The following is an update to the third quarter 2025 outlook and gives an overview of our current expectations for the third quarter. Outlooks presented may vary from the actual third quarter 2025 results and are subject to finalisation of those results, which are scheduled to be published on October 30, 2025. Unless otherwise indicated, all outlook statements exclude identified items.  See appendix for the definition of the non-GAAP measure used and the most comparable GAAP measure. Integrated Gas $ billio ...

Core Viewpoint - Brady Corporation reported strong financial results for the fourth quarter and fiscal year 2025, highlighting significant sales growth driven by acquisitions and product investments, despite a decline in net income compared to the previous year [1][4][5]. Financial Results for the Quarter Ended July 31, 2025 - Sales increased by 15.7% to $397.3 million, with organic sales growth of 2.4%, acquisition-related growth of 11.3%, and a 2.0% increase from foreign currency translation [2][9]. - Income before income taxes was $60.5 million, down from $68.2 million in the same quarter last year, while adjusted income before income taxes rose by 5.1% to $74.2 million [3][9]. - Net income decreased to $49.9 million from $55.5 million year-over-year, with diluted EPS at $1.04 compared to $1.15 previously; however, adjusted diluted EPS increased to a record $1.26 from $1.19 [4][9]. Financial Results for the Year Ended July 31, 2025 - Annual sales rose by 12.8% to $1.51 billion, with organic growth of 2.6% and a 10.5% increase from acquisitions [5][7]. - Income before income taxes for the year was $237.1 million, down from $247.8 million, while adjusted income before income taxes increased by 8.7% to $279.5 million [6]. - Net income for the year was $189.3 million, down from $197.2 million, with diluted EPS at $3.94 compared to $4.07; adjusted diluted EPS reached a record $4.60, up from $4.22 [7][9]. Regional Sales Performance - In the Americas & Asia, sales increased by 14.1%, with organic growth of 4.3%, while Europe & Australia saw an 18.8% increase, despite a 1.3% organic sales decline [2][5]. - For the fiscal year, sales in the Americas & Asia grew by 12.1%, with organic growth of 4.8%, while Europe & Australia experienced a 14.3% increase, with an organic decline of 1.8% [5][9]. Strategic Commentary - The company emphasized the success of new product investments, particularly in the Americas & Asia, and noted the strategic acquisitions of Gravotech and Mecco to enhance its product portfolio [8][10]. - Brady Corporation returned $96.4 million to shareholders through dividends and share repurchases while investing heavily in research and development [10][9]. Fiscal 2026 Guidance - The company anticipates GAAP earnings per diluted Class A Nonvoting Common Share to range from $4.55 to $4.85, representing a 15.5% to 23.1% increase compared to the previous year [11]. - Adjusted diluted EPS is expected to range from $4.85 to $5.15, indicating a 5.4% to 12.0% increase from the prior year [12].

Core Insights - Aris Mining Corporation reported strong financial and operational results for Q2 2025, highlighting record adjusted EBITDA and net earnings, alongside significant cash growth [1][5][6]. Financial Performance - Total gold production reached 58,652 ounces, a 7% increase from Q1 2025 and a 19% increase from Q2 2024 [6]. - Gold sold totaled 61,024 ounces, up 12% from Q1 2025 and 23% from Q2 2024 [5][6]. - Record revenue of $200.2 million, representing a 30% increase from Q1 2025 and a 75% increase from Q2 2024 [5]. - Adjusted EBITDA was $98.7 million, up 48% from Q1 2025 and nearly triple compared to Q2 2024 [5][6]. - Adjusted net earnings were $47.8 million or $0.27 per share, the highest since the company's formation, up from $0.16 per share in Q1 2025 and $0.08 per share in Q2 2024 [5][6]. Operational Performance - Average realized gold price increased to $3,303 per ounce sold, compared to $2,855 in Q1 2025 and $2,313 in Q2 2024 [4][5]. - Segovia operations produced 51,527 ounces with an average gold grade of 9.85 g/t [4][6]. - The all-in sustaining cost (AISC) increased to $1,681 per ounce, primarily due to higher gold prices affecting costs related to materials and royalties [6]. Growth and Expansion - The commissioning of the second mill at Segovia in June 2025 is expected to enhance production in H2 2025, targeting annual production of 210,000 to 250,000 ounces this year and 300,000 ounces next year [12][19]. - Significant investments were made in growth capital, totaling $36.7 million, with $23.6 million allocated to the Marmato Bulk Mining Zone [5][12]. - The Marmato Bulk Mining Zone construction is progressing well, with first ore and production ramp-up expected in H2 2026 [12][19]. Cash Flow and Capital Structure - Cash balance increased to $310 million as of June 30, 2025, up from $240 million at the end of Q1 2025, driven by strong cash flow generation [5][12]. - The expiry of ARIS.WT.A warrants simplified the capital structure and eliminated a source of non-cash earnings volatility [5][12].

