Corporación Inmobiliaria Vesta (NYSE:VTMX) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsDavid Soto - Equity Research AssociateFernanda Bettinger - Investor Relations OfficerJuan Felipe Sottil Achutegui - CFOLorenzo Dominique Berho Carranza - CEOConference Call ParticipantsAbraham Fuentes - Equity Research AnalystEnrique Cantú - Equity Research AnalystGordon Lee - Equity Research AnalystJorel Guilloty - VP and Senior AnalystJuan Ponce - Mexico Equity Strategy AnalystPablo Monsivais ...

Gaming and Leisure Properties (NasdaqGS:GLPI) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker12Greetings, and welcome to the Gaming and Leisure Properties fourth quarter 2025 earnings conference call and webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasu ...

Financial Data and Key Metrics Changes - The company reported consolidated revenues of $178 million for Q4 2025, an 8% increase both sequentially and year-over-year [10] - Adjusted consolidated EBITDA for Q4 2025 was $23 million, representing a 9% sequential increase and at the top of the guided range [10] - The net loss for the quarter was $117 million, or $2.04 per share, which included long-lived asset impairments and restructuring charges [10] - For the full year, adjusted consolidated EBITDA totaled $83 million, with adjusted net income of $22 million and adjusted EPS of $0.37 per share [11] - Cash flow from operations for Q4 was $50 million, up 63% sequentially, and for the full year, it totaled $105 million, representing a 129% increase year-over-year [11] Business Line Data and Key Metrics Changes - The Offshore Manufactured Products segment generated revenues of $123 million in Q4, with adjusted segment EBITDA of $25 million, resulting in a 20% adjusted segment EBITDA margin [12] - The Completion and Production Services segment delivered $23 million in revenues and adjusted segment EBITDA of $7 million, with margins expanding to 32% from 29% in the previous quarter [13] - The Downhole Technologies segment reported revenues of $32 million, an 11% sequential increase, with adjusted segment EBITDA growing to $1.3 million [13] Market Data and Key Metrics Changes - The backlog increased to $435 million, the highest level since March 2015, with a book-to-bill ratio of 1.3 times [7][12] - The company noted that 77% of revenues were generated from offshore and international markets, up from 72% in the prior year [6] Company Strategy and Development Direction - The company is focused on optimizing its business mix towards offshore and international markets, aiming for sustained incremental margins and cash flows [5][6] - The strategy includes high-grading technologies and service lines, with a focus on differentiated product offerings to enhance margins [7][8] - The company plans to continue returning capital to stockholders while maintaining a disciplined approach to capital allocation [8][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand for crude oil and natural gas, indicating that underinvestment in offshore infrastructure could lead to future growth opportunities [76][78] - The company anticipates full-year 2026 revenues to range between $680 million and $700 million, with EBITDA expected between $90 million and $95 million [17] - The first quarter of 2026 is expected to be the weakest in terms of revenue and cash flows due to timing factors [18] Other Important Information - The company ended 2025 with cash on hand exceeding total debt by $15 million [11] - A new four-year cash flow-based credit agreement was established, providing for borrowings of up to $75 million [14] - The company repurchased $17 million of common stock in 2025 and plans to remain opportunistic with additional purchases [15] Q&A Session Summary Question: Completion and Production side restructuring impact on Q4 revenue - Management confirmed that the restructuring and exiting of underperforming businesses are reflected in the Q4 revenue run rate levels, with a focus on reducing ongoing costs related to exited operations [24][25] Question: Backlog margins in Offshore Manufactured Products - Management indicated that the embedded margin profile is expected to improve, with consistent margin improvement targeted for 2026 [30][31] Question: Outlook on offshore spending and backlog growth - Management expressed optimism about the potential for backlog growth as offshore spending is expected to increase, supported by new product offerings and enhanced facilities [46][47] Question: Balance sheet and cash flow deployment post-debt repayment - Management stated that after debt repayment, the focus will be on share repurchases while also considering M&A opportunities [56][58] Question: Military products and defense spending outlook - Management highlighted the legacy military products and the potential for growth in this segment due to increased defense spending [60][62] Question: Geographic opportunities in the offshore market - Management identified Brazil and Guyana as strong bases for operations, with ongoing efforts to expand capabilities in Southeast Asia and West Africa [68][70]

