Fourth Quarter 2025 Earnings Presentation The Chefs' Warehouse, Inc. 1 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs' Warehouse, Inc. (the "Company") that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which ...

Core Insights - Evolution Petroleum Corporation reported a significant improvement in net income and a 41% increase in adjusted EBITDA to $8.0 million for the fiscal second quarter ended December 31, 2025, alongside the declaration of its 15th consecutive cash dividend of $0.12 per share [1][2][25]. Financial & Operational Highlights - Average production increased by 6% year-over-year to 7,380 barrels of oil equivalent per day (BOEPD) [2][6]. - Total revenues rose by 2% to $20.7 million compared to $20.3 million in the same quarter last year, driven by a 6% increase in production and a 22% rise in realized natural gas prices [10][11]. - Net income was reported at $1.1 million, a turnaround from a net loss of $1.8 million in the prior year [14]. - Adjusted net income improved to $0.3 million from a loss of $0.8 million year-over-year [14][15]. - Adjusted EBITDA increased by 41% to $8.0 million, attributed to higher natural gas revenues and reduced lease operating costs [15][19]. Production & Pricing - The average realized price for crude oil decreased by 16% to $55.42 per barrel, while natural gas prices increased by 22% to $3.32 per thousand cubic feet (MCF) [17][18]. - Total production included approximately 2,098 BOPD of crude oil, 4,065 BOEPD of natural gas, and 1,217 BOEPD of natural gas liquids (NGLs) [17]. Development & Acquisitions - The company expanded its mineral and royalty platform, completing four acquisitions in the Haynesville-Bossier Shale for a total estimated net consideration of $4.5 million, adding approximately 321 net royalty acres [6][19]. - The acquisitions are expected to enhance cash flow and dividend coverage, with a payback period of under three years [6][19]. Operational Efficiency - Lease operating costs improved to $11.5 million, with a per-unit cost of $16.96 per BOE, down from $20.05 per BOE in the previous year [11]. - The transition from electric submersible pumps to rod pumps in the Chaveroo field has improved lifting efficiency and stabilized production, resulting in performance trending approximately 5% above initial expectations [6][7]. Balance Sheet & Liquidity - As of December 31, 2025, the company had cash and cash equivalents of $3.8 million and outstanding borrowings of $54.5 million [23][24]. - The company paid $4.2 million in dividends during the quarter and incurred $0.9 million in capital expenditures [24].

Fourth Quarter 2025 Earnings Presentation February 5, 2026 Forward Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that these expecta ...

Financial Data and Key Metrics Changes - The company reported a strong start to fiscal Q1 2026, with revenue guidance raised by $90 million and EBITDA guidance increased by $60 million, reflecting solid performance [14][15] - EBITDA margin for the quarter was 52.4%, slightly diluted by recent acquisitions, but overall margin performance improved compared to expectations [8][17] - Free cash flow for the quarter was just under $900 million, higher than average due to timing of interest and tax payments, with a full-year guidance of approximately $2.4 billion [30][31] Business Line Data and Key Metrics Changes - Commercial OEM revenue increased approximately 17% year-over-year, driven by higher build rates from Boeing and Airbus [19][20] - Commercial aftermarket revenue grew by approximately 7%, with all submarkets experiencing positive growth, particularly in commercial transport [23] - Defense market revenue grew by approximately 7%, supported by new business wins and increased defense spending globally [25] Market Data and Key Metrics Changes - The commercial OEM market is expected to see revenue growth in the high single digits to mid-teens percentage range, contingent on production rates from Boeing and Airbus [16][22] - Commercial aftermarket growth is anticipated to be in the high single-digit percentage range, with strong bookings supporting this outlook [24] - Defense revenue growth is projected in the mid-single-digit to high single-digit percentage range, with robust bookings indicating a healthy backlog [25] Company Strategy and Development Direction - The company maintains a consistent long-term strategy focused on proprietary aerospace businesses with significant aftermarket content, aiming for private equity-like returns [5][6] - Recent acquisitions, including Stellent Systems, Jet Parts Engineering, and Victor Sierra Aviation, align with the company's strategy to enhance its aftermarket revenue and strengthen partnerships with airlines [10][11] - The capital allocation priorities remain focused on reinvesting in businesses, pursuing disciplined M&A, and returning capital to shareholders [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current fiscal year, noting favorable commercial aerospace trends and stable airline schedules [6][15] - The company is closely monitoring the aerospace and capital markets, with a focus on operational excellence and value drivers [17][28] - Despite potential risks, management believes the company is well-positioned for the remainder of fiscal 2026 [17] Other Important Information - The company ended the quarter with a cash balance of over $2.5 billion, providing significant liquidity for future capital requirements [31][33] - The net debt to EBITDA ratio improved to 5.7 times, down from 5.8, indicating a stronger financial position [31][32] Q&A Session Summary Question: How is the company thinking about profitability cadence through the year? - Management noted a stronger than expected margin performance in Q1, attributing it to a favorable mix and cost management efforts, with a conservative outlook for the remainder of the year [37][39] Question: Can you comment on distributor POS and aftermarket growth? - Management confirmed that distributor POS growth has been strong, but noted that inventory changes have created some headwinds, which are expected to turn into tailwinds as the year progresses [42][44] Question: What is the expected impact of the Jet Parts Engineering and Victor Sierra acquisitions? - Management emphasized that the acquisitions were made based on their strong business fundamentals and potential for a 20% IRR, rather than as a defensive strategy against competitors [73][74] Question: How does the company view the current M&A environment? - Management acknowledged that while acquisition prices are reflective of broader market trends, they believe the prices paid for recent acquisitions are fair and aligned with their return targets [80][81] Question: What is the outlook for the commercial OEM segment? - Management indicated that they believe they are through the destocking phase and are encouraged by the production rates from Boeing and Airbus, although risks remain in the supply chain [106][107]

