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 - Copper production in 2025 reached 52.4 thousand tons, down 8% year-over-year due to processing stockpiles with higher precious metal content [5] - Silver production was 15.6 million ounces, a 1% increase from 15.5 million ounces in the previous year [6] - Gold production decreased by 18% year-on-year to 121,000 ounces, primarily due to lower output at Orcopampa and Tambomayo [6] - EBITDA from direct operations 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 0.22 times [7] Business Line Data and Key Metrics Changes - San Gabriel project reached 99% overall progress, with CapEx in Q4 2025 amounting to $153 million, mainly for the processing plant construction [7] - The company anticipates stable copper and silver production at El Brocal and Uchucchacua Yumpag, maintaining consistent output levels [8] - For 2025, total CapEx is expected to be between $385 million and $415 million, with sustaining CapEx focused on mine development and readiness works at San Gabriel [8] Market Data and Key Metrics Changes - The company expects gold production guidance for 2026 to be between 48,000 and 55,000 ounces, with pending milestones to achieve full potential [10] - The cash position increased in Q4 2025, driven by net cash inflows from operating activities [9] Company Strategy and Development Direction - San Gabriel is expected to become the main gold-producing asset, playing a key role in the long-term growth strategy [8] - The company aims to step up exploration investment to reinforce reserves and resources while enhancing efficiency through progressive closures [12] Management Comments on Operating Environment and Future Outlook - Management highlighted a supportive environment for exploration investment and emphasized a strong cash flow generation and solid balance sheet [12] - The company is focused on achieving a stable 2,000 tons per day throughput at San Gabriel by Q3 2026 [11] 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 significant increase in CapEx is primarily due to pending works related to earthworks and ramp-up of the San Gabriel project [14][15] Question: Lower production guidance for San Gabriel - Management indicated that the lower guidance is due to the need for improved ventilation and a revised production plan following an accident [18][22] Question: Changes in mining plans due to rising metal prices - Management confirmed that only the San Gabriel mining plan has been reviewed, with no changes to copper and silver objectives [24] Question: G&A and exploration budget for 2026 - The expected G&A for 2026 is around $60 million-$70 million, with exploration budget increased to $90 million-$100 million [30] Question: Status of asset sales and potential decisions - Management is evaluating asset sales and will inform the market once a decision is made, considering the current precious metals prices [39][58]

Financial Data and Key Metrics Changes - The company reported distributable earnings of $46.3 million or $0.22 per share for Q4 2025, excluding one-time realized losses of $12.4 million and $7.3 million from reduced tax expenses [24][26] - Total non-performing assets were approximately $1.1 billion, down by over $130 million or 11% from the previous quarter [5][6] - The company estimates that non-performing loans are creating a temporary drag of $80 million-$100 million annually, translating to about $0.40-$0.48 per share [27][29] Business Line Data and Key Metrics Changes - The agency platform had a strong Q4 with $1.6 billion in origination volume, totaling $5 billion for the year, a 13.5% increase from 2024 [13] - The servicing portfolio grew by 8% in 2025 to over $36 billion, generating predictable annual income of over $128 million [14][31] - The balance sheet lending operation's investment portfolio grew to $12.1 billion, with an all-in yield of 7.08% [32][33] Market Data and Key Metrics Changes - The company is optimistic about the origination volume for 2026, targeting similar levels to 2025, contingent on interest rates and GSE caps [37] - The company noted that the interest rate environment has improved compared to the previous year, which is expected to support growth in origination volume [21] Company Strategy and Development Direction - The company aims to resolve non-performing loans to improve income, estimating an addition of $100 million to annual run rate income as these loans are resolved [4][5] - The strategy includes resetting interest rates on current loans to market spreads to enhance performance and reduce future loss risks [9][10] - The company plans to continue its buyback program, having purchased approximately $20 million of stock at an average price of $7.40, which is 64% of book value [12] Management's Comments on Operating Environment and Future Outlook - Management believes the worst is behind them regarding delinquencies and is seeing steady progress in stabilizing properties [21][53] - The company is focused on resolving legacy issues and growing new business volumes, with a clear path to resolving the majority of delinquent assets in the coming quarters [10][35] - Management expressed confidence in the performance of the single-family rental (SFR) book, which has shown strong returns and no delinquent