Core Insights - Antero Resources reported a record production and financial performance for Q4 2025, with significant increases in production and cash flow metrics, setting a strong foundation for 2026 growth [1][2][5] Financial Performance - Q4 2025 Adjusted Free Cash Flow before changes in working capital was $204 million, with Adjusted EBITDAX at $422 million and net income of $194 million [1][2] - The company achieved a net production average of 3.5 Bcfe/d, a 2% increase from the previous year, and realized a pre-hedge natural gas equivalent price of $3.97 per Mcfe, a $0.42 premium to NYMEX [1][2] Production and Operational Highlights - Antero set operational records, averaging 16.1 stages per day over an entire pad and placing 18 Marcellus wells to sales with an average lateral length of 12,500 feet [2] - The company plans to increase production to an average of 4.1 Bcfe/d in 2026, supported by a $1 billion capital budget, including $900 million for maintenance and $100 million for additional drilling activities [1][2] Strategic Acquisitions - The acquisition of HG Energy, completed ahead of schedule, is expected to enhance Antero's competitive positioning and increase its dry gas exposure, contributing to a larger production base [1][2] - The company also plans to divest its Ohio Utica Shale assets, with the transaction expected to close by the end of February 2026 [1][2] Reserves and Development Plans - As of December 31, 2025, Antero's estimated proved reserves increased by 7% to 19.1 Tcfe, with 61% being natural gas and 38% NGLs [2] - The five-year development plan includes 296 gross proved undeveloped (PUD) locations, with an estimated future development cost of $2.3 billion for 4.7 Tcfe of proved undeveloped reserves [2] Capital Expenditure and Guidance - Antero's 2026 capital budget includes $1 billion for drilling and completion, with potential discretionary growth capital of up to $200 million based on commodity prices [1][2] - The company anticipates first quarter 2026 production to average approximately 3.8 Bcfe/d, increasing to 4.1 Bcfe/d in the second quarter due to the full contribution from the HG Energy acquisition [1][2]

EXHIBIT 99.2 2 | 3 | Highlights | | --- | --- | | 4 | Customer Metrics | | 7 | Financial Metrics | | 13 | Capital Structure | | 14 | Guidance | | 15 | Contacts | | 16 | Financial and Operational Tables | (1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported. (2) Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flo ...

2025 Fourth Quarter and Full-Year Results February 11, 2026 Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 2 Forward Looking Statements The presentation includes certain "forward-looking statements" (including 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) regarding, among other things, the plans, strategies, outcomes, outlooks, and prospects, both business and financial, of Smurfit Westrock ...

4Q25 Earnings Call Investor Relations Contacts Blake Fernandez Vice President, Investor Relations Blake.Fernandez@plains.com Ross Hovde Director, Investor Relations Ross.Hovde@plains.com Investor Relations 866-809-1291 plainsIR@plains.com 2 February 6, 2026 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Plains All Am ...

Core Insights - MPLX LP reported a fourth-quarter 2025 net income of $1,193 million, an increase from $1,099 million in the fourth quarter of 2024, with adjusted EBITDA rising to $1,804 million from $1,762 million in the same period [1][5]. Financial Performance - For Q4 2025, MPLX generated $1,496 million in net cash from operating activities, $1,417 million in distributable cash flow, and $1,567 million in adjusted free cash flow [2]. - The full year 2025 saw MPLX generate $5.9 billion in net cash from operating activities, $5.8 billion in distributable cash flow, and $1.0 billion in adjusted free cash flow, compared to $5.9 billion, $5.7 billion, and $3.9 billion in 2024 respectively [3]. - The company announced a distribution of $1.0765 per common unit for Q4 2025, resulting in a distribution coverage of 1.3x for the quarter [2][5]. Growth and Investments - In 2025, MPLX invested over $4 billion to grow its natural gas and NGL value chains and plans to execute growth anchored in the Permian and Marcellus basins in 2026 [4]. - The company is advancing its strategic initiatives to meet the growing demand for natural gas and NGLs, aiming for mid-single digit adjusted EBITDA growth [4]. Segment Performance - The Crude Oil and Products Logistics segment's adjusted EBITDA increased by $52 million in Q4 2025 compared to Q4 2024, driven by a FERC tariff ruling and higher rates [9]. - The Natural Gas and NGL Services segment's adjusted EBITDA decreased by $10 million in Q4 2025, primarily due to a reduction associated with the divestiture of non-core assets and lower natural gas liquids prices [11]. Capital Expenditure and Future Outlook - MPLX's capital spending outlook for 2026 is $2.7 billion, with $2.4 billion allocated for growth and $300 million for maintenance [13]. - The company is focusing on expanding its Permian to Gulf Coast integrated value chain and investing in processing capacity in response to producer demand [13]. Financial Position - As of December 31, 2025, MPLX had $2.1 billion in cash and a leverage ratio of 3.7x, with cash flows supporting a leverage range of 4.0x [18]. - The partnership repurchased $100 million of common units in Q4 2025, with approximately $1.1 billion remaining under its unit repurchase authorizations [19].

