PRECISION DRILLING CORPORATION February 2026 - Investor Presentation FORWARD-LOOKING STATEMENT Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities ...

Financial Data and Key Metrics Changes - For the full year 2025, revenue was $3.2 billion, reflecting an 8.7% year-over-year growth, primarily driven by the acquisition of Parker and strong international expansion [20] - Adjusted EBITDA for the full year was $913 million, an increase of $31 million compared to the prior year [20] - In the fourth quarter, consolidated revenue was $798 million, a decrease of $21 million or 2.5% sequentially, impacted by the divestiture of Quail Tools [20][21] - Adjusted EBITDA for the fourth quarter totaled $222 million, representing an EBITDA margin of 27.8%, down 110 basis points sequentially [21] Business Line Data and Key Metrics Changes - International drilling revenue was $424 million, a growth of $17 million or 4.1% sequentially, with EBITDA for the segment increasing to $131 million [22] - U.S. drilling revenue for the fourth quarter was $241 million, reflecting a 3.7% sequential decline, while EBITDA totaled $93 million, a decrease of 1% [24][25] - The Drilling Solutions segment generated revenue of $108 million in the fourth quarter, with EBITDA of $41 million, resulting in an EBITDA margin of 38.3% [28] Market Data and Key Metrics Changes - The average daily rig margin in international drilling was $17,630, a decrease of $301 sequentially, primarily due to activity disruptions in Colombia and maintenance days in Saudi Arabia [23] - In the Lower 48, the gas-directed industry rig count increased by over 20% in 2025, with Nabors' gas rig count increasing by 50% [10] - The Baker Hughes weekly Lower 48 land rig count decreased by three rigs from the end of September through December, indicating stability in the market [13] Company Strategy and Development Direction - The company aims to focus on performance excellence in the Lower 48 rig market and expand in the international drilling market, leveraging multi-year contracts and innovative technology [6][7] - The integration of Parker Wellbore is progressing well, with expectations to generate at least $70 million in Adjusted EBITDA in 2026 from retained Parker businesses [36] - The company is committed to reducing debt, having reduced net debt by over $554 million, the lowest level since 2005, which is expected to enhance free cash flow [18][44] Management's Comments on Operating Environment and Future Outlook - The management expressed caution regarding the second half of 2026 due to external market uncertainties, including oil supply exceeding demand and geopolitical tensions [8][81] - The outlook for 2026 envisions EBITDA performance matching last year's, with expected increases in several operations offsetting the impact of the Quail divestiture [18] - The company remains optimistic about the long-term picture for gas and is well-positioned to capitalize on market opportunities [51] Other Important Information - The company generated adjusted free cash flow of $132 million in the fourth quarter, significantly exceeding the revised guidance of approximately $80 million [39] - Capital expenditures for the fourth quarter were $158 million, lower than previous guidance, with expectations for 2026 capital expenditures to be in the range of $730 million to $760 million [37][38] Q&A Session Summary Question: Lower 48 outlook and increasing rig count drivers - The company is currently running 66 rigs, with a shift towards public operators and an increase in gas rig count to 20% [49] - The trend towards longer laterals is significant, with a notable increase in three- and four-mile laterals, positioning the company well in the market [50] Question: Updates on Saudi Arabia operations - The company is confident in the timelines for reactivating suspended rigs and deploying new builds, with a positive outlook for the labor market [60][62] Question: Activity in Mexico and additional rigs - The company is focused on making existing rigs profitable and is optimistic about the market's improvement and payment mechanisms [66] Question: Capital expenditures and SANAD program - The SANAD new build program is expected to have a capital expenditure of around $360 million to $380 million for 2026, with adjustments made for previous delays [67][68]

Core Insights - Goodyear's strategy in 2023 focused on cost reduction and revenue increase through divestitures, generating $2.3 billion from the sale of the Dunlop brand and other assets [3][4] - The company achieved over $1.3 billion in free cash flow in Q4, which contributed to a $1.6 billion reduction in debt compared to the previous year [4] - Goodyear's fourth quarter 2025 net sales were flat at $4.9 billion, with a full-year net sales decline of 3.2% to approximately $18.3 billion, resulting in a net loss of $1.7 billion [8] Financial Performance - Goodyear's divestitures and cash flow significantly improved its financial position, allowing for substantial debt reduction [4] - The company reported a net loss of $1.7 billion for the fourth quarter of 2025, contrasting with a net profit of $46 million in 2024 [8] - The corporate transformation plan, "Goodyear Forward," achieved $1.5 billion in savings, exceeding its initial goals [8] Operational Changes - Goodyear plans to spend approximately $130 million on various costs, including $65 million in tariffs, with additional expenses related to logistics and factory inefficiencies [7] - The company is reducing its workforce by 1,750 employees, with significant layoffs at the Danville, Virginia plant due to the elimination of commercial tire operations [5][6] - The focus of production at the Danville facility has shifted to rubber-mixing and aviation tires [6]

