Financial Data and Key Metrics Changes - The company reported full-year adjusted earnings of $53.3 million, or $3.16 per share, representing an increase of $0.19 per share, or 6.4% over 2024 adjusted earnings per share [4] - Adjusted net income increased by $5.5 million compared to 2024, supported by Maine acquisitions, higher distribution rates, and customer growth [9] - The company anticipates 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% increase compared to the midpoint of 2025 guidance [5][17] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for 2025 was $114.6 million, an increase of $7.3 million compared to 2024, driven by higher distribution rates and customer growth [10] - Gas adjusted gross margin for the year was $199.1 million, an increase of $32.2 million compared to 2024, including $16.6 million from the acquisitions of Bangor Natural Gas and Maine Natural Gas [11] - The company added approximately 15,900 new gas customers in 2025, including 8,900 from Bangor Natural Gas and 6,500 from Maine Natural Gas [11] Market Data and Key Metrics Changes - Maine has the highest percentage of homes heated with fuel oil in the nation, with two-thirds of homes using oil, propane, or kerosene, presenting a significant opportunity for natural gas conversions [6] - The company’s electric service reliability ranked in the top quartile of industry peers, with customers experiencing 16% less interruption time than New England peers [8] Company Strategy and Development Direction - The company expanded its gas operations in Maine by acquiring two distribution companies, positioning itself as the largest gas utility in the state [4] - A five-year capital investment plan through 2030 totals approximately $1.2 billion, reflecting a 20% increase compared to the previous plan [15] - The company remains committed to delivering predictable and sustainable returns while maintaining financial flexibility for capital investments [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering value for stakeholders, emphasizing investments in low-risk regulated assets [19] - The company highlighted the affordability benefits of natural gas for home heating in northern New England, reinforcing its commitment to customer service and operational excellence [7][8] Other Important Information - The company plans to file a base rate case for Bangor Natural Gas and Maine Natural Gas in 2027, with final rate decisions expected in 2028 [7] - The board approved a quarterly dividend increase to $1.90 per share for 2026, marking a 5.6% increase compared to 2025 [17] Q&A Session Summary - The Q&A session was not detailed in the provided content, and no specific questions or answers were recorded [21]

Financial Data and Key Metrics Changes - In 2025, the company reported adjusted earnings of $53.3 million, or $3.16 per share, representing an increase of $0.19 per share, or 6.4% over 2024 [4][9] - The company expects 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% increase compared to the midpoint of 2025 guidance [5][17] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for 2025 was $114.6 million, an increase of $7.3 million compared to 2024, driven by higher distribution rates and customer growth [10] - Gas adjusted gross margin for 2025 was $199.1 million, an increase of $32.2 million compared to 2024, attributed to acquisitions and higher rates [11] Market Data and Key Metrics Changes - The company added approximately 600 electric customers and 15,900 new gas customers in 2025, including 8,900 from Bangor Natural Gas and 6,500 from Maine Natural Gas [10][11] - Maine has the highest percentage of homes heated with fuel oil in the nation, presenting a significant opportunity for natural gas conversions [6] Company Strategy and Development Direction - The company expanded its gas operations in Maine by acquiring two distribution companies, positioning itself as the largest gas utility in the state [4][6] - A five-year capital investment plan through 2030 has been updated to approximately $1.2 billion, reflecting a 20% increase compared to the previous plan [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value for stakeholders, emphasizing investments in low-risk regulated assets [19] - The company remains focused on continuous improvement in service reliability and customer satisfaction, achieving an overall customer satisfaction rate of 87% [8] Other Important Information - The company plans to file a base rate case for Bangor Natural Gas and Maine Natural Gas in 2027, with final rate decisions expected in 2028 [7] - The quarterly dividend was increased by $0.025 per share, resulting in an annualized dividend of $1.90 per share, a 5.6% increase compared to 2025 [17] Q&A Session Summary Question: What are the expectations for future earnings growth? - The company anticipates 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% growth compared to 2025 [17] Question: How are the recent acquisitions expected to impact revenue? - The acquisitions of Bangor Natural Gas and Maine Natural Gas are expected to contribute approximately $29 million in annual distribution revenues [6]