Core Insights - Karooooo reported strong third-quarter fiscal 2026 results, highlighting accelerating annual recurring revenue (ARR) growth, record subscriber additions, and continued profitability despite increased sales and marketing spending [4][6][7] Financial Performance - Total revenue for the quarter was ZAR 1,410 million, up 22%, with subscription revenue at ZAR 1,239 million, up 20% [1] - Operating profit increased 14% to ZAR 369 million, and earnings per share rose 11% to ZAR 8.55 [1] - Adjusted free cash flow increased 28% to ZAR 239 million, with year-to-date adjusted free cash flow up 37% to ZAR 597 million [7] Subscriber Growth - Total subscribers increased 16% to approximately 2.6 million, with a record net addition of about 111,000 during the quarter [2][6] - Commercial customer ARR retention remained at 95%, with subscription revenue representing 97% of contract revenue [1] ARR Growth - ARR increased 22% year over year to ZAR 5,106 million, and on a U.S. dollar basis, it rose 28% to $298 million [3][6] - This marked the fourth consecutive quarter of ARR growth acceleration [3] Segment Performance - Cartrack, the company's SaaS operations management platform, was the primary driver of growth, with revenue increasing 21% to ZAR 1,275 million [9] - Karooooo Logistics reported delivery-as-a-service revenue of ZAR 135 million, up 24%, with an operating profit margin of 7% [12] Regional Trends - In South Africa, subscription revenue growth accelerated to 21%, accounting for 72% of total Cartrack subscription revenue [13] - Average revenue per user (ARPU) in South Africa increased 7% to 162 ZAR [14] - In Europe, subscribers increased 16% to about 223,000, with subscription revenue rising 24% [15] Outlook - Management raised its fiscal 2026 Cartrack subscription revenue outlook to ZAR 4,785 million to ZAR 4,900 million, implying growth of 18% to 21% [16] - The company cautioned that the appreciation of the South African rand has created a currency translation headwind [17]

Core Viewpoint - Goodfood Market Corp. reported financial results for the first quarter of fiscal 2026, indicating a focus on stabilizing the business amidst challenging market conditions, achieving a gross margin of 42.3%, positive adjusted EBITDA, and adjusted free cash flow of $1.2 million [2][6]. Financial Performance - Net sales for the first quarter were $27.5 million, a decrease of 21% from $34.7 million in the same period last year [5]. - Gross profit was $11.6 million, down 15% from $13.7 million year-over-year, with a gross margin improvement of 2.7 percentage points [5][6]. - The company reported a net loss of $2.6 million, compared to a loss of $1.7 million in the previous year, with a basic and diluted loss per share of $0.03 [5][6]. Operational Insights - The company is focusing on tighter cost controls and improved execution, with a clear strategy to build a more resilient operating model [3][4]. - An operational review is underway to prioritize profitable demand and enhance capital deployment [4]. - The leadership transition is nearly complete, emphasizing the protection of margins and disciplined capital allocation [4]. Cash Flow and Capital Structure - Cash flows from operating activities were $1.4 million, with an adjusted free cash flow of $1.2 million for the quarter [6][10]. - The total net debt increased to $26.9 million, with a total net debt to adjusted EBITDA ratio of 4.92, up from 2.59 the previous year [11]. Strategic Outlook - Goodfood aims to generate consistent cash flows through meal solutions and is broadening its platform via acquisitions, with Genuine Tea being the first acquisition [13][15]. - The company is focused on enhancing product variety and stabilizing revenue through new offerings like Heat & Eat and Genuine Tea products [14][16]. - Future growth avenues will include selective acquisitions to strengthen the business and improve cost and margin structures [4][15]. Market Trends - The meal solutions category, particularly meal kits, is under pressure, and the company does not anticipate a near-term recovery [3]. - Seasonal trends affect net sales and expenses, with expectations of lower sales during winter holidays and summer seasons [17].

