Financial Data and Key Metrics Changes - Devon Energy generated $3.1 billion in free cash flow for 2025, enabling $2.2 billion in returns to shareholders through dividends, share buybacks, and debt retirement [16][17] - The quarterly dividend was increased by 9% to $0.24 per share, with plans for a further 31% increase post-merger [16][17] - The company ended the year with $1.4 billion in cash and a net debt to EBITDA ratio of less than one turn, indicating strong financial health [17] Business Line Data and Key Metrics Changes - Production optimization efforts led to oil production exceeding guidance, with a reserve replacement rate of 193% at a finding and development cost of just over $6 per BOE [9][10] - Capital spending was 4% better than guidance, reflecting efficiencies in drilling and completion [9] - The business optimization program achieved 85% of its $1 billion target within a year, with expectations to meet the full target by 2026 [12][22] Market Data and Key Metrics Changes - The merger with Coterra Energy is expected to create significant synergies, with a target of $1 billion in annual pre-tax run rate synergies by year-end 2027 [5][6] - The Delaware Basin is highlighted as a key area for production, expected to generate more than half of total production and cash flow [5][6] Company Strategy and Development Direction - The merger with Coterra Energy is positioned as a transformative opportunity for value creation, leveraging complementary portfolios and operational efficiencies [5][6][8] - The company is focused on enhancing free cash flow generation and returning capital to shareholders through dividends and share repurchases [8][16] - Devon is exploring opportunities for portfolio rationalization and investments in innovative technologies, such as geothermal energy through Fervo Energy [15][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture synergies from the merger and maintain strong operational performance [16][17] - The outlook for 2026 remains unchanged despite weather-related downtime in Q1, with production expected to average around 830,000 BOE per day [18][19] - Management emphasized a commitment to continuous improvement and operational efficiency as core to the company's culture [12][13] Other Important Information - The company has over 100 active work streams focused on driving sustained production gains while reducing capital requirements [12][13] - Devon's capital efficiency ranks among the best in the industry, with well productivity over 20% above peer averages [11] Q&A Session Summary Question: Business optimization progress and key milestones for 2026 - Management reported achieving 85% of the $1 billion target and expressed confidence in reaching the full amount, emphasizing the role of technology in unlocking potential [22][24] Question: Plans for the Delaware position and well targeting - Management confirmed ongoing focus on innovative technology and recovery improvements in the Delaware Basin, with plans to remain active in the area [28][29] Question: Exploration strategy and international opportunities - Management indicated interest in exploring international opportunities while maintaining confidence in the U.S. shale market, emphasizing long-term investments [34][39] Question: Cash operating expenses and optimization efforts - Management noted consistent improvements in workflow and maintenance approaches contributing to lower operating expenses [43][44] Question: 2026 program and capital allocation - Management indicated that capital allocation will remain similar to previous years, with a focus on maximizing value creation across regions [58] Question: Geothermal investment in Fervo Energy - Management highlighted the strategic partnership with Fervo Energy, emphasizing the potential for value creation through innovative geothermal technology [60][61]

Financial Data and Key Metrics Changes - The company reported a decline in earnings year-over-year, with a focus on cash generation despite the earnings drop [7][8] - Adjusted EBIT for the Acetyl Chain was down approximately $400 million, while Engineered Materials saw a decrease of about $120 million, primarily driven by volume and price changes [18][19] Business Line Data and Key Metrics Changes - In the Acetyl Chain, the decline was largely attributed to volume and price pressures, particularly in the acetate tow business [18][19] - Engineered Materials experienced a mixed performance, with volume and price declines offset by cost benefits [19] Market Data and Key Metrics Changes - The electronics market is showing positive signs due to global demand from AI and data centers, while the automotive sector remains mixed, particularly in China [12][13] - The company noted that contract pricing for 2026 is expected to remain stable, with more competition in the spot market due to increased capacity [9] Company Strategy and Development Direction - The company is focused on cash generation and has plans for divestitures