Operator

Good morning, ladies and gentlemen, and welcome to our 2025 year-end and fourth quarter results for Russel Metals. Today’s call will be hosted by Mr. Martin Juravsky, Executive Vice President and Chief Financial Officer; and Mr. John Reid, President and Chief Executive Officer of Russel Metals Inc. [Operator Instructions] I will now turn the meeting over to Mr. Martin Juravsky. Please go ahead, Mr. Juravsky. Thank you.

Martin Juravsky
Executive VP, CFO & Secretary

Great. Thank you, operator. Good morning, everyone. I plan on providing an overview of the full year and Q4 2025 results. And if you want to follow along, I’ll be using the PowerPoint slides that are on our website and just go to the Investor Relations section, and it’s located in the conference call submenu. If you go to Page 3, you can read our cautionary statement on forward-looking information. So before I go into detail on the fourth quarter, I want to provide a little context.

I view Q4 and even full year 2025 as continuations of a broader game plan that has been unfolding over several years. And if you go to Page 5, you’ll get a bit of a snapshot of the significant changes over the last several years, including 2025. On the left graph, you see that we generated about $2.2 billion of cash flow since 2020. This has been asset sales such as

Honasa Consumer on Thursday reported a 93% jump in its December quarter consolidated net profit at Rs 50 crore compared to Rs 26 crore posted by the Mamaearth parent in the year-ago period. The profit after tax (PAT) is attributable to the owners of the company.

The company’s revenue from operations stood at Rs 602 crore in Q3FY26, recording a 16% growth versus Rs 518 crore in the October-December period of FY26.

The bottom line grew by 28% sequentially versus Rs 39 crore in Q2FY26, while the topline witnessed a 12% quarter-on-quarter growth compared to Rs 538 crore.

However, Q3 revenue from operations on a like-for-like (LFL) basis stood at Rs 630 crore, recording an uptick of 22% YoY, marking the highest-ever quarterly revenue for the company, the company filing to the exchanges said.

During the year ended March 31, 2025, the Holding Company implemented Project ‘Neev’, under which it shifted to a direct distribution model across the top 50 cities. As part of this transition, the company discontinued the super stockist layer and certain direct distributors, replacing them with higher-quality Tier 1 distributors to service retailers.

As a result of this restructuring, the company provided for sales returns of Rs 63.51 crore during FY25, with a corresponding inventory/right-to-return asset of Rs 11 crore. As of December 31, 2025, the outstanding provision for sales returns related to this transition stood at Rs 3.41 million, with no remaining inventory or right-to-return asset.
Younger brands continued to build scale, recording over 25% growth. The Derma Co. sustained strong momentum, maintaining a double-digit EBITDA profile while scaling efficiently. Offline execution continued to improve with a focus on the top 100 towns. Direct outlet coverage crossed 1 lakh outlets, while total distribution expanded over 25% YoY to 2.7 lakh outlets.Also read: HAL Q3 Results: Profit climbs 30% YoY to Rs 1,867 crore; co declares Rs 35/share dividend

Continued investment in product re-innovation, with Mamaearth Rice Face Wash and BBlunt Intense Moisture Shampoo performing strongly against leading national and international competition.

Management Commentary

Commenting on Q3 performance, CIO & Co-founder Ghazal Alagh said innovation and re-innovation remain at the heart of how the company builds its brands at Honasa. “Products like Mamaearth Rice Face Wash and BBlunt Intense Moisture Shampoo performing strongly against leading national and international benchmarks reaffirm our belief that consumers reward genuine product superiority. As we move ahead, our focus remains clear- strengthen fundamentals, invest in better science and sharper execution, and continue building Honasa as a House of Purposeful Brands anchored in sustainable, long-term growth,” Alagh said.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Operator

Good afternoon, ladies and gentlemen, and welcome to the Morguard North American Residential REIT 2025 Fourth Quarter Results Conference Call. [Operator Instructions] This call is being recorded on Thursday, February 12, 2026. I would now like to turn the conference over to Chris Newman, Chief Financial Officer. Please go ahead.

Christopher Newman
Chief Financial Officer

Thank you for joining us today. With me here is President and CEO, Angela Sahi; SVP, Paul Miatello; SVP, Legal Counsel, Beverley Flynn; SVP U.S. Operations, John Talano; and Ruth Grabel, VP of the Canadian Operation.

As is customary, I will provide comments on the REIT’s financial position and performance. In terms of our financial position, the REIT completed the fourth quarter of 2025 with total assets amounting to $4.5 billion, lower compared to $4.6 billion from December 31, 2024. This was mainly driven by a change in the U.S. dollar exchange rate, partly offset by a fair value increase on the REIT’s income producing property.

The REIT finished the fourth quarter with approximately $115 million of cash on hand and $12 million advanced to Morguard Corporation.

