Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q4 2025 was $0.81, unchanged from the prior quarter, while full-year EPS increased to $3.09 from $2.93 in 2024 [4] - Revenue for Q4 increased by 2% sequentially to $143.8 million, and full-year revenue rose by 6.9% to $554 million [5][6] - Operating income for Q4 increased by 3% to $52.4 million, and for the full year, it rose by 6.3% to $195.1 million [6] - The effective fee rate during Q4 was stable at 59 basis points, consistent with the prior quarter [5] Business Line Data and Key Metrics Changes - Ending assets under management (AUM) in Q4 was $90.5 billion, slightly down from Q3, but average AUM was higher compared to the prior quarter [6][19] - Net inflows during Q4 were $1.2 billion, primarily from advisory and closed-end funds, offset by market depreciation [6] - The institutional pipeline strengthened, ending the year with $1.72 billion across 20 mandates [22] Market Data and Key Metrics Changes - Equities finished 2025 with double-digit gains for the third consecutive year, with diversified real assets rising about 3% in Q4 [11] - Natural resource equities rose more than 6% in Q4, driven by strength in metals and mining stocks [11] - Global real estate stocks were flat overall in Q4, with significant disparities in returns by property type [11] Company Strategy and Development Direction - The company aims to focus on harvesting returns on investments made in recent years and increasing coverage in the RIA channel while maintaining presence in wirehouses [25] - The largest AUM strategy, U.S. REITs, is expected to enter a favorable return cycle, with earnings anticipated to accelerate [25][26] - The company is positioning itself to benefit from a broadening economic growth engine and relative valuation attractiveness in 2026 [18] Management's Comments on Operating Environment and Future Outlook - Management noted that economic activity and market returns are expected to broaden in 2026, with above-consensus global growth anticipated [14] - The company is optimistic about the return of investor interest in private real estate, driven by adjustments in commercial real estate prices and reduced interest rates [36][38] - The institutional channel is showing improved activity, with a strong pipeline and increased interest from allocators [45][46] Other Important Information - The company reported liquidity of $403 million at year-end, a $39 million increase from the prior quarter [8] - The effective tax rate for the quarter was 25.7%, consistent with the previous year [8] - The company launched five active ETFs with total AUM of $378 million, indicating strong market acceptance [29] Q&A Session Summary Question: Signs of improving demand for private real estate - Management noted early signs of increasing interest in private real estate, with expectations for it to become a more significant contributor in 2026 [36][38] Question: Progress in the institutional channel - Management highlighted a strong pipeline for two consecutive quarters, with improved allocator confidence and more liquidity in portfolios [45][46] Question: Dynamics driving the won and unfunded pipeline - Management indicated that the recent increase in the won and unfunded pipeline reflects broader positive dynamics in the market [48][50] Question: Demand for active ETFs - Management observed that active ETFs are gaining traction, particularly among RIAs who exclusively use ETFs, which is driving new capital into these vehicles [62]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for Q4 2025 was $0.81, unchanged from the prior quarter, while full-year EPS increased to $3.09 from $2.93 in 2024 [4] - Revenue for Q4 increased by 2% sequentially to $143.8 million, and full-year revenue rose by 6.9% to $554 million [5] - Operating income for Q4 increased by 3% to $52.4 million, and for the full year, it rose by 6.3% to $195.1 million [5] - The effective tax rate was 25.7% for Q4 and 25.3% for the year, consistent with 2024 [8] Business Line Data and Key Metrics Changes - Ending assets under management (AUM) in Q4 was $90.5 billion, slightly down from Q3, but average AUM was higher compared to the prior quarter [5] - Net inflows during Q4 were $1.2 billion, primarily from advisory and closed-end funds [5] - The compensation ratio decreased to 39% for the quarter, below the guidance of 40.5% [6] Market Data and Key Metrics Changes - Natural resource equities rose more than 6% in Q4, driven by strength in metals and mining stocks [11] - Global real estate stocks were flat in Q4, with significant disparities in returns by property type [11] - Private real estate had a total return of 0.9%, marking the sixth consecutive quarter of increasing total returns [11] Company Strategy and Development Direction - The company aims to focus on harvesting returns on investments made in new strategies and vehicles over the past years [25] - There is an expectation for REIT earnings to accelerate above trend to roughly 8% in 2026 and 2027 due to lower supply and increasing demand [16] - The company plans to increase coverage in the RIA channel and grow its institutional presence outside the U.S. [25] Management's Comments on Operating Environment and Future Outlook - The management anticipates a broadening of economic activity and market returns in 2026, moving away from a historically narrow growth pattern [13] - There is a belief that the economic and market rotation is underway, with real assets expected to outperform equities [13] - The company is optimistic about