totaling $1 billion by the end of 2027, with a current target of achieving half that amount this year [15][16] - The strategy includes prioritizing parts of the business that align with core operating models and enhancing operational efficiency [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate free cash flow between $650 million and $750 million, despite a challenging operating environment [43][74] - The company is prepared for various demand scenarios and is focused on cost reduction and operational efficiency to drive growth [27][73] Other Important Information - The company is experiencing a significant reduction in debt maturities over the next couple of years, which positions it well for recovery [8] - Management indicated that the first half of 2026 is expected to be more challenging, with a focus on the second half for potential growth [29] Q&A Session Summary Question: Thoughts on selling equity to address balance sheet issues - Management emphasized a focus on cash generation and debt management rather than equity sales [7] Question: Pricing expectations for contracts in 2026 - Management indicated little change in contract pricing, with more competition in the spot market [9] Question: Stabilization in engineering materials and macro assumptions for 2026 - Electronics are a bright spot, while automotive remains mixed, particularly in China [12][13] Question: Timing and potential assets for divestiture - Management is optimistic about completing additional deals this year to meet divestiture targets [15][16] Question: Analysis of EBIT changes in Acetyl Chain and Engineered Materials - The decline was primarily driven by volume and price changes, with some margin compression noted [18][19] Question: Expectations for earnings growth in 2026 - Management believes Engineered Materials has more controllable growth opportunities compared to the Acetyl Chain [20][21] Question: Free cash flow guidance and working capital management - Management is confident in achieving free cash flow targets through various levers, including working capital reductions [37][43] Question: Impact of capacity additions in Nylon and POM chains - The company is focused on flexibility in operations and is taking advantage of overcapacity in certain regions [46] Question: Expectations for acetyl pricing in China - Management does not anticipate significant uplifts in pricing, with demand currently low due to the Lunar New Year [65][67]

Financial Data and Key Metrics Changes - In 2025, Diebold Nixdorf achieved revenue growth, with Adjusted EBITDA reaching $485 million and free cash flow more than doubling to a record $239 million, reflecting a stable financial profile [4][9] - Adjusted earnings per share (EPS) for fiscal year 2025 was $5.59, more than doubling year-over-year, even when excluding certain non-cash, non-operational tax benefits [10][22] - Total gross margin expanded to 26.4% for the full year, up 110 basis points year-over-year, driven by product margin improvements [19] Business Line Data and Key Metrics Changes - In banking, revenue grew 11% year-over-year in Q4, with product revenue increasing by 20% due to strong ATM recycler adoption [24][25] - Retail revenue increased 12% year-over-year in Q4, with product revenue growing 16% driven by point-of-sale and self-checkout performance [26] - Service margins improved to 26.2% in Q4, up 80 basis points sequentially, reflecting investments in service infrastructure [19] Market Data and Key Metrics Changes - North America showed strong momentum in both banking and retail, with significant wins in grocery and pharmacy sectors [49][70] - Europe experienced positive momentum, particularly in Germany and France, with strong demand for ATM technology refresh cycles [70] - Latin America had a slower year in 2025 but is expected to see positive momentum in 2026 [69] Company Strategy and Development Direction - The company is focusing on expanding its role beyond ATMs to include broader branch and transaction ecosystems, emphasizing automation and efficiency [5][10] - Diebold Nixdorf aims to leverage its lean operating model to drive cost efficiencies and improve cash flow generation [16][17] - The company is committed to returning capital to shareholders while maintaining flexibility for strategic acquisitions [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate strong and consistent cash flow, with a focus on delivering profitable growth in 2026 [7][31] - The company anticipates continued improvements in working capital and operational efficiencies, which will support its financial performance [9][31] - Management highlighted the importance of customer feedback and service investments in driving future growth [25][44] Other Important Information - Diebold Nixdorf received two credit rating upgrades in 2025, reflecting improvements in its operating and financial model [6][32] - The company ended 2025 with over $700 million in liquidity and a net debt leverage ratio of 1.1 