Core Insights - Atkore Inc. reported net sales of $655.5 million for Q1 2026, a decrease of 0.9% compared to the previous year [1] - Net income per diluted share fell to $0.44, down $0.87 from the prior year, while adjusted net income per diluted share decreased to $0.83, down $0.80 [1] - The company’s adjusted EBITDA for the quarter was $69.1 million, a decline of 30.3% from $99.1 million in the same period last year [1] Financial Performance - Net sales decreased by $6.0 million, primarily due to lower average selling prices and the impact of divestitures, partially offset by increased sales volume [1] - Gross profit dropped by $45.2 million, or 26.4%, leading to a gross margin decrease to 19.2% from 25.9% [1] - Adjusted EBITDA margin decreased to 10.5% for the quarter, reflecting lower gross profit and increased input costs [1][5] Segment Analysis - Electrical segment net sales increased by $4.2 million, or 0.9%, attributed to higher sales volume, while adjusted EBITDA decreased by 40.4% to $55.1 million [1][5] - Safety & Infrastructure segment net sales fell by $10.5 million, or 5.3%, primarily due to lower sales volume, but adjusted EBITDA rose by 93.8% to $30.2 million [1][5] Dividend and Outlook - The Board of Directors approved a quarterly dividend of $0.33 per share, payable on February 27, 2026 [2] - The company maintains its full-year 2026 adjusted EBITDA outlook in the range of $340 million to $360 million and adjusted net income per diluted share between $5.05 and $5.55 [2]

Core Insights - Kinder Morgan, Inc. (KMI) utilizes Adjusted Net Income as a supplemental measure to provide insights into its operational performance and earnings generation capabilities [1] - Adjusted Net Income Attributable to Common Stock is calculated to allow for the determination of Adjusted EPS, which is essential for evaluating per-share performance [2] - Adjusted Segment EBDA is a key performance metric that helps management and investors understand segment contributions and performance trends [3] - Adjusted EBITDA is a critical measure for assessing leverage and comparing valuations across the industry [4] - Net Debt is calculated to evaluate leverage and is used in conjunction with Adjusted EBITDA for performance targets [7] - Free Cash Flow (FCF) is an important metric for understanding cash flow generation and leverage [9] Financial Metrics - Adjusted Net Income Attributable to Kinder Morgan, Inc. is derived from net income adjusted for certain items, providing a clearer view of ongoing operations [1] - Adjusted EPS is calculated from Adjusted Net Income Attributable to Common Stock divided by weighted average shares outstanding, reflecting per-share performance [2] - Adjusted Segment EBDA is calculated by adjusting segment earnings for certain items, providing insights into segment performance and management [3] - Adjusted EBITDA includes adjustments for DD&A, income tax expense, and interest, and is used to evaluate leverage [4] - Net Debt is determined by subtracting cash and equivalents from total debt, providing a measure of financial leverage [7] - FCF is calculated by reducing cash flow from operations for capital expenditures, offering insights into cash generation after dividends [9] Joint Ventures - Amounts associated with Joint Ventures are included in Adjusted EBITDA calculations, reflecting the performance of both consolidated and unconsolidated JVs [5][6] - Adjusted EBITDA for JVs includes similar adjustments as those for wholly-owned subsidiaries, but excludes non-controlling interests [6] Project Evaluation - Project EBITDA is calculated for individual capital projects, providing a basis for evaluating return on investment before uncontrollable expenses [8]

