Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially in Q4 2025, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The Delaware Basin remained the primary growth engine, with throughput records contributing to overall performance, while the DJ and Powder River Basins are expected to see declines [11][26] - The company anticipates that natural gas throughput will remain flat year-over-year in 2026, with crude oil and NGL throughput expected to decline by low- to mid-single digits [8][26] Company Strategy and Development Direction - The company’s long-term growth strategy remains focused on mid- to low-single-digit Adjusted EBITDA growth, supported by producers' development plans and undrilled inventory [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's capabilities in produced water solutions [10][16] - The company plans to reduce its capital expenditure program for 2026 to $925 million, down from previous estimates, to align with revised producer activity levels [9][40] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility, leading to a reduction in expected activity levels from producers [5][7] - The company expects continued pricing pressure in the near term due to Waha Hub pricing challenges, but anticipates new egress solutions to alleviate some of this pressure [12][60] - Management remains confident in the long-term demand for natural gas, particularly for power generation and LNG, which is expected to drive future growth [46] Other Important Information - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with significant integration milestones completed ahead of schedule [17] - The company’s balance sheet remains strong, with net leverage around 3x throughout 2025, allowing for continued investment in growth opportunities [16][44] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that their capital deployment strategy remains unchanged, focusing on opportunities for synergies and disciplined capital allocation [52][54] Question: Can you elaborate on the Waha pricing situation? - Management indicated that they are working on commercial solutions to help customers with Waha exposure and expect new egress solutions to help stabilize pricing [60] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with overall long-term growth for gas and oil assets projected at 2%-3% [70]

Fourth Quarter 2025 Earnings Supplement February 19, 2026 | TARGA RESOURCES CORP. Forward Looking Statements + Reduction in non-controlling interests attributable to Badlands transaction and acquisition of CBF minority interest Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, include ...

Earnings Presentation 4th Quarter, 2025 February 18, 2026 Disclaimer Statement This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. All statements in this presentation other than statements of historical fact, including statements regarding projections, expected operating res ...

Financial Data and Key Metrics Changes - For the full year 2025, Brookdale achieved RevPAR growth of 5.7%, exceeding the initial guidance of 4.75%-5.75% [7] - Adjusted EBITDA for 2025 was reported at $458 million, a 19% increase year-over-year, surpassing the midpoint of the guidance range [10][29] - Adjusted Free Cash Flow for 2025 was $23 million, marking the first positive cash flow since 2020, although it fell short of the guidance of $30 million-$50 million due to timing issues [11][26] Business Line Data and Key Metrics Changes - Consolidated fourth quarter occupancy reached a weighted average of 82.5%, representing a 310 basis point improvement year-over-year [8] - The percentage of communities with occupancy below 70% decreased from 23% in Q1 2025 to 15% in Q4 2025 [9] - Communities exceeding 90% occupancy increased from 25% in Q1 2025 to 34% in Q4 2025 [9] Market Data and Key Metrics Changes - The demand for senior living is expected to grow significantly as the first baby boomers turn 80 in 2026, with a projected 4%+ compounded annual growth rate for the 80+ population over the next decade [22] - Senior housing supply growth was reported at just 0.6% at the end of 2025, indicating a historical low [22] Company Strategy and Development Direction - Brookdale's strategic priorities include excelling operationally, optimizing the real estate portfolio, reinvesting capital, reducing leverage, and elevating quality for residents and associates [11] - The company plans to reduce its consolidated portfolio to 517 communities by mid-2026, focusing on communities with the strongest long-term value creation potential [14] - Capital investment for 2026 is projected to be between $175 million and $195 million, aimed at enhancing occupancy growth and community-level NOI [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust demand outlook for senior living, driven by demographic trends and a stagnating supply of units [22] - For 2026, Brookdale is projecting RevPAR growth of 8%-9% and Adjusted EBITDA growth to between $502 million and $516 million, indicating a continuation of mid-teens growth through 2028 [23][40] - The company aims to drive leverage below 6x by the end of 2028, primarily through Adjusted EBITDA expansion [17][44] Other Important Information - The company has implemented a new regional operating structure with six leadership teams to enhance operational efficiency [12] - The introduction of the HealthPlus platform has expanded to 58 additional communities, improving resident retention and reducing hospital visits [19][57] Q&A Session Summary Question: Progress on transitioning to an operating company - Management highlighted the establishment of a dedicated COO and regional teams to enhance operational focus and performance [50] Question: Expected progress on HealthPlus - HealthPlus has been rolled out in additional communities, with positive impacts on resident retention and reduced hospital visits [57] Question: Centralized pricing strategy and rent increases - In-place rent increases for 2026 are aligned with high single digits, with favorable attrition rates observed [62][64] Question: CapEx plans and project details - Future CapEx will focus on high-impact projects, with ongoing reinvestment in real estate to maintain property value [66][68] Question: Occupancy bands and earnings potential - Management is focusing efforts on communities in the 70%-80% occupancy range to drive earnings growth [75]