times, indicating a strong financial position [31] Q&A Session Summary Question: Can you discuss the first half and second half cadence for 2026? - Management indicated strong visibility into first half revenues with a product backlog of $730 million and expected revenue split similar to 2025 [40] Question: What are the expected service investments for 2026? - Management noted that investments in service infrastructure would continue, with expectations for slight decreases in service margins in Q1 before improvements in subsequent quarters [44] Question: Can you provide context on the retail logo wins in the U.S.? - Management highlighted nine new logos, including significant wins in grocery and pharmacy sectors, with a strong pipeline for future growth [48][49] Question: What improvements are expected in days sales outstanding and days inventory outstanding? - Management expects further improvements in DSO and DIO, with potential for additional days of improvement as Lean initiatives continue [56][58] Question: How does the company view capital allocation priorities? - Management emphasized share repurchases as a priority, while also maintaining flexibility for strategic tuck-in acquisitions [60][62] Question: What is the outlook for the ATM business in different regions? - Management reported strong demand in North America, positive momentum in Europe, and anticipated growth in Latin America, with significant opportunities in India [68][70]

Financial Data and Key Metrics Changes - Adjusted operating income increased by 31% year-over-year in Q4 2025, marking the highest level in four years [5][25] - Full-year adjusted income from operations available to common shareholders was over $1.5 billion, a 23% improvement compared to 2024 [25] - Net income available to common stockholders for Q4 was $745 million, or $3.80 per diluted share [26] Business Line Data and Key Metrics Changes - Annuities sales volumes increased by 25% in 2025, with RILA sales up 35% and fixed annuity sales up 11% [11][12] - Group Protection delivered operating earnings of $493 million for the full year, up 16% from 2024, with a margin improvement to 9% [28] - Life Insurance operating earnings improved to $77 million for Q4, compared to an operating loss of $15 million in the prior year [36] Market Data and Key Metrics Changes - Group Protection now accounts for approximately 25% of business unit earnings, up from 18% in 2023 [45] - Spread-based annuity account balances increased to 30%, up from 25% in 2023 [46] - Average account balances in Retirement Plan Services increased nearly 9% year-over-year to $124 billion [35] Company Strategy and Development Direction - The company is focused on increasing risk-adjusted returns, reducing volatility, and growing its franchise through strategic realignment and operational execution [7][10] - There is an emphasis on products with higher risk-adjusted margins and stable cash flows to strengthen business resilience [9][14] - The company aims to maintain expense discipline while investing strategically to support long-term priorities [8][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite potential market volatility [10][22] - The company is committed to improving the quality and durability of earnings while focusing on profitable growth [21][36] - The outlook for 2026 includes expectations for continued earnings growth and capital return to shareholders [49] Other Important Information - The investment portfolio delivered an annualized return of nearly 12% for Q4, exceeding targets [24][42] - The company completed the consolidation of several Life Insurance captive entities, which is expected to improve free cash flow [43][69] - Holding company liquidity ended the year at approximately $1.1 billion, providing financial flexibility for future capital returns [44] Q&A Session Summary Question: Capital return guidance and buybacks - Management indicated that capital deployment priorities include maintaining excess capital in operating entities and preparing for optimal handling of preferred securities [52][54] Question: Excess cash and potential uses - The excess cash at the holding company is primarily aimed at managing preferred securities and increasing capital return to shareholders [56] Question: Life Insurance captive consolidation impact - The consolidation of captives is expected to reduce reserve financing costs and improve the free cash flow profile of the legacy Life block [68][69]

