Financial Performance - Record net sales for Q2 2025 reached $179.0 million, a 5.6% increase or $9.5 million compared to Q2 2024[101] - Record incoming orders for Q2 2025 were $188.0 million, up 15.7% or $25.5 million from Q2 2024[101] - Net sales for the six months ended June 30, 2025, were $343.0 million, a 4.3% increase or $14.2 million compared to the same period in 2024[104] - Adjusted EBITDA for Q2 2025 was $35.3 million, representing 19.7% of net sales[100] - Adjusted earnings per share for Q2 2025 were $0.60[100] - Adjusted EBITDA for the first six months of 2025 increased to $65.0 million, a 2.2% increase or $1.4 million from $63.6 million in 2024[104] Capital Structure and Dividends - Total debt decreased by $30 million in the first six months of 2025[109] - The company has a strong dividend track record with over 75 years of cash dividends and 52 consecutive years of increases[7, 117] - The current annualized dividend rate is $0.74 per share, yielding 2.0% as of June 30, 2025[118] International Sales - International sales represent approximately 25% of total company sales annually[75] - In 2024, international sales totaled $168 million, with $90 million exported from the USA and $78 million direct from international locations[76]

Core Viewpoint - Atour Lifestyle Holdings Limited has declared a cash dividend and authorized a share repurchase program as part of its strategy to enhance shareholder value [1]. Dividend - The Board declared a cash dividend of US$0.14 per ordinary share, or US$0.42 per American depositary share (ADS), amounting to approximately US$58 million in total [2]. - The cash dividend will be payable on or around June 18, 2025, to holders of record as of June 2, 2025 [3]. - The Annual Dividend Policy, adopted in August 2024, stipulates that the company plans to distribute dividends amounting to no less than 50% of its net income for the preceding financial year over three years starting from 2024 [4]. Share Repurchase Program - The Board authorized a three-year Share Repurchase Program allowing the company to repurchase up to US$400 million in value of its ordinary shares and/or ADSs [5]. - Repurchases may occur on the open market, in privately negotiated transactions, or through other legally permissible means, subject to market conditions and regulatory requirements [6]. - As of March 31, 2025, the company had approximately RMB3.1 billion (US$434 million) in cash, cash equivalents, and restricted cash available for funding the repurchases [7].

Core Insights - Flex LNG declared an ordinary dividend of $0.75 per share for the quarter, resulting in a trailing twelve-month yield of 12%, supported by $410 million in cash at the end of Q1 2025 [1] - The company reaffirmed full-year 2025 revenue guidance in the range of $340 million to $360 million [1][8] Financial Performance - The balance sheet optimization program aims to unlock an additional $120 million in free cash, with plans for refinancing ships Flex Resolute and Flex Constellation [2] - At the end of Q1 2025, the company held $410 million in cash and has its first scheduled debt maturity in 2028 [2] - The refinancing initiatives are expected to lower the average cost of capital and extend debt maturities, supporting liquidity [3] Risk Management - Flex LNG increased its interest rate swap portfolio to $700 million notional by the end of Q1 2025, providing 70% hedge coverage over the next 24 months [4] - The company added an additional $150 million in swaps, increasing the total to $850 million at a weighted average rate of approximately 3.5% [5] Contractual Strength - As of May 2025, Flex LNG has a minimum contract backlog of 59 vessel-years, potentially rising to 88 years if charter options are exercised [6][7] - This exceptional contractual coverage provides predictability and cushions earnings against short-term spot rate pressure [7] Future Outlook - Management reaffirmed full-year 2025 revenue guidance of $340 million to $360 million, with debt maturities extended and interest costs reduced [8]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported an adjusted net loss of approximately $2 million and adjusted EBITDA of $14.8 million, with average market pricing declining by 37% compared to the prior year period [5][12] - Total shipping days increased by 24.6% year over year, primarily due to the addition of SSI handy fleet vessels, with a comparable basis showing a 41% increase [5][6] - The reported GAAP net loss attributable to the company was approximately $2 million, or a loss of $0.03 per diluted share, compared to net income of $11.7 million, or $0.25 per diluted share in the first quarter of last year [12][13] Business Line Data and Key Metrics Changes - TCE rates for Q1 2025 were $11,390 per day, a premium of approximately 33% over average published market rates for Panamax, Supramax, and Handysize vessels [11] - Vessel operating expenses increased by approximately 75% year over year, primarily due to the acquisition of the SSI fleet, which increased total owned days by 61% [12] Market Data and Key Metrics Changes - The dry bulk sector continues to experience elevated levels of volatility and uncertainty, with the company closely monitoring potential indirect effects from proposed tariffs [7][8] - Over 95% of the company's tonnage is tied to nonagricultural bulks, insulating it from some demand and policy volatility faced by other dry bulk operators [8] Company Strategy and Development Direction - The company is focused on prudent capital allocation, with a new share repurchase program authorized for up to $15 million and a declared dividend of $0.05 [9] - Strategic fleet transactions will be evaluated to support long-term efficiency and preserve a competitive age profile, while investments in port and logistics business are ongoing [10] Management's Comments on Operating Environment and Future Outlook - Management noted that demand trends have remained steady across key routes, although pricing reflects global macro and trade policy uncertainties [8] - The company aims to implement cost savings of at least $2.5 million annually by year-end through operational synergies and cost reductions [7][20] Other Important Information - The company completed 160 days of planned off-hire for vessel drydocking during the quarter, optimizing fleet availability for stronger demand periods [6] - Total cash from operations decreased by $13.2 million year over year, leading to net cash used in operations of $4.3 million [13] Q&A Session Summary Question: Dividend strategy and buyback plans - Management discussed the modification of the cash return strategy, emphasizing the importance of reinvesting in the business while also considering share buybacks due to recent share price movements [16][17] Question: Clarification on dividend cut - Management explained that the decision to reduce the dividend was influenced by a new thought process on the board regarding share buybacks and the need for a prudent approach to capital returns [22][23] Question: Long-term contract cover - Management indicated that the average contract cover for the owned fleet is around 30%, with significant cover expected to kick in during the summer ice season in Q3 [35][40] Question: Debt repayment strategy - Management confirmed that debt repayments will continue at a consistent rate, with no significant changes expected until a balloon payment in early 2027 [37]