loans [46] Other Important Information - The company has approximately $120 million left in its buyback plan and is actively evaluating this strategy [12] - The agency business generates about 50% of net revenues, with a significant portion occurring before daily operations begin [14] Q&A Session Summary Question: How are you thinking about 2026 GSE originations relative to the $5 billion number? - Management indicated that 2026 origination levels will depend on interest rates and GSE caps, expressing comfort in targeting similar levels to 2025 if conditions remain stable [37] Question: Do you expect servicing fee compression to continue into 2026? - Management explained that servicing fee compression is driven by changes in loan products and expects this dynamic to level off towards the end of the year [38][40] Question: Have you seen any credit issues in your build-to-rent borrowers? - Management reported that the SFR book is performing exceptionally well, with no delinquent loans, and highlighted strong institutional backing for the sponsors [45][46] Question: Can you provide geographic color on delinquent/REO book performance? - Management noted softness in markets like Houston and Atlanta, attributing issues to historical boom-bust cycles and immigration-related factors [48][49] Question: What are your thoughts on maintaining the dividend in 2026? - Management stated that the dividend is evaluated from a long-term perspective, with a focus on resolving delinquencies to restore earnings [56][58]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $94.8 million, down from $97.8 million in Q4 2024. Net income increased to $25.1 million from $23.9 million. Distributable Cash Flow decreased to $38.4 million from $45.7 million, with adjusted DCF at $38.8 million compared to $46.1 million [8][9] - The distribution coverage ratio was maintained at 1.56 times as of December 31, or 1.5 times after including distributions to preferred unitholders [9][12] Business Line Data and Key Metrics Changes - GDSO product margin increased by $17.7 million to $231.3 million, with gasoline distribution product margin rising by $19.9 million to $165.6 million due to higher fuel margins [9][10] - Station operations product margin decreased by $2.2 million to $65.7 million, attributed to a lower company-operated site count [10] - Wholesale segment product margin decreased by $21.5 million to $58.3 million, with gasoline and gasoline blend stocks product margin down by $10.5 million [10][11] Market Data and Key Metrics Changes - The company experienced a favorable fuel margin environment, with fuel margins increasing by $0.09 to $0.45 per gallon in Q4 2025 from $0.36 in Q4 2024 [9] - The commercial segment product margin decreased by $2.6 million to $6 million, primarily due to less favorable market conditions in bunkering [11] Company Strategy and Development Direction - The company remains focused on acquiring strategic assets, investing in its existing network, and continuously optimizing its portfolio [4][6] - The East Providence Terminal exceeded expectations in its first full year, enhancing storage and service capabilities [5] - The company expanded its bunkering business into the Houston market, establishing a strong platform for future growth [5][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage through uneven markets and emphasized a disciplined approach to capital allocation [14][15] - The company is well-positioned to meet increased wholesale fuel demand due to early year cold weather conditions in the Northeast [15] Other Important Information - The board approved a quarterly cash distribution of $0.76 per common unit, marking the 17th consecutive increase [8] - The company reported a strong balance sheet with leverage at 3.59 times Funded Debt to EBITDA [12] Q&A Session Summary Question: Is the site optimization process completed? - Management indicated that site optimization is an ongoing process aimed at efficiency [17] Question: Can you break down the CapEx between terminals and GDSO? - Management noted an uptick in maintenance CapEx related to terminals and highlighted expansion opportunities in terminal capabilities [18][19] Question: Can you elaborate on growth in the Houston bunkering market? - Management believes they have found a niche location in Houston and are well-positioned to meet market needs [20] Question: What are the expectations regarding data analytics? - Management stated that data analytics will drive efficiencies and enhance decision-making, with investments in infrastructure and software [22][25] Question: How does the weather impact Q1 expectations? - Management acknowledged favorable weather conditions in the Northeast that could provide a tailwind for the wholesale segment [26]

Q4 2025 EARNINGS CALL February 27, 2026 Financial Updates Financial Updates Introduction Guidance Business Updates Investor Information Company Information NW Natural Holdings 250 SW Taylor Street Portland, OR 97204 nwnaturalholdings.com Nikki Sparley Director of Investor Relations and Assistant Treasurer (503) 721-2530 nikki.sparley@nwnatural.com FORWARD LOOKING STATEMENTS This and other presentations made by NW Natural Holdings from time to time, may contain forward-looking statements within the meaning o ...

