Exhibit 99.2 Wharf Operations South Dakota S-K 1300 Technical Report Summary Prepared for: Prepared by: Coeur Mining, Inc. Mr. Christopher Pascoe, RM SME Mr. Tony Auld, RM SME Report current as at: Mr. Kenan Sarratt, RM SME December 31, 2025 Mr. John Key, RM SME Mr. Troy Christensen, RM SME Wharf Operations South Dakota S-K 1300 Technical Report Summary Date and Signature Page The following Qualified Persons, who are employees of Coeur Mining, Inc. or its subsidiaries, supervised the preparation of this tec ...

Fuel Price and Sustainability - The company has significant exposure to fluctuations in fuel prices, as it does not currently hedge its fuel consumption, leaving it fully exposed to market volatility [181]. - The company has entered into multiple agreements for the purchase of sustainable aviation fuel (SAF) to meet emissions reduction goals, but competition for SAF is expected to remain intense, potentially leading to higher costs [181]. - The company is entering agreements for sustainable aviation fuel (SAF) but faces challenges with current production capacity and higher costs compared to conventional jet fuel [207]. - Allegations of "greenwashing" could lead to litigation or regulatory actions against the company, impacting its reputation and financial stability [208]. - Changes in consumer preferences towards lower-carbon travel options may affect demand for the company's services, potentially increasing financing costs [209]. - The company has set long-term sustainability goals, including reducing GHG emissions, but these depend on the development of commercially viable technologies [206]. - The company is subject to increasing regulations regarding greenhouse gas (GHG) emissions, which may lead to higher operational costs and compliance expenses [203]. Regulatory and Legal Challenges - The FAA Authorization Renewal includes $12.5 billion in additional funding for air traffic control infrastructure, which may improve operations but also introduces uncertainty regarding implementation and operational impacts [185]. - New DOT consumer rules mandate refunds in certain circumstances and require disclosure of ancillary fees, which could have financial implications for the company [186]. - The company faces extensive government regulations that may increase operational costs and limit flexibility, impacting demand for air travel [182]. - The company is involved in ongoing legal proceedings concerning state labor law violations, which could result in significant damages and fines [188]. - Recent regulatory changes regarding PFAS substances may require operational adjustments and incur costs related to reporting and remediation efforts [215]. - Regulatory mechanisms at certain airports may limit operational capabilities, affecting the company's ability to expand its route network [227]. - Regulatory changes regarding slot controls and operational restrictions could materially impact operational performance and competitive position [228]. Operational Risks - The airline industry is subject to intense competition and dynamic economic conditions, which could adversely affect the company's business [27]. - The company relies heavily on technology and automated systems, including AI, and any failures could harm its operations and financial condition [28]. - The company is exposed to risks from cyberattacks and evolving data privacy requirements, which could disrupt operations and increase costs [28]. - The company experienced significant operational disruptions due to outdated air traffic control (ATC) systems, including a nationwide ground-stop in January 2023 that lasted nearly two hours [190]. - The company operates primarily through hubs in major cities, and disruptions at these key facilities could severely impact operations and financial results [231]. - The company has limited control over many services essential to operations, which could lead to significant flight cancellations or delays [231]. - The company is experiencing a pilot shortage, which could lead to operational disruptions and increased compensation expenses [220]. - Significant capital spending at major U.S. airports is expected to increase operating costs, potentially impacting growth plans [226]. Financial Position and Market Conditions - The company has a high level of debt, which may limit its ability to fund operations and respond to competitive developments [27]. - The company faces risks from fluctuating foreign currencies, which can impact operating performance and liquidity, particularly for cash held outside the U.S. [201]. - The airline industry is heavily taxed, with significant government fees and taxes impacting revenue and profitability, particularly for U.S. airlines [233]. - At December 31, 2025, the company had approximately $11.9 billion of gross federal net operating losses (NOLs) and $6.0 billion of other carryforwards available to reduce future federal taxable income [237]. - The issuance of additional shares of common stock may depress the trading price of the company's common stock [246]. - Future offerings of common stock, preferred stock, or convertible securities may be conducted to finance operations or fund acquisitions [246]. - The trading price of common stock could decline substantially if additional shares are issued or if existing stockholders sell a significant amount [246]. - The perception of potential share issuances or sales may also lead to a decline in the trading price of common stock [246]. Environmental and Social Responsibilities - The company is subject to various environmental and social regulations, which may incur significant costs and could be controversial, impacting stakeholder expectations [211]. - Compliance with stringent environmental laws may require substantial expenditures, and violations could result in significant fines and civil liabilities [213]. - The company has liability for environmental remediation costs at various domestic sites, although these costs are not expected to materially affect the business [214].