Financial Data and Key Metrics Changes - Adjusted EBITDA grew 61% year-over-year to $12 million, driven by consistent execution and disciplined cost management [3][10] - Total cash costs declined by $17 million over the prior year, contributing to improved operating efficiency [11][12] - Adjusted EBITDA margin improved to 9.4% from 5.3% in the prior year [12] Business Line Data and Key Metrics Changes - Digital subscription revenue reached $23 million from 609,000 digital-only subscribers, reflecting a 5% growth [10] - Total digital revenue for Q1 was over $70 million, representing over 54% of total revenue, with digital sources accounting for 71% of total advertising revenue [11][15] - Digital revenue mix improved by 330 basis points year-over-year [11] Market Data and Key Metrics Changes - Company operates in 72 markets across the U.S., providing high-quality local news and advertising [8] - Digital subscription revenue has grown significantly, more than doubling that of the nearest competitor over the past three years [14] Company Strategy and Development Direction - The company is focused on a three-pillar digital growth strategy, transitioning to a digital-first company [3][4] - A $50 million equity investment was completed to strengthen the balance sheet and improve liquidity, with plans for future deleveraging [3][5] - The goal is to reach $450 million in digital revenue by 2030, with a trajectory towards approximately 90% digital revenue by fiscal 2030 [4][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit Adjusted EBITDA growth for fiscal 2026, supported by strong first-quarter results [19] - The amended credit agreement is expected to generate approximately $18 million in annual interest savings, enhancing financial flexibility [17][18] - The company aims to continue building on digital revenue growth while managing declining legacy revenue streams [16] Other Important Information - A strategic partnership with Hudl was announced, aimed at enhancing local sports coverage and community engagement [20][21] - The company has identified $26 million in non-core assets for potential monetization to contribute to future debt reduction [18] Q&A Session Summary - No questions were received from web participants during the Q&A session [22][23]

Core Insights - The company reported strong performance in the aerospace and defense (A&D) markets, with total A&D sales increasing by 41.5% year-over-year, driven by a 21.5% rise in commercial aerospace and an 86.2% increase in defense sales [1][6] - The company achieved net sales of $461 million in the third quarter, reflecting a 17% increase from the previous year, with adjusted diluted earnings per share rising to $3.04, a 30% improvement [3][7] - The company is focused on debt reduction, having paid down $81 million during the quarter and an additional $67 million since, targeting full term-loan payoff by November 2026 [2][16] Financial Performance - Adjusted EBITDA increased to $149.6 million from $122.6 million, marking a 22% rise year-over-year [2] - Free cash flow for the quarter was reported at $99.1 million, with a free cash flow conversion rate of 147%, up from 127% the previous year [2][16] - The company guided for Q4 revenue between $495 million and $505 million, indicating a year-over-year growth of 13.1% to 15.4% [5][18] Market Dynamics - A&D gross margin was reported at 40.1% (or 42.2% adjusted), with improvements attributed to better plant efficiencies and pricing on customer contracts [8] - The backlog for A&D activities exceeded $2 billion, with potential incremental backlog of $500 million to $1 billion from extended contract awards [6][8] - Industrial revenue grew modestly by 3.1% year-over-year, with signs of improving demand in sectors such as semiconductors, food and beverage, and warehousing [10][11] Strategic Initiatives - The company plans to introduce several new industrial products through fiscal 2027, leveraging the Dodge acquisition for product development [12] - Management highlighted the importance of product availability and brand strength in the MRO sector, particularly for the Dodge brand [14] - A new service center is being opened in the Midwest to enhance customer service capabilities [12]

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Core Viewpoint - Matthews International is undergoing a strategic pivot focused on divestitures, debt reduction, and enhancing its core business in memorialization and high-value intellectual property, with significant gains from recent asset sales [3][4][6]. Financial Performance - For Q1 of fiscal 2026, Matthews reported a net income of $43.6 million, a turnaround from a net loss of $3.5 million in the previous year, primarily due to gains from divestitures [4][9]. - Consolidated sales decreased to $285 million from $402 million a year ago, with divestitures accounting for approximately $120 million of the decline [11]. - Adjusted EBITDA for the quarter was $35.2 million, down from $40.0 million, reflecting lower performance in the engineering business [11]. Debt Management - Remaining pension liabilities have significantly decreased to below $10 million from over $300 million a few years ago [1]. - Net debt as of December 31, 2025, was reported at $506 million, a reduction of $173 million in the quarter, aided by divestiture proceeds [1][6]. - The company executed early redemption of $300 million of 8.625% senior secured notes, which is expected to save about $12 million annually in interest expenses [6]. Divestitures and Strategic Focus - Matthews completed the sale of its warehouse automation business for $225 million, achieving a 15x adjusted EBITDA multiple [2]. - The sale of Saueressig, a European packaging business, for $41 million helped the company avoid significant restructuring costs and further reduce pension liabilities [2]. - The strategic pivot includes a focus on memorialization, which saw segment sales increase to $204.2 million from $190.5 million, supported by the Dodge acquisition [12]. Future Outlook - The company anticipates adjusted EBITDA guidance of at least $180 million for fiscal 2026, factoring in contributions from the Dodge acquisition and additional cost actions in the engineering business [19]. - Management expects to exit its 40% equity position in Propelis within 18 to 24 months, with anticipated synergies exceeding $60 million [5][8]. - Capital spending for fiscal 2026 is projected to be around $25 million, with a quarterly dividend of $0.255 per share declared [19].

