Financial Data and Key Metrics Changes - For the full year 2025, the company delivered $293 million of adjusted EBITDA with tax attributes, nearly a 30% increase year-over-year [5] - Restricted debt was reduced by more than $220 million, and net recourse leverage improved from 8.2x to 4.9x [5] - The company eliminated its 2026 and 2027 debt maturities, significantly improving its financial durability [6] Business Line Data and Key Metrics Changes - The Specialty Products and Solutions segment generated $88.5 million in adjusted EBITDA for the quarter and $291.8 million for the full year, reflecting strong commercial excellence initiatives [16] - Montana Renewables segment had an adjusted EBIT of -$5.4 million for Q4 and positive $31.3 million for the full year, despite challenging market conditions [19] - The Performance Brands segment achieved adjusted EBIT of $5.4 million for the quarter and $47.9 million for the full year, marking the third consecutive year of growth [18] Market Data and Key Metrics Changes - Operating costs at Montana Renewables averaged $0.41 per gallon in the second half of the year, a 60% improvement over two years ago [10] - Specialty sales volumes exceeded 20,000 barrels per day during every quarter of the year, indicating strong market demand [9] - The regulatory environment for biofuels is improving, with expectations for a stronger Renewable Volume Obligation (RVO) to enhance industry utilization and margins [12] Company Strategy and Development Direction - The company aims to execute the MaxSAF 150 project safely, on time, and on budget, while continuing to improve cost levels and leverage its early mover advantage in Sustainable Aviation Fuel (SAF) [23] - The focus remains on driving durable free cash flow and enhancing deleveraging while expanding specialties and executing the MaxSAF 150 strategy [23] - The company is committed to operational excellence and anticipates further opportunities for earnings expansion through reliability gains and customer-focused growth [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory uncertainties and emphasized the importance of being a low-cost provider [27] - The outlook for the renewable diesel market is cautiously optimistic, with expectations for a thoughtful ramp-up in production as the RVO is clarified [36] - Management highlighted the importance of maintaining operational efficiency and cost discipline to sustain margins in a volatile market [22] Other Important Information - The company plans capital expenditures of $115 million to $145 million for 2026, primarily due to a heavy turnaround year [15] - The Montana Asphalt segment is expected to continue producing in the $30 million to $50 million EBIT range, supported by improved asphalt margins [21] Q&A Session Summary Question: Can you talk about the macro setup and operational level at MaxSAF? - Management acknowledged regulatory uncertainty but emphasized their position as a low-cost provider and the durability added by the MaxSAF project [27][29] Question: What are your views on the RINs market and utilization? - Management noted that the industry is currently running at variable margins and that the return of idle plants will depend on the RVO [33][36] Question: When should we expect capacity ramp-up at full scale for MaxSAF? - Management indicated that they expect to ramp up to the 120-150 million gallon run rate in the second half of the year following the turnaround [44] Question: How does feedstock pricing impact SAF contracts? - Management explained that they have successfully linked feedstock pricing to contracts and have access to a broad range of feedstocks [48] Question: What is enabling the Specialty margin to sustain higher levels? - Management attributed the strong specialty margins to commercial excellence initiatives and improving production reliability [54]

This Presentation has been prepared by Calumet, Inc. (the "Company," "Calumet," "we," "our" or like terms) as of February 27, 2026. The information in this Presentation includes certain "forward-looking statements." These statements can be identified by the use of forward-looking terminology including "may," "intend," "believe," "expect," "anticipate," "estimate," "forecast," "outlook," "continue" or other similar words. The statements discussed in this Presentation that are not purely historical data are f ...

