Core Insights - Crown Castle Inc. (CCI) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $1.12, exceeding the Zacks Consensus Estimate of $1.07 per share, but reflecting a year-over-year decline of nearly 6.7% [1] - The company's net revenues for the quarter were $1.07 billion, surpassing the Zacks Consensus Estimate of $1.05 billion, yet down 4.2% year over year [1] - For the full year 2025, CCI's AFFO per share was $4.36, a 4.2% decrease year over year, but above the Zacks Consensus Estimate of $4.30 [2] Revenue Breakdown - In Q4 2025, total site rental revenues decreased by 4.8% year over year to $1.02 billion, with an organic contribution to site rental billings of $47 million reflecting 17.5% year-over-year organic growth, excluding a $51 million negative impact from Sprint cancellations [3] - Services and other revenues increased by 8.2% year over year to $53 million [3] Financial Metrics - Quarterly adjusted EBITDA fell by 7.6% year over year to $718 million [3] - Net interest expenses and amortization of deferred financing costs rose by 2.5% year over year to $246 million [4] Financial Position - As of December 31, 2025, CCI had cash and cash equivalents of $99 million, up from $57 million as of September 30, 2025 [5] - Total debt and other long-term obligations stood at $21.55 billion, nearly unchanged sequentially [5] 2026 Guidance - CCI provided guidance for 2026 AFFO per share in the range of $4.38-$4.49, while the Zacks Consensus Estimate is currently at $4.77 [6] - The company projected site rental revenues between $3.828 billion and $3.873 billion, with adjusted EBITDA estimated in the range of $2.665 billion to $2.715 billion [6] - CCI currently holds a Zacks Rank 4 (Sell) [6]

Financial Data and Key Metrics Changes - Earnings per share for the quarter were $1.31, down from $3.02 in the prior year quarter, which included a $2.32 per share gain from the sale of Eviosys. Adjusted earnings per share were $1.74, up 9% from $1.59 in the prior year quarter [3][4] - Net sales increased by 8% compared to the prior year quarter, driven by a 3% increase in global beverage can volumes, $189 million from higher raw material cost pass-through, and $58 million from favorable foreign exchange [4] - Record adjusted EBITDA for the year was almost $2.1 billion, compared to $1.9 billion in 2024, with record free cash flow of $1,146 million in 2025, up from $814 million in 2024 [4][5] Business Line Data and Key Metrics Changes - Segment income for the quarter was $420 million, slightly down from $428 million in the prior year, with strong performance in European Beverage offset by lower volumes in Transit Packaging [4] - North American beverage volumes were up slightly more than 1% in the quarter, with North American gains of 2.5% offset by a 3% decline in Brazil. For the full year, North American volumes were flat, while Brazil was down 3% [8][9] - European beverage volumes increased by 10% in the fourth quarter, generating record segment income, more than double what it was a few years ago [9] Market Data and Key Metrics Changes - Sales unit volumes across Asian operations were down 3% in the fourth quarter due to the border conflict between Cambodia and Thailand, with subdued consumer purchasing power in the region [10] - The North American tin plate business benefited from 5% food can volume growth, offsetting softness in steel aerosols during the fourth quarter [11] Company Strategy and Development Direction - The company aims to maintain a net leverage target of 2.5 times, achieved at the end of September 2025, down from 2.7 times at the end of 2024. The focus remains on compounding earnings, investing in the business, and returning excess cash to shareholders [5][6] - The company is committed to responsibly investing to support partners' growth while ensuring that returns on capital employed are appropriate [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving North American volume gains of 2%-3% in 2026, despite inflation and startup costs impacting EBIT [20] - The company remains bullish on European growth, projecting a potential volume growth of 4%-5% for 2026, with strong demand across various products [22][26] - Management noted that the Asian market has growth potential, with a low-cost structure allowing for commercial adjustments to drive volume growth [63] Other Important Information - The company plans to return $625 million to shareholders in 2025, consisting of $505 million in share repurchases and $120 million in dividends, compared to $336 million in 2024 [5] - The company expects full-year free cash flow for 2026 to be approximately $900 million after $550 million of capital spending [7] Q&A Session Summary Question: Outlook for North America's EBIT and European volume growth - Management expects North America's EBIT to be down slightly due to inflation and startup costs, with European volume growth potentially at 4%-5% [20][22] Question: Drivers of volume growth in North America and Europe - Management highlighted strong beer growth in Europe and various product categories in North America, including energy drinks and flavored alcohols, as key drivers [25][26] Question: Free cash flow growth expectations - Management indicated that a free cash flow of around $1 billion seems reasonable and sustainable, with potential for growth aligned with volume increases [28] Question: Demand outlook in January and February - Management noted that January was impacted by weather but February has shown recovery, aligning with expectations [70][71] Question: Impact of startup costs in Brazil, Greece, and Spain - Most startup costs are expected to be second-half weighted, with some hiring and training costs occurring in Q2 [108] Question: State of the Asian market and competitive landscape - Management expressed confidence in the Asian market's growth potential, emphasizing a low-cost structure and the ability to make commercial adjustments [63] Question: Capacity utilization in North America - Management stated that capacity in North America is tight, with no immediate need for new capacity, but some open capacity exists [46][82]

