Caesars Entertainment Investor Presentation February 17, 2026 Forward Looking Statements Certain information in this presentation constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts and by the use of words such as "will," "may," "expect," "project," "positioned," or the negative or other variations thereof or comparable terminology. In ...

Core Insights - EQT Corporation reported strong financial and operational results for Q4 and full year 2025, with significant increases in production, cash flow, and reserves, while providing optimistic guidance for 2026 [1][2][3] Financial Performance - Q4 2025 total sales volume reached 609 Bcfe, a slight increase from 605 Bcfe in Q4 2024, with an average realized price of $3.44 per Mcfe, up from $3.01 [1] - Full year 2025 total sales volume was 2,382 Bcfe, compared to 2,228 Bcfe in 2024, with an average realized price of $3.19 per Mcfe, up from $2.74 [2] - Net income attributable to EQT for Q4 2025 was $677 million, compared to $418 million in Q4 2024, and for the full year, it was $2,039 million, significantly up from $231 million in 2024 [1][2] - Free cash flow attributable to EQT for Q4 2025 was $744 million, up from $580 million in Q4 2024, and for the full year, it was $2,503 million, compared to $684 million in 2024 [2] Operational Highlights - Proved reserves increased by 7% year-over-year to 28.0 Tcfe, with a total standardized measure of discounted future net cash flows of $21 billion [1][2] - The company achieved record operational efficiencies, including the fastest quarterly completions pace and the most lateral footage drilled in 24 and 48 hours [1] - Production uptime during Winter Storm Fern was approximately twice as good as peers in Appalachia, demonstrating resilience in challenging conditions [1] 2026 Guidance - The company expects to exit 2026 with approximately $4.7 billion in net debt and projects free cash flow of around $3.5 billion for the year [1][2] - Production forecast for 2026 is set between 2,275 and 2,375 Bcfe, with maintenance capital expenditures estimated at $2,070 to $2,210 million [1][2] - Growth capital expenditures for 2026 are planned at $580 to $640 million, focusing on high-return infrastructure projects [1][2] Strategic Moves - EQT increased its ownership in the Mountain Valley Pipeline (MVP) from approximately 49% to 53% through a $115 million acquisition [1][3] - The company has increased its hedge percentage for 2026 from 7% to 25%, with collars set at average floor and ceiling prices of $3.94 and $5.70 per MMBtu, respectively [1]

Core Insights - Huntsman Corporation reported a net loss of $96 million for Q4 2025, an improvement from a net loss of $141 million in Q4 2024, with revenues decreasing to $1,355 million from $1,452 million year-over-year [1][2][3] - Adjusted EBITDA for Q4 2025 was $35 million, down from $71 million in the same quarter of the previous year, indicating a challenging market environment [1][2] - The company generated $77 million in net cash from operating activities in Q4 2025, with free cash flow dropping to $20 million from $108 million in Q4 2024 [1][2] Financial Performance - Revenues for the full year 2025 were approximately $5.683 billion, down from $6.036 billion in 2024 [1][2] - The adjusted net loss for the full year 2025 was $121 million compared to an adjusted net loss of $13 million in 2024 [1][2] - The diluted loss per share for Q4 2025 was $0.56, compared to $0.82 in Q4 2024, while the adjusted diluted loss per share was $0.37, up from $0.25 [1][2] Segment Analysis - In the Polyurethanes segment, revenues decreased by 8% to $897 million in Q4 2025, primarily due to lower average selling prices, although sales volumes increased in the Americas and Asia [1][2] - The Performance Products segment saw a 6% revenue decline to $224 million, attributed to lower average selling prices amid competitive pressures [1][2] - Advanced Materials segment revenues fell by 4% to $243 million, driven by lower sales volumes despite higher average selling prices [1][2] Liquidity and Capital Resources - As of December 31, 2025, Huntsman had approximately $1.3 billion in combined cash and unused borrowing capacity [1][2] - Capital expenditures for Q4 2025 were $57 million, slightly higher than $51 million in Q4 2024, with expectations for similar levels in 2026 [1][2] Tax and Effective Rates - The effective tax rate for Q4 2025 was -1%, with an adjusted effective tax rate of -14% [1][2]

