XPLR Infrastructure (NYSE:NEP) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsAlan Liu - President and CEOChristine Cho - Managing DirectorHannah Velasquez - Equity Research AssociateJessica Geoffroy - CFOKaon Jeon - Director of Investor RelationsConference Call ParticipantsMark Jarvi - Director and Senior Equity Research AnalystNelson Ng - Managing Director and Equity Research AnalystOperatorGood day and welcome to the XPLR Infrastructure Fourth Quarter and Full Year 2025 earnings ...

LiveWire Group (NYSE:LVWR) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsArtie Starrs - CEOJonathan Root - CFOShawn Collins - Director of Investor RelationsConference Call ParticipantsBrandon Rolle - AnalystCraig R. Kennison - AnalystJaime M. Katz - AnalystJames Hardiman - AnalystNoah Zatzkin - AnalystRobin Margaret Farley - AnalystTristan Thomas - AnalystOperatorThank you for standing by, and welcome to the Harley-Davidson 2025 Q4 investor and analyst conference call. Please be ad ...

Financial Data and Key Metrics Changes - For the quarter ended December 31st, Core Net Investment Income was $0.27 per share, consistent with GAAP net investment income [5][14] - Net realized and unrealized change on investments resulted in a loss of $30 million, with NAV decreasing to $10.49 per share, down 3.1% from the previous quarter [14] - Debt-to-equity ratio was reported at 1.57x, which was reduced to 1.5x after selling assets post-quarter end [15] Business Line Data and Key Metrics Changes - The new joint venture, PSSL II, invested $197 million during the quarter and an additional $133 million after the quarter end, with a total portfolio currently at $326 million [5][6] - The portfolio remains well-diversified, comprising 160 companies across 50 industries, with a weighted average yield on debt investments at 9.9% [15][16] - PIK interest represented only 2.5% of total interest income, indicating a conservative portfolio structure [8][16] Market Data and Key Metrics Changes - The current market environment shows an increase in M&A transaction activity across the private middle market, expanding the pipeline of new investment opportunities [6][7] - Pricing on high-quality first lien term loans remains attractive, typically ranging from SOFR plus 475-525 basis points, with leverage around 4.5x EBITDA [7] Company Strategy and Development Direction - The company aims to scale PSSL II to over $1 billion in assets, consistent with existing joint ventures, focusing on generating a steady, stable dividend stream while preserving capital [6][13] - The strategy emphasizes strong private equity sponsor relationships and disciplined underwriting, which are seen as competitive advantages in the current lending environment [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A activity driving repayments of existing portfolio investments and the potential for equity rotation into new income-producing investments [6][24] - The company believes it is well-positioned to cover dividends as the new joint venture ramps up, although this will depend on M&A activity and market conditions [24][25] Other Important Information - The company has invested $8.7 billion in 545 companies, with a loss ratio on invested capital of only 13 basis points annually since inception [12] - The focus remains on core middle market companies, typically those with $10 million-$50 million of EBITDA, which operate below the threshold of high yield markets [11] Q&A Session Summary Question: Why is software such a low exposure within the portfolio? - Management indicated that the low exposure to software (4.4%) is a strategic decision to focus on cash flow loans with reasonable multiples and strong covenant protections, avoiding high-leverage, covenant-lite structures prevalent in the market [19][21] Question: Does the expectation to cover the dividend assume full optimization of the new joint venture? - Management confirmed that the expectation to cover the dividend is based on ramping the joint venture to about $1 billion in assets, with M&A activity being a key driver [22][24] Question: What are the drivers of the unrealized marks in the quarter? - Management noted that most markdowns were related to the 2021 vintage, with some specific companies experiencing softness, but they do not foresee significant additional markdowns in the near term [40][44] Question: What is the mix of loans by vintage year in the portfolio? - Management did not have the exact data on hand but suggested that it would be useful for further analysis [45] Question: Is there a lot of activity around the software sector in M&A? - Management indicated that they are not major players in the software lending space and suggested that M&A activity in the sector may be lower as the market stabilizes [49][51]

Ferrari (NYSE:RACE) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsAntonio Picca Piccon - CFOBenedetto Vigna - CEOHenning Cosman - Head of Automotive ResearchHorst Schneider - Head of European Automotive ResearchNicoletta Russo - Head of Investor RelationsThomas Besson - Head of Automotive ResearchConference Call ParticipantsAndrea Balloni - AnalystAnthony Dick - Equity Research AnalystChristian Frenes - Equity Research AnalystEdouard Aubin - Managing Director and Senior Equity Anal ...

Medpace (NasdaqGS:MEDP) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsAugust Troendle - CEOJesse Geiger - PresidentKevin Brady - CFOLauren Morris - Director of Investor RelationsConference Call ParticipantsAnn Hynes - Managing Director and Senior Healthcare Services Equity AnalystCharles Rhyee - Managing Director and Senior Equity Research AnalystChristine Rains - Healthcare Equity Research AnalystDan Clark - VP and Equity Research AnalystDan Leonard - Managing Director and Health ...