Financial Data and Key Metrics Changes - Earnings per share for the quarter were $1.31, down from $3.02 in the prior year quarter, which included a $2.32 per share gain from the sale of Eviosys. Adjusted earnings per share were $1.74, up 9% from $1.59 in the prior year quarter [3][4] - Net sales increased by 8% compared to the prior year quarter, driven by a 3% increase in global beverage can volumes, $189 million from higher raw material cost pass-through, and $58 million from favorable foreign exchange [4] - Record adjusted EBITDA of almost $2.1 billion was achieved for the year, compared to $1.9 billion in 2024, with record free cash flow of $1,146 million compared to $814 million in 2024 [4][5] Business Line Data and Key Metrics Changes - Segment income for the quarter was $420 million, slightly down from $428 million in the prior year, with strong performance in European beverage offset by lower volumes in transit packaging [4] - North American beverage volumes were up slightly more than 1% in the quarter, with North American gains of 2.5% offset by a 3% decline in Brazil. For the full year, North American volumes were flat, while Brazil was down 3% [8][9] - European beverage volumes increased by 10% in the fourth quarter, generating record segment income, more than double what it was a few years ago [9] Market Data and Key Metrics Changes - Sales unit volumes across Asian operations were down 3% in the fourth quarter due to the border conflict between Cambodia and Thailand, with expectations for commercial adjustments to drive volume growth in 2026 [10] - The North American tin plate business benefited from 5% food can volume growth, offsetting softness in steel aerosols during the fourth quarter [11] Company Strategy and Development Direction - The company aims to maintain a net leverage target of 2.5 times, achieved at the end of September 2025, down from 2.7 times at the end of 2024. The focus remains on compounding earnings, investing in the business, and returning excess cash to shareholders [5][6] - The company is committed to responsibly investing to support partners' growth needs while maintaining a growing dividend and disciplined share repurchases [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving North American volume gains of 2%-3% in 2026, despite inflation and startup costs impacting income [19][21] - The company remains positive about Brazil's long-term prospects, despite current economic challenges, and expects to see a return to growth in the coming years [38] Other Important Information - The company plans to invest approximately $550 million in capital spending to support growth objectives, including capacity expansions and facility upgrades in Brazil, Greece, and Spain [7] - The adjusted earnings guidance for the full year includes net interest expense of approximately $350 million-$360 million and a full-year tax rate of approximately 25% [7] Q&A Session Summary Question: Outlook for America's EBIT and European volume growth - Management expects America's EBIT to be down slightly due to ongoing inflationary impacts and startup costs in Brazil, while European volume growth is projected at 4%-5% [19][21] Question: Drivers of volume growth in North America and Europe - Key drivers include beer growth in Europe and strong performance in flavored alcohols and sparkling water in North America, with the World Cup expected to boost demand [25][26] Question: Free cash flow growth expectations - Management believes a sustainable free cash flow number of around $1 billion is reasonable, with potential for growth aligned with volume increases [28] Question: Demand outlook in January and February - January was impacted by weather, but February is expected to recover lost volume [70][72] Question: Impact of startup costs in Brazil, Greece, and Spain - Most startup costs are expected to be second-half weighted, with hiring and training beginning in Q2 [106] Question: Growth potential in Asia - Management sees significant growth potential in Asia, with a low-cost structure allowing for commercial adjustments to drive business growth [64] Question: Capacity utilization in North America - Capacity in North America is tight, and management does not foresee the need for new capacity in the next couple of years [46][82]