Core Insights - Republic Services, Inc. reported strong financial results for the fourth quarter and full year of 2025, with net income of $545 million for Q4 and $2.14 billion for the full year, reflecting increases from the previous year [1][2] - The company generated cash flow from operations of $4.30 billion and adjusted free cash flow of $2.43 billion in 2025, exceeding guidance [1][2] - For 2026, Republic Services expects continued growth, with projected adjusted free cash flow between $2.520 billion and $2.560 billion and revenue anticipated in the range of $17.050 billion to $17.150 billion [1][2] Financial Performance - Q4 2025 net income was $545 million, or $1.76 per diluted share, compared to $512 million, or $1.63 per diluted share in Q4 2024, marking an increase of 11.4% in adjusted EPS [1][2] - Full-year 2025 net income was $2.14 billion, or $6.85 per diluted share, up from $2.04 billion, or $6.49 per diluted share in 2024 [1][2] - Adjusted EBITDA for 2025 was $5.31 billion, with an adjusted EBITDA margin of 32.0%, an increase of 90 basis points from the previous year [1][2] Revenue and Growth - Total revenue for Q4 2025 was $4.136 billion, a 2.2% increase from Q4 2024, driven by a 3.7% growth in average yield on total revenue [1][2] - For the full year 2025, total revenue reached $16.591 billion, reflecting a 3.5% growth, with organic growth from recycling and waste business contributing 3.2% [1][2] - The average recycled commodity price per ton sold decreased to $135 in 2025, down $29 from the previous year [1][2] Shareholder Returns - The company returned $1.6 billion to shareholders in 2025, including $854 million in share repurchases and $738 million in dividends [1][2] - A quarterly dividend of $0.625 per share was declared for shareholders of record on April 2, 2026, to be paid on April 15, 2026 [1][2] Strategic Investments - Republic Services invested $1.1 billion in acquisitions in 2025 and plans to invest approximately $1 billion in acquisitions in 2026 [1][2] - The company completed nine renewable natural gas projects in 2025 and commenced operations at its Polymer Center in Indianapolis [1][2] 2026 Financial Guidance - The company anticipates adjusted diluted earnings per share in the range of $7.20 to $7.28 for 2026 [1][2] - Expected adjusted EBITDA for 2026 is projected to be between $5.475 billion and $5.525 billion [1][2] - Revenue growth from average yield on total revenue is expected to be in the range of 3.2% to 3.7%, with a volume decline of approximately 1.0% [1][2]

Core Viewpoint - Vulcan Materials reported strong financial performance in 2025, with significant growth in operating cash flow and Adjusted EBITDA, despite facing challenges in single-family residential demand and mixed end-market dynamics [4][6]. Financial Performance - Shipments totaled approximately 227 million tons, a 3% increase for the full year, driven by prior-year acquisitions, although same-store shipments were slightly lower [1] - The company generated over $1.8 billion in operating cash flow, up 29% year over year, with free cash flow rising more than 40% after $678 million in capital expenditures [2] - Adjusted EBITDA for 2025 was $2.3 billion, a 13% increase from the prior year, with an EBITDA margin expansion of 160 basis points to 29.3% [3][6] Pricing and Profitability - Aggregates mix-adjusted price improved by 6% for the full year and 5% in Q4, with cash gross profit per ton increasing by 7% for the year [1] - Aggregates cash gross profit per ton reached $11.33, meeting the company's target range of $11–$12 [3] 2026 Guidance - Management guided for Adjusted EBITDA of $2.4–$2.6 billion in 2026, with aggregates shipments expected to grow by 1–3% and freight-adjusted prices to rise by 4–6% [5][15] - The company anticipates continued shareholder returns and an active M&A agenda [5] Market Dynamics - Public infrastructure demand remains strong, while single-family residential activity is weaker than expected, impacting volumes and pricing [4][6] - Highway starts in Vulcan markets are growing at three times the overall U.S. rate, with significant unspent IIJA funding expected to support future growth [12] Capital Allocation and Shareholder Returns - The company returned $260 million to shareholders via dividends and $438 million through share repurchases, supported by strong cash generation [17] - Vulcan ended 2025 with a net debt to Adjusted EBITDA ratio of 1.8x, having redeemed $400 million of 2025 notes and paid down $550 million of commercial paper [17] M&A Activity - 2025 focused on integrating two large acquisitions, with expectations for a more active M&A environment in 2026, potentially expanding beyond current geography [18]