REIT Qualification and Taxation - The company is required to distribute at least 90% of its REIT taxable income annually to qualify for taxation as a REIT[38]. - The company has elected to be taxed as a REIT under Sections 856 through 860 of the IRC, effective from the 2018 taxable year[63]. - The company believes it has operated in compliance with REIT qualification tests since 2018 and will continue to do so[65]. - As a REIT, the company generally is not subject to federal income tax on net income distributed as dividends to shareholders[64]. - If the company fails to qualify as a REIT in any year, it will be subject to federal income tax as a regular C corporation, which could significantly reduce cash available for distribution to shareholders[70]. - The company must distribute at least 85% of its REIT ordinary income and 95% of its REIT capital gain net income to avoid a 4% nondeductible excise tax[69]. - The company is subject to various qualification tests, and failure to meet these could result in significant tax liabilities[68]. - The company’s subsidiaries that are C corporations will be required to pay federal corporate income tax on their earnings[71]. - The company may be subject to a 100% tax on prohibited transactions, which includes dispositions at a gain of inventory or property held primarily for sale[69]. - The company’s counsel believes it will continue to qualify for taxation as a REIT based on current operations and investments[65]. - Future changes in laws or regulations could impact the company’s REIT status and tax liabilities[67]. - The company believes it has met all conditions for REIT qualification during the requisite periods and will continue to do so in the future[73]. - At least 75% of the company's gross income must be derived from real property investments to maintain REIT status[84]. - The company has protective TRS elections in place to mitigate risks associated with subsidiary REITs not qualifying for taxation as REITs[79]. - The company is permitted to own up to 20% of the total value of its assets in TRS securities, increasing to 25% after December 31, 2025[80]. - The company must ensure that rents received do not violate the 10% ownership rule to qualify as "rents from real property"[85]. - The company has restrictions in place to prevent concentrated ownership positions that could jeopardize REIT qualification[73]. - The company expects to continue compliance with the 75% and 95% gross income tests, ensuring that gains and dividends from subsidiary REITs do not jeopardize these tests[79]. - The company has a declaration of trust that restricts share transfers to maintain REIT qualification[73]. - The company may face penalties of $50,000 for any excused failures to meet REIT qualification conditions, rather than disqualification[75]. - The company expects that all or substantially all of its rents and related service charges will qualify as "rents from real property" under Section 856 of the IRC[86]. - The company believes that any gain recognized from asset dispositions will generally qualify as income satisfying the 75% and 95% gross income tests, avoiding dealer gains or the 100% penalty tax[91]. - The company maintains that it has satisfied and will continue to satisfy the 75% and 95% gross income tests on a continuing basis since its first taxable year as a REIT[93]. - At least 75% of the value of the company's total assets must consist of "real estate assets," with not more than 25% represented by other securities[93]. - The company has made an election to be treated as a real property trade or business, which is expected to exempt it from certain interest deduction limitations[101]. - The company must make annual distributions equal to at least 90% of its "real estate investment trust taxable income" to qualify for taxation as a REIT[99]. - The company has maintained records to document compliance with the REIT asset tests and intends to take necessary actions to cure any failures within specified timeframes[98]. - The company believes that it can qualify for taxation as a REIT even if it fails the 5% asset test or other asset tests under certain conditions[96]. - The company anticipates that any revenues from TRS-provided services will qualify as "rents from real property" due to compliance with geographic customary standards[86]. - The company is subject to federal income tax at the highest corporate rate on any nonqualified income under the 75% gross income test, but rental income from foreclosure property is exempt from this tax[87]. - The company may be subject to a 4% nondeductible excise tax if it fails to distribute 85% of its ordinary income and 95% of its capital gain net income within a calendar year[103]. - The company can rectify a failure to pay sufficient dividends by issuing "deficiency dividends" in a later year, which may incur an interest charge for the delay[105]. - To maintain REIT qualification, the company must distribute all C corporation earnings and profits inherited from acquired corporations by the end of the taxable year[110]. - The company may elect to retain some or all of its net capital gain and pay income tax on those retained amounts, allowing shareholders to include their proportionate share in taxable income[107]. - Upon acquiring C corporations, the company will inherit their federal income tax attributes, which may create additional distribution requirements[108]. - The company expects to make distributions to shareholders, which may include cash and property, with tax treatment varying based on shareholder status[113]. - Distributions not designated as capital gain dividends will generally be treated as ordinary income dividends