the potential for natural resource equities and listed infrastructure to play a larger role in portfolios [18] Other Important Information - The company reported liquidity of $403 million at year-end, a $39 million increase from the prior quarter [8] - The company celebrated its 40th anniversary in 2026, highlighting its evolution and the importance of listed markets [31] Q&A Session Summary Question: Signs of improving demand for private real estate - Management noted early signs of increasing interest in private real estate, driven by issues in private credit markets [34] Question: Scaling of active ETFs - Active ETFs are expected to scale quickly due to established strategies and market acceptance [36] Question: Progress in the institutional channel - Conversations have improved, with a strong pipeline and increased interest from allocators [40] Question: Regional demand for advisory and sub-advisory - There is expanding demand from non-U.S. markets, with allocators from various countries showing interest [44] Question: Dynamics that could change global real estate performance - A re-acceleration in demand from global institutions and improved performance of international real estate are expected to be positive factors [46]

Financial Data and Key Metrics Changes - For the full year 2025, net income was $130.1 million, or $2.89 per diluted share, on revenue of $446 million, reflecting a 9.7% year-over-year increase [12] - The pre-tax pre-provision ROA was 219 basis points, ROA was 136 basis points, and ROTCE was 13.5% [12] - Tangible book value per share grew by approximately 17% [11] - In Q4 2025, net income was $34.5 million, or $0.76 per diluted share, on revenue of $117 million, with a 12% year-over-year revenue increase [12][13] Business Line Data and Key Metrics Changes - Total loans increased to $7.5 billion at year-end, with annual growth of $3.3 million and a 22% increase in origination activity compared to the prior quarter [17] - Deposits were $7.6 billion for the quarter, down 2.3% from the prior quarter, primarily due to balance sheet management [17] - Net interest income reached a record high of $101 million in Q4, up 1.4% from the prior quarter, driven by loan growth and lower deposit costs [18] Market Data and Key Metrics Changes - The company is positioned as the largest local community bank and the second largest local commercial bank in Chicago, with significant growth opportunities in the market [5][7] - The company expects to cross the $10 billion asset threshold in 2026, which will enhance its competitive position [22] Company Strategy and Development Direction - The company aims to become the preeminent local commercial bank, focusing on organic growth and maintaining a people-first banking approach [5][6] - A new commercial payments business was launched, with six customers onboarded and additional customers in the pipeline [22] - The company emphasizes credit discipline and monitoring its portfolio closely to address issues quickly [23] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment has evolved with elevated interest rates and increased macroeconomic uncertainty, but the company remained focused on serving customers and executing its strategy [11] - The outlook for net interest income is based on a forward curve assuming a 50 basis point decline in the Fed funds rate for 2026 [18] - Management expressed confidence in the company's competitive position and ability to capitalize on opportunities [23] Other Important Information - The board approved a 20% increase in the quarterly dividend, reflecting strong financial performance and confidence in future results [5][16] - The company repurchased approximately 346,000 shares and authorized a new repurchase program for up to 5% of outstanding shares [15][16] Q&A Session Summary Question: Areas of excitement for scaling up and efficiency - Management highlighted excitement around the commercial payments team and the potential for growth in the commercial banking space in Chicago [30] Question: Capital returns to shareholders and M&A environment - Management indicated a focus on maintaining flexibility with capital, returning excess capital to shareholders, and pursuing organic growth [32][34] Question: Loan growth outlook and segments driving growth - Management expects mid-single-digit loan growth, primarily driven by commercial banking categories [43] Question: Net interest income outlook for Q1 - Management noted that Q1 is typically a seasonally low quarter, but stable to growing NII is expected throughout the year [45][46] Question: Credit quality and net charge-offs outlook - Management provided guidance for net charge-offs in the range of 30-40 basis points for the upcoming year [50] Question: Commercial payments team and client types - Management clarified that clients include payroll processing companies and fintechs, with a deliberate onboarding process [72] Question: Impact of government shutdown on SBA business - Management stated that the impact was immaterial [76]

Independent Bank (NasdaqGS:INDB) Q4 2025 Earnings call January 23, 2026 10:00 AM ET Speaker6Ladies and gentlemen, thank you for joining us, and welcome to the Independent Bank Corp. Fourth Quarter Earnings Call. Before proceeding, please note that during this call we will be making forward-looking statements. In addition, some of our discussion today may include references to certain non-GAAP financial measures. Information about these non-GAAP measures, including reconciliation to GAAP measures, may be fou ...