Financial Data and Key Metrics Changes - In Q4 2025, total operating revenues decreased by 1% compared to the previous quarter and by 2% for the full year, with revenues flat year-over-year when excluding divestitures [17][18] - Adjusted EBITDA improved by 6% in Q4, but declined by 6% for the full year due to divestitures and a non-cash adjustment to stock-based compensation in Q1 [18] - Capital expenditures for the full year were $406 million, with a forecast increase to $550 million-$600 million for 2026 [19] Business Line Data and Key Metrics Changes - TDS Telecom added 58,000 new marketable fiber addresses in Q4, a 39% increase year-over-year, and delivered a total of 140,000 new marketable fiber addresses for the full year [10][11] - Residential fiber net adds were approximately 15,000 in Q4, up 11% from Q4 2024, totaling about 45,000 for the year [11][12] - Cash site rental revenue for Array increased by 64% year-over-year in Q4, with a 96% increase when including T-Mobile interim site revenue [25] Market Data and Key Metrics Changes - The divestitures in 2025, including the sale of wireless operations, have concentrated TDS's footprint in economically viable markets for fiber [12] - The company identified 300,000 additional fiber address opportunities, raising its long-term goal from 1.8 million to 2.1 million fiber addresses [13][14] Company Strategy and Development Direction - TDS aims to strengthen its corporate and capital structure, grow TDS Telecom's fiber business, support Array's tower operations, and enhance company culture while delivering strong operational results [4][5] - Array focuses on optimizing tower operations and monetizing spectrum, with significant progress in spectrum monetization agreements with major carriers [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects for 2026, particularly in fiber and tower operations, despite challenges from legacy revenue declines and divestitures [19][34] - The company is committed to delivering a best-in-class customer experience and achieving operational efficiency through ongoing business transformation efforts [14][15] Other Important Information - TDS repaid $150 million in term loan debt and received $726 million from a special dividend related to the AT&T spectrum sale [6][7] - The company plans to continue disciplined share repurchase activities, with $524 million remaining on its authorization as of the end of 2025 [8] Q&A Session Summary Question: Is DISH included in the 2026 guidance? - Management confirmed that DISH is completely out of the 2026 guidance, and any settlement would be considered upside [43][44] Question: What is the outlook for tower leasing applications? - Management expressed optimism about growth prospects, expecting significant same-store growth and positive results from insourcing the sales team [45][47] Question: How is TDS Telecom addressing video bundling? - Management emphasized the importance of video in their value proposition and plans to strengthen video bundling alongside broadband offerings [84] Question: What is the growth rate embedded in the revenue guidance for 2026? - Management indicated a growth expectation of around 6% on a same-store basis, excluding DISH revenue [80]

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 [21][22] - 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 [22][23] 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 Q4, including approximately 15,000 tons of high-grade oxide material at a grade of 11.19 grams per ton gold [5][6] - The company mined approximately 142,000 tons of high-grade mineralized material for the year, with total gold production of 3,600 ounces for Q4 and 23,000 ounces for the full year [7][6] - The construction of Archimedes, the company's second underground mine, commenced, with underground development advancing ahead of expectations [11][12] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, which includes a $250 million royalty commitment from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [25][26] - 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 [28][29] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer by 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 advance the refurbishment of the Lone Tree autoclave over the next 12-18 months [30] 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 Granite Creek Underground [9][10] - The company is focused on accelerating the development of the Mineral Point project, which is seen as the most valuable asset within the portfolio [41] - Management anticipates that the recapitalization will provide the necessary financial flexibility to advance drilling and technical work, ultimately leading to earlier development timelines [41] 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 to be rebricked, and the CIL circuit tanks need replacement, along with upgrades to the filtration system and instrumentation, leading to the high cost [34] Question: Did you 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 [36][37] Question: Will accelerating pre-development work at Mineral Point allow for earlier value realization? - Yes, the financial flexibility gained from the recapitalization allows for advancing drilling and technical work, targeting earlier development than originally planned [41]

Corporación Inmobiliaria Vesta (NYSE:VTMX) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker9Hello, ladies and gentlemen. Please be on standby. We will start shortly. Again, please be on standby, and we will start shortly. Thank you. Ladies and gentlemen, please be on standby. We will start shortly. Please be on standby. We will start shortly. Thank you. Greetings, ladies and gentlemen. Welcome to the Vesta Fourth Quarter 2025 Earnings Conference Call. All participants are currently in listen-only ...

Howard Hughes (NYSE:HHH) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker7Good day, and thank you for standing by. Welcome to the Howard Hughes Holdings fourth quarter 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your qu ...

