Financial Data and Key Metrics Changes - In Q4 2025, the company recorded net income attributable to common stockholders of $10.4 million or $0.09 per diluted share, with adjusted EBITDA of $118 million, a 19% increase from the prior quarter [25] - Operating cash flow from continuing operations was $69 million for the quarter and $336 million for the full year, ending the year with $575 million in cash and total liquidity above $900 million [25][26] - The company met or exceeded original guidance for seven of eight volume and cost metrics for the full year [26] Business Line Data and Key Metrics Changes - Seaborne Thermal delivered 3.3 million tons, exceeding expectations, with realized export pricing averaging $81.80 per ton, up 7% from Q3 [26] - Seaborne metallurgical shipped 2.5 million tons, up 400,000 from Q3, with realized pricing at $113 per ton consistent with expectations [27] - U.S. Thermal contributed $63 million of adjusted EBITDA in Q4, with nearly $250 million for the full year against only $57 million of CapEx [28] Market Data and Key Metrics Changes - Benchmark pricing for seaborne metallurgical coal rose to its highest mark in 18 months, increasing 15% from $190 per ton at the beginning of Q4 [16] - Coal fuel generation in the U.S. was up an estimated 13% year-over-year in 2025, significantly outpacing production growth of 4% [20][21] - Asian countries continue to add coal generation capacity, with China adding 80 GW of new capacity in 2025 [19] Company Strategy and Development Direction - The Centurion Mine is positioned as a cornerstone asset to maximize long-term shareholder value, expected to ship an average of 4.7 million tons per year of premium hard coking coal [5][7] - The company aims to reweight its portfolio toward higher-margin metallurgical coal and is actively pursuing renewable projects and critical mineral opportunities [7][10] - The focus for 2026 includes achieving full operational performance at Centurion, maintaining strong EBITDA to CapEx margins, and prioritizing shareholder returns [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving market fundamentals and the strategic positioning of the company amid favorable coal market conditions [3][14] - The company anticipates continued strength in both domestic thermal and seaborne metallurgical coal markets, driven by supply-demand dynamics and government policies [15][19] - Management highlighted the importance of coal in U.S. energy policy and its role in meeting energy demands amid constraints on other energy sources [12][13] Other Important Information - The company has invested approximately $750 million in the development and expansion of the Centurion Mine, enhancing its leverage to premium hard coking coal markets [33] - The company is exploring opportunities in rare earth and critical minerals, with promising concentrations identified in its testing program [10][11] Q&A Session Summary Question: What do you assume for the Australian dollar in the cost guide? - The company is looking at an Australian dollar exchange rate of $0.70 [39] Question: How much CapEx is potentially still left for Centurion development? - Approximately $100 million a year in development for the northern part for the next three years, plus $25 million a year in sustaining capital in the south [40] Question: How should we think about pricing in 2027 and beyond? - There is potential for favorable pricing in 2027 as there is still a lot of contracting to be done [44] Question: What are the drivers for the increase in seaborne thermal costs? - The increase is primarily due to lower production volumes, particularly at Wilpinjong [49] Question: How should we think about the cadence of shipments as the year progresses? - The first quarter is expected to be weaker due to mine sequencing, with improvements anticipated in Q2 and Q3 [54]

