Financial Data and Key Metrics Changes - The company reported a Normalized FFO per share growth of 8.9% year-over-year for Q4 2025, with a full-year growth of 10.6% [4][22] - Total FAD increased by 13.7% year-over-year, reaching $232.1 million for the full year [23] - Net income per share for Q4 2025 was $0.80, a decrease of 15.8% from the prior year, primarily due to non-recurring gains in the previous year [21] Business Line Data and Key Metrics Changes - The SHOP platform's total NOI increased by 125% year-over-year, with a same-store growth of 7.6% [4][5] - Cash rental income from the triple net portfolio increased by approximately 7% year-over-year, driven by acquisitions [4][18] - The company announced investments of $392 million in 2025, significantly exceeding the initial guidance of $225 million [6] Market Data and Key Metrics Changes - The senior housing market is experiencing favorable tailwinds, with fewer than 25,000 units under construction, representing only 2.2% of total inventory, the lowest level since 2012 [7] - Demand is expected to accelerate as the first baby boomers turn 80, positioning the company to capitalize on long-term growth [8] Company Strategy and Development Direction - The company plans to allocate 70% of its investment activity in 2026 to the SHOP segment, focusing on need-driven senior living communities in secondary suburban markets [9][10] - The company is actively expanding its SHOP capabilities and has increased its SHOP investment by 106% over the last 12 months to approximately $740 million [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a normalized growth rate of 5%-6% for 2026, despite a guidance midpoint of only 1.2% due to non-recurring items in 2025 [11] - The company is optimistic about long-term FFO per share growth and is investing in resources to scale future growth, particularly in the SHOP segment [12] Other Important Information - The company announced a change in its leverage policy, lowering the range from 4x-5x to 3.5x-4.5x net debt to adjusted EBITDA [28] - A new board member, Lily Donohue, was welcomed, bringing extensive experience in senior living operations [12][13] Q&A Session Summary Question: Same-store SHOP guidance for 2026 - Management indicated that the guidance reflects current visibility and plans for corrective measures that could enhance upside potential [33][35] Question: Momentum in SHOP pipeline for 2026 - Management expects the momentum to continue, with a focus on executing based on reasonable visibility [37] Question: NHC lease negotiations - Management described the current posture as being in a quiet period regarding negotiations, with no specific updates available [40][41] Question: Pricing power in secondary markets - Management emphasized that each market is different, but they believe there is potential for revenue growth through responsible rate increases [54][56] Question: Higher volume of dispositions - Management explained that the higher volume is driven by reallocating resources from non-core assets to focus on relationships with greater growth potential [59][60]

Financial Data and Key Metrics Changes - In 2025, consolidated revenue reached MXN 58.9 billion, representing a year-on-year decline of 5.5%, primarily due to lower revenue at Sky [8] - Operating segment income reached MXN 23 billion, showing a slight decrease of 0.6% year-on-year [8] - Free cash flow generated in 2025 was around MXN 5.9 billion, allowing for debt repayment and improving leverage ratio to 2 times EBITDA from 2.5 times [4][8] Business Line Data and Key Metrics Changes - The internet subscriber base grew by approximately 47,000 in 2025, marking a turnaround after losses in 2023 and 2024 [2] - Cable operations achieved a monthly churn rate below historical averages of 2% for three consecutive quarters, with broadband net adds of 25,000 in Q4 2025 [9] - Sky's fourth quarter revenue declined by 16.8% year-on-year, primarily due to a lower subscriber base [13] Market Data and Key Metrics Changes - In the U.S., advertising revenue decreased by 11%, while in Mexico, it increased by 15% year-on-year, driven by strong growth in ViX [17] - Subscription and licensing revenue decreased by 4% year-on-year, with continued growth in ViX offsetting losses from other areas [18] Company Strategy and Development Direction - The company is focusing on attracting and retaining high-value customers, implementing operational efficiencies, and integrating Izzi and Sky to extract synergies [2][4] - Plans to upgrade 6 million homes to fiber-to-the-home technology by the end of 2026, aiming for 75% of the total footprint to be fiber-based [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create value for shareholders through a focus on efficiencies and integration [20] - The competitive environment in Mexico is described as stable, with a focus on increasing average revenue per user (ARPU) through enhanced services rather than price increases [25] Other