Financial Data and Key Metrics Changes - For the full year 2025, organic net sales grew by 2.4%, while branded salty organic net sales increased by 4.7%, contrasting with a 0.5% decline in the category [3][4] - Adjusted gross margin expanded by 260 basis points, and adjusted EBITDA margin increased by 80 basis points for the full year [5][21] - In Q4, net sales growth was 0.4%, driven by a 0.5% price increase, while volume mix decreased by 0.1% [20][8] Business Line Data and Key Metrics Changes - Branded salty snacks organic net sales grew by 2.5% in Q4, with volume mix growth of 2.1% [20][9] - Non-branded and non-salty snacks saw a decline of 14.8% in organic net sales [20] - The Power Four Brands achieved a 5.3% increase in retail sales dollars, driven by a 3.8% price per pound growth [12] Market Data and Key Metrics Changes - Retail sales in core geographies increased by 0.5%, while total company retail sales in expansion geographies grew by 7.3%, significantly outpacing the salty snacks category growth of 1.1% [13][14] - The average market share in expansion geographies is 3.2%, compared to 6.7% in core markets, indicating substantial growth potential [15] Company Strategy and Development Direction - The company plans to continue increasing marketing spending, which rose by 35% in 2025, to support brand growth [5][18] - Expansion into the California market is seen as a key growth differentiator, with shipments expected to begin shortly [6] - The company aims to deliver consistent and predictable adjusted EBITDA growth while focusing on free cash flow generation and deleveraging [25][37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds in Q4 but emphasized substantial progress on long-term strategies during 2025 [3] - The company expects organic net sales growth of 2%-3% for 2026, assuming a flat category at the midpoint [26] - Management expressed confidence in achieving 2026 guidance through innovation, marketing, and promotional strategies [10] Other Important Information - The company plans to introduce new reconciliation tables of GAAP to non-GAAP in Q1 2026 to enhance transparency regarding supply chain and corporate transformation costs [33] - Adjusted free cash flow is expected to be between $60 million and $80 million in 2026, representing about 70% conversion of expected adjusted net income [34] Q&A Session Summary Question: What are the expectations for 2026 organic net sales growth? - The company expects organic net sales growth of 2%-3%, assuming a flat category at the midpoint, with a $20 million benefit from the 53rd week in Q4 [26] Question: How will the company manage its capital expenditures moving forward? - Capital expenditures are expected to decline from $102.8 million in 2025 to a range of $60-$65 million in 2026, reflecting a more normal cadence [32] Question: What is the outlook for adjusted EPS in 2026? - Adjusted EPS is expected to decline between 3% and 6% due to higher depreciation, interest expense, and a modestly higher tax rate [30]

Financial Data and Key Metrics Changes - The company reported sequential revenue growth of 5% in Q4 2025, with adjusted EBITDA margins above 22% and free cash flow conversion of 76% [5][6][10] - Full year 2025 adjusted free cash flow totaled $466 million, representing a 43.7% conversion ratio, a significant improvement over 2024 [10][22] - The net leverage ratio improved to 0.42 times, down from 3.3 times at the beginning of 2021, reflecting a stronger balance sheet [22] Business Line Data and Key Metrics Changes - The Completions and Artificial Lift segments were the largest contributors to top-line growth, with Completions becoming the largest product line due to technology advancements [8][9] - The company experienced a decline of over 50% in revenues from Mexico for the full year 2025, but stability has been reached with steady activity levels [8][12] - The Middle East, North Africa, and Asia region delivered 4% sequential growth, driven by Kuwait, Oman, the UAE, and Indonesia [7][12] Market Data and Key Metrics Changes - North America showed modest growth, supported by higher Canadian activity, while US land activity declined [6][12] - The Europe, Sub-Sahara Africa, and Russia region experienced a 2% sequential decline, indicating ongoing softness in that market [6] - The company anticipates a decline in North America spending in 2026, with mid- to high single-digit declines in activity levels expected [12][73] Company Strategy and Development Direction - The company plans to focus on cost control and productivity improvements in the first half of 2026, with expectations for customer spending to increase in the second half [12][16] - Strategic initiatives include a significant investment in a new ERP system to enhance operational efficiency and data transparency [101] - The company is optimistic about potential opportunities in Venezuela, contingent on stable governance and regulatory environments [15][61] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the recovery in Saudi Arabia and the potential for growth in the second half of 2026 [33][34] - The company remains focused on driving cost and capital expenditures to optimal levels for the current activity mix [26][27] - Management highlighted the importance of maintaining margins and cash performance amid expected revenue declines in 2026 [75][94] Other Important Information - The company returned $173 million to shareholders in 2025 through dividends and share repurchases, representing approximately 37% of annual