2Q25 Supplemental Slides1 John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Table of contents | Topic | Page No. | | --- | --- | | Net income (loss) to adjusted earnings | 3 | | Adjusted earnings by segment and Corporate & Other (C&O) | 4 | | Variable investment income (VII) | 5 | | Direct expense ratio | 7 | | Cash & capital | 8 | | Appe ...

Financial Data and Key Metrics Changes - The company reported operating cash flow of $262 million for the second quarter, marking it as the second-best cash flow quarter in the company's history [6] - Revenue for the second quarter increased by 22% year-over-year to $1.37 billion, the highest revenue for both the second quarter and first half since February 2009 [6][18] - Operating income rose by 89% to $76 million, reflecting strong performance and contributions from higher-margin projects [7] - GAAP EPS for the second quarter was $0.38, significantly up from $0.02 in the same quarter last year, while adjusted EPS was $1.41 compared to $0.34 for the previous year [9][22] - The backlog reached a record $21.1 billion, up 102% year-over-year and 9% sequentially [6][11] Business Line Data and Key Metrics Changes - Civil segment revenue was $734 million, up 34% from $546 million last year, with construction operations income increasing by 85% to $140 million [18][19] - Building segment revenue increased by 11% to $462 million, with construction operations income rising from $5 million to $22 million [19] - Specialty Contractors segment revenue was $177 million, up 9%, but posted a loss of $18 million compared to a loss of $8 million last year [20] Market Data and Key Metrics Changes - The company noted strong project execution activities in various newer higher-margin projects, contributing to revenue growth [19] - The backlog includes significant projects in California and the Indo-Pacific region, indicating a robust pipeline for future growth [12][14] Company Strategy and Development Direction - The company is focused on being selective in project bidding, targeting opportunities with favorable contractual terms and higher margins [14][52] - Management emphasized the importance of proper project setup for successful execution of major projects, which are expected to drive substantial growth and profitability [14] - The company plans to issue share-settled equity instead of cash-settled awards to limit future earnings volatility [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver substantial growth and profitability, with expectations for strong operating cash flow continuing into 2025 and beyond [15][16] - The outlook remains positive, with anticipated GAAP EPS and adjusted EPS in 2026 and 2027 expected to be significantly higher than the upper end of the increased guidance for 2025 [16] - Management does not foresee significant impacts from tariffs on business operations and confirmed that major projects in backlog are funded and authorized [17][66] Other Important Information - The company has reduced its costs and estimated earnings in excess of billings (CIE) to $856 million, the lowest level in eight years [10][23] - Total debt decreased by 21% to $419 million, with cash exceeding total debt for the first time since 2010 [23] Q&A Session Summary Question: Any major project closeouts expected in 2025? - Management indicated that there are only two significant projects nearing completion, which will be offset by new projects ramping up and generating revenue [32][35] Question: What were the drivers behind better-than-expected first-half results? - The quicker ramp-up of projects, reduced CIE, and fewer write-downs contributed to the better performance [37][38] Question: What is the expected cash flow for the upcoming quarters? - The company anticipates operating cash flow to be between $350 million and $500 million, exceeding previous expectations [40] Question: Is the company seeing less competitive bidding? - Management confirmed minimal competition, with often only one other bidder for large projects [73] Question: How is the project funnel looking? - The company sees significant opportunities in California, the Indo-Pacific region, and the Midwest, while remaining selective in bidding [51][52]

