Company announcement number 37/2025 2 May 2025 Company announcement for the first quarter results 2025 Kamilla Hammerich Skytte, CEO, comments on the first quarter of 2025: “The financial performance for the first quarter was satisfactory. Relative to the same period in 2024, the underlying business was performing at a similar level, while the first quarter of 2025 benefited from a net loan impairment reversal. During the first quarter, the loan-to-value ratio fell to 51%; This is a continuing indication of ...

1st Quarter 2025 Earnings Release Presentation May 1, 2025 Investor Relations Available Information On May 1, 2025, Consolidated Edison, Inc. issued a press release reporting its first quarter 2025 earnings and filed with the Securities and Exchange Commission the company's first quarter 2025 Form 10-Q. This presentation should be read together with, and is qualified in its entirety by reference to, the earnings press release and the Form 10-Q. Copies of the earnings press release and the Form 10-Q are avai ...

Financial Data and Key Metrics Changes - Total adjusted EBITDA for the first quarter of 2025 was $63 million, an increase of $10 million from $53 million in the fourth quarter of 2024, reflecting improved performance across all business segments [22][3][21] - The Timberlands segment's adjusted EBITDA rose from $34 million in Q4 to $42 million in Q1, driven by higher harvest volumes and increased sawlog prices [23][22] - Wood Products adjusted EBITDA increased from $9 million in Q4 to $12 million in Q1, attributed to slightly higher average lumber prices [25][22] Business Line Data and Key Metrics Changes - Timberlands harvested 1.968 million tons in Q1, exceeding plans, with Idaho sawlog prices increasing by 9% per ton [23][24] - Wood Products shipped 290 million board feet of lumber in Q1, surpassing guidance by 10 million board feet, primarily due to the Waldo sawmill's performance [10][26] - Real Estate segment generated adjusted EBITDA of $23 million in Q1, up from $19 million in Q4, with over 7,000 acres sold at an average price of $3,300 per acre [27][22] Market Data and Key Metrics Changes - Lumber markets faced tepid demand, with Southern yellow pine prices remaining firm while SPF prices increased due to tariff discussions [5][4] - U.S. housing starts remained stable at nearly 1.4 million units, with single-family homebuilding starts resilient near 1 million units [16][17] - The multifamily homebuilding segment faced challenges due to restrictive financing and oversupply [18] Company Strategy and Development Direction - The company is focused on natural climate solutions, expanding solar option contracts and exploring lithium development opportunities [12][14] - A balanced capital allocation strategy is maintained, with share repurchases prioritized over timberland acquisitions due to stock trading at a discount to net asset value [15][14] - The company anticipates a favorable long-term outlook despite near-term volatility, with expectations for lumber demand to improve as housing affordability constraints ease [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that while the near-term environment is uncertain, long-term fundamentals in the industry remain strong, driven by demographic shifts and housing undersupply [20][21] - The company expects second-quarter total adjusted EBITDA to be lower than Q1 due to seasonally lower harvest volumes and higher forest management costs [33][32] - Management expressed confidence in the Waldo sawmill's contribution to future EBITDA growth, despite current pricing challenges [57][56] Other Important Information - The company has $447 million in liquidity, including $147 million in cash, and plans to refinance $100 million of maturing debt [29][30] - Capital expenditures in Q1 totaled $23 million, with a full-year CapEx forecast of $60 million to $65 million [30][29] Q&A Session Summary Question: Can you talk about demand trends in the new IT channel and R&R channel? - Management described the current lumber market as decent, with the South performing better than the North, and noted that prices are higher in the South [36][38] Question: How would you characterize channel inventories? - Management indicated that the industry operates at relatively low inventory levels, with some northern species experiencing inventory hangover from tariff concerns [41][42] Question: What impact did the recent tariff announcements have on order books? - Management stated that there was no significant change in end consumer demand, although some advanced ordering may have occurred [48][50] Question: What is the expected impact of higher Canadian lumber duties? - Management anticipates that some Canadian competitors may absorb costs, while smaller operators may face challenges, potentially leading to mill closures [51][52] Question: Can you provide insights on cedar log prices? - Management noted that cedar prices are driven by regional demand and that customers have been short on cedar, leading to price increases [93] Question: What is the timeline for solar and lithium opportunities? - Management expects that one or two solar deals may close next year, with option periods typically lasting three to five years [83][84] Question: How does the company reconcile increased production with tepid demand? - Management clarified that increased production does not necessarily indicate falling demand, as the overall market is expected to grow modestly [110]