Financial Data and Key Metrics Changes - Copper production in 2025 reached 52.4 thousand tons, down 8% year-over-year due to processing stockpiles with higher precious metal content [5] - Silver production was 15.6 million ounces, a 1% increase from 15.5 million ounces in the previous year [6] - Gold production decreased by 18% year-on-year to 121,000 ounces, 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 0.22 times [7] Business Line Data and Key Metrics Changes - The company anticipates stable copper and silver production at El Brocal and Uchucchacua Yumpag, maintaining consistent output levels [8] - CapEx for 2025 is expected to be between $385 million and $415 million, with $200 million-$220 million allocated for sustaining CapEx [8] Market Data and Key Metrics Changes - The company received $98 million in dividends from its stake in Cerro Verde after the quarter ended [7] - The board approved a dividend of $0.9904 per share, totaling $1.135 per share at ADS over the past 12 months [7] Company Strategy and Development Direction - San Gabriel is expected to become the main gold-producing asset, playing a key role in the long-term growth strategy [8] - The company is focusing on exploration investments to reinforce reserves and resources while enhancing operational efficiency [13] Management Comments on Operating Environment and Future Outlook - Management highlighted a supportive environment for exploration investments and a strong cash flow generation [13] - The company is transitioning San Gabriel from project execution to ramp-up, aiming for stable production of 2,000 tons per day by the third quarter of 2026 [12] Other Important Information - The company produced its first gold bar at San Gabriel and received the initial operating permit [10] - The water license is expected in the coming weeks [11] 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 of the San Gabriel project [15][16] Question: Lower production guidance for San Gabriel - Management indicated that the lower guidance is due to pending construction and permitting issues, as well as the need to improve ventilation systems [19][22] Question: Exploration and G&A guidance for 2026 - Management expects G&A for 2026 to be around $60 million-$70 million, with exploration budget increased to $90 million-$100 million [30][31] Question: Status of asset sales and Coimolache sulfides study - Management confirmed that they are analyzing the feasibility of selling certain mines and expect to provide updates on the Coimolache study in the first half of the year [34][61] Question: Dividend payment timeline - The dividend payment is expected in April, with $200 million in dividends from Cerro Verde anticipated throughout the year [67]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $28.5 million, down from $41.7 million in Q3 2025 [8] - Total tons shipped in Q4 2025 were 3.8 million, a decrease from 3.9 million tons 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 to $185 per metric ton, an increase of 4.5% [18] - The U.S. East Coast High-Vol A index dropped slightly to $150.50 per metric ton by the end of the year [19] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and focus on safe, efficient operations amid persistent market weakness [6] - Development at the Kingston Wildcat Low-Vol Mine is ongoing, with expectations to produce roughly 500,000 tons in the current calendar year [14] - The company is exploring opportunities for share buybacks and potential M&A activities while ensuring minimal risk [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent upward movement in coal markets is largely temporary and concentrated within the Australian Premium Low-Vol Index [4] - There is a focus on durable improvements in global steel demand as a catalyst for improving metallurgical markets [5] - The steel market remains weak globally, with some optimism in Europe and South America, but competition in Asia is challenging [30] 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] - CapEx for Q4 was $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 is 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 [27] Question: Broader market conditions in Europe and South America - Management expressed cautious optimism for recovery in Europe and South America, but noted that Asia remains competitive [30] Question: Best uses for cash at this stage - Management emphasized maintaining liquidity for balance sheet strength and potential share buybacks, while exploring M&A opportunities [36] Question: Pricing guidance and impact of the 45X tax credit - Management stated that guidance is based on the forward curve, with an estimated benefit of around $2 per ton from the 45X tax credit [40] Question: U.S. supply perspective and potential impacts - Management noted that some smaller operations are going offline, but it may not significantly impact the overall market [50] Question: Transparency in pricing indices - Management discussed the challenges of pricing coal based on various indices and the need for better clarity in how prices are derived [62]

Pembina Pipeline (NYSE:PBA) Q4 2025 Earnings call February 27, 2026 10:00 AM ET Speaker8Hello, everyone. Thank you for joining us, and welcome to the Pembina Pipeline Corporation Q4 2025 Results digital conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. To withdraw your question, press star 1 again. I will now hand the call over to Dan McNeil, Vice President of Capital Markets. Please ...

