Fiscal Year 2026 Third Quarter Results February 3, 2026 Today's Speakers Erik Hirsch Co-CEO Jeff Armbrister Chief Financial Officer John Oh Head of Shareholder Relations Hamilton Lane | Global Leader in the Private Markets 2 Condensed Consolidated Statements of Income (Unaudited) • GAAP net income was $92.8 million for the quarter and $273.5 million year-to-date. GAAP net income attributable to Hamilton Lane Incorporated was $58.4 million for the quarter and $183.0 million year-to-date. | | | Three Months E ...

Cautionary Statements This presentation is provided for general informational purposes only and it does not include every item which may be of interest, nor does it purport to present full and fair disclosure with respect to Atkore Inc. (the "Company" or "Atkore") or its operational and financial information. Atkore expressly disclaims any current intention to update any forward-looking statements contained in this presentation as a result of new information or future events or developments or otherwise, ex ...

Core Insights - ARKO Corp. announced preliminary estimated financial results for Q4 and full year 2025, indicating a potential net loss for Q4 and a modest net income for the full year [1][3][4] Financial Performance - Q4 2025 net income is expected to range from a net loss of $1.8 million to a net income of $0.4 million, while Adjusted EBITDA is projected between $63.1 million and $66.1 million [3][5] - For the full year 2025, net income is estimated to be between $19.1 million and $21.3 million, with Adjusted EBITDA expected to range from $246.0 million to $249.0 million [3][5] Comparison with Previous Year - The preliminary results for Q4 2025 and full year 2025 are compared to Q4 2024 and full year 2024, showing a potential decrease in net income from a loss of $2.3 million in Q4 2024 to a loss or slight gain in Q4 2025 [5] - Full year 2024 net income was $20.8 million, indicating a decrease in expected net income for 2025 [5] Upcoming Reporting - The company plans to report detailed financial results for Q4 and full year 2025 later in the quarter, along with an outlook for 2026 [4]

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].

Financial Performance - Marathon Petroleum Corp. reported a net income of $1.5 billion, or $5.12 per diluted share, for Q4 2025, a significant increase from $371 million, or $1.15 per diluted share, in Q4 2024 [1][7] - Adjusted net income for Q4 2025 was $1.2 billion, or $4.07 per diluted share, compared to $249 million, or $0.77 per diluted share, in Q4 2024 [1][3] - For the full year 2025, net income attributable to MPC was $4.0 billion, or $13.22 per diluted share, up from $3.4 billion, or $10.08 per diluted share, in 2024 [3][7] - Adjusted EBITDA for Q4 2025 was $3.5 billion, compared to $2.1 billion in Q4 2024 [2][5] - Full-year adjusted EBITDA for 2025 was $12.0 billion, an increase from $11.3 billion in 2024 [3][5] Operational Highlights - Refining & Marketing segment adjusted EBITDA was $1,997 million in Q4 2025, up from $559 million in Q4 2024, with a margin of $7.15 per barrel compared to $2.03 per barrel in the prior year [6][8] - Full-year refining utilization was 94% with a margin capture of 105%, indicating strong operational performance [7] - Crude capacity utilization was 95%, resulting in total throughput of 3.0 million barrels per day for Q4 2025 [8] Cash Flow and Capital Returns - Cash provided by operating activities was $8.3 billion for the full year 2025, slightly down from $8.7 billion in 2024 [3][7] - The company returned approximately $1.3 billion of capital to shareholders in Q4 2025, with a total of $4.5 billion in capital returns for the year [7][13] Strategic Initiatives - The company plans to allocate $1.5 billion for standalone capital spending in 2026, focusing 65% on value-enhancing projects and 35% on sustaining capital [14][17] - Key investments include high-return projects at various refineries, with specific capital expenditures outlined for refining and marketing segments [17][20] Financial Position - As of December 31, 2025, the company had $3.7 billion in cash and cash equivalents, with no borrowings under its $5 billion revolving credit facility [13][49] - Total consolidated debt stood at $32.9 billion, with MPC debt at $7.2 billion and MPLX debt at $25.7 billion [49]