PG&E Accelerating EV Adoption Among Customers With Limited Financial Resources OAKLAND, Calif., April 29, 2025 /PRNewswire/ -- Electric Vehicles (EVs) are key to achieving California's climate goals and can help lower electric rates for customers, but research shows that the cost of owning an EV can be a challenge for drivers in lower-income communities. Pacific Gas and Electric Company (PG&E) is taking action to make EV ownership more affordable for customers with limited financial resources.PG&E has alrea ...

Financial Data and Key Metrics Changes - Total adjusted EBITDA increased by $10 million, rising from $53 million in the fourth quarter to $63 million in the first quarter [24][5][6] - The Timberlands segment's adjusted EBITDA increased from $34 million in the fourth quarter to $42 million in the first quarter [25][24] - Wood Products adjusted EBITDA rose from $9 million in the fourth quarter to $12 million in the first quarter [27][24] Business Line Data and Key Metrics Changes - Timberlands harvested 1.968 million tons in the first quarter, exceeding the Q1 plan by almost 170,000 tons [26][25] - Wood Products shipped 290 million board feet of lumber, which was 10 million board feet over the upper range of Q1 guidance [12][28] - Real Estate segment generated adjusted EBITDA of $23 million in the first quarter compared to $19 million in the fourth quarter [28][24] Market Data and Key Metrics Changes - The Random Lengths Western SPF composite price rose by $60 during the quarter, while Southern yellow pine markets remained relatively firm [6][7] - U.S. housing starts averaged nearly 1.4 million units, with single-family homebuilding starts near 1 million units [20][19] - Existing home inventory has risen, but sales remain on pace with last year's low levels due to elevated interest rates [21][20] Company Strategy and Development Direction - The company is focused on natural climate solutions, including solar and lithium development, with an estimated net present value of around $475 million for solar options [14][15] - The capital allocation strategy remains balanced, with share repurchases prioritized over timberland acquisitions due to the stock trading at a significant discount to net asset value [17][18] - The company anticipates a favorable long-term outlook despite near-term volatility, driven by structural tailwinds in the housing market [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the current lumber market is characterized by tepid demand, but expects price risks to be to the upside in the latter half of the year [41][40] - The company plans to harvest between 1.6 million and 1.7 million tons in the second quarter, with expectations for stable Southern sawlog pricing [32][33] - Management expressed confidence in the long-term fundamentals of the industry, despite current economic uncertainties [22][23] Other Important Information - The company has $447 million in liquidity, including $147 million in cash, and plans to refinance $100 million of debt maturing in August [30][24] - Capital expenditures totaled $23 million in the first quarter, with an anticipated full-year spend of $60 million to $65 million [31][24] Q&A Session Summary Question: Can you talk about demand trends in the new IT channel and the R&R channel? - Management described the current market environment for lumber as decent, with the South on firmer footing than the North, and noted that prices are higher in the South [37][38] Question: How would you characterize channel inventories? - Management indicated that the industry is operating at relatively low inventory levels, with some northern species experiencing a slight inventory hangover [42][43] Question: What impact did the recent tariffs have on order books? - Management stated that there was no significant change in end consumer demand, although some advanced ordering may have occurred [51][52] Question: What do you expect regarding Canadian lumber volumes with increased duties? - Management expects a mix of outcomes, with larger competitors potentially absorbing costs while smaller operators may face challenges [55][56] Question: Can you discuss the performance of the Waldo mill? - Management noted that the mill is running well, but pricing has not yet reached desired levels, with expectations for improvement as the year progresses [60][62] Question: What is the outlook for larger real estate transactions? - Management indicated that while smaller transactions are strong, larger transactions may see increased activity as clarity on NCS opportunities improves [66][68] Question: What is the timeline for solar and lithium opportunities? - Management anticipates that one or two deals may close next year, with option periods ranging from three to five years [85][86] Question: Are homebuilders switching to yellow pine due to potential duties? - Management confirmed that substitution has been occurring and is expected to continue as Southern yellow pine production grows [90][91] Question: What is the impact of cedar log prices in Idaho? - Management noted that cedar prices are driven by regional demand and customers being short on cedar [93][94] Question: How will Section 232 tariffs impact timberland valuations? - Management stated that the impact is uncertain and depends on the size and duration of the tariffs [95][94]

