Celanese (NYSE:CE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAziza Gazieva - VP and Co-FounderBill Cunningham - VP of Investor RelationsChuck Kyrish - CFOHassan Ahmed - Partner and Head of ResearchJosh Spector - Executive Director of Chemicals Equity ResearchKevin Estok - VP of Equity ResearchKevin McCarthy - PartnerMichael Sison - Managing DirectorScott Richardson - President and CEOConference Call ParticipantsAleksey Yefremov - Managing Director and Equity Research AnalystDav ...

Dana (NYSE:DAN) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsBruce McDonald - Chairman and CEOByron Foster - SVP and President of Light Vehicle Systems GroupCraig Barber - Senior Director of Investor Relations and Corporate CommunicationsJames Mulholland - Research AssociateThomas Ito - Global Equity Research Autos Senior AssociateTimothy Kraus - SVP and CFOConference Call ParticipantsColin Langan - Director and Senior Equity AnalystEmmanuel Rosner - Managing Director and Senior E ...

FirstEnergy (NYSE:FE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAndrew Weisel - Manang DirectorAnthony Crowdell - Manang DirectorBrian Tierney - CEO and PresidentCarly Davenport - VP in Equity ResearchJon Taylor - SVP and CFOKaren Sagot - VP of Investor RelationsShahriar Pourreza - Manang DirectorConference Call ParticipantsDavid Arcaro - Equity AnalystJeremy Tonet - AnalystNick Campanella - Senior AnalystPaul Patterson - AnalystRyan Levine - AnalystSteve Fleishman - Managing D ...

FirstEnergy (NYSE:FE) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAndrew Weisel - Manang DirectorAnthony Crowdell - Manang DirectorBrian Tierney - CEO and PresidentCarly Davenport - VP in Equity ResearchJon Taylor - SVP and CFOKaren Sagot - VP of Investor RelationsShahriar Pourreza - Manang DirectorConference Call ParticipantsDavid Arcaro - Equity AnalystJeremy Tonet - AnalystNick Campanella - Senior AnalystPaul Patterson - AnalystRyan Levine - AnalystSteve Fleishman - Managing D ...

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 ...

Jones Lang LaSalle (NYSE:JLL) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAnthony Paolone - Executive DirectorBrendan Lynch - DirectorChristian Ulbrich - President and CEOJade Rahmani - Managing DirectorKaren Brennan - CFOMitch Germain - Managing DirectorPatrick O'Shaughnessy - Managing DirectorSean Coghlan - Head of Investor RelationsSeth Bergey - Senior Research AssociateConference Call ParticipantsJulian Blome - AnalystStephen Sheldon - Equity Research AnalystOperatorGood morn ...

Moody’s (NYSE:MCO) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsNoémie Heuland - CFORobert Fauber - President and CEOShivani Kak - Head of Investor RelationsConference Call ParticipantsAlex Kramm - Senior Equity Research AnalystAndrew Steinerman - MD and Senior Equity Research AnalystAshish Sabadra - MD and Senior Equity Research AnalystCraig Huber - Equity Research AnalystCurtis Nagle - MD and Senior Equity Research AnalystManav Patnaik - MD and Senior Equity Research AnalystToni ...

Clean Harbors (NYSE:CLH) Q4 2025 Earnings call February 18, 2026 09:00 AM ET Company ParticipantsAdam Bubes - VP of Equity ResearchEric Dugas - EVP and CFOEric Gerstenberg - Co-CEOLarry Solow - PartnerMichael McDonald - General CounselMike Battles - Co-CEOTobey Sommer - Managing DirectorTyler Brown - Financial AdvisorConference Call ParticipantsBryan Burgmeier - Equity Research AnalystDavid Manthey - Senior Research AnalystJames Schumm - Senior AnalystNoah Kaye - Senior Research AnalystNone - AnalystOperato ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.2 million and distributable earnings of $18.5 million, or $0.24 per common share [13] - For the full year 2025, GAAP net income was $45.5 million, or $0.57 per share, with distributable earnings of $76.8 million, or $0.97 per common share, achieving a coverage ratio of 1.01x for the annual dividend of $0.96 per share [13] - Book value per common share decreased from $11.25 to $11.07 quarter-over-quarter [13] Business Line Data and Key Metrics Changes - In Q4 2025, the company closed $927 million in new loans, with 62% in multifamily and 38% in industrial collateral [7] - The company originated 20 loans with total commitments of $1.9 billion at a weighted average credit spread of 2.82% for the full year [14] - The loan portfolio was 100% performing at year-end, with a weighted average risk rating unchanged at 3.0 [14][15] Market Data and Key Metrics Changes - The company observed a trend of capital allocation towards real estate credit due to dislocation in parts of the corporate credit market [5] - The company increased its exposure to multifamily and industrial collateral from 30% at the beginning of 2022 to over 72% of the current balance sheet [9] Company Strategy and Development Direction - The company plans to continue net asset growth through prudent investment and risk management, targeting a leverage ratio of 3.5-3.75x [10][29] - The company aims to maximize shareholder value and is focused on closing the value gap as indicated by the stock trading at a discount to book value [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver strong performance in 2026, supported by a robust pipeline and favorable market conditions [11][21] - The company noted that clarity around the path of interest rates and competitive credit spreads create a favorable environment for active origination [21] Other Important Information - The company ended the quarter with near-term liquidity of $143 million, including $72.6 million in cash available for investment [15] - The liability structure is 82% non-mark-to-market, with a year-over-year cost of funds decline of 18 basis points to 1.82% [17] Q&A Session Summary Question: Expectations for origination in Q1 2026 - Management indicated that origination volumes in Q4 2025 are expected to continue into Q1 2026, with a robust pipeline across all property types [19] Question: Loan spreads and market competition - Management noted that while loan spreads were tighter in Q4, the cost of funds moved in line, maintaining static ROEs relative to prior quarters [22][24] Question: Target leverage and REO assets - Management targets a leverage ratio of 3.5-3.75x and plans to continue selling down REO assets throughout the year [29][30] Question: Appropriate ROE target - Management stated that an ROE in excess of SOFR + 5% is achievable, reflecting the health of the back leverage market [35] Question: Closing the value gap - Management emphasized a focus on maximizing shareholder value and evaluating opportunities to close the value gap indicated by the stock's discount to book value [40]

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]