to the extent of available earnings and profits[116]. - If capital gain dividends are designated, they will be allocated proportionately among all classes of shares based on total dividends paid[117]. - The company may face corporate income taxation on built-in gains if it acquires assets from C corporations and sells them within five years[109]. - U.S. shareholders may be subject to a 3.8% Medicare tax on net investment income, including dividends from the company[122]. - U.S. shareholders will be taxed on their proportionate share of retained net capital gains as if distributed, affecting their adjusted basis in shares[124]. - Noncorporate U.S. shareholders may face limitations on interest deductions related to borrowed funds for share acquisition, based on net investment income[125]. - Tax-exempt U.S. shareholders receiving distributions or proceeds from share sales should not have these amounts treated as UBTI if certain conditions are met[127]. - Non-U.S. shareholders' distributions not designated as capital gain dividends will generally be subject to a 30% U.S. federal income tax withholding[130]. - Capital gain dividends paid to non-U.S. shareholders on shares listed on a U.S. exchange will not be subject to withholding as income effectively connected with a U.S. trade or business[131]. - Non-U.S. shareholders may seek refunds for excess tax withheld on distributions exceeding their allocable share of current and accumulated earnings and profits[130]. - If shares are not listed on a U.S. exchange, distributions attributable to gain from the sale of U.S. real property interests may be taxed as effectively connected income[133]. - Non-U.S. shareholders' gains on the sale of shares will generally not be subject to U.S. federal income taxation if the shares are not U.S. real property interests[135]. - Non-U.S. financial institutions must comply with diligence and reporting requirements to avoid a 30% U.S. withholding tax on applicable payments[142]. - Information reporting and backup withholding may apply to distributions or proceeds paid to shareholders, affecting their tax obligations[138]. Debt and Interest Rate Management - As of December 31, 2025, the outstanding floating rate debt is $1,400,000 with an annual interest rate of 5.87%, resulting in an annual interest expense of $83,321[298]. - A one percentage point increase in interest rates would not impact the annual total interest expense for floating rate debt due to current interest rates exceeding the strike rates of the related interest rate cap[301]. - The total outstanding fixed rate debt amounts to $2,814,036 with a weighted average interest rate of 5.21%, leading to an annual interest expense of $146,676[303]. - The mortgage notes totaling $1,160,000, $650,000, $700,000, and $91,000 require interest-only payments until maturity, while the remaining notes require amortizing payments[304]. - The Mountain Floating Rate Loan has a remaining one-year extension option and requires interest payments at an annual rate of SOFR plus a premium of 2.77%[299]. - The company is exposed to market risks associated with interest rate changes and employs derivative instruments, including interest rate caps, to manage this exposure[297]. - A one percentage point increase in the weighted average interest rate of the Mountain Floating Rate Loan would result in an annual interest expense of $97,516 and a decrease in annual earnings per share of $1.48[301]. - The company does not expect significant changes in its exposure to fluctuations in interest rates in the near future[297]. - Changes in market interest rates affect the fair value of fixed rate debt obligations[305]. - Increases in market interest rates decrease the fair value of fixed rate debt, while decreases increase it[305]. - Interest rates remain elevated despite anticipated reductions by the U.S. Federal Reserve in 2025[305]. - There are uncertainties surrounding future interest rates, which may remain stable, decrease, or increase[305]. - A hypothetical immediate one percentage point change in interest rates would change the fair value of fixed rate debt obligations by approximately $119,594[305]. Sustainability and Environmental Compliance - The company has set sustainability goals, with 1.3 million rentable square feet achieving LEED® designations, representing 1.0% of eligible properties[51]. - The company has 56 properties with BOMA 360 certifications, totaling approximately 10.0 million rentable square feet, which is 29.3% of eligible properties[51]. - The company has four properties with ENERGY STAR certifications, covering approximately 562,034 rentable square feet, or 2.1% of eligible properties[51]. - The company monitors environmental compliance and has set up reserves for potential environmental liabilities, although it does not believe current conditions will materially affect operations[41]. Management and Operations - The company relies on RMR for management services, with RMR employing nearly 900 full-time employees as of December 31, 2025[45]. - As of December 31, 2025, the company had one operating segment focused on ownership and leasing of industrial and logistics properties[56]. - The company faces competition from various public and private REITs and financial institutions, which may have greater resources[42]. - The company believes its common shares have been and will remain widely held, satisfying the criteria for being publicly offered securities[152]. - The company’s counsel opines that each class of currently outstanding shares is publicly offered, and its assets will not be deemed "plan assets" of any ERISA Plan or Non-ERISA Plan acquiring shares in a public offering[154].

