Financial Data and Key Metrics Changes - The partnership achieved record adjusted EBITDA of $706 million in Q4, excluding approximately $60 million of one-time transaction expenses [5] - For the full year 2025, adjusted EBITDA reached a record $2.12 billion, a 36% increase over the prior year [6] - Q4 distributable cash flow, as adjusted, was $442 million, with a trailing twelve-month coverage ratio finishing at 1.9x [5][6] Business Line Data and Key Metrics Changes - Fuel distribution segment adjusted EBITDA was $391 million in Q4, up from $238 million in the previous quarter and $192 million in Q4 of 2024 [9] - Pipeline system segment adjusted EBITDA for Q4 was $187 million, consistent with Q4 of last year [12] - Terminal segment adjusted EBITDA for Q4 was $87 million, compared to $76 million in Q3 and $61 million in Q4 of 2024 [13] - New refining segment adjusted EBITDA for Q4 was $41 million, reflecting approximately two months of operations following the Parkland transaction [14] Market Data and Key Metrics Changes - The company distributed 3.3 billion gallons in Q4, up 44% versus the previous quarter and up 54% versus Q4 of last year [9] - Canadian refined product demand has been flat to slightly up over the last couple of years, contrasting with the U.S. market [28][29] - Strong demand in the Caribbean, particularly in markets like Guyana, which has experienced over 20% GDP growth in the last three years [31] Company Strategy and Development Direction - The company aims for an annual distribution growth rate of at least 5% over the next several years, supported by a strong financial position and disciplined capital allocation [6][21] - The integration of Parkland is progressing well, with expectations of realizing $125 million of the total $250 million annual synergy target in 2026 [15] - The company is positioned as both a defensive play and an attractive growth story, with a focus on bolt-on acquisitions across its expanded footprint [20][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the legacy Sunoco business and the expected strong performance of all segments in 2026 [17][19] - The company is well-positioned to navigate macro challenges such as inflation and market volatility, with a strong track record of delivering results [18] - Management highlighted the importance of maintaining a healthy balance sheet while pursuing growth opportunities [7][21] Other Important Information - The company declared a distribution of $0.9317 per common unit for both Sunoco LP common units and SunocoCorp shares, marking a 1.25% increase over the prior quarter [5] - The company has a strong liquidity position with $2.5 billion available under its revolving credit facility at the end of the year [6] Q&A Session Summary Question: Demand trends across the footprint pro forma Parkland - Management noted that U.S. demand has been flat to slightly off, but Sunoco outperformed those trends due to effective capital deployment [26] Question: Outlook for bolt-on M&A - Management indicated that the $500 million annual target for bolt-on acquisitions is a floor and could be exceeded, with opportunities across the entire footprint [41][42] Question: Impact of greenhouse gases endangerment finding - Management stated that in the short run, there is no effect on Sun, but long-term, it is bullish for refined products [49] Question: Distribution growth potential beyond 5% - Management emphasized a multiyear growth strategy, with confidence in continued growth of DCF per common unit and cash flows [50][51] Question: Synergy target for Parkland acquisition - Management expressed optimism about exceeding the synergy target, with a focus on delivering synergies quickly [60][61]