Financial Data and Key Metrics Changes - The consolidated adjusted EBITDA for 2025 was $219.2 million, down $53.6 million from the prior year, primarily due to changes in contract and spot coke sales, lower economics on the Granite City contract extension, and lower handling volumes [5][10] - The fourth quarter net loss attributable to SunCoke was $1 per share, down $1.28 compared to Q4 2024, mainly driven by one-time items totaling $0.85 per share net of tax [8][9] - Full year net loss attributable to SunCoke was $0.52 per share, down $1.64 from 2024, influenced by one-time items including non-cash asset impairment charges [8][9] Business Line Data and Key Metrics Changes - The domestic coke business delivered full-year adjusted EBITDA of $170 million, down $64.7 million from the prior year, impacted by contract and spot coke sales mix and the Algoma breach [10] - The industrial services segment, including Phoenix Global, delivered full-year adjusted EBITDA of $62.3 million, an increase of $11.9 million year-over-year, primarily due to the addition of Phoenix Global [11] - Corporate and other expenses increased by $800,000 year-over-year to $13.1 million, reflecting results from legacy coal mining and Brazil coke-making businesses [11] Market Data and Key Metrics Changes - The domestic coke segment is expected to deliver adjusted EBITDA between $162 million and $168 million in 2026, with sales of approximately 3.4 million tons [16][18] - Industrial services adjusted EBITDA is projected to be between $90 million and $100 million in 2026, reflecting expectations for improved market conditions [19][20] Company Strategy and Development Direction - The company plans to utilize free cash flow to support capital allocation priorities, including paying down revolver balance and maintaining dividends [22][23] - The integration of Phoenix Global is progressing well, with expectations for growth potential in this business [7][23] - The company aims to maintain strong safety and environmental performance, which is central to delivering high-quality coke and industrial services [22] Management's Comments on Operating Environment and Future Outlook - Management anticipates a meaningful recovery in 2026, supported by an optimized coke fleet and extended coke-making contracts [15] - The company expects consolidated adjusted EBITDA to be between $230 million and $250 million in 2026, with a focus on deleveraging and maintaining a gross leverage target below 3x [15][21] - Management highlighted the impact of ongoing litigation with Algoma, expecting to recover losses from the breach of contract [28][30] Other Important Information - The company returned approximately $41 million to shareholders via dividends in 2025 and plans to continue this in 2026 [7] - Capital expenditures for 2025 were $66.8 million, slightly below the revised guidance of $70 million [13] Q&A Session Summary Question: Status of litigation with Algoma - Management confirmed they are pursuing arbitration against Algoma for breach of contract and expect to prevail [28][30] Question: EBITDA contribution from Phoenix Global - Management affirmed the anticipated annual EBITDA contribution from Phoenix Global is still expected to be around $60 million, with synergies of $5 million-$10 million [32] Question: Haverhill One closure and potential reopening - Management stated that Haverhill One could be restarted but would require significant capital investment and about 12-18 months [42] Question: Impact of Middletown turbine failure - Management indicated that the turbine failure will have a $10 million impact in the first quarter, with no earnings from power production until it is operational again [46][48] Question: Expected improvement in tons handled in the industrial segment - Management noted that guidance includes a full year of the new KRT contract and modest recovery across both KRT and CMT [52]

SunCoke Energy, Inc. Q4 & FY 2025 Earnings and 2026 Guidance Conference Call Forward-Looking Statements 2 This presentation should be reviewed in conjunction with the fourth quarter and full-year 2025 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on February 17, 2026 at 11:00 a.m. ET. This presentation contains "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Fo ...

