Financial Data and Key Metrics Changes - At year-end 2025, the company achieved new per-share highs for adjusted book value at $186.43, adjusted operating shareholders' equity at $126.78, and shareholders' equity at $125.32 [5] - Adjusted operating income per share increased to $9.08 in 2025 from $7.10 in 2024, representing a 28% increase [21] - Fourth quarter 2025 adjusted operating income was $109 million or $2.32 per share, an 83% increase from $66 million or $1.27 per share in the fourth quarter of 2024 [21] Business Line Data and Key Metrics Changes - The present value of new business production (PVP) totaled $286 million in 2025, with significant contributions from all three financial guarantee underwriting groups [5] - The company guaranteed over $27 billion of municipal par, a 16% increase from 2024, and achieved a 15-year high in new issue municipal par sold, representing 58% of the market [12] - The U.S. public finance segment originated $206 million in PVP, with a 19% increase in the second half of 2025 compared to the same period in 2024 [11] Market Data and Key Metrics Changes - The U.S. municipal market experienced a second consecutive year of record issuance, driving strong demand for municipal bond insurance [11] - Non-U.S. public finance and global structured finance originations contributed $80 million in PVP for 2025, with notable transactions in the U.K. and European Union [18] Company Strategy and Development Direction - The company is focused on sustainable long-term growth, having successfully expanded its U.S. municipal secondary market business, which saw a more than tripling in performance compared to the previous year [6] - The acquisition of Warwick Re Limited, renamed Assured Life Reinsurance, diversifies revenue sources and leverages the company's strengths in credit and structured finance [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the U.S. public finance market and infrastructure finance in Europe, anticipating continued strong performance in 2026 [27] - The company highlighted the strength of its underwriting and the successful resolution of previously troubled exposures, which contributed positively to financial results [22] Other Important Information - The company repurchased 12% of its common shares outstanding at the end of 2024, meeting its target of $500 million in share repurchases [6] - A 12% increase in the quarterly dividend per share was announced, marking 14 consecutive years of dividend growth [6] Q&A Session Summary Question: Update on issuance in triple B credits and outlook for 2026 - Management noted a positive trend in the fourth quarter and a strong start in the first quarter of 2026, with several transactions already closed in U.S. public finance and infrastructure finance in Europe [27] Question: Outlook on U.K. utilities and Brightline - Management provided an update on U.K. utilities, indicating an upgrade for Southern Water and focusing on Thames as the only problematic exposure, with active engagement in finding a market-based solution [28] - Regarding Brightline, management expressed confidence in the recovery and highlighted a strong position in the capital stack [30] Question: Exposure in alternative investment portfolio and private credit - Management clarified that while they are invested in the CLO market, they do not take direct exposure to private credit and remain confident in the health of their portfolio [35] Question: Capital allocation between annuity reinsurance and stock buyback - Management indicated that capital management opportunities, including stock buybacks, will be assessed based on market conditions and opportunities in the life and annuity space [36]

Financial Data and Key Metrics Changes - Net investment income per share for Q4 was $0.46, representing an annualized yield of 10.6% on equity, covering the base dividend of $0.42 per share by 110% [5][6] - Q4 earnings per share were $0.43, with an annualized return on equity of 9.9%. For the full year 2025, net investment income per share was $1.88, or 11.1% return on equity [6][27] - Total investment income for Q4 was $68.2 million, up from $67.2 million in Q3, driven by high-quality investment income primarily from contractual cash income [25] Business Line Data and Key Metrics Changes - New investment fundings in Q4 totaled $167.9 million, with $68 million into 11 new companies and $99.6 million into 82 existing companies [19] - The investment portfolio at fair value was approximately $2.5 billion across 203 portfolio companies, with 64% in first lien debt [21][22] - The weighted average yield on the investment portfolio was 10.8% at cost and 10.9% at fair value, down from 11.1% and 11.2% respectively [22][23] Market Data and Key Metrics Changes - The weighted average spread on new first lien originations during Q4 was 535 basis points, compared to approximately 500 basis points for average sponsored middle market first lien loans [9][10] - Median net leverage across borrowers was stable at 4.7x, with median interest coverage at 2.0x [16][23] - Non-accruals remained low at 1.5% at amortized cost and 0.8% at fair value, stable quarter-over-quarter [17][24] Company Strategy and Development Direction - The company focuses on the core middle market, aiming for greater spread premiums while maintaining conservative capital structures [9][10] - The investment philosophy emphasizes rigorous fundamental due diligence and selective underwriting, particularly in technology and software sectors [12][13] - The company aims to leverage Bain Capital's expertise across various sectors to enhance investment opportunities [10][12] Management's Comments on Operating Environment and Future Outlook - Management noted a constructive economic backdrop for new investments, with increased deal activity in the second half of 2025 [7][8] - The company anticipates facing earnings headwinds from a lower rate environment but sees potential growth levers from joint ventures and increased M&A deal volumes [18] - Management expressed confidence in maintaining the regular dividend of $0.42 per share, supported by healthy levels of spillover income [18] Other Important Information - The company declared a special dividend of $0.15 per share and an additional $0.03 per share special Q4 dividend [28] - The net asset value per share was $17.23, down from $17.40, primarily due to one-time special dividends [27][28] - Liquidity at quarter-end was strong at $690 million, including $604 million of undrawn capacity on the revolver credit facility [30] Q&A Session Summary Question: Were there any questions from analysts? - There were no questions from analysts during the call, and the company thanked participants for their time [33]