Business Segments - Moody's operates two reportable segments: Moody's Analytics (MA) and Moody's Investors Service (MIS) which provide data, insights, and credit ratings[23]. - MIS has been a leading provider of credit ratings for over 115 years, enabling issuers to create effective debt strategies and providing investors with comprehensive market insights[28]. - The company reported a significant increase in transaction revenue, driven by software implementation services and risk management advisory projects[20]. Revenue and Growth - MA's revenue is driven by subscription-based services, including recurring revenue from software maintenance and monitoring fees, contributing significantly to overall performance[26]. - Moody's expects favorable long-term growth driven by trends such as the health of major economies, debt capital market activity, and the expansion of integrated data and analytics solutions[57]. - The company is focusing on growth through investments in new products, including Gen AI and Agentic AI, aimed at improving customer productivity and competitive advantage[53]. Employee Engagement and Benefits - Moody's employs approximately 16,000 people across more than 40 countries, focusing on creating a high-performing and engaged workforce[22]. - The company has implemented a global paid parental leave policy and updated its tuition reimbursement program to enhance employee benefits[35]. - Moody's is investing in AI-powered technologies to improve employee experience in managing benefits and to support talent development[34]. Sustainability and Decarbonization - The company emphasizes sustainability, integrating sustainability-related factors into its operations and products, and providing assessments like Net Zero Assessments[31]. - Moody's is committed to achieving 100% renewable electricity in its office spaces as part of its decarbonization strategy, with implementation costs expected to be non-material[48]. - Moody's has integrated RMS' climate capabilities into its offerings, enhancing access to high-quality climate insights for analysts and researchers[49]. Strategic Initiatives - The company has a multi-year restructuring program aimed at realigning its business towards high-priority growth areas and improving operational efficiency[20]. - Moody's aims to leverage AI and ML technologies to provide deeper insights on risk, enhancing decision-making for its customers[60]. - The company is actively pursuing strategic partnerships and acquisitions to accelerate growth and scale its businesses[56]. Regulatory Environment - Moody's is subject to extensive regulation in various jurisdictions, which may impact its operations and profitability[74]. - The company is preparing for the implications of new regulations on ESG rating activities expected to take effect in July 2026[77]. Intellectual Property - The Company considers its intellectual property proprietary and employs various protections, including patents and trademarks, to safeguard its assets[87]. - Moody's actively pursues instances of third-party infringement to protect its intellectual property rights[87]. - The Company utilizes open-source software and libraries under permissive licenses for routine functions in its software products[85]. Market Presence - The company has enhanced its domestic market presence in Latin America through the acquisition of ICR Chile, which strengthens its domestic rating agency capabilities[71]. - Moody's licenses technology and data from third parties, including financial information and AI software, to enhance its product offerings[85]. - Moody's does not rely on any single data source for a material aspect of its business, ensuring a diversified information base[85]. Management Team - Moody's has a strong executive team, with Robert Fauber serving as CEO since January 2021 and Noémie Heuland as CFO since April 2024[92][94]. - The Company has a comprehensive strategy for market risk management, detailed in its annual report[363].