Financial Data and Key Metrics Changes - For the full year 2025, Brookdale achieved a RevPAR growth of 5.7%, exceeding the initial guidance of 4.75%-5.75% [6][25] - Adjusted EBITDA for 2025 was reported at $458 million, marking a 19% increase year-over-year and surpassing the midpoint of the final guidance [9][29] - Adjusted Free Cash Flow for 2025 was $23 million, the first positive cash flow since 2020, although it fell short of the guidance of $30 million-$50 million due to timing issues [10][39] Business Line Data and Key Metrics Changes - The fourth quarter occupancy rate reached a weighted average of 82.5%, a 310 basis point improvement year-over-year, and 83.5% on a same-community basis [6][32] - Communities with occupancy below 70% decreased from 23% in Q1 2025 to 15% in Q4 2025, while those exceeding 90% occupancy increased from 25% to 34% [8][9] Market Data and Key Metrics Changes - The demand for senior living is expected to grow significantly as the first baby boomers turn 80 in 2026, with a projected 4%+ annual growth in the population aged 80 and above [20][22] - The supply growth of senior housing was only 0.6% at the end of 2025, indicating a strong trend toward increasing occupancy in the industry [21][22] Company Strategy and Development Direction - Brookdale's strategic priorities include excelling operationally, optimizing the real estate portfolio, reinvesting capital, reducing leverage, and elevating quality for residents and associates [10][12] - The company plans to reduce its consolidated portfolio to 517 communities by mid-2026, focusing on those with the strongest long-term value creation potential [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust demand outlook for senior living, driven by demographic trends and a stagnating supply of units [20][22] - For 2026, Brookdale projects RevPAR growth of 8%-9% and Adjusted EBITDA growth to between $502 million and $516 million, indicating a continuation of positive trends [22][41] Other Important Information - The company has implemented a new regional operating structure with six distinct leadership teams to enhance operational efficiency [11][12] - Brookdale's Net Promoter Score (NPS) has improved significantly, indicating better service delivery quality and resident satisfaction [18] Q&A Session Summary Question: Progress on transitioning to an operating company - Management highlighted the establishment of a dedicated COO and regional teams to enhance operational focus and performance [50][51] Question: Expected progress on Health Plus - Health Plus was rolled out in 58 additional communities in 2025, with plans to fill gaps in markets and improve resident retention [56][58] Question: Centralized pricing strategy and rent increases - In-place rate increases for 2026 are expected to be in the high single digits, with attrition rates remaining favorable [63][65] Question: CapEx plans and project details - Non-development CapEx is projected to increase, focusing on high-impact projects that drive occupancy and NOI [66][68] Question: Occupancy bands and earnings potential - Management is focusing efforts on communities in the 70%-80% occupancy band to drive them above 80%, which is crucial for profitability [75][77]