Important Information - The company plans to suspend regular dividend payments in 2026 to explore opportunities in the telecom sector [19] - Total CapEx investments for 2025 were $119 million, with expectations to maintain similar levels in 2026 [18] Q&A Session Summary Question: Fiber plan details and competitive environment - The company currently has 9 million homes with fiber and plans to reach 15-16 million by the end of 2026, focusing on high-value clients to increase ARPU [24][25] Question: AI impact on telecom and media - AI is being integrated into customer interactions and network operations, with plans to transition to full AI-based customer service by 2026 [38] Question: Opportunities in Mexico Telecom and sustainability of margins - The company is exploring opportunities in telecommunications but cannot disclose specifics; it aims to optimize operations to sustain strong margins [45]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $28.5 million, down from $41.7 million in Q3 2025 [8] - Tons shipped in Q4 2025 were 3.8 million, a decrease from 3.9 million in Q3 2025 [8] - Cash provided by operating activities was $19 million in Q4, down from $50.6 million in Q3 [11] - Total liquidity at the end of Q4 was $524.3 million, down from $568.5 million at the end of Q3 [11] Business Line Data and Key Metrics Changes - Metallurgical segment realizations increased to an average of $115.31 per ton in Q4, up from $114.94 in Q3 [8] - Realizations for metallurgical sales in Q4 were a total weighted average of $118.10 per ton, up from $117.62 per ton in Q3 [9] - Incidental thermal portion realizations decreased to $77.80 per ton in Q4, down from $81.64 per ton in Q3 [9] Market Data and Key Metrics Changes - The Australian Premium Low-Vol Index increased by 14.6% from $190.20 per metric ton on October 1 to $218 per metric ton on December 31 [17] - The U.S. East Coast low-vol index rose from $177 in October to $185 per metric ton by the end of December, an increase of 4.5% [18] - The U.S. East Coast High-Vol A index dropped slightly to $150.50 per metric ton at the end of the year [19] Company Strategy and Development Direction - The company aims to build on improved cost performance and resilience in 2026, with a focus on maintaining a strong balance sheet and safe operations [3][7] - Development at the Kingston Wildcat Low-Vol Mine is a priority, with expectations to produce roughly 500,000 tons in 2026 [15] - The company is exploring various opportunities for potential M&A, while maintaining a cautious approach to avoid unnecessary risks [35][45] Management's Comments on Operating Environment and Future Outlook - Management noted persistent market weakness, particularly in high-vol coal, and emphasized the importance of global steel demand for improving metallurgical markets [5][6] - The recent upward movement in coal markets is seen as largely temporary, driven by supply-related issues in Australia [4] - Management expressed cautious optimism regarding potential recovery in steel demand, particularly in Europe and South America, while acknowledging challenges in the Asian market [29] Other Important Information - The company has committed 37% of its metallurgical tonnage for 2026 at an average price of $134.02, with 53% committed but not yet priced [12] - Capital expenditures for Q4 were $29 million, up from $25.1 million in Q3 [11] Q&A Session Summary Question: Clarification on domestic vs. seaborne tonnage mix - Management indicated that approximately half of domestic volume was high-vol, with the other half being low and medium-vol [24] Question: Cost cadence over the year - Management noted that Q1 typically sees elevated costs due to lower productivity, while Q2 and Q3 are usually stronger [26][27] Question: Broader market conditions in Europe and South America - Management expressed cautious optimism about recovery in these markets, while noting ongoing competition in Asia [29] Question: Best uses for cash at this stage - Management highlighted the importance of maintaining liquidity for balance sheet strength and ongoing share buybacks, while remaining open to M&A opportunities [35] Question: Impact of U.S. tariffs on met coal - Management noted that the constant changes in tariff structures create uncertainty, affecting market activity [63][64]