Financial Performance - Fourth quarter 2025 net sales reached $929 million, a 21% increase year-over-year, with net income of $28 million or $1.68 per diluted share[2]. - Full year 2025 net sales totaled $3.37 billion, up 12% from the previous year, with net income of $113 million or $6.77 per diluted share[2]. - Adjusted EBITDA for the full year 2025 was $310 million, resulting in an adjusted EBITDA margin of 21.3%[4]. - Operating income for the year ended December 31, 2025, was $188.8 million, compared to $112.2 million in 2024, reflecting a 68.2% increase[25]. - Adjusted EBITDA for the year ended December 31, 2025, was $310.2 million, compared to $241.0 million in 2024, representing a 28.7% increase[34]. - Total cash provided by operating activities for the year ended December 31, 2025, was $167.1 million, compared to $111.4 million in 2024, indicating a 50.1% increase[28]. - The company reported a diluted net income per share of $1.68 for the quarter ended December 31, 2025, compared to $1.21 for the same quarter in 2024, a 38.8% increase[34]. Revenue and Shipments - Shipments for the fourth quarter 2025 were 274 million lbs, a 1% sequential increase but a 6% decrease year-over-year due to commercial aerospace OEM destocking[8]. - Conversion revenue for the fourth quarter 2025 was $365 million, a 2% increase compared to the prior year period[9]. - Full year 2025 conversion revenue was $1.45 billion, relatively flat compared to the previous year[11]. - Total shipments across all segments for the year ended December 31, 2025, were 1,108.2 million pounds, compared to 1,172.3 million pounds in 2024[12]. - Shipments for the Aero/HS Products segment were 46.8 million pounds in Q4 2025, with net sales of $213.0 million at an average price of $4.55 per pound[12]. - In the Packaging segment, net sales were $440.6 million in Q4 2025, with shipments of 145.1 million pounds at an average price of $3.04 per pound[12]. - The GE Products segment reported net sales of $200.0 million in Q4 2025, with shipments of 58.6 million pounds at an average price of $3.41 per pound[12]. Financial Health - The net debt leverage ratio improved to 3.4x, indicating better financial health[4]. - Adjusted EBITDA for 2025 was reported at $310 million, with a net debt leverage ratio improving to 3.4x from 4.3x at the end of 2024[13]. - As of December 31, 2025, total liquidity was $547 million, consisting of $7 million in cash and $540 million available under the Revolving Credit Facility[14]. - The company incurred interest expenses of $50.1 million for the year ended December 31, 2025, compared to $43.7 million in 2024, a 14.6% increase[34]. - Total assets as of December 31, 2025, were $2,564.8 million, an increase from $2,409.9 million as of December 31, 2024[31]. - Total liabilities as of December 31, 2025, were $1,738.7 million, compared to $1,666.8 million in 2024, showing a 4.3% increase[31]. - The company’s inventories increased to $725.2 million as of December 31, 2025, from $601.9 million in 2024, reflecting a 20.5% rise[31]. Future Outlook - The company plans to focus on cost reductions in manufacturing and operations while enhancing shareholder value in 2026[3]. - Management highlighted a favorable metal pricing environment as a key factor in performance, with a metal price lag contributing approximately $93 million in 2025[4]. - The company expects Conversion Revenue to improve by 5% to 10% and Adjusted EBITDA to increase by 5% to 15% in 2026, driven by enhanced operational performance[16]. - The hedged cost of alloyed metal for the year ended December 31, 2025, was $1,946.8 million, reflecting the cost of aluminum and alloys used in production[12]. Dividends - The company declared a quarterly cash dividend of $0.77 per share, which was paid on February 13, 2026[15].

Exhibit 99.1 American States Water Company Announces Fourth Quarter and Full Year 2025 Results • $0.01 per share decrease in reported consolidated diluted EPS in the fourth quarter of 2025 compared to the fourth quarter of 2024 • $0.18 per share increase on an adjusted basis after excluding the following items from the fourth quarter of 2024 reported results: ◦ a $0.13 per share one-time tax benefit as approved in the final decision in AWR's water utility general rate case ◦ a $0.06 per share impact from re ...

GISTICS Financial Results and Supplemental Information FOURTH QUARTER 2025 February 18, 2026 Exhibit 99.2 Table of Contents | QUARTERLY RESULTS | | | --- | --- | | Industrial Logistics Properties Trust Announces Fourth Quarter 2025 Financial Results | 4 | | Fourth Quarter 2025 Highlights . | 5 | | FINANCIALS | | | Key Financial Data | Z | | Condensed Consolidated Statements of Income (Loss). And and and and and and and consember of | 8 | | Condensed Consolidated Balance Sheets | 9 | | Debt Summary | 10 | | ...

