19] Question: Free cash flow guidance and working capital management - Management expressed confidence in achieving free cash flow targets through various levers, despite potential demand challenges [40][72] Question: Expectations for acetyl pricing in China - Management does not anticipate significant uplifts in acetyl pricing, citing overcapacity as a concern [66][67] Question: Impact of turnaround on second quarter earnings - Management indicated that turnaround expenses would be a factor in Q2 earnings, with expectations for a similar lift as previously noted [68]

Camtek (NasdaqGM:CAMT) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Speaker6Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's Result Zoom Webinar. My name is Kenny Green, and I'm part of the Investor Relations team at Camtek. All participants other than the presenters are currently muted. Following the formal presentation, I will provide some instructions for participating in the live question and answer session. I would like to remind everyone that this ...