Core Viewpoint - Carvana's stock experienced a decline following the release of mixed fourth-quarter results, with significant revenue growth but profits falling short of expectations [1][2]. Financial Performance - Carvana reported fourth-quarter revenue of $5.60 billion, exceeding the estimated $5.27 billion, marking a 58% increase year-over-year [1]. - Retail units sold reached 163,522, surpassing the estimated 157,226, also reflecting a 58% increase [1]. - Adjusted EBITDA was reported at $511 million, below the expected $535.7 million, with an adjusted EBITDA margin of 10.1%, missing the 10.4% estimate [2]. Market Reaction - Following the results, Carvana's shares fell by 3% in early trading and had previously dropped as much as 20% in after-hours trading [2]. - Analysts have mixed reactions, with some suggesting to maintain positions in the stock despite the volatility [5][6]. Future Outlook - Carvana anticipates significant growth in retail units sold and adjusted EBITDA for the full year 2026, with expectations of sequential increases in Q1 2026, assuming stable market conditions [3]. - The company did not provide specific estimates for Q1 results, leading to uncertainty among investors [2]. Cost Considerations - The fourth-quarter results were affected by higher reconditioning costs for vehicles, with expectations of continued elevated costs in Q1, although higher profit per unit is projected [4]. Strategic Positioning - Carvana's CEO emphasized the company's growth trajectory, aiming to sell 3 million cars annually with adjusted EBITDA margins of 13.5% by 2030-2035 [5]. - Analysts noted the company's strategy of prioritizing market share over margin expansion, which may influence investor sentiment [6]. Controversies - Carvana's stock faced pressure earlier in the year due to allegations from short seller Gotham City Research, claiming the company overstated earnings by not fully disclosing benefits received from DriveTime, potentially inflating earnings by about $1 billion for 2023 and 2024 [7].

Core Viewpoint - Carvana's stock declined significantly after reporting mixed fourth-quarter results, with revenue exceeding estimates but profits falling short [1][2]. Financial Performance - Carvana reported revenue of $5.60 billion, surpassing the estimated $5.27 billion, marking a 58% increase year-over-year [1]. - Retail units sold reached 163,522, exceeding the estimated 157,226, also reflecting a 58% increase [1]. - Adjusted EBITDA was reported at $511 million, below the expected $535.7 million, with an adjusted EBITDA margin of 10.1%, missing the 10.4% estimate [2]. Market Reaction - Following the results, Carvana's shares fell by 7% in early trading and had previously dropped as much as 20% in after-hours trading [2]. - Analysts have mixed reactions, with some recommending to maintain positions in the stock despite the volatility [6][7]. Future Outlook - Carvana anticipates significant growth in retail units sold and adjusted EBITDA for the full year 2026, with expectations of sequential increases in Q1 2026, assuming stable market conditions [3]. - The company did not provide specific estimates for Q1 results, leading to concerns about its outlook [2]. Cost Considerations - The CEO noted that Q4 results were affected by higher reconditioning costs for vehicles, with expectations of continued high costs in Q1, although higher profit per unit is projected [4]. Strategic Goals - The company aims to become the fastest-growing and most profitable automotive retailer, targeting the sale of 3 million cars annually with adjusted EBITDA margins of 13.5% by 2030-2035 [5].

NYSE: DTM Safe Harbor Statement This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions ...

Q4 2025 EARNINGS PRESENTATION February 19, 2025 Q4 & FY 2025 FEBRUARY 19, 2026 Cushman & Wakefield 1 CAUTIONARY NOTE ON FORWARD LOOKING STATEMENTS All statements in this presentation other than historical facts are forward -looking statements, which rely on a number of estimates, projections and assumptions concerning future events. Such statements are also subject to a number of uncertainties and factors outside the control of the Cushman & Wakefield Ltd. (the "Company"). Such factors include, but are no t ...

Q4 2025 PRESENTATION February 19, 2026 Disclaimer Forward-Looking Statements These presentational materials and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance", the negative ...