Core Viewpoint - OR Royalties Inc. reported strong financial results for Q2 2025, with significant increases in revenues, cash flows, and net earnings compared to the same period in 2024, indicating a positive trajectory for the company and its operations in the precious metals sector [4][5][27]. Financial Performance - Revenues from royalties and streams reached $60.4 million, up from $47.4 million in Q2 2024, reflecting a year-over-year increase of approximately 27.5% [5][27]. - Cash flows generated by operating activities were $51.4 million, compared to $38.2 million in Q2 2024, marking a 34.5% increase [5][29]. - Net earnings for the quarter were $32.4 million, or $0.17 per basic share, a significant recovery from a net loss of $15.4 million, or $0.08 per basic share, in Q2 2024 [5][27]. Operational Highlights - The company is on track to meet its 2025 annual guidance of 80,000-88,000 gold equivalent ounces (GEOs), with a stronger second half anticipated [4]. - The first royalty payments were received from Cardinal Namdini Mining's Namdini gold mine and Talisker Resources' Bralorne gold mine, contributing to the overall GEOs earned [5]. - The company completed acquisitions, including a 100% silver stream on Orla Mining Ltd.'s South Railroad project for $13 million and a basket of royalties from Sable Resources for C$3.8 million ($2.8 million) [5]. Balance Sheet and Liquidity - As of June 30, 2025, OR Royalties had a cash balance of $49.6 million and outstanding debt of $35.7 million, indicating a strong liquidity position [5][25]. - The revolving credit facility was increased to $650 million, with an uncommitted accordion of $200 million, extending the maturity date to May 30, 2029 [5]. Dividend Declaration - The company declared a quarterly dividend of $0.055 per common share, representing a 20% increase over the previous quarterly dividend, payable on July 15, 2025 [5].

Financial Performance - Q3 FY25 adjusted earnings were $001 per share, compared to $(014) in Q3 FY24[8] - The company affirms FY25 adjusted EPS guidance range of $440 to $460[8] - Q3 YTD FY25 capex reached $700 million, driven by Gas Utility investment[26] - The company raised FY25 capex target to $875 million from $840 million[26] Strategic Initiatives - The company entered into an agreement to acquire the Piedmont Natural Gas Tennessee business from Duke Energy for $248 billion[8] - Combined investment opportunities related to the Piedmont Natural Gas Tennessee acquisition are estimated at $44 billion over five years (2025-2029)[10] - The company's 10-year capex plan remains at $74 billion (FY25-FY34)[8, 30] Regulatory Updates - A unanimous settlement agreement was filed on August 4, 2025, in the Missouri rate case, projecting a $210 million annual revenue increase[8, 15] - The Missouri Public Service Commission (MoPSC) approved $190 million in Infrastructure System Replacement Surcharge (ISRS) revenues, effective May 2025[8] - The new rates in Missouri are expected to be effective October 24, 2025, leading to an average residential customer bill increase of approximately 11%, or around $9 per month[15] Growth Outlook - The company maintains a long-term adjusted EPS growth target of 5-7%, using the original FY24 guidance midpoint of $435 as a base[8, 9]

Core Insights - Spire Inc. reported adjusted earnings per share of $0.01 for the third quarter of fiscal 2025, an increase of $0.15 compared to the previous year, driven by improved performance across all segments [1][7] - The company reaffirmed its fiscal 2025 adjusted earnings guidance range of $4.40 to $4.60 per share, indicating confidence in sustainable growth and long-term value creation [2][17] - Spire announced the acquisition of Piedmont Natural Gas Tennessee business for $2.48 billion, expected to close in the first quarter of calendar 2026, which is anticipated to enhance its regulated utility footprint and financial performance [3][7] Financial Performance - For the third quarter ended June 30, 2025, Spire reported a net income of $20.9 million, or $0.29 per diluted share, compared to a loss of $12.6 million, or $(0.28) per share, in the same period last year [7][25] - Adjusted earnings for the third quarter were $4.1 million, or $0.01 per share, compared to a loss of $4.3 million, or $(0.14) per share, in the prior year [7][27] - The Gas Utility segment reported an adjusted loss of $10.0 million, an improvement from a loss of $11.0 million in the previous year, while Gas Marketing and Midstream segments saw adjusted earnings of $5.3 million and $16.2 million, respectively [5][11][12] Segment Analysis - The Gas Utility segment's contribution margin increased by $4.2 million, primarily due to higher Infrastructure System Replacement Surcharge revenues, despite lower usage net of weather mitigation [8][15] - Gas Marketing adjusted earnings increased significantly from $1.0 million to $5.3 million, attributed to the business being well-positioned to create value [11] - Midstream adjusted earnings rose from $13.9 million to $16.2 million, driven by higher storage earnings due to additional capacity and asset optimization [12][16] Strategic Initiatives - The acquisition of Piedmont Natural Gas Tennessee is seen as a strategic fit that supports long-term adjusted earnings per share growth of 5-7% [3][7] - The company filed a unanimous stipulation and agreement in the Spire Missouri rate case, which is pending approval by the Missouri Public Service Commission, reflecting a commitment to reliable and affordable energy [4][7] - Spire's capital investment target is set at $7.4 billion over the next 10 years, focusing on infrastructure upgrades and new business in the Gas Utility segment, with fiscal 2025 capital expenditures increased to $875 million from $840 million [18][17]