_PRESS RELEASE_ Paris, April 29th, 2025 – Nexans, a global leader in the design and manufacturing of cable systems and services, specializing in the offshore wind market and subsea interconnectors, has been awarded a significant contract by Interconnect Malta (ICM) to deliver the second Malta-Sicily interconnector. This new high-voltage alternating current (HVAC) link will reinforce Malta's electricity system, ensuring a stable and resilient energy supply. The cables for this project will be produced at Nex ...

Core Viewpoint - The Global Campus Gen-Z Leaders Exchange program has been launched to foster international dialogue and collaboration among Generation Z leaders through various activities and initiatives [1][7]. Group 1: Program Components - The program includes two main components: the Z-Leaders Online Forum and the Z-Leaders Tour, engaging over 50 university media reporters and young representatives globally [3]. - The Z-Leaders Online Forum commenced on April 9th, featuring live discussions on global issues such as climate change, emerging industries, digital cultural dissemination, and AI applications [4]. - The Z-Leaders Tour will provide participants with opportunities to visit Chinese cities, enterprises, universities, research institutions, and cultural landmarks to experience China's development firsthand [6]. Group 2: Objectives and Initiatives - The initiative aims to create a global youth communication platform that is cross-language, multi-temporal, and multi-dimensional [3]. - Plans have been announced to establish a permanent Global Youth Alliance to connect students from prestigious universities worldwide, along with a Global Youth Cloud Initiative to tackle collective challenges [7].