Core Viewpoint - AES Corporation is experiencing a positive trend in stock price targets and is expected to show double-digit growth in earnings and revenue due to grid upgrades and increased power demand driven by AI advancements [2][3][4]. Group 1: Company Overview - AES Corporation operates globally in power generation and utility sectors, utilizing various fuels and technologies including coal, gas, hydro, wind, solar, and biomass [1]. - The company is involved in renewable energy initiatives such as energy storage and landfill gas [1]. Group 2: Analyst Sentiment and Price Targets - The consensus price target for AES's stock has increased from $16.45 a year ago to $18.33, indicating a significant upward revision in analysts' expectations [2]. - Morgan Stanley has set a price target of $32.5 for AES, suggesting a positive outlook for the stock [3][4]. Group 3: Growth Expectations - AES is expected to report double-digit growth in both earnings and revenue in its upcoming Q4 earnings release [3]. - The anticipated growth is attributed to significant grid upgrades and an increase in power demand [3]. Group 4: Investment Considerations - Investors should consider changes in analyst sentiment, the company's financial health, market position, and growth prospects in the evolving energy sector [5]. - The upcoming earnings report is viewed as a critical event that could influence the stock's trajectory [5].

Key Takeaways: Regeneron will extend its title sponsorship of the Regeneron Science Talent Search (STS) for a second decade, continuing its partnership with Society for Science to support the United States’ oldest and most prestigious science and mathematics competition for high school seniorsSince the start of Regeneron’s sponsorship in 2017 through this year’s STS, Regeneron and the Society have engaged and inspired more than 20,000 of the nation’s top young scientists, recognized 3,000 as Regeneron schol ...

Income-focused investors are also getting a solid stream of cash. AES offers an annual dividend yield of about 4.33% on a $0.70 per-share payout, with the most recent quarterly dividend at $0.176 on Jan. 30, 2026. The forward payout ratio is a relatively low 33.60%, and the company has raised its dividend for 12 straight years, paying quarterly and topping the sector’s average 3.75% yield, which gives room to keep growing both the business and the payout.Over the past 52 weeks, the stock is up about 47%, an ...

AB KN Energies (hereinafter – KNE, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the twelve months ended 31 December 2025. Key financial indicators for the 1-12 months of 2025: EUR millionsGroupCompany 1-12 months of 20251-12 months of 20241-12 months of 20251-12 months of 2024Revenue105.293.7<td style="width:121.8px;;vertical-align: middle; text-align: left; padding-left: 10.0px; border-bot ...

Copper exchange inventories have climbed above 1 million tons for the first time in 21 years. Meanwhile, smelter activity has slowed, China’s demand softened, yet the price remains elevated despite pulling back from January highs.The answer lies in a lack of confidence in long-term supply. The market has entered an era of electricity intensity. Therefore, copper is no longer merely a cyclical industrial input but a foundational infrastructure for the 21st-century economy.Months Vs. DecadesElectric vehicles ...

China remained the world’s largest coal producer in 2025, with coal output increasing by 2.7% year-on-year to 4.98 billion tonnes. Production was strong in the first half of the year, supported by elevated energy security concerns and steady power demand. However, growth momentum slowed in the second half as intensified safety inspections and regulatory oversight constrained output across key producing regions. Measures to curb overcapacity and manage supply discipline resulted in temporary mine suspension ...

CLP (SEHK:00002) H2 2025 Earnings call February 26, 2026 03:00 AM ET Speaker2Good afternoon. Welcome to CLP's 2025 annual results briefing. My name is Marisa, Director of Investor Relations. With me today is Chief Executive Officer, Mr. TK Cheung, and Chief Financial Officer, Mr. Alex Kaiser. We lodged our 2025 annual results with the exchange today. That announcement, as well as this presentation, is now available on the CLPIR website. This recording is also being recorded. You can access that a little bit ...

Ad hoc announcement pursuant to Article 53 LR26 February 2026 – 06:30 AMThe Feintool Group’s business performance in the 2025 financial year reflects a market environment that remains challenging, with differing dynamics across regions and technologies. The global automotive market is growing at a low single-digit rate, while shifts in climate policy and subsidy schemes – particularly in the United States – are influencing investment decisions and the pace of electrification. At the same time, demand for in ...