Acquisition Highlights - Talen is investing $3.45 billion in Lawrenceburg, Waterford, and Darby assets [6] - ECP is supporting the acquisition with approximately $900 million in Talen equity [6] - The acquisition is expected to be immediately >15% accretive to Adjusted Free Cash Flow (FCF) per share [6, 17, 19] - The acquisition diversifies Talen's generation portfolio with the addition of approximately 2.62 GW of efficient natural gas assets [6] Financial Metrics - The acquisition represents a 6.6x 2027E Adjusted EBITDA multiple with approximately 85% unlevered free cash flow conversion [6] - The purchase price consists of approximately $2.55 billion in cash and approximately $900 million in Talen equity, with 2.4 million shares to be issued to ECP (~5% of expected pro forma equity) [17] - The transaction is expected to generate more than $1 billion in nominal tax shield benefits [17] - Talen aims to achieve <3.5x net leverage target by year-end 2026 [6, 17] Portfolio Impact - The acquisition adds approximately 2.6 GW of PJM gas capacity in Ohio and Indiana [8] - The acquired assets are expected to generate approximately 15.7 TWh of electricity in 2024 [11] - Pro forma annual generation is expected to approximately double after recent acquisitions, reaching ~71 TWh [14]

Core Viewpoint - Snowflake, Inc. reported strong adjusted free cash flow (FCF) and maintained its 25% FCF margin guidance for the full fiscal year, which could lead to a 22% higher price target for its stock at $276.49 per share [1]. Financial Performance - For fiscal Q3 ended October 31, Snowflake achieved a 29% year-over-year revenue growth and a 57% increase in adjusted free cash flow [4]. - The trailing 12-month adjusted FCF was $833.5 million, representing 19% of the $4,387 million trailing 12-month revenue, which is below the management's guidance of 25% [5]. Future Projections - Analysts forecast Q4 sales of $1.26 billion, and assuming a 42% adjusted FCF margin, the projected full-year adjusted FCF would be $939.66 million, resulting in a 20.2% adjusted FCF margin, which is still below the 25% guidance [7]. - The historical Q4 margins have been high, with last year's margin at 43% of sales, suggesting potential for meeting the 25% guidance if client renewals are strong [5].

Core Insights - Ionik Corporation reported Q3 2025 financial results, showcasing significant growth in revenue and adjusted EBITDA, driven primarily by recent acquisitions [1][5][6] Financial Performance - Revenue reached $48.9 million, marking an 18% increase from $41.4 million in Q3 2024, attributed to the acquisitions of Nimble5, LLC and Rise4 Inc. [5][6] - Gross profit increased by 26% to $20.8 million, with a gross profit margin of 42%, compared to 40% in Q3 2024 [5] - Adjusted EBITDA was $9.2 million, a 56% increase year-over-year, although it saw a slight decrease of 3% from Q2 2025 [5][6] - Adjusted Free Cash Flow was reported at $9.1 million, up from $5.4 million in Q3 2024, with a conversion rate of 98% [5][6] Debt Management - The company reduced its total undiscounted debt by $5.2 million, bringing the total to $112.4 million as of September 30, 2025 [5][6] - Senior debt net of cash stood at $68.5 million, down from $74.6 million at the end of Q2 2025 [5][6] Cash Position - Cash balance increased to $6.0 million as of September 30, 2025, compared to $5.1 million at the end of Q2 2025 [5][6] Management Commentary - The CEO highlighted the strong financial performance, operational streamlining, and positive outlook for the upcoming seasonally strong quarter [6]