Financial Data and Key Metrics Changes - For the December quarter, the company's net investment income was $91 million, or $0.19 per common share, with a net asset value (NAV) of approximately $3 billion, or $6.21 per common share [3] - The net debt-to-total assets ratio stood at 28.2%, with unsecured debt plus unsecured perpetual preferred accounting for 85.3% of total debt plus preferred [3] - Monthly common shareholder distributions of $0.04 per share were announced for February, March, and April, bringing total distributions since the IPO to $4.7 billion, or $21.93 per share [3] Business Line Data and Key Metrics Changes - The company is focusing on new investments in companies with less than $50 million of EBITDA, with the first lien mix increasing by 728 basis points to 71.4% since June 2024 [3][4] - The second lien mix decreased by 371 basis points to 12.7%, and the subordinated structured notes mix decreased by 818 basis points to near zero since June 2024 [4] - The portfolio included 91 companies across 32 industries, with an aggregate fair value of $6.4 billion, and the EBITDA to interest coverage for middle market lending is about 210% [8][10] Market Data and Key Metrics Changes - The company’s portfolio at cost included only 2.8% of investments in software companies, significantly lower than the 22% average across business development companies [9] - The real estate property portfolio at National Property REIT Corp. (NPRC) totaled 14% of investments at cost, with an unlevered investment-level gross cash IRR of 24% since inception [10][11] - Interest income for the 12-month period ending December 2025 was 92% of total investment income, reflecting a strong recurring revenue profile [11] Company Strategy and Development Direction - The company is enhancing portfolio company operations, focusing on first lien senior secured loans, and exiting subordinated structured notes and targeted equity-linked assets [4][10] - The strategy includes a prudent expansion into new states and offices, with significant opportunities identified in Florida and Tennessee [22] - The company aims to redeploy future real estate property exit proceeds primarily into more first lien senior secured loans [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's balance sheet strength and liquidity, highlighting a diversified access to funding and a strong lender community [13][15] - The company noted that tax refunds are not expected to create significant headwinds for loan balances, and consumer demand remains strong [22][23] - Management emphasized the importance of existing customer credit history in determining future financing, which helps mitigate risks associated with new borrowers [24] Other Important Information - The company has successfully completed the exit of its subordinated structured notes portfolio, which now represents only 0.2% of the investment portfolio at cost [10] - The weighted average cost of unsecured debt financing was 4.68% as of December 31, 2025, with a ladder of liabilities extending 26 years into the future [16] Q&A Session Summary Question: Impact of tax refunds on loan balances and strategy regarding Tower - Management indicated that they plan to continue working with First Tower, which has been a strong performer, and noted the tax advantages of holding it as a tax partnership [20][21] Question: Stability of convertible prep product line amid market changes - Management stated that interest rates are a significant factor, and the current environment may lead investors to prefer fixed-rate investments over floating-rate ones [26][28] Question: Consideration of pivoting into enterprise SaaS software - Management expressed a focus on their own investment strategy and noted that they have avoided software investments due to perceived risks, maintaining a low exposure compared to industry averages [36][37]

Harley-Davidson (NYSE:HOG) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsArtie Starrs - President and CEOJonathan Root - CFOShawn Collins - Director of Investor RelationsConference Call ParticipantsBrandon Rolle - Equity Research AnalystCraig Kennison - Senior Research AnalystJaime Katz - Senior Equity Research AnalystJames Hardiman - Equity Research AnalystNoah Zatzkin - Equity Research AnalystRobin Farley - Equity Research AnalystTristan Thomas-Martin - Equity Research AnalystOpe ...