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $9.7 billion, an increase of $817 million or 9% sequentially, with approximately $300 million attributed to the acquisition of ChampionX [20][19] - Adjusted EBITDA margin for the fourth quarter was 23.9%, an increase of 83 basis points sequentially, driven by strong digital performance [20][19] - Earnings per share, excluding charges and credits, was $0.78, reflecting a sequential increase of $0.09 but a decrease of $0.14 compared to the same quarter last year [19] Business Line Data and Key Metrics Changes - Digital revenue reached $825 million, a 25% sequential increase, with a pre-tax operating margin of 34%, up 557 basis points [21] - Reservoir Performance revenue was $1.7 billion, a 4% sequential increase, driven by strong international activity [21] - Production Systems revenue increased by 17% sequentially to $4.1 billion, reflecting a full quarter of activity from ChampionX [22] Market Data and Key Metrics Changes - Internationally, organic revenue increased by 7%, with North America seeing a 6% increase [6] - The Middle East showed increased activity, particularly in Saudi Arabia and UAE, contributing to the overall revenue growth [6][12] - The company noted a stabilization in global upstream activity, with key markets showing early signs of a rebound [6] Company Strategy and Development Direction - The company aims to leverage technology and digital solutions to enhance operational efficiency and reduce costs for customers [10][11] - There is a focus on production recovery as a critical domain for value creation, integrating equipment with intelligent digital capabilities [11][66] - The company anticipates a gradual recovery in upstream investment, particularly in international markets, as supply and demand rebalance [10][12] Management's Comments on Operating Environment and Future Outlook - Management expects near-term oversupply to exert downward pressure on commodity prices, but geopolitical uncertainties may provide a price floor [9][10] - The outlook for 2026 includes revenue expectations between $36.9 billion and $37.7 billion, driven by a full year of ChampionX activity and growth in digital operations [15][16] - The company is optimistic about the recovery in international markets, particularly in Latin America and the Middle East, while anticipating slight declines in Europe and Africa [15] Other Important Information - The company generated $3 billion in cash flow from operations during the fourth quarter, with free cash flow of $2.3 billion [22] - A total of $4 billion was returned to shareholders in 2025, with plans for a similar amount in 2026 through dividends and stock buybacks [26] - The company is the only international service provider actively operating in Venezuela, with plans to ramp up activities as conditions allow [18][56] Q&A Session Summary Question: CapEx trends and capital intensity - Management indicated a slight increase in CapEx to $2.5 billion for 2026, emphasizing improved capital efficiency compared to the past [31][32] Question: Customer mix and market opportunities in the Middle East - Management expressed confidence in national companies executing capital programs and noted a rebound in Saudi Arabian drilling activity [35][36] Question: Exit rate expectations for 2026 - Management expects the fourth quarter of 2026 to be higher than that of 2025, driven by international market recovery [45][46] Question: Digital business penetration - Management highlighted the potential for digital platforms to transform the industry, with increasing customer adoption of digital solutions [47][48] Question: Opportunities in Venezuela - Management noted readiness to ramp up operations in Venezuela, leveraging historical partnerships and existing assets [56][58] Question: Offshore market outlook - Management anticipates improved offshore activity in 2026, supported by FID and project developments in various regions [91][92]

SLB (NYSE:SLB) Q4 2025 Earnings call January 23, 2026 09:30 AM ET Company ParticipantsJames R. McDonald - SVP of Investor Relations and Industry AffairsJames West - Managing DirectorNeil Mehta - Managing DirectorOlivier Le Peuch - CEOStephen Richardson - Senior Managing Director for EquitiesStéphane Biguet - EVP and CFOConference Call ParticipantsArun Jayaram - AnalystJ. David Anderson - AnalystMarc Bianchi - AnalystScott Gruber - AnalystOperatorThank you for your patience. The call will begin momentarily. ...