Treace Medical Concepts (NasdaqGS:TMCI) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Speaker5Good day. Thank you for standing by. Welcome to the Treace Medical Concepts fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question-and-answer session. To ask a question, please press star one one on your telephone and wait for yo ...

Docebo (NasdaqGS:DCBO) Q4 2025 Earnings call February 27, 2026 08:00 AM ET Speaker2Good morning, everyone, and welcome to Docebo's Q4 2025 earnings call. All participants are currently in listen-only mode. We will open up the lines for a question-and-answer session momentarily. Analysts can ask questions by pressing star followed by the number one on their telephone keypad. We ask that analysts please limit themselves to two questions and return to the queue for any follow-ups. I'd now like to turn the call ...

Financial Data and Key Metrics Changes - The company reported a consolidated GAAP net loss of $51 million or a negative $1.01 per share for Q4 2025, compared to a consolidated GAAP net loss of $51 million or a negative $1.07 per share for Q4 2024 [13] - For the full year 2025, the consolidated GAAP net loss was $177 million or a negative $3.58 per share, an improvement from a consolidated net loss of $447 million or a negative $9.43 per share for 2024 [15] - The adjusted net income for full year 2025 was $23 million or $0.46 per share, compared to an adjusted net loss of $184 million or a negative $3.90 per share for 2024 [17] Business Line Data and Key Metrics Changes - National reported a statutory net income of $5 million for Q4 2025, compared to a statutory net loss of $10 million for Q4 2024 [20] - For the full year 2025, National reported a statutory net income of $88 million, compared to a statutory net loss of $133 million for 2024 [20] - MBIA Insurance Corp. reported a statutory net loss of $7 million for Q4 2025, compared to statutory net income of $4 million for Q4 2024 [22] Market Data and Key Metrics Changes - The gross par amount outstanding for National's insured portfolio declined by approximately $3 billion from year-end 2024 to about $22 billion at the end of 2025 [11] - MBIA Insurance Corp.'s insured gross par outstanding was approximately $2 billion as of December 31, 2025, down about 13% from year-end 2024 [23] Company Strategy and Development Direction - The company continues to prioritize resolving National's PREPA exposure, with a focus on reducing legal issues related to the Financial Oversight and Management Board [10] - The management is exploring options for a potential sale of the company or its components, emphasizing that all options are on the table for maximizing shareholder value [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about potential developments in the PREPA restructuring process, although no substantive progress has been made recently [10] - The company is in regular discussions with regulators regarding special dividends and is assessing the timing based on portfolio runoff and PREPA exposure reduction [61] Other Important Information - As of December 31, 2025, National had total claims-paying resources of $1.4 billion and statutory capital surplus in excess of $900 million [12] - MBIA Inc.'s book value per share decreased to a negative $44.27 as of December 31, 2025, primarily due to the consolidated net loss for the year [18] Q&A Session Summary Question: Did the company explore the potential for a special dividend in Q4 2025? - Management indicated that while there is no specific information at this time, they are continuously evaluating the possibility of a special dividend as circumstances improve [26][27] Question: What is the latest update on the strategic process regarding a potential sale of the company? - Management stated that all options are being considered, including selling the entire company or just National, depending on what is best for shareholders [28][30] Question: Is there a bid to sell the rest of the PREPA exposure? - Management clarified that there is limited exposure left and that the remaining $425 million cannot be sold in the same manner as previous transactions [33][36] Question: Are there pressures from auditors regarding higher valuation reserves related to non-Puerto Rican credits? - Management confirmed that they are comfortable with the current portfolio and have not identified any specific credits requiring additional reserves [41] Question: What needs to happen for MBIA Insurance to wrap up its operations? - Management noted that the runoff is proceeding as expected, and once the major restructuring related to Zohar is resolved, there may be opportunities to accelerate the runoff of MBIA Insurance Corp. [45][47]

