| X | | --- | | 免责声明 13 | | --- | 能化板块研发报告 高低硫近端聚焦供应矛盾 第一部分 前言概要 【行情回顾】 2 月高硫燃料油市场主驱动仍为地缘动荡下的供应担忧，两个主要供应 地俄罗斯与伊朗局势均存在不确定性。炼厂计划外停产叠加冬季港口恶劣天 气，俄罗斯整体对外供应量减少。而中东作为燃料油及其原料的主要供应地， 美伊地缘冲突扰动使市场对燃料油供应担忧的敏感性更高。2 月上旬， PetroChina 于新加坡现货窗口积极高价采购 HSFO380，近 10 笔成交，成 交价格贴水在 9 至 16 美金/吨，明显推涨高硫燃料油现货价格 高硫燃料油裂解受到市场需求抬升及地缘供应担忧的支撑而上行至同 期高位，但一季度高库存弱需求基本面现状仍存，重点关注伊朗及俄罗斯主 要供应地区近端的物流变化情况。低硫燃料油供应充裕维持，关注寒潮背景 下相较于天然气的经济性暂无强支撑出现。地缘仍为最主要利多驱动，关注 成本端风险。 【策略推荐】 1.单边：强势震荡，关注地缘风险。 2.套利：高低硫价格区间波动。FU59 正套逢低入场。BU-LU 价差逢低布多。 高硫裂解高位震荡。 3.期权：无。 交易咨 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number: 001-13122 Reliance, Inc. (Exact name of registrant as specified in its charter) Delaware (State or oth ...

PresentationGood morning, everyone. This morning, we're starting with Reliance. And with us today is CEO, Karla Lewis. Karla, over to you.Karla LewisPresident, CEO & Director Good morning, everyone. Thanks for joining us today, and thank you to BMO and Katja for inviting Reliance to the conference. We're just going to kick it off with a really quick overview of who Reliance is. We're a metal service center and processor. Most diversified and largest company. We've been in business since 1939. We've grown th ...

Reliance (NYSE:RS) Conference February 25, 2026 08:00 AM ET Company ParticipantsKarla Lewis - President and CEOConference Call ParticipantsKatja Jancic - Metals and Mining AnalystKatja JancicGood morning, everyone. This morning, we're starting with Reliance, and with us today is CEO, Karla Lewis. Karla, over to you.Karla LewisGood morning, everyone. Thanks for joining us today. Thank you to BMO and Katja for inviting Reliance to the conference. We're just gonna kick it off with a really quick overview of wh ...

Group 1 - Major tech companies are committing to invest hundreds of billions of dollars into AI initiatives in India, with a total capital expenditure potentially reaching $700 billion this year [1] - Indian tech group Reliance plans to invest $110 billion into data centers and infrastructure, while Adani has outlined a $100 billion AI data center buildout over the next decade [2] - Microsoft announced its intention to invest $50 billion in AI in the Global South by the end of the decade, alongside partnerships between OpenAI, AMD, and Tata Group to enhance AI capabilities [3] Group 2 - The announcements of these investments were made during a significant summit, which also faced controversy, including Bill Gates withdrawing due to backlash over his past associations [4]

Core Viewpoint - Reliance, Inc. is a significant player in the metals service industry, providing a variety of metal processing and distribution services, and competes with major companies like Ryerson Holding Corporation and Olympic Steel [1] Group 1: Company Overview - Reliance operates a network of service centers across North America, offering products such as carbon steel, aluminum, and stainless steel [1] Group 2: Financial Performance - Seaport Global maintained a "Buy" rating for Reliance, increasing the price target from $315 to $340, reflecting confidence in the company's future performance [2][5] - The stock is currently priced at $318.95, with a market capitalization of approximately $16.68 billion [4][5] - During the trading day, the stock fluctuated between a low of $315.24 and a high of $322.15, reflecting market activity [4] Group 3: Earnings Call Insights - RS held its Q4 2025 earnings call, which provided insights into the company's financial performance and strategic direction, highlighting significant achievements or challenges faced during the period [3][5]

Core Insights - Reliance, Inc. is a significant player in the metals service industry, offering a variety of metal processing services and products through a network of service centers [1] - The company is currently facing a cautious outlook, with BMO Capital setting a price target of $320, indicating a slight negative perspective compared to the current trading price of $327.28 [2][6] - Reliance's Q4 2025 earnings call provided insights into its financial performance and strategic direction, highlighting both achievements and challenges [3][6] Financial Performance - The stock price of Reliance is currently at $327.28, reflecting a decrease of 2.72% or $9.16, with fluctuations between a low of $317.94 and a high of $346.30 on the day [4] - Over the past year, the stock has experienced significant volatility, reaching a high of $365.59 and a low of $250.07 [4] - Reliance's market capitalization is approximately $17.11 billion, indicating its substantial presence in the industry [5] Market Sentiment - The trading volume for Reliance on the NYSE is 647,259 shares, suggesting active investor interest [5] - The downgrade from "Outperform" to "Market Perform" by TheFly reflects a more cautious perspective on the company's future performance [2][6]