Financial Data and Key Metrics Changes - In 2025, the company reported adjusted earnings of $53.3 million, or $3.16 per share, representing an increase of $0.19 per share, or 6.4% over 2024 [4][10] - The adjusted net income increased by $5.5 million compared to 2024, supported by acquisitions and higher distribution rates [10] - The company expects 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% increase compared to the midpoint of 2025 guidance [5][19] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for 2025 was $114.6 million, an increase of $7.3 million compared to 2024, driven by higher distribution rates and customer growth [10][11] - Gas adjusted gross margin for 2025 was $199.1 million, an increase of $32.2 million compared to 2024, attributed to acquisitions and higher rates [10][12] - The company added approximately 600 electric customers and 15,900 new gas customers in 2025, including 8,900 from Bangor Natural Gas and 6,500 from Maine Natural Gas [11][12] Market Data and Key Metrics Changes - Maine has the highest percentage of homes heated with fuel oil in the nation, with two-thirds of homes using oil, propane, or kerosene, presenting a significant opportunity for natural gas conversions [6][7] - The company anticipates filing a base rate case for both Bangor Natural Gas and Maine Natural Gas in 2027, with final rate decisions expected in 2028 [8] Company Strategy and Development Direction - The company expanded its gas operations in Maine by acquiring two distribution companies, positioning itself as the largest gas utility in the state [4][6] - The updated five-year capital investment plan through 2030 totals approximately $1.2 billion, an increase of 20% compared to the previous plan, focusing on low-risk regulated assets [17][18] - The company remains committed to delivering predictable and sustainable returns while maintaining financial flexibility for capital investments [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value for stakeholders, emphasizing operational excellence and customer service [20] - The company highlighted the affordability benefits of natural gas for home heating in northern New England, reinforcing its commitment to environmental objectives [5][8] Other Important Information - The company announced a quarterly dividend increase of 2.5 cents per share, resulting in an annualized dividend of $1.90 per share, a 5.6% increase compared to 2025 [19] - The company reported strong customer satisfaction, achieving 87% overall satisfaction and the highest customer trust score among northeastern peers [9] Q&A Session Summary - The Q&A session was not detailed in the provided content, and no specific questions or answers were recorded [23]

Ecolab (NYSE:ECL) Q4 2025 Earnings call February 10, 2026 01:00 PM ET Company ParticipantsAndy Hedberg - VP of Investor RelationsChristophe Beck - Chairman and CEOScott Kirkland - CFOConference Call ParticipantsAndrew Wittmann - AnalystAshish Sabadra - AnalystBobby Zolper - AnalystChris Parkinson - AnalystDavid Begleiter - AnalystEdlain Rodriguez - AnalystJason Haas - AnalystJeff Zekauskas - AnalystJohn McNulty - AnalystJosh Spector - AnalystKevin McCarthy - AnalystLaurence Alexander - AnalystManav Patnaik ...