Financial Performance - American Water reported adjusted earnings of $1.24 per share for Q4 2025, up from $1.15 per share in Q4 2024, and full-year adjusted earnings of $5.64 per share in 2025, compared to $5.18 per share in 2024, reflecting an 8.9% increase[3][4]. - GAAP earnings for 2025 were $5.69 per share, compared to $5.39 per share in 2024, with Q4 2025 GAAP earnings remaining stable at $1.22 per share[5]. - Operating revenues increased by $427 million for the full year 2025, primarily due to authorized revenue increases from completed general rate cases and infrastructure proceedings[10]. - Operating revenues for Q4 2025 reached $1,271 million, a 5.8% increase from $1,201 million in Q4 2024[26]. - For the full year 2025, operating revenues totaled $5,140 million, compared to $4,684 million in 2024, marking a 9.7% increase[26]. - Operating income for the full year 2025 was $1,879 million, up from $1,718 million in 2024, indicating a 9.4% growth[26]. - Net income attributable to common shareholders for Q4 2025 was $238 million, slightly down from $239 million in Q4 2024[26]. - Basic and diluted earnings per share for Q4 2025 remained stable at $1.22, unchanged from Q4 2024[26]. Investments and Acquisitions - The company invested $3.2 billion in regulated operations in 2025, focusing on infrastructure improvements and completed 18 acquisitions across seven states[4][8]. - The proposed merger with Essential Utilities is expected to enhance operational capabilities and market reach, pending regulatory approvals[22]. - The company is focused on expanding its regulated operations and integrating new acquisitions to drive future growth[22]. Guidance and Future Outlook - American Water affirmed its 2026 adjusted EPS guidance range of $6.02 to $6.12, which does not include transaction costs related to the merger with Essential Utilities[6]. - The company anticipates adjusted earnings per share guidance for 2026, reflecting ongoing growth strategies and market conditions[21]. - American Water's long-term EPS and dividend growth targets remain at 7-9%[6]. Dividends - The company achieved dividend growth of 8.2% for the year, with a quarterly cash dividend of $0.8275 per share declared for March 2026[5][14]. Expenses and Liabilities - Operating expenses rose by $260 million in 2025, driven by increased employee-related costs and higher production costs[12]. - Total operating expenses for Q4 2025 were $866 million, up from $801 million in Q4 2024, reflecting a 8.1% increase[26]. - Interest expense for Q4 2025 increased to $162 million from $136 million in Q4 2024, a rise of 19.1%[26]. - Total current liabilities rose to $4,747 million in December 2025, compared to $3,150 million in December 2024, an increase of 50.7%[28]. Assets and Equity - Total assets increased to $35,442 million in December 2025, up from $32,830 million in December 2024, representing a growth of 4.6%[27]. - Current assets rose significantly to $2,191 million in December 2025, compared to $1,215 million in December 2024, marking an increase of 80.2%[27]. - Retained earnings grew to $2,575 million in December 2025, up from $2,112 million in December 2024, reflecting a year-over-year increase of 21.9%[28]. - Long-term debt increased to $12,777 million in December 2025, compared to $12,518 million in December 2024, indicating a rise of 2.1%[28]. - Short-term debt surged to $1,588 million in December 2025, up from $879 million in December 2024, which is an increase of 80.5%[28]. - Total common shareholders' equity reached $10,837 million in December 2025, compared to $10,332 million in December 2024, showing a growth of 4.9%[28]. - Accounts receivable decreased slightly to $395 million in December 2025 from $416 million in December 2024, a decline of 5.0%[27]. - Unbilled revenues increased to $433 million in December 2025, up from $315 million in December 2024, representing a growth of 37.5%[27]. - Contributions in aid of construction increased to $1,630 million in December 2025, up from $1,577 million in December 2024, reflecting a growth of 3.4%[28].