Financial Data and Key Metrics Changes - Earnings per share for the quarter were $1.31, down from $3.02 in the prior year quarter, which included a $2.32 per share gain from the sale of Eviosys. Adjusted earnings per share were $1.74, up 9% from $1.59 in the prior year quarter [2][3] - Net sales increased by 8% compared to the prior year quarter, driven by a 3% increase in global beverage can volumes, $189 million from higher raw material costs, and $58 million from favorable foreign exchange [3] - Record adjusted EBITDA of almost $2.1 billion was achieved for the year, compared to $1.9 billion in 2024, with record free cash flow of $1,146 million compared to $814 million in 2024 [3][4] Business Line Data and Key Metrics Changes - Segment income for the quarter was $420 million, slightly down from $428 million in the prior year, with strong performance in European beverage offset by lower volumes in transit packaging [3] - North American beverage volumes were up slightly by 1% in the quarter, while full-year volumes were flat, and Brazil experienced a 3% decline [6][7] - European beverage volumes increased by 10% in the fourth quarter, contributing to record segment income, more than double what it was a few years ago [8] Market Data and Key Metrics Changes - Sales unit volumes across Asian operations were down 3% in the fourth quarter due to the border conflict between Cambodia and Thailand, with expectations for commercial adjustments to drive volume growth in 2026 [9] - North American tin plate businesses benefited from 5% food can volume growth, with income in other categories up 80% against an easy prior year comparison [10] Company Strategy and Development Direction - The company aims to maintain a net leverage target of 2.5 times, achieved at the end of September 2025, down from 2.7 times at the end of 2024 [4] - The company is committed to returning excess cash to shareholders, with $191 million of shares repurchased in the fourth quarter and a total of $625 million returned to shareholders for the year [4] - Future investments will focus on capacity expansions and facility upgrades in Brazil, Greece, and Spain, with a projected full-year free cash flow of approximately $900 million after $550 million of capital spending [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance, highlighting a strong balance sheet and substantial free cash generation, positioning the company to consistently deliver value to shareholders [11] - The outlook for North American beverage volumes is expected to grow by 2%-3% in 2026, but this may be offset by inflation and startup costs [19] - European beverage growth is anticipated to be strong, with management suggesting a potential volume growth of 4%-5% for the year [21] Other Important Information - The company has maintained a focus on responsible investment to support partners' growth while ensuring dividends grow over time [10] - Management noted that the demand for beverage cans is expected to continue growing globally, with a focus on balancing customer growth objectives with fair value returns [119] Q&A Session Summary Question: Outlook for America's EBIT and European volume growth - Management expects America's EBIT to be down slightly due to ongoing inflationary impacts and startup costs in Brazil, while European beverage growth could be penciled in at 4%-5% [19][21] Question: Drivers of volume growth in North America and Europe - Key drivers include beer growth in Europe and strong performance in energy and flavored alcohols in North America, with the World Cup expected to boost demand [25] Question: Free cash flow sustainability - Management indicated that a free cash flow of around $1 billion seems reasonable and sustainable, with expectations for growth in line with volume [27] Question: Demand and capacity utilization in North America - Management noted that capacity in North America is tight, with no immediate need for new capacity, and they are focused on generating cash flow [45][81] Question: Impact of startup costs in Brazil, Greece, and Spain - Most startup costs are expected to be second-half weighted, with hiring and training occurring in Q2 [108] Question: Growth potential in Asia - Management expressed confidence in the growth potential in Asia, emphasizing a low-cost structure and the ability to make commercial adjustments to drive growth [63] Question: Demand for food cans and market share - The company expects to grow above market in food cans, particularly in the pet food segment, which is growing faster than human food [75]

Core Viewpoint - Crown Holdings reported quarterly earnings of $1.74 per share, exceeding the Zacks Consensus Estimate of $1.69 per share, and showing an increase from $1.59 per share a year ago, representing an earnings surprise of +2.72% [1] Financial Performance - The company achieved revenues of $3.13 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.63%, and up from $2.9 billion year-over-year [2] - Crown has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Stock Performance - Crown shares have increased approximately 8.3% since the beginning of the year, compared to a 1.1% gain in the S&P 500 [3] Future Outlook - The company's earnings outlook is crucial for assessing future stock performance, with current consensus EPS estimates at $1.79 for the coming quarter and $8.21 for the current fiscal year [7] - The Zacks Rank for Crown is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Containers - Metal and Glass industry, to which Crown belongs, is currently ranked in the bottom 12% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Corporate Headquarters 14025 Riveredge Drive, Suite 300 Tampa, FL 33637 CROWN HOLDINGS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS Tampa, FL - February 4, 2026. Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the fourth quarter and full year ended December 31, 2025. News Release Highlights Fourth Quarter Full Year 2026 Outlook Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated "The Company continued its strong momentum during the fourth quarter ...