Financial Data and Key Metrics Changes - The company reported FFO of $0.97 per diluted share in Q4 2025, with occupancy ending the year at 81.6%, reflecting a 60 basis point sequential improvement [24] - Cash same-property NOI growth was negative 7.2% in Q4, primarily due to a sizable restoration fee recognized in Q4 2024, which detracted 350 basis points from current year growth [24] - The 2026 FFO guidance range is set at $3.25-$3.45 per diluted share, with an expected average occupancy of 76%-78%, a decline of 390 basis points at the midpoint compared to 2025 [26][27] Business Line Data and Key Metrics Changes - Fourth quarter leasing totaled approximately 827,000 sq ft, marking the strongest performance in six years, leading to a full-year leasing total of approximately 2.1 million sq ft, a significant year-over-year increase [4][5] - Key leasing highlights included a 93,000 sq ft lease with the Fitler Club in Hollywood and a 316,000 sq ft lease with UCSF at Kilroy Oyster Point Phase Two, indicating strong demand in the life sciences sector [6][8] Market Data and Key Metrics Changes - The company experienced the healthiest level of office demand since 2019, with a forward leasing pipeline growing by over 65% in the last year [6] - In San Francisco, premium sublease space is nearly gone, with 47% of the overall availability not transacted since 2021, indicating a recovery in the market [44][60] Company Strategy and Development Direction - The company is focused on disciplined execution across its platform, including driving leasing, monetizing non-core assets, and redeploying capital into high-quality opportunities [4][15] - The acquisition of Nautilus for $192 million strengthens the company's presence in the life sciences sector, positioning it to capture demand across West Coast markets [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing environment, particularly in San Francisco, where new business formation is driving demand [81] - The company anticipates a robust M&A environment in the life sciences sector, with expectations for continued growth in leasing activity [8][9] Other Important Information - The company completed approximately $755 million in sales, including $465 million from operating properties and $165 million from land sales, indicating a strategic approach to capital allocation [17] - The anticipated yield at Kilroy Oyster Point Phase Two is now in the mid-5% range, reflecting adjustments based on leasing activity and market conditions [11] Q&A Session Summary Question: Can you discuss the UCSF anchor lease and its late commencement? - Management noted that the UCSF lease is part of a new development project in shell condition, requiring time for build-out and space planning [34][35] Question: What are the expectations for retention on the 1.05 million sq ft expiring in 2026? - Management expects substantial move-outs from this pool but has already backfilled about 140,000 sq ft and anticipates additional renewals [50][51] Question: What is the competitive landscape for KOP and potential monetization? - Management remains confident in the long-term growth potential of KOP and believes it has created significant value in phase one, with future phases dependent on achieving favorable yields [76][77]

Ecolab (NYSE:ECL) Q4 2025 Earnings call February 10, 2026 01:00 PM ET Company ParticipantsAndy Hedberg - VP of Investor RelationsChristophe Beck - Chairman and CEOScott Kirkland - CFOConference Call ParticipantsAndrew Whitman - AnalystAshish Sabadra - AnalystBobby Zolper - AnalystChris Parkinson - AnalystDavid Begleiter - AnalystJason Haas - AnalystJeff Zekauskas - AnalystJohn McNulty - AnalystJohn Roberts - AnalystJosh Spector - AnalystKevin McCarthy - AnalystLaurence Alexander - AnalystManav Patnaik - Ana ...