Financial Data and Key Metrics Changes - For 2025, the company exceeded its adjusted earnings per share guidance, delivering $3.61 per share, which is an increase of over 8% from 2024's actual result [10] - The company raised its annual guidance for 2026 by $0.03, now expecting earnings per share between $3.83 and $3.90, representing 6%-8% growth from 2025 actual results [11][22] - The company has a target dividend payout ratio of approximately 55% over time, continuing its practice of growing dividends for over 20 years [12] Business Line Data and Key Metrics Changes - The utility segment is expected to provide $4.28-$4.33 of adjusted earnings per share, driven by normal weather and constructive regulatory outcomes [23] - Northstar is anticipated to contribute $0.25-$0.30 to earnings per share, benefiting from favorable capacity contracts and renewable projects [23] Market Data and Key Metrics Changes - The company reported that its residential natural gas rate is 28% below the national average, reflecting its commitment to affordability [10] - The company has seen a 3% load growth in Michigan, with expectations of 2%-3% growth over the five-year plan [56] Company Strategy and Development Direction - The company has received approval for a 20-year renewable energy plan, providing approximately $14 billion of customer investment opportunity over the next decade [5][8] - The company is focused on maintaining affordability while making significant investments in infrastructure, with a five-year $24 billion utility customer investment plan [12][15] - The company is actively pursuing data center opportunities, with a large load tariff designed to protect existing customers while attracting new business [4][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a constructive outcome in the pending electric and gas rate cases, expecting a return on equity (ROE) of 9.9% or better [9][53] - The management highlighted the importance of a constructive regulatory environment in Michigan, which supports long-term investments and customer benefits [7][8] Other Important Information - The company has invested over $1 billion in gas infrastructure to ensure reliable service during cold weather [6] - The company has achieved significant savings for customers through its energy efficiency programs, amounting to approximately $1.2 billion [17] Q&A Session Summary Question: Update on data center opportunities - Management reported progress in discussions with data centers and highlighted the importance of the large load tariff in attracting these customers [35][36] Question: Clarification on the growth plan and its components - Management explained that the data center investments are not included in the current plan, but they expect a low double-digit compound annual growth rate (CAGR) when considering additional opportunities [38][41] Question: Concerns about authorized returns and regulatory feedback - Management expressed confidence in achieving a ROE of 9.9% or better, dismissing concerns about the recent Proposal for Decision as an outlier [50][53] Question: Impact of Integrated Resource Plan on capacity needs - Management clarified that the Integrated Resource Plan will address capacity gaps and that additional load growth will require significant investment [54][56]

Financial Data and Key Metrics Changes - For 2025, the company exceeded its adjusted earnings per share guidance, delivering $3.61 per share, which is an increase of over 8% from 2024's actual result [10] - The company raised its annual guidance for 2026 by $0.03, now expecting earnings per share between $3.83 and $3.90, representing 6%-8% growth from 2025 actual results [11][22] - The company has a target dividend payout ratio of approximately 55% over time, continuing a trend of dividend growth for over 20 years [12] Business Line Data and Key Metrics Changes - The utility segment is expected to provide $4.28-$4.33 of adjusted earnings per share, driven by normal weather and constructive regulatory outcomes [23] - Northstar is projected to contribute $0.25-$0.30 to earnings per share, benefiting from favorable capacity contracts and renewable projects [23] Market Data and Key Metrics Changes - The company reported that its residential natural gas rate is 28% below the national average, reflecting a balance between system investment and customer affordability [10] - The company aims to keep residential bills below the national average and Midwest average, with recent electric bill increases among the lowest in the country [17][18] Company Strategy and Development Direction - The company has received approval for a 20-year renewable energy plan, providing approximately $14 billion of customer investment opportunities over the next decade [5][8] - A five-year $24 billion utility customer investment plan has been outlined, with increased investments in electric generation and gas delivery systems [12][15] - The company is focusing on customer affordability while making significant infrastructure investments, leveraging operational efficiencies to save customers money [17][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a constructive outcome in the pending electric and gas rate cases, expecting a return on equity (ROE) of 9.9% or better [9][53] - The management highlighted a strong regulatory environment in Michigan, which supports long-term investments and customer benefits [8][9] - The company is optimistic about the growth potential from data centers and manufacturing customers, with ongoing discussions and agreements in place [19][20] Other Important Information - The company has invested over $1 billion in gas infrastructure improvements to ensure reliability and safety for customers [6] - The company has a strong focus on energy efficiency, with programs expected to save customers approximately $1.2 billion [17] Q&A Session Summary Question: Update on data center opportunities - Management reported progress in discussions with data centers, with a growing pipeline and positive indicators for the Large Load Tariff [36][75] Question: Clarification on the financial plan and growth expectations - Management explained that the data center investments are not included in the current financial plan, but they expect a low double-digit CAGR when considering additional opportunities [42][45] Question: Concerns about authorized returns and regulatory feedback - Management expressed confidence in achieving a constructive outcome in the rate case, emphasizing the strong justification for capital investments and operational needs [50][53] Question: Capacity needs and Integrated Resource Plan (IRP) - Management clarified that the IRP will address capacity gaps and that additional load from data centers would lead to increased rate base growth [56][58]