Q4 2025 Earnings February 17, 2026 Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET's 4th quarter 2025 earnings conference call. On the call, members of management may make statements about future events, outlook and expectations related to Sunoco LP (SUN), SunocoCorp LLC (SUNC), USA Compression Partners, LP (USAC), and ET (collectively, the Partnerships), and their subsidiaries and this presentation may contain stateme ...

Core Insights - Orion S.A. reported a full year 2025 net sales of $1.8 billion, a 4% decrease from the previous year, driven by a 7% decline in price and a 5% decline in volume, with a net loss of $70 million [1][2][5] - The company faced challenges from high levels of lower-tier tire imports and soft demand in key industrial markets, particularly in the second half of 2025 [1][2] - Orion implemented cost rationalization and inventory reduction measures to mitigate financial pressures, achieving an adjusted EBITDA of $248 million for the year [1][2] Financial Performance - Full Year 2025: - Net sales: $1,806.7 million, down from $1,877.5 million in 2024 [2][5] - Adjusted EBITDA: $248 million, down from $302.2 million in 2024 [2][5] - Net loss: $70.1 million compared to a profit of $44.2 million in 2024 [2][5] - Free cash flow: $55 million, an improvement from a negative $43 million in 2024 [2][5] - Fourth Quarter 2025: - Net sales: $411.7 million, a 5% decline year-over-year [1][2] - Adjusted EBITDA: $55 million, down from $61.7 million in Q4 2024 [2][5] - Net loss: $21.1 million compared to a profit of $17.2 million in Q4 2024 [2][5] Segment Performance - Specialty Carbon Black: - Full year net sales decreased by 4% due to lower demand and the pass-through effect of lower oil prices [2] - Adjusted EBITDA decreased by 14% year-over-year [2] - Rubber Carbon Black: - Full year net sales decreased by 3%, primarily due to lower oil prices, despite a 4% increase in volume [2] - Adjusted EBITDA decreased by 20% year-over-year, impacted by unfavorable regional mix [2] Operational Highlights - The company generated $69 million in cash from working capital in 2025, contributing to positive free cash flow [1][2] - Orion was awarded a Platinum rating by EcoVadis, placing it in the 99th percentile of assessed companies [1] - The company improved plant reliability by 200 basis points in 2025, enhancing operational efficiency [1] Outlook - For 2026, Orion established an adjusted EBITDA guidance range of $160 million to $200 million and a free cash flow guidance range of $25 million to $50 million [2] - The company anticipates subdued operating rates from key customers and a lack of pronounced demand recovery in the near term [2]

Core Insights - Farmer Brothers Coffee Co. reported a challenging second quarter for fiscal 2026, with a focus on improving operational costs and maintaining a gross margin above 35% despite economic pressures [2][11]. Financial Performance - Net sales for the second quarter were $88.9 million, a decrease of $1 million or 1% compared to the same period last year [11]. - Gross profit was $32 million, representing a gross margin of 36.3%, down from $38.8 million or 43.1% in the prior year [11]. - Operating expenses totaled $36.4 million, accounting for 40.9% of net sales, a reduction from $37.8 million or 42% in the same quarter of the previous year [11]. - The company reported a net loss of $4.9 million, compared to a net income of $200,000 in the prior year [11]. - Adjusted EBITDA was $484,000, significantly lower than $5.9 million in the second quarter of fiscal 2025 [11]. Balance Sheet and Liquidity - As of December 31, 2025, the company had $4.2 million in unrestricted cash and cash equivalents, with an additional $24.6 million available under its revolving credit facility [4]. Company Overview - Farmer Brothers Coffee Co. is a national coffee roaster and distributor, offering a range of products including organic and sustainably produced coffee, tea, and culinary products [8][9]. - The company serves a diverse customer base, including independent restaurants, large institutional buyers, and grocery chains [9].