adjusted free cash flow [21][22] - The company expects 2026 revenues to be in the range of $4.6 billion to $5.05 billion, with adjusted EBITDA projected between $980 million and $1.12 billion [24] Q&A Session Summary Question: Outlook for Saudi Arabia - Management is hopeful for a healthy recovery in Saudi Arabia in the second half of 2026 as rigs come online, emphasizing the importance of technology development [33][34] Question: Broader Middle East and North Africa Market - The region remains strong for the company, with continued momentum in the UAE and Kuwait, although some variability is expected in other countries [41][42] Question: Mexico Business Trends - Management noted three consecutive quarters of sequential improvements in Mexico, indicating stability and slight growth expectations for 2026 [51][52] Question: Venezuela Market Potential - Management clarified that no uptick from Venezuela is included in current guidance, but there is potential for significant revenue if conditions stabilize [60][61] Question: Offshore Activity Outlook - Management expressed excitement about improvements in offshore deepwater activity and the potential for growth in various product lines [66][68] Question: North America Activity Outlook - Management acknowledged expected declines in North America but emphasized efforts to maintain margins and drive innovation to offset market pressures [72][75] Question: First Quarter Guidance - Management explained that the first quarter guidance reflects typical seasonality and some orders pulled into Q4, with expectations for a ramp-up in the second half of 2026 [78][80]

Core Insights - Scotts Miracle-Gro is focused on strengthening its financial position while investing for growth, as highlighted during the annual shareholder meeting [2] - The company has successfully paid down over $1.5 billion in debt and expects to return to historical leverage norms later this fiscal year [3][5] Financial Position and Performance - The management emphasizes improvements in capital structure, free cash flow generation, margin enhancement, and solid EBITDA growth [3] - The company aims to achieve leverage in the "threes" range, indicating a significant reduction in debt levels [3][5] Investment Strategies - Scotts Miracle-Gro is investing in brand development, product innovation, and digital marketing to reach new customer segments [4] - The focus on e-commerce and digital channels is seen as a key growth driver, alongside efforts to enhance cost and supply-chain efficiencies through automation and AI [5] Shareholder Engagement - All four proposals presented at the annual general meeting were approved by shareholders, including director elections and executive compensation [2][5]

Financial Data and Key Metrics Changes - Brunswick finished 2025 with net sales of $5.4 billion, up 2% year-over-year, marking the first full-year net sales growth in three years [4][15] - Adjusted earnings per share (EPS) for the year was $3.27, impacted by tariff headwinds, with free cash flow generation reaching $442 million, up 56% year-over-year [4][17] - The company reported a 41% increase in Q4 earnings compared to the prior year, driven by higher sales and operational improvements [15] Business Line Data and Key Metrics Changes - The propulsion segment saw a 23% increase in sales, with double-digit growth across all product categories, driven by strong OEM orders [17][19] - The aftermarket parts and accessories (P&A) business grew sales by 15% in Q4, marking the third consecutive quarter of growth [19] - The boat segment reported an 11% sales increase, with growth across premium, core, and value categories [22] Market Data and Key Metrics Changes - The U.S. retail boat market finished 2025 down approximately 9% in units, while Brunswick's global retail unit sales were down only 5% [3][10] - Dealer inventories remained low, with a high percentage of recent model year products, supporting a favorable retail environment [4][10] - Brunswick's market share in the U.S. outboard segment remained stable at approximately 47%, with gains in higher horsepower engines [11] Company Strategy and Development Direction - Brunswick plans to continue driving operational efficiencies and is encouraged by the strong reception of new products, with a focus on ultra-high horsepower engines [23][89] - The company aims for revenue growth in 2026, projecting net sales between $5.6 billion and $5.8 billion, with adjusted operating margins between 7.5% and 8% [24] - Brunswick's strategy includes significant investments in new product development and technology, alongside returning capital to shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improved market conditions for 2026, supported by falling interest rates and strong retail demand [5][8] - The company anticipates a flat to slightly up U.S. retail boat market, with expectations for wholesale sales to closely match retail [23][24] - Management noted that tariff mitigation actions