Financial Data and Key Metrics Changes - Weyerhaeuser reported first quarter GAAP earnings of $83 million or $0.11 per diluted share on net sales of $1.8 billion [6] - Adjusted EBITDA totaled $328 million, a 12% increase over the fourth quarter of 2022 [7] - The company ended the first quarter with $560 million of cash and total debt of just under $5.2 billion [31] Business Line Data and Key Metrics Changes - Timberlands contributed $102 million to first quarter earnings with adjusted EBITDA of $167 million, a $41 million increase compared to the fourth quarter [8] - Real Estate and Natural Resources contributed $56 million to first quarter earnings and $82 million to adjusted EBITDA, with a $6 million increase from the fourth quarter [16] - Wood Products contributed $106 million to first quarter earnings with adjusted EBITDA of $161 million, comparable to fourth quarter results [19] Market Data and Key Metrics Changes - Log demand was healthy in the first quarter, with pricing for grade logs increasing significantly compared to the fourth quarter [9] - In Japan, sales volumes for export logs increased significantly compared to the fourth quarter due to improved demand [11] - In China, log demand moderated significantly due to reduced consumption during the Lunar New Year holiday, leading to a decrease in sales volumes [12] Company Strategy and Development Direction - The company is focused on advancing its Carbon Capture and Sequestration (CCS) project, with a significant milestone achieved through a 25-year off-take agreement with Occidental Petroleum [18] - Weyerhaeuser aims to capitalize on steady demand and pricing for high-value real estate properties [16] - The company is strategically shifting logs to domestic customers in response to market conditions, particularly in light of the ban on U.S. log imports to China [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the housing market remains uncertain, with homebuilder sentiment waning due to economic concerns [50] - The company remains optimistic about long-term housing demand supported by demographic trends and low existing home inventories [51] - Management expects a slight uptick in demand for engineered wood products as building activity increases in warmer months [72] Other Important Information - The company returned $152 million to shareholders through dividends, marking the fourth consecutive year of increasing the base dividend by 5% [32] - Capital expenditures for the quarter were $93 million, including $16 million for the construction of an engineered wood products facility [34] - The company anticipates adjusted EBITDA for the real estate segment to be approximately $50 million higher in the second quarter compared to the first quarter [43] Q&A Session Summary Question: What is the outlook for lumber demand as the building season begins? - Management indicated that overall lumber demand is steady, with some pullback noted in builder confidence levels [62] Question: How do you see the outlook for engineered wood products (EWP) pricing? - Management expects pricing for EWP to remain comparable in the near term, with volumes anticipated to increase due to seasonal building activity [72] Question: Have you adjusted your harvest profile given the softer demand? - Management stated that harvest levels are set to be within sustainable levels and do not anticipate changes unless a significant recession occurs [78] Question: Can you provide more details on the Occidental Petroleum agreement? - Management expressed excitement about the CCS project, noting it is a significant milestone and expects first injection to begin in 2029 [84] Question: How do you view the impact of potential tariffs on timberland valuations? - Management does not expect a meaningful impact on timberland valuations in the near term due to the long-term nature of the asset class [94] Question: What is the expected impact of planned maintenance on OSB pricing? - Management indicated that the planned maintenance would not have a meaningful impact on operating rates in the second quarter [102] Question: How are channel inventories characterized in the current market? - Management noted that inventories are lighter than usual for this time of year, but supply is currently meeting demand [114] Question: What is the outlook for repair and remodel (R&R) activity? - Management expects R&R activity to pick up later in the year, supported by high levels of home equity and an aging housing stock [141]

MSCI (MSCI) Q1 2025 Earnings Call April 22, 2025 11:00 AM ET Company Participants Jeremy Ulan - Head of Investor Relations & TreasurerHenry Fernandez - Chairman & CEOBaer Pettit - President & COOAndrew Wiechmann - CFOAlex Kramm - Managing Director - Equity ResearchAlexander Hess - Vice President - Equity ResearchFaiza Alwy - Managing Director, US Company ResearchScott Wurtzel - SVP - Equity ResearchJoshua Dennerlein - Head of Business & Information Services equity researchRussell Quelch - Managing Director ...

Core Viewpoint - WuXi Biologics has been recognized by CDP for its leadership in climate change disclosure and performance, achieving an "A-" score for the second consecutive year, highlighting its commitment to sustainability and environmental stewardship [1][2][4]. Company Achievements - WuXi Biologics has adopted an integrated strategy to address climate change, aiming for net-zero emissions by 2050 and achieving a 30% reduction in GHG emission intensity from 2020 levels in 2024 [3]. - The company has received multiple accolades for its sustainability efforts, including an MSCI AAA Rating, EcoVadis Platinum Medal, and inclusion in the Dow Jones Sustainability Indices for two consecutive years [4]. Environmental Initiatives - WuXi Biologics is committed to the Science Based Target initiative (SBTi) and actively pursues energy-saving initiatives, including process optimization and infrastructure upgrades [3]. - The company has achieved a 100% renewable electricity supply at its Ireland site and is deploying rooftop photovoltaic power projects [3]. Industry Context - CDP serves as a global standard for corporate environmental reporting, with nearly 25,000 companies reporting their environmental data in 2024, representing two-thirds of the global market value [2]. - The recognition from CDP is significant as it influences investment and procurement decisions towards a sustainable economy [2].