Core Insights - Equinor reported adjusted operating income of $6.2 billion for Q4 2025, a decrease from $7.9 billion in Q4 2024 [1] - The company's net operating income fell to $5.49 billion from $8.74 billion year-over-year, while net income was $1.31 billion compared to $2 billion in the previous year [1] - Adjusted earnings per share increased to $0.81 from $0.63 in Q4 2024 [1] Financial Performance - The financial results were influenced by lower liquids prices, partially offset by higher US gas prices and increased production volumes [2] - Production on the Norwegian Continental Shelf rose by 5% compared to Q4 2024, driven by new fields and wells such as Johan Castberg and Halten East [2] - US onshore asset production increased due to acquisitions made in late 2024 [2] Segment Performance - The E&P International segment saw a decline in production due to exits from Nigeria and Azerbaijan, and a halt and partial sale of Brazil's Peregrino field, although new wells in Argentina and Angola contributed positively [3] - Renewable power generation grew to 1.76 terawatt-hours (TWh) for the quarter and reached 5.65 TWh for the year, supported by the Dogger Bank A offshore wind farm and onshore projects [3] Cash Flow and Expenditure - Operating cash flows before taxes and working capital adjustments were $9.55 billion for the quarter, with cash flow from operations after taxes at $3.31 billion for the period and $18 billion for the year [4] - Organic capital expenditure for the quarter was $3.29 billion, totaling $13.1 billion for the year [4] - Net debt to capital employed adjusted stood at 17.8% at the end of the quarter [4] Future Outlook - Equinor forecasts organic capital expenditure of around $13 billion for 2026 and targets oil and gas production growth of approximately 3% [5] - The company aims to maximize value from the Norwegian Continental Shelf while focusing on growth in its international oil and gas portfolio and integrated power business [6] - A recent gas and condensate discovery was made in the Norwegian North Sea's Sissel prospect in January 2026 [6]

Financial Data and Key Metrics Changes - For Q1 2026, adjusted EBITDA increased by $8.1 million, or nearly 11%, totaling $83.4 million compared to the prior year [7][10] - Net income for the first quarter was $38 million, equating to $0.59 per common unit [10] - Total gross margin for the first quarter was $238.6 million, an increase of $16.1 million, or 7.2%, driven by higher propane volume sold and increased propane unit margins [12] Business Line Data and Key Metrics Changes - Retail propane gallons sold totaled 100 million, reflecting a 4.2% increase compared to the prior year [10] - Average daily renewable natural gas (RNG) injection increased both sequentially and year-over-year due to operational enhancements at the Stanfield, Arizona facility [7][8] Market Data and Key Metrics Changes - Average temperatures during the first quarter were 6% warmer than normal and 6% colder than the prior year, impacting demand variably across regions [11] - Wholesale propane prices remained in the $0.60 per gallon range, down from $0.90 per gallon a year ago [12] Company Strategy and Development Direction - The company is focused on long-term strategic growth plans, including the acquisition of two propane businesses in California and progressing capital projects to grow RNG production [9][17] - The company aims to maintain a strong balance sheet while investing in sustainable and renewable fuel markets [17] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of colder weather on heat-related demand and expressed confidence in meeting customer needs despite challenges from harsh weather [6][16] - The company remains committed to growing its core propane business while leveraging competencies to expand into alternative, lower carbon fuels [17] Other Important Information - The Board of Supervisors declared a quarterly distribution of $0.325 per common unit, equating to an annualized rate of $1.30 per common unit [16] - The company borrowed $115.4 million under its revolving credit facility to fund seasonal working capital needs [14] Q&A Session Summary - No questions were posed during the Q&A session, and the call concluded without further inquiries [18][20]

EARNINGS REPORT PRESENTATION 2025 YEAR END February 5, 2026 © 2026 Xcel Energy Inc. 1 SAFE HARBOR Except for the historical statements contained in this presentation, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2026 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated ...