Financial Data and Key Metrics Changes - The company reported distributable earnings of $46.3 million or $0.22 per share for Q4 2025, excluding one-time realized losses of $12.4 million and $7.3 million from reduced tax expenses [23][24] - Total non-performing assets were approximately $1.1 billion, down by over $130 million from the last quarter, representing an 11% reduction [5][25] - The company estimates that non-performing assets are creating a temporary drag of $80 million-$100 million annually, translating to $0.40-$0.48 per share [26] Business Line Data and Key Metrics Changes - The agency platform had a strong fourth quarter with $1.6 billion in origination volume, totaling $5 billion for the year, a 13.5% increase from 2024 [13] - The servicing portfolio grew by 8% in 2025 to over $36 billion, generating predictable annual income of over $128 million [14][30] - The balance sheet lending operation originated $340 million in Q4, closing 2025 at $1.2 billion in production [14] Market Data and Key Metrics Changes - The company is optimistic about reducing REO assets to $250 million-$300 million by the end of 2026, despite adding $100 million-$200 million of REO assets along the way [7][28] - The average yield on the investment portfolio was 7.08% at December 31, 2025, compared to 7.27% at September 30, 2025 [31] - The all-in cost of debt decreased to approximately 6.45% at December 31, 2025, from 6.72% at September 30, 2025 [32] Company Strategy and Development Direction - The company aims to resolve non-performing loans to improve income, estimating an addition of $100 million to annual run rate upon resolution [4][5] - The focus is on legacy assets, with a strategy to reset interest rates on current loans to market spreads to enhance performance [9][10] - The company plans to continue its buyback strategy, having purchased approximately $20 million of stock at an average price of $7.40, or 64% of book value [12] Management's Comments on Operating Environment and Future Outlook - Management believes the company is at the bottom of the cycle and is optimistic about resolving delinquencies and improving income streams [4][21] - The outlook for the interest rate environment has improved, which is expected to support growth in origination volume and returns on capital [21] - Management acknowledges potential headwinds but sees signs of stabilization in property performance and liquidity returning to the market [51] Other Important Information - The company has a large pipeline for 2026, with expectations to produce similar origination volumes as in 2025 [20] - The agency business generates approximately 50% of net revenues, with most income occurring before daily operations begin [14] - The company is closely monitoring the performance of its assets and is prepared to address any new delinquencies as they arise [9][51] Q&A Session Summary Question: How are you thinking about 2026 GSE originations relative to the $5 billion number? - Management indicated that 2026 GSE originations will depend on interest rates and the GSE's cap increase, feeling comfortable targeting similar levels as 2025 [35] Question: Do you expect servicing fee compression to continue into 2026? - Management explained that servicing fee compression is driven by changes in loan products and expects this dynamic to level off towards the end of the year [36][37] Question: Have you seen any credit issues in your build-to-rent borrowers? - Management reported that the SFR book is performing exceptionally well, with no delinquent loans in this category [42][43] Question: Can you provide geographic color on delinquent/REO book weaknesses? - Management noted softness in markets like Houston and Atlanta, primarily due to economic factors and immigration issues [45][46] Question: What are your thoughts on maintaining the dividend in 2026? - Management emphasized the importance of resolving delinquencies quickly to restore earnings and maintain the dividend, with a focus on long-term perspectives [53][55]

Grupo Televisa (NYSE:TV) Q4 2025 Earnings call February 27, 2026 10:00 AM ET Speaker6Good morning, everyone, welcome to Grupo Televisa's fourth quarter and full year 2025 conference call. Before we begin, I would like to draw your attention to the press release, which explains the use of forward-looking statements and applies to everything we discuss in today's call and in the earnings release. I will now turn the call over to Mr. Alfonso de Angoitia, Co-Chief Executive Officer of Grupo Televisa. Please go ...