Core Insights - Princess Cruises has introduced two new specialty dining venues, Makoto Ocean and Crown Grill, on the Diamond Princess, enhancing the onboard culinary experience for guests [1][2][3] Group 1: New Dining Venues - Makoto Ocean features Edomae-style sushi crafted by Chef Makoto Okuwa, offering signature dishes like truffle salmon and snow crab temaki, along with Japanese-inspired cocktails [2] - Crown Grill, located in the former Savoy Dining Room, is known for its premium aged beef and seafood, providing an elegant dining atmosphere [3] - Both dining venues are priced at $55 per person, with complimentary access for guests booking the Princess Premier package [3] Group 2: Expansion and Future Plans - Diamond Princess is currently sailing in Asia, with itineraries that include destinations such as Thailand, Malaysia, and Vietnam, before returning to Japan [6] - In 2027, Princess Cruises will launch its most extensive Japan season, featuring 78 departures across 50 unique itineraries, marking a significant milestone for the brand in Asia [7] - The 2027 Japan season will include voyages ranging from seven to 28 days, showcasing the company's commitment to expanding its presence in the region [7] Group 3: Company Background - Diamond Princess and Sapphire Princess are sister ships built in Japan, highlighting Princess Cruises' long-standing legacy and connection to the Asian market [5] - Princess Cruises is recognized as a leading cruise brand, offering a variety of experiences and destinations, including the Caribbean, Alaska, and Asia [9][10]

Core Viewpoint - Crown Castle Inc. has announced year-end tax reporting information for its 2025 distributions, providing detailed breakdowns of cash distributions and their tax implications for shareholders [1]. Distribution Summary - For the calendar year ended December 31, 2025, Crown Castle made several cash distributions to its common stockholders, with specific amounts detailed for each distribution date [2]. - The cash distribution per share for the following dates is as follows: - March 14, 2025: $1.565000, with an ordinary taxable dividend of $1.292363 and a non-taxable distribution of $0.272637 [2]. - June 13, 2025: $1.062500, with an ordinary taxable dividend of $0.877403 and a non-taxable distribution of $0.185097 [2]. - September 15, 2025: $1.062500, with the same breakdown as June [2]. - December 15, 2025: $1.062500, with the same breakdown as June [2]. - The report indicates that there were no Unrecaptured Section 1250 Gain and no long-term capital gain for the year [3]. Company Overview - Crown Castle owns and operates approximately 40,000 cell towers and around 90,000 route miles of fiber, supporting small cells and fiber solutions across major U.S. markets [4]. - The company's infrastructure connects cities and communities to essential data, technology, and wireless services, facilitating the flow of information and innovations [4].

Core Insights - Upslope Capital Management aims to provide attractive, equity-like returns while reducing market risk and maintaining low correlation with traditional equity strategies [1] - The Fund achieved a return of +2.0% (net) in Q4 2025, outperforming the S&P Midcap 400 ETF and HFRX Equity Hedge Index, which returned +1.6% [1] - For the full year 2025, the Fund delivered a return of +14.8%, significantly higher than the +7.2% and +10.1% returns of the respective indexes [1] - The investment landscape is increasingly dynamic, with decisions driven by aggressive, thematic, and short-term strategies [1] - Identifying investment opportunities is straightforward, but returns remain uncertain due to the current economic environment [1] Company Insights - Crown Holdings, Inc. (NYSE:CCK) is a leading global producer of aluminum beverage cans (80% of sales) and transit packaging/equipment (20%) [3] - The company has a diversified geographic presence, with 60% of sales generated outside the United States and 34% from emerging and frontier markets [3] - As of January 16, 2026, Crown Holdings, Inc. stock closed at $104.24 per share, with a one-month return of 1.02% and a 52-week gain of 21.83% [2] - Crown Holdings, Inc. has a market capitalization of approximately $12.131 billion [2]

Core Insights - Crown Holdings, Inc. announced the winners of its 2025 Chairman's Sustainability Awards, recognizing manufacturing facilities for their contributions to Sustainable Manufacturing, Safety/Employee Engagement, and Innovation in Sustainability [1][2] Sustainable Manufacturing - The Ponta Grossa aluminum beverage can manufacturing plant in Brazil won the Sustainable Manufacturing Award for implementing energy-efficient methods, including a heat exchange system that reuses residual heat [3] - Signode India Limited was a finalist for the Sustainable Manufacturing Award for projects such as automated oven temperature controls and a plastic recycling program [7][9] Safety/Employee Engagement - The Izmit aluminum beverage can manufacturing plant in Turkey received the Safety/Employee Engagement Award for modernizing its air system, improving air quality and work conditions for employees [4] - The Bowling Green, KY aluminum beverage can manufacturing plant was a finalist for achieving a 20% reduction in total recordable incident rate (TRIR) through safety-focused initiatives [6] Innovation in Sustainability - The Innovation in Sustainability Award was given to Signode Belgium for launching plastic stretch film with 30% post-consumer recycled content and to SMP Singapore for transitioning to an LED ink curing system, reducing carbon emissions [5] - The Agoncillo, Spain beverage cans and ends plant was recognized as a finalist for its Smart Air Efficiency project, which optimized air usage and reduced CO2 emissions [8] Notable Finalists - Other finalists included Crown Vietnam for its safety poster program and employee engagement initiatives, and Crown TCP (Thailand) for using AI cameras to enhance operational efficiency [9]