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].

Market Conditions and Risks - The company anticipates potential volatility in margins due to fluctuating crude oil and refined product prices, which could significantly impact financial results [44]. - The ongoing geopolitical tensions, including the Russia-Ukraine war and conflicts in the Middle East, may affect commodity prices and market conditions [44]. - The company faces risks related to labor supply shortages and potential labor disputes, which could disrupt operations [53]. - The reliance on significant customers poses a risk, as the loss of key clients may adversely affect financial performance [53]. - The company is subject to regulatory changes that could impact operations, particularly in relation to environmental laws and renewable energy initiatives [53]. - Cybersecurity risks are a concern, with potential incidents that could disrupt business operations and harm financial results [53]. - The company is monitoring inflationary pressures that could adversely affect operational costs and overall financial performance [53]. - Instability in capital, credit, and commodity markets could negatively impact the company's business operations [1]. Operational Strategies and Developments - The company is focused on expanding its nitrogen fertilizer segment, with specific projects aimed at improving production efficiency and capacity [49]. - There are expectations for the expansion of the alkylation unit at the Wynnewood refinery, which is projected to enhance operational capabilities [49]. - The company is exploring the use of natural gas as an alternative feedstock for nitrogen fertilizer production, which could impact ammonia production levels [49]. - The nitrogen fertilizer business is significantly dependent on third-party suppliers, which could adversely affect operations [1]. - The company's refining business employs hedging strategies to mitigate commodity price exposure and protect gross margins [440]. Financial Considerations - The company is authorized to issue up to 350 million shares of common stock and 50 million shares of preferred stock, which could dilute current equity ownership [1]. - A $1.00 per MMBtu change in natural gas prices would affect the cost to produce a ton of ammonia and UAN by approximately $14.29 and $5.86, respectively [441]. - As of December 31, 2025, there were $157 million of outstanding borrowings under the Term Loan subject to variable interest rates, with a hypothetical 50-basis point fluctuation in interest rates resulting in an annual change of $1 million in interest expense [443]. - A hypothetical 50-basis point fluctuation in interest rates would have resulted in a change of $103 million in the fair value of fixed-rate debt instruments [444]. - The company may not generate sufficient cash to service existing indebtedness, which could adversely affect its financial condition [1]. - The market for natural gas has been volatile, impacting the company's competitive position [1]. - The company faces risks related to compliance with the Renewable Fuel Standard (RFS), including volatility in the price of Renewable Identification Numbers (RINs) [442].

Market Risks and Commodity Prices - The company reported significant exposure to market risks due to potential changes in prices for fertilizer products, pet coke, and natural gas, which are critical raw materials for production [286]. - The company anticipates potential impacts from changes in market conditions, including fluctuations in fertilizer and natural gas prices, which could affect profitability [23]. - A $1.00 per MMBtu change in natural gas prices affects the production cost of ammonia and UAN by approximately $14.29 and $5.86 per ton, respectively [287]. - A $1.00 per ton change in pet coke prices impacts the production cost of ammonia and UAN by approximately $0.66 and $0.27 per ton, respectively [287]. Operational Risks - The company faces risks related to the volatile, cyclical, and seasonal nature of its business, which could impact cash distributions and financial performance [23]. - The company is dependent on a few third-party suppliers for feedstocks and transportation services, which poses risks to operational stability [23]. - The company acknowledges the potential for significant operational hazards and interruptions, including unscheduled maintenance or downtime, which could affect production levels [33]. - The company may face challenges in obtaining or renewing necessary permits and approvals for operations, impacting business continuity [33]. Competition and Market Position - The company is subject to intense competition in the nitrogen fertilizer market, which may affect pricing and market share [33]. - The company is reliant on the natural gas market, and volatility in natural gas prices could impact its competitive position [33]. Environmental and Regulatory Risks - The company is exposed to risks from environmental regulations and compliance, which could adversely affect operations and financial results [33]. Financial Risks - As of December 31, 2025, there were no outstanding borrowings under the ABL Credit Facility or other variable rate borrowings, indicating a low exposure to interest rate risk [288]. - A hypothetical 50-basis point fluctuation in market interest rates would have resulted in a $25.6 million change in the fair value of the company's fixed-rate debt as of December 31, 2025 [289]. - Fixed-rate debt exposes the company to refinancing risks, potentially requiring new debt at higher rates upon maturity [289]. Raw Material Cost Management - The company has commitments to purchase pet coke and natural gas through short-term, fixed price, and index price purchase contracts, indicating a strategy to manage raw material costs [286]. - The company produces nitrogen-based fertilizer products year-round to meet customer demand during high-delivery-volume seasons, with inventory value subject to market risk from commodity price fluctuations [287].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number 001-35914 MURPHY USA INC. (Exact name of registrant as specified in its charter) Delaware 46-2279221 (Sta ...

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