Financial Data and Key Metrics Changes - The company reported total investment income of $137 million for Q1 2025, an increase of $5.4 million or 4.1% compared to Q1 2024, but a decrease of $3.4 million or 2.4% from Q4 2024 [25] - Net asset value (NAV) per share increased by $0.38 from Q4 2024 and by $2.49 or 8.4% year-over-year, reaching a record NAV per share of $32.03 [30] - Distributable net investment income (DNII) per share for the quarter was $1.07, down $0.04 from the previous year and down $0.01 from the previous quarter [33] Business Line Data and Key Metrics Changes - The lower middle market investment activity resulted in a net increase of $57 million, while private loan investments saw a net increase of $26 million [13] - The company maintained a diversified portfolio with investments in 189 companies across various industries, with the lower middle market portfolio valued at $2.6 billion, which is 31% above the related cost basis [22][23] Market Data and Key Metrics Changes - The company noted limited exposure to tariffs among its lower middle market portfolio companies, estimating that around 10% to 20% have some level of exposure due to the global nature of the economy [42] - The private loan investment pipeline was characterized as average, with ongoing opportunities for growth despite a muted M&A environment [49][50] Company Strategy and Development Direction - The company continues to focus on its differentiated investment strategies and asset management business, which has shown favorable performance for ten consecutive quarters [11][14] - The company plans to utilize more debt financing to fund new investments in 2025, aiming to increase leverage while maintaining conservative levels [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability of portfolio companies to navigate current market uncertainties, including tariffs and geopolitical events [11] - The outlook for Q2 2025 is positive, with expectations for DNII of at least $1.03 per share, driven by strong underlying portfolio performance [33] Other Important Information - The company declared a supplemental dividend of $0.30 per share, marking the fifteenth consecutive quarterly supplemental dividend, and a 4% increase in regular monthly dividends for Q4 2025 [15][16] - The company closed the exit of its investment in Heritage Vet Partners, realizing a gain of over $55 million, showcasing the benefits of its lower middle market investment strategy [12] Q&A Session Summary Question: What talent exposure does the portfolio have regarding tariffs? - Management indicated that most lower middle market companies are U.S.-based, with limited exposure to tariffs, estimating around a high single-digit percentage of companies with meaningful exposure [41][42] Question: Why is the investment pipeline characterized as average? - Management noted that despite a muted M&A environment, many portfolio companies are performing well and seeking additional loans for growth, contributing to an average pipeline [50][51] Question: Is there concern about variability in non-recurring income items? - Management acknowledged the variability of dividend income but expressed confidence in the strong performance of portfolio companies, expecting continued good dividend income in the near term [58] Question: What are the expectations for MSC Advisor's growth and earnings run rate? - Management indicated that future growth will depend on capital deployment at MSC Income Fund, with base management fees expected to rise with increased investment activity [81]

