Group 1 - NextDecade Corporation (NEXT) has secured a long-term sales and purchase agreement with EQT Corporation for the purchase of 1.5 million tons per annum (mtpa) of liquefied natural gas (LNG) from Rio Grande LNG Train 5, with a contract duration of 20 years [1][9] - The price of LNG supplied under the contract will be linked to the Henry Hub natural gas price, enhancing the economic viability of the agreement [2] - NextDecade is making significant progress towards a final investment decision (FID) on Train 5, expected by the fourth quarter of 2025, and aims to achieve a positive FID for Train 4 by September 15, 2025, contingent on securing necessary funding [2][4][9] Group 2 - The Rio Grande LNG export facility's Phase 1, which includes three liquefaction units, is under construction and will provide a total capacity of 17.61 mtpa, with Trains 4 and 5 expected to add a combined capacity of 10.8 mtpa [3] - NextDecade has secured commitments to sell 3.5 mtpa of LNG from Rio Grande Train 5 under long-term agreements, with an additional 1 mtpa needed to reach FID for Train 5 [3][4][9] Group 3 - EQT Corporation's new agreement with NextDecade enhances its LNG strategy by diversifying exposure to markets with growing LNG demand, potentially leading to higher prices and supporting long-term earnings growth [5]

Core Viewpoint - EQT Corporation has secured a long-term liquefaction capacity agreement with NextDecade Corporation, enhancing its LNG strategy and market reach in the global gas markets [1][2][3] Company Overview - EQT Corporation is a leading American natural gas company with a focus on production and midstream operations in the Appalachian Basin, emphasizing operational efficiency, technology, and sustainability [4] Agreement Details - The agreement involves 1.5 million tonnes per annum (MTPA) of liquefaction capacity under a 20-year Sale and Purchase Agreement (SPA) at Train 5 of the Rio Grande LNG export facility in Texas, with pricing indexed to Henry Hub [1] - The agreement is contingent upon NextDecade making a positive final investment decision (FID) on Train 5 [1] Strategic Implications - The execution of this agreement is part of EQT's strategy to diversify its end-market exposure and accelerate long-term earnings growth [2] - EQT aims to market and optimize its own cargos, providing flexibility and downside protection [2] Market Positioning - EQT's low-cost structure, unmatched scale, investment-grade balance sheet, and leading emissions profile position it as a preferred supplier for natural gas globally [3] - The company anticipates that the growing international market will increasingly seek its gas supply to support economic growth and emission reduction efforts [3] Industry Context - The partnership with NextDecade is expected to enhance energy security for allies around the world through U.S. LNG exports [4]

Summary of EQT Holdings Limited Conference Call Company Overview - **Company Name**: EQT Holdings Limited, operating under the brand Equity Trustees - **Established**: 1888, with a market capitalization of approximately $800 million [2] - **Assets Under Supervision**: Over $250 billion, making it the fifth largest in Australia, excluding government entities [3] Business Segments - **Private Client Business**: Known as Trusted Wealth Services, includes: - Philanthropy services managing over $3 billion, granting around $170 million annually [5] - Health and personal injury sector managing over $4 billion, leading the market [6] - Estate management and planning services, executing about 300 estates annually [6] - Asset management team overseeing over $6 billion [7] - **Corporate and Superannuation Trustee Services**: - Leading provider of responsible entity services in Australia, supervising approximately $140 billion [8] - Superannuation business managing close to $90 billion, growing rapidly from $1 billion in seven years [9] Market Position and Growth Drivers - **Demographic Trends**: - The over-80s population is the fastest-growing cohort in Australia, expected to double in 20 years [11] - Anticipated generational wealth transfer of $3.5 trillion [11] - **Superannuation Growth**: - The superannuation market is valued at $4.2 trillion, with a mandated growth rate of 12% [12] - Revenue is closely correlated with investment markets, providing a positive long-term outlook [13] Financial Performance - **Funds Under Management and Administration**: - Three-year CAGR of 21%, reaching $254 billion [17] - **Revenue Growth**: - Revenue has grown by 19% per annum over the last three years [18] - Group net profit after tax has increased by 11% per annum [18] - **Dividends**: - Dividends have grown around 5% per annum with a payout ratio of 70% to 90% [20] Regulatory Environment - **Regulation**: - Primarily regulated by APRA for superannuation and ASIC for corporate trustee services [35] - Increased regulatory oversight enhances the demand for independent trustee services [14] Strategic Focus - **Independent Trustee Model**: - Favored by the market and regulation, providing unconflicted professional trustee services [22] - **Long-term Revenue Profiles**: - Most trustee appointments are long-term, ensuring enduring revenue streams [23][24] - **Technology Investments**: - Significant investments in technology platforms to enhance service delivery and operational efficiency [26] Future Opportunities - **Aging Population**: - Significant opportunity to serve the aging demographic, with unmet demand for independent trusteeship services [38] - **M&A Activity**: - Plans to be more active in M&A within the trustee space, focusing on specialist opportunities [25] Conclusion - EQT Holdings Limited is well-positioned to capitalize on demographic trends and the growth of superannuation assets, supported by a strong financial performance and a diversified revenue model. The company is focused on maintaining its leadership in the trustee services market while exploring future growth opportunities through technology and strategic acquisitions.

Group 1 - The article presents a theory that various factors including Trump Tariff wars, AI/data centers, climate change, OPEC, and the Big Beautiful are driving natural gas prices higher, indicating a potential reconnection with global markets [1] - The author emphasizes the importance of experience in analyzing diverse industries such as airlines, oil, retail, mining, fintech, and ecommerce, highlighting the impact of macroeconomic, monetary, and political drivers [1] - The author reflects on their extensive experience through multiple crises, including the dotcom bubble, 9/11, the great recession, and the Covid-19 pandemic, which provides a strong foundation for understanding various business models and innovations [1]

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].