Financial Data and Key Metrics Changes - The company achieved its first quarter of positive Adjusted EBITDA as a public company, with fourth quarter Adjusted EBITDA of $1.3 million and a 6% margin, representing a 1,300 basis point expansion over the prior year [17][24]. - Gross margins improved from 69% to 73% from 2022 to 2025, with Adjusted EBITDA margins increasing by approximately 1,900 basis points [18][19]. - Net revenue for the fourth quarter was $23 million, up 1%, while transaction revenue accounted for approximately 73% of total revenue [21][22]. Business Line Data and Key Metrics Changes - The company reported a GMV of $90.2 million in the fourth quarter, down 5%, with order volumes declining 9% but offset by a 9th consecutive quarter of conversion rate growth [19][20]. - Active buyers totaled approximately 60,700, down 5%, while the number of unique sellers decreased by 4% to approximately 5,700 [21]. - Listings grew by 3% to nearly 1.9 million, indicating a normalization of the seller base following pricing adjustments [21]. Market Data and Key Metrics Changes - The company experienced a balanced performance across buyer segments, with both trade and consumer GMV declining at similar rates [20]. - Jewelry showed resilience with GMV down just 1%, highlighting category performance variability [20]. Company Strategy and Development Direction - The company plans to focus on capitalizing on gains achieved in 2025 while delivering sustained Adjusted EBITDA profitability in 2026, expecting a return to year-over-year GMV growth by the fourth quarter [4][29]. - The 2026 roadmap includes enhancing discovery through AI-powered search, revamping shipping processes, and improving pricing transparency [7][10][11]. - The company is launching an ambassador program and influencer network to create emotional connections and drive daily engagement [9]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth despite challenging macroeconomic conditions, emphasizing the defensibility of the company's model [4][15]. - The company views AI as a catalyst for enhancing discovery rather than a competitor, leveraging human expertise in high-value transactions [5][38]. - The focus remains on maintaining a disciplined cost structure while driving growth, with expectations for positive Adjusted EBITDA and free cash flow in 2026 [30]. Other Important Information - The company reduced annual operating expenses by 18% or nearly $18 million over the past four years, while headcount decreased by more than 30% [18]. - The company ended the quarter with cash equivalents and short-term investments of $95 million, reflecting a strong cash position [25]. Q&A Session Summary Question: What are the primary drivers for growth in 2026? - Management highlighted the impact of reduced performance marketing spend and increased investment in product and engineering as key drivers for growth [33]. Question: How does the company view AI's role in its business? - Management sees AI as a beneficiary for enhancing discovery and believes it cannot replace the trust and expertise required for high-value transactions [37][38]. Question: What initiatives are being pursued to return to consistent growth? - Key initiatives include AI search improvements, reengineering shipping processes, enhancing pricing transparency, and launching a community-based social strategy [41][44].

Financial Data and Key Metrics Changes - The company reported a net profit of $109.7 million in Q4, marking it as the strongest quarter of the year, with an unexpected level of market strength [10] - The dividend payout ratio is set at 80% when the net loan-to-value is between 20% and 30%, and it will increase to 90% if it drops below 20% [11][13] - The market capitalization of the company is currently $3.7 billion, reflecting a 30% increase this year [1] Business Line Data and Key Metrics Changes - Hafnia operates close to 200 vessels, primarily in the transportation of refined oil products, with a significant portion of earnings derived from the spot market [4] - The company manages approximately 80 vessels on behalf of third-party owners, providing commercial management services [5] Market Data and Key Metrics Changes - The crude market has been strong, pulling many vessels from the clean oil transportation sector, resulting in a decrease in supply [20] - Geopolitical uncertainties have influenced demand, particularly with the situation in Venezuela positively impacting the US Gulf market [21] Company Strategy and Development Direction - Hafnia emphasizes a culture of innovation and active management, focusing on capturing opportunities during market lows and returning value to shareholders during highs [6][7] - The company is exploring consolidation opportunities, having acquired a 14% stake in TORM, which is seen as a strategic investment to enhance exposure in the product tanker market [69] Management's Comments on Operating Environment and Future Outlook - The management noted that the supply side of the market has seen almost zero growth, while demand has been bolstered by geopolitical factors and strong refinery margins [20][32] - There is cautious optimism regarding the market strength in Q1, with expectations that it may approach the high-profit levels seen in 2022 and 2023 [33] Other Important Information - Hafnia is investing in strategic projects like Complexio, which focuses on utilizing AI to enhance operational efficiency [90][91] - The company is aware of the potential impact of AI on logistics and emphasizes the importance of ensuring that technology investments yield a return on equity [96][97] Q&A Session Summary Question: What is behind your less positive market outlook, especially with mixed market outlooks from peers for 2026? - The management highlighted concerns regarding the sanctioned fleet and dark fleet, which could significantly impact market dynamics [83] Question: Is some of Hafnia's LR1s or LR2s trading crude? - Yes, some LR1s are trading as Panamaxes in the Caribbean Sea, which is currently a strong market [82] Question: What specific market or fleet-related factors should investors focus on through 2026 and 2027? - Investors should consider the interrelated nature of the product tanker market and the liquidity of medium-range vessels, as they are crucial for market dynamics [85][87]