Core Insights - Kimberly-Clark Corporation (KMB) reported second-quarter 2025 results that exceeded Zacks Consensus Estimates for both revenue and earnings, although both metrics declined compared to the previous year [1][2] Financial Performance - Adjusted earnings per share (EPS) were $1.92, surpassing the Zacks Consensus Estimate of $1.68, but reflecting a 2% year-over-year decline due to reduced adjusted operating profit and net income from equity companies [3] - Total sales amounted to $4,163 million, a 1.6% decrease from $4,231 million in the prior-year quarter, yet beating the Zacks Consensus Estimate of $4,057 million [4] - Organic sales grew by 3.9%, driven by a 5% increase in volume, partially offset by a 1.2% impact from strategic pricing investments [5] Margin and Profitability - Adjusted gross margin was 36.9%, down 180 basis points year-over-year, primarily due to unfavorable pricing net of cost inflation and planned investments [6] - Adjusted operating profit fell 2.2% to $713 million, attributed to lower gross profit, although partially offset by reductions in marketing and general expenses [7] Segment Performance - North America segment net sales were $2,730 million, down 1.9% year-over-year, with organic sales increasing by 4.3% driven by a 5.2% volume increase [9] - International Personal Care segment net sales reached $1,433 million, up 0.4%, with organic sales growth of 3.3% supported by strong volume growth of 4.8% [11][12] Financial Health - The company ended the quarter with cash and cash equivalents of $634 million, long-term debt of $6,470 million, and total stockholders' equity of $1,403 million [13] - For the first half of the year, cash provided by operations was $1,097 million, with capital spending of $401 million and $944 million returned to shareholders through dividends and share buybacks [13] Future Outlook - Kimberly-Clark raised its guidance for 2025, expecting organic sales growth to outpace market averages, despite anticipated negative impacts from currency translation and divestitures [15][16] - Adjusted EPS is projected to grow at a low-to-mid single-digit rate on a constant-currency basis, reflecting various headwinds including divestitures and currency translation [17][18]

Financial Performance & Guidance - Ameren's adjusted diluted EPS for the second quarter of 2025 was $1.01, compared to $0.97 in 2024[16] - For the first six months of 2025, the adjusted diluted EPS was $2.08, compared to $1.99 in 2024[16] - The company reaffirmed its 2025 diluted EPS guidance range of $4.85 to $5.05[18, 51] - The company expects a compound annual EPS growth of 6% to 8% from 2025-2029, using the midpoint of the 2025 EPS guidance range ($4.95) as the base[43, 68] Capital Investments & Rate Base - The company invested over $2 billion YTD in electric, natural gas, and transmission infrastructure[8] - Planned infrastructure investment from 2025-2029 is $26.3 billion[43, 37] - The company expects a rate base CAGR of approximately 9.2% from 2024-2029[43, 41, 68] - The company has a strong long-term infrastructure pipeline of over $63 billion from 2025-2034[38, 68] Ameren Missouri Growth & Initiatives - Ameren Missouri expects approximately 5.5% sales CAGR from 2025-2029, primarily driven by data centers[23] - The 2025 Preferred Resource Plan assumes load growth of 1 GW by the end of 2029 and 1.5 GW by the end of 2032[23] - The company filed for MoPSC approval of a proposed rate structure for large load customers requesting 100+ MW of load[31] Regulatory & Legislative Matters - The company expects to sell and transfer additional energy tax credits worth approximately $300 million per year on average to benefit customers[79] - In July 2025, an updated request for a $60 million reconciliation adjustment to the 2024 revenue requirement was made for electric distribution in Illinois[63] - In July 2025, an updated request to a $135 million annual base rate increase was made for natural gas distribution in Illinois[66]