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 Viewpoint - NRG Energy, Inc. shares are experiencing a decline following the release of updated financial guidance for FY26, which includes adjusted EPS and net income projections that differ from market consensus [1][2]. Group 1: FY26 Guidance - The company has provided adjusted EPS guidance of $7.90–$9.90, compared to the consensus estimate of $9.72 [2]. - Adjusted net income is projected to be between $1.685 billion and $2.115 billion [2]. - The guidance reflects the anticipated completion of the LS Power asset portfolio acquisition on January 30, 2026, which will account for approximately 11 months of asset ownership [2]. Group 2: Adjusted EBITDA and Free Cash Flow - NRG has raised its outlook for adjusted EBITDA to a range of $5.325 billion to $5.825 billion, up from the previous estimate of $3.925 billion to $4.175 billion [3]. - The forecast for Free Cash Flow Before Growth Investments has also been increased to between $2.800 billion and $3.300 billion, compared to the earlier range of $1.975 billion to $2.225 billion [3]. Group 3: LS Power Acquisition - NRG Energy recently completed the acquisition of a generation asset portfolio and CPower from LS Power, which includes 18 natural gas-fired power plants with a total capacity of approximately 13 GW [4]. - The acquisition also incorporates CPower's commercial and industrial virtual power plant platform [4]. - NRG plans to report its fourth quarter 2025 results on February 24, 2026 [4].

Financial Data and Key Metrics Changes - For the full year 2025, the company reported net income of approximately $685 million and Adjusted EBITDA of $1,238 million, representing a growth of approximately 9% from 2024 [10] - In the fourth quarter, net income was $168 million compared to approximately $176 million in the third quarter, and Adjusted EBITDA was $309 million compared with approximately $321 million in the third quarter [10][11] - The gross Adjusted EBITDA margin for the fourth quarter was maintained at approximately 83%, above the target of 75% [11] Business Line Data and Key Metrics Changes - Fourth quarter gas processing volumes averaged 444 million cubic feet per day, crude terminaling volumes averaged 122,000 barrels of oil per day, and water gathering volumes averaged 124,000 barrels of water per day [5] - For the full year 2025, gas processing volumes averaged 445 million cubic feet per day, crude terminaling volumes averaged 129,000 barrels of oil per day, and water gathering volumes averaged 131,000 barrels of water per day [6] Market Data and Key Metrics Changes - The company expects lower volumes across its systems in the first quarter of 2026 due to severe winter weather, with a recovery anticipated as weather improves [7][41] - Approximately 95% of revenues are protected by minimum volume commitments (MVCs) for the full year 2026, providing a safety net against volume fluctuations [8][14] Company Strategy and Development Direction - The company plans to reduce capital spending significantly, expecting to spend approximately $150 million in 2026, a 40% reduction from 2025, and further decrease to less than $75 million per year in 2027 and 2028 [4][15] - The strategy includes a targeted 5% distribution growth per Class A share through 2028, supported by significant free cash flow generation [5][29] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the severe winter weather has impacted operations but expects a recovery in production as conditions improve [41] - The company reiterated its guidance for net income and Adjusted EBITDA growth through 2028, driven by gas volume growth and lower capital expenditures [8][29] Other Important Information - The company had a drawn balance of $338 million on its revolving credit facility at year-end [12] - Adjusted free cash flow for the first quarter of 2026 is expected to increase relative to the fourth quarter of 2025 due to lower capital expenditures [12] Q&A Session Summary Question: Balance sheet and debt repayment strategy - Management indicated that a portion of free cash flow will be used for debt repayment, with a conservative financial strategy in line with volume profiles [17][19] Question: Third-party outlook and Chevron's production target - Management expects no change in third-party volumes, maintaining an average of 10% across oil and gas, and confirmed Chevron's target of 200,000 barrels of oil equivalent per day remains intact [21][23] Question: Growth drivers and cost-cutting impact - Future growth is driven by inflation escalators and reduced capital expenditures, with significant free cash flow generation expected [26][28] Question: Weather impact on production - Management noted that while severe weather has affected operations, a recovery is anticipated as conditions improve, with MVCs providing revenue protection [40][41] Question: Long-term leverage target - Management stated there is no specific leverage target, but expects natural deleveraging as EBITDA grows and debt levels remain stable [43][45]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported a net income of approximately $685 million and adjusted EBITDA of $1,238 million, representing a growth of approximately 9% from 2024 [10] - In the fourth quarter, net income was $168 million compared to approximately $176 million in the third quarter, and adjusted EBITDA was $309 million compared with approximately $321 million in the third quarter, primarily due to lower revenues from severe winter weather [10][11] - The gross adjusted EBITDA margin for the fourth quarter was maintained at approximately 83%, above the target of 75% [11] Business Line Data and Key Metrics Changes - Fourth quarter gas processing volumes averaged 444 million cubic feet per day, crude terminaling volumes averaged 122,000 barrels of oil per day, and water gathering volumes averaged 124,000 barrels of water per day [5] - For the full year 2025, gas processing volumes averaged 445 million cubic feet per day, crude terminaling volumes averaged 129,000 barrels of oil per day, and water gathering volumes averaged 131,000 barrels of water per day [6] Market Data and Key Metrics Changes - The company expects lower volumes across its systems for the first quarter of 2026 due to severe winter weather, but anticipates growth in volumes throughout the rest of the year consistent with historical seasonal expectations [7][8] Company Strategy and Development Direction - The company plans to reduce capital spending significantly, expecting to spend approximately $150 million in 2026, a 40% reduction from 2025, and further decrease to less than $75 million per year in 2027 and 2028 [4][9] - The strategy includes leveraging historical investments to drive significant free cash flow generation, supporting a targeted 5% distribution growth per Class A share through 2028, along with potential share repurchases and debt repayment [5][9] Management's Comments on Operating Environment and Future Outlook - Management reiterated that approximately 95% of revenues are protected by minimum volume commitments (MVCs) for 2026, which provides a safety net against production fluctuations [8][14] - The company expects annualized net income and adjusted EBITDA growth of 5% and approximately 10% annualized adjusted free cash flow growth through 2028, supported by gas volume growth and lower operating and capital expenditures [8][15] Other Important Information - The company had a drawn balance of $338 million on its revolving credit facility at year-end [12] - Adjusted free cash flow for the first quarter of 2026 is expected to increase relative to the fourth quarter of 2025, as capital expenditures are projected to be lower [12] Q&A Session Summary Question: Balance sheet and debt repayment priorities - Management plans to use a portion of free cash flow after distributions to pay down debt, expecting to naturally deliver below 3x leverage in the next few years as EBITDA grows without increasing absolute debt levels [18][19] Question: Third-party outlook and Chevron's production target - Management expects no change to the third-party outlook, maintaining an average of 10% across oil and gas, and confirmed Chevron's target of 200,000 barrels of oil equivalent per day remains intact [21][23] Question: Growth drivers and cost-cutting contributions - Future EBITDA growth is driven by inflation escalators and gas growth, with free cash flow growth resulting from reduced capital expenditures as the infrastructure buildout is completed [27][29] Question: CapEx flexibility - The company expects capital expenditures to be lower than the previous year, with guidance of $150 million for 2026 and potentially less than $75 million in 2027 and 2028 [31][35] Question: Weather impact on production - Management noted that while severe cold weather has impacted production, they expect a recovery as weather improves, with a typical seasonal increase in volumes anticipated in the second and third quarters [40][41]