Hafnia (NYSE:HAFN) Q4 2025 Earnings call February 27, 2026 06:30 AM ET Company ParticipantsMikael Skov - CEOTue Østergaard - Founder and CEOTue ØstergaardHello, welcome to this Q4 presentation of Hafnia. My name is Tue Østergaard, I'm with HC Andersen, I'll be today's moderator. I'd like to welcome you, Mikael Skov, CEO of Hafnia, for this presentation. We'll have around 30 minutes, I hope you have a lot of questions. Please put them in the chat, then I'll make sure that they are put through. Market cap tod ...

Hafnia (NYSE:HAFN) Q4 2025 Earnings call February 27, 2026 06:30 AM ET Speaker1Hello, welcome to this Q4 presentation of Hafnia. My name is Tue Østergaard, I'm with HC Andersen Capital, I'll be today's moderator. I'd like to welcome you, Mikael Skov, CEO of Hafnia, for this presentation. We'll have around 30 minutes, I hope you have a lot of questions. Please put them in the chat, then I'll make sure that they are put through. Market cap today is $3.7 billion, up 30% this year, obviously a lot of things hap ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue growth of 4% and a profit increase of 6%, with adjusted EPS rising by 4% to GBP 0.645, reflecting solid trading performance despite currency headwinds [35][36] - The adjusted operating profit margin expanded from 16.9% to 17.2%, driven by operating leverage from sales growth and continued cost savings [35][38] - Free cash flow conversion was strong at 125%, including state aid recovery, and 98% without it, supporting a 5% increase in dividends [35][39] Business Line Data and Key Metrics Changes - The Assessments and Qualifications (A&Q) segment grew by 4%, with strong performance in clinical assessments and qualifications, benefiting from digital growth and international expansion [36][37] - Virtual Learning saw an 18% increase in sales in H2, with fall enrollments up 13%, supported by enhancements to the enrollment platform and targeted marketing [36][37] - Enterprise Learning and Skills (ELS) grew by 6%, with a notable 20% growth in enterprise solutions in Q4 [36][38] Market Data and Key Metrics Changes - The English Language Learning (ELL) segment maintained revenue levels despite a 15% decline in global market volumes, indicating market share gains [36][37] - The company is focusing on expanding its presence in the early careers market, estimated at a $6 billion opportunity in the U.S., which has been historically underserved [30][31] Company Strategy and Development Direction - The company aims to leverage mega trends in demographics and AI to drive demand for skilling and validation of skills, positioning itself as a leader in lifelong learning [4][8] - The strategy includes focusing on core businesses while investing in faster-growing segments like early careers and enterprise skilling, with a commitment to innovation and operational excellence [12][46] - The company has established nine significant partnerships with major tech firms, enhancing its enterprise solutions and creating new revenue opportunities [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver improved financial performance in 2026, guided by strong execution and strategic focus [46][41] - The management highlighted the importance of validated skills in the AI era, suggesting that the demand for trusted educational content will increase [70][71] - The company anticipates mid-single-digit CAGR in underlying sales growth and sustained margin improvement over the medium term [41][42] Other Important Information - The company has initiated a GBP 350 million share buyback program, reflecting proactive capital allocation to enhance shareholder value [35][45] - The company is transitioning its higher education platforms to streamline offerings, which will incur a one-off impairment but is expected to improve profitability in the long term [39][40] Q&A Session Questions and Answers Question: Can you provide more detail on the moving parts of A&Q growth in 2026? - Management indicated that without the New Jersey contract loss, A&Q growth could be higher than the guided 4%, supported by new contracts and strong performance in existing relationships [56][58] Question: What is the outlook for revenue growth in enterprise solutions? - Management expressed confidence in ELS growth, noting that while it is currently a smaller division, it is expected to grow significantly due to new contracts and partnerships [64][66] Question: What are the primary risks associated with generative AI for Pearson? - Management acknowledged potential risks from AI tools but emphasized that Pearson's focus on validated skills and trusted content positions it well to benefit from the demand for reliable educational resources [70][71]