Financial Data and Key Metrics Changes - The company reported FFO of $0.97 per diluted share in Q4 2025, with occupancy ending the year at 81.6%, reflecting a 60 basis point sequential improvement [24] - Cash same-property NOI growth was negative 7.2% in Q4, primarily due to a sizable restoration fee recognized in Q4 2024, which detracted 350 basis points from current year growth [24] - The 2026 FFO guidance range is set at $3.25-$3.45 per diluted share, with average occupancy expected to decline to 76%-78% [26][27] Business Line Data and Key Metrics Changes - Fourth quarter leasing totaled approximately 827,000 sq ft, marking the strongest performance in six years, leading to full-year leasing of approximately 2.1 million sq ft, a significant year-over-year increase [4][5] - Key leasing highlights included a 93,000 sq ft lease with the Fitler Club in Hollywood and a 316,000 sq ft lease with UCSF at Kilroy Oyster Point Phase Two [6][8] Market Data and Key Metrics Changes - The company experienced the healthiest level of office demand since 2019, with a forward leasing pipeline growing by more than 65% over the last year [6] - In San Francisco, premium sublease space is nearly gone, with 47% of the 32% availability not transacted since 2021, indicating a recovery in the market [42][60] Company Strategy and Development Direction - The company is focused on driving leasing across its operating and development portfolios while monetizing non-core assets and redeploying proceeds into select opportunities [4][15] - The acquisition of Nautilus for $192 million strengthens the company's presence in the life science sector, positioning it to capture demand across West Coast markets [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing environment, particularly in San Francisco, where new business formation is driving demand [81] - The company anticipates a robust M&A environment in the life science sector, with expectations for continued growth in leasing activity [8][9] Other Important Information - The company successfully completed the sale of several non-core assets, including the Sunset Media Center for $61 million and Kilroy Sabre Springs for $125 million, exceeding its goal for land parcel dispositions [12][13][14] - The anticipated yield at Kilroy Oyster Point Phase Two is now in the mid-5% range, approximately 100 basis points below the original underwriting [11] Q&A Session Summary Question: Can you discuss the UCSF anchor lease and its late commencement? - Management indicated that the UCSF lease is part of a new development project in shell condition, requiring time for build-out and space planning [34][35] Question: What are the retention expectations for the 1.05 million sq ft expiring in 2026? - Management expects substantial move-outs from this pool but has already backfilled about 140,000 sq ft and anticipates an additional 50,000-100,000 sq ft in potential renewals [50][51] Question: What is the competitive landscape for KOP and potential monetization? - Management remains committed to the long-term growth potential of KOP, emphasizing the value created in phase one and the strategic leasing efforts in phase two [76][77]

Financial Data and Key Metrics Changes - The company reported FFO of $0.97 per diluted share in Q4 2025, with occupancy ending the year at 81.6%, reflecting a 60 basis point sequential improvement [22][24] - Cash same-property NOI growth was negative 7.2% in Q4, primarily due to a sizable restoration fee recognized in Q4 2024, which detracted 350 basis points from current year growth [22][24] - The anticipated yield at Kilroy Oyster Point Phase Two (KOP2) is now in the mid-5% range, approximately 100 basis points below the original underwriting [10][24] Business Line Data and Key Metrics Changes - Fourth quarter leasing totaled approximately 827,000 sq ft, marking the strongest fourth quarter performance in six years, resulting in total full-year leasing of approximately 2.1 million sq ft, a significant year-over-year increase [3][4] - Key leasing highlights included a 93,000 sq ft new lease with the Fitler Club in Hollywood and a 316,000 sq ft lease with UCSF at KOP2, bringing the lease rate at KOP2 to 44% [4][6] Market Data and Key Metrics Changes - The company experienced the healthiest level of office demand since 2019, with a forward leasing pipeline that has grown by more than 65% over the last year [4][5] - In San Francisco, premium sublease space is virtually gone, indicating a positive sign for the market recovery [41][42] Company Strategy and Development Direction - The company is focused on driving leasing across its operating and development portfolios, monetizing non-core asset sales, and redeploying proceeds into select opportunities to enhance long-term growth [3][10] - The company plans to capitalize on the recovering leasing environment and improving capital markets, targeting $300 million in operating portfolio dispositions in 2026 [21][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the leasing pipeline, indicating that the pipeline is about 65% higher than a year ago, with high confidence in getting tenants into occupancy over 2026 [49][50] - The company noted that the innovation pipeline remains exceptionally active, with more than 50 novel drug therapies anticipated to receive FDA approval in 2026, reflecting continued scientific advancement and investment [8][9] Other Important Information - The company successfully completed the sale of Sunset Media Center for $61 million and Kilroy Sabre Springs for $125 million, monetizing mature, capital-intensive assets [10][11] - The acquisition of Nautilus for $192 million strengthens the company's presence in the life science sector and positions it to capture cutting-edge lab and office demand [12][13] Q&A Session Summary Question: Inquiry about the UCSF anchor lease and its late commencement - Management clarified that the UCSF lease is part of a new development project currently in shell condition, requiring time for space planning and build-out [31][33] Question: Clarification on KOP2 yield and tenant improvements - The mid-5% yield is a cash stabilized yield, and all transactions signed to date have been reflected in the new cost estimates [37][38] Question: Update on leasing activity and competitive impact in San Francisco - Management noted that premium sublease space is nearly gone, and the recovery in San Francisco is evident with significant tenant activity and expansion-focused leases [41][42][80] Question: Retention expectations for expiring leases in 2026 - Management expects substantial move-outs from the 1.05 million sq ft of expiring leases, with progress already made in backfilling some of that space [48][49] Question: Market conditions and tenant space needs - Management indicated that new business formation and growth, particularly in AI, are driving demand for office space, with many tenants discussing expansion [78][79]