Financial Data and Key Metrics Changes - In 2025, the company delivered $2.3 billion of adjusted EBITDA, a 13% increase over the prior year, with an adjusted EBITDA margin expanding by 160 basis points to 29.3% [4] - Aggregates cash gross profit per ton grew to $11.33, achieving the previously established target of $11-$12, driving operating cash flow of over $1.8 billion, a 29% increase over the prior year [5][6] - Free cash flow increased by over 40% after reinvesting $678 million in capital expenditures [10] Business Line Data and Key Metrics Changes - Aggregate shipments of approximately 227 million tons increased by 3% for the full year, driven by prior year acquisitions, although same-store aggregate shipments were slightly lower than the prior year [7] - Aggregates mix adjusted price improved by 6% for the full year and 5% in the fourth quarter [8] - SAG expenses for the full year were $564 million, 10 basis points lower than the prior year as a percentage of revenue at 7.1% [11] Market Data and Key Metrics Changes - Public non-highway infrastructure investments grew, with starts in Vulcan markets for water, sewer, and other infrastructure projects increasing double digits in 2025 [15] - Highway starts in Vulcan markets continued to grow at three times the rate compared to the U.S. overall [13] - In California, highway starts were up 47% in 2025 versus 2024, indicating strong demand in key markets [56] Company Strategy and Development Direction - The company aims to expand its industry-leading aggregates franchise in both current and new geographies, focusing on improving underlying business operations [4] - The company anticipates continued growth in public demand complemented by improving private demand, expecting aggregate shipments to grow between 1% and 3% in 2026 [16] - The company plans to reinvest in its franchise through operating and maintenance and internal growth capital expenditures of $750 million to $800 million in 2026 [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in leveraging demand growth and a healthy pricing environment for 2026, with expectations of modest overall growth [21] - The company expects to deliver between $2.4 billion and $2.6 billion of adjusted EBITDA in 2026, driven by high single-digit expansion of aggregates cash gross profit per ton [16] - Management noted that while residential activity is expected to be limited in 2026, there are potential opportunities for improvement in the second half of the year [15] Other Important Information - The company returned $260 million to shareholders through dividends and $438 million through share repurchases [11] - The company has improved its adjusted EBITDA margin by over 700 basis points and return on invested capital by over 200 basis points over the last three years [12] Q&A Session Summary Question: Can you discuss your confidence levels regarding end market demand and expectations around pricing and profitability for 2026? - Management indicated that public starts remain solid, and there is a good story for public infrastructure outside of highways, expecting steady public growth [21][22] Question: Can you clarify the pricing dynamics and the impact of geographic and product mix on pricing? - Management confirmed a "triple whammy" impact on pricing due to geographic mix, acquisitions, and product mix, with expectations for pricing to be lower in the first half of 2026 and improve later [36][38] Question: What gives you confidence in keeping costs down in 2026? - Management attributed confidence in cost control to the Vulcan Way of Operating, which focuses on efficiency and productivity in plants [46][49] Question: How is the IIJA reauthorization impacting your guidance? - Management expects a new bill to be passed, with historical trends indicating that it will be higher than the previous bill, and noted that 50% of IIJA funding has yet to be spent [54][56] Question: What is the outlook for M&A activity in 2026? - Management anticipates a very active year for M&A, focusing on aggregates-led opportunities and expanding geographic footprint [72][75]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $572 million, with adjusted EBITDA of $99 million and non-GAAP EPS of $2.46, reflecting strong execution and demand for Grid Edge Intelligence [5][11] - Free cash flow reached $112 million in Q4, up from $70 million a year ago, indicating improved earnings growth and working capital management [12] - GAAP net income was $102 million, or $2.21 per diluted share, compared to $58 million, or $1.26 in the prior year, driven by higher operating income and lower tax expense [11][12] Business Line Data and Key Metrics Changes - Device Solutions revenue decreased by 7% year-over-year, primarily due to a decline in legacy electricity products in EMEA [13] - Network Solutions revenue decreased by 15% year-over-year, mainly due to the timing of project deployments [13] - Outcomes revenue increased by 22% year-over-year, driven by growth in delivery services and recurring revenue [14] - The new Resiliency Solutions segment contributed $3 million in revenue since its acquisition of Urbint [14] Market Data and Key Metrics Changes - Fourth quarter bookings were $737 million, with a total backlog of $4.5 billion, indicating strong demand for Grid Edge solutions [7] - Outcomes backlog grew by 58% year-over-year, surpassing $1 billion, reflecting a positive trend in market demand [29] Company Strategy and Development Direction - The company is focused on enhancing utility resiliency through strategic acquisitions, including Urbint and Locusview, which will support customers throughout the asset lifecycle [9][10] - Itron aims to leverage its heritage in hardware and networks while expanding into high-growth areas driven by data, AI, software, and services [24] - The company emphasizes the importance of trusted data and operational intelligence in the ongoing grid transformation [24] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment for utilities is evolving rapidly, creating both opportunities and challenges [23] - The company anticipates 2026 revenue to be in the range of $2.35 billion to $2.45 billion, representing a slight growth compared to 2025 [19] - Non-GAAP EPS for 2026 is expected to be between $5.75 and $6.25, with a dilutive impact from recent acquisitions [20] Other Important Information - The company ended 2025 with approximately $368 million in annual recurring revenue (ARR), up 20% year-over-year [30] - Total debt was $1.265 billion, with cash and equivalents at $1.02 billion, reflecting a decrease in cash balance due to acquisitions and stock buybacks [18] Q&A Session Summary Question: Update on utility demand and behavior trends - Management reported strong fourth quarter bookings of $737 million, indicating a constructive market environment [28] Question: Clarification on ARR metric - The ARR run rate at the end of Q4 was $368 million, with expectations of mid-teens to 20% growth for 2026 [31][35] Question: Barriers to entry in resiliency solutions - The company highlighted the stickiness of its solutions due to extensive field service usage, which enhances customer value [44][46] Question: Trends in utility ordering patterns - Management noted that ordering patterns have normalized, with no significant cancellations, and the Book and Ship business remains strong [52] Question: Expectations for bookings and revenue growth - The company expects bookings to continue to grow, supported by a strong pipeline and increasing Outcomes backlog [81]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported earnings per share of $0.68, while for the full year, earnings per share were $1.28, marking the fifth consecutive year of profitability [3][11] - Net revenue for Q4 2025 totaled $49.4 million, with adjusted EBITDA at $28.9 million and net income at $12.5 million [11] - Full year net revenue reached $158.1 million, adjusted EBITDA was $81.7 million, and net income was $21.2 million, translating into earnings per share of $1.02 [11][12] Business Line Data and Key Metrics Changes - The company achieved a daily time charter equivalent of approximately $26,600 in Q4 2025, with a full year average of approximately $21,000 per day [7][12] - Fleet utilization exceeded 96% despite a rigorous drydocking schedule, indicating strong operational efficiency [7] Market Data and Key Metrics Changes - The Baltic Capesize Index averaged approximately $21,300 per day in 2025, with a strong recovery in the second half of the year driven by iron ore and coal restocking in China [17] - In early 2026, the BCI averaged 22,000, indicating a strong start to the year [18] Company Strategy and Development Direction - The company is focused on fleet renewal and optimization, having secured three high-specification eco newbuildings at a total cost of approximately $226 million [4][10] - Capital allocation priorities include returning capital to investors, modernizing the fleet, and preserving financial strength [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a favorable Capesize environment supported by expanding long-haul demand and constrained fleet supply [4][17] - The outlook for 2026 remains constructive, with expectations of continued growth in bauxite trade and resilient iron ore demand [18][19] Other Important Information - The company declared total dividends of $0.43 per share in 2025, returning approximately $96 million to shareholders since Q4 2021 [6][7] - The fleet loan-to-value ratio stood at 43%, reflecting a conservative leverage profile [5][12] Q&A Session Summary Question: Market Strategy on Long-term Time Charters - Management indicated that 35% of fleet days are already under long-term contracts, with plans to increase this as market conditions strengthen [26] Question: Balancing Asset Values and Rate Environment - Management is focusing on securing newbuildings at high-quality shipyards while considering the disposal of older assets to manage inflated asset values [28] Question: Expectations for Operational Off-hire Days - Management expects operational off-hire days in 2026 to be consistent with or slightly lower than 2025 due to a softer dry dock schedule [36] Question: Shipyard Availability and Order Book - Management clarified that while global shipbuilding capacity is high, the order book for Capesize vessels is limited due to demand from other ship types [39][40] Question: Dividend Policy with Newbuild Expenditures - Management confirmed that the dividend policy will not be affected by newbuild expenditures, as cash flow from asset sales and financing will cover costs [45]