Customer Base and Revenue - GSWC served a total of 290,057 customers as of December 31, 2025, an increase from 289,414 customers in 2024[23] - Revenues from commercial and residential customers accounted for approximately 90% of total water and electric revenues for the years ended December 31, 2025, 2024, and 2023[23] - Total operating revenues for 2025 reached $658,073,000, an increase of 10.5% from $595,459,000 in 2024[447] - Total operating revenues for 2025 reached $464,114,000, up from $417,410,000 in 2024, indicating a year-over-year increase of 11.2%[462] - Total electric revenues for the year ended December 31, 2025, reached $57.2 million, up from $51.6 million in 2024 and $41.8 million in 2023[516] - Contracted services revenues from contracts with customers amounted to $136.7 million in 2025, compared to $126.4 million in 2024 and $120.4 million in 2023[516] Capital Expenditures and Investments - GSWC's capital expenditures on environmental control facilities were approximately $19.3 million in 2025, with an expected increase to $20.6 million in 2026[31] - ASUS performed $13.5 million of construction activities related to environmental control facilities in 2025, with an expected increase to $18.8 million in 2026[31] - Capital expenditures for 2025 were $236,822,000, slightly higher than $231,960,000 in 2024[451] - Capital expenditures for 2025 totaled $202,967,000, compared to $197,355,000 in 2024, indicating a 3.3% increase[468] - The net cash used in investing activities was $204,081,000 in 2025, compared to $198,778,000 in 2024, showing a 2.3% increase[468] Debt and Financial Position - As of December 31, 2025, the fair value of the Registrant's long-term debt was $790.8 million, with a hypothetical 10% change in market interest rates resulting in a potential increase or decrease of approximately $21.8 million[407] - The Registrant had outstanding consolidated borrowings of $141.0 million under its credit facilities, with a 100-basis point change in interest rates impacting pretax income by approximately $1.4 million[408] - Long-term debt increased to $782.7 million in 2025 from $640.4 million in 2024, marking a rise of approximately 22.2%[443] - AWR's outstanding borrowings under its credit facility were $124.0 million as of December 31, 2025, classified as non-current liabilities[563] - GSWC's credit agreement provides for a $200.0 million unsecured revolving credit facility, with the potential to expand borrowing capacity by an additional $75.0 million[565] Regulatory Assets and Liabilities - The Company recorded $132.3 million in regulatory assets and $123.0 million in regulatory liabilities as of December 31, 2025, reflecting probable future recoveries and refunds through the ratemaking process[425] - As of December 31, 2025, the company reported regulatory assets of $82.0 million and regulatory liabilities of $119.0 million[435] - GSWC recorded an aggregate cumulative amount of $22.1 million under-collection in the general rate case memorandum accounts as of December 31, 2025[525] - GSWC's new M-WRAM and ICBA for supply costs became effective on January 1, 2025, with recorded balances of $0.3 million over-collection and $0.1 million under-collection during 2025[527] - GSWC has a regulatory liability of $11.0 million related to PFAS contamination litigation proceeds as of December 31, 2025[529] Employee and Succession Planning - AWR and its subsidiaries had a total of 900 employees as of December 31, 2025, with GSWC employing 537 and BVES employing 48[46] - Approximately 38% of the Company's employees are eligible for retirement in the next five years, prompting a focus on succession planning and talent recruitment strategies[56] - The Company aims to align resources and talent efficiently through annual succession planning, identifying key positions and potential successors for the next decade[55] Financial Performance - Net income for 2025 was $130,442,000, representing a 9.8% increase compared to $119,268,000 in 2024[447] - Basic earnings per share for 2025 was $3.37, up from $3.17 in 2024, reflecting a 6.3% increase[447] - Operating income rose to $158,364,000 in 2025, compared to $143,520,000 in 2024, reflecting an increase of 10.3%[462] - Net income for the year ended December 31, 2025, was $100,946,000, an increase of 6% compared to $94,463,000 in 2024[468] Compliance and Safety - ASUS's subsidiaries are subject to extensive environmental regulations, ensuring compliance with safe drinking water requirements and wastewater treatment standards[28] - The Company emphasizes a safety-focused culture, with safety performance metrics included in officer and manager compensation programs[51] - Compliance training is mandatory for all employees annually, with optional programs available for skill enhancement and development[53] - The Company has a dedicated Safety Coordinator for each military base installation to ensure regulatory compliance and health monitoring[52] Future Projects and Goals - BVES's renewable power represented 47% of total retail sales in 2025, with a target of 50% by 2026 and 100% carbon-free by 2045[42] - BVES has entered into a contract to construct a solar energy project in Big Bear City, subject to obtaining necessary permits[42] - GSWC is set to serve approximately 1,300 customers in a new planned community in California's Central Coast region, with full build-out anticipated by 2034[473]