Financial Data and Key Metrics Changes - The company reported a Normalized FFO per share growth of 8.9% year-over-year for Q4 2025, with a full-year growth of 10.6% [4][22] - Total FAD increased by 13.7% year-over-year, reaching $232.1 million for the full year [23] - Net income per share for Q4 was $0.80, a decrease of 15.8% from the prior year, primarily due to prior year gains from derivative accounting [21] Business Line Data and Key Metrics Changes - The Seniors Housing Operating Portfolio (SHOP) platform saw a total NOI increase of 125% year-over-year, with same-store growth of 7.6% [4][5] - Cash rental income from the triple net portfolio increased by approximately 7% year-over-year [4] - SHOP NOI for Q4 increased by 124.9% to $7.3 million compared to the prior year [24] Market Data and Key Metrics Changes - There were fewer than 25,000 units under construction in Q4, representing just 2.2% of total inventory, the lowest level since 2012 [7] - Demand for senior housing is accelerating as the first baby boomers turn 80 this year, indicating favorable industry tailwinds [7] Company Strategy and Development Direction - The company plans to allocate 70% of its investment activity in 2026 to SHOP, targeting need-driven senior living communities in secondary suburban markets [9] - The company is focusing on partnerships with operators that demonstrate high resident satisfaction and is expanding its SHOP capabilities [8][9] - A new Board member, Lilly Donohue, was welcomed, bringing extensive experience in senior living operations [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of FFO per share and the attractiveness of senior housing industry fundamentals [12] - The company anticipates a 1.2% growth in Normalized FFO per share for 2026, with an adjusted growth rate estimated at 5%-6% [11] - Management highlighted the importance of maintaining a strong balance sheet and a lower leverage policy to support growth [28] Other Important Information - The company announced a dividend of $0.92 per share for shareholders of record on March 31, 2026 [28] - The company has a robust liquidity position with approximately $875 million available, including cash and revolver capacity [27] Q&A Session Summary Question: Same-store SHOP guidance for 2026 - Management indicated that the guidance reflects current expectations and future plans for corrective measures, with potential for upside [32][34] Question: NHC lease negotiations - Management described the current posture as being in a quiet period regarding NHC lease negotiations [40] Question: SHOP growth and performance - Management noted that the new SHOP portfolio is expected to perform well, with double-digit growth anticipated [53] Question: Pricing power in secondary markets - Management emphasized that pricing power varies by market, but they expect to achieve 7%-8% growth through effective rate increases [57] Question: Dispositions and capital recycling - Management explained that the higher volume of dispositions is driven by reallocating resources to more strategic relationships [61]

Financial Data and Key Metrics Changes - The fourth quarter occupancy was 68.7%, average daily rate (ADR) was $199, and revenue per available room (RevPAR) was $137, reflecting a 1.5% decline in RevPAR year-over-year, driven by a 0.9% decline in occupancy and a 0.7% decline in ADR [17][18] - Total revenues grew by 0.2%, supported by a 7.2% increase in non-room revenues, which outperformed RevPAR by nearly 900 basis points [11][18] - Adjusted EBITDA for the fourth quarter was $80.4 million, with hotel EBITDA margins at 27%, only 44 basis points behind the previous year [19][22] Business Line Data and Key Metrics Changes - Urban markets outperformed the overall portfolio, with notable RevPAR growth in Northern California (18.5%), Denver CBD (10.1%), and New York City (4.7%) [18] - Non-government related business transient revenues grew by 5%, while group revenues declined by 3% due to the government shutdown impacting demand [9][10] - Leisure segment revenue grew by 1%, with urban leisure outperforming the portfolio, driven by strong holiday demand [10][11] Market Data and Key Metrics Changes - San Francisco CBD achieved 52% RevPAR growth, benefiting from a strong tech economy and events like the Dreamforce conference [8] - The company expects the lodging industry to achieve slightly positive RevPAR growth in 2026, driven by increased leisure demand and unique events such as the World Cup [14][15] Company Strategy and Development Direction - The company is focused on urban markets, anticipating that these will continue to outperform the broader industry due to favorable geographic exposure and high-impact capital investments [15][16] - Plans include advancing conversions and renovations, with expectations to deliver an average of two conversions per year [12][41] - The company aims to balance capital allocation between asset sales and share repurchases, maintaining a strong balance sheet while pursuing growth opportunities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, citing tailwinds from moderating interest rates and tax cuts that could positively impact travel demand [13] - The company acknowledges lingering geopolitical uncertainties but remains constructive on the broader economy [13][14] - Management expects the first quarter of 2026 to be the softest due to difficult year-over-year comparisons, with expectations for stronger contributions in the latter half of the year [25] Other Important Information - The company completed significant refinancing transactions, addressing all debt maturities through 2028 