KKR (NYSE:KKR) Q3 2025 Earnings Call November 07, 2025 09:00 AM ET Company ParticipantsScott Nuttall - Co-CEORob Lewin - CFOCraig Larson - Head of Investor RelationsConference Call ParticipantsPatrick Devitt - AnalystBen Budish - Equity Research AnalystBrian McKenna - AnalystBill Katz - Senior Equity AnalystJohn Barnidge - Managing Director and Senior Research AnalystBrian Bedell - AnalystMichael Cyprys - Equity AnalystNone - AnalystGlenn Schorr - Senior Research AnalystSteven Chubak - Managing Director and ...

Goldman Sachs BDC (NYSE:GSBD) Q3 2025 Earnings Call November 07, 2025 09:00 AM ET Company ParticipantsDavid Miller - Co-CEOStan Matuszewski - CFOJohn Psyllos - Member of Investor Relations TeamVivek Bantwal - Co-CEOTucker Greene - President and COOConference Call ParticipantsArren Cyganovich - Financial Services Equity Research AnalystJohn PsyllosGood morning. This is John Silos, a member of the investor relations team for Goldman Sachs BDC. I would like to welcome everyone to the Goldman Sachs BDC third qu ...

Financial Data and Key Metrics Changes - The company reported a record third quarter adjusted EBITDA, driven by contributions from U.S. gas utilities and organic growth in gas transmission [7][24] - Adjusted EBITDA increased by $66 million compared to Q3 2024, while EPS decreased from $0.55 to $0.46 due to seasonal lower EBITDA in Q3 [24] - The debt to EBITDA ratio for the quarter is 4.8 times, remaining within the target leverage range of 4.5 to 5 times [7][26] Business Line Data and Key Metrics Changes - In the liquids segment, mainline volumes reached a record average of 3.1 million barrels per day, reflecting strong demand for Canadian crude [10][11] - The gas transmission segment experienced strong performance due to favorable contracting and rate case outcomes, contributing to overall growth [25] - The gas distribution segment benefited from a full quarter contribution from Enbridge Gas North Carolina and quick-turn capital projects in Ohio [25] Market Data and Key Metrics Changes - The company added $3 billion in new growth capital to its secured capital program, showcasing continued execution on commitments [8][9] - The North American energy landscape is evolving with increased demand driven by LNG development, power generation, and data centers [31][32] - The company is positioned to add over 60 BCF of new natural gas storage capacity adjacent to major LNG centers in North America [18][19] Company Strategy and Development Direction - The company aims for 5% growth through the end of the decade, supported by $35 billion in secured capital [31][32] - The focus remains on brownfield, highly strategic projects that are economically viable and supported by underlying energy fundamentals [28][31] - The company is actively pursuing opportunities in gas distribution and storage, particularly in response to power demand and data center growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA in the upper half of the guidance range of $19.4 billion to $20 billion [26] - The company anticipates continued strong performance despite headwinds from higher interest rates and tight differentials [27] - Management highlighted the importance of strategic positioning in the growing North American storage market to support LNG capacity and power demand growth [19][20] Other Important Information - The company has sanctioned expansions of gas storage facilities to support LNG buildout along the U.S. Gulf Coast [9][17] - The company is advancing a joint venture with Oxy to develop the Pelican CO2 hub in Louisiana, which will provide transportation and sequestration for 2.3 million tons of CO2 per year [9][15] Q&A Session Summary Question: Acceleration in gas distribution and storage - Management noted an acceleration in commercial activity across various regions, particularly in Ohio and Utah, driven by data center demand and power generation [34][35] Question: Construction timeline for Line 5 - Management indicated that permitting for the Wisconsin Reboot and Michigan tunnel is regaining momentum, with completion expected in 2027 [42][43] Question: Mainline optimization phase two - Management confirmed that customer demand and a favorable environment are driving the expedited timing for expanded egress to Canadian producers [48][49] Question: Growth outlook and capital sequencing - Management expressed confidence in maintaining capital spending between $9 billion and $10 billion, with a strong project pipeline supporting growth [55][56] Question: Customer conversations regarding gas storage in Western Canada - Management highlighted strong customer interest in gas storage expansions, with significant contracts already signed for new capacity [70][72] Question: Managing cost risk in power generation projects - Management emphasized prudent capital management and strong contractor relationships to mitigate cost risks in competitive markets [78][80]