Financial Performance - The market capitalization of Host Hotels & Resorts is $12.4 billion as of December 31, 2025[9]. - The enterprise value of Host Hotels & Resorts is $17.0 billion as of December 31, 2025[10]. - Total revenues for domestic properties amount to $1,438.6 million, with an average revenue per available room (RevPAR) of $230.56[24]. - Total revenues for the quarter ended December 31, 2025, reached $1,602.8 million, with a net income of $136.9 million[25]. - Total revenues for comparable hotels reached $394.6 million, with a hotel net income of $207.5 million, reflecting a strong performance across locations[35]. - Total revenues for comparable hotels reached $940.7 million, with an EBITDA of $1,693.6 million for the year ended December 31, 2025[44]. - Total revenues for the year ended December 31, 2025, reached $6,114 million, with comparable hotel revenues at $5,577 million[68]. - The hotel net income for all locations was reported at $707.4 million, with an EBITDA of $1,698.0 million[53]. - The company reported a net income of $776 million for the year, with depreciation and amortization expenses totaling $795 million[70]. - For the full year 2026, net income is projected to be $865 million, with an EBITDA of $1,905 million[81]. Operational Metrics - The average occupancy rate across domestic properties is 67.0%[24]. - Comparable hotel results showed an average occupancy rate of 66.9% across 76 properties, with a Revenue per Available Room (RevPAR) of $380.71[27]. - The average daily room rate for comparable hotels was $339.44, reflecting a 66.9% occupancy rate[27]. - The average occupancy rate for all locations was 67.1%, with an average room rate of $323.78[35]. - The average RevPAR (Revenue per Available Room) was $217.11, showcasing effective revenue management strategies[35]. - The average occupancy rate across all locations was 70.0%, with an average daily room rate of $327.54[44]. - The average room rate in Maui was $663.09, with an occupancy rate of 60.1%[47]. - The hotel net income for the New York location was $37.9 million, with an average room rate of $418.18 and an occupancy rate of 87.0%[39]. - The Miami location reported a hotel net income of $11.8 million, with an average room rate of $549.06 and an occupancy rate of 72.9%[39]. - The top-performing hotel, Alila Ventana Big Sur, achieved a RevPAR of $1,577.34 with an occupancy rate of 85.5%[56]. Debt and Capitalization - As of December 31, 2025, the company has a total debt of $5,077 million, with a weighted average interest rate of 4.8% and a weighted average debt maturity of 5.1 years[92]. - The company has a total capitalization of $16,674 million as of December 31, 2025, compared to $16,393 million as of September 30, 2025[89]. - The leverage ratio as of December 31, 2025, was 6.5x, below the maximum covenant requirement of 7.25x[104]. - The unsecured interest coverage ratio was reported at 3.3x, significantly above the minimum requirement of 1.75x[104]. - The consolidated fixed charge coverage ratio stood at 3.3x, exceeding the minimum covenant of 1.25x[104]. - The total debt as of December 31, 2025, was $5.077 billion, with net debt calculated at $4.410 billion[106]. - The company’s secured indebtedness was less than 1%, well below the maximum limit of 40%[106]. Strategic Plans and Guidance - The company plans to continue expanding its market presence and enhancing its portfolio through strategic acquisitions and property transactions[28]. - Future guidance indicates a focus on improving operational efficiency and increasing revenue streams through new product offerings and technology advancements[29]. - The company plans to continue expanding its portfolio, focusing on both domestic and international markets to enhance growth opportunities[36]. - The company plans to spend between $525 million and $625 million on capital expenditures in 2026[83]. - The company anticipates continued growth in RevPAR and occupancy rates as travel demand increases post-pandemic[54]. - The company expects comparable hotel RevPAR to increase by 2.75% compared to 2025, reflecting a continued recovery at its Maui properties[83]. Financial Measures and Adjustments - The company utilizes non-GAAP financial measures such as Funds From Operations (FFO) and EBITDA to assess performance[17]. - The company emphasizes the importance of NAREIT FFO as a measure of operating performance, excluding depreciation and amortization related to real estate assets[131]. - The company presents Adjusted FFO per diluted share to provide supplemental information regarding ongoing operating performance, excluding certain items such as gains and losses on debt extinguishment[133]. - The company adjusts financial measures to exclude non-cash stock-based compensation, aligning with the calculation of Adjusted EBITDA for financial covenants[144]. - Limitations on the use of NAREIT FFO and Adjusted FFO per diluted share are noted, emphasizing that these measures should not be considered alternatives to GAAP measures[145]. Property Transactions and Gains - Significant property transaction adjustments included a gain of $15.2 million from the sale of properties[45]. - The company sold 35 properties from January 1, 2018, to February 18, 2026, generating a total sales price of $6.391 billion[105]. - The total gain on the sale of property was $140.0 million, contributing positively to the financial results[59]. - The company reported a gain on the sale of property and corporate level income/expense adjustments totaling $(219.0) million[55].