and maintaining a favorable debt maturity profile [21][22] - A total of $120 million was returned to shareholders through share repurchases and dividends during 2025 [13][23] Q&A Session Summary Question: How much benefit is expected from the World Cup and easier comps due to the government shutdown? - Management indicated that RevPAR growth is expected to be balanced between rate and occupancy, with urban leisure demand anticipated to outperform [28][30] Question: How is capital allocation prioritized between asset sales and share repurchases? - Management stated that they are actively recycling capital from asset sales and share repurchases while maintaining a strong balance sheet [32][33] Question: What are the expectations for operating costs in 2026? - Management expects expenses to grow about 3%, with variable expenses at 2% and fixed expenses at 4% [37] Question: What is the expected impact of the Wyndham Boston conversion to Tapestry? - Management believes there is a 40% upside in EBITDA from the conversion, with favorable demand drivers in the market [78] Question: What percentage of business was government-related in 2025? - In a normalized year, government-related business was about 3%, but it was down approximately 20% in 2025 due to the government shutdown [88]

Pembina Pipeline (NYSE:PBA) Q4 2025 Earnings call February 27, 2026 10:00 AM ET Company ParticipantsAaron MacNeil - Director of Institutional Equity ResearchCameron Goldade - CFOChris Scherman - Chief Marketing and Strategy OfficerDan McNeil - VP of Capital MarketsJaret Sprott - COORobert Hope - Managing DirectorSam Burwell - VPScott Burrows - President and CEOSpiro Dounis - DirectorSumantra Banerjee - Equity Research AssociateConference Call ParticipantsBenjamin Pham - Senior AnalystJeremy Tonet - Executiv ...

Financial Data and Key Metrics Changes - Copper production in 2025 was 52.4 thousand tons, down 8% year-over-year due to processing stockpiles with higher precious metal content [5] - Silver production reached 15.6 million ounces, a 1% increase from 15.5 million ounces in the previous year [6] - Gold production was 121,000 ounces, down 18% year-on-year, primarily due to lower output at Orcopampa and Tambomayo [6] - EBITDA for 2025 was $112 million, an 88% increase from $431.5 million in 2024 [6] - Net income for 2025 was $830 million, compared to $460 million in 2024, including $157.3 million from the sale of Chaupiloma [6] - The company ended the year with a cash position of $530 million and total debt of $710 million, resulting in a leverage ratio of 0.22x [7] Business Line Data and Key Metrics Changes - The focus for gold production is shifting to San Gabriel, expected to become the main gold-producing asset in the coming years [8] - CapEx for 2025 is projected between $385 million and $415 million, with $200 million-$220 million allocated for sustaining CapEx [8] Market Data and Key Metrics Changes - The company anticipates stable copper and silver production at El Brocal and Uchucchacua, maintaining consistent output levels [8] - The expected production guidance for gold in 2026 is between 48,000 and 55,000 ounces [10] Company Strategy and Development Direction - The company aims to enhance exploration investments to reinforce reserves and resources while advancing progressive closures to improve efficiency [12] - San Gabriel is transitioning from project execution to ramp-up, targeting a stable throughput of 2,000 tons per day by the third quarter of 2026 [11] Management Comments on Operating Environment and Future Outlook - Management highlighted a supportive environment for exploration investments and emphasized a strong cash flow generation and solid balance sheet [12] - The company is focused on improving ventilation systems and addressing production flexibility due to recent operational challenges [22] Other Important Information - The board approved a dividend of $0.9904 per share, totaling $1.135 per share over the past 12 months [7] - The company received $98 million in dividends from its stake in Cerro Verde after the quarter ended [7] Q&A Session Summary Question: CapEx increase and reasons behind it - Management explained that the increase in CapEx is primarily due to pending works related to earthworks and ramp-up at San Gabriel [14][15] Question: Lower production guidance for San Gabriel - Management indicated that the lower guidance is due to construction and permitting delays, as well as the need to redesign the ventilation system [19][21] Question: Guidance on G&A and exploration budget - The expected G&A for 2026 is around $60 million-$70 million, with exploration budget increased to $90 million-$100 million [28][29] Question: Status of asset sales and strategic review of mines - Management confirmed ongoing evaluations of asset sales, with a focus on the feasibility of selling mines separately or as a whole [56][58] Question: Dividend payment timeline - The dividend payment is expected in April, with $200 million in dividends from Cerro Verde anticipated throughout the year [62][63]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net revenues of $903 million, an 18% increase sequentially and a 22% increase year-over-year [16] - Adjusted EBITDA for Q4 was $300 million, reflecting a 33% EBITDA margin, with a full-year adjusted EBITDA of $772 million, an 8% increase compared to 2024 [16][17] - The company recorded a net income of $81 million or $0.38 per share for Q4, and a full-year net income of $223 million or $1 per share [5][7] - Free cash flow for the full year was negative $105 million, impacted by debt reductions and dividends [20] Business Line Data and Key Metrics Changes - Zinc production in Q4 reached 91,000 tons, a 9% increase from Q3, with full-year production totaling 316,000 tons, meeting guidance [4][6][8] - The mining segment generated net revenues of $532 million and adjusted EBITDA of $266 million in Q4, resulting in a 50% EBITDA margin [9] - In the smelting segment, total metal sales were 142,000 tons for Q4 and 567,000 tons for the full year, with net revenues of $573 million and adjusted EBITDA of $34 million in Q4 [13][14] Market Data and Key Metrics Changes - Zinc prices remained well-supported throughout 2025 due to persistent concentrate tightness and low LME inventories [23] - Treatment charges in China averaged negative levels during the year, reflecting raw material scarcity [23] - Copper prices appreciated in 2025 driven by supply discipline and sustained demand, particularly from electrification [24] Company Strategy and Development Direction - The company is focused on operational stability and disciplined capital allocation, with key projects like Aripuanã and Cerro Pasco Integration Project being central to long-term value creation [29] - The company aims to generate sustainable cash flow to strengthen its balance sheet and support a balanced capital allocation approach, including deleveraging and shareholder returns [30] - The company is actively looking for opportunities in the copper market, with a focus on maintaining a solid financial position [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational stability and cash generation potential of Aripuanã, especially with the upcoming commissioning of the fourth filter [10][29] - The company remains committed to reducing gross debt and enhancing financial flexibility, with a target of lowering interest expenses over time [22] - Management acknowledged the political environment in Peru but emphasized the strong economic context and good relationships with local communities [56][58] Other Important Information - The company maintained a robust liquidity position with total liquidity of $842 million, including an undrawn $320 million revolving credit facility [22] - The average debt maturity increased to 7.6 years, reflecting proactive liability management [22] - The company is advancing its ESG strategy, focusing on climate action, community engagement, and governance improvements [27] Q&A Session Summary Question: Impact of seasonal rains on Aripuanã production - Management confirmed that the rainy season has not significantly impacted production, with expectations to reach full capacity in the second half of the year [34][35] Question: Consideration of additional silver streaming - Management stated that while they are aware of the interest in silver, they are not currently considering additional silver streaming as a priority [41][43] Question: Cash flow impact of Cerro Lindo silver stream - Management explained that the silver streaming agreement will step down from 65% to 25%, which will positively impact cash flow [46] Question: Update on Ayawilca project and Tinka Resources investment - Management indicated that they are assessing the Ayawilca project following the disapproval of the environmental impact study and have decided not to pursue further investment in Tinka Resources [54] Question: Debt repayment plans for 2026 and 2027 - Management confirmed that debt repayment remains a priority, with plans to use excess cash for debt reduction [59] Question: Details on hedging program for silver and gold - Management provided details on the hedging program, with a floor around $52 and a cap around $84 for silver [60] Question: CapEx for Cerro Pasco integration project - Management confirmed that CapEx for the Cerro Pasco project is on track, with expectations to spend around $42 million this year [68]

Main Street Capital (NYSE:MAIN) Q4 2025 Earnings call February 27, 2026 10:00 AM ET Company ParticipantsBrian McKenna - Director of Equity ResearchDavid Magdol - President and Chief Investment OfficerDwayne Hyzak - CEONick Meserve - Managing DirectorRobert Dodd - Director of Specialty Finance MemphisRyan Nelson - CFOZach Vaughan - Investor RelationsConference Call ParticipantsArren Cyganovich - Senior Analyst of Specialty FinanceDouglas Harter - Equity Research AnalystOperatorGreetings, welcome to the Main ...