Financial Data and Key Metrics Changes - The company reported a fourth quarter revenue of $9.7 billion, an increase of $817 million or 9% sequentially, with approximately $300 million attributed to an additional month of activity from the acquired ChampionX businesses [18] - Adjusted EBITDA margin for the fourth quarter was 23.9%, an increase of 83 basis points sequentially, primarily driven by strong digital performance [18] - Fourth quarter earnings per share, excluding charges and credits, was $0.78, representing an increase of $0.09 sequentially and a decrease of $0.14 compared to the same quarter last year [17] Business Line Data and Key Metrics Changes - Digital revenue for the fourth quarter was $825 million, increasing 25% sequentially, with a pre-tax operating margin expanding to 34% [19] - Reservoir Performance revenue was $1.7 billion, up 4% sequentially, driven by strong international activity, particularly in Saudi Arabia and East Asia [19] - Production Systems revenue increased by 17% sequentially to $4.1 billion, reflecting a full quarter of activity from ChampionX [20] Market Data and Key Metrics Changes - The company observed sequential revenue growth across all geographies for the first time since Q2 2024, indicating stabilization in global upstream activity [5] - The Middle East market is expected to rebound in drilling and workover activity, particularly in Saudi Arabia, with rig counts potentially returning to early 2025 levels by the end of 2026 [11] - Latin America and Asia are leading the rebound in international markets, with double-digit growth noted in the UAE, Iraq, and Kuwait [11] Company Strategy and Development Direction - The company aims to leverage technology and digital solutions to enhance efficiency and reduce costs for customers, focusing on performance assurance across the asset lifecycle [10] - The integration of ChampionX is expected to provide synergies that will enhance production systems margins, with approximately half of the $400 million in total synergies anticipated by the end of 2026 [22] - The company is expanding its data center solutions business, expecting to reach a quarterly revenue run rate of $1 billion by year-end 2026 [13] Management's Comments on Operating Environment and Future Outlook - Management anticipates that near-term oversupply may exert downward pressure on commodity prices, but geopolitical uncertainties could provide a price floor [9] - The company expects a gradual recovery in upstream investment as supply and demand rebalance into 2027, driven by economic growth and infrastructure investments [9] - For 2026, the company projects revenue between $36.9 billion and $37.7 billion, with growth expected from Latin America and the Middle East, while Europe and Africa may see slight declines [14] Other Important Information - The company generated $3 billion of cash flow from operations in the fourth quarter, with free cash flow of $2.3 billion [21] - The company plans to return more than $4 billion to shareholders in 2026 through dividends and stock buybacks [24] - The company is the only international service company actively operating in Venezuela, with plans to ramp up activities as conditions allow [16][40] Q&A Session Summary Question: CapEx outlook and capital intensity - The company increased CapEx slightly to $2.5 billion, indicating improved capital efficiency compared to the past [25] Question: Customer mix and market opportunities - Management expressed confidence in national companies executing capital programs and noted a rebound in Saudi Arabian drilling activity [27] Question: Exit rate for 2026 - The company expects the fourth quarter of 2026 to be higher than the fourth quarter of 2025, driven by international market recovery [30] Question: Digital business penetration - The company is seeing significant traction in digital operations, with platforms like Lumi and Tela gaining customer adoption [35] Question: Venezuela's revitalization potential - The company has a strong historical presence in Venezuela and is prepared to ramp up operations if conditions allow [40] Question: Data center infrastructure growth - The company expects to reach a $1 billion run rate in revenue for its data center solutions by year-end 2026, with plans for international expansion [41]