Financial Data and Key Metrics Changes - The partnership achieved record adjusted EBITDA of $706 million in Q4 2025, excluding approximately $60 million of one-time transaction expenses, marking a 36% increase in full-year adjusted EBITDA to $2.12 billion compared to the prior year [5][6] - Fourth quarter distributable cash flow, as adjusted, was $442 million, with a trailing twelve-month coverage ratio finishing at 1.9x, indicating strong financial health [5][6] - A distribution of $0.9317 per common unit was declared, representing a 1.25% increase over the prior quarter, marking the fifth consecutive quarterly distribution increase [5] Business Line Data and Key Metrics Changes - The fuel distribution segment reported adjusted EBITDA of $391 million in Q4 2025, up from $238 million in Q3 2025 and $192 million in Q4 2024, driven by a 44% increase in distributed gallons [9][10] - The pipeline system segment's adjusted EBITDA was $187 million, consistent with Q4 2024, while throughput remained at 1.4 million barrels per day [12] - The terminal segment's adjusted EBITDA increased to $87 million, up from $76 million in Q3 2025 and $61 million in Q4 2024, benefiting from the Parkland acquisition [13] - The new refining segment generated adjusted EBITDA of $41 million, reflecting improved performance compared to previous years [14] Market Data and Key Metrics Changes - The U.S. fuel distribution market showed flat to slightly declining demand, while the Canadian market exhibited slightly increasing demand, indicating regional variations in market performance [27][28] - The Caribbean market demonstrated strong volume growth, particularly in jurisdictions like Guyana, which experienced significant GDP growth [30] Company Strategy and Development Direction - The company aims for a multi-year annual distribution growth rate of at least 5%, supported by disciplined expense management and a focus on optimizing gross profit [6][21] - The integration of Parkland and TanQuid is expected to enhance operational scale and synergies, with a target of realizing $125 million of the total $250 million annual synergy target in 2026 [16][19] - The company is positioned as both a defensive play and an attractive growth opportunity within the midstream sector, emphasizing its ability to deliver strong results amid market volatility [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustained value for investors, highlighting a strong financial position and growth opportunities across various geographies [18][19] - The company anticipates continued strong performance across all segments, with the Parkland acquisition expected to significantly contribute to future growth [19][21] Other Important Information - The company has a strong balance sheet with $2.5 billion in availability under its revolving credit facility and a leverage ratio of approximately 4x, aligning with long-term targets [6][7] - Minimal corporate income taxes are expected for at least five years, which will support distribution growth for both Sunoco and SunC unitholders [44][45] Q&A Session Summary Question: Demand trends in the fuel distribution business post-Parkland acquisition - Management noted that while U.S. demand has been flat, Sunoco has outperformed trends due to effective capital deployment, and the Canadian market shows stronger demand [26][27] Question: Outlook for bolt-on M&A and its impact on guidance - Management indicated that the $500 million annual target for bolt-on acquisitions is a floor, with potential for upside based on execution across various geographies [39][41] Question: Synergy targets from the Parkland acquisition - Management expressed confidence in exceeding the $125 million synergy target, with activities already ramping up in Q4 2025 [60][62]