Financial Data and Key Metrics Changes - Net income for Q1 2026 was $4.8 million or $0.47 per share, down from $5.3 million or $0.51 per share in the same quarter last year [6] - Gas margins increased nominally, while lower interest expenses were noted due to Fed rate cuts, but these were offset by higher costs in personnel, IT, property taxes, and depreciation [6][7] - Total capital expenditures for Q1 2026 were $5.6 million, flat compared to the same period last year [5] Business Line Data and Key Metrics Changes - New main miles installed in Q1 2026 were 0.6, down from 1.1 in Q1 2025, while new service connections remained stable at 196 compared to 197 last year [4] - Residential gas usage increased by 8%, while commercial volumes rose due to an 11% increase in heating degree days compared to Q1 last year [5] Market Data and Key Metrics Changes - The recent cold snap, referred to as Winter Storm Fern, resulted in heating degree days being 53% colder than normal, with 680 heating degree days recorded versus a normal of 445 [11] - Natural gas prices spiked significantly during the cold snap, multiplying by a factor of approximately 10 on certain days [12] Company Strategy and Development Direction - The company is focused on enhancing safety and reliability for customers through continued investment in infrastructure, as evidenced by the increase in service renewals through the SAVE program by 80% [4] - The company is actively monitoring legislative changes in Virginia, which are not currently aimed at limiting natural gas usage, and is engaged with local lawmakers [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the local economy, despite a potential plant closure of a major industrial customer later in 2026 [10] - The company anticipates a weaker second quarter due to weather-related construction delays, with approximately 17% of working days lost [16] - Earnings per share forecast remains unchanged at $1.27-$1.35, influenced by the ongoing rate case and economic variables [17] Other Important Information - The company filed an expedited rate case seeking approximately $4.3 million in incremental annual revenue, with interim rates effective from January 1, 2026 [14] - An estimated undercollection of $8 million-$10 million in gas costs related to Winter Storm Fern is expected, which will be addressed with the commission [13] Q&A Session Summary - No questions were raised during the Q&A session, and the management thanked participants for their time and expressed anticipation for the next earnings call in May [18]

Ferrari (NYSE:RACE) Q4 2025 Earnings call February 10, 2026 09:00 AM ET Company ParticipantsAntonio Picca Piccon - CFOBenedetto Vigna - CEOHenning Cosman - Head of Automotive ResearchHorst Schneider - Head of European Automotive ResearchNicoletta Russo - Head of Investor RelationsThomas Besson - Head of Automotive ResearchConference Call ParticipantsAndrea Balloni - AnalystAnthony Dick - Equity Research AnalystChristian Frenes - Equity Research AnalystEdouard Aubin - Managing Director and Senior Equity Anal ...

Financial Data and Key Metrics Changes - For the full year 2025, XPLR Infrastructure reported Adjusted EBITDA of $1.88 billion and Free Cash Flow before growth of $746 million, reflecting strong cash flow-generating capabilities [5][17] - The 2025 Adjusted EBITDA was impacted by the absence of a $40 million one-time settlement payment from 2024 and asset dispositions, but was partially offset by improved pricing and lower operating costs [17] - The company expects 2026 Adjusted EBITDA to be between $1.75 billion and $1.95 billion, with Free Cash Flow before growth projected at $600 million to $700 million [18] Business Line Data and Key Metrics Changes - XPLR completed the sale of investments in the Meade Pipeline and certain distributed generation assets, generating approximately $160 million in net proceeds [6] - The company achieved a reduction of over $1.1 billion in third-party non-controlling equity interests through addressing two Convertible Equity Portfolio Financings (CEPF) [5][19] Market Data and Key Metrics Changes - XPLR's diversified portfolio of power generation assets is positioned to benefit from increasing demand in U.S. power markets, with expectations of significant embedded value and investment opportunities [15] - Approximately 80% of the megawatt-hours sold are contracted at prices below current market prices, indicating potential for over $200 million in incremental revenue by 2040 as contracts mature [15] Company Strategy and Development Direction - The company is focused on simplifying its capital structure and executing selected investments, particularly in wind repowering projects, to enhance financial and strategic flexibility [4][8] - XPLR is pursuing a capital allocation strategy that includes retaining cash flows to fund CEPF buyouts and selected investments, while maintaining balance sheet strength [8][24] - The company announced a co-investment agreement with NextEra Energy Resources to monetize surplus interconnection capacity and invest in battery storage projects, enhancing its portfolio [9][10] Management's Comments on Operating Environment and Future Outlook - Management believes long-term fundamentals for energy infrastructure assets are improving, particularly for those providing efficient, clean energy [7] - The company is positioned to capture future opportunities as market dynamics evolve, with a disciplined approach to capital allocation and investment [15][24] Other Important Information - XPLR has completed nearly 1.3 gigawatts of its repowering plan, with projects achieving commercial operations on time and on budget [7] - The company plans to increase its equity ownership in CEPF 5 with partial buyout investments of approximately $150 million in 2026 and $470 million in 2027 [23] Q&A Session Summary Question: Capital allocation and potential for unit buybacks - Management indicated that retained cash flows will cover CEPF buyouts and investments, with potential for about $1 billion available for investments and debt reduction over the next five years [26][28] Question: Update on CEPF 3 and asset sales - Management clarified that there is no change in the plan for CEPF 3, and options for asset sales remain open without urgency to exercise call options [29][30] Question: Timing for battery storage projects - Battery storage projects are expected to reach commercial operations by the end of 2027, contributing to cash flows in 2028 and beyond [34] Question: Future opportunities with NextEra - Management stated that there are no commitments beyond the current transaction with NextEra, focusing on the capital plan laid out [37] Question: Returns on battery investments versus repowerings - Management targets minimum double-digit returns for repowerings, while battery storage projects are expected to yield attractive returns as well [46][47]