Ecolab (NYSE:ECL) Q4 2025 Earnings call February 10, 2026 01:00 PM ET Speaker2At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero from your telephone keypad. As a reminder, this conference is being recorded. At this time, it is now my pleasure to introduce your host, Andy Hedberg, Vice President of Investor Relations. Andy, you may now begin.Speake ...

Financial Data and Key Metrics Changes - For the quarter ended December 31st, core net investment income was $0.14 per share, while GAAP net investment income was $0.11 per share [4][14] - The NAV as of December 31st was $7 per share, down 1.5% from $7.11 per share in the prior quarter [14] - The debt-to-equity ratio was 1.3x, with a diversified capital structure across multiple funding sources [14][15] Business Line Data and Key Metrics Changes - The company fully exited its equity investment in JF Holdings, receiving total proceeds of $68 million and generating a realized gain of $63 million [5] - The portfolio totaled $1.2 billion, with $115 million invested in three new and 51 existing portfolio companies during the quarter [11] - The joint venture (JV) portfolio totaled $1.4 billion, with an average net investment income yield of 16.4% over the last 12 months [12] Market Data and Key Metrics Changes - The median leverage across the portfolio was 4.5 times, with median interest coverage of 2.1 times [7][15] - The pricing on high-quality first-lien term loans remains attractive, typically ranging from SOFR plus 475-525 basis points [7] - The company originated three new platform investments with a median debt-to-EBITDA of 4x and interest coverage of 2.9x [8] Company Strategy and Development Direction - The company aims to reduce total equity exposure and focus on generating current income-producing investments [6][11] - The strategy includes maintaining a disciplined underwriting approach and focusing on core middle-market companies [10][11] - The company is positioned to benefit from increased M&A activity in the private middle market, particularly in sectors like military, defense, and healthcare [6][28] Management's Comments on Operating Environment and Future Outlook - Management noted that the current environment favors lenders with strong private equity sponsor relationships and disciplined underwriting [6] - The company remains committed to capital preservation and delivering compelling risk-adjusted returns through stable income generation [12][16] - Management expressed optimism about the ongoing M&A activity and its potential to drive repayments of existing portfolio investments [6][28] Other Important Information - The company anticipates maintaining the supplemental dividend payment through December 2026, supported by $41 million of undistributed spillover income [5] - The portfolio remains highly diversified with 158 companies across 37 different industries [15] Q&A Session Summary Question: Clarification on the supplemental dividend - Management confirmed that the $0.04 supplemental monthly dividend will remain in place through December 2026 [18][19] Question: One-time expenses related to new bond issuance - Management stated there will be no one-time expenses related to the new debt issuance, as fees will be capitalized and amortized [20][21] Question: AI as a risk or opportunity for borrowers - Management indicated that AI could present both risks and opportunities, emphasizing the importance of investing in companies with strong customer relationships and defensible market positions [22][24] Question: Potential for additional meaningful exits in equity rotation - Management remains optimistic about M&A activity and believes there are still opportunities for meaningful exits [28] Question: Dividend income decline related to the senior loan fund - Management confirmed that the decline in dividend income was related to the PSLF [52] Question: Trading coupon for stronger covenants - Management stated that covenants are a given in their part of the market, and they prioritize credit quality over yield [53]