Core Insights - TRX Gold Corporation reported record production and strong financial performance for Q1 2026, with significant increases in gold production and revenue compared to the previous year [2][3]. Financial Performance - The company poured a record 6,597 ounces of gold and sold 6,492 ounces at an average realized price of $3,860 per ounce, generating revenue of $25.1 million and gross profit of $14.2 million, reflecting a 57% margin [2][3]. - Adjusted net income for Q1 2026 was $7.7 million, with EBITDA of $13.2 million, indicating strong cash flow and operational efficiency [3][5]. - The current ratio improved from approximately 1.3 to 1.7, demonstrating enhanced working capital position [3]. Production and Operations - The company is on track to meet its fiscal 2026 production guidance of 25,000 to 30,000 ounces of gold at a total average cash cost of $1,400 to $1,600 per ounce [3]. - The mining rate increased to 14,903 tonnes per day, with a strip ratio of 5.0, indicating improved operational efficiency [5]. Process Plant Expansion - TRX Gold is advancing plans to upgrade and expand its processing plant, with a new design expected to produce over 62,000 ounces of gold annually, financed through internally generated cash flow [3][5]. - Progress has been made on the 2,000 tonnes per day plant upgrades, with key components being procured and manufactured [3]. Exploration and Development - The company initiated its fiscal 2026 exploration program, completing a detailed ground magnetic survey to identify new drilling targets [4][3]. - The ROM stockpile increased from approximately 15,162 ounces to an estimated 19,698 ounces, indicating successful access to higher-grade ore [3]. Health and Safety - TRX Gold achieved zero lost time injuries and no reportable environmental incidents during Q1 2026, reflecting a strong commitment to health, safety, and environmental standards [7].

Core Insights - Duluth Holdings Inc. reported a net loss of $10.1 million for the third quarter of fiscal 2025, a significant improvement from a net loss of $28.2 million in the same period last year [4][27] - The company affirmed the higher end of its previously issued fiscal 2025 Adjusted EBITDA guidance, now expecting between $23 million and $25 million, while updating net sales guidance to a range of $555 million to $565 million [16] Financial Performance - Net sales decreased by $12.2 million, or 9.6%, to $114.9 million compared to $127.1 million in the prior year [7] - Direct-to-consumer net sales fell by 15.5% to $67.4 million, attributed to lower traffic, although this was partially offset by higher average order values [7] - Retail store net sales increased by 0.4% to $47.4 million, driven by two new store openings and higher average order values [7] Profitability Metrics - Adjusted EBITDA improved by $5.5 million from the previous year, reaching -$0.7 million [4] - Gross margin increased to 53.8% of net sales, up from 52.3% in the prior year, despite a $3.0 million tariff impact [8] - Selling, general, and administrative expenses decreased by $11.6 million, or 14.1%, to $70.7 million, with expenses as a percentage of net sales dropping to 61.5% from 64.8% [9][10] Inventory and Liquidity - Inventory levels decreased by $39.2 million, or 17.0%, compared to the previous year [4] - The company ended the quarter with cash and cash equivalents of $8.2 million and net liquidity of $88.6 million [11] Management Commentary - The CEO highlighted the team's efforts in improving profitability, managing expenses, and reducing inventory levels, which contributed to enhanced gross margins and improved free cash flow [4][6] - The company is focused on re-energizing and expanding its customer base while prioritizing core durable products [6]

Q3 2025 This presentation has been prepared by Auna S.A. ("Auna" or the "Company") solely for use at this presentation. This presentation is confidential to the recipient. Accordingly, any attempt to copy, summarize or distribute this presentation or any portion hereof in any form to any other party without the Company's prior written consent is prohibited. This presentation contains forward-looking statements. Forward-looking statements convey our current expectations or forecasts of future events. These s ...

Financial Performance - The company reported a net income of $45.9 million for the nine months ended September 30, 2025, compared to $37.5 million for the same period in 2024, representing an increase of 22.5% [7][12][13] - For the third quarter of 2025, net income was $18.7 million, up from $15.1 million in the same quarter of 2024, marking a 23.8% increase [13][21] - Adjusted EBITDA for the third quarter was $27.6 million, a decrease of 4.5% from $28.9 million in the same quarter of 2024 [19][12] Revenue and Utilization - Voyage revenues for the third quarter of 2025 were $38.9 million, slightly down from $39.1 million in the same quarter of 2024, a decrease of 0.5% [15][12] - The fleet maintained a utilization rate of 99.1% for the third quarter of 2025, compared to 100% in the same period of 2024 [17][12] - The Time Charter Equivalent (TCE) rate was $67,094 per day, which exceeded the cash breakeven of approximately $47,500 per day [8][12] Cash Flow and Distributions - The company generated net cash from operating activities of $26.5 million for the third quarter of 2025, an increase of 3.5% from $25.6 million in the same quarter of 2024 [24][12] - A quarterly cash distribution of $0.050 per common unit was declared, representing an annualized distribution yield of approximately 5.7% [9][12] Fleet and Contracts - The company has an estimated contracted revenue backlog of $0.88 billion, with an average remaining contract term of 5.4 years [27][12] - As of September 30, 2025, the company had 100% contracted time charter coverage for its fleet for the years 2025, 2026, and 2027 [27][12] Recent Events - The company fully redeemed 2,200,000 Series B Preferred Units on July 25, 2025, for a total payment of $55 million, funded by internal cash reserves [5][26] - The company continues to monitor the impact of geopolitical events, particularly sanctions related to the ongoing conflict in Ukraine, but currently reports no material effects on its operations [32][33]