Financial Data and Key Metrics Changes - The company reported third quarter revenues of $165 million and year-to-date revenues of $532 million, indicating strong underlying fundamentals despite not being record highs compared to the previous year [4] - The adjusted compensation margin remained at 67% of revenues, with adjusted non-compensation expenses of $37 million for the quarter, down from last year [7] - The adjusted tax rate for the first nine months was 4%, with a potential adjusted tax rate of 32% excluding stock-based compensation benefits [7][8] Business Line Data and Key Metrics Changes - The number of active engagements and overall pipeline reached record levels, with the European business up over 50% from last year [4] - The company has made significant investments, adding 25 senior bankers across various sectors and regions, representing 18% of the total partner base [5] Market Data and Key Metrics Changes - The secondary market is expected to exceed $200 billion this year, with private equity showing signs of increased activity and a substantial exit backlog building for 2026 [5] Company Strategy and Development Direction - The company is focused on scaling its operations and expanding client coverage in strategically active industries for both corporates and private equity [6] - The acquisition of Devon Park is expected to significantly enhance the company's capabilities and revenue potential, providing new capital relationships and sponsor clients [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the scaling strategy and anticipated significant revenue growth from recent investments [6] - The company is seeing steady activity in its liability management business, with expectations for continued growth in 2026 [25] Other Important Information - The company returned an additional $12 million to equity holders in the third quarter, with year-to-date returns exceeding $157 million [8] - The company closed the quarter with $186 million in cash and no debt, and declared a quarterly dividend of $0.07 per share [8] Q&A Session Summary Question: Pipeline commentary and mix of activities - Management noted that the pipeline is currently more geared towards non-traditional M&A activities, but there is a significant increase in traditional M&A business expected in the coming months [12][14] Question: Recruiting environment and contributions from new hires - Of the 25 senior bankers added, nine are already contributing to revenue, with expectations for the remaining hires to add value in 2026 [15][16] Question: Restructuring activity and client engagement levels - The company is experiencing steady activity in its liability management business, with expectations for it to be a higher contributing business this year compared to last [25] Question: Contribution from the Devon Park acquisition - The Devon Park business is expected to be a significant contributor to overall revenue, similar to other business groups within the company [26][28]

Intercorp Financial Services (NYSE:IFS) Q3 2025 Earnings Call November 07, 2025 09:00 AM ET Company ParticipantsGonzalo Basadre - Gerente GeneralDaniel Mora - Equity Research AssociateMichela Casassa - CFOYuri Fernandes - Executive DirectorIvan Peill - MDLuis Felipe Castellanos - CEOCarlos Tori - CEOConference Call ParticipantsNone - AnalystOperatorGood morning and welcome to Intercorp Financial Services third quarter 2025 Conference call. All lines have been placed on mute to prevent any background noise. ...

KKR (NYSE:KKR) Q3 2025 Earnings Call November 07, 2025 09:00 AM ET Company ParticipantsScott Nuttall - Co-CEORob Lewin - CFOCraig Larson - Head of Investor RelationsConference Call ParticipantsPatrick Devitt - AnalystBen Budish - Equity Research AnalystBrian McKenna - AnalystBill Katz - Senior Equity AnalystJohn Barnidge - Managing Director and Senior Research AnalystBrian Bedell - AnalystMichael Cyprys - Equity AnalystNone - AnalystGlenn Schorr - Senior Research AnalystSteven Chubak - Managing Director and ...

Enbridge (NYSE:ENB) Q3 2025 Earnings Call November 07, 2025 09:00 AM ET Company ParticipantsCynthia Hansen - Head of Gas Transmission Business UnitMichelle Harradence - EVP and President of Gas Distribution and StoragePat Murray - EVP and CFORebecca Morley - VP of Investor RelationsMatthew Akman - Head of Renewable EnergyAaron MacNeil - Director of Equity ResearchGreg Ebel - President and CEOCollin Grending - Head of Liquids Pipeline Business UnitTeresa Chen - Managing Director of Midstream and Refining Equ ...

Celanese (NYSE:CE) Q3 2025 Earnings Call November 07, 2025 09:00 AM ET Company ParticipantsBill Cunningham - VP of Investor RelationsJosh Spector - Executive DirectorScott Richardson - President and CEOMike Sison - Managing DirectorChuck Kyrish - CFOFrank Mitsch - PresidentJohn Roberts - Managing DirectorVincent Andrews - Managing DirectorConference Call ParticipantsGhansham Panjabi - Senior Research AnalystHassan Ahmed - Senior Equity AnalystSalvator Tiano - Equity Research AnalystDavid Begleiter - Analyst ...

Fifth Third Bancorp (NasdaqGS:FITB) Conference November 07, 2025 09:00 AM ET Company ParticipantsBryan Preston - CFOConference Call ParticipantsChris McGrady - Research AnalystManan Gosalia - Equity Research AnalystNone - AnalystModeratorI am here with Fifth Third Bank, just a brief introduction to them before we start. They're headquartered in Cincinnati, Ohio, about a $200 billion asset institution. Three principal segments: commercial banking, consumer and small business, and wealth and asset management. ...

Perella Weinberg Partners (NasdaqGS:PWP) Q3 2025 Earnings Call November 07, 2025 09:00 AM ET Company ParticipantsAndrew Bednar - CEOTaylor Reinhardt - Head of Communications and MarketingAlex Bond - VPAlex Gottschalk - CFOConference Call ParticipantsDevin Ryan - AnalystOperatorGood morning and welcome to the Perella Weinberg Third Quarter 2025 earnings conference call. Currently, all callers have been placed in a listen-only mode, and following management's prepared remarks, the call will be open for your q ...