Core Insights - The fiscal 2026 heating season has started positively, with colder weather in the Northeast, Mid-Atlantic, and Midwest driving heat-related demand, which offset warmer temperatures in the West [1] - The company reported a 4% increase in volumes sold and an 11% increase in adjusted EBITDA for the first quarter compared to the previous year [4] Financial Performance - Net income for the first quarter was $46.6 million, or $0.70 per common unit, compared to $38 million, or $0.59 per common unit in the prior year [8] - Adjusted EBITDA for the first quarter was $83.4 million, an increase of $8.1 million or 10.8% year-over-year [9] - Retail propane gallons sold totaled 110.2 million gallons, a 4.2% increase compared to the prior year [9] Weather Impact - Average temperatures during the first quarter were 6% warmer than normal but 6% colder than the prior year [10] - In the Eastern US, temperatures were in line with normal and 12% cooler than the prior year, while the Western US experienced temperatures 24% warmer than normal [10] Commodity Prices and Inventory - Average wholesale propane prices for the first quarter were $0.66 per gallon, a 14% decrease compared to the prior year [10] - US propane inventories were reported at 89 million barrels, 34% higher than a year ago and 28% above historical averages [11] Operational Developments - The company has made operational enhancements at its Stanfield, Arizona facility, leading to increased RNG injection [5] - Capital spending for the quarter was $19.8 million, with $6.8 million allocated for RNG growth projects [13] Strategic Growth Initiatives - The company is focused on disciplined investment in growth, with $24 million allocated for the acquisition of two propane businesses in California and nearly $7 billion in growth CapEx for the quarter [6] - The consolidated leverage ratio improved to 4.57 times compared to 4.99 times the previous year [15] Distribution and Coverage - A quarterly distribution of $0.0325 per common unit was declared, equating to an annualized rate of $1.30 per common unit, with a distribution coverage of 2.19 times [17]

Core Viewpoint - GE Vernova's Onshore Wind business has received orders to repower 1.1 gigawatts (GW) of onshore wind turbines in the U.S. for 2025, emphasizing the company's commitment to U.S. energy security and job creation [1] Group 1: Company Developments - The repowering projects will utilize nacelles and drive trains manufactured at GE Vernova's facility in Pensacola, Florida [1] - Approximately 20 percent of the workforce at the Pensacola facility consists of veterans, highlighting the company's support for veteran employment [1] Group 2: Industry Impact - The projects contribute to U.S. energy abundance, affordability, and security, aligning with broader industry goals for renewable energy expansion [1]

Q1 FY2026 Earnings Presentation February 5, 2026 © Fluence Energy Inc. All rights reserved. | Disclaimer Forward - Looking Statements The statements herein and referenced on the Company's earnings call that are not historical facts are 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. These forward - looking statements include, with ...

Core Insights - Suburban Propane Partners, L.P. reported a significant increase in net income for the first quarter of fiscal 2026, reaching $45.8 million, or $0.69 per Common Unit, compared to $19.4 million, or $0.30 per Common Unit, in the same period of fiscal 2025 [2][3] - The company experienced a 10.8% increase in Adjusted EBITDA, amounting to $83.4 million, driven by higher volumes sold and effective management of selling prices and expenses [2][3][4] Financial Performance - Net income for Q1 fiscal 2026 was $45.8 million, a 136% increase from $19.4 million in Q1 fiscal 2025 [2][16] - Adjusted EBITDA improved by $8.1 million, or 10.8%, from the previous year [2][4] - Total gross margin increased by $13.4 million, or 5.9%, to $239.5 million, with a notable increase in propane unit margins of $0.08 per gallon, or 4.1% [4][16] Operational Highlights - Retail propane gallons sold reached 110.2 million, a 4.2% increase compared to the prior year, attributed to colder temperatures and recent acquisitions [3][4] - Average temperatures during the quarter were 6% warmer than normal but 6% cooler than the previous year, impacting heat-related demand [3][4] Strategic Developments - The company acquired two propane businesses in California for $24.0 million, enhancing its market presence [8] - A new anaerobic digester facility in Upstate New York is in the commissioning process, and construction of gas upgrade equipment in Columbus, Ohio is progressing [3][8] Debt Management - Suburban Propane refinanced $350.0 million of senior notes, extending debt maturities by nearly three years and improving financial flexibility [6][7] - The Consolidated Leverage Ratio improved to 4.57x from 4.99x year-over-year, indicating better debt management [8] Distribution Information - The Board of Supervisors declared a quarterly distribution of $0.325 per Common Unit, equating to an annualized rate of $1.30 per Common Unit, payable on February 10, 2026 [9]