LandBridge Company (NYSE:LB) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsAlexander Goldfarb - Managing DirectorJason Long - CEOJohn Annis - VPJohn Mackay - VP of Equity ResearchKeith Beckmann - VPMae Herrington - Director of Investor RelationsScott McNeely - CFOConference Call ParticipantsCharles Meade - Research AnalystOperatorLadies and gentlemen, thank you for joining us, and welcome to the LandBridge fourth quarter 2025 results call. After today's prepared remarks, we will ho ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss attributable to common stockholders of $78.3 million, or $12.33 per diluted share, compared to a full year net loss of $215 million, or $35.99 per diluted share [12] - Adjusted EBITDA for Q4 was $40.4 million and $221.3 million for the full year [12] - The company ended Q4 with $2.6 billion in loans at a blended average interest rate of 7.7%, with approximately 5% fixed and 95% floating [12][13] Business Line Data and Key Metrics Changes - Comparable hotel RevPAR decreased by 1.8% in Q4 2025, primarily due to a federal government shutdown impacting demand [16] - Full year total revenue increased by 0.8%, driven by a 12.9% growth in other revenue [17] - Hotel EBITDA increased by 2.4% for the full year, with EBITDA margin expanding by over 40 basis points [17][20] Market Data and Key Metrics Changes - Government room nights declined by 27.9% in Q4 2025, significantly affecting performance in Washington, D.C., which represents over 14% of the total key count [16] - Group revenue for the full year declined by 1.1%, but excluding Washington, D.C., it increased by 1.6% [18] - The company anticipates strong group demand in 2026, supported by events like the Super Bowl and the FIFA World Cup [19][20] Company Strategy and Development Direction - The company formed a special committee to explore strategic alternatives to maximize shareholder value, including potential transactions [5] - Opportunistic dispositions will remain a core strategy in 2026, with 18 additional hotels currently being marketed or negotiated for sale [10] - The GRO AHT initiative aims to improve hotel EBITDA and overall portfolio profitability through diversified revenue generation and operational efficiency [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing pressures in the lodging industry, including negative RevPAR growth and margin compression, but noted positive growth in comparable total revenues and hotel EBITDA [6][7] - The company expects continued focus on performance and strategic low cap rate dispositions to strengthen the portfolio and pursue growth opportunities [11] - Management remains optimistic about the portfolio's outlook, driven by operational improvements and upcoming events [25] Other Important Information - The company completed the sale of six hotels generating approximately $145 million in proceeds, which were primarily used to pay down mortgage debt [9] - The company invested approximately $71 million in capital expenditures in 2025 and anticipates spending between $90 million and $110 million in 2026 [24] Q&A Session Summary Question: What are the expectations for group demand in 2026? - Management indicated that group demand is gaining momentum, with group room revenue pacing ahead 1% in Q1 and 3.3% in Q2 of 2026 compared to the prior year [19] Question: How is the company addressing the challenges posed by the government shutdown? - Management noted that the shutdown had a significant impact on demand, particularly in Washington, D.C., but emphasized the overall positive performance for the full year [16] Question: What is the strategy for capital expenditures moving forward? - The company plans to continue investing in capital expenditures, with a focus on enhancing competitive positioning through renovations and brand conversions [24]

Public Service Enterprise Group (NYSE:PEG) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBill Appicelli - Executive DirectorCarlotta Chan - Director of Investor RelationsDan Cregg - EVP and CFOJulian Dumoulin-Smith - JefferiesMichael Sullivan - Director of Equity ResearchRalph M. LaRossa - President , Chair and CEOShahriar Pourreza - Managing Director and Head of North American Power, InfrastructureConference Call ParticipantsAnthony Crowdell - Managing Director and Senior AnalystJ ...

Global Net Lease (NYSE:GNL) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsChris Masterson - Chief Financial OfficerCraig Kucera - Managing Director, Equity ResearchJay Kornreich - Vice President, REIT Equity ResearchJohn Kim - Managing Director, Equity Research (REITs)Jordan Schonfeld - Vice President, Investor RelationsMichael Gorman - Managing Director, REITsMichael Weil - Chief Executive Officer and PresidentMitch Germain - Managing DirectorUpal Rana - Director, Equity ResearchN ...

LandBridge Company (NYSE:LB) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsAlexander Goldfarb - Managing DirectorJason Long - CEOJohn Annis - VPJohn Mackay - VP of Equity ResearchKeith Beckmann - VPMae Herrington - Director of Investor RelationsScott McNeely - CFOConference Call ParticipantsCharles Mead - Research AnalystOperatorLadies and gentlemen, thank you for joining us, and welcome to the LandBridge fourth quarter 2025 results call. After today's prepared remarks, we will hos ...

Gray Media (NYSE:GTN) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsAlan Gould - VP, of Investor RelationsHilton Howell - Chairman and CEOJeff Gignac - CFOKevin Latek - EVP, Chief Legal and Development OfficerPat LaPlatney - President and Co-CEOSandy Breland - EVP and COOConference Call ParticipantsAaron Watts - Equity Research AnalystCraig Huber - Equity Research AnalystDan Kurnos - Senior Research AnalystSteven Cahall - Equity Research AnalystOperatorGood day, everyone, and thank ...

Kimbell Royalty Partners (NYSE:KRP) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBob Ravnaas - Chairman and CEODavis Ravnaas - President and CFOMatt Daly - COORick Black - Investor RelationsConference Call ParticipantsNick Armato - Equity Research AnalystNoah Hungness - Equity Research AnalystTim Rezvan - Managing Director and Equity Research AnalystOperatorGood evening, welcome to the Kimbell Royalty Partners fourth quarter earnings conference call. At this time, all participants ...

