Group 1 - EQT Corporation has experienced significant year-over-year improvement in its share price due to increasing natural gas demand [2] - The company is focused on realizing higher assets and continuing its growth trajectory [2] - The Value Portfolio employs a fact-based research strategy to identify investments, including thorough analysis of 10Ks, analyst commentary, market reports, and investor presentations [2]

Group 1 - Elliott Gue is recognized as a leading expert in the energy sector, with extensive experience and education in the field [1] - He has contributed to a well-regarded energy-focused research publication for seven years, showcasing his stock-picking abilities [1] - In October 2012, he launched the Energy & Income Advisor, an online newsletter aimed at identifying profitable opportunities in the energy sector [1] Group 2 - The Energy & Income Advisor covers a range of investment opportunities, including growth stocks, high-yielding utilities, royalty trusts, and master limited partnerships [1] - Roger Conrad also provides analysis on master limited partnerships and Canadian energy stocks within the publication [1] - Subscribers can expect in-depth analysis and rational assessments of investment opportunities in the energy sector [1]

Core Points - Sempra Infrastructure and EQT Corporation have signed a 20-year sales and purchase agreement for the supply of 2 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) from the Port Arthur LNG Phase 2 project [1][2] - The agreement is aimed at enhancing U.S. energy exports and supporting global energy security while promoting lower-carbon solutions [2] - The Port Arthur LNG Phase 2 project is expected to have a total liquefaction capacity of approximately 26 Mtpa, doubling the capacity from Phase 1 [5] Company Developments - Sempra Infrastructure has secured all major permits for the Port Arthur LNG Phase 2 project, including project approval from the Federal Energy Regulatory Commission and export authorization from the U.S. Department of Energy [3] - Bechtel has been selected for the engineering, procurement, and construction of the Port Arthur LNG Phase 2 facility, with a final investment decision targeted for 2025 [4] - The project has already attracted interest from other buyers, including a 20-year SPA with JERA Co., Inc. for 1.5 Mtpa and an expanded alliance with ConocoPhillips for 4 Mtpa [2] Industry Context - The Port Arthur LNG Phase 2 project is strategically positioned to meet global energy demand and is part of a broader effort to fortify America's role as a leading energy exporter [2] - The project aligns with the U.S. government's goals of enhancing energy security and supporting local economic development through natural gas projects [2]

Financial Data and Key Metrics Changes - Net profit after tax increased by 60% to $33,200,000 [3] - Funds under management administration and supervision (FUMAS) grew to $254 billion, up 28% from the prior year [3] - Revenue grew by 7% to $182,500,000, with underlying net profit before tax increasing by 4% to $53,700,000 [4][21] - Earnings per share grew by 60% to reach $124.26 per share [4] - Total shareholder return as of June 30 was 9.7% [4] Business Line Data and Key Metrics Changes - Trustee Wealth Services (TWS) revenue increased by 3.1%, while Corporate Trustee Services (CSTS) revenue grew by 11.9% [31][29] - CSTS established 53 new schemes in FY '25, contributing to strong revenue growth [16][31] - TWS revenue growth was impacted by the exit of the AET platform business and nonrecurring revenue [21][29] Market Data and Key Metrics Changes - The company reported a strong performance across all subsegments of fund services, custody, and debt and securitization services [17] - The superannuation business saw an 8% revenue increase, despite merging three funds which reduced revenue [18] Company Strategy and Development Direction - The company aims to leverage its market-leading position to capture ongoing growth, particularly in CSTS [39] - Focus will be on designing and deploying digital solutions to enhance client experience and meet regulatory demands [39] - The company plans to engage in inorganic opportunities following the completion of the AET integration [38] Management's Comments on Operating Environment and Future Outlook - The management acknowledged geopolitical uncertainties affecting investment markets but expressed a positive outlook for FY '26 based on business plans and pipeline [40] - The company expects moderate growth in TWS and continued strong performance in CSTS [40] - Operating expenses for technology are forecasted to normalize at $2 million in FY '26 [40] Other Important Information - The company successfully exited the UK business, which is now in the final stages of liquidation [2][6] - Charitable grants made throughout FY '25 totaled $170 million, down from FY '24 due to lower dividend income [10] Q&A Session Summary Question: Where do you think the blame lies in the Shield Master Trust failure? - The company stated it is not for them to direct blame and is confident that the matter is being thoroughly investigated by regulators [42] Question: Can management just focus on executing? - The management expressed satisfaction with completing the three-year restructure program and realizing significant synergy benefits from the AET acquisition [43] Question: What was EQT's role in the Shield First Guardian matters? - The company is assisting regulators and ensuring members are informed and supported during this difficult time [44] Question: Is there something you'll look at this year regarding pricing due to increasing regulatory burdens? - The company is continually reviewing pricing, particularly in superannuation and corporate trustee services, to maintain or improve margins [46] Question: Expectations for headcount in FY '26? - The company expects to see headcount increases in CSTS to support growth and manage regulatory changes [50] Question: Will FY '26 see a similar level of new business activity as FY '25? - The company noted that new business activity has continued strongly in the early months of FY '26, with a solid pipeline being developed [52]