The following is a brief summary of the REIT’s notable achievements throughout 2025. During the year, the REIT refinanced maturing mortgages for gross proceeds of $245.6 million at a weighted average interest rate of 4.92% for a weighted average term of

Chevron’s flagship Gulf Coast refinery is processing its first Venezuelan oil shipment since the U.S. capture of Nicolás Maduro in Caracas last month, turning heavy, tar-like crude into gasoline, diesel and jet fuel for American consumers.

“We’ve been [in Venezuela] for a long time, and it looks like things are starting to go better for both the Venezuelan people and I would say for the American people too, because what’s going to happen is the more that oil that flows to a place like Pascagoula or some of the other refineries here, it drives down the cost,” Andy Walz, President of Downstream, Midstream & Chemicals at Chevron, told FOX Business in an exclusive interview Thursday. 

“That oil is going to be cheaper, it’s closer, and it’s going to help these refineries run the way they were designed, so I think it’s a really good thing.”

Walz’s comments were among the first public acknowledgments by Chevron of processing Venezuelan crude in U.S. refineries under the company’s renewed sanctioned operations.

AMERICAN ENERGY DOMINANCE GIVES US THE POWER TO FEND OFF ENEMIES AND RESCUE VENEZUELA

FOX Business was granted exclusive access inside Chevron’s facility in Pascagoula, Mississippi on Thursday, where correspondent Lauren Simonetti reported near distillation units processing Venezuelan oil that arrived weeks ago. 

FOX Business was granted access to Chevron’s Pascagoula, Mississippi, facility Thursday, where correspondent Lauren Simonetti reported near distillation units processing Venezuelan crude that arrived in recent weeks.

The refinery currently processes about 50,000 barrels per day of Venezuelan crude, and Chevron has indicated it could take on another 100,000 barrels per day across its U.S. system as additional shipments arrive.

Chevron’s Pascagoula refinery is among a limited number of U.S. Gulf Coast facilities configured to process heavy sour crude like Venezuela’s, alongside complex refineries in New Orleans, Lake Charles, Port Arthur, Houston and Corpus Christi.

VENEZUELA RELEASES ALL KNOWN AMERICAN DETAINEES FOLLOWING MADURO CAPTURE AND GOVERNMENT TAKEOVER

The refinery also has the advantage of bringing Venezuelan oil directly into its harbor, eliminating the need to offload to smaller ships or rely on offshore pipelines.

“It’s a pretty efficient system,” Walz said, pointing to a large ship in the background.

“This refinery runs 300,000 [total] barrels a day, so you’ve got to have ships showing up here all the time, and it’s really convenient to have it close, but it’s also important, and it’s a better way to run your operation.”

Chevron CEO Mike Wirth recently told FOX Business that the company is expanding its Venezuelan operations, highlighting its long-standing presence and growth in output under its current sanctioned authorization.

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“We’ve been there for most of the last 100 years. We’ve got an important partner in the development and growth of Venezuela. We’re being repaid debt that we’re owed, and others that have left have had more difficulty with that,” Wirth said. 

“We’ve grown our production over the last couple of years from 50,000 barrels a day to 250,000, so five-fold. And over the next 18 to 24 months, we see the potential to grow by another 50%.”

New Delhi: UN climate boss Simon Stiell, in his first major public address since COP30 in Brazil, reminded that climate action and cooperation on climate remain “not-so-secret weapon we need to deliver security and prosperity” and the way to “deliver stability” in an unstable world”.

In his address to the media, at the end of two days of meetings in Istanbul, Stiell said that COP31 will take “place in extraordinary times” when “we find ourselves in a new world disorder… a period of instability and insecurity. Of strong arms and trade wars. The very concept of international cooperation is under attack.”

The UN climate boss made it clear that the challenges are real and serious. Calling on countries to “drive forward a new era of international climate cooperation“, Stiell reminded that in 2025, despite the economic uncertainty and “gale-force political headwinds” investments in clean energy grew at a pace double that that of fossil fuels, with renewables overtaking coal as the world’s top source of electricity and for the first time there is a drop in global emissions.
Stiell acknowledged that though the global transition is now irreversible “it’s clearly still not fast or fair enough” however “it’s hard to think of a decade when international climate cooperation has delivered more real-world progress.” Without a direct mention to the US, Stiell referred to the “unprecedented threat” to the real-world progress from “those determined to use their power to defy economic and scientific logic, and increase dependence on polluting coal, oil and gas – even though that means worsening climate disasters and spiralling costs for households and businesses.”

Activist investor Elliott Investment Management has taken a stake in the London Stock Exchange LSEG 0.87%increase; green up pointing triangle Group, according to people familiar with the matter, and is likely to push for increased stock buybacks and action to lift profit margins.

The hedge-fund firm is making a somewhat contrarian bet. LSEG stock is down 35% over the past year, amid mounting investor concerns that new artificial-intelligence tools will reduce the need for financial data and analytics that the company and others offer.