Financial Performance - For Q4 2025, the company reported a net income of $65.2 million and an adjusted net income of $74.5 million, translating to an adjusted EPS of $0.16 [4] - Adjusted EBITDA was $126.4 million, indicating strong cash generation capacity [4] - The company repurchased 1.2 million shares for $22.7 million during Q4, with a total of approximately 1.9 million shares repurchased year-to-date for $37.9 million [4][5] - A dividend of $0.37 per share was declared for Q4, payable on March 19, 2026 [5] Capital Allocation and Financial Position - Total cash and cash equivalents stood at approximately $459 million, with outstanding debt around $1 billion [5] - The company has an undrawn revolving credit capacity of $110 million and 27 debt-free vessels valued at approximately $630 million [5] - The company plans to distribute 100% of its free cash flow while maintaining a minimum cash balance of $2.1 million per vessel and a minimum quarterly dividend of $0.05 per share [6][7] Operational Performance - Daily operating expenses for Q4 were $5,045 per vessel, with net cash G&A at $1,399 per vessel, both among the lowest in the peer group [14] - The fleet consists of 141 vessels with an average age of approximately 12.1 years, and the company continues to optimize its fleet through selective disposals [16][17] Market and Industry Outlook - The dry bulk trade grew by 1.3% in volume and 2.1% in ton-miles during 2025, driven by strong exports from Brazil and a recovery in iron ore and coal volumes [25] - For 2026, dry bulk demand is projected to grow by 0.6% in tons and 1.9% in ton-miles, supported by a favorable supply backdrop and easing trade tensions [27] - The company anticipates that stricter environmental regulations will continue to support slow steaming and help constrain effective supply [24] Management Commentary - Management expressed confidence in the company's cash flow visibility and commitment to maintaining a competitive capital return profile [8] - The company remains focused on managing its ECO-rated fleet to capitalize on market opportunities and deliver shareholder value [32] Q&A Session Summary Question: Inquiry about underlying demand and ton-mile expansion in the iron ore market - Management noted that besides bauxite and iron ore, strong trade in grains is expected to increase ton-miles due to exports from Brazil [36] Question: Follow-up on congestion in West Africa and infrastructure projects - Management acknowledged short-term congestion increases but expects gradual alleviation as infrastructure improves over the coming years [39] Question: Details on capital return policy and dividend payout - Management indicated that stronger share performance incentivizes dividend payments over share repurchases [43]

Financial Performance - For Q4 2025, the company reported a net income of $65.2 million and an adjusted net income of $74.5 million, translating to an adjusted EPS of $0.16 [4] - Adjusted EBITDA was $126.4 million, indicating strong cash generation capacity even in a moderate rate environment [4] - The company repurchased 1.2 million shares for $22.7 million during Q4 and approximately 1.9 million shares for $37.9 million year-to-date in Q1 2026 [4][5] - A dividend of $0.37 per share was declared for Q4, payable on March 19, 2026 [4] Capital Allocation and Balance Sheet - Total cash and cash equivalents stood at approximately $459 million, with outstanding debt around $1 billion [5] - The company has an undrawn revolving capacity of $110 million and 27 debt-free vessels valued at approximately $630 million [5] - The capital allocation strategy includes distributing 100% of free cash flow while maintaining a minimum cash balance of $2.1 million per vessel and a minimum quarterly dividend of $0.05 per share [5][6] Operational Performance - Daily operating expenses for Q4 were $5,045 per vessel, with net cash G&A at $1,399 per vessel, both among the lowest in the peer group [12] - The company continues to invest in fleet upgrades, with 13 vessels fitted with energy-saving devices and 55 out of 80 installations completed [13] - The fleet consists of 141 vessels with an average age of approximately 12.1 years [16] Market and Industry Outlook - The dry bulk trade grew by 1.3% in volume and 2.1% in ton-miles during 2025, driven by strong exports and recovery in key commodities [22] - The company anticipates a 0.6% growth in dry bulk demand in tons and 1.9% in ton-miles for 2026, supported by a favorable economic outlook [24] - Geopolitical risks and environmental regulations are expected to influence market dynamics, with a focus on managing an ECO-rated fleet [28] Management Commentary - Management expressed confidence in the company's cash flow visibility and commitment to maintaining a competitive capital return profile [7] - The operational efficiency and disciplined capital allocation framework position the company well to navigate market volatility [10] - The company remains focused on enhancing energy efficiency and compliance with environmental regulations [17] Q&A Session Summary Question: Insights on iron ore market dynamics - The company noted strong trade in grains, with expected ton-mile increases from Brazil and West Africa, alongside potential increases in coal ton-miles due to export cuts from Indonesia [31][32] Question: Capital return policy details - Management indicated that the decision to boost the dividend payout was influenced by strong share performance, with a preference for dividends over share repurchases in such scenarios [41] Question: Free cash flow representation - It was clarified that while earnings provide a rough approximation of free cash flow, factors like depreciation, debt repayment, and changes in working capital must also be considered [42][45]

Koppers (NYSE:KOP) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Speaker6Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Koppers' fourth quarter and full year 2025 earnings conference call and webcast. At this time, all participants are in listen-only mode. If you need assistance, please alert a conference specialist by pressing star followed by zero. Following the presentation, instructions will be given for the question and answer session. Please note that this event is bei ...