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 [18] - 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 [20] - Adjusted EBITDA, excluding LIFO, was $20.4 million for Q4 2025, compared to $10.3 million in Q4 2024 [20] - Gross margin contracted by 190 basis points to 15.3% during Q4 2025 [19] Business Line Data and Key Metrics Changes - The fabrication and welding sector saw the most year-over-year volume growth, followed by the machine shop and machinery and equipment sectors [10] - The commercial transportation sector experienced weakness, along with the climate and heavy equipment sectors [10] Market Data and Key Metrics Changes - North American industry volumes decreased by 5.8% sequentially in Q4 2025, while Ryerson's shipments decreased by 6.8% [9] - For the full year 2025, Ryerson's total company tons shipped were up by 0.5 percentage points compared to the previous year [10] 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 [4] - Priorities for 2026 include integrating the combined organization, improving earnings quality, and reducing leverage [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving manufacturing conditions and expects gross margin expansion and operating income improvements in 2026 [6] - The company anticipates strong activity in Q1 2026, with tons shipped expected to increase by 13%-15% compared to Q4 2025 [12] Other Important Information - The company generated $113 million in cash from operating activities in Q4 2025 and reduced net debt by $34 million [15] - Ryerson distributed $6.1 million in dividends during Q4 2025 and plans to continue dividends in Q1 2026 [17] Q&A Session Summary Question: Impact of price increases on customer acceptance - Management noted that there has been a pleasant surprise in business activity, with quoting and conversion rates improving, indicating that price increases are starting to be accepted [25] Question: Capital allocation post-merger - The focus will be on achieving the $120 million in synergies and deleveraging, with dividends being an important part of capital allocation [29][31] Question: Challenges in passing through rising mill prices - Aluminum has been the slowest commodity to see price increases accepted, but there is now momentum in getting those prices through the value chain [38] Question: First quarter volume guidance - The company is seeing stronger market conditions, with improvements in transactional business and a positive outlook for growth [40][42] Question: Future M&A considerations - Management emphasized the importance of focusing on current synergies and performance before considering additional M&A opportunities [48]

Financial Data and Key Metrics Changes - In 2025, Alliant Energy achieved ongoing earnings per share (EPS) growth of $0.18 compared to 2024, driven by increased revenue from rate-based increases and favorable temperature impacts on electric and gas sales [11][12] - The company reported a 10-year compound annual EPS growth of 6.3%, with ongoing EPS growth of 6% in 2025, exceeding the midpoint of guidance [4][11] - A total shareholder return of over 13% was delivered for the year, and the dividend was increased for the 22nd consecutive year [4] Business Line Data and Key Metrics Changes - Electric sales increased by nearly 1% in 2025 compared to 2024, primarily due to higher commercial and industrial sales across both IPL and WPL [12] - The company completed 275 MW of energy storage investments and turbine upgrades in Wisconsin, contributing to operational performance [5] Market Data and Key Metrics Changes - In Iowa, the approval of individual customer rate contracts supports economic development while maintaining flat retail electric base rates for existing customers through the end of the decade [6] - The company closed the year with four executed Electric Service Agreements (EFAs) totaling 3 GW of peak load, indicating a 50% future growth in demand [7] Company Strategy and Development Direction - Alliant Energy's strategy focuses on unlocking customer and community potential, with significant capital investments in data centers that enhance local tax bases and support public services [5] - The company aims to attract large load customers by ensuring regulatory solutions align with customer needs, emphasizing a customer-centric approach [6][7] - A proactive approach to renewable and energy storage investments is central to the company's strategy, with plans to maximize existing resources and extend asset life [9] 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, with a focus on long-term value [7][9] - The company expects to pursue industry-leading demand growth and successful project execution, with a compound annual earnings growth rate of 7%+ projected for 2027-2029 [16] Other Important Information - The company has a four-year capital expenditure plan of approximately $13.4 billion, with funding through a mix of cash from operations and new financings [18] - Regulatory decisions in Iowa and Wisconsin are aligned with capital investment plans, reducing regulatory uncertainty for 2026 [19][20] Q&A Session Summary Question: 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 [26] Question: Conversations with hyperscalers and data center developments - Management noted that Iowa has strategic advantages over Wisconsin for data center growth, and they are committed to ensuring Wisconsin remains open for business [29] Question: Path to construction for the relocated QTS project - Management clarified that they are pleased with their ability to pivot quickly and have a robust plan for the new site [39] Question: Timing for additional deals in the 2-4 GW range - Management indicated that they are in active discussions and have structured their approach to ensure high-quality Electric Service Agreements [41] Question: Land control and zoning for new projects - Management confirmed that they own considerable land zoned for industrial use, which supports their economic development strategy [48] Question: Retail sales growth assumptions for 2026 - Management expects retail sales growth of approximately 1%, consistent with 2025, with significant data center load anticipated in 2027 and beyond [50] Question: Shift in capital expenditures related to QTS - Management explained that the shift in capital expenditures is primarily a refinement of their planning process rather than a significant change [64] Question: Regulatory continuity amid gubernatorial races - Management emphasized their commitment to reliability and affordability, ensuring that customers benefit from data center growth [72] Question: Local concerns regarding data center developments in Wisconsin - Management indicated that challenges are primarily at the township level, with local support for data centers being crucial [75]

Casella Waste Systems (NasdaqGS:CWST) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker5Good day, and thank you for standing by. Welcome to the Casella Waste Systems Fourth Quarter 2025 conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one on your telephone. You will then hear an automated message confirming your hand is raised. To with ...