Financial Data and Key Metrics Changes - The company reported Q4 earnings of CAD 489 million, representing a 15% decrease year-over-year [19] - Adjusted EBITDA for Q4 was approximately CAD 1.075 billion, a CAD 179 million or 14% decrease compared to the same period last year [16] - Full year earnings reached CAD 1.694 billion, with Adjusted EBITDA of CAD 4.289 billion and adjusted cash flow from operating activities of CAD 2.854 billion or CAD 4.91 per share [5][21] Business Line Data and Key Metrics Changes - Pipelines and facilities divisions achieved total volumes of 3.7 million barrels of oil equivalent per day in Q4, a 1% increase year-over-year [20] - The marketing and new ventures segment faced challenges due to narrower NGL frac spreads, impacting overall performance [18] - The company renewed contracts totaling over 200,000 barrels per day of conventional pipeline transportation capacity, including significant recontracting on the Peace Pipeline system [9] Market Data and Key Metrics Changes - The company noted higher volumes on the Peace Pipeline system and increased demand for condensate and NGL transportation due to growing production in the Western Canadian Sedimentary Basin [10] - The company is proceeding with expansions to meet rising transportation demands, including the Fox Creek to Mayo expansion, which will add approximately 70,000 barrels per day of capacity [10] Company Strategy and Development Direction - Pembina is focused on providing safe, reliable, and cost-effective energy infrastructure solutions while capturing incremental new volumes in the Western Canadian Sedimentary Basin [25] - The company is advancing strategic projects, including the Cedar LNG project and various pipeline expansions, to enhance its long-term competitive positioning [6][12] - Pembina aims to ensure long-term resilience through extensive recontracting and infrastructure investments supported by long-term take-or-pay agreements [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to meet customer demands and capture growth opportunities despite market volatility [25] - The company anticipates a peak investment year in 2026 for the Cedar LNG facility, with expectations of returning to a lower debt-to-Adjusted EBITDA ratio post-2026 [23][24] - Management highlighted the importance of project execution and collaboration with local communities to ensure successful project delivery [32] Other Important Information - The company plans to hold a webcast and conference call on April 7th to provide a general business update and long-term outlook [14] - Pembina is making significant progress on the Greenlight Electricity Centre, targeting a final investment decision in Q2 2026 [63] Q&A Session Summary Question: Details on the decision not to pursue the full Taylor-to-Gordondale Expansion - Management explained that the decision was driven by the need for a capital-light solution and the focus on project execution rather than a schedule-driven approach [28][34] Question: Update on marketing outlook given recent pricing changes - Management indicated that while there were headwinds at the start of the year, the outlook for the remainder of the year is improving, and they expect to be slightly ahead of the midpoint on marketing guidance [36][39] Question: Economics of the Tourmaline contract extension - Management confirmed that the extension was primarily a renewal of existing business, with strong netbacks due to liquids production [47][68] Question: Update on the Alliance short-haul expansion project - Management stated that strong demand continues in the Alberta Industrial Heartland area, with an announcement expected shortly [67] Question: Timing of the April 7th presentation - Management indicated that the timing is to provide more granularity on growth opportunities and ensure clarity on project developments [72][73]