Core Viewpoint - Hydreight Technologies Inc. has provided revenue guidance for fiscal year 2026, projecting approximately $150 million in revenue, which reflects a conservative baseline outlook based on contracted demand and partner activity [2][6]. Fiscal 2026 Revenue Guidance - The company expects fiscal 2026 revenue of around $150 million, which is a conservative estimate based on existing pharmacy operations and digital health platform activities [2]. - This guidance does not include potential contributions from acquisitions, new market entries, or additional commercial arrangements that are not currently operational [2][6]. Q1 2026 Revenue Outlook - For the first quarter of fiscal 2026, the company anticipates revenue between $25 million and $28 million, driven by major partnerships and pharmacy product lines that are set to go live [3]. Cost Structure, Margin, and Profitability Context - The fiscal 2026 guidance assumes no significant increase in fixed operating costs compared to late 2025 levels, with revenue growth supported by the existing cost base [4]. - The company expects an Adjusted EBITDA margin of approximately 15-17%, benefiting from scaling transaction volumes across a largely fixed operating cost structure [5]. Management Commentary - The CEO of Hydreight emphasized that the guidance reflects the visibility into operations and is grounded in existing demand, supported by a disciplined cost structure [7]. Capital Position - The company recently completed a $15 million financing deal to enhance working capital, which is expected to support anticipated transaction volumes and ongoing operations [9].