FEBRUARY 2026 4Q25 Earnings Results Our 2025 Guidance was right on target CET1 Commercial Portfolio Growth Average Deposit Growth NIM Efficiency Ratio ROE 11% 15% 2.36% 26.7% 15.8% 15.3% 10% 12% 15% 17% 2.25% 2.35% 26% 28% 15% 16% 15% 16% ✓ ✓ ✓ ✓ ✓ ✓ 2 Real vs Guidance 2025 Key Results: Solid Performance in 2025 Record Earnings and RoE Record Commercial Portfolio and Strong Deposit Growth Robust Margins and healthy Asset Quality Record Non - Interest Income and Efficiency Commercial Book $11.2 Bn ↑ 11% YoY ...

Enbridge (NYSE:ENB) Q4 2025 Earnings call February 13, 2026 09:00 AM ET Speaker7Good morning, and welcome to the Enbridge fourth quarter 2025 financial results conference call. My name is Marlon Samuel, and I am the Vice President of Investor Relations and Insurance. Joining me this morning are Greg Ebel, President and CEO, Pat Murray, EVP and Chief Financial Officer, and the heads of each of our business units: Colin Gruending, Liquids Pipelines, Matthew Akman, Gas Transmission, Michele Harradence, Gas Dis ...

Mercer International Inc. Transforming biomass into bioproducts for a more sustainable world Q4 2025 Earnings Call February 13th, 2026 Juan Carlos Bueno – President & CEO Richard Short – CFO, Executive VP & Secretary Forward-looking Statements The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements For more information regarding these risks and uncertainties, review Mercer's filings with the United States Securities and Exchange Commission Unless required ...

It include risks and uncertainties relating to the following : To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward -Looking Statements" and "Risk Factors" in Vale's annual report on Form 20 - F . " Disclaimer 2 Vale's 4Q25 Performance Feb. 13th, 2026 "This p ...

Vale (NYSE:VALE) Q4 2025 Earnings call February 13, 2026 09:00 AM ET Speaker9Good morning, ladies and gentlemen. Welcome to Vale's fourth quarter 2025 earnings call. This conference is being recorded, and the replay will be available on our website at vale.com. The presentation is also available for download in English and Portuguese from our website. To listen to the call in Portuguese, please press the globe icon located on the lower right side of your screen, and then choose to enter the Portuguese room. ...

February 13, 2026 ESSENT GROUP LTD. | NYSE: ESNT © 2026 Essent Group Ltd. All rights reserved. | essentgroup.com | 1 EARNINGS PRESENTATION 4Q25 ESSENT GROUP LTD. NYSE: ESNT Company Overview Recent Developments | | 3Q25 | 4Q25 | | --- | --- | --- | | Consolidated Financial Results | | | | Net Income ($M) | $164.2 | $155.0 | | Annualized ROE | 11.5% | 10.8% | | Shareholders' Equity ($B) | $5.7 | $5.8 | | Mortgage Insurance Portfolio | | | | Combined Ratio | 34.9% | 42.0% | | IIF ($B) | $248.8 | $248.4 | | NIW ...

Fourth Quarter 2025 Earnings Call 3 Business Update Forward-Looking Statements In this presentation, Dauch Corporation ("Dauch") makes statements concerning its expectations, beliefs, plans, objectives, goals, strategies, and future events or performance, including, but not limited to, certain statements related to future capital expenditures, expenses, revenues, economic performance, synergies, financial conditions, market growth, dividend policy, losses and future prospects and business; and management st ...

Sixth Street Specialty Lending (NYSE:TSLX) Q4 2025 Earnings call February 13, 2026 08:30 AM ET Company ParticipantsBo Stanley - CEOBrian McKenna - Director of Equity ResearchCami Senatore - Head of Investor RelationsFinian O'Shea - DirectorIan Simmonds - CFOKen Lee - VPPaul Johnson - VPRobert Dodd - DirectorRoss Bruck - Managing Director and Head of Investment StrategyConference Call ParticipantsArren Cyganovich - Senior AnalystRick Shane - Managing Director and Senior Equity Research AnalystSean-Paul Adams ...

