Earnings Call Transcripts
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All Earnings Calls
TELUS Q4 2025 Earnings Call - CEO Darren to Retire; Victor Dodig Named Successor
TELUS closed 2025 with robust operational momentum and a major leadership change. CEO Darren announced his retirement effective June 30, 2026, with Victor Dodig named CEO effective July 1, 2026; Darre...
- CEO transition: Darren announced retirement effective June 30, 2026, Victor Dodig named CEO effective July 1, 2026, Darren to serve as advisor through May 2027.
- Customer growth: TELUS reported 1.1 million combined mobile and fixed net additions in 2025, the fourth consecutive year above 1 million.
- Q4 momentum: Total telecom net additions in Q4 were 377,000; wireless additions 337,000 including a record 287,000 connected device net adds.
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Moving iMage Technologies Q2 FY2026 Earnings Call - DCS acquisition central to international expansion and margin improvement
Moving iMage delivered a modest but constructive quarter, with Q2 revenue up 10% year over year to $3.3 million and gross profit rising 24% to $1.16 million as gross margin improved to 30.7% from 27.2...
- Q2 FY2026 revenue rose 10% year over year to $3.3 million.
- Gross profit increased 24% to $1.16 million, with gross margin improving to 30.7% from 27.2% in Q2 2025.
- Operating loss narrowed to negative $408,000 in Q2 FY2026, versus negative $561,000 a year earlier.
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Palomar Holdings Q4 & FY 2025 Earnings Call - Hit Palomar 2X, delivered record growth and set aggressive 2026 guide ($260M-$275M)
Palomar closed 2025 with blowout growth and a patently clear message, grow now and keep underwriting discipline. Gross written premium rose 32% to $2.0 billion for the year, adjusted net income jumped...
- Palomar achieved its Palomar 2X goal, more than doubling adjusted net income from 2023 cohorts, with full-year 2025 adjusted net income of $216.1 million, up 62% year-over-year.
- 2026 guidance: adjusted net income $260M-$275M, midpoint implies ~24% growth and an adjusted ROE above 20%, assuming $8M-$12M of catastrophe losses and a 10% risk-adjusted reduction in excess-of-loss property reinsurance pricing at the 6/1 renewal.
- Full-year 2025 gross written premium grew 32% to ~$2.0 billion, and Q4 2025 GWP was $492.6 million, up 32% year-over-year; net earned premiums for Q4 rose 61% to $233.5 million.
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Ardmore Shipping Q4 2025 / FY2025 Earnings Call - Spot-led TCE surge and low break-even give Ardmore optionality to harvest layered ton-mile tailwinds
Ardmore rode a very strong 2025, converting stretched ton-mile demand and geopolitical disruption into tangible earnings and balance sheet optionality. Fourth quarter MR TCEs were $25,300 per day and ...
- Spot performance dominated 2025 results: MR tankers earned $25,300 per day in Q4 and $29,100 per day in Q1-to-date, with 50% of Q1 days booked.
- Chemical tanker performance improved too: $19,900 per day in Q4 and $20,800 per day in Q1, with 30% of Q1 days booked.
- Ardmore reports a low cash break-even of $11,700 per day, or $10,800 excluding CapEx, providing resilience and upside capture in a rallying market.
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FCPT Q4 2025 Earnings Call - Over-equitized Balance Sheet Lets REIT Push Acquisition Growth
FCPT closed 2025 with a fortified balance sheet and a busy acquisition engine. The REIT bought $318 million of net lease properties in 2025 (105 buildings) at a 6.8% blended cap rate, finished Q4 with...
- Balance sheet is intentionally over-equitized: management reports net leverage near 5x (4.9x including forwards), with 98% fixed debt and a blended cash interest rate of 4%.
- Aggressive but selective buy program: $318 million of net-lease acquisitions in 2025 (105 properties), Q4 purchases of $95 million across 30 properties at a 7.0% blended cap rate.
- Equity-heavy funding: Management says ~85% of roughly $520 million in acquisitions since Q3 2024 were funded with equity, primarily via ATM issuances.
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Ambev Q4 2025 Earnings Call - Margin Resilience and Record Shareholder Returns Despite Volume Headwinds
Ambev closed 2025 with a tight, disciplined performance: EBITDA expanded despite industry-wide volume weakness driven largely by weather and occasion compression. Management leaned into revenue manage...
- Consolidated normalized EBITDA margin expanded 50 basis points in 2025 to 33.4%, marking the third consecutive year of margin improvement.
- Brazil Beer expanded organic EBITDA margin by 110 basis points in 2025, driven by revenue management, productivity and disciplined spending.
- Net revenue per hectoliter rose 7.5% across the group, reflecting premiumization and revenue management actions.
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Comstock Resources Fourth Quarter 2025 Earnings Call - Western Haynesville buildout and recapitalization to drive leverage down
Comstock closed 2025 with a squeeze of financial repair and a clear pivot to the Western Haynesville. Higher realized gas prices, $445 million of divestiture proceeds and a $292 million pretax gain on...
- Q4 production averaged 1.2 Bcfe/d and full-year 2025 production averaged 1.2 Bcfe/d, down 14% from 2024.
- Comstock drilled 52 gross (44.2 net) operated Haynesville/Bossier wells in 2025, with an average IP of 27 MMcf/d for the program.
- Drilling-related proved reserve additions totaled 1.1 TCFE in 2025, replacing 229% of 2025 production; overall finding cost was $1.02 per MCFE.
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Antero Midstream Fourth Quarter 2025 Earnings Call - $1.1B HG acquisition lifts EBITDA and frees low-capex growth
Antero Midstream closed a $1.1 billion bolt-on acquisition of HG Midstream, which management says immediately adds over 400 highly economic, undeveloped locations and accelerates water and dry gas opt...
- Closed HG Midstream acquisition for $1.1 billion, adding over 400 undeveloped, dedicated locations in the core Marcellus.
- Management says HG is a strategic bolt-on that fits AM’s just-in-time capital approach and immediate development optionality.
- Full-year 2025 adjusted EBITDA grew 7% year-over-year, marking the 11th consecutive year of EBITDA growth since the IPO.
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Sun Life Financial Q4 2025 Earnings Call - Asset management consolidation and stop-loss hardening power earnings, but dental and market marks keep volatility in view
Sun Life turned in a clean quarter of execution: Q4 underlying net income of CAD 1.1 billion and underlying EPS of CAD 1.96, up 17% year over year, with an underlying ROE of 19.1%. The quarter was dri...
- Q4 underlying net income was CAD 1.1 billion, with underlying EPS of CAD 1.96, up 17% year over year.
- Underlying return on equity for Q4 reached 19.1%; full year underlying EPS grew 12% with an underlying ROE of 18.2% for 2025.
- LICAT solvency ratio ended the year at 157%, pro forma around 150% after planned buy-ups, signaling a strong capital position.
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PodcastOne Fiscal Q3 2026 Earnings Call - Record revenue and Adjusted EBITDA driven by AI, talent renewals, and owned content
PodcastOne posted a structurally stronger quarter, reporting record revenue of $15.9 million and a record adjusted EBITDA of $2.8 million as the company leans into AI tooling, owned IP, and long-term ...
- Record quarterly revenue of $15.9 million, driven primarily by higher advertising revenue and operational efficiencies.
- Adjusted EBITDA was a record $2.8 million, versus a loss of $670 thousand in the prior-year quarter, marking a clear profitability inflection.
- Operating loss narrowed to $153 thousand and net loss was $154 thousand, or -$0.01 per share, compared to a -$1.6 million loss and -$0.06 per share year ago.
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