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New Delhi: India is witnessing a rare phenomenon of elevated growth and low inflation, finance minister Nirmala Sitharaman said on Thursday, adding that it is no “fluke or coincidence” but the result of sustained efforts, detailed planning, and timely interventions and reforms by the government.

Replying to a general discussion on the budget for 2026-27 in the Rajya Sabha, Sitharaman said the high personal income tax mop-up does not mean the middle class is being crushed in any manner, as is being alleged by the opposition.

If anything, she added, the middle class is expanding, as reflected in the growing income tax payer base despite last year’s tax slab revision that made incomes up to ₹12 lakh per year tax free.

Sitharaman said a high-level committee on the services sector, proposed in the budget, will suggest steps to expand artificial intelligence (AI), cloud-based services and other new-age technologies and boost such exports.

The panel will focus on segments such as fintech, logistics, healthcare, tourism and creative services on top of doubling down on the traditional Indian edge in software and IT services, she suggested.
India is estimated to grow 7.4% in the current fiscal, against 6.5% a year before, and is projected to remain the world’s fastest-growing major economy at least over the next two years. Retail inflation has eased to 1.7% this fiscal. On a 10-year horizon, retail inflation has remained at its lowest point ever, the minister said, highlighting India’s macroeconomic stability.The budget, she stressed, isn’t just an annual accounting statement of the government; it provides a clear pathway for India to realise its target of emerging as a developed nation by 2047 while addressing both short and medium-term challenges and goals.

No middle-class suppression
Sitharaman refuted the opposition’s charges that the middle class is being suppressed and sandwiched between the rich and the poor because personal income tax collections have exceeded the corporate tax mop-up.

“Actually, there is enough evidence of a historic middle-class expansion, and formalisation driven by the economic reforms that have been undertaken in the last ten years,” she said. “So, the economy is no longer narrow, and it’s not just confined to the elite.”

Between 2013-14 and 2024-25, the number of taxpayers – people filing returns or whose tax is deducted at sources – more than doubled to 121.3 million from 52.6 million.

The taxpayer base is expanding despite the I-T relief announced last year. On top of that, GST cuts, announced in September 2025, have lowered household expenses, she said. “So, somewhere the notion of the suppression of the middle class cannot coexist with real incomes rising and with record low inflation.”

No slashing of funds
Sitharaman rejected charges that the government has achieved fiscal consolidation by compressing expenditure in many social and rural sector schemes.

The government’s revised estimates of spending in 14 such schemes are barely 1% lower than the cumulative budget estimates over the past decade, way below the 6.4% gap during the UPA period, she said.

The statistics ministry on Thursday unveiled a new Consumer Price Index (CPI) series, updating the base year to 2024 from 2012. The revision resets the benchmark for measuring prices to better assess inflation. The CPI is the Reserve Bank of India‘s primary inflation gauge and plays a central role in monetary policy and interest rate decisions. Anoushka Sawhney explains:

What is CPI and why is the base year revised?
The CPI measures changes in prices of goods and services consumed by households, serving as a key indicator of cost-of-living inflation. The base year is the reference point against which price changes are measured, with its index fixed at 100.

As household consumption patterns evolve, the base year is periodically updated to ensure the index remains representative. The new series adopts 2024 as the base year, drawing item weights from the Household Consumption Expenditure Survey (HCES) 2023-24.

The revised weights reflect changing consumption patterns. The share of food and beverages has declined to 36.75% from 45.86% earlier, while weights of transport and communication, housing and utilities, and personal care have increased.

What has changed?
The CPI basket has been expanded to 358 items (308 goods and 50 services), up from 299 earlier. These are organised across 12 divisions, 43 groups and 92 classes. Price collection has also widened, now covering 1,465 rural markets (up from 1,181) and 1,395 urban markets (up from 1,114). Newly added items include AirPods, hand sanitisers, OTT subscriptions, air purifiers, ecommerce purchases, and international airfares. Outdated items such as library charges, radio and horse-cart fares have been removed. Despite the overhaul, about 98% of the basket remains comparable with the previous series.

The government has also released more granular data, including state-wise and sector-wise indices across all classification levels.
What is new in the latest series?
For the first time, prices from 12 online markets in cities with populations above 2.5 million have been included to better capture ecommerce trends. Items supplied free under government schemes – such as foodgrains distributed through the Public Distribution System – have been excluded, as the CPI measures household expenditure rather than consumption per se.Several service prices will now be sourced directly from official or digital platforms: airfares (from airline websites), OTT subscription rates (provider platforms), telecom tariffs (operators), postal charges (India Post), and fuel prices (ministry database).

What next?
Going forward, the base year will be revised every five years to keep pace with economic shifts, while the Household Consumption Expenditure Survey will be conducted every three years.