Financial Data and Key Metrics Changes - Earnings per share (EPS) for 2025 increased over 30% compared to the previous year, reaching $9.50 [4][5] - Tangible book value per share also experienced double-digit growth, despite day-one dilution from the merger [5] - The company achieved 8% loan growth and 8% deposit growth in the fourth quarter [6][10] Business Line Data and Key Metrics Changes - Non-interest income for the fourth quarter was $106 million, up $7 million from the previous quarter, driven by strong performance in the correspondent capital markets division [11] - The company repurchased 2 million shares in the fourth quarter, representing approximately 2% of the company [7][13] - The efficiency ratio remained below 50% for both the quarter and the year, despite higher expenses [11] Market Data and Key Metrics Changes - The loan production in Texas and Colorado reached $888 million in the fourth quarter, a 15% increase from the third quarter [58] - The overall loan pipeline grew from $3.4 billion at the beginning of the year to about $5 billion by year-end [20] Company Strategy and Development Direction - The company aims to continue its growth trajectory by focusing on organic growth and expanding its market presence in Texas and Colorado [3][21] - There is a strategic emphasis on hiring additional commercial relationship managers to support growth initiatives [24][63] - The company plans to invest in technology and revenue-producing platforms, including AI and commercial loan servicing [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's fundamentals and the successful integration of the Independent Financial deal, which is expected to yield long-term benefits [4][6] - The outlook for 2026 includes expectations for continued loan growth and a stable net interest margin (NIM) in the range of 380-390 basis points [18][48] - Management noted that the risk profile of the company has improved post-merger, and they are optimistic about future performance [7][14] Other Important Information - The company increased its dividend by 11% in July 2025 and maintained healthy capital ratios, with a TCE ratio of 8.8% and a CET1 ratio of 11.4% [13] - Non-performing assets (NPAs) declined slightly, and credit costs remained low, indicating a stable credit environment [12] Q&A Session Summary Question: Thoughts on net interest margin and deposit costs - Management indicated that NIM was in line with guidance and deposit costs were down, with expectations for NIM to remain stable in 2026 [16][18] Question: Loan growth expectations - The company expects mid to upper single-digit loan growth for 2026, supported by a strong pipeline [20] Question: Hiring activity and expense guidance - Management confirmed that hiring efforts are ongoing, with a focus on increasing commercial relationship managers by 10-15% [24][63] Question: Correspondent banking strength sustainability - Management noted that the recent strength in correspondent banking is expected to continue, driven by favorable market conditions [26][28] Question: Expense growth and run rate for 2026 - Management acknowledged that Q4 expenses were impacted by performance and seasonality, but guidance for mid-single-digit expense growth remains [34][42] Question: Share repurchase authorization usage - Management stated that capital return decisions will be flexible and based on share price relative to intrinsic value [37][39]

Webster Financial (NYSE:WBS) Q4 2025 Earnings call January 23, 2026 09:00 AM ET Company ParticipantsJohn Ciulla - CEOLuis Massiani - President and Chief Operating OfficerNeal Holland - CFOConference Call ParticipantsBernard von-Gizycki - AnalystChristopher O'Connell - AnalystDaniel Tamayo - AnalystDavid Chiaverini - AnalystDavid Smith - AnalystJackson Singleton - AnalystJared Shaw - AnalystJon Arfstrom - AnalystManan Gosalia - AnalystMark Fitzgibbon - AnalystMatthew Breese - AnalystOperatorGood morning. Wel ...

Webster Financial (NYSE:WBS) Q4 2025 Earnings call January 23, 2026 09:00 AM ET Company ParticipantsEmlen Harmon - Director and Head of Investor RelationsJohn Ciulla - CEOLuis Massiani - President and Chief Operating OfficerNeal Holland - CFOConference Call ParticipantsAnthony Elian - AnalystBernard von-Gizycki - AnalystChristopher O'Connell - AnalystDaniel Tamayo - AnalystDavid Chiaverini - AnalystDavid Smith - AnalystJackson Singleton - AnalystJared Shaw - AnalystJon Arfstrom - AnalystManan Gosalia - Anal ...