Reliance (NYSE:RS) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsArthur Ajemyan - SVP and CFOKarla Lewis - President and CEOKim Orlando - Senior Managing DirectorSteve Koch - EVP and COOConference Call ParticipantsBennett Moore - VP and Equity Research AnalystKatja Jancic - Equity Research AnalystMartin Englert - Senior Equity Research AnalystMatt Dushkin - VP and Equity Research AnalystPhil Gibbs - Managing Director and Senior Equity Research AnalystOperatorGreetings, and welcome ...

Reliance (NYSE:RS) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsArthur Ajemyan - SVP and CFOKarla Lewis - President and CEOKim Orlando - Senior Managing DirectorSteve Koch - EVP and COOConference Call ParticipantsBennett Moore - VP and Equity Research AnalystKatja Jancic - Equity Research AnalystMartin Englert - Senior Equity Research AnalystMatt Dushkin - VP and Equity Research AnalystPhil Gibbs - Managing Director and Senior Equity Research AnalystOperatorGreetings, and welcome ...

Financial Data and Key Metrics Changes - In 2025, the company increased tons shipped by 6.2%, achieving record tons sold of 6.4 million, outperforming the industry by over seven percentage points [3][4] - The non-GAAP gross profit margin for 2025 was 28.8%, slightly below the estimated sustainable range, primarily due to a tariff-driven annual LIFO expense of $114 million [5][16] - Full-year 2025 earnings per diluted share declined by 10.2% from 2024, but excluding significant LIFO adjustments, non-GAAP FIFO earnings per diluted share increased by 13.5% year over year [5][16] Business Line Data and Key Metrics Changes - Shipment growth was primarily in carbon long and flat-rolled products, with an increase in gross profit margin year over year [4] - The company processed 7.4 million customer-owned tons through tolling operations, a 1.2% increase [3] - Aerospace products accounted for approximately 10% of fourth-quarter sales, with subdued commercial aerospace demand due to elevated inventory levels [13] Market Data and Key Metrics Changes - Non-residential construction represented roughly one-third of fourth-quarter sales, driven by strong demand in heavy civil and public infrastructure work [12] - General manufacturing also accounted for about one-third of fourth-quarter sales, with increased shipments driven by military and industrial machinery [13] - The semiconductor market remained under pressure due to ongoing excess inventory, impacting overall demand [14] Company Strategy and Development Direction - The company is focused on smart, profitable growth, with a capital expenditure budget of $275 million for 2026, aiming to maximize returns on previous investments [6][8] - The company remains committed to returning capital to stockholders, delivering $849 million in 2025 through dividends and share repurchases [8] - The company is exploring acquisition opportunities to broaden its footprint and strengthen its portfolio of metal solutions [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing healthy demand and strong pricing environment, particularly in infrastructure, data centers, energy, and defense [8][9] - The company anticipates a modest improvement in FIFO gross profit margin in the first quarter of 2026, with expected earnings per diluted share in the range of $4.50-$4.70 [21] - Management acknowledged temporary margin headwinds from tariff-driven cost increases and excess inventory in certain markets but noted overall positive impacts from tariffs [22] Other Important Information - The company generated $831 million in operating cash flow in 2025, which was redeployed into high-value initiatives [6] - The total debt at the end of the year was $1.4 billion, with a favorable net debt to EBITDA ratio of less than one [19][20] - The company increased its quarterly cash dividend rate by 4.2%, marking the 33rd increase since its IPO in 1994 [19] Q&A Session Summary Question: Expectations for gross profit margin improvement in 2026 - Management indicated that while Q1 2026 may be near the low end of the margin range, they expect margins to trend up throughout the year as demand improves [24][27] Question: Outlook for volume growth in the second half of 2026 - Management expressed positive sentiment for 2026 based on quoting activity and customer purchasing behavior, particularly in carbon products [28][29] Question: Update on structural products demand and margin profile - Demand for structural beams is strong, with recent price increases due to non-residential market demand [35][36] Question: M&A environment and valuations - Management remains interested in acquisitions but noted that valuations must align with their expectations [44][45] Question: Impact of aerospace and semiconductor markets on gross margins - Aerospace and semiconductor markets contributed to a margin impact of approximately 50 basis points, with expectations for gradual improvement [52][53]