Core Insights - Kirby Corporation reported record earnings for 2025, with strong operational and financial momentum despite seasonal challenges in the fourth quarter [4][3] - The company generated $406 million in free cash flow and returned capital to shareholders through share repurchases and debt reduction [7][3] - Kirby expects steady financial performance in 2026, with projected operating cash flow between $575 million and $675 million [19] Marine Transportation - Marine Transportation revenue for the fourth quarter was $482 million, with operating income of $100 million and operating margins in the low-20% range [1] - Inland marine market conditions improved towards the end of the quarter, with utilization nearing 90% and mixed pricing trends [7][6] - Coastal marine revenue increased by 22% year over year, supported by high utilization rates in the mid- to high-90% range [9][6] Distribution & Services - Distribution & Services revenue was $370 million in the fourth quarter, with operating income of $30 million and an operating margin of 8.1% [11] - Power generation revenue rose 47% year over year, contributing significantly to segment growth, while oil and gas revenues declined by 45% [12][13] - The segment is expected to see flat to slightly higher revenues in 2026, driven by strength in power generation [17] Financial Position - At the end of 2025, Kirby had $79 million in cash and approximately $920 million in total debt, with a debt-to-capital ratio of 21.4% [2] - The company reduced debt by roughly $130 million during the fourth quarter and had total available liquidity of about $542 million [2][7] - Capital expenditures for the fourth quarter were $47 million, with expectations of $220 million to $260 million in 2026 [19] 2026 Outlook - Kirby anticipates inland revenue growth in the low- to mid-single digits for 2026, with utilization expected to average in the low 90% range [15] - Coastal revenue growth is projected to be mid-single-digit, supported by gradual pricing improvements [16] - The company highlighted potential macro factors, such as Venezuelan oil flows and tariff developments, as sources of near-term uncertainty [14]

Q4 2025 Update January 29, 2026 Q4 2025 Highlights "The fourth quarter represented our 24th consecutive quarter of free cash flow generation, highlighting our Sustainable Business Model and consistent execution that are the cornerstones of growing our long-term per share value," commented Alan Shepard, President & CEO. "We continue to believe that our share repurchase program represents a compelling capital allocation opportunity, and as such, we are announcing an additional $2 billion share repurchase auth ...

Core Insights - AT&T Inc. reported solid fourth-quarter 2025 results with strong mobility and broadband demand trends, surpassing both adjusted earnings and revenues estimates [1][3] Financial Performance - On a GAAP basis, AT&T's net income for Q4 2025 was $3.75 billion or 53 cents per share, down from $4.03 billion or 56 cents per share in Q4 2024, primarily due to higher operating expenses [3] - For the full year 2025, AT&T's net income was $21.89 billion or $3.04 per share, compared to $10.75 billion or $1.49 per share in 2024 [4] - Quarterly GAAP operating revenues increased by 3.6% year over year to $33.47 billion, driven by higher Mobility service and equipment sales, beating the consensus estimate of $32.73 billion [5] Subscriber Growth - AT&T experienced solid wireless traction with 641,000 post-paid net additions, including 421,000 postpaid wireless phone additions, while postpaid churn was 1.12% [6][9] - The company recorded net fiber additions of 283,000 and 221,000 subscribers for Internet Air during the quarter [8][9] Segment Performance - Total segment operating revenues for Communications were $32.12 billion, up from $31.14 billion, with Mobility revenues increasing by 5.3% to $24.35 billion [7] - Service revenues from the Mobility unit improved by 2.4% to $16.95 billion, while equipment revenues rose by 12.7% year over year to $7.4 billion [8] Cash Flow and Liquidity - For 2025, AT&T generated $40.3 billion in cash from operations, compared to $38.8 billion in the previous year, with free cash flow for Q4 at $4.18 billion [12] - As of December 31, 2025, AT&T had $18.23 billion in cash and cash equivalents, with long-term debt of $127.09 billion [12] Future Guidance - For 2026, AT&T expects wireless service revenues to improve in low single digits and broadband revenues to grow in the mid to high-teens [13] - Adjusted earnings are projected to be between $2.25 and $2.35 per share, with free cash flow expected to exceed $18 billion [14]