Results for year ended 30 June 2025 Mick O'Brien, Managing Director Johanna Platt, Chief Financial Officer EQT HOLDINGS LIMITED (ASX: EQT) 21 AUGUST 2025 Investor Presentation For personal use only For personal use only Agenda 1 Business Performance Update Mick O'Brien – Managing Director 2 Financial Review Johanna Platt – Chief Financial Officer 3 Strategy & Outlook Mick O'Brien – Managing Director 4 Questions Strong financial performance – record FUMAS and strong topline growth 02 Expenses turnaround – 2H ...

Core Viewpoint - Bridgewater Associates, one of the largest hedge funds globally, significantly increased its investments in major U.S. tech companies during the second quarter of this year, particularly in Nvidia, which is now its third-largest holding [1][3]. Summary by Sections Investment Increases - Bridgewater raised its stake in Nvidia by nearly 4.39 million shares, bringing its total to 7.23 million shares, a 154% increase from the previous quarter, making up 4.61% of its total portfolio [3][7]. - Microsoft saw a 111.9% increase in shares, with an additional 905,620 shares added, totaling 1.72 million shares, now representing 3.44% of the portfolio [3][7]. - Alphabet was increased by approximately 2.56 million shares, totaling 5.60 million shares, an 84.1% rise, now accounting for 3.98% of the portfolio [3][7]. - Meta's shares increased by over 38,146 shares to 807,073 shares, marking an 89.6% increase, now 2.40% of the portfolio [4][7]. - Uber's shares surged by 314,000, a 531% increase, now making up 1.41% of the portfolio [5][7]. - Johnson & Johnson's shares increased by over 199,000, a 667.8% rise, now 1.41% of the portfolio [6][7]. Investment Reductions - Bridgewater reduced its Amazon holdings by approximately 795,500 shares, a 6% decrease, now 1.10% of the portfolio [8][9]. - AMD shares were reduced by about 408,860 shares, a decrease of 18.89% [11]. - PayPal saw a reduction of nearly 447,790 shares, a drop of over 12% [10]. - The fund completely exited its positions in Alibaba, Baidu, and JD.com, which were previously increased in the first quarter [12][13]. New Investments - Bridgewater initiated a position in Arm with nearly 474,000 shares, representing 0.31% of the total portfolio [14]. - New positions were also taken in Intuit, EQT, Lyft, and Ulta Beauty, with each holding a small percentage of the overall portfolio [14]. Major Holdings - The SPDR S&P 500 ETF remains Bridgewater's largest holding, despite a reduction of 731,882 shares, now accounting for 6.51% of the portfolio [15][18]. - The iShares Core S&P 500 ETF increased by nearly 6.2% to approximately 2.31 million shares, now 5.78% of the portfolio [17][18]. - The second to tenth largest holdings include Nvidia, Alphabet, Microsoft, Meta, Salesforce, Booking Holdings, and GE Vernova, with various changes in share counts and percentages [17][18].