Financial Data and Key Metrics Changes - The fourth quarter GAAP losses per common share were $1.90, while distributable earnings showed a loss of $0.03. Excluding realized losses on asset sales, distributable earnings were $0.23 per common share, representing a 7.1% return on average stockholders' equity [32] - Book value per share decreased to $10.61 from $12.59 in the previous quarter, primarily due to an increase in combined CECL and valuation allowance [40] Business Line Data and Key Metrics Changes - The core portfolio contracted by $1.3 billion, with new production limited to $485 million, resulting in an 840 basis points contribution to distributable ROE before realized losses [15] - Small business lending operations experienced significant origination growth of 1.7%, with fourth quarter originations of $350 million, capping a record year of $1.2 billion [22] Market Data and Key Metrics Changes - The CRE loan portfolio totaled $7.2 billion, split into 83% core and 17% non-core assets. The core portfolio has a contractual yield of 8% with a 93% pay rate [13] - 60-day plus delinquencies in the core portfolio were only 2%, with an average risk rating of 2.2% [14] Company Strategy and Development Direction - The company has undertaken aggressive actions to reset the balance sheet, including a $284 million combined CECL and valuation allowances, marking 100% of non-performing loans to current values [9] - The strategy involves bifurcating the CRE portfolio into core and non-core assets to enhance transparency and track asset management strategies [12] Management's Comments on Operating Environment and Future Outlook - Management expects recovery in net interest margin and ROE over the succeeding year, with a focus on aggressive liquidation of the non-core portfolio [10][29] - The company anticipates originating between $1 billion and $1.5 billion of new production in lower middle market CRE loans in 2025 [15] Other Important Information - The company has a strong liquidity position with $185 million of unrestricted cash and has raised $350 million of corporate financing across two transactions [41] - The company plans to execute a $150 million share repurchase program to enhance shareholder returns [11] Q&A Session Summary Question: Will cash earnings cover the new dividend level? - Management expects to cover the dividend approximately 1.5 times over the course of the year, with earnings ramping up as the year progresses [46] Question: What is the rationale behind the UDF acquisition? - The acquisition is viewed as highly accretive on an EPS basis, with a strong historical performance of the loans involved [78] Question: How does the company plan to address 2026 maturities? - The company plans to access markets for refinancing and has already started addressing some maturities with recent senior secured notes [72] Question: What are the credit trends in the SBA business? - The company has seen strong credit trends in its SBA portfolio, with 60-plus delinquencies remaining at a moderate level of 2.8% [89]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported an adjusted EBITDA of BRL 1.3 billion and a net income of almost BRL 600 million, with a full-year adjusted EBITDA of BRL 5.1 billion and net income of BRL 2.8 billion, nearly BRL 3 billion [7][10][34] - The adjusted EBITDA for Q4 2024 was 12% lower than the BRL 1.4 billion reported in Q4 2023, primarily due to a smaller sales mix at Copel GeT and increased curtailment [23][24] Business Line Data and Key Metrics Changes - Copel Distribuicao generated an EBITDA of BRL 715 million in Q4 2024, marking a 23.6% increase compared to the same period last year, driven by a 2.5% growth in the billed grid market and a 2.7% adjustment in TUSD [24][25] - Copel GeT reported an adjusted EBITDA of BRL 613 million, impacted by a BRL 93 million loss due to lower performance of wind complexes and curtailment [26][27] Market Data and Key Metrics Changes - The company experienced a curtailment of 13.1% in Q4 2024 compared to 8.3% in Q4 2023, affecting the performance of wind assets [23][26][88] - The trading segment closed the quarter with an adjusted EBITDA of negative BRL 15 million, reflecting lower trading margins due to price variations in submarkets [27] Company Strategy and Development Direction - The company aims to optimize its asset portfolio and simplify its operating structure through strategic asset swaps and divestments, including the sale of minority stakes [12][16][74] - Future focus includes completing the investment program for Copel Distribuicao, enhancing operational excellence, and pursuing opportunities in energy trading [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate value through disciplined capital allocation and a focus on operational excellence, despite challenges from curtailment and market volatility [11][17][78] - The company anticipates a positive outlook for 2025, with expectations of improved EBITDA driven by tariff cycle renewals and operational efficiencies [17][34][110] Other Important Information - The company proposed a total of BRL 2.3 billion in dividends for 2024, resulting in a payout ratio of 86% and a dividend yield of approximately 8.4% [10][34] - The company executed a historical CapEx focused on regulatory remuneration and service quality, with 88% of total investments directed towards Copel Distribuicao [34] Q&A Session Summary Question: Capital allocation and optimum capital structure - Management discussed the ongoing study to determine the optimum capital structure, emphasizing the importance of maintaining flexibility for future investments while optimizing short-term capital allocation [40][44][49] Question: Energy price scenario and liquidity - Management highlighted the ability to capitalize on higher energy prices, with trading volumes exceeding BRL 180 in Q4 2024, and noted no significant liquidity issues [53][54][56] Question: Timing for optimum capital structure study and capacity auction - Management plans to present the findings of the optimum capital structure study and new dividend policy in May, alongside the first quarter earnings call [61][62] Question: Regulatory discussions on curtailment - Management acknowledged ongoing discussions regarding curtailment and emphasized the need for regulatory adjustments to mitigate its impact [69][78] Question: Performance of wind assets - Management explained that the performance of wind assets was affected by curtailment and maintenance issues, but measures are being taken to address these challenges [85][88]

World class mines. World class people. Investor Presentation Presented in August 2024 NYSE: GOLD TSX: ABX Cautionary Statement on Forward-Looking Information… Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "expect", "strategy", ...