Financial Data and Key Metrics Changes - Revenue grew 84% year-over-year, reaching $5.1 million for the quarter [4][9] - Net income reported at $6.8 million, marking a significant improvement [10] - Stockholders' equity turned positive to $21.7 million, an increase of nearly $60 million since year-end 2024 [4][10] - Total assets increased to $77.6 million from $60.9 million as of June 30, 2025 [10][11] - Cash and restricted cash at quarter-end totaled $46.2 million, including $23.1 million in cash and cash equivalents [11] Business Line Data and Key Metrics Changes - Commissions were the largest revenue contributor at just over $3 million, with clearing fees and stock locate-related activity also contributing significantly [9] - The operational performance of Wilson-Davis as the core clearing engine showed continued strength across commissions and clearing-related activities [6][7] Market Data and Key Metrics Changes - The current market environment is becoming increasingly constructive, with greater engagement from broker-dealers and financial institutions focusing on operational efficiency and modernization [4][5] - Firms are expanding their focus beyond traditional equities into a wider range of products and services, emphasizing flexibility and capital efficiency [4] Company Strategy and Development Direction - The company aims to build a modern, technology-enabled financial infrastructure platform for smaller and mid-sized institutions [3] - Priorities include enhancing the client experience, increasing operational consistency, and scaling responsibly [12] - The proposed acquisition of Commercial Bancorp of Wyoming is part of the strategy to create a full licensing platform, combining correspondent clearing services with banking services [13][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position entering 2026, highlighting a strengthened balance sheet and operational momentum [15] - The focus is on execution, delivering for clients, and expanding thoughtfully to build a platform for long-term growth [12][15] Other Important Information - The company has significantly simplified its capital structure, with a current outstanding share count of approximately 150 million shares [17] - Regulatory capital has been strengthened, with a threshold of $10.5 million that must be maintained [18] Q&A Session Summary Question: What does the fully diluted share count look like today? - The current outstanding share count is approximately 150 million shares, with potential additional shares from warrants and convertible notes [17] Question: How should investors think about corporate liquidity versus regulatory capital? - The company maintains a regulatory capital threshold of $10.5 million and has increased its regulatory capital significantly [18] Question: At what revenue level does the clearing business begin to generate consistent operating leverage? - The operating costs are around $14 million, and once covered, the company expects to achieve significant operating leverage [19][20] Question: What is the expected ramp timeline for new introducing brokerage firms? - The company is optimistic about onboarding new clients quickly, with expected positive revenue impacts in the coming quarters [21][23] Question: Can you provide an update on the proposed Commercial Bancorp acquisition? - The company is preparing to file for regulatory approval, with expectations for a quicker approval process than initially anticipated [24][25][28]

Financial Data and Key Metrics Changes - In Q4 2025, revenue grew 43% year-over-year to nearly $2 billion, with Adjusted EBITDA reaching $343 million, four times the prior year period [5][14] - Adjusted EBITDA margin expanded by over 1,000 basis points year-over-year to 17% [5][14] - For the fiscal year 2025, revenue increased 27% year-over-year to above $6 billion, and Adjusted EBITDA more than tripled to over $600 million [7][17] - The company reported positive net income for the first time in fiscal year 2025 and repurchased 16 million shares during the year [7][17] Business Line Data and Key Metrics Changes - Fantasy revenue increased as the Pick Six product began to scale [14] - Sportsbook revenue increased over 30% year-over-year, with Q4 revenue rising 64% year-over-year to $1.4 billion [15] - iGaming revenue grew by 20% due to expanded offerings [15] - Lottery revenue benefited from a stronger jackpot environment and the rollout of new games [15] Market Data and Key Metrics Changes - Sportsbook handle increased 11% year-over-year to $54 billion, with a total potential payout across all open wagers of $2.5 trillion [16] - In January, Sportsbook handle increased 4% year-over-year, despite sportsbook-friendly outcomes in previous months [8][16] Company Strategy and Development Direction - The company is focusing on the predictions market as a significant growth opportunity, targeting hundreds of millions in annual revenue in the coming years [6][10] - DraftKings plans to integrate Railbird and launch a market-making division to enhance customer experience and liquidity [12][13] - The company aims to lead the predictions category and is supportive of regulatory frameworks that facilitate market growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's efficiency and sustainability, expecting continued revenue and Adjusted EBITDA growth [7][8] - The regulatory environment for predictions has improved, providing a stable backdrop for growth [22][23] - Management anticipates that predictions will not cannibalize existing sportsbook revenue, as initial adoption rates have been strong [8][9] Other Important Information - The company repurchased 8 million shares in Q4 2025 and plans to remain active in share repurchases as Adjusted EBITDA grows [5][14] - The predictions market is expected to represent a $10 billion annual gross revenue opportunity in the future [10] Q&A Session All Questions and Answers Question: Why is the company more aggressively leaning into prediction markets now? - Management noted that the regulatory environment has stabilized, allowing for more confident investment in predictions, which is seen as a significant growth opportunity [22][23] Question: Can you provide insights on the revenue guidance for 2026? - Management indicated that the guidance reflects expected investments in predictions and disciplined planning, with a revenue range of $6.5 billion to $6.9 billion [18][19] Question: What could drive revenue higher in 2026? - Predictions are seen as an upside opportunity, with no revenue included in the guidance for 2026, as the focus will be on customer acquisition [33][34] Question: How is the competitive environment characterized? - Management described the current promotional environment as rational, with no significant uptick in promotional intensity from smaller operators [71][86] Question: What are the expectations for prediction markets influencing state legislation? - Management noted that there is traction in discussions around legalization and that states are considering the implications of predictions on existing sports betting frameworks [74]