Core Insights - Bridgewater Associates made significant adjustments to its investment portfolio in Q2, particularly increasing its holdings in major technology companies [1][2][3][6] Technology Sector - Nvidia was a key focus for Bridgewater, with an increase of nearly 4.39 million shares, bringing total holdings to 7.23 million shares, a growth of over 154% from Q1, making it the third-largest holding [1] - Microsoft also saw a substantial increase, with an addition of 905,600 shares to reach 1.72 million shares, a rise of approximately 111.9%, elevating its position to the sixth-largest holding [2] - Alphabet and Meta were also among the increased holdings, with Alphabet's shares rising by 2.56 million to 5.6 million shares (an 84.1% increase) and Meta's shares increasing by 381,000 to 807,000 shares (an increase of 89.6%) [2] Other Notable Holdings - Uber and Johnson & Johnson received significant increases, with Uber's shares rising by 3.14 million (531% increase) and Johnson & Johnson's shares increasing by over 1.99 million (667.8% increase) [3] - In contrast, Amazon and AMD saw reductions in holdings, with Amazon's shares decreasing by approximately 795,500 (6% decrease) and AMD's shares down by 408,900 (18.9% decrease) [3] Chinese Stocks - Bridgewater completely exited its positions in Chinese stocks, including Alibaba and Baidu, which had previously seen significant increases in Q1 [4] - This move has raised concerns about the future performance of Chinese stocks in the market [4] New Positions - The firm initiated new positions in several companies, including Arm (474,000 shares), Intuit (59,000 shares), EQT (787,000 shares), Lyft (247,900 shares), and Ulta Beauty (58,000 shares), although these positions represent a small percentage of the total portfolio [4] Core Holdings - The SPDR S&P 500 ETF (SPY) remains Bridgewater's largest holding, despite a reduction of 732,000 shares (21.9% decrease) [5] - The SPDR Gold ETF (GLD) maintained its position with approximately 1.11 million shares, while other significant holdings like iShares Core S&P 500 ETF (IVV) and Salesforce saw increases [5] Market Outlook - The adjustments in Bridgewater's portfolio reflect its optimistic outlook on the technology sector while indicating caution regarding Chinese stocks, influenced by geopolitical and market valuation factors [6]

Group 1 - Bridgewater Associates significantly increased its holdings in Nvidia by over 154%, making it the fund's third-largest position [2] - Microsoft saw a holding increase of over 111%, while Google and Meta increased their stakes by over 84% and nearly 90%, respectively, ranking as the sixth, fifth, and seventh largest positions in the fund [2] - Uber's holdings surged by more than five times, and Johnson & Johnson's stake increased by over 667% [2] Group 2 - Bridgewater reduced its positions in Amazon by nearly 6%, AMD by nearly 19%, and PayPal by over 12% [2] - The fund completely exited its positions in Alibaba, Baidu, and JD.com [2] - New positions include chip design company Arm, as well as Intuit, EQT, Lyft, and Ulta Beauty [2] Group 3 - The SPDR S&P 500 ETF (SPY) remains Bridgewater's largest holding, although the stake was reduced by approximately 21.9% [2] - The SPDR Gold ETF (GLD) holdings remained unchanged in the second quarter [2]

Group 1 - Bridgewater Associates, one of the largest hedge funds globally, significantly increased its holdings in major U.S. tech companies during Q2 of this year, particularly in Nvidia [1] - The fund raised its stake in Nvidia by nearly 4.39 million shares, bringing its total holdings to 7.23 million shares, a growth of over 154% compared to the end of Q1 [1] - Bridgewater also added to its positions in other tech giants, including Alphabet, Microsoft, and Meta, while completely exiting positions in Alibaba and Chevron [1] Group 2 - In Q2, Bridgewater initiated a new position in chip design company Arm with approximately 474,000 shares, representing 0.31% of its total holdings [1] - The fund also entered new positions in Intuit (approximately 59,000 shares), EQT (787,000 shares), Lyft (approximately 247,900 shares), and Ulta Beauty (over 58,000 shares), with respective holdings of 0.19%, 0.19%, 0.16%, and 0.11% [1]

Core Insights - The energy sector, particularly natural gas stocks, is experiencing a resurgence driven by the demand from AI data centers, which require reliable power sources for their operations [1][2][12] Group 1: Natural Gas Stocks - Williams Companies operates one of the largest interstate natural gas pipeline systems in the U.S., with a 12-month stock price forecast of $62.00, indicating a 5.91% upside [3] - The company is seeing rising demand from data center developers for high-volume, low-cost, and reliable baseload power, aligning with its pipeline assets in key regions [4] - Data center developers are selecting sites near existing natural gas infrastructure, which is increasing Williams' capital expenditures [5] Group 2: EQT Corporation - EQT is the largest natural gas producer in the U.S. and is investing in certified low-emissions natural gas, which is increasingly important for data center developers [9] - The stock has recently pulled back, making it an attractive entry point, with analysts forecasting a 32% earnings growth over the next 12 months and a forward P/E around 15x [10] Group 3: GE Vernova - GE Vernova, a spin-off from General Electric, is a leading producer of natural gas turbines and is expected to grow earnings at 67.8% over the next 12 months [12][14] - The company is also involved in grid modernization, supplying essential equipment to manage surging electricity demand from AI data centers [13]