successfully offset over half of the gross dollar exposure, with expectations of further incremental tariff costs in 2026 [9][28] Other Important Information - Brunswick's liquidity at year-end was $1.3 billion, including access to an undrawn revolving credit facility [13] - The company plans to retire approximately $160 million of debt in 2026, contributing to a net debt leverage target of 2.5x or lower [29] - Brunswick received multiple awards for its products and innovations at recent trade shows, highlighting its commitment to quality and technology [31][35] Q&A Session Summary Question: What was the retail performance in the fourth quarter? - Management indicated that retail performance was flat, with continued strength in premium and core brands, which represent a significant portion of their portfolio [41] Question: What gives confidence for flat to up retail in 2026? - Management cited expected interest rate cuts and improving retail financing conditions as key factors supporting their outlook for 2026 [43][44] Question: How should we think about inventory levels for 2026? - Management expects pipeline units to be flat to slightly reduced, aiming to match wholesale and retail [46][48] Question: How is the company addressing competitive inventory levels? - Management noted solid ordering and a healthy pipeline, indicating no evidence of dealers holding back on orders [49] Question: What are the dynamics affecting retail sales and replacement rates? - Management highlighted a significant gap between new boat sales and replacement rates, suggesting a natural pull for retail sales [53] Question: How is the propulsion business performing with OEM customers? - Management reported strong performance and share gains in the propulsion segment, with new multi-year agreements with OEMs [61][62]

January 2026 DIVERSIFIED OIL & GAS PRODUCER FOCUSED ON LONG TERM VALUE CREATION www.grantierra.com GENERAL ADVISORY The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. You are encouraged to conduct your own analysis and review of Gran Tierra Energy Inc. ("Gran Tierra", "GTE", or the "Company") and of the information contained in this presentation. Without limitation, you should read the entire record of publicly filed docum ...

Summary of Muyuan Foods (002714.SZ) Conference Call Company Overview - **Company**: Muyuan Foods (002714.SZ) - **Market Cap**: Rmb259.0 billion / $37.2 billion - **Enterprise Value**: Rmb313.3 billion / $44.9 billion - **Current Price**: Rmb47.33 - **Target Price**: Rmb67.00 - **Upside Potential**: 41.6% [1][4] Key Financial Insights - **Earnings Forecast**: Recurring net profit estimates revised down by 52% for 2025E, 21% for 2026E, and 14% for 2027E due to lower domestic hog pricing [1] - **Revenue Projections**: Expected revenue growth from Rmb137.9 billion in 2024 to Rmb154.8 billion in 2027 [8] - **EBITDA**: Projected to decline from Rmb37.2 billion in 2024 to Rmb31.5 billion in 2025E, then recover to Rmb55.9 billion by 2027E [8] - **EPS**: Expected to decrease from Rmb3.27 in 2024 to Rmb2.87 in 2025E, then rise to Rmb7.80 by 2027E [8] - **Free Cash Flow**: Positive free cash flow of Rmb24.3 billion in 2024, with expectations for further improvement [4][25] Industry Dynamics - **Hog Market Outlook**: Anticipated positive supply/demand fundamentals in the domestic hog market for 2026-27E, with hog prices expected to rise to Rmb14.8-15.3/kg from Rmb13.8/kg in 2025E [2][34] - **Supply Control Measures**: Ongoing reduction of the sow herd expected to lead to a sustained supply deficit of 2% in 2026-27E [35] - **Market Share Growth**: Muyuan's hog output projected to reach 93.4 million heads by 2027E, capturing 13.7% of the domestic market [26] Competitive Advantages - **Cost Leadership**: Muyuan's total unit cost expected to decrease to Rmb12.3/kg in 2025E, significantly lower than peers [3] - **Breeding System**: Unique two-breed rotative breeding system and integrated slaughtering business to enhance breeding optimization and profit margins [3][25] - **Operational Efficiency**: Shift in strategic focus towards operational efficiency and quality improvement, reducing CAPEX intensity [25] Strategic Initiatives - **Global Expansion Plans**: Muyuan aims to expand internationally, targeting markets with high pork consumption such as Vietnam, the Philippines, and Thailand [29] - **Partnerships**: Strategic partnership with BAF Vietnam Agriculture to enhance hog farming efficiency and environmental sustainability [33] Risks and Considerations - **Market Volatility**: Potential risks associated with hog price volatility and the impact on profitability [4] - **Regulatory Environment**: Changes in government policies and regulations affecting the hog industry could impact operations [36] Conclusion - **Investment Recommendation**: Maintain Buy rating on Muyuan Foods with a revised target price of Rmb67.00, reflecting strong potential for free cash flow generation and market share growth in the hog industry [4][25]