Pearl Diver Credit Company Inc. (NYSE: PDCC, PDPA) 2025 Q4 Earnings Presentation February 17, 2026 1 Disclaimer This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with Pearl Diver Credit Company Inc. ("PDCC" or the "Company") or any of its affiliates. This presentation is provided for informational purposes only, does not constitute an offer to sell securities of the Company or a solicitation of a ...

SunCoke Energy, Inc. Q4 & FY 2025 Earnings and 2026 Guidance Conference Call Forward-Looking Statements 2 This presentation should be reviewed in conjunction with the fourth quarter and full-year 2025 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on February 17, 2026 at 11:00 a.m. ET. This presentation contains "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Fo ...

4Q and Full-Year 2025 Results Presentation February 17, 2026 Forward-Looking Statements The information in this presentation highlights the key growth strategies, projections and certain assumptions for the company and its subsidiaries, including with respect to the benefits of acquisitions. Many of these highlighted statements and other statements not historical in nature are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Although the comp ...

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $572 million, with adjusted EBITDA of $99 million and non-GAAP EPS of $2.46, reflecting strong execution and demand for Grid Edge Intelligence [5][11] - Free cash flow reached $112 million, up from $70 million in the previous year, indicating improved earnings growth and working capital management [12] - Full year 2025 revenue was $2.37 billion, down 3% year-over-year, with a gross margin of 37.7% and adjusted EBITDA of $374 million [16][17] Business Line Data and Key Metrics Changes - Device Solutions revenue decreased by 7% year-over-year, primarily due to a decline in legacy electricity products [13] - Network Solutions revenue fell by 15% year-over-year, attributed to project deployment timing [13] - Outcomes revenue increased by 22% year-over-year, driven by delivery services and recurring revenue growth [13] - The new Resiliency Solutions segment contributed $3 million in revenue since its acquisition of Urbint [13] Market Data and Key Metrics Changes - Fourth quarter bookings totaled $737 million, with a backlog of $4.5 billion, indicating strong demand for Grid Edge solutions [6] - Annual recurring revenue (ARR) reached approximately $368 million, up 20% year-over-year [29] Company Strategy and Development Direction - The company is focused on enhancing utility resiliency through strategic acquisitions, including Urbint and Locusview, which will support customers throughout the asset lifecycle [9][10] - Itron aims to leverage its expertise in hardware and networks to drive growth in data, AI, software, and services, positioning itself as a leader in intelligent infrastructure [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the utility market is evolving, creating both opportunities and challenges, but remains confident in the company's strategic direction [21] - The company anticipates 2026 revenue to be between $2.35 billion and $2.45 billion, with non-GAAP EPS expected to range from $5.75 to $6.25 [18][19] Other Important Information - Total debt at the end of Q4 was $1.265 billion, with cash and equivalents at $1.02 billion, reflecting a decrease due to acquisitions and stock buybacks [17] - The company expects the new Resiliency Solutions segment to be accretive to revenue growth and EBITDA but dilutive to EPS in 2026 due to acquisition costs [19][20] Q&A Session Summary Question: Update on utility demand and behavior trends - Management reported strong fourth quarter bookings of $737 million and noted that the market is constructive, with no further delays in project timelines [27][28] Question: Barriers to entry in resiliency solutions and outcomes business - Management highlighted the stickiness of their solutions due to field service tools and the value generated from data capture during emergency responses [44][46] Question: Utility ordering patterns and Book and Ship business trends - Management indicated that ordering patterns have normalized, with good Book and Ship business continuing, particularly in the electricity space [52][54] Question: Forward guidance and backlog levels - Management stated that approximately 80% of the forward guidance is typically in backlog, with current levels reflecting a structural change in the business [63] Question: Revenue goals for 2027 - Management maintained the revenue target for 2027 but suggested it may lean towards the lower end of the previously stated range due to deployment complexities [80][81]

Except for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "can," "confident," "could," "estimate," "expect," "future," "goal," "intend," "likely," "may," "optimistic," "opportunity," "outlook," "plan," "possible," "position," "potential," "predict," "probable," "projected," "should," "target," "will," "would" and similar words ...